Topic: Crypto's economic value is surprisingly low :'( (Read 767 times)

Mate, it's 2020 today, with coronavirus reaping a grim toll across countries and continents

Anyway, the gold market is not the goal. People still think of Bitcoin in terms of price whereas they should think in terms of use and adoption. And how much adoption have we seen since then? Let me guess, next to nothing? Is there any hope? Will you be happy if Bitcoin becomes next gold instead of a true medium of exchange? As they say, be careful what you wish for. Or am I asking too much?


I heard this mantra prior to 2015, and it had already become a cliché by then

It will get bigger, I know it is nowhere near its full potential now and it has been a while since it was created as well and looks like it is slowly increasing but not fast enough. However if we wait long enough it is an exponential growth that would be awesome for us, it will take some time and it will be at least another 5 to 10 years before bitcoin could reach to a level where it will increase to a level where it will be used everywhere globally, but it will get there.

Let's remember 2017 peak times, online places like Amazon and steam and Microsoft all accepted bitcoin back in those days, if we wait and take the price high once again and get the attention it deserves, those companies will come back to bitcoin and many more will follow them as well and offer us options to use bitcoin too, the more the merrier that will lead to even higher prices.

This is commonly happening because we are experiencing having a pandemic outbreak and because of the people who want to pull out their investment to spend their money to survive the pandemic and we cannot stop them because we have different needed in terms of making an investment if you already gained profit why not keep it safe.

Even we cannot say the market price of the coin is not surprisingly falling down because it already reaches the market price of 10k dollars and tries to put an effort to achieve the 13k mark but now it already falls down and trying to take a break
If the market price of the coin falls down again into an 8k dollar mark there is a chance it will follow up to 5k dollars again before make another come back on it.


The bitcoin today becomes limited because some of the miners stop their mining because they lose a lot of money and some of the miners fall back their bitcoin because they cannot make another profit on it. Still, some of the people support the use of bitcoin today because they know it is the safe heaven right now which is a good thing to make more earnings. But if you are an investor that can hold a lot of money and make an investment into the higher price when the price of the coin falls drop it will come the same with your money.

Due to the limited total supply I think bitcoin will not be a legitimate transaction worldwide because it will not be enough I think with the current circulation in this market but only a few use it in transactions / payments but there is no security from the country so this will be a lot make it difficult for the user.

With more and more demand in the future it will become an antique item because bitcoin will become one of the many investments in a hurry when supplies start to fall short and therefore from now many speculate about bitcoin will be legalized throughout the world it is still a myth.

 
Yes, it was already known to many of us that crypto money markets have such a low volume compared to other world markets. Indeed, for these reasons, many large investors prefer crypto money markets for easier manipulation because there is a much smaller capital market control in these markets compared to other markets. Hopefully, we can see that these rates have increased in the upcoming short term period and that the crypto money markets have reached high transaction volume, just like other markets. It should also be noted that if this happens, prices will fluctuate less and small investors will suffer less.

Yesterday I found this article which easily gives a picture of the small amount of bitcoin compared to fiat and there is concern that a limited amount might not be able to support the world economy. So in the end bitcoin will only end up like gold only as an asset not as greasing the transaction.

With advances in technology and interconnectedness, because many people believe that bitcoin is a form of national threat, many do research and observe bitcoin which in the end concludes that although seen as a threat, bitcoin is also a set with good performance and even the best. So that eventually countries with negative interest rates, countries with unjust regimes (Venezuela, Iran, Russia), globalists, and billionaires who hedge their investments against the threat of QE, and institutional investors will realize and start saving bitcoin like saving gold.

https://www.visualcapitalist.com/all-of-the-worlds-money-and-markets-in-one-visualization-2020/

I have known this for a long time but it is reasonable. Although trading volumes amount to billions of dollars in exchanges, there are certainly very few users. Here only the whales manipulate here a lot and there are very few users. Besides, there are still very few people who use bitcoin for payment, so that is understandable. Most people now just hold bitcoin or trade it on the exchange.

>It is both shocking plus unreasonable to see the abilities of cryptocurrencies being limited by both government and people.

I don't need to read any more. Let's start with the fact that the entire cryptocurrency is limited by itself. You came up with "new money" but somehow did not come up with why everyone around them should use it and this is the fundamental problem of coins. The cryptocurrency does not have the same "platinum case" that it can be used without a second thought.
Yes, this is a double-edged sword, we do not have the infrastructure for crypto because we are hindered and therefore we can not use crypto as we want, but we could... The only problem is that they couldn't. I don’t know any projects with visa level TPS

The crypto market will change a lot with confidence Blockchain technology has gradually reached a peak of improvement and demand is increasing The economic value of crypto will start to rise again even if it goes down but we have to wait for that. As Bitcoin is decentralized no one controls it and the price goes up by increasing the demand Bitcoin will rise a lot in the coming years Prices are likely to rise later this year.

