The continue increase in the value of bitcoin should stimulate its use every day, as it represents an option that gradually improves our purchasing power to the detriment of the fiat currencies, which on the contrary are facing a gradual and consistent devaluation.
If with $1000 usd today you can buy 10 items and within a year you can only buy 9, possibly with that same $1000 in worth of bitcoin within a year you will be able to buy 15 or more of those same items, which I find very advantageous and stimulating to use your coins at one point.
Topic: How can bitcoin accomodate growth? (Read 734 times)
by increase the block size.
by adding lighting network.
other ways that I have no idea about I am sure.
There are multiple ways to accommodate the growth, the only question remains is it in the best interests of the miners and the people who currently have bitcoin? You do not want to implement a "solution" that makes value go down, with it BTC turning to shit. You gotta do it the right way, but there is always a way.
by adding lighting network.
other ways that I have no idea about I am sure.
There are multiple ways to accommodate the growth, the only question remains is it in the best interests of the miners and the people who currently have bitcoin? You do not want to implement a "solution" that makes value go down, with it BTC turning to shit. You gotta do it the right way, but there is always a way.
I think it's not only because of its functionality. It is also because of its increasing popularity and rumors saying "BTC will hit XX.XXX $" nowadays. Indications about bitcoin shows it simply very popular and getting more attention.
Bitcoin is used as money and profitable investment. It's not unusual for people to use bitcoin as money when bitcoin is on the rise. With the increase in bitcoin value they can get higher returns.
What is wrong on using bitcoin as money even when its price is increasing everyday? Also if merchants don't like to loss anything in terms of fiat due to price volatility, they can use third party gateways like bitpay that will settle all their payments in terms of fiat instantly at market rate when they will receive payment in bitcoins. Bitcoin is being used as both money and profitable investment asset.
We have become so used to fiat currencies depreciating in value that we think it is normal. Why should currencies lose their value? In Bitcoin this seems to be a problem, but it is less of a problem that most would think. Merchants bypass this problem with volatility by using payment processors. The payment processors convert all bitcoins received to fiat currency immediately, so volatility is cancelled. Some payment processors even give merchants a choice to say how much bitcoins should be converted and how much hoarded. So say someone buy something from you today with a bitcoin valued at $2100 and you hoard that bitcoin for a week. The price per Bitcoin goes up to $2300 and your profit just jumped up with $200. < the opposite is also true, because the price might drop >
There is a huge possibility that investing bitcoins for a long term will not profit and will not give profit to you at all due to high volatility on the market,its dangerous to make a long term investment on bitcoin unless you have bought it at very cheap where you can just forget if you lose
Its actually depend on the user itself. Some people use Bitcoin for online payments but I think majority of the people use Bitcoin as a mode of investment. The growth is tremendous to be not taken part of any Bitcoin users. So I guess people mostly enjoy the ability of Bitcoin to increase in value overtime and the purpose of it being a form of money.
If bitcoin shall continue to grow globally, this must also mean that the price will always, at least for many years, be steadily increasing. So it may look good as an investment. But in the long term the goal is, I suppose, that it shall be used as money? But why would people use it as money when the price is always increasing? Or do they have to wait until the investors are done?
Investors won't be done/gone and the reason why we would use it though price is increasing is because we want to make profit. It's a good advantage for people to transact though theh are far away from each other instantly in wich could be better as its price increases again. If bitcoin shall continue to grow globally, this must also mean that the price will always, at least for many years, be steadily increasing. So it may look good as an investment. But in the long term the goal is, I suppose, that it shall be used as money? But why would people use it as money when the price is always increasing? Or do they have to wait until the investors are done?
Bitcoin was originally made as a digital cash or should I say, as a digital MONEY. So if you are asking why others are using bitcoin as money even if it is constantly increasing, then that's the answer for you. Another thing, it is the user's choice whether to use bitcoin as money or as an investment. So if you want to use it as money then do so and if you do not want then don't. It is as simple as that.
If bitcoin shall continue to grow globally, this must also mean that the price will always, at least for many years, be steadily increasing. So it may look good as an investment. But in the long term the goal is, I suppose, that it shall be used as money? But why would people use it as money when the price is always increasing? Or do they have to wait until the investors are done?
think of it this way:
you work and earn money, and then lets say you invest $1000 in bitcoin. then that $1000 grows because bitcoin price is going up and some day you want to buy some stuff. you have to buy them, lets say things like groceries or whatever. you pay with that $1000 investment which is now worth $1500.
so you stored your money in bitcoin instead of putting it in a bank or in your mattress and now for your daily needs that same money is worth a lot more.
