Bitcoin hitting the next level... requirements.

Catmony

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Quote from: JimmyButlerCollector on August 20, 2017, 11:32:50 PM

In order for bitcoin to hit levels of $250,000+...... it will need to be accepted and marketed everywhere. So far, Microsoft accepts bitcoin. This could be the ice breaker and the door opener for other companies such as Apple, Sony, Google, etc down the road, eventually leading to retailers such as Walmart and franchise such as Mcdonalds.

Yes this might increase awareness about bitcoin and its benefits to common people, but without investors bitcoin price can't grow. Bitcoin is already getting lots of new investors which is having really positive effect on price after few years all those bigger brand might also get interested in adding bitcoin as their payment method.

Price will be at moon by 2012, no worries.... Grin

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It is in the right track. I have seen a few payment processors which lets you top up their wallet with bitcoin. Skrill and Payza are the most popular ones and then comes Payeer and a few other less well known and less used. This will lead to bitcoin being accepted in many digital websites first before hitting the mainstream level from mainstream companies. It is a good start but we are far and very far from the 250.000 dollars objective.

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Quote from: JimmyButlerCollector on August 20, 2017, 11:32:50 PM

In order for bitcoin to hit levels of $250,000+...... it will need to be accepted and marketed everywhere. So far, Microsoft accepts bitcoin. This could be the ice breaker and the door opener for other companies such as Apple, Sony, Google, etc down the road, eventually leading to retailers such as Walmart and franchise such as Mcdonalds.

In order for bitcoin to take off to levels that seem ridiculous right now, we will need to see the average Joe not only be holding bitcoin..... but also be spending it. (In this case, $250,000 could possibly be severely underestimated)

But you are missing out how the power of holding will be helping bitcoin to have higher price levels. Spending is good but we cannot expect all the people around the world to spend bitcoin for some product services when they do not have enough merchants to accept bitcoins. The only option in front of them is, spending bitcoin for fiats conversion. That is the only reason bitcoin prices not increasing.

When we are having more number of merchants will be accepting bitcoin, people will automatically spend bitcoin for their daily life's needs. In that case bitcoin will have its value in millions too.

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I don't think spending bitcoin will help in price rise, when you spend bitcoin in some merchant that use bitpay like third party software than all those bitcoin will instantly be converted into fiat which might not help to grow total marketcap.

Holding bitcoin is key, when almost all billionaire and millionaire of this world will start to invest into bitcoin just like they do in gold, price will be over $100k.

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Quote from: FrankNoland on August 21, 2017, 12:14:33 AM

From my perspective, bitcoin is becoming slowly recognised worldwide. Most countries are starting to use bitcoin as a payment tool and in this way it's becoming popular each and everyday. Bitcoin has the potential to reach those levels, if not now but at a later stage.

It is not most countries that have started accepting bitcoins; it is most companies like Microsoft, Uber, PayPal etc. Some of them like Microsoft accepted bitcoins as a payment worldwide. However there are very few countries that have legalized the use of bitcoins and I hope you know about those.

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Quote from: bucciarati on August 21, 2017, 10:48:28 AM

i think bitcoin will never get mass adoption like no one use gold to buy beers and clothes. others altcoin will be used for this purpose bitcoin will be used for big transaction like real estate in my opinion

Depends the purpose of user Bitcoin, they can use their Bitcoin for purchase any things if they want, even small order like candy, but the fees will make them should think again. So this is reason have many altcoin support Bitcoin about this issue.

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Bitcoin doesn't need 'mass adoption' to reach high price levels. And I don't think retail or merchant acceptance will ever be a significant factor. No matter what happens, people won't want to spend BTC if they have an alternative. That's baked into the way it's designed and it's baked into human psychology. People don't want to spend deflationary assets if they can help it.

There's no upside for consumers to use BTC for their regular expenditure and plenty of downside.

The next level will be more people waking up to its use as a way of protecting, preserving and growing value. To get there it needs to maintain and increase trust. I don't think it can until the scaling shit, which is really controlling shit, is finally put to bed. At this point in time it doesn't look like it ever will. It just keeps on morphing and ever more loathsome tricks keep being pulled.

