What if stop believing about bitcoin ?

[pooya87]

Bitcoin's value comes from the work done by the miners to mint those coins.

While mining and the amount of work that is done to provide one type of security for bitcoin, this work is not the definitive factor determining the value of bitcoin. As I said earlier value comes from utility not how much it costs to mine it.

For example you can spend a ton of money trying to turn sea water to drinking water but you can't say the value of the water you produced is more than any other drinking water on the planet just because you spent a lot of money.

[Vaskiy]

A coin has got two sides. When the coin is tossed we don't know which side is gonna visible while landing. Same as that there'll be believers and non believers. We'll get to know the true value with time. This is quite a common thought of any human how to believe something that doesn't have physical presence. People who had such thoughts years back are now feeling bad of not believing. So, there is no compulsion to believe.

If you don't want to believe something that doesn't have physical presence then you just stand on the side and watch what the believers are making out of bitcoin.

[Pmalek]

That question might have made sense back in 2009-2010 when we were first introduced to Bitcoin. It's irrelevant now because Bitcoin has survived and jumped over all hoops that have been put in its way. You can't question Bitcoin's existence or utility just because you can't see it or touch it. You don't see the air you breath either, but it's still there. For now, there is no reason to believe that people are going to abandon a decentralized technology that gives them power and control they don't have elsewhere.

[Dread Pirate Roberts]

Bitcoin has no physical presence. What if we just stop believing in bitcoin. I mean every country has the equivalent of gold to their fiat. Bitcoin has no gold or physical value. Can this ever happen ?

Even before crypto had value, it already had a community thats why this forums exist. and after repeatedly showing the greatness of crypto and the convenience it provides in conducting transactions and other financial matters. many people have been helped by bitcoin and crypto. and the things you imagine are unlikely to happen.

[zaesvlas]

In my opinion, such a scenario can also be regarded as quite possible. There may, of course, be different scenarios for the development of events, but this should not be discarded either.

[dimonstration]

Bitcoin has no physical presence. What if we just stop believing in bitcoin. I mean every country has the equivalent of gold to their fiat. Bitcoin has no gold or physical value. Can this ever happen ?

Even before crypto had value, it already had a community thats why this forums exist. and after repeatedly showing the greatness of crypto and the convenience it provides in conducting transactions and other financial matters. many people have been helped by bitcoin and crypto. and the things you imagine are unlikely to happen.

Those wo didn't know crypto yet upto no will surely not make them worried but those who already in crypto,was able to get prfit from it , or thosd who see how easy transaction can be when they ue bitcoin and same with when they do trading to get profit. It wil be hard for us who already know how useful it is if bitcoin will just be gone.

[witcher_sense]

Bitcoin has no physical presence. What if we just stop believing in bitcoin. I mean every country has the equivalent of gold to their fiat. Bitcoin has no gold or physical value. Can this ever happen ?

Wrong, fiat money hasn't been backed by physical commodities since 1971, the year when the gold standard was "temporarily" taken off by Ronald Reagan. Moreover, most people believe that Bitcoin will succeed exactly because it has no physical presence. In essence, the lack of physicality, along with other important properties, is what enables bitcoin to be the best form of money mankind has ever seen. It is true that nowadays fiat money is mostly of digital nature too, but central banks won't allow you to transact freely, especially in places where the banking system doesn't exist whatsoever. Bitcoin, on the other hand, doesn't care whether or not the banking infrastructure exists. Bitcoin works wherever the Internet works.

[imstillthebest]

thats because gold has a physical appearance and bitcoin doesnt . bitcoin exist on the virtual world so it only has a vritual value but take note ,  the virtual value that im talking about is real or also has the same equivalent value as fiat .
having no physical presence does not stop us from believing in btc because we are benefitting from it . if you want to stop because of that reason then fine , stop on your own but dont encourage someone .

[Fesatmas]

Bitcoin has no physical presence. What if we just stop believing in bitcoin. I mean every country has the equivalent of gold to their fiat. Bitcoin has no gold or physical value. Can this ever happen ?

Therefore Bitcoin from the beginning had nothing to do with certain countries, even by its nature it has only been established since it appeared only used by the community, does not exist on the basis of the state and also does not stand on the permission of any country. If you stop believing in Bitcoin, it won't change anything about the stability of many people. You don't have a big share and you won't change the price by 1%.
So back to your level of belief whether the doubts are gone or just growing bigger seeing everyone realize how great Bitcoin has to be for the future.

[electronicash]

casascius bitcoin is a physical BTC, that should represent. butnwe all know BTC is meant to be a digital currency so it has to exist on the internet which today is just too big to fail. not even a government can stop it now so its not possible that we all will be uninterested to BTC and sell. its not gonna happen.

[markdario112616]

Well definitely count me off on this one 

Beliefs are sometimes misinterpreted even there is already a lot of evidence available.
So yeah, would can this happen? Probably NO, Haven't you seen or feel the capabilities of Bitcoin itself? If not, then you are missing something big. Big in terms of opportunity. You wouldn't ask this one if you have been already. Bitcoin has no gold, but it has value, a value that is worth more than some of the available physical tradable items. Bitcoin is not gold, it's an ongoing innovation and the future.

[Renampun]

Bitcoin has no physical presence. What if we just stop believing in bitcoin. I mean every country has the equivalent of gold to their fiat. Bitcoin has no gold or physical value. Can this ever happen ?