Have you tried doing this in real life? I have and it was counter productive, people wanted to know if their money is secured or not. What they dont like is that bitcoin is decentralized and they cannot accept the fact that there is no "hacker" organisation controlling it in reality. This is tough to make someone understand and added on top the negative attitude of the media has been a red flag on crypto. It will a take lot of time to change this mentality.

People always trade ease of use to technology. So more understanding is irrelevant if they dont get the ease or speed.

I think so too. It is growing and developing and gaining attention, slowly we will see better changes.

0.4, 1.6, and 0.7. It seems low but comparing these is just unfair considering the times they have. Bitcoin can still do much better, we still have a long time to run and I think that numbers would be doubled in the next few years. It now has millions and millions of users, what more if 1/7 or 1/8 of the total population of this world are already using it.

What would you expect? have you seen the global crypto market cap lately? a bit less than 300billionUSD... this is nothing in comparison with the money moved around by stocks, large businesses, etc...
And crypto users are a true minority...
I think that these factors put together will clearly show the danger something like Libra (with it's billions instant users) or the chinese national crypto currency can pose to BTC and to the existing crypto market....

Gold was the backing for all currency not that long ago and that past might once again be the future if FIAT were to fail.  If BTC is some percentage of gold market now while its still just an untracked commodity not a currency asset then its quite an achievement, I presume if golds future is to return to greatness and back world trade then BTC also could be part of that.    Even if there was no growth, being part of that return to solid standards over the current debt notes issued by politics not production that is a noble place for crypto to be.    If BTC does grow as it appears it will then we've got a great trajectory ahead and this is still the beginning.
  Obviously gold does vary greatly from BTC but they could both be considered a kind of commodity, gold has its use as an element and inert security known quality and quantity of that value and BTC is a security commodity in a modern digital economy especially relevant to non physical goods imo.

Just like an upcoming hoping to become famous overnight while they have not even put out any much work yet. You know that you shouldn’t be comparing gold and BTC in this right? Gold has been around for ages, when did we get Bitcoin? Just for a decade and a few years and you’re already expecting that Bitcoin will cover up a hundred percent? You have chill out mehn things are not done this way. It takes time.

I don’t understand why a lot of people worry in this forum about unnecessary things. No matter how small it is, there are people who are strong supporters of BTC and they are happy with it.

They are really forgetting that bitcoin is volatile, if you're knowledgeable about it and you know and seek information about the effect of bitcoin in the market, you will not be shocked about that. Cryptocurrencies like bitcoin can also go down and it depends on you on how you can get recover from that situation. It is not about the timing it is about how fast the technology is advancing, you need to cope up with the reality that we're in the time where cryptocurrencies are really known and there are a lot of people who are engaging to it to manipulate it in the market. Now, we're really patient about its price and we're not making it hard for the economy to become stable. Just be patient all the time and take care of your assets in the market.

Surprising?
I'm not surprised. Because the market is still way too young and it takes time for the crypto currencies market to get some more value on it.
Maybe in the next 10-15 years or sooner you will be surprised about the market cap. But it needs some time to be known, recognized and trusted by more people.

This is completely normal. You should understand that this is a decentralized market, there is no law to protect traders or investors. Therefore, only a few people in this world participate in this crypto market. Therefore, bitcoin only accounts for very low value compared to the world's money. Due to so many disadvantages in controlling, many governments have banned people from participating in trade or paying for services with crypto. That is also the reason why the crypto market is unlikely to thrive.

The USA government does not prohibit cryptocurrency from being traded but government sentiment towards cryptocurrency also affects people's thinking. This is where we see the role of the state as crucial because the state is seen as a guarantor of the interests of the people.

In addition, we must recognize that payment using L/C is the safest for cross-border trade and the use of SWIFT is the fastest and relatively low cost of USD 40 with integrated network guarantees almost all over the world and also security. While bitcoin does have to admit that even in the process of transferring for cross-border transactions it can eliminate the role of third parties. But the parties still need a third party as a verifier (independent surveyor) that each party has fulfilled its obligations and guarantor that each party will fulfill its obligations.

That´s why it so crucial to work out real life use cases that have a positive impact on a majority of the global populaton. Beside that, education and spreading out basic knowledge is just as important. The more people understand it, the more people will use it. The car also needed time to establish itself as a successor to the horse carriage, we need to give cryptos and blockchain more time

Bitcoin is still in its baby steps if that is what you mean to say, I would agree. Now the acceptance of bitcoin is gradually growing but the world economy takes a lot of time to change from one mode to another, we should be happy that bitcoin has reached these figures already.

Huge numbers would not happen so quickly. As time passes on we have seen more merchants accepting bitcoin and more countries allowing bitcoin to be traded without blanket bans compared to other countries. This is why we can optimistic about the future acceptance and usage of bitcoin.

However that does not mean that bitcoin will turn the tables to banks. Nope, the banks and hedge funds are way more clever to understand and predict this and they will be accumulating bitcoin too in order to gain market control.