Post
Topic
Board Bitcoin Discussion
Re: Can you answer a couple of questions to a potential bitcoin buyer?
by
franky1
on 08/02/2022, 11:56:27 UTC
YOU were the one that only wanted to know about just a few features that can still happen 'without the need of other people'

but like i said there is more to it then that, there is a combination of a multitude of features
because all currencies work if other people are involved. you know, you need someone to spend,swap,pay, transfer with.. ofcourse bitcoin is no different and works better the more that use it.. thats how currencies work

but bitcoin is more then a currency.
there is bitcoin ("btc") the currency
there is bitcoin ("BITCOIN") the payment protocol
there is bitcoin ("Bitcoin") the brand of the network

but here is the thing BITCOIN does not need other people to co-sign my btc value over. i can be the sole signee and only i can move value assigned to me.
the valuation of my btc within Bitcoin is based on my acquisition cost of 2012 ($6/btc) meaning if i was wanting to sell all my btc. (i have enough) i could pull down the market price substantially and still be making a profit.
but i dont want to sell my btc below certain levels i decided by myself. and no one if forcing me into a price/value decision

other people like miners in germany or those that bought at the market ATH of $69k have higher acquisition costs so they wont want to sell at a loss.

EG miners in china 2020 and in kazahkstan 2022 are mining cheaper than the market price, so their acquisition costs are less then the market price so becasue they have costs to pay like electricity, they are happy to sell at $40k.
where as it costs ~$43k+ to mine in america. so some are mining to acquire coin to hoard, hedging against inflation due to Bitcoins deflationary nature. and some are buying because its easier to buy than mine and cheaper right now.

some mine for long term hoarding, even at a premium because they want to protect the network. but the network does not rely on any single person to centrally decide on all things Bitcoin.
Bitcoin can run if there were 1 people mining 5 people mining or 1.5million people mining.
the more that mine the better and more secure the network is. and people are willing to pay for that security compared to a silly crappy altcoin you might rip off where only you are mining with your cell phone

we all have our reasons not to sell too cheap, and those reasons are independant of each other.

fiat on the other hand does force people into accepting bank notes at a value. and pretends to protect people but refuses to invoke those protections when banks fail. banks would rather make people lose value for the bank note they hold,

the market price is not some random number displayed on a market. its made up of lots of independent decisions happening.
it only looks random because randomness is the ignorance of wanting to learn, inability to know all the variables that culminate to get the value.. (your problem)