why is bitcoin price important?

[Accardo]

Bitcoin is a currency that has a transparent view of it's price value tagged to dollar or other currencies. Just like people check the value of $1 to their own country currency. That's how the world focus on the value of 1 bitcoin to dollar. During this inflation people will say that dollar raised in price that's why commodities are expensive especially in third world countries where their currencies are affected by the value of dollar. So, the use of bitcoin as a currency is the reason why people wants to know the price. The use of bitcoin as an investment also has to do with the price. the use of bitcoin as a trade has to do with the price. The only aspect of bitcoin that has nothing to do with the price is the network it's been hosted.

[Husires]

I think that the changes in the price at the present time are what prompt people to ask about Bitcoin price and when you know that a number of investors entered the market at prices ranging from $30,000 to $50,000 you will find it logical.

These people will either receive and sell at a loss (weak hands) or keep those currencies (Diamond hands).

Within 6 months to a year, things will be very slow and boring, then you will not find many people talking about the price until the new wave begins, and so on.

[kryptqnick]

Of course, the price matters more for hodlers (at least, long-term trends matter to them or they have a certain target after which they can use/sell) and traders (short-term volatility) more than to those who view Bitcoin as money. But I think it's probably the majority of users, so disregarding them is probably wrong. Also, it does matter if you want to use it as money as well. Imagine that you want to buy a certain flat with your BTC, and a couple of months ago you could afford it, but now you lack half of the payment required because the purchasing power of Bitcoin (which is roughly what we see when the price in USD changes) decreased that much. So it does matter how much it's worth if you are going to use it.

[Leviathan.007]

The reason why a lot of posts are about the bitcoin price here is mostly because of the reason why people getting into bitcoin. Most people will start investing in bitcoin with their fiat money and compare the value of bitcoin with the fiat daily and they are waiting to get some profits over their investments to get back to the fiat they invested. While if they look deeply they will understand if they truly believe in bitcoin being inflation then they won't need to exchange back to the fiat, because no matter of the price of each bitcoin but one bitcoin is always one bitcoin unless you sell it.

[tabas]

alot of posts seem to be focused on the price of bitcoin. i understand why because they are wanting to sell it for a profit but is that the purpose of bitcoin or was there some other purpose for it? i thought it was originally designed to just be a way to transfer digital cash in a decentralized manner but it seems like people don't really care about that part of it and all they care about is what its price is. seems they got the wrong idea of bitcoin.

thing is, for alot of people it seems like when bitcoin price is "high" they think that means it is succeeding more than when it is "low". but if we think about bitcoin's intended purpose, it doesn't matter what the price is as long as bitcoin can be transferred peer to peer without any centralized party being involved. so if bitcoin was worth $1 people shouldn't complain.

This has been a topic for a long time. It's true that bitcoin was made for the reason of transfer but it's another good character of bitcoin that we have embraced and there's nothing wrong if people are using it as a store of value. That's how it is and what it is right now. And as we hold it as a store of value, are we ignoring it as a transfer method? No. It's attached to its use for being both so, we just have to enjoy both of it and do what you want to do with your bitcoins.
The market is evolving and no one will complain if bitcoin goes to $1, you know why? It's because many will surely buy at that price.

[AakZaki]

at this time I certainly say that the price of bitcoin is very important, because bitcoin is a profitable digital asset investment. When the price of bitcoin starts to rise and can reach new ATH, this will also attract many people to get into bitcoin, but if it was the other way around and Bitcoin was only worth $ 1 like you said of course Bitcoin would not be what it is today. Bitcoin adoption is still low and bitcoin acceptance is hindered by regulations in each country.

[darkv0rt3x]

If the value of a bitcoin is one USD, you will not find a global adoption of its use. In the end, I want to buy bitcoin to use it to buy goods and services or convert it into cash that helps me buy goods and services, so the price is important.
But you should not focus on the price as much as why do I want Bitcoin?

 - If it is just an investment, you are doing it wrong and you may end up losing your money.
 - Also, no one will feel the value of Bitcoin except those who cannot make international transfers at cheap rates or those who do not suffer from hyperinflation.

What you mean by losing money for investing in Bitcoin? Buy Bitcoin is probably one of the best investments today! Have you seen how much value the dollar lost in the last 100 years?
Your second claim is not true at all. Jeezz. I'm sorry to disagree but there are so much more advantages of Bitcoin over any other asset that I can't understand how you can say those things!

[justdimin]

People are so tensed about the price as they want to make profit from it or currently want to recover the losses.
This is the main motivation here for which people are tensed about the price.
There are also many other reasons for which the price might matter, but at the current situation, buying and selling issues are the main reason for which many people are frowning here in the forum.
Once Bitcoins reach a stable price, the less posts regarding it’s price you can see.
Let’s hope for the best.

