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

[Davidvictorson]

There are two types of price movements: bull markets and bear markets. In the bull market, the majority of bitcoin investors are buying, demand outweighs supply, market confidence is at a high, and prices are rising. On the other hand, they are the opposite of the bull market. Bear markets are defined as a period of time where supply is greater than demand, confidence is low, and prices are falling.

In his paper, Bitcoin: A Peer-to-Peer Electronic Cash System, Satoshi Nakamoto states that the purpose of Bitcoin is a purely peer-to-peer version of electronic cash that would allow online payments to be sent directly from one party to another without going through a financial institution.

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?

[goinmerry]

The fact that Bitcoin's price is one of the big reasons for its huge adoption since its inception, we can't hide the fact that for the majority, the price is more important than its purpose as a currency. On the good side, however, that popularity leads more people to know more about what bitcoin really is aside from being considered mostly as an investment. There are lots of blockchain summits, discussions, meetups, and related events that are organized to give the community general knowledge about anything related to crypto, specifically bitcoin.

We also have to consider that using bitcoin as a currency is still limited to most places in the world, unlike the usual currencies. But as time goes by, we can expect that more countries will become bitcoin-friendly at such a point that most physical stores are now directly accepting bitcoin as legal tender.

[Queentoshi]

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?

Bitcoin has many more purpose than what it was created for, asides the peer-to-peer intentions for bitcoin, it has also found a purpose as investment worthy. Because we can invest in it, the price is more important than the first purpose it was created for, my reason is that it is the investment opportunity that made me buy some bitcoins in the first place, not for transactions.

[348Judah]

Bitcoin price is a different thing as a whole and it volatility does not change the purpose for it creation no matter how, i have this assurance that bitcoin cannot be as low as equal to $1 again, when there's volatile in bitcoin price, it calls for a total concentrate on the shift about to take place in favour of it demand or supply which makes thearket price goes up or down, while bitcoin value has always remained despite these, it's still the same acceptable digital currency, asset, investment and profitable currency one can venture into with the highest number of people in search for it on the internet to benefit from it p2p network, that word decentralization is what the people want and as long as bitcoin remains the same standard it has always been, it will remain ever relevance regardless of it price volatility.

[avikz]

Price is a very important parameter of bitcoin which can satisfy its purpose. So both goes hand in hand and shouldn't have less priority above another. An electronic peer to peer cash system is fine, but unless a price tag is attached, what you will transact and how you will determine value? Without a price tag, it's simply impossible to transfer value using bitcoin. So price is very important factor which can satisfy its purpose of become and store of value. Nothing else will!

[cabron]

Most traders find price to important, its what makes bitcoin valuable. Generally, we all want its price to go up.

But the traders who often just trade on leverage and futures market are I think the ones that don't really value BTC but its price so they can acquire more USD. Nothing bad in making money though.  

[DeathAngel]

Eventually, once mass adoption has been achieved then $ price isn’t as important. We have a long time until that happens though. For now, $ price per bitcoin is important to people. It’ll take a while until people can mentally accept things being priced in bitcoin rather than $.

[panganib999]

There are two types of price movements: bull markets and bear markets. In the bull market, the majority of bitcoin investors are buying, demand outweighs supply, market confidence is at a high, and prices are rising. On the other hand, they are the opposite of the bull market. Bear markets are defined as a period of time where supply is greater than demand, confidence is low, and prices are falling.

In his paper, Bitcoin: A Peer-to-Peer Electronic Cash System, Satoshi Nakamoto states that the purpose of Bitcoin is a purely peer-to-peer version of electronic cash that would allow online payments to be sent directly from one party to another without going through a financial institution.

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?

with the price of bitcoin, people will be better informed of its purpose. It has been pretty evident in the few years that bitcoin had broken the mainstream internet. When people's trust rating of bitcoin is low, its price decreases and therefore along with it, its purpose is lost once again in obscurity, but when it does rise up in price, more and more people are becoming eager to know about bitcoin and its utilization. Although in the case of what's important, of course i would side with its purpose since that is what drove bitcoin to be created in the first place. But no one can deny how these two schools of thoughts complement and cooperate with each other.

[Zlantann]

I believe that right now, most bitcoin investors/Hodlers sees Bitcoin as more of an investment than it originally was intended, and this makes investors see more of the dollar value than the purpose for which it was created. However, I don't think it totally take away the importance of it original purpose.

Both the price and its purpose is very important. The price attracts more investors which leads to more publicity and adoption. It is also important to state that the drop or rise in price of Bitcoin is an avenue for investors to make profit, hence the price of Bitcoin is very important. But we must not loose sight of the main purpose of Bitcoin, which is to eradiocate middlemen in financial transactions. This is the main purpose of Bitcoin and it is through this means that Bitcoin would affect the common man on the street. Low and fast transaction charges because of the the bypassing of financial institution is the main benefit of people that cannot afford to invest or hodl Bitcoin.

[South Park]

There are two types of price movements: bull markets and bear markets. In the bull market, the majority of bitcoin investors are buying, demand outweighs supply, market confidence is at a high, and prices are rising. On the other hand, they are the opposite of the bull market. Bear markets are defined as a period of time where supply is greater than demand, confidence is low, and prices are falling.