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Quote from: Oilacris on August 22, 2017, 08:02:34 AM

Quote from: peter0425 on August 21, 2017, 09:46:59 AM

Quote from: Oilacris on August 21, 2017, 09:34:20 AM

Quote from: JimmyButlerCollector on August 20, 2017, 11:32:50 PM

In order for bitcoin to hit levels of $250,000+...... it will need to be accepted and marketed everywhere. So far, Microsoft accepts bitcoin. This could be the ice breaker and the door opener for other companies such as Apple, Sony, Google, etc down the road, eventually leading to retailers such as Walmart and franchise such as Mcdonalds.

In order for bitcoin to take off to levels that seem ridiculous right now, we will need to see the average Joe not only be holding bitcoin..... but also be spending it. (In this case, $250,000 could possibly be severely underestimated)

It would really be an Icebreaker when Microsoft would tend to accept bitcoin knowing that its really a big company and would really caught the attention of big companies too and they will surely decide to jump into bitcoin craze. If this thing would happen then high prices would really be expected but the main thing or concern here is what would be the thing that they would need to see on bitcoin for them to be convinced?

I don't think that it will benefit Microsoft to accept bitcoin. And I don't see them accepting bitcoin as payment. Its really the price instability that causes this big companies to accept bitcoins. Unless Bill Gates himself has admitted in public and he has invested millions on bitcoin and they will accept it, then bitcoin will become more popular and universally accepted because its Microsoft. And maybe other big IT company will follow what Microsoft has started and this will really push the price on the next level. But now, I don't see it happening.

You do have a point but its still a good payment option for them to implement.We do know its an IT company which means accepting bitcoin to them would really suits up.This would really increase awareness even though it wont give too much effect on Microsoft but later on when people already do know about bitcoin they will surely get benefit from it later on.

Well maybe they are already getting profit from bitcoin that we don't know, they can always use bitcoin because everyone can surely use it, or maybe Microsoft's owner already have an investment with bitcoin even if he don't have a partnership with bitcoin and his company he can surely use bitcoin freely for his personal needs, but yes implementing a combination of Microsoft and Bitcoin would be a win for the both parties.

Oilacris

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Quote from: peter0425 on August 21, 2017, 09:46:59 AM

Quote from: Oilacris on August 21, 2017, 09:34:20 AM

Quote from: JimmyButlerCollector on August 20, 2017, 11:32:50 PM

In order for bitcoin to hit levels of $250,000+...... it will need to be accepted and marketed everywhere. So far, Microsoft accepts bitcoin. This could be the ice breaker and the door opener for other companies such as Apple, Sony, Google, etc down the road, eventually leading to retailers such as Walmart and franchise such as Mcdonalds.

In order for bitcoin to take off to levels that seem ridiculous right now, we will need to see the average Joe not only be holding bitcoin..... but also be spending it. (In this case, $250,000 could possibly be severely underestimated)

It would really be an Icebreaker when Microsoft would tend to accept bitcoin knowing that its really a big company and would really caught the attention of big companies too and they will surely decide to jump into bitcoin craze. If this thing would happen then high prices would really be expected but the main thing or concern here is what would be the thing that they would need to see on bitcoin for them to be convinced?

I don't think that it will benefit Microsoft to accept bitcoin. And I don't see them accepting bitcoin as payment. Its really the price instability that causes this big companies to accept bitcoins. Unless Bill Gates himself has admitted in public and he has invested millions on bitcoin and they will accept it, then bitcoin will become more popular and universally accepted because its Microsoft. And maybe other big IT company will follow what Microsoft has started and this will really push the price on the next level. But now, I don't see it happening.

You do have a point but its still a good payment option for them to implement.We do know its an IT company which means accepting bitcoin to them would really suits up.This would really increase awareness even though it wont give too much effect on Microsoft but later on when people already do know about bitcoin they will surely get benefit from it later on.

