I know, I am familiar with the raise of Paypal*. But my point was that there are plenty of other cryptos being able to do the same as bitcoin, so no reason for extra high valuation. *You do not have to have a bank on file to receive money but you will limit the waysyou can withdrawal the money without one. If you have a U.S. PayPal accountthen without a bank you will only be able to obtain your money via a check mailed to you. Dec 19, 2010 Please notice the date of the quote. Where was BTC back in 2010?
Agree look at litecoin for example just $70 , no difference just four times the BTC supply . BTC price is in a bubble because its a crowded trade , everyone wants a piece of it "for now" . Get real people $8300 vs $70 . Not saying LTC is worth the $70 either .
There is a difference between cryptos even if on the surface they are the same. This is blockchain security and liquidity. If I were to accept payment in a crypto, I would expect a high degree of certainty that my incoming transaction will not be reversed. I would also expect that I could reuse these coins in another transaction. You can send 1 million in litecoin for a few cents or send it with bitcoin for 10$. With litecoin, you're going to run into liquidity issues getting in and out of litecoin. Also, someone may be able to double spend by deploying a lot of mining power to mine new blocks from before the transaction because block reward a few order of magnitude less. Sum of mining reward since inclusion in a block value is the value of hashing equipment required to rewrite history. If you wanted to pay for a pizza, litecoin is better suited because you can get in and out with no slippage and transfer for pennies. You are almost certain nobody will attack the chain to overwrite a 20$ transaction. Each blockchain is valued at the rate that enables their transaction tier (tips, pizza, salary, cars, houses and so on) that depends on liquidity, block size and security.
Pekelo, that was really funny "It is a collector's item!" I trade you a few penny stocks I am holding the bag on begging for a buyer to appear going on 4 years now. LMAO So you don't believe Bitcoin is going to $1 million dollars one day and everyone who held will be filthy rich.
By associating Bitcoin with the other cryptocurrencies you mention, you're trying to take away what makes bitcoin worth over $8,200. By mentioning pets.com stock certificates, you're trying to belittle bitcoin. It's fud. I won't mention the T word. I spent over $1700 at NewEgg (using btc), over $700 at Amazon (using btc/gyft), and over $1400 at eBay (using btc/gyft) last week. I used Monero through xmr.to to bitcoin gateway, but let's keep it btc discussion. You can buy a house, a car, art work, hotels, food, air fare etc. etc, using bitcoin. If you can do the same thing with Litecoin, or Bitcoin, or Ethereum, or pets.com stocks, then the market may give them the same valuation as bitcoin. Bitcoin did not get here overnight. It took many years and writing a post on elitetrader to induce fud to crash the market price of bitcoin ain't gonna happen. Network effect, network acceptance, market penetration and all the buzzwords. Bitcoin is King!
Houses can be bought with bitcoin? Who woulda' thunk it! What realtor in the USA accepts bitcoin? And imagine the horror on the buyer's face when he spends 100 bitcoin to buy an $800,000USD home (@$8K per coin), and the day after the deal is sealed the price of BTC goes up to 10K per coin. So the buyer has effectively lost, in one day, $200,000 and the seller has made an extra $200,000. In one day, the USD does not change 25% in purchasing power. It is like your purchases you listed above... How much more did you pay for those products last week, now that BTC has risen to $8,000? How much money could you have saved if you had waited just one week?
1. Answer: Just contact Bitpay to purchase any house or car. http://www.nasdaq.com/article/man-accidentally-makes-13-million-buying-a-house-with-bitcoin-cm738868 2. Answer: Meh, it's insignificant. The guy above has bigger worries. 3. Answer: Same as above. All transactions were done through Bitpay during checkout. 2 and 3 really mean the same thing and maybe same as the guy in #1. I have more.
Nothing makes BTC worth that much, except the madness of the masses. The network effect can be overcome in no time. Guess what was Bitcoin Cash' user base after the fork? Right away it had the same number than BTC users! It didn't take 10 years, it took 1 fork. But even if I pick Litecoin, it spread something like 4 years faster than BTC. I could look up ETH, I bet its spreading time is 10 times BTC's. Simply put: The network effect is over rated. The only reason people use I mean hold BTC more is because its price. For a short time this was reversed and BCH value was going up while BTC was dropping, Had that trend stayed, in no time the usability and userbase of BCH would have overtaken BTC's.