Bitcoin... is it really worth, what it's currently worth right now?
Ah, the age old question... what gives something its value?
Today, I ask that about Bitcoin, because sometimes, I just stop and think to myself and say:
"Self... why is Bitcoin worth this much?"
The answer I give myself is usually the same, which is that it isn't worth what it's currently going for, because nobody actually uses it the way it was designed to be used.
Then, you have the 21 million total supply, which in my opinion, simply cannot work for a currency, and do you know why?
Because eventually, so many of them will be lost, and there just simply won't be enough left in circulation to have a working monetary system.
Think about that for a second, think about a currency that is suppose to be used by the entire world, not just a single country... but the entire world.
Could Bitcoin even be that currency?
I don't believe so, and as a matter of fact, I believe a cryptocurrency such as Monero, or Steem would be better suited for such a task, because more of it could be created overtime, in order to keep up with demand.
I believe a currency needs to have the ability to keep up with supply and demand, and possess a new creation aspect built into its design by default.
Bitcoin instead, could easily be related to a commodity such as gold, since their is only so much of it in the world, just like Bitcoin, but neither of them can be used as a world currency in my humble opinion.
What say you guys and gals, do you agree with me, or do you believe that Bitcoin could in fact be the de facto world currency Satoshi Nakamoto envisioned it to be?
Simply tap or click here to use my referral link to sign up for the coin and token tracker I use, in order to keep track of all your cryptocurrencies in one convenient location.
It's totally free up to 200 trades, and if you decide to keep tracking after that, you'll save a whopping 10% on all account upgrade tiers, just for freaking using my link!
It is also the perfect solution come tax man season, because now you'll have all your cryptocurrency information in one secure place, accessible wherever you have an internet connection, which will most definitely help prevent you from going to a federal pound-me-in-the-ass prison, for not paying your taxes properly in the future.
i misss you my friend
Where r u man?
Steem is rasing up and up.. missing ur blogs.... Comeback man we will have fun
I'll be starting to do something again, but I am going to change it up a bit. I feel the cryptocurrency realm has only but a few good coins and tokens, and maybe I will write about them from time to time, but mostly I will be writing about business news and stuff.
U r inactive since last 1 month also ur powering down.. Why so?
Reallocating my portfolio, and I was taking a break from Steemit.
I think the true value of Bitcoin is the change it brought about in the minds of people. More people became aware of fiat being the biggest scam out there and are now leaning towards crypto. I am not sure if we will buy coffee with Bitcoin in future but I think as a store of value, it might not be a bad investment. Who knows :)
Yes, it definitely is the flag bearer, and has open the doorway into cryptocurrency for so many, but to carry it just for the sake of carrying it is getting a bit old.
Lightning is the only trick they have left, and it's like training wheels for Bitcoin, because it isn't even built into the protocol. Plus, unless they make it Joe and Jane friendly, it is never going to get adopted.
There are hundreds of developers working on bitcoin. It too will evolve. There are specific purpose coins that will function well in their niche. But BTC will not dissapear any time soon and it will still be widely held.
true dat! I am in my gangsta mood today, hence the peculiar language ;D
xx Lucy
Ha ha, I see that Lucy, and you're free to make it a whatever kind of day you chose, this place is decentralized after all.
Shoot first, ask questions later.
I think it being first will always have value as well, just like the first original art pieces in the world have the most value, imagine if only a few Bitcoins are left in the world years from now, they will most likely be extremely valuable to collectors.
Interesting, I never thought of that angle.
Numismatic value Bitcoin…
Yep, you always gotta think like a rich snob to get all angles.
“The amount of Bitcoin actually in circulation is far lower than the amount of Bitcoin in existence, due to accidental loss or willful destruction.
Of the 16 and a half million Bitcoin that have been mined so far, it is estimated that up to 25% have been lost for good.”
Do you have any Grey Poupon?
Ha ha, no I do not, and I've heard a similar estimate, and it will only take another 25 years to see that number go up exponentially.
I hear you :) However as you said to appone the scarcity of Bitcoin over time will be a valuable thing which I think many have bought into :)
PS - Did you hear that Binance is moving to my neighbourhood ;)
All too exciting
xx Lucy
Ha ha, you live in Malta, that's hilarious, and it's a smart move on Binance's part too!
Very well said. Most of the people today just know Bitcoin. By most I mean those who do not know anything about cryptos yet. Bitcoin has definitely shown the world that currency can be decentralized. Laid the foundation stone of a new empire.
:) I agree.
Sometimes the value of something lies in the underlying idea that brings about the revolution!
Cryptos evolve. The original white paper mission is not necessarily the path the market takes the coin.
BTC is not likely to be used in commerce, except maybe large transactions.
It is however an uncorrelated asset and thus a potential part of a diversified portfolio.
And, at least for now the main currency for buying alt coins.
Ha ha, which is most likely the only reason why it's valuable at the moment.
People want to have it (BTC), for hope, greed, price, diversity, etc. There is something to be said about that.
Why do people pay for gold? If it were for just gold’s application in industry it would be worth very little.
I think the demand in the market is what drives the price. For now there is demand enough to set the price where it is. Logic and standard currency features mean nothing.
This is the point I could never understand, because in any other industry, if something is old and outdated, it gets replaced does it not?
Yes, it is replaced for various functions by alts already. But unlike old and outdated industry, cryptos can be developed further and new life can be coded into them.
You know I was wondering about this, could they actually upgrade Bitcoin to increase its transaction speeds without the aid of lightning?
I’m still using floppy drives brother, I have no clue
Hey man, they still work, so why not.
I don't think it will be the only currency used world wide. May be it will be used for big transactions only. Like buying a car or a house. For smaller transactions a currency like Steem would suit the best.
A lot of Bitcoins might already have been wasted today. People will die and take the money with them.
Exactly mate, and in say 50 years, how much of it will be left in circulation?
I think what can save us is real world usage of the cryptocurrencies. Like using Steem to buy coffee or using EOS to pay for your insurance. That's what will bring in value to the cryptos. Else they will just be stored as an asset. Such bloody days will not be that frequent once we have real world usage of the cryptos.
Very true, but it's going to take quite sometime in my opinion.
I say 5 years more for the mass adoption.
Thank you so much for your great information post.I like that type post.
I think Bitcoin has transitioned from usage as a currency to a store of value. A more efficient cryptocurrency could potentially be used as digital cash, however I think we are unlikely to see government's support the adoption of something that threatens their balance sheets.
Sad, but extremely true unfortunately... looks like we the people will have to carry it to success instead.
Yep, I do think each generation is having less consideration for the government though.
While the market cap could increase a hundred-fold and cover the share of current fiat, yeah no one wants to think about paying 0.000004375 Btc for a gallon of milk. And it's inconvient to use a prefix either, like microbitcoin. As for handling inflation once the mining reward stops, my Econ 101 course a decade ago didn't really prep me evaluating that dilemma, lol
Ahh, because as we all know quite well, without reward, work will not follow.
Really steem could be better for the task as more and more of it can be created... So it is steem that has got the potential of replacing the present economic structure of the world...
It has a much better chance than Bitcoin does, that's for damn sure!
It does. Bitcoin really can't stand any chance being the currency of the world.
I concur my friend.
Yes there will be others who will have the same opinion...
i also agree with you ,bitcoin is more related to gold
If Bitcoin can prove its value, however, gold may have a real competitor for the safe-haven asset of choice.
Yes and we shall see, but as a currency... it has no chance.