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Quote from: JimmyButlerCollector on August 20, 2017, 11:32:50 PM

In order for bitcoin to hit levels of $250,000+...... it will need to be accepted and marketed everywhere. So far, Microsoft accepts bitcoin. This could be the ice breaker and the door opener for other companies such as Apple, Sony, Google, etc down the road, eventually leading to retailers such as Walmart and franchise such as Mcdonalds.

In order for bitcoin to take off to levels that seem ridiculous right now, we will need to see the average Joe not only be holding bitcoin..... but also be spending it. (In this case, $250,000 could possibly be severely underestimated)

Microsoft has accepted Bitcoin for years, as far as I know, though perhaps not with the convenience of today. I'm still not sure acceptance by major companies before user acceptance is very useful in propagation - certainly does not seem the case for Bitcoin. I agree that Average Joe wanting to use his Bitcoin to buy things is more important to push the next step. I think the good news is that organic growth is really pacing well now.

Quote from: alyssa85 on August 21, 2017, 05:56:38 AM

The network can't cope with more than 250,000 transactions per 24 hour period.

That was why some developers got fed-up and forked the chain to create bitcoincash, which has 8 mg blocks. If adoption as a currency happens, it won't be on bitcoin - it will be on the other chains, bitcoincash, ether, doge, litecoin etc.

No it can't, but the majority of this year should be evidence enough that there isn't that level of true demand in terms of transaction. Network capacity was artificially bloated in part by the very same guys you're talking about.

bucciarati

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i think bitcoin will never get mass adoption like no one use gold to buy beers and clothes. others altcoin will be used for this purpose bitcoin will be used for big transaction like real estate in my opinion

BitHodler

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Quote from: Asrael999 on August 21, 2017, 09:51:46 AM

Microsoft already accept Bitcoin - you can redeem it into your account where they automatically convert it to fiat and allow you to purchase with that fiat.

Microsoft accepting Bitcoin is mostly only known to people being active in the Bitcoin world for at least a year. Another thing that isn't helping, is that they don't seem to take Bitcoin that seriously.

Microsoft should be making it obviously clear in the countries they allow people to pay with Bitcoin, that it is an available option. As it is right now, barely anyone of the newer people here will notice that.

I even remember back in 2016 that Microsoft by 'mistake' announced that they no longer accept Bitcoin payments anymore, where not long after that they corrected themselves.

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Microsoft already accept Bitcoin - you can redeem it into your account where they automatically convert it to fiat and allow you to purchase with that fiat.

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Quote from: Oilacris on August 21, 2017, 09:34:20 AM

Quote from: JimmyButlerCollector on August 20, 2017, 11:32:50 PM

In order for bitcoin to hit levels of $250,000+...... it will need to be accepted and marketed everywhere. So far, Microsoft accepts bitcoin. This could be the ice breaker and the door opener for other companies such as Apple, Sony, Google, etc down the road, eventually leading to retailers such as Walmart and franchise such as Mcdonalds.

In order for bitcoin to take off to levels that seem ridiculous right now, we will need to see the average Joe not only be holding bitcoin..... but also be spending it. (In this case, $250,000 could possibly be severely underestimated)

It would really be an Icebreaker when Microsoft would tend to accept bitcoin knowing that its really a big company and would really caught the attention of big companies too and they will surely decide to jump into bitcoin craze. If this thing would happen then high prices would really be expected but the main thing or concern here is what would be the thing that they would need to see on bitcoin for them to be convinced?

I don't think that it will benefit Microsoft to accept bitcoin. And I don't see them accepting bitcoin as payment. Its really the price instability that causes this big companies to accept bitcoins. Unless Bill Gates himself has admitted in public and he has invested millions on bitcoin and they will accept it, then bitcoin will become more popular and universally accepted because its Microsoft. And maybe other big IT company will follow what Microsoft has started and this will really push the price on the next level. But now, I don't see it happening.

Oilacris

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Quote from: JimmyButlerCollector on August 20, 2017, 11:32:50 PM

In order for bitcoin to hit levels of $250,000+...... it will need to be accepted and marketed everywhere. So far, Microsoft accepts bitcoin. This could be the ice breaker and the door opener for other companies such as Apple, Sony, Google, etc down the road, eventually leading to retailers such as Walmart and franchise such as Mcdonalds.

