If no one spends bitcoin what might happen? - page 44.

abel1337

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Quote from: kanazawa on November 25, 2016, 08:19:50 PM

If the acceptance is almost 0, the value of the coin tends to go to 0 too... like any other currency in the world... taking for example, the Venezuelan Bolivar... nobody "trades" with this shit currency... I mean, WTF I'm gonna do with that if I can't spend it nowhere? Different from US Dollar that is accepted anywhere, and it's a "substitute coin" in many countries like Argentina, Paraguay, etc... If everyone holds Bitcoin, the market capitalization will fall brutally because even with many people wanting, if nobody sells, the "appreciation" falls too and people choose another currency that they at least could use it. That's linked with the liquidity, and if it's low, the price tends to go down.

I agree with this , If no one uses bitcoin and everyone holds it.Bitcoin will rapidly fall down and bitcoin will just become history.

But it is hard that no one will use bitcoin.Unless the government of your country banned it and neighbor countries do it until whole world ban it. It is the only idea i know on how bitcoin will fall down

kanazawa

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If the acceptance is almost 0, the value of the coin tends to go to 0 too... like any other currency in the world... taking for example, the Venezuelan Bolivar... nobody "trades" with this shit currency... I mean, WTF I'm gonna do with that if I can't spend it nowhere? Different from US Dollar that is accepted anywhere, and it's a "substitute coin" in many countries like Argentina, Paraguay, etc... If everyone holds Bitcoin, the market capitalization will fall brutally because even with many people wanting, if nobody sells, the "appreciation" falls too and people choose another currency that they at least could use it. That's linked with the liquidity, and if it's low, the price tends to go down.

erikmatik

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If no one spends bitcoin then its value becomes useless. Bitcoin's capability to be easily used to buy commodities as well as itself and other cryptocurrencies, and be traded is what makes it strong as a cryptocurrency. Not using it destroys its character as a purchasing medium.

jak3

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if no one spends bitcoin then it can become such a huge problem because there are two probabilty one is that the bitcoin price will start increasing rapidly and the second is the market will soon collaps

FLoving

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Quote from: Taki on November 25, 2016, 07:35:34 AM

Quote from: lEgEndArIUs on November 25, 2016, 03:54:55 AM

Quote from: ufaiz50 on November 25, 2016, 03:24:00 AM

if no one spends bitcoin maybe altcoins will be gone, but chances of that happening is very small, remember bitcoin is cryptocurrency a great for the future

Altcoin will gone and bitcoin will die, as such no one is spending money, I think it imposible, bitcoin created not to be stored but used for the transactions.

Chances are really small today that bitcoin will disappear cause of nobody will use it. Today popularity of bitcoin is only growing. Soon governments and banks will admit bitcoin and will start to work with it. But some big hacking can destroy everything and bitcoin will loose it's users.

But if no one will use it then it is right that the value of bitcoin will start to reduce because the market will not have its importance and the supporters in the shape of shops etc will reduce while if everyone will use and spend it then the market will know that people like to spend bitcoins then they will avail the feature of bitcoin payment and bitcoin will get more support.

wxa7115

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Quote from: lEgEndArIUs on November 25, 2016, 03:54:55 AM

Quote from: ufaiz50 on November 25, 2016, 03:24:00 AM

if no one spends bitcoin maybe altcoins will be gone, but chances of that happening is very small, remember bitcoin is cryptocurrency a great for the future

Altcoin will gone and bitcoin will die, as such no one is spending money, I think it imposible, bitcoin created not to be stored but used for the transactions.

Bitcoin is money and one of the most important characteristics of money is to be a store of value, so by definition bitcoin was created to be spent that is correct but it was also created to be stored for as long as we want.

richmcrich

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Quote from: rizkyhiw on November 24, 2016, 10:08:45 AM

Quote from: blackmachinegun on November 24, 2016, 06:05:31 AM

Quote from: goldcoinminer on November 24, 2016, 01:58:33 AM

Quote from: Doms on November 24, 2016, 12:27:33 AM

Part of the reason why someone is hesitant to use bitcoin is due to the limited number of merchants accepting it, be it online or physical shops. I know that there are more shops and online stores accepting bitcoin, compared to two years ago, but still, we see that there's still a lot of work to be done. Currently, I am spending my bitcoins only on a few things and if the need arises, I just convert mine to fiat.

