nitrobetting (OP)
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June 18, 2023, 11:44:07 PM |
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1. Bitcoin is scarce Scarcity leads to value. Bitcoins are scarce. Bitcoins will always remain scarce because only 21 million will ever exist. It would take a gargantuan effort to change this number. In fact, nobody knows if it can be done. So once 21 million Bitcoin have been mined, that’s it. The game is over. There is no way to discover, like what recently happened in Uganda, a bunch of gold in the ground. 2. Bitcoin is decentralized One of the reasons Bitcoin holds value, and should always hold value, is because there is no single government that can get involved and print more BTC or mess with it’s price. Decentralization also means that anybody in any nation, except for China at this time, can purchase Bitcoin, utilize BTC, and store Bitcoin with specific, anonymous, keys. 3. Bitcoin has become accepted as a store of value Most individuals believe gold is a store of value. When Warren Buffet says gold has intrinsic value, he means the asset itself is valuable. Buffet doesn’t believe Bitcoin has intrinsic value. But it does because BTC investors, and the nation of El Salvador, has decided it does. El Salvador made Bitcoin legal tender. Nations back up their native currency with gold, silver, or other precious metals. El Salvador backs up their currency with Bitcoin. 4. Bitcoin is anonymous Nobody wants anyone looking into their finances. Your finances are your business. Bitcoin is anonymous, meaning although Coinbase might know who you are, they don’t know why you made the transaction. Anonymity makes it valuable because at no time can a credit card company cut the amount of money they’re willing to lend you. Your bank account can’t decide to deny a transaction because they don’t like what you are purchasing. BTC transactions are in digital code. This fact makes it valuable to anybody who loves the idea of remaining anonymous when they make transactions. Keep reading→ https://n2g.io/a002890
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_act_
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Lightning network is good with small amount of BTC
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June 19, 2023, 12:10:40 AM |
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3. Bitcoin has become accepted as a store of value Most individuals believe gold is a store of value. When Warren Buffet says gold has intrinsic value, he means the asset itself is valuable.
It is better you speculate the price from bitcoin price history and what is going on, for you not to buy at the wrong time which can make you wait for years again before the price that you bought it is reached and increase more to all-time-high. What I am saying is that bitcoin is a store of value in long term but not in short term investment. 4. Bitcoin is anonymous Nobody wants anyone looking into their finances. Your finances are your business. Bitcoin is anonymous, meaning although Coinbase might know who you are, they don’t know why you made the transaction.
Which Coinbase? Coinbase.com is a custodial wallet and they also have an exchange. Any transaction sent to your Coinbase account is well known to Coinbase which can let anyone like the government or third party to know you. Bitcoin transaction is semi anonymous or pseudonymous if you use noncustodial wallet with Tor or use a full client for privacy.
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BlackBoss_
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Rollbit is for you. Take $RLB token!
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June 19, 2023, 01:12:53 AM |
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So once 21 million Bitcoin have been mined, that’s it. The game is over.
The game can be over anytime. When all 21M BTC mined by miners, if minters continue to turn their ASICs or future more advanced mining equipments on and confirm transactions, the game will not be over. Never be over if there are miners to confirm transactions and keep the network lively operating. Decentralization also means that anybody in any nation, except for China at this time, can purchase Bitcoin, utilize BTC, and store Bitcoin with specific, anonymous, keys.
Anyone, any entity can buy it for their own interests. You can not restrict anyone, any entity to buy it. Buffet doesn’t believe Bitcoin has intrinsic value. But it does because BTC investors, and the nation of El Salvador, has decided it does.
The intrinsic value comes from inputs to mine BTC. If you need to spend money for technical inputs to confirm transactions, mine blocks in order to get BTC, it would have its intrinsic value. The intrinsic value is hard to calculate because mining costs are different at different locations. 4. Bitcoin is anonymous Nobody wants anyone looking into their finances. Your finances are your business. Bitcoin is anonymous
The anonymity will be different if you use your coins in different ways. Even if you use CoinJoin transactions or mixer services, you will have to know using your inputs and outputs before and after the mixing process properly.