In order for bitcoin to take off to levels that seem ridiculous right now, we will need to see the average Joe not only be holding bitcoin..... but also be spending it. (In this case, $250,000 could possibly be severely underestimated)

It would really be an Icebreaker when Microsoft would tend to accept bitcoin knowing that its really a big company and would really caught the attention of big companies too and they will surely decide to jump into bitcoin craze. If this thing would happen then high prices would really be expected but the main thing or concern here is what would be the thing that they would need to see on bitcoin for them to be convinced?

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Quote from: JimmyButlerCollector on August 20, 2017, 11:32:50 PM

In order for bitcoin to hit levels of $250,000+...... it will need to be accepted and marketed everywhere. So far, Microsoft accepts bitcoin. This could be the ice breaker and the door opener for other companies such as Apple, Sony, Google, etc down the road, eventually leading to retailers such as Walmart and franchise such as Mcdonalds.

In order for bitcoin to take off to levels that seem ridiculous right now, we will need to see the average Joe not only be holding bitcoin..... but also be spending it. (In this case, $250,000 could possibly be severely underestimated)

The issue about this happening will largely mean a change in our orientation in the way we all see bitcoin because quite a number of us are seeing it as an asset and thereby hoarding it with the expectation that price will increase but for it to get the massive attention, it needs to be available and affordable because without that, we will continue to be stuck at a growing currency which is still growing after 8 years or thereabout

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Quote from: JimmyButlerCollector on August 20, 2017, 11:32:50 PM

In order for bitcoin to hit levels of $250,000+...... it will need to be accepted and marketed everywhere. So far, Microsoft accepts bitcoin. This could be the ice breaker and the door opener for other companies such as Apple, Sony, Google, etc down the road, eventually leading to retailers such as Walmart and franchise such as Mcdonalds.

In order for bitcoin to take off to levels that seem ridiculous right now, we will need to see the average Joe not only be holding bitcoin..... but also be spending it. (In this case, $250,000 could possibly be severely underestimated)

Agree, however my fear is that BTC is too complicated to understand for the "average Joe". But I am still confident it will grow high, regardless.

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Quote from: lumeire on August 21, 2017, 08:05:31 AM

BTCBTCBTC won't be mass adopted unless it fix its issues with fees, which as we see is still not plausible at this point.

True, the lack of Bitcoin for now and the future is the transaction cost that reaches tens of dollars even more if it is not revised.

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Quote from: HabBear on August 20, 2017, 11:41:55 PM

It doesn't have to be marketed every where, we just need a tad more than 5 times the amount of demand we have now to push the price up to $25,000.

Of course more press, marketing, presence, would help. But the best way to get that is for each of us to share Bitcoin with the people we know. We need people to realize that Bitcoin isn't a fad, it isn't a techy novelty, it's real...it has real benefit...it has real staying power. It's not going anywhere. And it's a great alternative option to existing investments.

Unfortunately a push towards USD 25,000,- needs a little more than 5 times the amount of demand we have right now. The larger BTC's market cap grows, the more money is needed to increase it.

Apart from that I agree. Also I get the feeling that Bitcoin is slowly moving towards acceptance as something more than just a fad.

Quote from: alyssa85 on August 21, 2017, 05:56:38 AM

The network can't cope with more than 250,000 transactions per 24 hour period.

That was why some developers got fed-up and forked the chain to create bitcoincash, which has 8 mg blocks. If adoption as a currency happens, it won't be on bitcoin - it will be on the other chains, bitcoincash, ether, doge, litecoin etc.

Linear scaling as with BCH only gets you so far. 8mb blocks will be nothing more than a drop in the ocean in the big picture.

ETH, DOGE and LTC don't scale so hot either. ETH is already at capacity when major ICOs take place. DOGE and LTC have only cheap transaction fees right now because they barely have any transaction volume going through. Neither scale better than BTC.

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I think that the really important thing for bitcoin is not to have another chain split.
Many people don't understand what happens during such a process.
This shakens the one thing that bitcoin has built up during the last years: trust!
Without trust there is no new money and no further developement!

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