Unfortunately people who are rushing into trying to make a profit will usually end up with making a loss. This is the main problem, if we end up not rushing into this, then we would not have to worry about making the money back. It's simple, you just hold the ones you have and hopefully you could buy some more at this current price, and you will eventually profit if you wait.

But, people are so impatient that they are trying to make that money back as soon as possible and that results with the greedy result where they lose even more. I have seen people go "last ditch" and do high leverages to make their money back, and as we all know, that rarely ever works.

[larry_vw_1955]

 It also has to be more stable (which it still isn't) to function better as a currency.
Price also affects bitcoin's security since it directly affects the mining profitability and the hashrate.

How do you go about making bitcoin price more stable though? Isn't that like trying to make bitcoin into something it wasn't meant to be? Or are you saying that more widespread adoption and use will stabilize the price more, I'm not sure i can see how because it's already "out there" pretty large volume everyday being traded.

Once Bitcoins reach a stable price, the less posts regarding it’s price you can see.

I don't see how bitcoin can ever reach a "stable price". Since it's not a stablecoin. I think that's just one of the things people have to accept if they are going to use bitcoin is it can sometimes have big price swings. There's no solving that. Because theres no way to predict world events and world events can affect bitcoin price. Things like wars, viruses, political forces, etc. Those type of things don't happen everyday but then there are smaller "micro-events" which probably cause smaller price fluctuations more often which you can't get rid of either like crashes in the crypto market caused by exchanges becoming illiquid aka celcius, voyager type events.

[pooya87]

How do you go about making bitcoin price more stable though? Isn't that like trying to make bitcoin into something it wasn't meant to be? Or are you saying that more widespread adoption and use will stabilize the price more, I'm not sure i can see how because it's already "out there" pretty large volume everyday being traded.

You can not make the price stable, it becomes more stable naturally in time. It all comes down to adoption, to put simply as the market grows manipulation of it becomes so much harder. You can already see it becoming more stable if you look at the bigger picture for example comparing bitcoin market of 2010-2011 with 2021.

I don't see how bitcoin can ever reach a "stable price".

Bitcoin can have a stable value some day but its price will never be stable because fiat will continue dumping so bitcoin price should always rise.

[2stout]

Because it is the initial way and for some the only way they are able to access, extract, or assign any value to bitcoin.  Which is why when you see bitcoin moon, FOMO sets in and when bitcoin tanks, you see panic selling abound.

[Minecache]

Bitcoin's original purpose was not as an investment asset, but rapidly rising prices have led investors to turn bitcoin into a profitable trading asset and this is the behavior by humans, not by bitcoin.

How Bitcoin is used is up to each person as long as it benefits them. I invest bitcoin to make profit but that doesn't mean you will like me, you can use bitcoin as a means of payment if that makes you happy. Bitcoin has the ability to do anything, which is one of its greatest characteristics.

[dansus021]

not gonna lie why price is important because everyone want to make profit including me hahaha

and of course, bitcoin in the other hand is good for payment privacy and the blockchain itself is breakthrough

[worle1bm]

The prices are way too important if we look at different aspects for bitcoin.Say we are making payment through it to any merchant so how do we make it if we are not aware about it's prices in the same currency like the goods are worth $100 then how many btc you will pay comparatively to it? So it's important to know the price for it and then to calculate your profits if you have invested at some points in Bitcoin so we can say it's all about usage how we want to determine the prices but they are important.

[darkv0rt3x]

 It also has to be more stable (which it still isn't) to function better as a currency.
Price also affects bitcoin's security since it directly affects the mining profitability and the hashrate.

How do you go about making bitcoin price more stable though? Isn't that like trying to make bitcoin into something it wasn't meant to be? Or are you saying that more widespread adoption and use will stabilize the price more, I'm not sure i can see how because it's already "out there" pretty large volume everyday being traded.

Once Bitcoins reach a stable price, the less posts regarding it’s price you can see.

I don't see how bitcoin can ever reach a "stable price". Since it's not a stablecoin. I think that's just one of the things people have to accept if they are going to use bitcoin is it can sometimes have big price swings. There's no solving that. Because theres no way to predict world events and world events can affect bitcoin price. Things like wars, viruses, political forces, etc. Those type of things don't happen everyday but then there are smaller "micro-events" which probably cause smaller price fluctuations more often which you can't get rid of either like crashes in the crypto market caused by exchanges becoming illiquid aka celcius, voyager type events.

Price will stabilize once there is more liquidity in the network. See this as a pool. If you through a big rock into the pool, big waves will form. If you through a tiny rock, you'll barely see any waves. Now, take the same rocks, get yourself into a helli, and through those same rocks in the ocean from a considerable altitude. You'll see nothing from neither of the rocks because in this case the pool is so big that it "absorbed" it all.