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GreatArkansas
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June 19, 2023, 01:58:40 AM |
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2. Bitcoin is decentralized One of the reasons Bitcoin holds value, and should always hold value, is because there is no single government that can get involved and print more BTC or mess with it’s price. (....)
Among the list, I most agree here because Bitcoin is a decentralized currency which means no one can control it even the government or any institutions, that's how Bitcoin is being unique. And it is also attractive to investors because of being decentralized, which can lead to no manipulation will happen and Bitcoin will be more transparent, just like when you are using it in your daily life as a payment method.
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Bazzu
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June 19, 2023, 04:13:51 AM |
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bitcoin is indeed very valuable because bitcoin supply is limited.
but I don't understand when you say that bitcoin is a store of value, because what I know is that bitcoin is a digital currency and many people buy btc to make it an asset. but investing in bitcoin is of course very risky because btc has a fluctuating nature, so in my opinion btc is not suitable as a store of value. for gold, I agree that it is used as a store of value asset.
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franky1
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June 19, 2023, 04:25:12 AM |
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bitcoins values(emotions values of features and benefits and desires) are most of what the OP listed
bitcoin VALUE(economic number bottom far below premium at the top) is based on the periodic lowest acquisition cost on the planet which is where the most efficient mining cost over a period sets its value. this then becomes the store of value amount after being well tested for a period.
if you can buy bitcoin whilst its correcting near the value bottom, and not the premium top of a period you are storing more of your weal in value
EG 2021 value:$10k premium $69k a. if you bought bitcoin at $60k you were only storing a 6th of your wealth in bitcoin b. if you bought bitcoin at $30k you were only storing a 3rd of your wealth in bitcoin
then in 2022 when value grew to $15k those purchases last year meant more of your wealth got to be stored to resist losses should a market correction occur becasue the new raised bottom store of value went up to protect more wealth from risk a. quarter of wealth b. half of wealth
as time goes on the bottoms get tested and a new raised bottom is found setting the store of value at a higher number meaning storing more wealth from risk
eventually the store of value minimum/bottom will be above 2021's ATH of $69k
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I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER. Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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bittraffic
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June 19, 2023, 06:24:41 AM |
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^ If you buy BTC at $69 and you sell your coins at $100k by 2026, that's still storing wealth more than its price. 3. Bitcoin has become accepted as a store of value Most individuals believe gold is a store of value. When Warren Buffet says gold has intrinsic value, he means the asset itself is valuable.
It is better you speculate the price from bitcoin price history and what is going on, for you not to buy at the wrong time which can make you wait for years again before the price that you bought it is reached and increase more to all-time-high. What I am saying is that bitcoin is a store of value in long term but not in short term investment. 4. Bitcoin is anonymous Nobody wants anyone looking into their finances. Your finances are your business. Bitcoin is anonymous, meaning although Coinbase might know who you are, they don’t know why you made the transaction.
Which Coinbase? Coinbase.com is a custodial wallet and they also have an exchange. Any transaction sent to your Coinbase account is well known to Coinbase which can let anyone like the government or third party to know you. Bitcoin transaction is semi anonymous or pseudonymous if you use noncustodial wallet with Tor or use a full client for privacy. Crypto companies like coinbase can sell their data to the government which they also can use to trace coin holders. They probably have bought some data already especially the closed exchanges like FTX or Bittrex. The government sure will be interested in those who has lots of coins and whom they could next its transactions. The price of BTC is driven by the market but what makes Bitcoin valuable is its demand.
