If no one spends bitcoin what might happen? - page 50.

izlevinv

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Quote from: hawkins on November 13, 2016, 02:00:59 PM

I guess if no one spends bitcoin they collect, it will be in vain efforts we seek and collect bitcoin. Grin

Well, I believe that if it happens bitcoin will be something that is not useful, and will probably appear altcoin which can exceed and replace bitcoin, and when the moment comes, may bitcoin will never be used again, but I'm sure it will never come Cheesy

If you are holding bitcoins then its really hard to believe that you will never spend them as bitcoin is also an form of money that should be spent like fiat money and if no one will spend their bitcoins then we will never see the higher price of bitcoins in future and it will make bitcoin a weaker currency.

Kasplant

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Quote from: jak3 on November 13, 2016, 02:43:58 PM

if most of the bitcoins where stopped transactions then some possible situations can occer.. markets will be stopped because someone will have the money but others will not have its exchange, trading grounds will shutdown , mNy miners will start to leave the network

Yes it would mean that the bitcoin market is bleeding dead after some time if this occurs soon or later, luckily this is not gonna happen.

jak3

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if most of the bitcoins where stopped transactions then some possible situations can occer.. markets will be stopped because someone will have the money but others will not have its exchange, trading grounds will shutdown , mNy miners will start to leave the network

hawkins

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I guess if no one spends bitcoin they collect, it will be in vain efforts we seek and collect bitcoin. Grin

Well, I believe that if it happens bitcoin will be something that is not useful, and will probably appear altcoin which can exceed and replace bitcoin, and when the moment comes, may bitcoin will never be used again, but I'm sure it will never come Cheesy

Aamir1

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Quote from: walker30 on November 03, 2016, 11:37:46 AM

because everybudy not want to spend bitcoin and every buddy want to hold it.. thats why market on same price

That is not the truth man, not every person in the community holds their coins forever, if one person starts holding today then 2 persons spend or sell some of their coins tomorrow because they need to do it, no one can keep the coins forever, we hold them in order to sell them later on, so the circulation is always going on.

serjent05

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Quote from: deisik on November 13, 2016, 11:14:01 AM

Quote from: Carlsen on November 13, 2016, 10:40:19 AM

Quote from: ivanst776 on November 13, 2016, 10:21:38 AM

If people stop spending bitcoin then the interest of people is dropping and not anymore to even heard about bitcoin.

If usability of bitcoin is dropped then it means that the bitcoin price will drop too, businesses will move to another currency etc.

I'm afraid that people will move their funds on another currency like litecoin or ethereum which has take traders attention.

Bitcoin really needs to be used as payment.
The bitcoin payment processing industry is the most important thing that has helped bitcoin to become what it is at the moment.
It connects bitcoin to the economy, no other crypto coin can deliver that.
If that would be removed, we would have a useless low priced altcoin instead.

Bitcoin is a payment processing system in and of itself, and as such it doesn't need some "payment processing industry" built around it to process transactions like Visa, MasterCard, or wire transfer systems which are required to process fiat payments (barring cash payments, of course). It has been in place since Bitcoin was born. What is required is mass adoption of Bitcoin by vendors and producers who are ready to sell their goods and services for bitcoins directly, without converting them later into fiat. But so far Bitcoin didn't get much traction in this department, and 99% of its current value comes from speculation and profiteering...

Whether you like it or not

This is true that bitcoin is a payment processing unit itself but at the current state where less merchants is using bitcoin as currency and majority are not accepting bitcoin as mode of payment, payment processing industry were created in order to take advantage of the profit that can be taken from the service and at the same time, enable bitcoin to have usage virtually in real life stuff by creating transaction from bitcoin to non-bitcoin accepting institution possible..

deisik

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Quote from: Carlsen on November 13, 2016, 10:40:19 AM

Quote from: ivanst776 on November 13, 2016, 10:21:38 AM

If people stop spending bitcoin then the interest of people is dropping and not anymore to even heard about bitcoin.

