why is bitcoin price important?

[Zilon]

Bitcoin was intended to be a p2p cashless digital money transfer system and it still is. But the moment volatility came along with the asset many shifted more attention to making profit by constantly trading it for other commodities as prices kept fluctuating. But how does it sound that an asset that has the potential of giving back a high ROI is spent like a common token. Bitcoin deserves some respect so i keep and make more funds for myself.

[Thara20]

Like the majority of goods, investments, and other assets, the price of bitcoin is greatly influenced by supply and demand. There will always be only a maximum of  21 million bitcoins available in all. According to many experts, Bitcoin's value is greatly influenced by its limited supply, or scarcity.

As its white paper explains, Bitcoin was designed to be electronic cash.
 While people and businesses use or receive bitcoin payments as currency, some owners purchase it as an investment in the idea that it will grow in value. El Salvador has adopted Bitcoin as a currency, and PayPal facilitates Bitcoin transactions. But one of the great aspects of Bitcoin is total freedom. The original intent was abandoned mainly due to the currency's volatility. Similar to how individuals purchase gold, those who purchase Bitcoin do so with the expectation that it would maintain its value rather than using it to make purchases.

[tryingtolearn]

I am new to Bitcoin and it gives me a different perspective than those that are immersed in it.  

I've spent the last 3 days researching it and reading both sides - pro and con - and my take is that "Bitcoin" itself has been hijacked by a group of whales that seek to control it's price and convince younger generations that it is a way to "stick it to the man", make a quick buck, and preserve wealth.  There really is nothing to Bitcoin except a movement - and the real benefit is the technology below it that runs it (IMHO).  Think of a train carrying freight - Bitcoin is the freight and the train and tracks are the important part because that is the part that really has value.  

Just my 2 cents and again I'm new - but that is what I see.

[larry_vw_1955]

<...>, 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.

I don't think you have thought this statement through. If the price were to come down to those levels, a lot of things would change. Starting with this forum, there would be a considerable reduction of traffic on it, that's for sure.

bitcoin wasn't designed to make this forum popular. the forum was just put in place so people could talk about bitcoin. and whether or not this forum exists really doesn't have anything to do with bitcoin per se. bitcoin would be just fine without it. although its a nice place...

[gunhell16]

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.

The price of bitcoin is always important as long as there is an increase and decrease in the price that occurs in every exchange market that has traders, these are the buyers and sellers where without these there will be no movement of increase or decrease in value. its in the market. This is also the basis for traders whether they need to buy or sell depending on the coins he has in hand.

[FatFork]

Think of a train carrying freight - Bitcoin is the freight and the train and tracks are the important part because that is the part that really has value.  

Everything is important and therefore everything has value. Freight cannot be moved without a train and tracks, and a train and tracks have no purpose without the freight that needs to be moved.

Just my 2 cents and again I'm new - but that is what I see.

Surely, you sound like a no coiner, but at least you're curious, why else would you be here?

[CryptoHeadlineNews]

Everything about Bitcoin is important, but the price at any moment is more important for profit sake, because despite the fact that it's used for fast, easy and decentralized transaction, the price is needed for profit making since it has a volatile nature whose value goes up and down with respect to the US dollar

[Eugene Buck]

Bitcoin is the most important cryptocurrency. Bitcoin drives the value of many important coins as they are almost the replica of bitcoin in terms of blockchains. In simple words the whole cryptocurrency market value is dependent on bitcoin.

[wmaurik]

Everything about Bitcoin is important, but the price at any moment is more important for profit sake, because despite the fact that it's used for fast, easy and decentralized transaction, the price is needed for profit making since it has a volatile nature whose value goes up and down with respect to the US dollar

If you only look at the advantages of Bitcoin, then the price and value of Bitcoin itself should be placed on the first point because that is the part that you consider very important. I sometimes place the issue of price and value on Bitcoin itself on the second point, because for the first I place on the subject of Blockchain which has been successfully built and run very well so that the benefits felt by many people are very clear.

Because without that and a good concept, I don't think any product will be interested and won't have a good value and price in the market.

[mia_houston]

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.

What you say is true because the first purpose of bitcoin was to facilitate digital financial transactions in today modern era, but gradually that goal changed over time because many people saw bitcoin as an investment asset, in my opinion the change in the purpose of bitcoin may be due to the many regulations from many countries that legalize bitcoin as an investment asset rather than a financial substitute, and that is why many people prioritize and want to see bitcoin price at a high price because their current goal is to seek profit.

[fzkto]

Everything about Bitcoin is important, but the price at any moment is more important for profit sake, because despite the fact that it's used for fast, easy and decentralized transaction, the price is needed for profit making since it has a volatile nature whose value goes up and down with respect to the US dollar

If you only look at the advantages of Bitcoin, then the price and value of Bitcoin itself should be placed on the first point because that is the part that you consider very important. I sometimes place the issue of price and value on Bitcoin itself on the second point, because for the first I place on the subject of Blockchain which has been successfully built and run very well so that the benefits felt by many people are very clear.

Because without that and a good concept, I don't think any product will be interested and won't have a good value and price in the market.

I think a lot of people are not telling the truth when it comes to technology and blockchain. Especially because not only bitcoin has a blockchain, but other coins too. It's just that it was created first. Absolutely everyone is only interested in the value of bitcoin, only a few people need the technology, and a little more people use the technology in their daily lives.

[topman21]

The entire cryptocurrency is regulated by controlling the market of Bitcoin.Specifically if we look at the entire market we can see that the entire altcoin market has been dumped as the Bitcoin market has been dumped.So it is very important to hold the price of Bitcoin in cryptocurrency If you look at the market today, you can see that all markets have moved higher with Bitcoin gaining a little bit.This is why the price of Bitcoin is so important.

