Do you Consider the Price of Bitcoin to be More Important than its Purpose?

[doomloop]

I want to know your thoughts - Do you consider the price of Bitcoin to be more important than its purpose?

The price of bitcoin is more important for those people who treat btc as an asset. They want btc to rise in price so that they can earn more if they sell but if btc is at the top, they are also wishing for it to go down for a while for them to buy it again. Those who use btc as a currency doesn't really care about its price that much because what is more important for them is that they can send/pay and receive money to someone else.

A lot of btc have been mined already but I think there are still lots of supply left and this is bigger than the demand but the demand is high, not low whenever there is a bear. Only those who have less confidence during that time are newbies.

[tbct_mt2]

Bitcoin has its high value because it has use cases and has been accepted globally.

From value, it has price on the market and despite of price volatility on market, its value increases solidly with time. Bitcoin has changed the world and forced governments to research, develop and launch their CBDCs.

Price is not important than value because we need it has value first. Value is made up of its use cases and adoption. Fortunately, we see both use cases, adoption of Bitcoin having growth with time.

Governments will not launch their CBDCs if they don't see advantages from blockchain technology and Bitcoin is a successful pioneer in blockchain.

CBDC tracker: https://cbdctracker.org/

[AmoreJaz]

Bitcoin has its high value because it has use cases and has been accepted globally.

From value, it has price on the market and despite of price volatility on market, its value increases solidly with time. Bitcoin has changed the world and forced governments to research, develop and launch their CBDCs.

Price is not important than value because we need it has value first. Value is made up of its use cases and adoption. Fortunately, we see both use cases, adoption of Bitcoin having growth with time.

Governments will not launch their CBDCs if they don't see advantages from blockchain technology and Bitcoin is a successful pioneer in blockchain.

CBDC tracker: https://cbdctracker.org/

very well-said. value should come first before the price. because how would it fetches a price in the market if it has no use case or application? mere speculation won't last. the price of btc today is owed to increasing use case of btc in the market. as payment method, the number of merchants are increasing integrating btc and other alts in their payment system. without its purpose or use case, the price of btc won't improve throughout the years.

[lionheart78]

So far, I would like to think that bitcoin has been living up to the expectations of Satoshi Nakamoto despite the numerous challenges it has encountered. Nevertheless, the price volatility has been a huge concern to so many people all over the world. I want to know your thoughts - Do you consider the price of Bitcoin to be more important than its purpose?

For a practical answer, it is the price that is more important to me.  The purpose is secondary.  Why?  The purpose of Bitcoin won't feed me and my family.  True I can have freedom on transaction to send Bitcoin anywhere, anytime, but it won't feed my family.  Besides, in order to use Bitcoin it still needs to be converted to a fiat currency because stores that accept Bitcoin aren't available everywhere.

[freedomgo]

The price of bitcoin is a major attraction among the common people. When they initially get into cryptocurrency they never know anything about the real purpose. Even I don't know the real technology and the innovative things that made me into cryptocurrency.

Only after getting into the forum I realised how important is the privacy and how banks are stealing our money and having control over our funds. As if now we've got around 5% of the world population using cryptocurrencies in some means. If the price isn't this high or it hasn't experienced such a massive growth surely the usage percentage will be around 3%

I think it’s very obvious that we are only after with the price of bitcoin the moment we enter bitcoin investment. We chose it because it may guarantee good profits and huge returns. However, as we learn to value more bitcoin and even established altcoins, we also get to know better it’s real purpose and how it will be very beneficial to the people. And it’s really a good thing that we come to invest in bitcoin, having both a good and impressive price plus an ideal purpose that will greatly help us to see financial growth and stability.

[Odusko]

The Satoshi idea for Bitcoin creation is still very much active which is, Bitcoin being an alternative to fiat currency since the third-party system has so many limitations and paper money is subject to inflation, and Bitcoin as peer-to-peer electronic cash has performed that purpose and even though Bitcoin is also an asset, which price has to lead to wider adoption since most of Bitcoin holders are doing so with the expectation of it price rising due to Bitcoin volatility we still can't say Bitcoin price has become the sole organ of Bitcoin existence.

[bhooscream]

To be honest, the price of Bitcoin may be one of the strongest reasons why I want to invest in Bitcoin. Indeed, the technology behind Bitcoin and also a very strong goal. However, the price of Bitcoin that continues to rise has indeed become one of the very interesting and profitable things for investors, right? And I am also sure that most people expect the price of Bitcoin to continue to rise. Not hypocritical, if the benefits of investing in Bitcoin are inevitable. This is very promising, right?

[hd49728]

The Satoshi idea for Bitcoin creation is still very much active which is, Bitcoin being an alternative to fiat currency since the third-party system has so many limitations and paper money is subject to inflation, and Bitcoin as peer-to-peer electronic cash has performed that purpose

Bitcoin was created in 2009 after the Goldman Sachs collapse and the global financial recession. It takes more than 13 years for Bitcoin to have similar chance to shine brightly when the world is in another recession. When fear is gone, mind is calm again, people will realize that they should hold their Bitcoin or buy more, accumulate more, not shake weak hands as they will regret a lot later.