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m2017
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Crypto Casino and Sportsbook
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June 19, 2023, 06:41:13 AM |
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~snip
1. Undoubtedly, a limited amount makes it valuable, because this asset will not be enough for everyone. 2. It can be called a little differently - the freedom to dispose of your assets without outside influence. And also, clearly established rules that can't be changed unilaterally, which is a sin for any government. 3. The intrinsic value is invested by the people themselves, by their faith in the asset and by buying it. 4. Amendment. Pseudo-anonymity and the connection between the wallet and a specific person has not yet been established. I believe that what makes bitcoin unique and valuable is not just one parameter, but the combination of these parameters, each of which adds a part to the value of btc. In general, the list provided above is incomplete.
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Dunamisx
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June 19, 2023, 08:18:41 AM |
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1. Bitcoin is scarce Scarcity leads to value. Bitcoins are scarce. Bitcoins will always remain scarce because only 21 million will ever exist. To me i think bitcoin is not scarce unlike the other physical assets like gold, but you can say bitcoin has a limited supply, this is why you will not experience multiple indiscriminate printing of currency as it has been in fiat with bitcoin, because the more they keep printing the more the economy manipulations increases leading to inflation and other financial economy inappropriations. 2. Bitcoin is decentralized One of the reasons Bitcoin holds value, and should always hold value, is because there is no single government that can get involved and print more BTC or mess with it’s price. People want and preferred bitcoin as a form of currency and asset because of its dual nature and not been centralized or attached to a particular country's regulations which may alter some people from using it due to their policies and regulations of possessing some assets.
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Woodie
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June 19, 2023, 10:17:24 AM |
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Adding on top of what OP has already said, for me if compared to the nearest asset known to us (gold) is bitcoin is more accessible to more users , which means its potential to grow is infinite as opposed to gold which is available to a few and at times needs so much paperwork to obtain...so basically speaking it has the demand and easy to own. Another reason I see Bitcoin being valuable is we have moved into a digital age and people are more attracted to having bitcoin as opposed to physical assets or fiat and to some extent gives you better security and control. bitcoin is indeed very valuable because bitcoin supply is limited.
Agree this should be the ace in the hand, and with demand in the equation Bitcoin is destined to be the most valuable asset known to man ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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Sim_card
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June 19, 2023, 10:26:15 AM |
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1. Bitcoin is scarce
It would take a gargantuan effort to change this number. In fact, nobody knows if it can be done. So once 21 million Bitcoin have been mined, that’s it. The game is over.
After all the bitcoin have been mined...it isn't game over for bitcoin. Miners will keep on carrying out bitcoin transaction,so that transaction fee will be a reward to them. The only way that it would be a game over for bitcoin,is if all the countries place a ban on bitcoin. 3. Bitcoin has become accepted as a store of value Most individuals believe gold is a store of value. When Warren Buffet says gold has intrinsic value, he means the asset itself is valuable.
Yes, it is the rate at which bitcoin price started moving up from 2009 till date made people to know that bitcoin is a store of value and not just a digital currency. Another reason why bitcoin is a store of value is because it is inflation resistance. Bitcoin is anonymous Nobody wants anyone looking into their finances. Your finances are your business. Bitcoin is anonymous, meaning although Coinbase might know who you are, they don’t know why you made the transaction.
Coinbase is a centralized platform and exchange. Whatever makes one to use this platform,he has gone against be nature of bitcoin which is decentralization and that person can be tracked down by the government through KYC. Meaning he has no privacy and no longer anonymous.
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posi
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June 19, 2023, 10:48:36 AM |
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Adding on top of what OP has already said, for me if compared to the nearest asset known to us (gold) is bitcoin is more accessible to more users , which means its potential to grow is infinite as opposed to gold which is available to a few and at times needs so much paperwork to obtain...so basically speaking it has the demand and easy to own.
Another reason I see Bitcoin being valuable is we have moved into a digital age and people are more attracted to having bitcoin as opposed to physical assets or fiat and to some extent gives you better security and control.
