Topic: If most of Bitcoin is owned by few it cannot be a store of wealth for all - page 2. (Read 603 times)
February 27, 2021, 06:26:29 PM
I'd rather say Bitcoin will not be believed as a store of wealth, if that's the case. Its market value will move in a different manner. The reason why its market price is volatile, is simply because its value is determined by demand and supply. Volatility is also the reason why many people are interested "storing" their wealth into this technology by means of investment, because as price goes up, profit is being earned. And this won't be possible if Bitcoin will be limited to only few people. The market price in such way will be less volatile, or somewhat stable, and not to mention that its usage will be also limited to people who has holdings, and will more likely not acknowledged by institutions and businesses.
February 27, 2021, 05:34:17 PM
I don't know the exact percentage, but most of BTC is owned by a few.
So logically, BTC can never become a store of wealth for the masses.
BUT if BTC cannot serve as storage of wealth for all and neither as day to day currency due to very slow and increasingly expensive transfers, what role will BTC play in the future?
I honestly think that it will become a billionaire's toy in the future and coins like XLM which offer incredibly fast and inexpensive transfers, will play the major role in the financial day to day transactions.
So I believe that the people who have just started to invest in crypto should consider these other coins and forget about bitcoin.
If the world will accept crypto as currency, it won't be BTC.
So logically, BTC can never become a store of wealth for the masses.
BUT if BTC cannot serve as storage of wealth for all and neither as day to day currency due to very slow and increasingly expensive transfers, what role will BTC play in the future?
I honestly think that it will become a billionaire's toy in the future and coins like XLM which offer incredibly fast and inexpensive transfers, will play the major role in the financial day to day transactions.
So I believe that the people who have just started to invest in crypto should consider these other coins and forget about bitcoin.
If the world will accept crypto as currency, it won't be BTC.
Your argument does not make any sense.
By your logic, the only way to have a long term store of wealth is if we had a completely socialist currency that is equally distributed?
How would that even work? And when someone transacts, doesn't the equilibrium get disturbed? Again by your logic, the whole store of value would fall apart because wealth is now disproportionally allocated?
Just look at gold, silver, etc. which have been stores of value for millenniums now. What they have in common is natural scarcity that can't be manipulated by human intervention, even though their distribution is highly unequal and skewed as well - and that is what makes BTC a good store of value in the long run.
February 27, 2021, 04:37:29 PM
I don't know the exact percentage, but most of BTC is owned by a few.
So logically, BTC can never become a store of wealth for the masses.
BUT if BTC cannot serve as storage of wealth for all and neither as day to day currency due to very slow and increasingly expensive transfers, what role will BTC play in the future?
I honestly think that it will become a billionaire's toy in the future and coins like XLM which offer incredibly fast and inexpensive transfers, will play the major role in the financial day to day transactions.
So I believe that the people who have just started to invest in crypto should consider these other coins and forget about bitcoin.
If the world will accept crypto as currency, it won't be BTC.
So logically, BTC can never become a store of wealth for the masses.
BUT if BTC cannot serve as storage of wealth for all and neither as day to day currency due to very slow and increasingly expensive transfers, what role will BTC play in the future?
I honestly think that it will become a billionaire's toy in the future and coins like XLM which offer incredibly fast and inexpensive transfers, will play the major role in the financial day to day transactions.
So I believe that the people who have just started to invest in crypto should consider these other coins and forget about bitcoin.
If the world will accept crypto as currency, it won't be BTC.
You know, I am a newbie and I also do not know much about bitcoin. I am also thinking about the decentralization of Bitcoin. If rich people and companies are buying thousands of it. Won't they be able to manipulate the market as well? I am not sure about this but I really want to know. Also, when Stock market is down, seems that bitcoin follows.
February 27, 2021, 04:20:31 PM
Why is a rich person like Elon Musk interested in investing in Bitcoin, because he knows that Bitcoin can make a profit and make him even richer.
