If no one spends bitcoin what might happen? - page 47.

deisik

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Quote from: delliaerd on November 22, 2016, 06:18:45 PM

Quote from: Shenzou on November 22, 2016, 01:38:12 PM

If people starts to hold their bitcoin than there will become a high demand on it and the price will go up then more people will get greedy and think that they can keep saving it until it gets more higher and the end the price will go down so fast that they will regret it and eventually stop using it

I worried about bitcoin, if some people hold most of bitcoin, bitcoin will get into extreme deflation as cocequence. I agree with you that bitcoin price will move so fast, the hoarder will take more control of bitcoin price. To make fair market, bitcoin spreading and circulation must be good. Stable price with litle bit fluctuation on it will be good for bitcoin future, people will feel safe and enjoy to use bitcoin if the risk is smaller.

You are not the only one who is worried about that

And it is not only because of downright holders who are never going to sell their stashes. Essentially the same effect would be produced if Bitcoin user base expands exponentially. If right now whales are those who hold thousands of bitcoins, they will turn into superwhales then, while their place will be taken by those who hold hundreds of bitcoins currently. Personally, I don't know how to get away with this unless the cap on the number of bitcoins mined is lifted

goldcoinminer

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Bitcoin has not value.. What would you ask that kind of question in the first place, I guess we are all spending our bitcoins because we still have our needs though we are holding and consider that as our investment.

arransiv

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It will hapen when Bitcoin dies.

In other words: that will never happen...

About the economy quote of OP, we have a lot of differents ways of money to circle...

outatime1

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If no transactions take place, then I don't think bitcoin will have a reason to exist. A transaction could be for a purchase or it could be trading, but there's no way to know the breakdown of what the transactions are for.

Catlonid

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Quote from: delliaerd on November 22, 2016, 06:18:45 PM

Quote from: Shenzou on November 22, 2016, 01:38:12 PM

If people starts to hold their bitcoin than there will become a high demand on it and the price will go up then more people will get greedy and think that they can keep saving it until it gets more higher and the end the price will go down so fast that they will regret it and eventually stop using it

I worried about bitcoin, if some people hold most of bitcoin, bitcoin will get into extreme deflation as cocequence. I agree with you that bitcoin price will move so fast, the hoarder will take more control of bitcoin price. To make fair market, bitcoin spreading and circulation must be good. Stable price with litle bit fluctuation on it will be good for bitcoin future, people will feel safe and enjoy to use bitcoin if the risk is smaller.

I think same with your opinion, I afraid it happens because many people are holding bitcoin. you said bitcoin will deflation, that right and I think this can happen. I hope many people using bitcoin like other currency and still getting some earn with bitcoin. I hope bitcoin is stable and not go down.

alexsandria

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Quote from: danherbias07 on July 14, 2016, 04:11:51 AM

Share your ideas here. Grin

In my opinion, I think we will be stuck in one price or maybe worse we will all go down.

Here is what happened when US citizens are saving too much.

Quote

That's important because American spenders make up the majority -- about 70% -- of economic activity in the country. If people don't spend, the economy doesn't grow.

Check it out here

Its value will remain still as people don't use it. Because the rate of bitcoin depends on its users and miners. The same as, if no one uses it, the nothing will happen

delliaerd

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Quote from: Shenzou on November 22, 2016, 01:38:12 PM

If people starts to hold their bitcoin than there will become a high demand on it and the price will go up then more people will get greedy and think that they can keep saving it until it gets more higher and the end the price will go down so fast that they will regret it and eventually stop using it

I worried about bitcoin, if some people hold most of bitcoin, bitcoin will get into extreme deflation as cocequence. I agree with you that bitcoin price will move so fast, the hoarder will take more control of bitcoin price. To make fair market, bitcoin spreading and circulation must be good. Stable price with litle bit fluctuation on it will be good for bitcoin future, people will feel safe and enjoy to use bitcoin if the risk is smaller.

Shenzou

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If people starts to hold their bitcoin than there will become a high demand on it and the price will go up then more people will get greedy and think that they can keep saving it until it gets more higher and the end the price will go down so fast that they will regret it and eventually stop using it

deisik

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Quote from: Fireblade on November 22, 2016, 12:43:55 AM

Quote from: Stedsm on November 21, 2016, 11:02:21 AM

If no one spends bitcoins, then there will be a drop in the number of users and miners both as no transactions will be done which will become a harmful effect on the bitcoin system, and to not let that happen, we need to have it circulated just like we circulate our fiat money.

depending on situation, if people stop using bitcoin permanently then the price is going to drop but if people are holding bitcoin and not going for sell just for the purpose that the price should raise then the prices are going to sky rocket, as the supply will decrease and demand will increase, very honestly the number of bitcoin users is increasing on regular so we can expect bitcoin more stronger than its previous position.

if more people choose to hold bitcoins for longer without selling them, that will cause the price to rise initially due to supply running dry and more dollars pursuing fewer bitcoins until a new balance is eventually found at a higher price. This may sound good and certainly is in the short term, but in the long term that will only lead to insane levels of volatility. Right now it requires a few super heavy whales to bring the price down somewhat since supply is balanced at significantly higher volume of demand. But on a thin market, even half whales and then quarter whales would be able to easily move the price either way...

The end of story is that there will be a point after which price turns into volatility itself and loses any meaning

Dudeperfect

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Quote from: raja3sumi on November 22, 2016, 10:04:48 AM

It will never happen that the price of bitcoins would be standstill .its price will go up and down .till it s existence .and there will be a huge proportion of people who will always spend bitcoins and use bitcoins on the daily basis .so dont worry .there will be no people who will be selfish in spending bitcoins ..kudoos

Exactly, it will create a no demand, no supply stage and bitcoin price will neither rise nor fall. I believe that movement is growth and for the growth of bitcoin, we must keep spending at least 10% to 40% of our bitcoins regularly because it creates movement of bitcoin and hence it helps the bitcoin network to grow.

requester

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As price is increasing because of it's demand and in the mean situation if no one spend bitcoin then it's price will go sky up because there will be at least someone to sell bitcoin so he could earn lot buy selling and those who will hold may be they could earn at later stage.

