Quote from: worldofcoins on November 03, 2017, 11:52:29 AM

Quote from: BillCoin on October 29, 2017, 10:47:45 AM

I don't agree with Adam Smith.
Bitcoin price is being determined by the free market, it worth what people are willing to pay for it.

The more the bitcoin price goes up, the more it becomes profitable to mine, which makes more miners to join the circulation, which increases the difficulty of mining a bitcoin, and makes it cost more to mine.

I think that the price of something is only related to how much people want it and are willing to pay for it.

Sigh, it seems like many people do not really quite understand bitcoin yet. I do believe you are somewhat and then somewhat wrong on your statement.
There are many factors that determine the value of bitcoin, it can just be based off greed and what people are willing to pay for it. You said that mining makes bitcoin more valuable which is true and that is just one factor of it. The fact I believe that bitcoin is the first Digital or crypto currency to have a cap is one of the reasons why it holds so much value. To point out Bitcoin can be used to make online purchases not just to store value. These are only two factors that give it the value it is going to deserve. There are many factors that are driving of bitcoin. Its not only based on what people are willing to pay for it.

Yeah mate you are right many people dont know that bitcoin is basically a currency and was designed in place of cash money and now it has become investment, I dont say that it is bad thing I am just saying dont just store your investment into it use it as currency so that it can circulate across the world and who mankind will get benefits and btc is best because it can be used in dual mode so its your will to use.