But most people avoid investing in Bitcoin, because they don't understand that investing in Bitcoin can make they rich. Same thing with Gold,
why is Gold now more attractive to many people than Bitcoin. Because everyone already understands that saving Gold can make they rich. While
there are still many people who don't understand Bitcoin, in the end people will only invest in something they know. So it is natural for now most of
Bitcoin is owned by the rich. But that doesn't mean ordinary people can't store their wealth in Bitcoin. However, they themselves do not understand
that storing wealth in Bitcoin will provide big profits in the future.
But most people avoid investing in Bitcoin, because they don't understand that investing in Bitcoin can make they rich. Same thing with Gold,
why is Gold now more attractive to many people than Bitcoin. Because everyone already understands that saving Gold can make they rich. While
there are still many people who don't understand Bitcoin, in the end people will only invest in something they know. So it is natural for now most of
Bitcoin is owned by the rich. But that doesn't mean ordinary people can't store their wealth in Bitcoin. However, they themselves do not understand
that storing wealth in Bitcoin will provide big profits in the future.
February 27, 2021, 03:42:45 PM
Who said that bitcoin was solely created for that store of wealth in the first place? This had been created for new way payment system and earning profit is just a bonus.
Also bitcoin isnt just owned by few even though there are people or companies who do have tons but doesnt mean that they do have the full control in the market.Considering
the supply plus those lost bitcoins then you can tell that it is diversified or allocated into lots of hands somehow there would be always those people
who are always on the top or peak side.
Also bitcoin isnt just owned by few even though there are people or companies who do have tons but doesnt mean that they do have the full control in the market.Considering
the supply plus those lost bitcoins then you can tell that it is diversified or allocated into lots of hands somehow there would be always those people
who are always on the top or peak side.
February 27, 2021, 03:15:35 PM
In one way I may agree with you but the other way, I may not, in my own understanding, bitcoin is too expensive for low category of investors to get thereby resulting to low demand by lower tier investors but to celebrities and influencers, also bitcoin transaction takes a lot of time all these while causing mempool congestion thereby making investors moving on to other coins like doge, Tron, for faster transaction with respect to low fee unlike bitcoin, Invariably, bitcoin usability may be for the richer in the future and other coins for the poorer.
In addition, bitcoin is regarded as the first mover advantage over every coins so perfectly, institutions and other companies adopts it because of its trustability more than other smaller coins.
In addition, bitcoin is regarded as the first mover advantage over every coins so perfectly, institutions and other companies adopts it because of its trustability more than other smaller coins.
If in the first place, if there's only few people who owned bitcoin i bet that its price wouldn't get where it was today, it wouldn't make a noise in the life of people. For sure, it wouldn't become a trending cryptocurrency and there's only few who knows about the existence in bitcoin. It never satisfies the law of demand and supply and to think that there is only few who have it, then the trader market would have no color. I guess it is somewhat boring and no life kind of business market.
February 27, 2021, 02:53:28 PM
there are still amount of bitcoin that are not yet mined
We have less than 3million Bitcoin that is yet to be mined. The data stands at 18,640,481 in circulation as against the 21,000,000 total supply it has.the probability that bitcoin will be owned by rich people or institutions are not yet possible.
The way it looks now, it's among getting out of the link of individuals as institutions are coming in and buying heavily ATM. Individuals had their chances a long time ago and just a few took that initiative to buy in and hodl.only those people who has enough money can buy it now.
Wrong! Only those who value it will want to buy it. Owing Bitcoin or any other cryptocurrencies isn't about having money but about placing enough value on it to want to buy it. February 27, 2021, 02:39:05 PM
Nothing in life has ever been for all. There are always those who won't have access to certain things of life, no matter how necessary those things are. Even as essential as drinking water is, not everyone still has access to potable water across the globe. Do I go ahead and mention gold? Let me leave it at that. I don't think it's self defeating that Bitcoin as a store of value won't be for everyone. You need the Internet to be able to receive and send out Bitcoin. Not everyone or country has internet access. That's a common knowledge. So, let no one drum it to you that for Bitcoin to be a store of value it must be accessible to all. Nah!
