Quick Noob Question ?

[Lexi Price]

Just checking my overall grasp of bitcoin as a currency and have this question. Let's say I own 1 bitcoin, currently at $200 (example) and in a few days, bitcoin price/value drops to 0. This is not a question about why, I'm asking to understand the value/price market itself. If it drops to 0 is it possible it can, like in an hour or a day or however long, go back up?

If that is possible it can go to 0 do I still have 1 bitcoin valued at nothing but that would just go back up when the market price/value goes up or is it a case that if it can go to 0, that bitcoin vanishes and even if it went to 1,000 a day later I no longer have a bitcoin?

Confusin' a girl!

[busterroni]

Just checking my overall grasp of bitcoin as a currency and have this question. Let's say I own 1 bitcoin, currently at $200 (example) and in a few days, bitcoin price/value drops to 0. This is not a question about why, I'm asking to understand the value/price market itself. If it drops to 0 is it possible it can, like in an hour or a day or however long, go back up?

If that is possible it can go to 0 do I still have 1 bitcoin valued at nothing but that would just go back up when the market price/value goes up or is it a case that if it can go to 0, that bitcoin vanishes and even if it went to 1,000 a day later I no longer have a bitcoin?

Confusin' a girl!

No matter the price of a bitcoin, your number of bitcoins will remain the same. If you have .5 bitcoins today, and bitcoin is worth $0 tomorrow, you'll still have .5 bitcoins. Likewise, if the price tomorrow is $1,000, you'll still have .5 bitcoins.

[pooya87]

Just checking my overall grasp of bitcoin as a currency and have this question. Let's say I own 1 bitcoin, currently at $200 (example) and in a few days, bitcoin price/value drops to 0. This is not a question about why, I'm asking to understand the value/price market itself. If it drops to 0 is it possible it can, like in an hour or a day or however long, go back up?

If that is possible it can go to 0 do I still have 1 bitcoin valued at nothing but that would just go back up when the market price/value goes up or is it a case that if it can go to 0, that bitcoin vanishes and even if it went to 1,000 a day later I no longer have a bitcoin?

Confusin' a girl!

if you want to know if it is possible that price will fall? the answer is YES
to 0? NO, at least not in a short time

take a look at this: http://www.coindesk.com/price/#2015-01-24,2015-01-27,close,bpi,USD
the price kindda jumped over night (here was night ) from 230 to 300
you can change the date on this chart to see the rise and falls of the price

and as long as you keep your bitcoin in a safe place the price doesn't matter, you will have your 1 BTC

[nwfella]

1 BTC will always = 1BTC, regardless of whether it's worth $0 or $10,000/coin

[gkv9]

1 BTC will always = 1BTC, regardless of whether it's worth $0 or $10,000/coin

Lolz, you are true... the value of 1 BTC will always be... 1 BTC...

@OP,
What has it to do with the price except if traded in highs and lows to buy and sell?

[notlist3d]

1 BTC will always = 1BTC, regardless of whether it's worth $0 or $10,000/coin

Lolz, you are true... the value of 1 BTC will always be... 1 BTC...

@OP,
What has it to do with the price except if traded in highs and lows to buy and sell?

It is true though.  The coin is worth what market is wiling to pay.
 
Theoretically you can it could go to zero.... sure.  But it would lose miners at zero.  So you would have a problem there to.  But needless to say I don't think 0 will happen.

[tidus1097]

Just checking my overall grasp of bitcoin as a currency and have this question. Let's say I own 1 bitcoin, currently at $200 (example) and in a few days, bitcoin price/value drops to 0. This is not a question about why, I'm asking to understand the value/price market itself. If it drops to 0 is it possible it can, like in an hour or a day or however long, go back up?

If that is possible it can go to 0 do I still have 1 bitcoin valued at nothing but that would just go back up when the market price/value goes up or is it a case that if it can go to 0, that bitcoin vanishes and even if it went to 1,000 a day later I no longer have a bitcoin?

Confusin' a girl!

I think BTC never drop to 0
BTC = currency
you have $1 cash and it drop to 0.1€ for 1$  you still have 1$

[pawel7777]

...
If that is possible it can go to 0 do I still have 1 bitcoin valued at nothing but that would just go back up when the market price/value goes up or is it a case that if it can go to 0, that bitcoin vanishes and even if it went to 1,000 a day later I no longer have a bitcoin?
...

This:

1 BTC will always = 1BTC, regardless of whether it's worth $0 or $10,000/coin

Bitcoin is not tied to USD, so even if the price touches zero - no, your bitcoin will not vanish

[sifter]

Bitcoin is its own currency.

It gets it value from other fiat.

[jjacob]

Just checking my overall grasp of bitcoin as a currency and have this question. Let's say I own 1 bitcoin, currently at $200 (example) and in a few days, bitcoin price/value drops to 0. This is not a question about why, I'm asking to understand the value/price market itself. If it drops to 0 is it possible it can, like in an hour or a day or however long, go back up?

If that is possible it can go to 0 do I still have 1 bitcoin valued at nothing but that would just go back up when the market price/value goes up or is it a case that if it can go to 0, that bitcoin vanishes and even if it went to 1,000 a day later I no longer have a bitcoin?

Confusin' a girl!