If usability of bitcoin is dropped then it means that the bitcoin price will drop too, businesses will move to another currency etc.

I'm afraid that people will move their funds on another currency like litecoin or ethereum which has take traders attention.

Bitcoin really needs to be used as payment.
The bitcoin payment processing industry is the most important thing that has helped bitcoin to become what it is at the moment.
It connects bitcoin to the economy, no other crypto coin can deliver that.
If that would be removed, we would have a useless low priced altcoin instead.

Bitcoin is a payment processing system in and of itself, and as such it doesn't need some "payment processing industry" built around it to process transactions like Visa, MasterCard, or wire transfer systems which are required to process fiat payments (barring cash payments, of course). It has been in place since Bitcoin was born. What is required is mass adoption of Bitcoin by vendors and producers who are ready to sell their goods and services for bitcoins directly, without converting them later into fiat. But so far Bitcoin didn't get much traction in this department, and 99% of its current value comes from speculation and profiteering...

Whether you like it or not

Carlsen

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Quote from: ivanst776 on November 13, 2016, 10:21:38 AM

If people stop spending bitcoin then the interest of people is dropping and not anymore to even heard about bitcoin.

If usability of bitcoin is dropped then it means that the bitcoin price will drop too, businesses will move to another currency etc.

I'm afraid that people will move their funds on another currency like litecoin or ethereum which has take traders attention.

Bitcoin really needs to be used as payment.
The bitcoin payment processing industry is the most important thing that has helped bitcoin to become what it is at the moment.
It connects bitcoin to the economy, no other crypto coin can deliver that.
If that would be removed, we would have a useless low priced altcoin instead.

ivanst776

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If people stop spending bitcoin then the interest of people is dropping and not anymore to even heard about bitcoin.

If usability of bitcoin is dropped then it means that the bitcoin price will drop too, businesses will move to another currency etc.

I'm afraid that people will move their funds on another currency like litecoin or ethereum which has take traders attention.

leowonderful

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Bitcoin FTW!

Quote from: aomakun on November 13, 2016, 08:16:16 AM

the possibility that there is a bitcoin prices will drop as little interest in bitcoin. or perhaps at worst is bitcoin will be left behind and become extinct...

It's pretty much guaranteed that this situation will happen, but i dont think it'll be completely deserted. It'll probably get tons of security updates and such to prevent a situation like that, but unless some better coin surfaces that allows for better spending and similar things, i don't think it'll happen in our lifetimes. Nothing big to worry about, another coin will naturally take bitcoin's place.

Catlonid

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Quote from: walker30 on November 03, 2016, 11:37:46 AM

because everybudy not want to spend bitcoin and every buddy want to hold it.. thats why market on same price

I think not all people which hold a bitcoin, many people spending bitcoin to trading or gambling. People spending in trading or gambling to get some profit although trading or gambling have some risk.

aomakun

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the possibility that there is a bitcoin prices will drop as little interest in bitcoin. or perhaps at worst is bitcoin will be left behind and become extinct...

walker30

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because everybudy not want to spend bitcoin and every buddy want to hold it.. thats why market on same price

Labumi

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Quote from: croutonhexagon on November 03, 2016, 09:07:26 AM

No we are not stuck in one price , price is rising up progressively. Yea if there is no in and out of bitcoin then obviously there would be stoppage in price and even price could go down. But this is a complete unrealistic scene and there will be always in and out of bitcoin. Better it if million user there would be still 1000 people to make transaction per day

]

a remarkable thought. This is indeed something that cannot give us the advantage if the user does not perform a bitcoin transactions daily, for if that happens then it can be determined the growth of bitcoin will be getting worse and will eventually have an impact on the price and also the user will get a big lost bitcoin. So, all this is something of a bad thing. It should if there are 1 million users then there are at least 10 k people who conduct transactions per day

croutonhexagon

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No we are not stuck in one price , price is rising up progressively. Yea if there is no in and out of bitcoin then obviously there would be stoppage in price and even price could go down. But this is a complete unrealistic scene and there will be always in and out of bitcoin. Better it if million user there would be still 1000 people to make transaction per day

tee-rex

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Quote from: Victorycoin on November 03, 2016, 05:44:47 AM