I think with that example, why would anyone spend money that is growing, why not use cash or debit/credit cause you know that ain't rising in value at the same pace as bitcoin. Heck even mutual funds and stocks don't typically return on investment that much compared to bitcoin and alt coins
What incentive is there for people to spend bitcoin in this scenario? Over hoarding it.
because you need to eat to stay alive
you need to spend money anyways right? so why not turn that money into bitcoin first and let it be there and grow and when the times comes for spending that money it would worth more and also you can use discounts such as using Gyft.com to make even more profit when buying the same stuff you bought with fiat.
I think Bitcoin will serve four main purposes:
safe haven asset like gold ----> people put money into this because to protect their money from inflation or when world economy goes nuts
investment vehicle like stocks ----> people put money in this in order to gain wealth, save for retirement
payments ----> to actually buy stuff in bitcoin, though this will be the last use of bitcoin that gets widely adopted
bank account ----> instead of storing money in a bank where you have to trust the bank, you can store it yourself in bitcoin
To answer the question that RoommateAgreement has already been answering, let's focus on the third and fourth features: payments and bank account. Obviously people aren't going to spend the money they are investing in bitcoin, because that is a long term investment they want to grow, just like people wouldn't spend the money from their stock portfolio until they were ready to start drawing from it. So when would you buy stuff with bitcoin? When you also use bitcoin as a bank account.
People spend money in their bank account. This is money you aren't investing. Money in a normal bank account will lose value because the interest you get from a savings account is barely above zero, and obviously checking account is zero, and so it doesn't nearly match inflation. When people decide to start storing their bank account money in bitcoin then not only will they be in charge of their money, rather than a bank, but their bank account will also greatly appreciate in value, instead of staying the same fiat amount and losing value due to inflation.
An example to illustrate this:
I likely plan to quit my job later this year, and need to save up a few thousand dollars (since I just put essentially every cent I own in bitcoin and ethereum haha!) the next few months cuz I'll probably spend two or three months not working. So I planned on saving $8000 these next few months. I was gonna keep that in my bank account. I will need to spend that money this Fall/Winter while I'm not working and start looking for a job. But, seeing as I have full confidence that bitcoin and ethereum will continue to grow in value, why would I put my $8000 in my bank account when I could put them in crypto this summer. By the time I'm spending it later this year it will likely be worth a significant amount more than the original $8000. Now I won't actually be buying things directly with bitcoin, instead when I need some money I'll transfer it back to USD and into my bank, but if bitcoin payments were widespread today then there would be no reason for me to not just straight spend my bitcoin.
So the key is, when people hold their money in bitcoin instead of a bank account - that is money they plan on spending in the short to mid term, not bitcoin they've bought for long term investment purposes - that's why people would buy things in bitcoin despite bitcoin's value always going up. Precisely because that is money they are going to spend, they just use bitcoin in the meantime to 1) be in control of their own money rather than the bank, and 2) allow their money to appreciate a bit before they spend it so that they have even more money in their bitcoin "bank account".
To be fair I was wondering the same thing the past few days, thinking why would people in Japan actually buy things in bitcoin, until I realized this yesterday or this morning, which is when I also realized I should put a good bit of the money I'll be saving for later this year in bitcoin rather than my bank, cuz it just makes more sense.
If you want to grow bitcoin around the world, should many people who join a member and participate in investing some of his money in bitcoin.
So, accommodation can grow faster.
Come'on guys join at bitcoin.
So, accommodation can grow faster.
Come'on guys join at bitcoin.
two things will change as time goes by and they will lead to a more stable price and smaller fluctuations.
1- more adoption: which means more demand and more people trading bitcoin also.
2- bitcoin exchanges become bigger: which means the orderbooks will be packed with buy and sell orders and selling a large amount or buying the same won't change the price drastically.
and it is happening already if you compare the fluctuations and the orderbook sizes with 3 years ago, or 5 years ago for example.
1- more adoption: which means more demand and more people trading bitcoin also.
2- bitcoin exchanges become bigger: which means the orderbooks will be packed with buy and sell orders and selling a large amount or buying the same won't change the price drastically.
and it is happening already if you compare the fluctuations and the orderbook sizes with 3 years ago, or 5 years ago for example.
If bitcoin shall continue to grow globally, this must also mean that the price will always, at least for many years, be steadily increasing. So it may look good as an investment. But in the long term the goal is, I suppose, that it shall be used as money? But why would people use it as money when the price is always increasing? Or do they have to wait until the investors are done?
Here we don't have need to wait or anything because the supply after every mine of single Bitcoin because more complicated .So here a big thing is coming that supply is going to rapidly limited and according to the population ratio with the mining Bitcoin , the demand is more .
So here we don't need to think about it and so.we don't need to worry about the pricing and waiting for the big invester , but here we only need to wait until the Bitcoin get spread in the whole world and then increase in the price of the Bitcoin will make you millionaire ( if you have one btc ).