Indeed, also for my point of view bitcoin cannot be consumed by few people there are still amount of bitcoin that are not yet mined so the probability that bitcoin will be owned by rich people or institutions are not yet possible. I also agree investment like bitcoin and other such as gold cannot be purchased by all people no pun intended and no other meaning but that is true, only those people who has enough money can buy it now. February 27, 2021, 02:04:36 PM
Nothing in life has ever been for all. There are always those who won't have access to certain things of life, no matter how necessary those things are. Even as essential as drinking water is, not everyone still has access to potable water across the globe. Do I go ahead and mention gold? Let me leave it at that. I don't think it's self defeating that Bitcoin as a store of value won't be for everyone. You need the Internet to be able to receive and send out Bitcoin. Not everyone or country has internet access. That's a common knowledge. So, let no one drum it to you that for Bitcoin to be a store of value it must be accessible to all. Nah!
February 27, 2021, 10:39:01 AM
In one way I may agree with you but the other way, I may not, in my own understanding, bitcoin is too expensive for low category of investors to get thereby resulting to low demand by lower tier investors but to celebrities and influencers, also bitcoin transaction takes a lot of time all these while causing mempool congestion thereby making investors moving on to other coins like doge, Tron, for faster transaction with respect to low fee unlike bitcoin, Invariably, bitcoin usability may be for the richer in the future and other coins for the poorer.
In addition, bitcoin is regarded as the first mover advantage over every coins so perfectly, institutions and other companies adopts it because of its trustability more than other smaller coins.
In addition, bitcoin is regarded as the first mover advantage over every coins so perfectly, institutions and other companies adopts it because of its trustability more than other smaller coins.
February 27, 2021, 02:44:41 AM
I don't know the exact percentage, but most of BTC is owned by a few.
So logically, BTC can never become a store of wealth for the masses.
BUT if BTC cannot serve as storage of wealth for all and neither as day to day currency due to very slow and increasingly expensive transfers, what role will BTC play in the future?
I honestly think that it will become a billionaire's toy in the future and coins like XLM which offer incredibly fast and inexpensive transfers, will play the major role in the financial day to day transactions.
So I believe that the people who have just started to invest in crypto should consider these other coins and forget about bitcoin.
If the world will accept crypto as currency, it won't be BTC.
Not sure where you got all those information from. Are you sure "most of the coins" are held by few people? Or are you just assuming things? Based on the stats provided by shield132 (not sure if legit or not or how accurate it is), you can see that the coins are well spread and no such address holds "most of the coins" (though I agree, you can't exactly know who holds the wallets. Like someone might spread his coins into different address). But still, what makes you think its not possible to use crypto currencies as store of wealth if most bitcoins are owned by few people? People use gold as store of value, yet the governments of the world owns most of the golds.So logically, BTC can never become a store of wealth for the masses.
BUT if BTC cannot serve as storage of wealth for all and neither as day to day currency due to very slow and increasingly expensive transfers, what role will BTC play in the future?
I honestly think that it will become a billionaire's toy in the future and coins like XLM which offer incredibly fast and inexpensive transfers, will play the major role in the financial day to day transactions.
So I believe that the people who have just started to invest in crypto should consider these other coins and forget about bitcoin.
If the world will accept crypto as currency, it won't be BTC.
And why XLM?
February 27, 2021, 01:30:11 AM
Quote
If the world will accept crypto as currency, it won't be BTC.
why not . its the btc that they will accept first because btc is the crypto that they will see the most or the crypto that they will see first before the altcoins . can i ask you what crypto did you start on .
its the btc i guess ? because me and the people that i know did also started in btc and it depends on what is your definition of store value but for me btc is a store of value because it is a currency
February 27, 2021, 01:25:11 AM
I don't know the exact percentage, but most of BTC is owned by a few.