I don't think this is true because as far as I know, there are a lot of people around me who find it difficult to use bitcoin because they have difficulty using the internet and smartphones. Gold is a tangible asset that can be easily held and exchanged because of its ubiquity, so I don't think bitcoin will outperform gold in this regard. I myself find it easier to use and own gold than bitcoin. bitcoin is indeed very valuable because bitcoin supply is limited.
Agree this should be the ace in the hand, and with demand in the equation Bitcoin is destined to be the most valuable asset known to man ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) It is not too difficult to create an asset with a limited supply, if the government wants to, it is very easy to create a scarce asset. Scarcity is an element that will only come into play if the demand for it is high, without the need, the scarcity becomes completely useless.
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Faisal2202
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June 19, 2023, 11:19:58 AM |
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2. Bitcoin is decentralized
3. Bitcoin has become accepted as a store of value
4. Bitcoin is anonymous
Great compilation OP, but still it needs some touches, like you said BTC has been accepted as a store of value, and still you used the example of El-Salvador, As far as i know, both are two different things, because making BTC a legal tender in that country, does not mean they are using it to store there assets value in it, instead, they have no other choice to make it happen, Like you should read the story behind it President Nayib Bukele hopes bitcoin will alleviate El Salvador’s prickliest economic problems: citizens sending money home from abroad account for up to a fifth of the country’s GDP, but they have to pay high transaction costs, and 70 per cent of people have no bank account. Bitcoin enables quick, cheap payments across borders, and doesn’t require banks. SourceBitcoin is definitely anonymous but still it is a developing technology, once a wallet is attached to your public profile, it will become impossible for you to remain anonymous or do anonymous transactions from that wallet address. And still, you take the meaning of anonymity wrong, because if Coinbase do know you then the base of remaining anonymous is vanished from there, You know what anonymous means? And in your second point, Chinese are still making transactions in crypto industry via there two nation system, in which they have allowed there second nation Hong Kong to allow trading and all types of activities in Crypto Sphere. Even, banks are forcing other platforms to legalize it completely.
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Tony116
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Vave.com - Crypto Casino
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June 19, 2023, 01:05:31 PM |
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bitcoin is indeed very valuable because bitcoin supply is limited.
but I don't understand when you say that bitcoin is a store of value, because what I know is that bitcoin is a digital currency and many people buy btc to make it an asset. but investing in bitcoin is of course very risky because btc has a fluctuating nature, so in my opinion btc is not suitable as a store of value. for gold, I agree that it is used as a store of value asset.
Bitcoin is a store of value, I also have opposing thoughts about this. When it comes to bitcoin's finite supply and ability to rise in price over time, it can also be thought of as a store of value. Because when your asset is bitcoin, your asset value will not be lost or eroded by inflation like fiat. But bitcoin is highly volatile, and its future is uncertain, meaning there is still a risk to investing in bitcoin. So it's not a store of value, and you're right, gold is more of a store of value than bitcoin.
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pooya87
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June 19, 2023, 02:09:49 PM |
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You sure have a weird way of putting some of these points. Scarcity leads to value.
Not entirely correct. There are loads of altcoins with capped supply like bitcoin, some even have less max supply than bitcoin but they do not have any value. In other words scarcity itself does not "lead to value", the utility is the only reason why something has value. Scarcity decides the level of that value. Decentralization also means that anybody in any nation, except for China at this time, can purchase Bitcoin, utilize BTC, and store Bitcoin with specific, anonymous, keys.
Why are you excluding China?! But it does because BTC investors, and the nation of El Salvador, has decided it does.
Bitcoin has intrinsic value because it offers a valuable and unique utility as the only working decentralized money in existence. Not because someone else or some country says it does. Nobody wants anyone looking into their finances. Your finances are your business. Bitcoin is anonymous, meaning although Coinbase might know who you are, they don’t know why you made the transaction.
What does Coinbase, a centralized exchange and a custodial wallet have to do anything with bitcoin's anonymity?!! I hope you know that people shouldn't even be using custodial wallets to store their coins...
