Topic: Crypto's economic value is surprisingly low :'( - page 3. (Read 744 times)

It is indeed low. There are of course a lot of factors that affect that. One of which is that Bitcoin is certainly having a hard time competing against a well-established fiat system, which is the one sanctioned by the powerful governments and the elites. Another would be the old challenge resulting from having a currency whose value appreciates over time. Spending, in that case, is expected to be less. This is one of the economic rationale why inflation is somehow necessary; people have to be compelled to buy now rather than later.

I can say, cryptocurrency is still like a 3-year-old baby, too young for cryptocurrency to take over the world transaction system. The next 15 to 20 years is the best time for cryptocurrency because this is the future, the world really needs a change

many countries are currently studying cryptocurrencies and blockchain technology, going forward it will be more and more

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.

I agree that introducing blockchain technology in teaching will help increase the market share of cryptocurrency. but I don't think it will benefit the nation. Although there are many who have become millionaires thanks to crypto and bitcoin trading. But think, with a free, lawless, and continuous market of whales manipulation, you think it would be safe?
You may not know that, many people are getting more and more losses because of trading and only whales are getting richer. Defi was born to manipulate and it should only have a small capitalization. This is what whales want to be able to manipulate everything easily. I do not encourage people to participate in this market, if you have knowledge, invest in the stock market. That's where real unicorns come from and it's always valuable!

Tend to agree to the idea of community awareness for Bitcoin or the entire cryptocurrency. It really takes a lot of time and effort but if we wish for global acceptance of Bitcoin then first we better let everyone know what these crypto digital currencies are there it's potential and advantages in using a decentralized currency.

Since bitcoin is not owned by anyone or a product of a specific business then no one will spend thousands of dollars for television advertisement, and that being said global awareness will be difficult in fact internet service will also be an obstacle for cryptocurrency for there are communities especially the rural ones has no internet service yet and some of them still consider the internet as not a commodity but leisure. However, it is every culture's norm to learn and adopt new things especially if they find it beneficial to them so in time definitely more people will learn what is cryptocurrency all about and they will start to enter the crypto world.

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.

Unique wallet addresses =/= unique users of Bitcoin. And it's surely not a good metric to go by to judge mass adoption of cryptocurrency. Take into account that there are thousands of cryptocurrencies of which a lot are worthless included in that figure.

with a course of a decade the cryptocurrency is still a little, it may look like we have achieved a lot but we really did not however there is no thing in the world that come up big, we have this so called process to undergo before evolving. What can we do to make the percentage up? I say continue the support to crypto, any support will make a change on the percentage not just with bitcoin. Now we know the main reason why fiat will never be replaced by bitcoin or any other crypto.

There are also some drawbacks about cryptocurrencies that don't allow to use them as a medium of exchange now. Crypto needs more time to develop enough, and people will be interested in it. Btw it isn't correct to compare crypto with gold. Gold has been used as an assets for several millenniums, of cause, its supply is much bigger. 

This is not surprising, given that cryptocurrency is still a little over ten years old. This type of financial asset is completely new and completely different from other traditional assets. To use cryptocurrency, you need to have certain knowledge, skills, technical devices, access to the Internet, and so on. The language barrier is also of great importance. For ordinary people who earn their living in a completely different activity, often there is not even enough time to be interested in cryptocurrency. Cryptocurrency has already achieved a lot in this short time. Therefore, I am absolutely not surprised by such figures. Cryptocurrency requires much more time for development.

"Bitcoin accounted for just 0.4% of the world's money.
Bitcoin was worth only about 1.6% as much as the world's gold supply.
All cryptocurrencies combined accounted for less than 0.7% of the world's money . "
(Taken from investopedia.com )

"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 )

Taking into account the number of users of cryptocurrencies , it is quite shocking to see the world economy they are accounting for . It is both shocking plus unreasonable to see the abilities of cryptocurrencies being limited by both government and people.

Small percentages might be insignificant but we need to understand that it does play an important role in establishing something. Cryptocurrencies have huge potential . 1 BTC might be worth more than most of the stocks out there but the overall value in the papers is surprisingly low.

"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)

What we can do to push this percentage up ?
* I do think it is really important to educate people about the cryptocurrencies like Bitcoins, most of them still call it a scam ! , We need to answer these questions as a professional to them .
Considering the immense potential it has , even if one person introduce Bitcoins to 10 people , it's economic value will inturn increase , making it more beneficial for the whole community.

Why is it important to do that ?
Economic value of something does reflect largely on the thing itself , we have been asking government time and again to consider cryptocurrencies seriously , if we efficiently introduce it to normal people , even take time out to make sure they have a wallet installed in their mobile phones , it would someday interest them into learning more about it , it would make sure that cryptocurrencies are considered *normal* , *real* , *beneficial* .

Also to all the people out there who are accepting BTC and other cryptocurrencies for their services , you are already doing a valuable job for the community , feel free to share your experiences .

Please feel free to add your points and counter points , constructive criticism is highly valued since am also learning and this platform is for discussing your ideas and thoughts not for fighting