Inflation, financial recession are perfect opportunities for Bitcoin to show its strength and attraction from finite total supply and technololigcal ability to allow people have and control their own banks.

even though Bitcoin is also an asset, which price has to lead to wider adoption since most of Bitcoin holders are doing so with the expectation of it price rising due to Bitcoin volatility we still can't say Bitcoin price has become the sole organ of Bitcoin existence.

Bitcoin won't be used if it does not have good usabilities which are built by top-notch technology. If it is not used by people, it should have no value. No value means no price on market as nobody is ready to trad, buy or invest in it.

[Odusko]

The fact is Bitcoin perform a dual purpose as most time Bitcoin peer-to-peer payment is not always available offline and for security reasons, the most peer-to-peer transaction is done through the use of an exchange.
So Bitcoin can not exist without the banking system and exchange, and again Bitcoin price is one of the most important reasons why people adopt Bitcoin and that is why most people take Bitcoin as an investment other than a currency.

[TheUltraElite]

Going with Satoshi's vision, we have bitcoin that can be used without boundaries but there are other problems here, because that bitcoin cannot be easily spent for the article that you might need - at that point fiat currencies become more useful. So with that immediately comes in the question of BTC<>Fiat conversions. Eventually that market grew and became a speculative market.

1BTC is always 1BTC though, how much someone is willing to spend to buy/sell it changes with time depending on the demand/supply.

The purpose of bitcoin is still the same, but making a merchant accept that and making them use a bitcoin based payment system is a hell of a big job. Till then we can only rely on the P2P bitcoin transfers to buy/sell goods and not purchases directly with crypto.

[serjent05]

Without the means to profit, I do not think Bitcoin will be that popular.  It is given that the purpose of creation of Bitcoin should be the most important thing but in adoption, people are driven by profit and rewards so at the current situation of Bitcoin, I think the Bitcoin price is more important.  Price volatility makes Bitcoin interesting, it also get the attention of huge company not because of its purpose but because there is profit to be earned.  I believe time will come that the purpose will weigh more than the price of Bitcoin but as of now, I believe almost everyone consider the price of Bitcoin to be the most important.

[CryptSafe]

It is true as you have said but I think the price and value goes a long way to give it the desired attention it derives. If the value is not worthwhile, the price would not have be this hi high. The value makes the price appreciate. As it stands now, Bitcoin value has far surpassed many expectations and therefore gave room for the value. One of the most intriguing aspect of it is that it was the first blockchain Genesis therefore tagged digital gold which have paved way for other blockchain to emerge. Just as Satoshi Nakamoto has stated in the white paper which you stated already, the peer to peer value is another thing to look into because it is a botherless transaction and has since been the best options for transaction between and within customers doing business.

Never the less, price volatile is another beautiful aspect of blockchain because this calls for more investors. It is known that bear market is the best time to fill the bag so therefore investors makes good use of the opportunity to buy more which however increases their portfolio. Bitcoin price have never been stable and this gives room for profit making

So therefore, OP, as you have said in your topic, the both goes a long way to satisfy investors.

[lalabotax]

Without the means to profit, I do not think Bitcoin will be that popular.  It is given that the purpose of creation of Bitcoin should be the most important thing but in adoption, people are driven by profit and rewards so at the current situation of Bitcoin, I think the Bitcoin price is more important. 

It's no hypocrisy that I'm here and I really support Bitcoin, one of the main factors because the price of Bitcoin continues to soar from time to time, especially during bullish times. And I'm also sure most people will be the same, wanting high profits from Bitcoin. However, it is undeniable that our increase and support for Bitcoin is inseparable from what is behind Bitcoin itself. The utility of Bitcoin, the trust, and the reputation that Bitcoin has are not the result of an instant process, but a very difficult process that has been passed. And if we are aware of the technology and the goals of Bitcoin itself, we will be more and more fond of Bitcoin.

[hd49728]

Going with Satoshi's vision, we have bitcoin that can be used without boundaries

It is an international borderless electronic currency.

there are other problems here, because that bitcoin cannot be easily spent for the article that you might need - at that point fiat currencies become more useful. So with that immediately comes in the question of BTC<>Fiat conversions. Eventually that market grew and became a speculative market.

On Earth, nowadays we have fiat currencies, Bitcoin, cryptocurrencies (alternative cryptocurrencies) and CBDCs. The number of available CBDCs is still small but it will increase with time when more governments and central banks develop and launch theirs.

It's good to have a diversification of different currency types to choose and use. It is helpful for daily usages locally.

1BTC is always 1BTC though, how much someone is willing to spend to buy/sell it changes with time depending on the demand/supply.

It's true but investors have to take profit and get their initial capital safely back first. If they already have initial capital back, get some profit, they can strongly hold the rest bitcoins they have in 10 years or longer.

[danadc]

Without the means to profit, I do not think Bitcoin will be that popular.  It is given that the purpose of creation of Bitcoin should be the most important thing but in adoption, people are driven by profit and rewards so at the current situation of Bitcoin, I think the Bitcoin price is more important.  

