rizqoAD
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November 01, 2021, 11:48:19 AM |
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Bitcoin is not backed by physical tangibles such as gold, Bitcoin is a digital asset that can be used as an investment today. Bitcoin investment is very safe if you can manage it well, even though it is not physically backed, Bitcoin proves to be profitable. The decision whether you will invest or trade Bitcoin is up to you but I advise you if you want to trade or invest in Bitcoin, you should first learn the basics of trading and investing so that you are knowledgeable about Bitcoin.
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The network tries to produce one block per 10 minutes. It does this by automatically adjusting how difficult it is to produce blocks.
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Mahiyammahi
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November 01, 2021, 05:08:09 PM Merited by Symmetrick (1) |
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It's very typical questions.
What do you thinks about your country's currency. How they actually work? Isn't it just a paper then why we value them most? It's not a beautiful things to keep for us. In physical asset like gold its has value cause Gold has a limited supply. Then why do we prefer a fiat currency which we can just print anytime. Actually money which is printed its not decreasing every year it's increasing.
Here's I'm comming a more details , I don't know If i can explain it or not I will try my best.
In past time peoples was trade their gold for any work cause gold has a actual value. It's not so called available . But isn't it so heavy or somethin that u can't move or carry easily. So people's make bank system that if we stored our Gold in a safe place the bank will give us a permit of some paper or u can say a check that I've this amount of wealth . By that permit I can now trade anything from anyone. That permit also have approved by government.
So what we do here ? We do believe that your permit has a value why ? Cause bank secured that.
After a while this type of trade got vanised. Government said that there should be a currencey which have a value and by this we can buy or sell anything. Then why do we prefer such a paper thing ? Cause our government says so and we believe it. If just look in past which pen was 0.50$ it is now 5$ then why this price goes up? Cause government every day printing new money and our old one get value less. And we do belive that it has a value but in actual primw it has no value just a piece of paper. Then what makes it valuable our believes makes it valuable. If every one in the world just decline to accept this paper currency system it will also be a trash.
Same works in Digital currency or crypto currency when BTC started its journey its has very low price. It was value less cause no one wants to throw their money in trash. But when starting some people actually noticing it and accepting this one people attracting more people. Publics were watching it as a some that values it. Althoug btc has a limited volume like gold it's price are just increasing like Gold.
At last If there's in world some people exist who belive in bitcoin or this type of alternative coins it has a value
Investing on BTC its all your personal . If you don't wanna eat rice ball can I put it in your mouth by force? 😃 Just kidding. I hope you get my point.
I know I'm not so well to explain this matter. I tried my best. Thanks for reading my whole comment in patience
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zaesvlas
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November 01, 2021, 05:54:13 PM |
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And isn't the bitcoin rate an interpretation? As for me, this is also quite an effective interpretation, in an equivalent that is understandable to everyone.
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qwertyup23
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November 01, 2021, 06:25:55 PM |
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Bitcoin is not backed by any physical asset like Gold nor by any fiat currency. It makes me wonder if I should invest/trade in Bitcoin or not?
Bitcoin does NOT have any extrinsic value since its nature exist on the internet. Unlike gold, real estate, or precious metals, they have extrinsic value because of their nature being tangible. But what separates BTC to other investment is its use being as a currency under the blockchain technology where you could transact with anonymity. The value of BTC derives from the law of supply and demand. Since people are willing to pay for it at such price, it is obvious that its price would continue to increase in the market. Not to mention, it only has a 21 million supply that can cause inflation in the long-run. |
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habebe
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November 04, 2021, 04:53:45 PM |
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for me Bitcoin has real value really ,, why do some people believe in a crypto currency ,, why do people participate in investments using bitcoin soo does that mean its value is greater than you believe, I believe that bitcoin will increase its value even more in the whole country ,, I don't know what bitcoin means sometimes they value a gold more compared to bitcoin because sometimes people want to take everything to pass him only once they use bitcoin for cheat on people so sometimes also bitcoin is worthless to people who don't know and sooner or later they well know everything about what is bitcoin, like, what is the value of a bitcoin.
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noah tall
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November 05, 2021, 11:28:25 AM |
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Its an interesting question. So for understanding this you should know that just like fiat any crypto currency cannot back by gold etc, it is the community and the network who made the Bitcoin valuable.
