How to Talk About Bitcoin (BTC) Without Price Speculation –

Bitcoin (BTC)–When Satoshi Nakamoto, creator of Bitcoin, first released the currency to the world in 2009, his intention was to give people an option to transact with a tender that superseded government fiat. As opposed to following the traditional route of physical tender, one based in principles of previous centuries, Nakamoto combined the power of the computing age with the math behind cryptography to create the first, truly modern form of currency.

Since that time, thousands of cryptocurrencies have popped up on the market, ranging from outright scams and vaporware to novel projects that build upon what Bitcoin was first able to establish. The confusion of the market and complexity of the technology has given rise to a number of media detractors, including this article which labeled Bitcoin as the “greatest scam in history.” As time passes, it’s becoming clear that certain factions are forming in the cryptospace, with each group out for its own set of motivation:

The Ideology Believer. Bitcoin and cryptocurrency has been wrapped up in libertarian beliefs since inception. Decentralization and possession of a tender that operates outside of government fiat is a substantial tool for anyone looking to reduce the role of overbearing political powers in their life. For these people, Bitcoin provides an outlet of freedom, security and privacy that is not afforded through the traditional banking route. Roger Ver, one of the most exemplary and outspoken libertarian figures in the industry, claims that he supports Bitcoin as a method for world peace: without funding governments, through fiat and taxes, he is no longer a participant in the wars arbitrated between political and geographic powers. With the situation escalating in Syria, his stance could become a beacon for more Bitcoin converts.
The Casual Observer. There are a lot of people in Bitcoin that have no interest in the underlying technology, no interest in the principles of cryptography or libertarian applications, and are only tangentially concerned with price movement. These are people who see Bitcoin as a novelty, a distraction in the digital age like social media and gaming that they would like to be apart of. They don’t invest enough to be at risk of the volatile price swings, but they also wouldn’t mind taking a piece of the profit. These people are not out to trade Bitcoin or to promote the technology. Instead, they want a piece of the excitement that is sweeping the world in certain circles, with a take-it-or-leave-it approach to the little details. These people represent the greatest potential market for Bitcoin growth. People who are willing to buy, send and pay for Bitcoin because of the action itself (using an address as opposed to debit card, having a miniscule fraction of a whole coin, something different from regular money, etc.) are the people that are going to drive real world implementation and use-cases as opposed to holding for long-term appreciation.
The Tech Enthusiast. If the casual observer is the most important figure in terms of growth and adoption, the tech enthusiast is the one who will drive the industry forward in terms of usability. The tech enthusiast is concerned more with the utility of Bitcoin and cryptocurrency than price appreciation. They see their investment in Bitcoin as a logical extension of disruptive technology and the appreciation in price is simply the reward of being an early adopter. To this group, traditional fiat is outdated and limited in its use compared to the possibilities of Bitcoin.  
The Price Speculator & Amateur Investor. Overwhelmingly, the industry was plagued at the end of last year with an influx of price speculators and people looking to get rich overnight. This led to vastly overbought conditions, in particular by investors who had been swept up in the cyclical nature of a bull market. The media fueled the frenzy, with popular outlets like CNN and CNBC changing their tune from the evils of Bitcoin to the millions that were being made (unsurprisingly, these outlets soon turned negative as the price turned downwards). The problem with crypto price speculating is not the pursuit of profit, which brings large investors, hedge-fund interest and other influxes of capital that help cryptocurrency reach greater market saturation. The real problem is that people forget these are currencies. Wences Casares, CEO of Bitcoin wallet Xapo, has long gone on record saying that Bitcoin should function as a digital asset: secure, scarce, and capable of appreciating overtime. But for most of the market, Bitcoin and other cryptos represent a replacement for currency and are built with the function to do so. Without the ability to use these currencies, Bitcoin loses any intrinsic value, the general public gets annoyed with the empty hype surrounding crypto, and short-term investors begin to doubt their choices.

The problem with price speculators in Bitcoin is how it shifts the…

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