[minime0105]

Bitcoin price is important because bitcoin is a decentralized currency and without it own increment through people who invest for it and bring it to the board Bitcoin will lose it values. I believe that Bitcoin value is very special to people who invented for it because if the price dropped in the market, it affect the people who invented for it and people who hold and wait for it increment. The price is important to any one who' knows bitcoin

[MiF]

Bitcoin price is important to investors or crypto enthusiast it is because the entire crypto is depend on the bitcoin price means every investment is affected if btc drop or rise, so the price of bitcoin is very important. If btc fall we will say it is a bear season and if btc rise we will say we are now at bull season means the bitcoin is always the center of the cryptocurrency market.

[KingsDen]

The original idea of Satoshi which is in the white paper has changed alot and I doubt Satoshi ever imagined that bitcoin will be what it is today. But all things being equal what bitcoin has evolved to today is not a bad one. And it has helped in great adoption of bitcoin.

Just imagine that bitcoin is stable like fiat currencies many people will not be interested in bitcoin maybe except few who cares about privacy and know how to handle it.

Then if bitcoin is stable, traders won't be in the industry for trading and I wouldn't know what would be the fate of bitcoin.

[uneng]

Price is important, because there are people who see bitcoin as a tool to protect their money against inflation or any other kind of centralized parties' interventions. If bitcoin didn't have a decent value and growing potential on long run, people wouldn't feel incentivized to hold it and worse, they would fear using it, since the uncertainity of losing their money's value on the next second they acquired BTC would be huge.

Moreover, with a priceless bitcoin, what could be the reason for miners to keep running their operations, and consequently maintaining the network smooth and functional?

Price is important, profit is important. That is what moves a healthy capitalist society, since it's disponible and accessible for everyone.

[larry_vw_1955]

Price is important, because there are people who see bitcoin as a tool to protect their money against inflation or any other kind of centralized parties' interventions.

just because people see it in that way doesn't mean that's what it was originally meant to be. and thus that doesn't mean that's what its purpose is. the danger of trying to assign some purpose to something that it was not originally meant to be well you do that at your own risk. as long as people understand that then I guess they can use bitcoin however they want to.

If bitcoin didn't have a decent value and growing potential on long run, people wouldn't feel incentivized to hold it and worse, they would fear using it, since the uncertainity of losing their money's value on the next second they acquired BTC would be huge.

i'm sure there's people that prefer not to hold bitcoin since its price fluctuates and they don't want that type of exposure.

Price is important, profit is important. That is what moves a healthy capitalist society, since it's disponible and accessible for everyone.

Price may be important to people but whats even more important is if bitcoin has a useful purpose other than just "hodling" and selling it when the price gets high. Because if that's all it is, theres hundreds of stocks in the stock market you can do that with and those are companies that have actual products/services. Buy Amazon in the late 1990s for example. If all you care about is making profit. And having a higher price.

[uneng]

Price is important, because there are people who see bitcoin as a tool to protect their money against inflation or any other kind of centralized parties' interventions.

just because people see it in that way doesn't mean that's what it was originally meant to be. and thus that doesn't mean that's what its purpose is. the danger of trying to assign some purpose to something that it was not originally meant to be well you do that at your own risk. as long as people understand that then I guess they can use bitcoin however they want to.

And just because something wasn't originally meant to be, it doesn't mean it can't be important for people for that reason... You asked why bitcoin price is important and not what bitcoin original purpose is.

If bitcoin didn't have a decent value and growing potential on long run, people wouldn't feel incentivized to hold it and worse, they would fear using it, since the uncertainity of losing their money's value on the next second they acquired BTC would be huge.

i'm sure there's people that prefer not to hold bitcoin since its price fluctuates and they don't want that type of exposure.

Yes, there are different kinds of bitcoin adopters' profiles.

Price is important, profit is important. That is what moves a healthy capitalist society, since it's disponible and accessible for everyone.

Price may be important to people but whats even more important is if bitcoin has a useful purpose other than just "hodling" and selling it when the price gets high. Because if that's all it is, theres hundreds of stocks in the stock market you can do that with and those are companies that have actual products/services. Buy Amazon in the late 1990s for example. If all you care about is making profit. And having a higher price.

I think that is a very personal matter, and each person has the right to praise bitcoin's characteristics they most like and which of them are more useful for them on their individuality. I prefer to not point the finger to what people should like, dislike or ignore regards bitcoin.

[Agbe]

Bitcoin price is important because it is for business purpose. And also people have bought enough BTC and store or keep it in their Wallet to be sold to make profit. And also it is very much important for buyers and sellers. Buyers to buy it in a cheaper rate while sellers to sell it in a higher rate. So in all period of price of bitcoin is very much important. At all time, it is important to someone because if it is not favouring one person it favours another person.

[Marvell1]

Price is important, because there are people who see bitcoin as a tool to protect their money against inflation or any other kind of centralized parties' interventions. If bitcoin didn't have a decent value and growing potential on long run, people wouldn't feel incentivized to hold it and worse, they would fear using it, since the uncertainity of losing their money's value on the next second they acquired BTC would be huge.

Moreover, with a priceless bitcoin, what could be the reason for miners to keep running their operations, and consequently maintaining the network smooth and functional?

Price is important, profit is important. That is what moves a healthy capitalist society, since it's disponible and accessible for everyone.

In order to be more precise, we look at it as a means of generating profits, so its price will always take priority as the first factor to consider. I am sure that people will no longer be interested in bitcoin if it becomes stable and non-volatile.

It doesn't matter what the original purpose of bitcoin is anymore, as long as bitcoin is helping people and really useful to the world, is a profitable investment channel or a payment method...it's all just human behavior, bitcoin is still bitcoin.