Topic: Actually the bitcoin market is very small - page 4. (Read 4219 times)

Yes, bitcoin market is small but you have to consider that it is small compared to gold or other valuable assets.

I think the price increase is delusion about the halving. Besides, bitcoin has been more than twice this high already before. We're not exactly breaking new ground.

This is a good trend if it will takes place base on the projection, I have to say I am amazed by the journey of bitcoins. Right now it is starting to increase its price significantly, I think we are not going nowhere but up. Lucky are those people who believe in bitcoins at the early stage as they will be very rich when that time comes.

I can only confirm your last sentence. It's somehow ironic that money is desired by almost everybody while almost nobody wants to know anything about its inner workings or even be fully in charge managing it. Instead people throw their money at a few self-proclaimed specialists, hoping to get rid of the responsibility to preserve and manage it adequately.

On the other hand, I can't see Bitcoin succeeding without the average Joe using it somehow. I think it's not realistic that Bitcoin is going to entirely bypass regular people while at the same time being successful in b2b. The average company owner knows best how to manage his particular business, but he is not necessarily an expert at finance.

I think to use Bitcoin, people must not know about its inner workings or change their attitude towards money. Bitcoin basically works like cash. The only difference is that it's completely digital. So it might take some time for Bitcoin market growth, but considering adoption rates of other technologies like the internet even a tenfold increase in usage within 2 years would not be surprising for me.

ya.ya.yo!

If it does really get somewhere, it's still going to take decades. I can see it pretty much bypassing regular people and going straight to b2b or finance types. Your average humanoid knows scarily little about money and how it works and I can't see that changing soon.

Yes you're right. bitcoin market is currently very small lah, I think it's because most of them look bitcoin transactions are merely tools used for illegal transactions. perhaps we ought to make something nice about bitcoin and start a business using bitcoin. possible when we build a store that accepts bitcoin bitcoin they can trust that it is not a bad thing

Perhaps the "21 million cap" will not be reached for technical reasons, but a cap will still be reached unless the system is changed to scrap the cap. Because of technical anomalies, the cap is slightly less than 21 million (20999999.97690000 btc), but the cap will be reached as of block 6,930,000, as that is the first block where the block reward will no longer produce a single satoshi.  https://en.bitcoin.it/wiki/Controlled_supply#Projected_Bitcoins_Long_Term

That is currently projected to be around year 2128, though at the current trend of evermore mining power, this estimate will continue to move up.  

No one here will be alive at that point. Bitcoin inflation is set to run well over 100 years.

Really, the "management" structure isn't all that unconventional. It requires consensus, same as any board of directors voting on proposals of a company. The way the voting is done is unconventional, sure.

On the topic of innovation, Bitcoin will absolutely be replaced if it doesn't innovate. The fact that the block size cap was not addressed since inception threatened to sink the entire system. Even the solution employed now is only a temporary fix. It will run into scaling problems again. But that's more of an infrastructure problem than an innovation problem.

Other alts have a market because they're addressing something bitcoin isn't. In the future, bitcoin may be too slow compared to alternatives. The blocks may be too small. The amount of information able to be recorded in the blockchain may be too limited. It can't handle smart contracts (not sold on this idea anyway, just floating it as an example of a potential disruption). There are a myriad of unforeseen circumstances that treaten Bitcoin's dominance in crypto. The fact that the system can't address infrastructure problems doesn't instill any confidence it can adapt to a changing marketplace.

The one thing Bitcoin is not, is flexible or nimble, just like any other market dominating entity. It's afraid to rock the boat and threaten it's current market share, which is exactly what makes it ripe to lose it.

Some people think bitcoin market is very small Actually no its not, If it is small it can not be world popular currency and value should not be more than USD. We know beside of this lots of coins like bitcoin those coins can't bit bitcoins.

Have you even seen that one thread that has mathematical proof? That there will never be a time that we all bitcoins will be mined because of all the halvings that will occur, or at least we're probably long gone when it happens.

I quite forgot the title of that thread is but if I remember correctly, it's probably only in Economics, Speculation, or Bitcoin Discussion.
That said, we don't really have to worry about reaching the cap of 21 million coins because it will never be reached.

If your prediction will happen then the early adopters of bitcoins will be millionaire then, I like that and to be honest I am already investing a portion of my earnings on a daily basis.

when all bitcoin has been mined , resulting in deflation , and this is the only currency that is experiencing deflation , due to no longer supply and the demand will increasing but the supply of coin new is always zero it causes the price will continue to go up , up and up to the highest level, abosuletelly we won't live in that era, but i trully believe in that era 1 satoshi will be worthy

I`m not a downer, but when I seen the last 6 years of developement of bitcoin its pretty impressive esp with creating the foundation and what not.

But when it comes to asking a average joe to submit to bitcoin I feel like its impossible - until they realise the scenario of needing a cell phone back when in the 90`s or earlier when it was just getting popular.

7 Billion is a joke, because only about 0.5% of the western world knew about bitcoin.

You can only imagine where it will go when only 1% of that people would invest in bitcoin.

Makes no sense - if 90% of miners quit, difficulty goes way down and all of those old ASICs come out of the closet, even with a much lower block reward...



This is a good analogy, but remember however that the traditional customer/vendor model is different in several ways:

* The customer doesn't usually build the company other than buying the product and possibly evangelizing it. So mining and running nodes is not part of the normal model.
* The product in this case is also a medium of exchange - in theory this product could be bartered/exchanged to acquire countless other products.
* The company has an unconventional management structure that requires consensus to upgrade the product.

On that note, IMHO bitcoin does not need to stay innovative - it needs to stay STABLE. An innovative currency is a high-risk speculative instrument.
For example, I think ETH is a giant pump-n-dump for pseudo-smart people, but what do I know... Let the altcoins test out innovations, let's keep bitcoin solid and trustworthy.

I find it more appropriate to compare Bitcoin to a company and the users to customers. (We are essentially buying the "product" after all, with with fiat or through time and effort to mine it, or through trade - opportunity costs). In that lense, Bitcoin is a decent sized company (7 billion dollar market cap) with a fairly sizable customer base that seems appropriate for the market cap. It certainly has room to grow, but it could also stagnate and lose market share by losing out to competitors (alt coins) and failing to stay innovative.

But people will not put their hard money in altcoin, i am talking about users who like to use crypto in real world. They will first search for how trustfull is the network and how many merchants accept it. In both aspects definately they wil choose bitcoin. So alts can't be compared with bitcoin.

if  mining will stop bitcoin will die,blockchain will not work anymore,it is biggest bitcoin problem to solve if btc want to survive

people tend to compare the market cap of bitcoin with the market cap of gold or the us dollar. then yes, it's surely very small. they don't realize that there are currently more than 15.5 million bitcoins in circulation and that only 5% of that amount can already do a lot damage when brought to the market at once. they just look at the $7 billion figure and say it's low. they don't look further.