Since bitcoin has taken the world's attention with a value that has passed $50k, bitcoin has been highly trusted...

bitcoin doesn't have a real physical like fiat and gold but it managed to make a lot of people rich because it made it past $50k, that's an amazing thing. CZ, Elon and also jack dorsey have said that bitcoin will continue to exist and its value will continue to rise.

[hatshepsut93]

This is such a hypothetical question, just like "what if we stopped all wars" or "what if criminals stopped commiting crimes". You know people don't just do something, there must always be a reason. So people can only massively lose faith if something makes them, like a succesful attack against it, a devastating bug, backdoor or weakness in the underlying cryptography, a global ban, etc. Such events are very unlikely, so it's pointless to worry about them.

[AhmadM]

Bitcoin has no physical presence. What if we just stop believing in bitcoin. I mean every country has the equivalent of gold to their fiat. Bitcoin has no gold or physical value. Can this ever happen ?

I really didn't get the point of why you asking such a question. Has no physical value doesn't mean that bitcoin doesn't exist or is just an imaginary thing, its existence is backed under coding/programming language though. A simple comparison, if you stop believing in the existence of phone's credit or maybe the internet quota whether both of it would disappear?

[Imran232]

If you said this in 1990, then we might have agreed with you. We might have believed you about bitcoin, or even if you told us in 2008, we might have agreed, but we can't ignore this one person. Do you know who this person is? Yes, it is Satoshi Nakamoto. He mightn't believe it, but he didn't ignore your word. It's just a little funny example, but in a serious case, don't include me in your list. Because I am the person who first heard about bitcoin in 2016 from a YouTube video, and from that time without knowing anything about this project, I became a fan of this technology. How could I stop believing in it? In 2016, I am just a 15-year-old boy. Just think about this.

[Ryker1]

Bitcoin has no physical presence. What if we just stop believing in bitcoin. I mean every country has the equivalent of gold to their fiat. Bitcoin has no gold or physical value. Can this ever happen ?

I really didn't get the point of why you asking such a question. Has no physical value doesn't mean that bitcoin doesn't exist or is just an imaginary thing, its existence is backed under coding/programming language though. A simple comparison, if you stop believing in the existence of phone's credit or maybe the internet quota whether both of it would disappear?

Well perhaps OP thinks that bitcoin has no existence and since it does not exist, Op does not believe that there is bitcoin, what do you think about bitcoin it is a myth or a part of traditional history? No --bitcoin is on computers, it is programming and the one that was quoted was right, it is just a code that was created and only computers can read, verify, and can monitor in public the latest transaction and that is a public leger. I think with the opportunity on bitcoin to gain profit, it will always well know and someday it becomes w world wide acceptance.

[uneng]

Bitcoin has no physical presence. What if we just stop believing in bitcoin. I mean every country has the equivalent of gold to their fiat. Bitcoin has no gold or physical value. Can this ever happen ?

It's definitely not going to happen, but as we are talking as if, it's pretty sure in that case bitcoin price would drop to zero, as this market works fully in function of simple supply and demand rule, without any external possibility of manipulation or interference.

I believe what backs bitcoin price is its functionality and efficiency for its adopters. But as soon as it becomes obsolete, the price will fall.
On long run (for the next 2 decades I suppose) we are safe, however we must keep in mind nothing lasts forever and OP's observation is valid to help people develop a critical sense regards bitcoin.

[taufik123]

-snip-
I believe what backs bitcoin price is its functionality and efficiency for its adopters. But as soon as it becomes obsolete, the price will fall.
On long run (for the next 2 decades I suppose) we are safe, however we must keep in mind nothing lasts forever and OP's observation is valid to help people develop a critical sense regards bitcoin.

yes sometimes critical thinking about the current state of bitcoin is necessary. nothing will last forever.
Some people may start to stop believing in bitcoin, but others will start to believe and the cycle will continue.
gold and bitcoin also cannot be equated, because they have different properties. Bitcoin being the most valuable digital asset today, bitcoin is able to create an uproar throughout the world when it continues to reach its highest price. still a speculative asset and a lot of manipulation going on. Bitcoin still has a good future and continues to be developed.

[Wawa2013]

Well definitely count me off on this one 

Beliefs are sometimes misinterpreted even there is already a lot of evidence available.
So yeah, would can this happen? Probably NO, Haven't you seen or feel the capabilities of Bitcoin itself? If not, then you are missing something big. Big in terms of opportunity. You wouldn't ask this one if you have been already. Bitcoin has no gold, but it has value, a value that is worth more than some of the available physical tradable items. Bitcoin is not gold, it's an ongoing innovation and the future.

People who are knowledgeable about Bitcoin and have experienced the benefits of Bitcoin, impossible to stop trusting Bitcoin. How can I stop
trusting Bitcoin, if Bitcoin has changed my life for the better. This means that Bitcoin has provided tangible evidence, that Bitcoin is indeed valuable
and worthy of trust. It seems that people have stopped trusting Bitcoin, because they don't have enough knowledge about Bitcoin. If we study
Bitcoin properly, then try investing in Bitcoin the right way, we can definitely make a profit from Bitcoin. Then it would be unthinkable to stop
trusting Bitcoin.

[wajik-tempe]

Bitcoin has no physical presence. What if we just stop believing in bitcoin. I mean every country has the equivalent of gold to their fiat. Bitcoin has no gold or physical value. Can this ever happen ?

Every aspect in this current world condition is virtual right now, everyone is doing work from virtual, doing meeting virtual, even the signature are digital signature. So i think, the world towards to digital world where pysical asets is no longer so much valuable. Rare virtual assets like bitcoin which have limited supply will be so much valueable in the future if we look at the current world condition.