So logically, BTC can never become a store of wealth for the masses.
BUT if BTC cannot serve as storage of wealth for all and neither as day to day currency due to very slow and increasingly expensive transfers, what role will BTC play in the future?
I honestly think that it will become a billionaire's toy in the future and coins like XLM which offer incredibly fast and inexpensive transfers, will play the major role in the financial day to day transactions.
So I believe that the people who have just started to invest in crypto should consider these other coins and forget about bitcoin.
If the world will accept crypto as currency, it won't be BTC.
So logically, BTC can never become a store of wealth for the masses.
BUT if BTC cannot serve as storage of wealth for all and neither as day to day currency due to very slow and increasingly expensive transfers, what role will BTC play in the future?
I honestly think that it will become a billionaire's toy in the future and coins like XLM which offer incredibly fast and inexpensive transfers, will play the major role in the financial day to day transactions.
So I believe that the people who have just started to invest in crypto should consider these other coins and forget about bitcoin.
If the world will accept crypto as currency, it won't be BTC.
No it cannot, and this recent price hike just make it even farther more from the masses, I mean it is very easy for a rich dude like Elon to throw in $1.5 bn to buy btc within a twinkle of an eye, same applies to other rich dudes out there, something the masses will not be able to do so easily,
Lets face it, btc is no longer for the masses, it is now the currency for the rich, an avenue where the so-called institutional investors display their wealth freely, the only thing the masses can get is the crumbs
February 27, 2021, 12:57:05 AM
Quote
So logically, BTC can never become a store of wealth for the masses.
"The masses" can decide to whether buy or not to buy BTC.Most of the people will decide to stay away from Bitcoin,because they don't fully understand it.
Bitcoin is not designed to automatically make the poor people rich.You can't become rich without putting efforts,working hard and making sacrifices.
Yes,Bitcoin is "digital gold" and maybe some altcoins are more suitable and daily usage,but no altcoin can beat Bitcoin in terms of trust and authority.
February 26, 2021, 11:47:49 PM
I agree that most of the Bitcoin in circulation are owned by the rich, but that does not mean that ordinary people cannot store wealth in Bitcoin.
Because Gold and money are also mostly owned by rich people, but the proof is that many ordinary people can store wealth in Gold and Money as well.
In conclusion Bitcoin was created for everyone, so I believe we all have the opportunity to own Bitcoin. Then it is impossible for Bitcoin to be forgotten,
and replaced by other coins. Because Bitcoin is the best coin, which has the highest demand. So until whenever Bitcoin may not be replaced by altcoins.
Of course the rich will be richer if they have everything you mention including bitcoins, all will generate wealth and but it all depends on how many bitcoins or other they have.Because Gold and money are also mostly owned by rich people, but the proof is that many ordinary people can store wealth in Gold and Money as well.
In conclusion Bitcoin was created for everyone, so I believe we all have the opportunity to own Bitcoin. Then it is impossible for Bitcoin to be forgotten,
and replaced by other coins. Because Bitcoin is the best coin, which has the highest demand. So until whenever Bitcoin may not be replaced by altcoins.
Most of those who have large amounts of bitcoin are mostly wealthy people because they believe bitcoin is a valuable asset and is backed by capital that will generate large returns, especially in the long term.
Bitcoin is for everyone and the only difference is the individual situation and the number of bitcoins they have, and the rich will remain the masters in everything including the ability to own multiple bitcoins.
February 26, 2021, 11:21:37 PM
I agree that most of the Bitcoin in circulation are owned by the rich, but that does not mean that ordinary people cannot store wealth in Bitcoin.
Because Gold and money are also mostly owned by rich people, but the proof is that many ordinary people can store wealth in Gold and Money as well.
In conclusion Bitcoin was created for everyone, so I believe we all have the opportunity to own Bitcoin. Then it is impossible for Bitcoin to be forgotten,
and replaced by other coins. Because Bitcoin is the best coin, which has the highest demand. So until whenever Bitcoin may not be replaced by altcoins.
