Topic: Crypto's economic value is surprisingly low :'( - page 2. (Read 767 times)
.07 percent is still quite a large number. And it means it has a lot of room for growth.
The value of crypto is low but if we will increase the demand for crypto by doing the proper thing then the economy will rise People got to be taught about the utilization of crypto if the worth of currencies increases if they create more profit by investing, then everyone will add crypto and therefore the value of crypto will increase tons Gradually crypto will become very fashionable. the entire world will support crypto Crypto is going to be employed both offline and online. Social media is more helpful in publicity.
I agree with you, this low just shows how much we can grow in the future. With more people joining and
more adoption crypto-currencies economic value will grow. If with this prices we have now are low, what
prices we expect in the future when crypto-currencies economy grows? Can we really expect Bitcoin at
million dollars and Ethereum at 100k? Or I am just dreaming? Can that happen in the next 10 years?
If only the value of BTC in relation to fiat or gold is important, then we are in trouble for the simple reason that we are practically worthless when comparing BTC with all other markets. OP opinion is very common, not only among ordinary users, but also among the big players who will reportedly join the BTC project only when it reaches the $1 trillion market cap.
But while it may sound strange, Bitcoin is much more than the value we measure in gold or fiat, it is a technology that surpasses them both in any sense, a new age technology that is just beginning to seriously penetrate current financial systems. Ordinary people find it difficult to accept because it is still a bit complicated, and those who rule the world have always aspired to a centralized system and have nightmares of power really passing into the hands of the people.
Although some disagree that Bitcoin is still in its early stages, I would not agree that it was possible to achieve more in just 11 years of existence, which is realistically a very short period of time. It is my opinion that Bitcoin should be understood primarily as a technology of the future, and not just as a means of getting rich quick.
But while it may sound strange, Bitcoin is much more than the value we measure in gold or fiat, it is a technology that surpasses them both in any sense, a new age technology that is just beginning to seriously penetrate current financial systems. Ordinary people find it difficult to accept because it is still a bit complicated, and those who rule the world have always aspired to a centralized system and have nightmares of power really passing into the hands of the people.
Although some disagree that Bitcoin is still in its early stages, I would not agree that it was possible to achieve more in just 11 years of existence, which is realistically a very short period of time. It is my opinion that Bitcoin should be understood primarily as a technology of the future, and not just as a means of getting rich quick.
There is much more to come. Imagine what we'll see 10 years from now.
10,000 years from now of course is a long time to predict what will happen with bitcoin and economic system. At that time perhaps something more innovative could have been added to bitcoin or the financial system. Who knows if the world will pass the 5G tech too
10 years bro , thats what he said not 10k years lol thats alot . when you say 10k years do you think you will reach that year ? we that here on this forum cant even reach 1k years but how much more if thats 10k years .
you also mention 5g technology . for that , this wont take more time because there are now devices that have this technology but those only high end , wait for few more years and we all can convert on it .
1.Make the process of buying BTC and altcoins as easy and cheap as possible.NO ID verification,no insane fees.
There's work going on with developing DEXs, but we don't know how would governments react to them if they would to get popular. Maybe they would try to shut them down if they will feel like it undermines their financial power.
2.Incentivize more online and offline merchants to accept cryptocurrency payments.I don't how we can achieve that.
Volatility is the biggest problem for merchants, until it's gone it will be too hard for merchants to accept BTC.
3.Educate more people on social media.Explain them that cryptocurrencies are not a scam(at least the big ones,not the shitcoins/tokens),while there might be some scams in the crypto world.
I don't think a lot of people perceive Bitcoin that way, most just think it's too risky and complicated.
There is much more to come. Imagine what we'll see 10 years from now.
10,000 years from now of course is a long time to predict what will happen with bitcoin and economic system. At that time perhaps something more innovative could have been added to bitcoin or the financial system. Who knows if the world will pass the 5G tech too
You're exaggerating it, 10,000 years is impossible, maybe in 10 years, bitcoin is already improved and innovated by the people behind it. Predictions are good so that you will a future vision about the thing that was for a long-term investment. But you predictions should have basis so that it is somehow feasible and can occur in reality.
Right now, we are suffering but I know that this crash in crypto's economic value will soon be resolved, just like bitcoin, it is volatile in the market and there's really a chance of recovering from its downward movement. Patience is really necessary for us to become prepared and ready.
