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Author Topic: How come BTC is still so cheap?  (Read 685 times)
virtualdn
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July 01, 2021, 10:22:44 AM
 #1

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

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July 01, 2021, 10:32:29 AM
 #2

Hello guys, I'm new on this platform and I agree really it is extremely cheap. Still, some people want to buy but they don't maybe they have some doubts about it or feel not safe. So I just say it depends on person to person thinking.
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July 01, 2021, 10:34:56 AM
 #3

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

Why is Bitcoin so cheap?Is it really cheap?Some people might ask why is BTC so expensive?
Something,that is cheap for one guy is expensive for another guy.
So you are asking why is Bitcoin undervalued.The simple answer is this.Bitcoin is undervalued,because the FUD dominates the market and the FOMO phase is missing.
Most people don't care when a country like El Salvador adopts Bitcoin as legal tender.If a big and developed country accepts Bitcoin as a legal tender,the Bitcoin price will go thru the roof.FUD news coming from China will always be more popular than the bullish news coming from a small underdeveloped country like El Salvador.




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virtualdn
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July 01, 2021, 10:36:51 AM
 #4

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

Why is Bitcoin so cheap?Is it really cheap?Some people might ask why is BTC so expensive?
Something,that is cheap for one guy is expensive for another guy.
So you are asking why is Bitcoin undervalued.The simple answer is this.Bitcoin is undervalued,because the FUD dominates the market and the FOMO phase is missing.
Most people don't care when a country like El Salvador adopts Bitcoin as legal tender.If a big and developed country accepts Bitcoin as a legal tender,the Bitcoin price will go thru the roof.FUD news coming from China will always be more popular than the bullish news coming from a small underdeveloped country like El Salvador.

You are correct. But for me the fact that El Salvador joined in means a lot, it's the perfect indicator things will be great. Too bad not everyone can see it. They deserve to be poor and use fiat I guess.

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July 01, 2021, 10:38:03 AM
 #5

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!
Trading volume is there, but I guess speculators are shorting bitcoin at this point and taken profits in a daily basis. Maybe there are some who continue to accumulate, but obviously, the bears are now taking control of the market. We have a new month now, so hopefully July will be the start wherein we may see some break out run to $40k, so let's see. People should take advantage of the cheap price right now.

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July 01, 2021, 10:40:25 AM
 #6

Look, I get that you're a little bit too much enthusiastic about Bitcoin, at least judging from your threads[1], but can you please acknowledge that the whole cryptocurrency industry right now predicts Bitcoin reaching above $300k this year? A friendly tip: Sit down and think, if all these people believe that it'll, indeed, reach this crazy amount (x10!), should it do?

I mean, the market cap right now is around $600B and to make these incredible fluctuations, $5.4 trillions have to be inserted into it somehow. Compare it with July 2020 and observe that: since then, ~$500B have already been inserted in Bitcoin. The value of the whole system increased by ~400%.

Bitcoin is far from cheap comparing with the previous year. In March 2020, I wasn't counting the fifth digit, but now I do severely.




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July 01, 2021, 10:46:06 AM
 #7

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

A lot of people find it very difficult to use and don't see the point in it - even those who aren't technologically challenged.

Look at it from the point of view of someone who does nothing more technical on their phone than play on a few games, browse the internet and use facebook. They have a bank account with a debit card they can simply tap onto a console in a shop to purchase things and someone on the end of the phone should they run into a problem with fraud (a cloned card for example).

You then tell them about a fantastic new technology called BTC and perhaps let them know a few caveats before they invest (based on the assumption they aren't using a third party to hold their coins):

  • If you send the coins to a wrong address by accident, they are gone forever and there's nothing you can do. No-one you can phone. They're gone.
  • If you want to send a payment to anyone, you will incur a fee for doing so. This varies and can be high when lots of people are using the network.
  • You will have to swap your fiat cash for BTC and the price difference from day-to-day can vary massively.
  • You are solely responsible for the coins you own. If someone gets hold of your private key(s) because your security isn't up to scratch, you have nothing.

BTC is still very niche. The biggest benefit from BTC (your coins, your money) is also one of it's biggest flaws. People make mistakes and some people aren't confident using technology.



That's just my 10 sats worth though.

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July 01, 2021, 10:47:16 AM
 #8

I don't understand by what criteria you claim that Bitcoin is extremely cheap? I agree that it is cheap for those who have a lot of money, but for them everything is available and cheap regardless of the price, given that their wealth is beyond the comprehension of most people.

Is $30 000+ extremely cheap for you or for most ordinary people - regardless of the fact that anyone can buy BTC in the amount of only $10? For someone who until a few weeks ago wrote almost every day that he entered BTC (2013) too late, referring of course to the price - you suddenly wonder why the average Joe doesn't pull $30k out of his sock and buy 1 BTC?

But for me the fact that El Salvador joined in means a lot, it's the perfect indicator things will be great. Too bad not everyone can see it. They deserve to be poor and use fiat I guess.

Until a few days ago, 90% of people didn't even know how to show El Salvador on the world map, and today they think that one poor and corrupt third world country will make a difference and launch BTC on the moon?