The same happens with Bitcoin, the more supply in circulation (up to 21 million, of course) and the more the value of each sat, the less effect will be noticed from market actions like transfers, buys and sells!

[Bitstar_coin]

The creator of btc had a different purpose in mind when he created this tech (to serve as alternative payment option, give people the ability to have some control over their funds) but right now people have different purpose towards btc, some sees it as an profit making assets, others as store of value or an alternative payment option. I think the number of people who sees it as a profit making assets are more. The majority only talks about the price, the next ath and so on which is why imo it is one of the reason why btc is so loved and popular.

[TheUltraElite]

thing is, for alot of people it seems like when bitcoin price is "high" they think that means it is succeeding more than when it is "low". but if we think about bitcoin's intended purpose, it doesn't matter what the price is as long as bitcoin can be transferred peer to peer without any centralized party being involved. so if bitcoin was worth $1 people shouldn't complain.

Bitcoin's intended purpose was to be an alternative to the banking system. A new currency that could be decentralized and censorship-resistant. Just like foreign exchange, the price of such an asset would be speculated on, a by-product of the system.

Now consider the fact that you have
1. the original product - a new currency
2. the by-product - a speculative asset for trading

How many countries immediately made bitcoin or for that matter till date made it legal to transact in completely? At the time when bitcoin was started it was close to nil.

Hence the people who gathered bitcoin as a part of their total assets, never got a place to spend it properly, therefore the by-product become more attractive than the original product. Hence the things became like that and trading became way more popular than actually spending your bitcoins for paying a merchant. This will not change easily and hence the price becomes the thing people talk about so much.

[Mauser]

thing is, for alot of people it seems like when bitcoin price is "high" they think that means it is succeeding more than when it is "low". but if we think about bitcoin's intended purpose, it doesn't matter what the price is as long as bitcoin can be transferred peer to peer without any centralized party being involved. so if bitcoin was worth $1 people shouldn't complain.

For long term crypto investors the bitcoin price doesn't really matter so much, they know there is a long term trend and that the bitcoin price is eventually going to recover. It is mostly the day traders who are worrying about the price and are afraid to lose their money. The purpose of bitcoins is to have a decentralised currency that can be used all around the world. The price is still important if we actually want to buy something with our coins. Sure I can send BTC around the world at low fees and shouldn't worry about the price quoted in Fiat, but if I want to buy some goods like a new cell phone or laptop I need to consider the prices in the country I want to buy in. If bitcoin was worth only $1 like a stable coin that many people would complain because they bought bitcoins at much higher levels. What we need is more stability in the price levels, not a cheap bitcoin price.

[Gyfts]

How do you go about making bitcoin price more stable though? Isn't that like trying to make bitcoin into something it wasn't meant to be? Or are you saying that more widespread adoption and use will stabilize the price more, I'm not sure i can see how because it's already "out there" pretty large volume everyday being traded.

Mass adoption would make the price more stable. Complete stability does not exist in any financial market. I could go on a tangent on the philosophical notions of stability, but for the purposes of the financial sector -- stability doesn't actually exist. The traditional currencies that you might think are stable actually aren't. Their value is decaying constantly, and the rate of decay (inflation) varies.

I don't see how bitcoin can ever reach a "stable price". Since it's not a stablecoin. I think that's just one of the things people have to accept if they are going to use bitcoin is it can sometimes have big price swings. There's no solving that. Because theres no way to predict world events and world events can affect bitcoin price. Things like wars, viruses, political forces, etc. Those type of things don't happen everyday but then there are smaller "micro-events" which probably cause smaller price fluctuations more often which you can't get rid of either like crashes in the crypto market caused by exchanges becoming illiquid aka celcius, voyager type events.

As I mention, mass adoption would help. Stablecoins aren't stable. If they're pegged to a currency, the stablecoins's purchasing power decays at the same rate the currency it's pegged to does. And whatever centralized authority issues out the stablecoin, you better hope they remain solvent.

[GreatArkansas]

(....)
thing is, for alot of people it seems like when bitcoin price is "high" they think that means it is succeeding more than when it is "low". but if we think about bitcoin's intended purpose, it doesn't matter what the price is as long as bitcoin can be transferred peer to peer without any centralized party being involved. so if bitcoin was worth $1 people shouldn't complain.

Because most of the people who start to own Bitcoins are just for money, they thought buying Bitcoin is easy money. They don't even know how Bitcoin works.
This is the most mistake of people right now that should be practiced. That's why spreading education about Bitcoin is good for everyone, not only about the money.

Look at now, if the price is dumping of Bitcoin, less talk about and lot of people crying because they are losing their money.