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PytagoraZ
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Jolly? I think I've heard that name before. hmm
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June 19, 2023, 02:18:28 PM Last edit: June 19, 2023, 02:36:06 PM by PytagoraZ |
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Little do I know about bitcoin.
1. Bitcoin was the first
Bitcoin is the father of the blockchain. A revolutionary idea for decentralized ownership. The price is purely controlled by the community. Cannot be intervened by the state
2. Bitcoin Pure Decentralized
Bitcoin is not affiliated with any country and any company. The bitcoin network runs on the support of its miners
3. Bitcoin is the Antithesis of Fiat
Bitcoin appears with big missions, one of which is fighting fiat hegemony
That is owned by bitcoin and not owned by crypto other than bitcoin. Besides bitcoin, coins are made by companies. Disappearing satoshi is the right step for bitcoin to become independent and not depend on anyone
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hyudien
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June 19, 2023, 02:51:03 PM |
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snip~
Talking about the value of Bitcoin, I prefer to answer with 1 answer which is what makes Bitcoin valuable is its CREATOR. Imagine if Satoshi wasn't anonymous and he appeared in a public place then Bitcoin wouldn't be as valuable as it is now. The reason is obvious of course, that with Satoshi's anonymity, the world government cannot know who and where Satoshi is because if Satoshi had appeared from the beginning, he would have been controlled, he would have been arrested and prosecuted because he has given financial freedom to everyone in the world. This is what we hoped from the start, if you know how dilapidated the fiat financial system is then Bitcoin is the solution. Believe it or not, this uniqueness has encouraged everyone in the world to dare to take up Bitcoin as an alternative store of value controlled under a single right to themselves. ![Cool](https://bitcointalk.org/Smileys/default/cool.gif)
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Ucy
Sr. Member
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June 19, 2023, 05:03:44 PM |
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Its features or principles, coupled with the fact that it requires hard work to earn contribute greatly to its value. People greatly value things that are natural, durable, attractive, uncommon, unique, genuine, hard to create, useful, etc. Bitcoin has inbuilt characteristics of nature with rights that are natural to humans & living things which any sensible human would value in a world rapidly developing with things that are artificial and contrary to the natural rights.
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Casdinyard
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June 19, 2023, 05:43:38 PM |
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bitcoin is indeed very valuable because bitcoin supply is limited.
but I don't understand when you say that bitcoin is a store of value, because what I know is that bitcoin is a digital currency and many people buy btc to make it an asset. but investing in bitcoin is of course very risky because btc has a fluctuating nature, so in my opinion btc is not suitable as a store of value. for gold, I agree that it is used as a store of value asset.
It is essentially a store of value because if you'll look at its lifetime chart you'd find that it increases in value steadily and exponentially too. Which is a common trope amongst these types of investments. Furthermore, essentially stores of value don't have to be "stable" as back in the days there's no definitive value for gold and silver anyway, we just supposed them for being valuable even if there were no technical applications for these precious metals other than the fact that they look pretty. And with bitcoin having a lot of applications this early in the game it's safe to say that it fits the bill quite perfectly regardless if it fluctuates in value or not. I'd argue that the very reason why it is a great asset to invest in short-term or long-term is its volatile nature even, as it gives way for large pumps to happen which you wouldn't see in any other type of asset in the market.
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larry_vw_1955
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June 20, 2023, 12:07:40 AM |
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eventually the store of value minimum/bottom will be above 2021's ATH of $69k
if bitcoin doesn't go to zero, maybe the inflating us dollar would cause that to happen but still I'd say your statement is not necessarily 100% guaranteed to happen. maybe 90%. but there's that chance that it never happens. people shouldn't just automatically assume they should go get a loan and dump all of it into btc hoping it goes past that ATH. and then sit there for years waiting while they're paying 20% interest to the bank...
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