Being prepared and ready when the crypto's economic value recovered can really give you profit and become more comfortable about your assets.
I'm not surprised that the crypto economy is surprisingly small.
How can we increase the popularity of cryptocurrencies:
1.Make the process of buying BTC and altcoins as easy and cheap as possible.NO ID verification,no insane fees.
2.Incentivize more online and offline merchants to accept cryptocurrency payments.I don't how we can achieve that.
3.Educate more people on social media.Explain them that cryptocurrencies are not a scam(at least the big ones,not the shitcoins/tokens),while there might be some scams in the crypto world.
How can we increase the popularity of cryptocurrencies:
1.Make the process of buying BTC and altcoins as easy and cheap as possible.NO ID verification,no insane fees.
2.Incentivize more online and offline merchants to accept cryptocurrency payments.I don't how we can achieve that.
3.Educate more people on social media.Explain them that cryptocurrencies are not a scam(at least the big ones,not the shitcoins/tokens),while there might be some scams in the crypto world.
I understand that people expect patience from bitcoin and I get that but you are forgetting we are living in a much more technological world nowadays. It means if you look at the stocks markets and how old they date, it doesn't mean anything, from 18th century to late 20th century the technology for them wasn't computer, it wasn't even proper mailing system for a long time, it was all old systems that could be abused and all that.
But in crypto world it has always been high tech and from now on, in the 100 years after the discovery of bitcoin, we are going to be a species that could habitat space, it is totally different periods. Hence why bitcoin has to move a lot faster than the stock market did, we can't wait around for hundreds of years to see bitcoin become big.
But in crypto world it has always been high tech and from now on, in the 100 years after the discovery of bitcoin, we are going to be a species that could habitat space, it is totally different periods. Hence why bitcoin has to move a lot faster than the stock market did, we can't wait around for hundreds of years to see bitcoin become big.
"Stock market capitalization as percent of GDP, 2018 - Country rankings: The average for 2018 based on 63 countries was 70.95 percent."
(Taken from the Global economy)
To put this in perspective, the oldest stock market goes as far back as the 16th century and the wall street market was established around 1792 IIRC. Bitcoins' Genesis block was mined in 2009.(Taken from the Global economy)
This post wins the thread. Bitcoiners need to exercise some patience.
In 2017, the BTC market reached almost 5% of the size of the gold market. After existing for 8 years. That's incredible to me, beyond all expectations.
-snip-
However, you should not forget that these are digital assets which take less time to be economically mature. Comparing this with gold, which has been valuable for millennia, is a bad comparison. It's like comparing Google with a gold mine operator.
The reason, in my opinion, for the small value of crypto economics is simply the still bad use for payments. There is still no way 11 years after Bitcoin was developed to pay with cryptocurrencies at low free cost and stable prices. I paid my hosting bill with Bitcoin on Friday and paid almost $ 2 in fees. Not acceptable for mainstream usage.
Besides that, I wouldn't trust the numbers anyway. Most of the crypto economy is invisible and happens underground. The numbers do not reflect this.
Depending on one's perspective, huge progress has been made. Moving from practically being a novelty (desktop mining and buying a pizza for 10,000BTC) to becoming 0.4% of the world's money in approximately a decade is pretty amazing. Bitcoin and blockchain are household names now and there are a lot of great projects are going on with some of the most innovative minds in computer science putting their weight behind them.
There is much more to come. Imagine what we'll see 10 years from now.
"Stock market capitalization as percent of GDP, 2018 - Country rankings: The average for 2018 based on 63 countries was 70.95 percent."
(Taken from the Global economy)
To put this in perspective, the oldest stock market goes as far back as the 16th century and the wall street market was established around 1792 IIRC. Bitcoins' Genesis block was mined in 2009.(Taken from the Global economy)
This post wins the thread. Bitcoiners need to exercise some patience.
In 2017, the BTC market reached almost 5% of the size of the gold market. After existing for 8 years. That's incredible to me, beyond all expectations.
Everyone should just consider themselves lucky to be early adopters. When the BTC market does finally reach, for example, the size of the gold market, all these buying opportunities will be gone. Even at $10K, middle class people are being priced out of owning a whole BTC. Imagine when the price does another 40x from here.
