Quote from: South Park on January 28, 2017, 06:43:55 PM

Quote from: LegendaryMiner on January 27, 2017, 10:51:29 PM

Quote from: South Park on January 27, 2017, 10:22:40 PM

Quote from: traderMax on January 24, 2017, 07:52:23 PM

Bitcoin's value is constantly increasing. Why is the price of bitcoin increasing over time?

Bitcoin has the value people decide to give to it, at first it had no value except as an experiment and proof of concept, but then people began to realize this technology was innovative and it got some value and as time has passed more people have agreed with that statement and that is why bitcoin keeps growing in price, because people believe on it.

I also think that the value will depend on people, but unfortunately some people spend a long time being indifferent to this sort of thing, and then certain circumstances cause them to take an initiative to go towards Bitcoin. As for example, usually many people only look for Bitcoin when their countries are in crisis, or when the local currency is in trouble. Obviously, the people who take the initiative to invest in Bitcoin before such events happen are those people who manage to get a greater reward.

You are correct but this is nothing new, if I remember correctly the same happen when the USSR disintegrated, a great economic turmoil followed and the people exchanged their savings into dollars to try to maintain their purchase power, the fact people are doing that now with bitcoin tell us bitcoin is more powerful than the currencies of many countries of the world.

That is absolutely right and explains why most governments are afraid of Bitcoin. They reckon their local currencies, which is one of their major source of power doesn't stand any chance with Bitcoin and so they opt to frustrate it any way that can, but unfortunately for them, Bitcoin is beyond the manipulation of any one country.

The economic outlook of many countries in 2017 isn't looking promising and so we are going to be seeing many more people switching over to Bitcoin, to be able to beat inflation and manipulations by their governments.