So just make small small investment and small small earnings in the bitcoin and wait for the year 2021 to get rich with the Bitcoin .
If bitcoin shall continue to grow globally, this must also mean that the price will always, at least for many years, be steadily increasing. So it may look good as an investment. But in the long term the goal is, I suppose, that it shall be used as money? But why would people use it as money when the price is always increasing? Or do they have to wait until the investors are done?
think of it this way:
you work and earn money, and then lets say you invest $1000 in bitcoin. then that $1000 grows because bitcoin price is going up and some day you want to buy some stuff. you have to buy them, lets say things like groceries or whatever. you pay with that $1000 investment which is now worth $1500.
so you stored your money in bitcoin instead of putting it in a bank or in your mattress and now for your daily needs that same money is worth a lot more.
I think with that example, why would anyone spend money that is growing, why not use cash or debit/credit cause you know that ain't rising in value at the same pace as bitcoin. Heck even mutual funds and stocks don't typically return on investment that much compared to bitcoin and alt coins
What incentive is there for people to spend bitcoin in this scenario? Over hoarding it.
because you need to eat to stay alive
you need to spend money anyways right? so why not turn that money into bitcoin first and let it be there and grow and when the times comes for spending that money it would worth more and also you can use discounts such as using Gyft.com to make even more profit when buying the same stuff you bought with fiat.
If bitcoin shall continue to grow globally, this must also mean that the price will always, at least for many years, be steadily increasing. So it may look good as an investment. But in the long term the goal is, I suppose, that it shall be used as money? But why would people use it as money when the price is always increasing? Or do they have to wait until the investors are done?
I am sure that bitcoin is already supporting increases the economical growth and digitization in the finance sector. Yes, we can use bitcoin as money in Japan as of now and other countries you have to exchange it and convert it as that concern fiat.
Bitcoin is 100 percent liquid due to decentralized money in use. Once the countries are adopting bitcoin as a legal money or new altcoin for them means it is achievable.
If bitcoin shall continue to grow globally, this must also mean that the price will always, at least for many years, be steadily increasing. So it may look good as an investment. But in the long term the goal is, I suppose, that it shall be used as money? But why would people use it as money when the price is always increasing? Or do they have to wait until the investors are done?
think of it this way:
you work and earn money, and then lets say you invest $1000 in bitcoin. then that $1000 grows because bitcoin price is going up and some day you want to buy some stuff. you have to buy them, lets say things like groceries or whatever. you pay with that $1000 investment which is now worth $1500.
so you stored your money in bitcoin instead of putting it in a bank or in your mattress and now for your daily needs that same money is worth a lot more.
I think with that example, why would anyone spend money that is growing, why not use cash or debit/credit cause you know that ain't rising in value at the same pace as bitcoin. Heck even mutual funds and stocks don't typically return on investment that much compared to bitcoin and alt coins
What incentive is there for people to spend bitcoin in this scenario? Over hoarding it.
If bitcoin shall continue to grow globally, this must also mean that the price will always, at least for many years, be steadily increasing. So it may look good as an investment. But in the long term the goal is, I suppose, that it shall be used as money? But why would people use it as money when the price is always increasing? Or do they have to wait until the investors are done?
think of it this way:
you work and earn money, and then lets say you invest $1000 in bitcoin. then that $1000 grows because bitcoin price is going up and some day you want to buy some stuff. you have to buy them, lets say things like groceries or whatever. you pay with that $1000 investment which is now worth $1500.
so you stored your money in bitcoin instead of putting it in a bank or in your mattress and now for your daily needs that same money is worth a lot more.
If bitcoin shall continue to grow globally, this must also mean that the price will always, at least for many years, be steadily increasing. So it may look good as an investment. But in the long term the goal is, I suppose, that it shall be used as money? But why would people use it as money when the price is always increasing? Or do they have to wait until the investors are done?
Why can't people use bitcoin when its value is increasing? That's something for you to think about.
People use currencies when they are depreciating. Right now this is the case for essentially every fiat currency. People use gold, which arguably is always going up in fiat terms in the long run. There is no rule that states "we can't use a currency that appreciates in value". Bitcoin arguably isn't as much currency as it is an asset, just like gold as well.
In fact bitcoin isn't even deflationary. It's disinflationary which means that the supply will go up, just like fiats but in a controlled manner so nobody can abuse it. Bitcoin goes up in fiat terms because fiat monetary base expands so much. But its true value in the long run is pretty stable in theory.
If bitcoin shall continue to grow globally, this must also mean that the price will always, at least for many years, be steadily increasing. So it may look good as an investment. But in the long term the goal is, I suppose, that it shall be used as money? But why would people use it as money when the price is always increasing? Or do they have to wait until the investors are done?
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