Quote from: tee-rex on November 02, 2016, 01:42:54 PM

It might not work the way you think it will. If some shit is scarce, that alone doesn't make it valuable. In the first place it should have some utility, and only then the scarceness of it will kick in determining its price. For example, air has an absolutely vital utility because we can't live without it, but it is not priced for the simple reason that air is not a limited resource. Bitcoin has utility, in fact, quite a lot of various utilities, but if it loses them in some obscure manner for whatever reason, its scarceness as well as limited supply will be irrelevant.

We are in the same boat, but it was you who misconstrued my post. Whenever anything with some value attached becomes scarce, it price is sure to go up. Bitcoin is endowed with some inalienable values, like its unprecedented low cost of transaction, a true global payment/settlement system, anonymity and above all free from the control of government. With all those qualities, it would take everything and yet people won't be dissuaded from spending or accepting this coin.

I was just pointing out that if Bitcoin loses its utility, or some part of it, its limited supply will not help it preserve value. Further, you say about inalienable values of Bitcoin, for example, mention low costs of transactions, but the costs might become prohibitively expensive if Bitcoin price continues to rise. In this manner, the said low cost cannot be a fundamental, or inalienable as you termed it, feature of Bitcoin.

Victorycoin

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Quote from: tee-rex on November 02, 2016, 01:42:54 PM

Quote from: Victorycoin on November 02, 2016, 11:08:35 AM

I can't tell what is informing the idea that people would lose interest in bitcoin and consequently, it would become worthless! All that really makes no sense, because the likelihood of such situation seeing the light of the day is very very slim. Simple Economics, simply dictates that, whenever anything - a car, food,asset, even water, etc, just about anything that is worth something becomes scarce and for whatever reason, the price of that thing have no option than to rise. That is exactly what lies ahead of bitcoin. It is limited in supply by nature, it has some enviable value attached to it and so whensoever it becomes scarce, those who have some piece of it should be ready to smile to their banks.

It might not work the way you think it will. If some shit is scarce, that alone doesn't make it valuable. In the first place it should have some utility, and only then the scarceness of it will kick in determining its price. For example, air has an absolutely vital utility because we can't live without it, but it is not priced for the simple reason that air is not a limited resource. Bitcoin has utility, in fact, quite a lot of various utilities, but if it loses them in some obscure manner for whatever reason, its scarceness as well as limited supply will be irrelevant.

We are in the same boat, but it was you who misconstrued my post. Whenever anything with some value attached becomes scarce, it price is sure to go up. Bitcoin is endowed with some inalienable values, like its unprecedented low cost of transaction, a true global payment/settlement system, anonymity and above all free from the control of government. With all those qualities, it would take everything and yet people won't be dissuaded from spending or accepting this coin.

Jambolb2

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Quote from: johnnyyash on November 02, 2016, 02:58:40 PM

i think bitcoin will loose its value...and less popularity of it....less trading..

That wont happen at all... because not every single user in bitcoin community are holding all their bitcoins... but a majority is using or spending their bitcoins every month and that does not let this holding thing affect the price of bitcoin from any angle...

Anemed

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Quote from: johnnyyash on November 02, 2016, 02:58:40 PM

i think bitcoin will loose its value...and less popularity of it....less trading..

Yes. It may. When the currency stays stagnant, its existence gets reduced. When the existence reduces the value also the price would go down to earth. Automatically it may lead for vanity. Hope and wish not to happen so. Lets drive towards its existence. Lets work towards it.

johnnyyash

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i think bitcoin will loose its value...and less popularity of it....less trading..

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