Yes, you would still have 1 bitcoin.
Think of it as a physical coin. No matter what its value is, you will still have 1 coin.

[CryptKeeper]

Just checking my overall grasp of bitcoin as a currency and have this question. Let's say I own 1 bitcoin, currently at $200 (example) and in a few days, bitcoin price/value drops to 0. This is not a question about why, I'm asking to understand the value/price market itself. If it drops to 0 is it possible it can, like in an hour or a day or however long, go back up?

If that is possible it can go to 0 do I still have 1 bitcoin valued at nothing but that would just go back up when the market price/value goes up or is it a case that if it can go to 0, that bitcoin vanishes and even if it went to 1,000 a day later I no longer have a bitcoin?

Confusin' a girl!

The value of 1 BTC is only what someone will pay you for it. So even if nobody is willing to pay you something for your 1 BTC, you still have it.

If you sell apples and they become worthless, you will still have the apples. 

[kwaasteniet]

1BTC = 1BTC, the USD value doesn't matter.

[1Referee]

1BTC = 1BTC, the USD value doesn't matter.

That's the only right explanation.

Some people still think when you buy 1BTC for $500 and next week price is $400 that they lost "a lot" money.

[sethminer14]

1BTC = 1BTC, the USD value doesn't matter.

That's the only right explanation.

Some people still think when you buy 1BTC for $500 and next week price is $400 that they lost "a lot" money.

You did lose a bit if you bought it in USD and then sold it at a lower price of course.

If you have a quarter, and the US govt says quarters are no longer worth anything, your quarter would be worth nothing. Of course you would still have that quarter, you just couldn't use it for anything.

[HarmonLi]

It definitely would be possible to go back up and you still had your coin, sure. If it really goes back to 0, I'd bet that something was horribly wrong with Bitcoin's foundation and I won't hold up my hopes too high for it to come back to $1000...

[Lexi Price]

Oh good, thank you. I was hoping that was the case but since it's digital (aka "magic internet money!") I wasn't 100% positive it wouldn't just evaporate back into a concept if the value/price dropped to 0. Again, I wasn't really asking whether it would drop to 0 but needed the scenario to frame the question that if it dropped to 0 and could go right back up shortly after, if I'd have to start over from "nothing" or I'd still have my bitcoins.

Now I feel much more comfortable that the prices can fall and it's not that huge of a deal because it'll go back up eventually.

Oh that does raise this question.....what would the price/value range be before the community/bitcoin users collective would call bitcoin over with and it isn't likely to go back up...need a red flag number to keep in mind if there is one.

Thanks!

[Madness]

Just checking my overall grasp of bitcoin as a currency and have this question. Let's say I own 1 bitcoin, currently at $200 (example) and in a few days, bitcoin price/value drops to 0. This is not a question about why, I'm asking to understand the value/price market itself. If it drops to 0 is it possible it can, like in an hour or a day or however long, go back up?

If that is possible it can go to 0 do I still have 1 bitcoin valued at nothing but that would just go back up when the market price/value goes up or is it a case that if it can go to 0, that bitcoin vanishes and even if it went to 1,000 a day later I no longer have a bitcoin?

Confusin' a girl!

1BTC equals to 1BTC mate , dosen't matter if the price goes UP or down .
Now for the price , Yes it may go UP after an hour or a day , BTC price is calculated depends on the supply & demand of BTC and some exchange websites manipulations 

[goose20]

Just checking my overall grasp of bitcoin as a currency and have this question. Let's say I own 1 bitcoin apple, currently at $200 (example) and in a few days, bitcoin apple price/value drops to 0. This is not a question about why, I'm asking to understand the value/price market itself. If it drops to 0 is it possible it can, like in an hour or a day or however long, go back up?

If that is possible it can go to 0 do I still have 1 bitcoin apple valued at nothing but that would just go back up when the market price/value goes up or is it a case that if it can go to 0, that bitcoin apple vanishes and even if it went to 1,000 a day later I no longer have a bitcoin apple?

Confusin' a girl!

Hmmm...hope this helps

[ranochigo]

Oh good, thank you. I was hoping that was the case but since it's digital (aka "magic internet money!") I wasn't 100% positive it wouldn't just evaporate back into a concept if the value/price dropped to 0. Again, I wasn't really asking whether it would drop to 0 but needed the scenario to frame the question that if it dropped to 0 and could go right back up shortly after, if I'd have to start over from "nothing" or I'd still have my bitcoins.

Now I feel much more comfortable that the prices can fall and it's not that huge of a deal because it'll go back up eventually.

Oh that does raise this question.....what would the price/value range be before the community/bitcoin users collective would call bitcoin over with and it isn't likely to go back up...need a red flag number to keep in mind if there is one.

Thanks!

The price is decided by the buyers and sellers of Bitcoin, when the demand was high, eg. Baidu started accepting Bitcoins, they went sky high. When Baidu stopped accepting Bitcoin, the price crashed, partly due to the hack of mtgox. It may crash the next day or it may not, there is a possibility of the price not recovering to the price before the crash. Never invest more than what you can lose. 1BTC left untouched in your wallet will always remain as 1 BTC, no one can touch or spend the BTC except the person who knows your private key.

[LusyLi]

About topic header... quick noob or quick question?