Because Gold and money are also mostly owned by rich people, but the proof is that many ordinary people can store wealth in Gold and Money as well.
In conclusion Bitcoin was created for everyone, so I believe we all have the opportunity to own Bitcoin. Then it is impossible for Bitcoin to be forgotten,
and replaced by other coins. Because Bitcoin is the best coin, which has the highest demand. So until whenever Bitcoin may not be replaced by altcoins.
February 26, 2021, 04:13:25 PM
First of all most people do not even have savings to begin with so they have nothing to store in bitcoin, if things were different then we could see bitcoin serving as a store of value for them, the same happens with gold by the way, do you think that people actually are holding gold? Except for those that have a few pieces of jewelry made of gold the rest of the population is not holding any so that is not something that worries me at all.
The real challenge come from everyday use, the fees are very expensive and as long as that is the case then making small transactions is not an option, you can do several things to lower that cost but even those measures are not enough so we will have to see if the lightning network which was the proposed solution to this problem actually works as advertised, if it does then bitcoin will also become the coin that we will use in our everyday transactions.
The real challenge come from everyday use, the fees are very expensive and as long as that is the case then making small transactions is not an option, you can do several things to lower that cost but even those measures are not enough so we will have to see if the lightning network which was the proposed solution to this problem actually works as advertised, if it does then bitcoin will also become the coin that we will use in our everyday transactions.
New Survey Reveals 12% of The American Population Owns Gold, While 14.7% Owns Silver
https://www.prnewswire.com/news-releases/new-survey-reveals-12-of-the-american-population-owns-gold-while-14-7-owns-silver-300942963.html
One recent survey showed that 11% of Americans own Bitcoin, which would mean about 30 million Bitcoin owners in America. Another study found that about 5% of Europeans own bitcoins (37 million owners).
Still what worries me is that when the next crisis comes many people are going to be left with nothing as they have no assets that can be considered to be a store of value, real estate most of the time follows inflation but when there is hyperinflation the price of real estate goes down dramatically as people scale down on their living expenses and one of the first to go is the big house.
February 20, 2021, 12:39:03 PM
if it is used as a store of bitcoin wealth, of course, it will be very risky because of the very high fluctuating value of bitcoin. Price changes will be faster. You can gain and lose from bitcoin if it is used as a store of wealth. It also depends on how much you buy bitcoins. Bitcoin is not a good store of wealth in my opinion.
Bitcoin remains the first cryptocurrency and the center of all crypto.
Bitcoin remains the first cryptocurrency and the center of all crypto.
February 20, 2021, 01:56:54 AM
Apart from Satoshi Nakamoto, there is no large holder of Bitcoin who owns more than 1% of the circulating supply. So that puts an to end the question about "a few owning the most". No accurate figure is available for the number of Bitcoin owners. Estimates range from 20 million to 200 million, which is a minuscule figure when compared to the number of people who own fiat cash or gold. But the user base is expanding with every passing year. And along with the increase in user base, we will see a change in the ownership structure. Top holders will cash out some of their holdings, while more and more small sized holders will enter the picture.
No accurate figure for now but with more institutional investors coming in, I think that we will slowly realize that bitcoin is owned by the few. There seems to be a problem with that 1% some estimates say it is around 3% so I don't know what to believe in because of the mix up in data. Even though it is expanding, most people can't afford to buy one bitcoin let alone a .1 or a .01. Hopefully, the top hodlers will do that and the smaller ones will do that but what happens if that were not to happen would be proving that bitcoin is owned by few. February 19, 2021, 11:54:01 PM
So I believe that the people who have just started to invest in crypto should consider these other coins and forget about bitcoin.
If the world will accept crypto as currency, it won't be BTC.
Of course, you are saying Bitcoin is just owned by a few people. And that because only a few people want to choose it either rather than to keep local money, investing on bonds and runs a traditional business.
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