Why The Bitcoin Network Keeps Working Fine Even When The Price dumps.

[doffiaicial]

  I made this thread simply because i want to share the little I have understood about bitcoin and it's network so that I can be corrected. From all I have been able to  learn so far about bitcoin, I have come across certain things that still disturbs me as a newbie. As a beginner, I've always stick to this adage that says " No man is an island of knowledge " . Which is why i would like to share most of what I have really observed  so that I can maybe get corrections, Observations and maybe knocks where necessary.
    Overtime, I have observed that if the price of bitcoin dumps. Let's say about 10% a day , it doesn't affect network itself. Regardless of what happens , blocks still come in , transactions still take place.  Nothing happens to the network .
  Very recently when the price of  bitcoin dropped, I expected this to influence the workability of the network. But nothing really happened.
 Out of curiosity, I tried to find out why or how. After studying from  different explanations, This is how far I have understood it.
 1. Bitcoin price and It's network are two different things entirely

  While the bitcoin market may react to FUD, FOMO and the likes, the network is only concerned  about miners, the mathematical rules and possible the level of hardness.
  The price of bitcoin doesn't completely affect the bitcoin network. Whether the price goes too low or high or whether miners quit or not, the difficulty will adjust and other miners will continue mining until we finally reach the 21million .

 2. Bitcoin network does not depend on a team or even office

   Even if some miners go offline or even decide to quit , the network does not stop working. Instead , other miners will continue running the chain following same mathematical rules.

  3. When a crash occurs , weak miners are taken out
    If it happens that the price dumps , it only means that weak miners or weak projects will be taken off. But even at this , the network still keeps adjusting itself and even becomes stronger and stronger because it has been tested under duress.

  4. There's no fragility with the Bitcoin network

     It is very possible for the market  to panic but the Bitcoin network doesn't panic because it runs on set mathematical rules not necessarily on emotions. The Bitcoin protocol just continues block by block.

   Like I said from the start , the purpose of this thread is to get corrections, observations and knocks where necessary. Am still a  newbie and just starting out with Bitcoin. So am open to as many corrections as you can give. Thanks in advance

[KingsDen]

Why Does Bitcoin Keep  Working Fine  Even When The Price Dumps?

This your title looks as if you are asking a question that requires answer. But going through the thread shows that you are rather providing answer to the question possed by your title.

Will you consider to make a little change in the title to make it explicit. You can just say "Why Bitcoin Keeps Working Fine  Even When The Price Dumps.

[348Judah]

Bitcoin has been found a consistent digital currency and we can be rest assured things will always happen in the right manner expected of it, no matter how long we have been on it, market fall does not change anything about it's consistency, because it rises and maintain the usual performance after every fall, we can't compare Bitcoin to altcoins for any reason, using a decentralized network is more secured and trusted than when we deal with any other, which is why everything about bitcoin protocols works perfectly inline with its volatility for our profits.

[noorman0]

-snip-
Bitcoin the price and Bitcoin the network are two completely different things, even though people tend to mix them together.

People should only mix these two things, because I believe they're the best way to measure Bitcoin's value and price. As long as the Bitcoin network works well and the block difficulty increases, its value should increases.
But we can't avoid the taste of people who mix BTC's value more with their psychology as if political economic factors were matters. It is clear that such users almost never contribute in terms of usage and their activities are never recognized on the network.

[Odohu]

Your caption is coated with confusion and totally disjointed from the body of your post. Bitcoin price and the technology behind Bitcoin are two different things. Bitcoin was designed to be a currency of the free world, a peer to peer payment system to reduce the censorship and control that is common with fiat payment system. The technology behind Bitcoin have never been a problem and even if price is rising or dumping, it does not affect how Bitcoin work.

[joniboini]

I put some parts of the OP's text into Google, and I can see its similarity with their AI summaries. So OP, are you quoting from multiple sources with AI, or do you copy-paste only the bullet point but not the explanation? It's fine if you want to quote them, as long as you put the source properly. Some of those points are debatable and probably have no relation with price/network as mentioned above.