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July 01, 2021, 11:08:25 AM
 #9

As if that were a problem. If you think it's cheap, what you need to do is buy more. Good deals are made by buying cheap.

Has it ever occurred to you that there are a lot of miners who have had to sell in a hurry to get out of China?

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July 01, 2021, 11:14:03 AM
 #10

Let them walk their own paths in life, I don't think that we will be able to convince these type of people, let the market rise and have the market prove itself to the doubters and FUDsters that they are wrong and that they just made one of the biggest bad decisions in our life which is not investing something in bitcoin. I agree that it's cheap and I think that there will come a time where we won't be seeing this price anymore because the lowest point in the future is far too high to go down more.
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July 01, 2021, 11:55:04 AM
 #11

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!
People will always do what they want and what is expected. Even the older investors are mostly still thinking that the price of Bitcoin might still continue to dip hence some have not started to invest back heavily while the newbies to the space are definitely afraid to get into the market now that it doesn't seem like it has a clear direction yet. Investors will want to confirm that the market is in an uptrend again before they invest again been if the price will be a bit higher because most investors now are more concerned with the now profits instead of a long-time investment.
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July 01, 2021, 11:59:58 AM
 #12

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!
It wouldn't just simply fly high again after 1 person jumps in like what happened when Tesla joins in.
It would take time to reflect and see the effect so let's just wait and relax now surely there would be more great news to come after this.
We don't need to rush things we already know where it is heading so enjoy it.
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July 01, 2021, 12:12:51 PM
 #13

Sometimes, I feel like people gets over optimistic about certain things and turns it into something that is based on completely irrational fantasy.

Sure, some small (and arguably) quite an insignificant country just recognized Bitcoin. Great! The rest of the corporations and countries are still into greenwashing, sometimes perhaps as a distraction from their true motives. Bitcoin at it's current form is incapable of supporting massive adoption, that is a fact. Fees are high, LN is insufficient. Those are great improvements but it isn't enough right now. Sure, those are unrealized potential but logic should tell you that after the initial hype, those who are truly interested in Bitcoin would've bought it already. Any further increase in price has to be spurred on by massive adoptions and Tesla, given the nature of the company is about as good as it gets.

It is difficult to measure whether Bitcoin is intrinsically underpriced or overpriced. Those who believe Bitcoin is underpriced are probably long term investors; good for them. Go buy more.

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July 01, 2021, 12:21:09 PM
 #14

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

It may not seem 'cheap' to new investors. However the market sentiment from the point of view of long-term HODLers is that BTC is currently undervalued. According to data on Glassnode in recent weeks we have seen a transfer of BTC from short term investors to long-term HODLers.

I do agree with you that in time we will look back at these prices and current prices will seem like the tremendous buying opportunity that they likely are.
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July 01, 2021, 01:00:04 PM
 #15

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!
It's cheap , sometimes it is like that. And it is the best time and a privilege to buy when it is affordable for everyone. But at this time which Bitcoin is cheap so many people have doubts in there mind if anything can happen. This is the major problem I have come across Bitcoin investors which is emotional factor.

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July 01, 2021, 01:05:04 PM
 #16

It sounds like you're a new here. If you've bought BTC a year ago or earlier you'll not see this as "cheap". BTC is fine right now and it could be worse since China fully bans it. Just HODL and buy more if you see it so cheap, because it's 100% is gonna hit new ATH, but not really soon.
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July 01, 2021, 01:15:48 PM
 #17



But for me the fact that El Salvador joined in means a lot, it's the perfect indicator things will be great. Too bad not everyone can see it. They deserve to be poor and use fiat I guess.
China is banning crypto and it added with Mexico, this might push the price of Bitcoin to dump instead of increasing. We are expecting that trend but looking at the market chart, it looks like altcoins had the pump than Bitcoin. I don't think this was an indication of the start of the bear season but something we can ignore in the current situation.
Or, holders are selling their Bitcoin due to financial shortage as the pandemic continues.
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July 01, 2021, 01:19:28 PM
 #18

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

People maybe scared now due to the China Matter.
And yes i was too astonished at first seeing that BTC price wasn’t affecting by seeing Savador’s statement.
Rather BTC is decreasing every time after it is getting slight up.
Does it implies that no more mass are interested in investing in BTC?
Let’s see when we can see a huge pump in the price of BTC.
I am still waiting to sell my BTC at price higher than 60k USD

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July 01, 2021, 01:45:16 PM
 #19

I think this is common with bitcoin, the prohibition of bitcoin mining in china also has an effect on the decline in the price of bitcoin, if you believe the price of bitcoin is currently falling, and is very cheap, try buying some bitcoins, for you to make assets, and you sell again when the price starting to rise I'm sure after night there will definitely come a day, after the rain there will be a rainbow..
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July 01, 2021, 02:21:40 PM
 #20

maybe the influence of negative comments from Elon Musk, Tesla, Donald Trump, and China which prohibits bitcoin mining, but we must not be afraid of the very cheap price of bitcoin now, because the price of bitcoin in the future will definitely rise again, just look at El Salvador, which has legalized it. bitcoin, and they plan to make bitcoin a legal tender, if the state has legalized bitcoin, it's a sign that bitcoin in the future will be much better..
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