In his paper, Bitcoin: A Peer-to-Peer Electronic Cash System, Satoshi Nakamoto states that the purpose of Bitcoin is a purely peer-to-peer version of electronic cash that would allow online payments to be sent directly from one party to another without going through a financial institution.

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?

It depends on who you ask, if you ask this question to speculators they will probably say to you that is the only thing that matters to them as they do not really care about the reasons bitcoin was created and I doubt they have ever read the whitepaper. The rest will say its purpose and the almost flawless execution of Satoshi was more important, but it is undeniable that the price and the volatility of bitcoin still play a huge role on why bitcoin has been adopted so quickly all over the world.

[gurbar_nakub]

In his paper, Bitcoin: A Peer-to-Peer Electronic Cash System, Satoshi Nakamoto states that the purpose of Bitcoin is a purely peer-to-peer version of electronic cash that would allow online payments to be sent directly from one party to another without going through a financial institution.

Unfortunately bitcoin is not used as intended. It is used as digital gold instead of digital cash.

[darkangel11]

I think that Satoshi did not expect bitcoin to become so valuable and beat the USD by so much. People were celebrating when it reached 1USD for the first time, then 10, then 100 then 1000...
One day it's going to reach 100k and you can't expect people to choose it to transact with over USD that loses more than 5% of its value each year.

The price is important because if it kept falling by 10% each year, you wouldn't find people willing to buy it. They'd simply choose fiat that loses value slower and is easier and cheaper to use. Being your own bank is nice but not if it costs you a lot of money. Bitcoin is so popular because it's not only a payment system but also an investment. 

[_BlackStar]

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?

Both idea are important, but I'm not a bitcoin adopter who can completely stay away from fiat. The idea of ​​satoshi is certainly very good about payment systems, but due to regulation and opportunities for profit, this mindset is formed among its users.

The price of bitcoin is important because then bitcoin becomes a valuable means of payment. Without a price, bitcoin would not be used as a means of payment ^{[despite not having it at the time of issue]} and both are equally useful for bitcoin. In my opinion, the price of bitcoin is more important than adoption as a means of payment, but of course because it doesn't interfere with other innovation.

[mindrust]

Depends.

Depends on how you use bitcoin.

If you are an investor, price is all that matters. Obviously crypto adoption is a very important thing which drives the prices up or down but so is the FED's decisions. In the end it is the price the investor is ultimately interested in, nothing else.

If you use bitcoin as a medium of exchange as a consumer or a business owner, then you have the option to convert your crypto to FIAT instantly. Big credit card companies have these products if I remember it right. Bitpay does that for the merchants too. You don't even get any crypto, you just see the $$$ in your bank account and bitpay or the similar 3rd parties do the work for you. If that's the case then you have no business with the crypto prices.

[blockman]

Let's just admit it, the use of bitcoin will never be gone and we can use it at any time that we may be required. But the fact that it has a volatility in nature makes us look at the perspective of price is more important than its purpose. Although its purpose is to be spent and used as a payment, let's just accept the fact that there's another purpose of it these days and that is being an speculative asset for which the value of it is predicted and speculated by its own market, us.

[roslinpl]

Only few people are considered the purpose of bitcoin.They know the real value of bitcoin.Because they had invested their real money.So just check the price to know their profit or loss from their little investment.You should think about the one thing.The bitcoin value of 1 bitcoin is same as 1 bitcoin.Only the price was increased and decrease.The proportional value of bitcoin you had brought will be same and available in the market with certain period.

[GreatArkansas]

(....)
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 me, the price is important but the purpose is more important because that's how Bitcoin was created. Bitcoin was created initially also because of payment. And Bitcoin also solves the current problems of our traditional finance like banking. We can have a bank from our pocket, that's the best use of Bitcoin for me. So price also important, because if Bitcoin got no price or no worth, it's useless.

[Fivestar4everMVP]

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

I think they both work hand in hand, it is the purpose that bring about the value, without the purpose, there is no value, the price of bitcoin is as important as its purpose, so also is the purpose as important as its price.
Think of it this way ... If bitcoin was not useful --Purpose
No body would value it --price
And if price was not high as to draw the attention of many, alot of persons on the other hand would never discover bitcoin , let alone knowing it purpose ..
So both price and purpose of bitcoin work together for the good of bitcoin.
price gives it popularity..
while purpose gives it utility.

[dunfida]

(....)
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 me, the price is important but the purpose is more important because that's how Bitcoin was created. Bitcoin was created initially also because of payment. And Bitcoin also solves the current problems of our traditional finance like banking. We can have a bank from our pocket, that's the best use of Bitcoin for me. So price also important, because if Bitcoin got no price or no worth, it's useless.

The ones whose been considered are the main supporters of its utility are to those people who had purchase or mined or invest into those early years.They do really believe on Bitcoins potential

and we know that the only way we could acquire is whether we do buy it from other people or would be mainly mining it.Later years it did really end up where majority of people been

eyeing into its value potential even though utility has been mostly ignored but cant really deny that people would really be looking after on its profitability.
Doesnt matter though because we do have different perceptions towards bitcoin or crypto market as a whole but there's only two options or reasons imho.

[KennyR]

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%