I still feel the most effective way to introduce bitcoin is to use bitcoin in everyday life even though the government prohibits the use of bitcoin as an alternative payment other than a country's legal currency. We can start it from the community. Or when making online transactions, we ask for payment options using bitcoin. This small action will create a chain effect that is curiosity about "what is bitcoin" for those who do not understand or desire to use bitcoin in transactions, especially in the bitcoin community.
With the many frequencies discussing bitcoin, many people will be increasingly curious and find out. The more people know, the more opportunities people will be attracted to and use bitcoin for everyday transactions even if they are secretly between communities. In this way, the foundation of bitcoin penetration will be strong, although the motion is slow but the growth is certain.
With the many frequencies discussing bitcoin, many people will be increasingly curious and find out. The more people know, the more opportunities people will be attracted to and use bitcoin for everyday transactions even if they are secretly between communities. In this way, the foundation of bitcoin penetration will be strong, although the motion is slow but the growth is certain.
The government (at least in the US) and most western nations don't do this though, they don't stop people from using cryptocurrencies. If everyone in the US -- consumers and business people - wanted to start using crypto for their transcations, they could. The problem lies in the fact that people don't want to use them for many reason: some of these are as follows
1. They're not educated on cryptocurrencies and they think it's too intricate to use, which for some I could see how that is the case. Some older person who runs their diner would much rather swipe a credit card then try to manage their crypto wallet and their keys and so on. The best thing to do is teach people about the savings (not paying 1-3% to a CC processor and dealing with chargebacks)
2. Fees are a bit too high and the crypto is a bit too volatile - People don't want to deal with this, and there most likely isn't enough adoption to even warrant businesses setting up the infrastructure to accept crypto.
But yes, the value is pretty low and I do hope this changes.
"The current number of unique active users of cryptocurrency wallets is estimated to be between 2.9 million and 5.8 million"
(Taken from Cryptocurrency benchmark study )
Are you sure that the number is the current statistic of the crypto wallet user? 2.9-5.8 M?(Taken from Cryptocurrency benchmark study )
You should update the amount. It is the number when the statistic in the year of 2017. Did you take the source from https://www.jbs.cam.ac.uk/fileadmin/user_upload/research/centres/alternative-finance/downloads/2017-04-20-global-cryptocurrency-benchmarking-study.pdf ?? This was research conducted in 2017. Please crosscheck it.
I already searched about the increasing numbers of the users:
This statistic was taken in the latest research by www.statista.com. The statistic shows that in Q1 of 2020, the number almost reaches 50M users. Is this awesome, isn't it? The number keeps rising.
There was also research conducted by https://news.bitcoin.com/the-number-of-cryptocurrency-wallet-users-keeps-rising/, but it is in 2019. The data also showed the rising numbers of crypto wallet users until 2019.
"Stock market capitalization as percent of GDP, 2018 - Country rankings: The average for 2018 based on 63 countries was 70.95 percent."
(Taken from the Global economy)
It was in 2018, can you show how much right now in the current year? I think that from 2018 to 2020, there must be increasing. I'm still searching for the latest update. (Taken from the Global economy)
What we can do to push this percentage up ?
As I have said, you use the old data statistic. And now, the fact the data show a high increase from year to year. Many more people and countries keep following and involved in the crypto world.
Isn't it a great thing that bitcoin's total contribution to the world's money isn't that much? The price is considerably good yet looking to that perspective makes bitcoin a little. If the other percentage of the world's money gets into bitcoin then that will make its value greater.
The age of bitcoin is still young yet it has accumulated around 0.4% of world's money and it's still continuing to become popular and known in every part of the world. I don't think that it's a negative thing to accept instead we should look into the positive perspective regarding that matter.
The age of bitcoin is still young yet it has accumulated around 0.4% of world's money and it's still continuing to become popular and known in every part of the world. I don't think that it's a negative thing to accept instead we should look into the positive perspective regarding that matter.
I have to agree with that. Considering also the population who are into crypto, which is very small as compared to global population. So I am not really surprised about the numbers. For me, that's already good progress and with increasing adoption, we will see more demand for crypto or bitcoin usage. Just compare bitcoin to existing fiat currencies, bitcoin is very young yet the value in the market is already overwhelming. So that is already an accomplishment for crypto esp bitcoin.
Ain't surprising to see the economic growth of crypto like this.
Adoption takes awhile the same thing as people realize the importance of gold. Should we think that 10 years or 20 years could be enough? Not for sure.
