Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: zorchy on October 06, 2018, 12:23:47 PM
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Bitcoin is seen as a currency that is not regulated by any institute. It does not generate any revenue and therefore, has a zero minimal value. What then brings about its value and drives it as well?
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I think so. It's no secret that bitcoin is controlled by individuals who have lots of shares. They play the price by dropping bitcoin to the lowest level with the aim of being able to get bitcoin cheaper. And they can benefit from it when they sell coins in the bull market.
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Scarcity gives a thing its value. This is the major reason that gold and diamond are expensive. Bitcoin as the pioneer cryptocurrency is highly limited in supply and I believe this has impacted its price. Therefore, we can confidently say the people impact the market and the market forces decide the price. It's a sentiment thing and nothing more to it. The same Bitcoin that was worth over $19,000 is now around $6000. Nothing has really changed except the people's sentiment towards it.
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Not. Bitcoin is not possible to be driven by individuals. Because it uses a decentralized financial system. So it's impossible for Bitcoin to be controlled by individuals or groups. Bitcoin is actually controlled by all users in Bitcoin itself, including us too. So it all depends on our decision together in controlling Bitcoin.