That's for now but we are looking for a better future, the main reason is we are still in the adoption stage and though a lot have adopted but not big enough to attract investors open a business where they will have to accept bitcoin for our convenience as well.

one of the reasons why investors are interested in bitcoin is because there are many people doing spending in bitcoin, so they think bitcoin have users and a big market? I can not imagine if people do not want spending their bitcoin

One of the main purpose of bitcoin invention is for payment system
If noone use bitcoin as payment tool i think it has violated bitcoin purpose itself
The price might keep increasing as long as there a lot of demands it's the basic principle of economy right?

Well, though it is like living in isolation for me to expect that bitcoins would stop dealing, because bitcoins have become a major part of my life. All the people I know have 10s of addresses and wallets and they make like 50-100 transactions daily.

Now this is for one group, guess how many such peer groups are there and how many companies are there who make like 1 million transactions in an hour. (maybe primedice ?)

BingoDog

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It's impossible to make the situation that no one is spending no coins at all. How would you control this?
But let's imagine that happens. Bitcoin would probably start to stagnate because there will be no need for it anymore. The price would probably also fall. Not a nice scenario.

whizter

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Quote from: lEgEndArIUs on November 25, 2016, 03:54:55 AM

Quote from: ufaiz50 on November 25, 2016, 03:24:00 AM

if no one spends bitcoin maybe altcoins will be gone, but chances of that happening is very small, remember bitcoin is cryptocurrency a great for the future

Altcoin will gone and bitcoin will die, as such no one is spending money, I think it imposible, bitcoin created not to be stored but used for the transactions.

bitcoin is not going to die, as bitcoin is one of the most popular crypto currency of the world therefore it cannot die, as it is a decentralize currency and not belong to a state or person or a group who can banned it and people will stop using it, bitcoin is free from all these worries therefore it will continue for ever and not gong to die.

rapazev

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if no one spends bitcoin the price will increase faster than it is right now.
supply x demand law, i'm pretty sure demand will keep increasing and if no one spends will be like supply reducing(like what happened to dash with masternodes)

eternalgloom

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Quote from: Taki on November 25, 2016, 07:35:34 AM

Quote from: lEgEndArIUs on November 25, 2016, 03:54:55 AM

Quote from: ufaiz50 on November 25, 2016, 03:24:00 AM

if no one spends bitcoin maybe altcoins will be gone, but chances of that happening is very small, remember bitcoin is cryptocurrency a great for the future

Altcoin will gone and bitcoin will die, as such no one is spending money, I think it imposible, bitcoin created not to be stored but used for the transactions.

Chances are really small today that bitcoin will disappear cause of nobody will use it. Today popularity of bitcoin is only growing. Soon governments and banks will admit bitcoin and will start to work with it. But some big hacking can destroy everything and bitcoin will loose it's users.

This is all just too simple, some bg hack wouldn't destroy Bitcoin, we already survived Mt. Gox and other big hacks, so I don't think a big hack would be able to completely destroy Bitcoin.

And about governments and banks working with Bitcoin: I don't think that will ever happen, they're too much invested into being in control of their currency, so they wouldn't want anything to do with Bitcoin itself.
Blockchain =/= Bitcoin

el kaka22

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Quote from: Taki on November 25, 2016, 07:35:34 AM

Quote from: lEgEndArIUs on November 25, 2016, 03:54:55 AM

Quote from: ufaiz50 on November 25, 2016, 03:24:00 AM

if no one spends bitcoin maybe altcoins will be gone, but chances of that happening is very small, remember bitcoin is cryptocurrency a great for the future

Altcoin will gone and bitcoin will die, as such no one is spending money, I think it imposible, bitcoin created not to be stored but used for the transactions.

Chances are really small today that bitcoin will disappear cause of nobody will use it. Today popularity of bitcoin is only growing. Soon governments and banks will admit bitcoin and will start to work with it. But some big hacking can destroy everything and bitcoin will loose it's users.

There are places where people could lead a life only with bitcoins similarly there are many business which are solely preferring bitcoin as their mode of payment. I mean to say, there are no absolute possibility for no one will spend bitcoins. So, what will happen if no one spend must be just an hypothetical question, still we can answer it like will definitely affect entire bitcoin ecosystem.

danherbias07

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Quote from: lEgEndArIUs on November 25, 2016, 03:54:55 AM

Quote from: ufaiz50 on November 25, 2016, 03:24:00 AM

if no one spends bitcoin maybe altcoins will be gone, but chances of that happening is very small, remember bitcoin is cryptocurrency a great for the future

Altcoin will gone and bitcoin will die, as such no one is spending money, I think it imposible, bitcoin created not to be stored but used for the transactions.

