In the first few years of bitcoin it was only used by uber nerds and crypto anarchists. Then came the web dark drug market. And when you think about it, Bitcon has only been in the realm of "normal" people since it's climb in 2013.
Since then it has attracted numerous investors, corporations and professionals that are not uber nerds, anarchists or online drug-lords. The inflation rate was/is too high to stabilize any sort of consistent growth. Still there is enough interest to absorb the 3,600 new coins per day without causing a major crash. This is how we know bitcoin has already succeeded. There wasn't enough interest to support 3,600 coins per day at $700+ per coin, but we have seem to found an equilibrium around the current price or $800K-$900K per day. If bitcoin were a flop we would have already seen the price back down to the single or low double digits. The "normal" buyers are here and have been here since 2013 and they don't appear to be going anywhere.
So go ahead buy another coin and tuck it away for safe-keeping, because bitcoin is already a success. When the next wave, mainstream, comes along the inflation rate will be lower and the demand will be greater.
Success is relative. If Bitcoin stays at the size it is now for another few years, it will have essentially failed. It is only a matter of time until we enter a cashless society, and an internet currency seems very very likely.Since then it has attracted numerous investors, corporations and professionals that are not uber nerds, anarchists or online drug-lords. The inflation rate was/is too high to stabilize any sort of consistent growth. Still there is enough interest to absorb the 3,600 new coins per day without causing a major crash. This is how we know bitcoin has already succeeded. There wasn't enough interest to support 3,600 coins per day at $700+ per coin, but we have seem to found an equilibrium around the current price or $800K-$900K per day. If bitcoin were a flop we would have already seen the price back down to the single or low double digits. The "normal" buyers are here and have been here since 2013 and they don't appear to be going anywhere.
So go ahead buy another coin and tuck it away for safe-keeping, because bitcoin is already a success. When the next wave, mainstream, comes along the inflation rate will be lower and the demand will be greater.
I would guess that if bitcoin doesn't really catch on the another system will have instead.
If that is the case, Bitcoin won't be looked on as a success. It's a tipping point now, it could go either way imo.
This makes no sense. What price does bitcoin have to be at to be a success and not a failure? In 1 year? 2? 5? Now? How many merchants have to be accepting it now? In 1 year? 5? 10? Etc?