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DarkDays
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November 05, 2021, 04:31:35 PM |
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The value of BTC derives from the law of supply and demand. Since people are willing to pay for it at such price, it is obvious that its price would continue to increase in the market. Not to mention, it only has a 21 million supply that can cause inflation in the long-run.
As long as people will want to buy Bitcoin there will always be an economy for it regardless of what the minority think. On this line of thought Bitcoin has value because many people see it as a store of value asset, not many people want to spend their BTC as much as they want to buy it. Because of this economy, where the demand never really meets the supply the price will continue to grow. The economy will of course get bigger with the more participants there are. |
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dark1234
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November 05, 2021, 09:47:42 PM |
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The value of BTC derives from the law of supply and demand. Since people are willing to pay for it at such price, it is obvious that its price would continue to increase in the market. Not to mention, it only has a 21 million supply that can cause inflation in the long-run.
As long as people will want to buy Bitcoin there will always be an economy for it regardless of what the minority think. On this line of thought Bitcoin has value because many people see it as a store of value asset, not many people want to spend their BTC as much as they want to buy it. Because of this economy, where the demand never really meets the supply the price will continue to grow. The economy will of course get bigger with the more participants there are. bitcoin has real value even though it does not have a physical that can be seen and touched, with this value it will be one of the pillars of the economy, for the future ... maybe ...! because at this time it is still constrained by several government regulations, so the status of bitcoin is illegal and some are not.... but in principle anything of value will become part of the economy; either directly or indirectly |
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Semar Mesem
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November 06, 2021, 03:47:15 PM |
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Bitcoin and altcoins have value because they are used by the community and the number of active communities is very large, value occurs because of demand and stock as is the case with the market.
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Swordsoffreedom
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November 06, 2021, 04:48:01 PM |
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Bitcoin and altcoins have value because they are used by the community and the number of active communities is very large, value occurs because of demand and stock as is the case with the market.
The thing is, op has taken Gold as the norm! Do you know why people value gold more? Because it is rare and in great demand. Our economy has put a price on it. In the same way, Bitcoin is digital gold, although it has no physical form but it is in great demand and yes we, the users, traders, and merchants are the ones who determine the price. It can be used as currency, as a payment method, and investment asset. So, it must have real value cause it has the ability to impact our economy. |
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Olafimihan1986
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November 07, 2021, 02:37:00 AM |
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Bitcoin is not backed by any physical asset like Gold nor by any fiat currency. It makes me wonder if I should invest/trade in Bitcoin or not?
People invest in anything that has value. Bitcoin is now the digital crude oil that is being explored by crypto investors because it is more reliable, profitable and secure than any other investment. If you have the means of investing in Bitcoin do so now I bet you won't regret it. |
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Seaking009
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November 07, 2021, 05:26:04 PM |
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It has value largely because a lot of people think it has value. Like other commodities, currencies and tradable stuff, if people are willing to pay for it, then it has value. If people are willing to accept it as payment, then it can be used to transfer value. If people are willing to buy and keep it, then it can be used as a store of value.
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numberslacey (OP)
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November 12, 2021, 06:33:42 AM |
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It has value largely because a lot of people think it has value. Like other commodities, currencies and tradable stuff, if people are willing to pay for it, then it has value. If people are willing to accept it as payment, then it can be used to transfer value. If people are willing to buy and keep it, then it can be used as a store of value.
That’s definitely what I believe in too. But we have not seen the future, nor can we predict it. We never know if a new rule comes up or it gets all hacked. |
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numberslacey (OP)
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November 12, 2021, 06:42:45 AM |
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Bitcoin is not backed by any physical asset like Gold nor by any fiat currency. It makes me wonder if I should invest/trade in Bitcoin or not?
People invest in anything that has value. Bitcoin is now the digital crude oil that is being explored by crypto investors because it is more reliable, profitable and secure than any other investment. If you have the means of investing in Bitcoin do so now I bet you won't regret it. I know that bitcoin is ever-growing and it will be like this in the long term. But what makes me concerned is the fact that all the world governments decide to put a ban on it completely. It will lose its value completely and you won’t be able to call it a valuable asset anymore. |
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gooders
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November 15, 2021, 09:57:08 AM |
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I mean that they are equal to people who say that the cue ball is nonsense, it is - he is just an investor who made 100 yards and that's it! just putting money at the right moment in the company needed, I would not be surprised if now a man from the crypt overtakes him
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DeFi & Gaming, meet Play. Trade. Hold. WIN.
