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Bitcoin - The Currency of the Internet
A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
I am not an economist but I know there are models to show the value of a stock, for instance. Is there a way to model the value of a Bitcoin? I am firmly convinced it is a bubble but I suspect I may be wrong. (I was right about those Tulips though)
If the USD does crash, how will we know the value of a bitcoin?
I'm not actually a bitcoin useholder yet, but as far as I've gathered, most purchases are made with a fiat currency as the measure of costs. I.e., goods are priced in $ and you pay the bitcoin equivalent of $10 for a pizza. Without this pricing goods in an existing currency, it's very hard to understand what something actually costs in BTC since the price fluctuates a lot. So, if the USD did crash and become worthless over night, that'd actually represent a problem. BTC might increase in value, but wouldn't it be hard to know what it's worth if there's nothing to compare to? (I'm assuming here that a crash in USD would also mean a crash in EUR, GBP etc.) It seems that even if we do move to a digital currency, we'll still rely on fiat for a transitional period.
If you want to get rid of your bitcoins because the prices are dropping, buy products with them instead of selling it on exchange websites. The value of a bitcoin is determined by the volume traded, so when everyone tries selling at once, the price drops.
Treat it like a currency, not a stock. If you treat it like a stock it will act exactly like a stock. At least this is my understanding. I'm not sure if there are secure sites like Ebay strictly for bitcoins, but there needs to be. TL;DR; from user /brezzz You're using the super simple bitcoin wrong and affecting it's robust value negatively.
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Is there any chance that the value of a bitcoin will eventually reach zero?
I can't really see a situation in which this type of technology has zero value. If nothing else, the dark web will always use it as currency and therefore, it will always retain some value. But I feel like i'm being naive. Can someone explain to me how it might actually become worthless? I'm looking for some worst case scenarios..
Can anyone provide any resources that explain what the formula to calculate the value of a single bitcoin at any given time on a site like gdax or gemini is? I get that it is supply and demand but would really like to understand on a deeper level.
If you could change 1 persons mind about the real value of a Bitcoin, who would it be?
My choice would definitely be my father. He literally bashes me all the time in front of my family members and I would love it if there was a way to open his eyes to the reality of it all. A 1 bitcoin gift to him for Christmas with an attached graph showing its rise in value would be the best thing ever... too bad I was still in elementary school when this all started. Aquire Bitcoin, Disregard Females
Finding Equilibrium: Searching for the true value of a Bitcoin [Opinion piece by Vinny Lingham, CEO of gyft]
Vinny Lingham, CEO of gyft, has written an interesting piece discussing his ideas on why the price is currently where it is and where he thinks it is going from here. One of his insights is that he thinks the price has dropped because merchant adoption is outpacing consumer adoption and merchants are selling the vast majority of coins they receive on exchanges just at the point when many buyers have become spooked about buying on exchanges. Finding Equilibrium: Searching for the true value of a Bitcoin
What can an individual like myself do to help increase the value of a bitcoin?
Hello fellow bitcoiners. I have spent four years under intensive meditation and thinking about bitcoin. My obsession with bitcoin has allowed me to participate in what I believe is the most potent bull market of all time. I have read this subreddit through and through, along with compiling a detailed booklet of Andreas Antonopolous quotes and comments regarding crypto currency. I feel as a bitcoiner who has benefited tremendously from the rise of bitcoin, I need to help others. What can an individual do to help increase the value of bitcoin? I made it a personal goal to tell at least 2 people every day, so far I would say about 2 out of 10 become interested, but out of 20 about 2 actually go through. What I have done so far:
Handed out empty paper wallets at birthdays, weddings, family get togethers. I then made people pay me a few dollars to fill them, in the process they learned how transactions work.
Held a meeting underneath my local church to talk about bitcoin's impact on accounting and money
Sent Andreas Antonopolous youtube links to everyone on my facebook and email lists.
I've attended numerous local meetings regarding stock investments incognito and slowly changed the topic to be about bitcoin
I've also attended pro labor union rallies, and managed to change the atmosphere to be centered around monetary issues. I noticed many more were interested then I initially expected, this crowd was actually the least hostile even less so then family and friends.
What else can someone do? I am running out of ideas here. I am writing a PDF that contains meditation quotes by bitcoin thought leaders, motivational phrases to read once a day.
My estimate for the longrun value of a bitcoin: $150K
I believe that currently the prices are going up because of “irrational exuberance,” that is, people flocking to make a profit before it’s too late. However, I also believe that bitcoin has intrinsic value and my estimate is that in the long-run, when all adjustments have been made and everyone has plenty of information about what bitcoin is, the value would be about $150K. I came up with this number assuming that bitcoin will be a perfect substitute for gold. So, in the end, the value of bitcoin will be set in such a way that you’re indifferent between holding gold or holding money. The price of gold has been about $1200 per ounce in recent years and there’s a total of about 5,500,000,000 ounces have been mined. The total money currently invested in gold and bitcoins combined as of now (Dec 7) is: 5,500,000,000 * $1200 + 16,725,000 * $17,000 = 6.884 trillion let’s assume in the long-run, half of this money will move to the bitcoin market. We also know the number of bitcoins will approach 21,000,000 eventually. 21,000,000 * long-run value of bitcoin = $6.884trillion / 2 long-run value of bitcoin = $163,912 Of course this estimate is as good as the assumptions that I made.
That transaction alone perfectly shows the dramatic change in value that Bitcoin has experienced over the years. 2011 and Earlier. The very first major jump in Bitcoin price took place in July 2010. At this point, the value of Bitcoin went from about $0.0008 all the way up to $0.08, a truly dramatic increase in price. What Is Bitcoin (BTC)? Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto.It was launched soon after, in January 2009. Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to ... Bitcoin Price Today. Die-hard BTC supporters believe that bitcoin is the future; we are just scratching the surface. Considering the continuous rise of bitcoin in the market capitalization, it is one investment every investor needs to take advantage of it. The current market capitalization of bitcoin stands at an all-time high of $109 billion. The world’s first cryptocurrency, Bitcoin is stored and exchanged securely on the internet through a digital ledger known as a blockchain. Bitcoins are divisible into smaller units known as satoshis — each satoshi is worth 0.00000001 bitcoin. One of the hot questions regarding the bitcoin since the first ones were created in 2009 is its real value. We will try as well to answer to this question using two concepts in economics and finance.
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