People think price it not important but it does matter a lot

[wesk1212]

Yeah obviously. A semi nobrainer would even know this
Demand supply price. Right?

Also i see ppl saying "stop converting btc to fiat" but what if btc was 500$ today so i go to expedia which i use often in real life , and pay 500$(1btc) next day btc drops to 300 and ill have to pay more than 1btc for the same trip.

Btc to fiat conversion is very necessary until btc stand as a currency itself. Btc is not a currencywether u guys hope to believe it or not.
Price also should reflect the demand.
Price is halved but transaction has doubled since last year.
I hope u guys know what this means

[capoeira]

price doesn't matter for the practical future of Bitcoin. we are not talking about an investment instrument here. transaction is rising, so is the usage

[Skoupi]

Price is halved but transaction has doubled since last year.
I hope u guys know what this means

No. What does it mean? (except that bitcoin adoption/usage has gone up)

[TheButterZone]

As long as BTC keeps going down relative to fiat, then you need to spend BTC the instant you get it. So why don't you just spend fiat directly?

[erre]

As long as BTC keeps going down relative to fiat, then you need to spend BTC the instant you get it. So why don't you just spend fiat directly?

We need a btc economy.
If a product cost 1 btc, that's the reason of buying btc. If it's value is nominatedone in fiat no reasons to use btc at all

[practicaldreamer]

As long as BTC keeps going down relative to fiat, then you need to spend BTC the instant you get it. So why don't you just spend fiat directly?

Its a fair question though, isn't it, even if widespread adoption is what we all would like to see - and when you add on the various transaction/conversion fees of acquiring the bitcoin in the first place/lack of buyer protection - well, it doesn't, as things stand currently, make btc massively attractive for purchases.

To the average Jo, why not spend fiat directly ?

Or will btc eventually pan out to be a store of wealth only, like gold - or a reserve currency maybe ? A speculative investment ?


The whole point, for me, was that it offered the potential to democratise money to the people


There were once promises/dreams that purchases made via btc would be cheaper - as retailers would pass on the lower tx fees on to consumers - but they haven't.

Why not ?

[wesk1212]

As long as BTC keeps going down relative to fiat, then you need to spend BTC the instant you get it. So why don't you just spend fiat directly?

We need a btc economy.
If a product cost 1 btc, that's the reason of buying btc. If it's value is nominatedone in fiat no reasons to use btc at all

I agree
Thats what imsaying. Bitcoin needs its own economy to be its OWN currency.

[capoeira]

As long as BTC keeps going down relative to fiat, then you need to spend BTC the instant you get it.

you don't have to spend the BTC. you can also "lock" the price (hedging) with futures

[practicaldreamer]

As long as BTC keeps going down relative to fiat, then you need to spend BTC the instant you get it.

you don't have to spend the BTC. you can also "lock" the price (hedging) with futures

Could you explain that to my Grandma please ? She is called Jo (Joanna) - and is very average.

[capoeira]

As long as BTC keeps going down relative to fiat, then you need to spend BTC the instant you get it.

you don't have to spend the BTC. you can also "lock" the price (hedging) with futures

Could you explain that to my Grandma please ? She is called Jo (Joanna) - and is very average.

Grandma isn't even able to learn to buy BTC....that's the big problem of BTC...and daddy doesn't want to, even if he could learn it, because there is no "oficial protection"

[TheButterZone]

As long as BTC keeps going down relative to fiat, then you need to spend BTC the instant you get it.

you don't have to spend the BTC. you can also "lock" the price (hedging) with futures

Sure, if you want all your BTC to be stolen because you sent it to a private key not under your exclusive control.

[capoeira]

As long as BTC keeps going down relative to fiat, then you need to spend BTC the instant you get it.

you don't have to spend the BTC. you can also "lock" the price (hedging) with futures

Sure, if you want all your BTC to be stolen because you sent it to a private key not under your exclusive control.

actualy, you only need to send 1/10 (in case of okcoin) because of 10x leverage (796 has even 20x). but i get your point.

[gabbello]

The migration to a BTC only economy (even if it would ever happen) will not be instantaneous, you can't just wake up one day and everything is priced in bitcoins.

You need to take in consideration the exchange rate and then you have the following problem: If a BTC = 100 USD and there can only be max 21 million BTC (a lot of them already lost anyway), you can not move more than 2.1 bln. USD/transaction (even if you use all BTC that (will ever) exist), so how the can you do transactions that are larger than this amount .

As for current situation, only companies that deal only in BTC (including paying employees&taxes in BTC) would be able to price their products solely in bitcoins, so that is not going to happen soon.

Also bitcoin adoption for consumer purposes (e.g. buying stuff with btc) will only happen if there will be important discounts offered to buyers that uses BTC (vs. buyers using fiat). But that is either not going to happen soon as the lower transaction fees that you win as a seller (vs. creditcard payment) are then overwhelmed by the fees that the buyer need to pay in order to get bitcoins from fiat and tne ones that you need to pay in order to convert btc back to fiat (so in the end buyer ends up paying more in BTC than equivalent in fiat).  

[NoPunIntended]

As long as BTC keeps going down relative to fiat, then you need to spend BTC the instant you get it.

you don't have to spend the BTC. you can also "lock" the price (hedging) with futures

Could you explain that to my Grandma please ? She is called Jo (Joanna) - and is very average.

Grandma isn't even able to learn to buy BTC....that's the big problem of BTC...and daddy doesn't want to, even if he could learn it, because there is no "oficial protection"

This is something which is holding it back.



But, This is why a lot of companies need to offer a discount when paying with Bitcoin to give an incentive for buying BTC & spending straight away it would have to be a worthwhile discount though.

[itsAj]

Understanding Bitcoin is what matters.

[segvec]

The first step is understanding bitcoin.
Price comes later on down the road.

It is a process of coin switching from weak hands to strong hands is all.

[jsgayo]

Application is Bitcoin foundation. The price is a matter of course.

[Vod]

Price is important depending on the amount of currency you have.

If I have a ten million dollar bank account, I don't care if a loaf of bread is $2 or $10. 

It's all relative. 

[snappa4ever]

Price matters to everyone but what bitcoin stands for and the work that is behind it is the most important. It is still a new idea.

[Beliathon]

https://www.cryptocoinsnews.com/why-bitcoin-value-doesnt-matter/