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thecodebear
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November 15, 2021, 09:58:33 PM |
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Bitcoin is not backed by any physical asset like Gold nor by any fiat currency. It makes me wonder if I should invest/trade in Bitcoin or not?
Gold is not backed by anything either. Why do people say that things can be backed by gold? Because Gold is scarce and considered valuable and is useful as a monetary asset. Bitcoin is scarce and considered valuable and is useful as a monetary asset. Bitcoin doesn't need backing because it is the type of asset that other things could be backed by. Bitcoin IS the (potential) backer, the way Gold is. Just as Dollars used to be backed by Gold, Dollars could one day be backed by Bitcoin. Not saying they will, but that'd be the same type of idea as being backed by Gold - backed by a scarce valuable asset that can't easily be manipulated. Why do you think people call Bitcoin "digital gold"? Precisely for this reason. Bitcoin has the special features of Gold (but far improved than Gold) that allows Gold to be a 'backing' asset, and so Bitcoin is a 'backing' asset as well. So it doesn't even make any sense to say Bitcoin isn't backed by anything. So of course Bitcoin has "real" value. Value is decided by the market. Bitcoin has had real value since 2010 when Bitcoin markets first opened to allow price discovery of its value. A better question would be what gives Bitcoin its value. That would be its scarcity and utility. Scarcity: only 21 million will ever exist. It has perfectly transparent scarcity (far improved over Gold) and an issuance schedule that can't be manipulated or changed (far improved over Gold). Utility: originally its utility was as a way to pay anyone without intermediaries. Now there are thousands of other cryptos that can do the same thing essentially. So in the end the technology behind Bitcoin, while revolutionary, isn't the basis of its long term utility, because the code can easily be copied. The code was open source, so the code, and the design of the blockchain, was never the proprietary tech that gave Bitcoin its value. So the real utility is in its network. Just like someone could copy Facebook's code but that copied website wouldn't be worth anything. This has been done thousands of times in crypto and nothing ever came close to having the utility of Bitcoin for being money. That's because the thing that sets Bitcoin apart is its network utility. It is by far the most secure, the most decentralized, the most trusted, the most accepted and adopted crypto network. That's its unique utility. 21 million scarcity + most incredible decentralized network in existence = massive value. This is why every altcoin failed to become money and so now Bitcoin has no contenders as money from the crypto world. Because every single crypto besides Bitcoin failed to show anything close to Bitcoin's level of decentralization, security, trustworthiness, and inability to be controlled or manipulated. |
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llooafer
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November 16, 2021, 02:53:18 AM |
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Is there any practical value in Leonardo's paintings?
If someone recognizes Leonardo da Vinci, he may spend a huge amount of money to buy a painting. If others do not recognize Leonardo, you may give her a painting and pay a portion of the money. He thinks the painting is worthless.
Value is given by people. When everyone's "consensus" is the same, then this thing will be very valuable.
Bitcoin is like that.
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syedakhlaque
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November 16, 2021, 02:09:33 PM |
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In the market, whether it may be the stock market or cryptocurrency market there are always ups and down There is no fixed or permanent value of anything or share.This fluctuation makes a market and trade. This happens in the markets of the world so same in the crypto market. We see that BTC or some other coin has no specific value it has fluctuated since its beginning so this is good marketing.
As concern to its value in Gold as currency, This is the story of the past.
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Fakhrulenclix
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November 16, 2021, 05:18:31 PM |
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Yes, bitcoin is not supported by anyone. It would be very difficult to answer this question. Simply put, the value of bitcoin will continue to exist if it is still used by the community, if it is not used again directly its value will be lost. The logic goes like this, If you invest in bitcoin it means you are a supporter of bitcoin to keep its value. This means that the value of bitcoin depends on the person who uses it, and there applies the law of the market, namely "supply and demand".
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dimox
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November 16, 2021, 08:28:47 PM |
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Bitcoin is not backed by any physical asset like Gold nor by any fiat currency. It makes me wonder if I should invest/trade in Bitcoin or not?
thats why people never trust in bitcoin, no real stuff back bitcoin up. people still ask about what you can do if you dont have any physical thing you hold. the fact, people get what they expect and bitcoin repeat what people want to see. investation not from other people, you must ask your self, convincing your courage, to invest in bitcoin. |
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