It's no hypocrisy that I'm here and I really support Bitcoin, one of the main factors because the price of Bitcoin continues to soar from time to time, especially during bullish times. And I'm also sure most people will be the same, wanting high profits from Bitcoin. However, it is undeniable that our increase and support for Bitcoin is inseparable from what is behind Bitcoin itself. The utility of Bitcoin, the trust, and the reputation that Bitcoin has are not the result of an instant process, but a very difficult process that has been passed. And if we are aware of the technology and the goals of Bitcoin itself, we will be more and more fond of Bitcoin.

I see that the only purpose of bitcoin is to free us from the tyranny of the world economy that is controlled by governments and banks, I do not see that there is another utility, I know that Gold is an asset that is always worthy to have because of its wide acceptance, but I see that Bitcoin is much more valuable, both in price and in Shelter of Value, and I know that in a few years the price of bitcoin will be very high, so much so that it will be impossible for some people to acquire the bitcoin and now that there is the great opportunity at a price of $20k, which in 2017 was the highest price, are you thinking that it is very cheap and that it is useless, when it is at $70k will people think the same?

[Mauser]

Do you consider the price of Bitcoin to be more important than its purpose?

No definitely not, in my opinion is the purpose of Bitcoins 10 times more important than the price. For day traders it's all about the price, they are looking for the short term gain as they buy and sell each day. For me it's about the long term prosperity of Bitcoins. I stopped actively trading bitcoins a long time ago and joined the HODL community. It's much less stress and requires not a lot of time to buy and hold longterm. The price of Bitcoins is always going to fluctuate, as does any other asset in the world. But as long as there is a strong purpose behind bitcoins the longterm trend is going to be upwards. If bitcoin would lose its purpose, or become less dominant as the number one crypto currency, then also the price is going to be affected. Short term traders and long term investors need to work together to keep the bitcoin market active, if one of these groups would leave the market than the bitcoin price would collapse, and not recover if there is no new purpose for it.

[OgNasty]

For me it is hard to say whether Bitcoin is trojan horsing it's way into traditional finance in order to then activate things like anonymity and more efforts to remain immutable.  Right now though it certainly looks like Bitcoin price as an investment vehicle is all that matters.  So while I don't agree with this repurposing of Bitcoin as a hold only store of value asset, this may be what the world needs to let the horse in the front gates.  It is hoped that once Bitcoin has crossed the threshold of becoming inevitably used by the entire world, developers (who will have to be anonymous) will step up and provide us the privacy and safety needed to truly be free.

[South Park]

Without the means to profit, I do not think Bitcoin will be that popular.  It is given that the purpose of creation of Bitcoin should be the most important thing but in adoption, people are driven by profit and rewards so at the current situation of Bitcoin, I think the Bitcoin price is more important. 

It's no hypocrisy that I'm here and I really support Bitcoin, one of the main factors because the price of Bitcoin continues to soar from time to time, especially during bullish times. And I'm also sure most people will be the same, wanting high profits from Bitcoin. However, it is undeniable that our increase and support for Bitcoin is inseparable from what is behind Bitcoin itself. The utility of Bitcoin, the trust, and the reputation that Bitcoin has are not the result of an instant process, but a very difficult process that has been passed. And if we are aware of the technology and the goals of Bitcoin itself, we will be more and more fond of Bitcoin.

Also it is important to remember that without the technology and the ideals behind bitcoin the project would have never reached its current price, after all who would have bought bitcoin if it was centralized and controlled by a single individual? Such a coin would be even worse than the fiat currencies we have today and governments would have destroyed it long ago, so even if people do not care about the purpose behind bitcoin we know that it is the only reason why it still remains alive to this day.

[uneng]

Price is important, so bitcoin can fulfill its purpose, that is to provide a decentralized person to person transaction alternative. A minimum of stability is expected from bitcoin's price, so at the moment you purchased btc to send to someone on the other side of the world, its price will be almost the same on the moment that person receives the transaction. That is why price is important.

Otherwise, the transacted money could reach on the other side with a devaluation of 50% or more... on that case it wouldn' make sense to use bitcoin, as its purpose would be irrelevant.

[serjent05]

Without the means to profit, I do not think Bitcoin will be that popular.  It is given that the purpose of creation of Bitcoin should be the most important thing but in adoption, people are driven by profit and rewards so at the current situation of Bitcoin, I think the Bitcoin price is more important. 

It's no hypocrisy that I'm here and I really support Bitcoin, one of the main factors because the price of Bitcoin continues to soar from time to time, especially during bullish times. And I'm also sure most people will be the same, wanting high profits from Bitcoin. However, it is undeniable that our increase and support for Bitcoin is inseparable from what is behind Bitcoin itself. The utility of Bitcoin, the trust, and the reputation that Bitcoin has are not the result of an instant process, but a very difficult process that has been passed. And if we are aware of the technology and the goals of Bitcoin itself, we will be more and more fond of Bitcoin.

Yeah, funny how many of us say Hodl instead of saying use it as a payment option. We can also read everyday Bitcoin news which tackles the ups and downs of the market, and when there is adoption news, the surge in Bitcoin market price is always attached to the news.  So this only means that Bitcoin price weigh more than its purpose at the current state of Bitcoin.