Wait wait. Altcoins will die but still bitcoin will stay. Remeber there are no altcoins way back. They just suddenly popped out of nowhere with the bloating popularity of bitcoin. Many trying hard developers tried to mimic it just for one sole purpose. What is that? Of course money. We cant trust this altcoins for long term investments.

SvenBomvolen

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If no one spends bitcoins economy will stagnate, that is not good. Current economy demands consumers, in other case we cant work, everything will fall apart.

Quote from: mastica on November 25, 2016, 08:21:59 AM

If people stop spend bitcoins we can see two things happening, one is price skyrocket in the short time, where the supply will be lower then the demand, the other side might be the end to bitcoin if it isnt used to anything, giving the currencie no value or use.
But this are things that wont happen, several people are saving their bitcoins since last year, and some even before expecting a recovery of bitcoin, something that is happening.

With no one to spend bitcoins, supply will be lower then demand, just for a short time. In long time to come if no one use bitcoin they can just lose value and disappear in one moment. One thing lead to another one, there will be people who save and people who spend, both are equally important for economy in rise.

mastica

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If people stop spend bitcoins we can see two things happening, one is price skyrocket in the short time, where the supply will be lower then the demand, the other side might be the end to bitcoin if it isnt used to anything, giving the currencie no value or use.
But this are things that wont happen, several people are saving their bitcoins since last year, and some even before expecting a recovery of bitcoin, something that is happening.

Taki

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Quote from: lEgEndArIUs on November 25, 2016, 03:54:55 AM

Quote from: ufaiz50 on November 25, 2016, 03:24:00 AM

if no one spends bitcoin maybe altcoins will be gone, but chances of that happening is very small, remember bitcoin is cryptocurrency a great for the future

Altcoin will gone and bitcoin will die, as such no one is spending money, I think it imposible, bitcoin created not to be stored but used for the transactions.

Chances are really small today that bitcoin will disappear cause of nobody will use it. Today popularity of bitcoin is only growing. Soon governments and banks will admit bitcoin and will start to work with it. But some big hacking can destroy everything and bitcoin will loose it's users.

Jamada

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Quote from: lEgEndArIUs on November 25, 2016, 03:54:55 AM

Quote from: ufaiz50 on November 25, 2016, 03:24:00 AM

if no one spends bitcoin maybe altcoins will be gone, but chances of that happening is very small, remember bitcoin is cryptocurrency a great for the future

Altcoin will gone and bitcoin will die, as such no one is spending money, I think it imposible, bitcoin created not to be stored but used for the transactions.

With the bitcoin, you can both store and use it. It is better to hold 70% of the coins and use the rest occasionally.

lEgEndArIUs

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Quote from: ufaiz50 on November 25, 2016, 03:24:00 AM

if no one spends bitcoin maybe altcoins will be gone, but chances of that happening is very small, remember bitcoin is cryptocurrency a great for the future

Altcoin will gone and bitcoin will die, as such no one is spending money, I think it imposible, bitcoin created not to be stored but used for the transactions.

ufaiz50

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if no one spends bitcoin maybe altcoins will be gone, but chances of that happening is very small, remember bitcoin is cryptocurrency a great for the future

bamboylee

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Quote from: goldcoinminer on November 24, 2016, 01:58:33 AM

Quote from: Doms on November 24, 2016, 12:27:33 AM

Part of the reason why someone is hesitant to use bitcoin is due to the limited number of merchants accepting it, be it online or physical shops. I know that there are more shops and online stores accepting bitcoin, compared to two years ago, but still, we see that there's still a lot of work to be done. Currently, I am spending my bitcoins only on a few things and if the need arises, I just convert mine to fiat.

That's for now but we are looking for a better future, the main reason is we are still in the adoption stage and though a lot have adopted but not big enough to attract investors open a business where they will have to accept bitcoin for our convenience as well.

I hope that happens soon. We all wanted that we can spend bitcoin in most of the merchandisers out there. But for now, I am also not spending my bitcoin but dumping them for fiat. There is not much place where I can spend my bitcoin here in our country.

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