There are two types of
price movements: bull markets and bear markets. In the bull market, the majority of bitcoin investors are buying, demand outweighs supply, market confidence is at a high, and prices are rising. On the other hand, they are the opposite of the bull market. Bear markets are defined as a period of time where supply is greater than demand, confidence is low, and prices are falling.
In his paper, Bitcoin:
A Peer-to-Peer Electronic Cash System, Satoshi Nakamoto states that the purpose of Bitcoin is a purely peer-to-peer version of electronic cash that would allow online payments to be sent directly from one party to another without going through a financial institution.
So far, I would like to think that bitcoin has been living up to the expectations of Satoshi Nakamoto despite the numerous challenges it has encountered. Nevertheless, the price volatility has been a huge concern to so many people all over the world. I want to know your thoughts - Do you consider the price of Bitcoin to be more important than its purpose?
with the price of bitcoin, people will be better informed of its purpose. It has been pretty evident in the few years that bitcoin had broken the mainstream internet. When people's trust rating of bitcoin is low, its price decreases and therefore along with it, its purpose is lost once again in obscurity, but when it does rise up in price, more and more people are becoming eager to know about bitcoin and its utilization. Although in the case of what's important, of course i would side with its purpose since that is what drove bitcoin to be created in the first place. But no one can deny how these two schools of thoughts complement and cooperate with each other.