It really needs more time, years to develop this thing, and much harder as the risk takes in the whole market. If these merchants will start to adopt crypto as another form of currency, no doubts that small players will follow by then. It needs huge support for the community and much needed to have it coming from the government in order to gain more trust which leads to massive crypto adoption.
Adoption takes awhile the same thing as people realize the importance of gold. Should we think that 10 years or 20 years could be enough? Not for sure.
It really needs more time, years to develop this thing, and much harder as the risk takes in the whole market. If these merchants will start to adopt crypto as another form of currency, no doubts that small players will follow by then. It needs huge support for the community and much needed to have it coming from the government in order to gain more trust which leads to massive crypto adoption.
The number looks too low when we compare with total gold supply which is available for centuries and the total fiat value which is under the control of governments so when a decentralized asset is getting popularity in very short time is actually a good thing.We have time to reach new heights in the global value but we are already getting more attention compared to total value.
I don't see what's surprising about this. Gold has been around for ages and humans have been making use of gold for a very long time and it's been around before the currencies we have now. So, how do you now compare it with Bitcoin and other cryptocurrencies that have been around for just a decade? I don't see anything surprising or bad about this news to be sincere.
Cryptocurrency is at the level that it is supposed to be. It's not magic and the price is not going to grow magically and become 100% of the world's economy. So relax man and be confident about having 10x growth for bitcoins in coming months as usually after halving bitcoin may grow rapidly and end up sustaining around 10 times higher value than where it was at the times of halving. So, currently being low is not a big deal and we are at the very beginning new range of price levels for bitcoins.
Cryptocurrency is at the level that it is supposed to be. It's not magic and the price is not going to grow magically and become 100% of the world's economy. So relax man and be confident about having 10x growth for bitcoins in coming months as usually after halving bitcoin may grow rapidly and end up sustaining around 10 times higher value than where it was at the times of halving. So, currently being low is not a big deal and we are at the very beginning new range of price levels for bitcoins.
Educating the market is a complicated thing to do, and often won't be too effective if the market doesn't need or want the product. What we need is a reason to buy (RTB) that appeal to the market according to its needs and wants as the primary focus.
If average Joes ask, "why should I buy Bitcoin?" And your answer is the government is bad, the bank is bad, etc., then you will still get trolled by mainstream Joes. There are lots of Bitcoin property that doesn't involve "ideology." such as, easy to create the wallet, secure, privacy, etc.
If average Joes ask, "why should I buy Bitcoin?" And your answer is the government is bad, the bank is bad, etc., then you will still get trolled by mainstream Joes. There are lots of Bitcoin property that doesn't involve "ideology." such as, easy to create the wallet, secure, privacy, etc.
Cryptocurrency though is still very young, that's why if we are going to compare it to let's say stock market, it is still like a 'dot'. So it is too early to say, perhaps in the next 10-20 years, we will have a good grasp as how big (or small) this market will be. What can we do to push this percentage up? Social media has something to do with it, if they keep on calling and bashing bitcoin then it will have a hard time getting traction, so for me they play a big factor. Of course there is the government, and for some reason, is trying to regulate everything in crypto, including KYC and other measures that can deter our growth. I guess when crypto mature and so it's adoption, it will be a slow process, but definitely, people will find in usefulness and the positive things in can bring to them financially, so crypto doesn't necessarily need some marketing, it will become big naturally..
I still feel the most effective way to introduce bitcoin is to use bitcoin in everyday life even though the government prohibits the use of bitcoin as an alternative payment other than a country's legal currency. We can start it from the community. Or when making online transactions, we ask for payment options using bitcoin. This small action will create a chain effect that is curiosity about "what is bitcoin" for those who do not understand or desire to use bitcoin in transactions, especially in the bitcoin community.
With the many frequencies discussing bitcoin, many people will be increasingly curious and find out. The more people know, the more opportunities people will be attracted to and use bitcoin for everyday transactions even if they are secretly between communities. In this way, the foundation of bitcoin penetration will be strong, although the motion is slow but the growth is certain.
With the many frequencies discussing bitcoin, many people will be increasingly curious and find out. The more people know, the more opportunities people will be attracted to and use bitcoin for everyday transactions even if they are secretly between communities. In this way, the foundation of bitcoin penetration will be strong, although the motion is slow but the growth is certain.
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