The price of Bitcoin doesn't matter.

in bitcoin •  23 days ago 


I'm sure like everyone else here, I get a lot of cryptocurrency articles in my various feeds on Google, etc... and the price of Bitcoin and other cryptocurrencies seems to be at least 99.9% of the talking points.

The thing is, the price doesn't matter.

The price of Bitcoin only matters to people who are speculating on the volatility, and are looking to make a quick buck buy buying low and selling high. That's not the point of Bitcoin, and if anything, it hurts the entire point of the currency.

The intention of Bitcoin isn't to purchase it, hold it and then convert it back to your local currency... it's to actually use it... it's for people who the banks ignore or reject because they aren't profitable, it's for people who don't like being told what they can and can't spend their money on, it's for travelers, it's for businesses who are tired of credit card companies holding their money for days, it's for people who might need to leave their country at any moment and it's for people who don't trust the monetary policies of their government.


The constant price movement of Bitcoin hurts all these people. No traveler wants to be rich when they leave for their travels and poor as soon as they reach their destination... no one fleeing their home can afford to have their wealth drop by 10% overnight and the people who need Bitcoin the most definitely can't afford to have it manipulated so frequently.


For the last 500 years or so, the banks have done an amazing job... they opened up travel and commerce because it meant merchants didn't have to travel through dangerous areas with chests full of gold. The modern world wouldn't be what it is today without banks; vikings and pirates just aren't as profitable business organisations as they once were, but banks and financial institutions are way too powerful... and have lost sight of the actual service they originally supplied... to the point where they are seen as our modern day vikings and pirates.


Instead of losing their mind whenever the BTC/USD pairing goes up, let's get excited about more places to spend our Bitcoin we have, more opportunities to provide finances to people who it would make life-changing differences to and unshackle ourselves from burden that banks have become.

Waiting for institutions to enter the space might mean that you can buy more TVs with less crypto, but you're also waiting for the very organisations that ruined your currency to come in and ruin this new one. Manipulation only helps those doing the manipulating.

I totally get that the price affects the miners of Bitcoin, but again, the more miners attracted solely by the price, the higher the difficulty, the more electricity is used, the more hardcore machines are required and the more centralized it becomes.


People were mining Bitcoin before it was even worth pizza and would continue even if it dropped down to $1 USD.... especially if it meant that it could be used to help a family in Uganda buy a bicycle to dramatically increase their income generation and education.

Let's stop concentrating on the price of Bitcoin, of Steem and all the others, and let's keep building a true decentralized currency that helps literally everyone, and not just annoying dudes in expensive suits and cryptobros who seek to replace them with themselves.

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Amen, brotha. Instead of focusing on the value, lets create something intrinsically useful and valuable.

I used some of my BTC the other day to buy something online from a local artisan -- not gonna lie, it felt super satisfying to completely skirt past the banks and Jeff Bezos. Now I'm committed to always having a bit of BTC / LTC as some digital cash. I'd use STEEM if I could. Near instant, feeless transactions without letting the richest man in the world have a slice? Sign me up.


Oh nice!

I couldn't get over how amazing Amazon was when we first got here. Australia hadn't had anything like it, and so we couldn't get over the convenience... but now, now that I know just the huge impact it's had on businesses and manufacturers all over the world... and I'm still not sure what the environmental impact of all those boxes and packaging materials are, I really try and stay away.

I'm honestly so excited for that day when I can pay my rent with crypto. Shall be a fine day!

The price indicates that more money is flowing into Bitcoin market and that Bitcoin is growing. The price is very important actually! @ninjavideo wouldn't you agree with that?

Imagine if I want to buy a $1,000,000 condo with Bitcoins and the price is at $0.1. I would need more Bitcoins that there is in the total supply to make the purchase.

But if the price was at $100.000 per Bitcoin, then I would only need 10 Bitcoins to buy the condo. The more Bitcoin grows, the more we reach out to people, the more we need the price to raise.

So the price is VERY important.


I am doing some analysis here:

Future analysis will come!


Honestly, I don't think it matters at all.

If the price of a Bitcoin is $0.10 of USD... then you do need a lot more Bitcoins... but Bitcoin would also be easier to get because the difficulty would be adjusted. It doesn't matter what it the value is compared to USD or any other currency, because prices would adjust accordingly.

If Bitcoin was $1USD, and stayed at $1 USD forever, I think that would be great, because then we could concentrate on the actual value of the currency; the speed, the decentralization, the feelessness.... and work on getting it accepted everywhere and building applications that can use this global currency.

Obviously, that's not the case, especially since 21M coins will ever be printed... but this constant obsession with price is confusing to everyone who might adopt it and makes it less useable for those who actually want to use it... and that's a huge shame in my eyes.

You got a 45.35% upvote from @ocdb courtesy of @ninjavideo! :)

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