[Joy_learns_crypto]

Your caption is coated with confusion and totally disjointed from the body of your post. Bitcoin price and the technology behind Bitcoin are two different things. Bitcoin was designed to be a currency of the free world, a peer to peer payment system to reduce the censorship and control that is common with fiat payment system. The technology behind Bitcoin have never been a problem and even if price is rising or dumping, it does not affect how Bitcoin work.

I was looking hard for this. Bitcoin market does not affect how bitcoin work, the Cryptocurrency market can dump or pump and how the cryptocurrency works will remain fine.
The confusion I noticed here is that the person who posted the thread wrote a lot and don’t know that the market doesn’t affect how thing works.
The technology controlling bitcoin is fine but what caused rise and fall is how in demand bitcoin is and the supply.

[doffiaicial]

Why Does Bitcoin Keep  Working Fine  Even When The Price Dumps?

This your title looks as if you are asking a question that requires answer. But going through the thread shows that you are rather providing answer to the question possed by your title.

Will you consider to make a little change in the title to make it explicit. You can just say "Why Bitcoin Keeps Working Fine  Even When The Price Dumps.

   As a newbie, I stand to be corrected by anyone anytime and any day. Thank you so so much for this observation.
You see , i contemplated many times about what or how the grammatical structure of the title should look like before . To be honest with you, I couldn't really think of a better title than the one I initially used. But it's all  thanks to your timely observation and correction. From now on , I will be sure to find the best  title that  fits the best way. Thank you!

[nakamura12]

Even the start of Bitcoin is it still works fine until it becomes what it is today. Bitcoin works even if the price dumps because of how bitcoin is made which many people find it useful due to being decentralized. Even the bad people are even using it to do bad things like laundering money and other illegal activities. Anyway, newbies will surely get corrected since they don't have lots of knowledge and if they did then they might got an incorrect information or being taught with wrong information.

[Moreno233]

I put some parts of the OP's text into Google, and I can see its similarity with their AI summaries. So OP, are you quoting from multiple sources with AI, or do you copy-paste only the bullet point but not the explanation? It's fine if you want to quote them, as long as you put the source properly. Some of those points are debatable and probably have no relation with price/network as mentioned above.

A mere glance through the post already reveal that they are AI written, probably he chose the topic and some minor touches in the main post but many things there does look like something copied from somewhere. As a newbie, he may not know that such is an offense and I hope he is reading through the comments to see our post and do the needful before he is reported.

I don't even understand if it will be possible for Bitcoin to stop working because of price dump. This correction is not the first time price is dumping yet Bitcoin always find a way to recover, so this time will also happen that way with time.

[un_rank]

2. Bitcoin works because everyone is selfish (in a good way)  
Miners want profit.  
Nodes want valid blocks.  
Users want cheap and secure transactions.  
Developers want clean and safe code.

There is nothing selfish about what nodes do. It is undertaken just to keep the network as decentralized as it can be.

The transaction fees users pay does not directly affect the operations of miners. A high feerate could lead to a congested mempool but blocks will still be confirmed as usually as it id designed to be.

- Jay -

[doffiaicial]

I put some parts of the OP's text into Google, and I can see its similarity with their AI summaries. So OP, are you quoting from multiple sources with AI, or do you copy-paste only the bullet point but not the explanation? It's fine if you want to quote them, as long as you put the source properly. Some of those points are debatable and probably have no relation with price/network as mentioned above.

A mere glance through the post already reveal that they are AI written, probably he chose the topic and some minor touches in the main post but many things there does look like something copied from somewhere. As a newbie, he may not know that such is an offense and I hope he is reading through the comments to see our post and do the needful before he is reported.

I don't even understand if it will be possible for Bitcoin to stop working because of price dump. This correction is not the first time price is dumping yet Bitcoin always find a way to recover, so this time will also happen that way with time.

  True to the correction. Bitcoin price does not affect the bitcoin network. Even as a beginner I've seen  bitcoin as what a smart investor  should invest in, regardless of any pump or dump of its price. Maybe HODL for cycles of 4-10 yrs or even more. Am still thinking towards this direction as well. Thank you for the correction.