FatHero

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Then obviously the price will rise but if there is no buyer then definitely price will drop to $10 or $100 . It's just my imagination don't v take it seriously. Actually I have no idea of what will happen if your statement proves to be true. I think bitcoin will loss it's popularity and final we will have no user bitcoin.. But I don't want this happen

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Quote from: deisik on November 22, 2016, 11:46:14 AM

Quote from: kiklo on November 21, 2016, 06:52:05 PM

Quote from: ?? on ??

bitcoin price will go high,

DING DING DING,

You SIR are the Winner, that is exactly what will happen and is happening.

If people were spending BTC, the Vendors immediately convert to their native FIAT, this causes a downward price pressure, Price is going up because very few are using it to buy anything

That effect wouldn't last for long unless the vendors you are talking about were one-shot sellers, that is, sold their goods and then wound up. If they don't wind up and continue to sell their merchandise for bitcoins, people would need to get these bitcoins somewhere. Buying them on an exchange just to buy some goods doesn't seem to make much sense, since they could just as easy (or even easier) buy the same goods with fiat, right? Buyers would spend only those bitcoins that they either mined themselves or earned somewhere. But the latter would mean that someone has paid them for their work. And that could be only goods producers and service providers...

The cycle got closed

I agree that if buying with bitcoin is the same rate as buying with fiat money, then i myself would use fiat money, the same reason of why I am going into the trouble of buying bitcoin in an exchange then buy it with the items when I can buy those item with ease using my local currency.
There should be a reason why i have to use bitcoin to buy things again and again. So here comes the schemes made for people to use bitcoin instead of their local currency.

deisik

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Quote from: kiklo on November 21, 2016, 06:52:05 PM

Quote from: ?? on ??

bitcoin price will go high,

DING DING DING,

You SIR are the Winner, that is exactly what will happen and is happening.

If people were spending BTC, the Vendors immediately convert to their native FIAT, this causes a downward price pressure, Price is going up because very few are using it to buy anything

That effect wouldn't last for long unless the vendors you are talking about were one-shot sellers, that is, sold their goods and then wound up. If they don't wind up and continue to sell their merchandise for bitcoins, people would need to get these bitcoins somewhere. Buying them on an exchange just to buy some goods doesn't seem to make much sense, since they could just as easy (or even easier) buy the same goods with fiat, right? Buyers would spend only those bitcoins that they either mined themselves or earned somewhere. But the latter would mean that someone has paid them for their work. And that could be only goods producers and service providers...

The cycle has got closed

TheUltraElite

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So anyway, I applied as a merit source :)

If no one spends bitcoin then the price will keep on increasing, simple Grin

Its not that the number of bitcoin in circulation will stop and the transactions will go into standstill. People try to incite these ideas into other people's minds in order to make them sell their bitcoins. This type of speculation seems to be very stimulative to the panicky traders and end up giving them hypertension and a cardiac arrest Grin

lionheart78

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Quote from: Selly Arumsari on November 22, 2016, 11:28:05 AM

Quote from: danherbias07 on July 14, 2016, 04:11:51 AM

Share your ideas here. Grin

In my opinion, I think we will be stuck in one price or maybe worse we will all go down.

Here is what happened when US citizens are saving too much.

Quote

That's important because American spenders make up the majority -- about 70% -- of economic activity in the country. If people don't spend, the economy doesn't grow.

Check it out here

no spend for what ? The main function of bitcoin is for payment
so if bitcoin is used so will spend

it was the op's argument of what will happen if people does not spend / use bitcoin , so those who comment simply say what would happen. I think sometime we need to back read or at least read the OP first post in order to relate in the discussion.

And I agree that if bitcoin is not spent/ traded/ used/ no change of hand at all. It will have a temporary spike due to the demand and no supply, and demand gets tired and look for new venture or trades. If this happen bitcoin demand will diminish and bitcoin price will slowly decline until it become worthless.

Selly Arumsari

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Quote from: danherbias07 on July 14, 2016, 04:11:51 AM

Share your ideas here. Grin

In my opinion, I think we will be stuck in one price or maybe worse we will all go down.

Here is what happened when US citizens are saving too much.

Quote

That's important because American spenders make up the majority -- about 70% -- of economic activity in the country. If people don't spend, the economy doesn't grow.

Check it out here

no spend for what ? The main function of bitcoin is for payment
so if bitcoin is used so will spend

raja3sumi

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It will never happen that the price of bitcoins would be standstill .its price will go up and down .till it s existence .and there will be a huge proportion of people who will always spend bitcoins and use bitcoins on the daily basis .so dont worry .there will be no people who will be selfish in spending bitcoins ..kudoos

Blavatsky

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what is exactly spending?

you mean buy things with BTC or transfering BTC to others?

danherbias07

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Quote from: Cereberus on November 21, 2016, 04:05:40 PM

If no one spends bitcoin.... you say ? I think to see such thing we have to wait quite a bit. I am not worried a bit about people not spending bitcoins as this will never happen I am sure.

My argument is just have a look at how many bitcoin transactions are happening every second in block explorer websites, like blockchain.info for example. If you have a look there you will see that it is impossible that all the people stop spending bitcoins. Nothing to worry for quite some years at least I would say.

Those are transactions right? Like sending bitcoin to another user? Is that also conaidered as spending? Just asking. Dont know much about that.

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