If no one spends bitcoin what might happen? - page 64.

ObscureBean

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Quote from: DOGE12321 on August 07, 2016, 11:56:08 PM

I agree with you. In an event of no one spending, any Bitcoin the price would stay stable for a long time. Mining would die off as there are no transactions to verify and the blockchain would freeze. Basically, everything would freeze until everyone begins to spend BTC again.

I don't think the price would stay stable for very long, a lot of people would probably start dumping their coins after a while to minimize losses. Why would anyone keep 100's or 1000's of dollars locked up in Bitcoin? All it would take would be for a few people to start selling and before you know it, the price would drop like a stone.

madwica

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Quote from: abugseuf on September 04, 2016, 04:12:46 PM

for me there are two expectation, one is that bitcoin will dead, and no one will be taking interest in bitcoin and will become devalue for ever, and secondly as there will no one ready to sell bitcoin therefor the demand will increase and so the price of bitcoin will automatically start increasing.

You are correct about your 2 speculation, but the effect is not good to all users, that is why sometimes we need to spend to make the cycle of bitcoin will flow regularly and not to stack and continue to increase the price and that no one will like to invest because of the over value of bitcoin.

abugseuf

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for me there are two expectation, one is that bitcoin will dead, and no one will be taking interest in bitcoin and will become devalue for ever, and secondly as there will no one ready to sell bitcoin therefor the demand will increase and so the price of bitcoin will automatically start increasing.

johnnyyash

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Quote from: jakelyson on July 14, 2016, 05:04:22 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

The price will go down because people will lose interest in bitcoin if it happens. That is why though it is good to hold bitcoin, it is still hurting its economy if no bitcoin is used for purchase. It is good if there is more merchandisers that will adopt bitcoin so that more will be encourage to use and spend bitcoins.

I totally agree with you...if no use of bitcoin the price will decrease and it will lose its value..

20kevin20

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Nobody spending Bitcoin would take the price to a very high amount. That would mean people want it, so it would mean it's wanted and rare... That can increase the price a lot.

mk4

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Basically I think it would crash since there would be no demand for bitcoins if that would happen.

mindrust

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There won't be any volume so that means there won't be any or very little sellers. There will be only buyers. Prices go up like crazy to the point madness. Or... people will think that bitcoin is dead and it will go the exact opposite way. But it can't go down since we are told that no one spends their bitcoins. So... Option 2 will not happen. The prices will reach to the moon in that day.

coindancer

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Quote from: 2legit2 on August 24, 2016, 03:21:34 PM

Quote from: DOGE12321 on August 07, 2016, 11:56:08 PM

I agree with you. In an event of no one spending, any Bitcoin the price would stay stable for a long time. Mining would die off as there are no transactions to verify and the blockchain would freeze. Basically, everything would freeze until everyone begins to spend BTC again.

thats true, or the price would even go up because people would buy and pump the price up significantly, that would be great

you can still mine bitcoin even without a transaction. also if you buy a bitcoin there is a transaction involved most of the time.

Pencila

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Quote from: 2legit2 on August 24, 2016, 03:21:34 PM

Quote from: DOGE12321 on August 07, 2016, 11:56:08 PM

I agree with you. In an event of no one spending, any Bitcoin the price would stay stable for a long time. Mining would die off as there are no transactions to verify and the blockchain would freeze. Basically, everything would freeze until everyone begins to spend BTC again.

thats true, or the price would even go up because people would buy and pump the price up significantly, that would be great

To be honest, I do not like the big pump of the bitcoin. Too much volatility is bad for the mass adoption to be a general currency.

2legit2

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Quote from: DOGE12321 on August 07, 2016, 11:56:08 PM

I agree with you. In an event of no one spending, any Bitcoin the price would stay stable for a long time. Mining would die off as there are no transactions to verify and the blockchain would freeze. Basically, everything would freeze until everyone begins to spend BTC again.

thats true, or the price would even go up because people would buy and pump the price up significantly, that would be great

Viscoat

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Quote from: fravia on August 17, 2016, 08:20:29 AM

Quote from: DOGE12321 on August 07, 2016, 11:56:08 PM

I agree with you. In an event of no one spending, any Bitcoin the price would stay stable for a long time. Mining would die off as there are no transactions to verify and the blockchain would freeze. Basically, everything would freeze until everyone begins to spend BTC again.

mining would never die in my opinion, then the difficulty would drop a lot and people would mine more coins and sell for cheaper prices, mining would still be around

That is right. The mining will only disappear if the bitcoin is dead completely. That happens to many coins already.

fravia

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Quote from: DOGE12321 on August 07, 2016, 11:56:08 PM

I agree with you. In an event of no one spending, any Bitcoin the price would stay stable for a long time. Mining would die off as there are no transactions to verify and the blockchain would freeze. Basically, everything would freeze until everyone begins to spend BTC again.

mining would never die in my opinion, then the difficulty would drop a lot and people would mine more coins and sell for cheaper prices, mining would still be around

piececake24

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The bitcoin will collapse and the market will fall for bitcoin

Viscoat

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Quote from: DOGE12321 on August 07, 2016, 11:56:08 PM

I agree with you. In an event of no one spending, any Bitcoin the price would stay stable for a long time. Mining would die off as there are no transactions to verify and the blockchain would freeze. Basically, everything would freeze until everyone begins to spend BTC again.

If no one spends bitcoin, and there are no other usage, the bitcoin price will be zero. That is the same as other scam coins.

setupbounds

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Quote from: GreenBits on August 07, 2016, 09:01:33 AM

Two scenarios:

If no one spends bitcoin, and miners refuse to sell/hoard bitcoin, the price will go up. This is supply restriction.

If no one spends bitcoin, and miners dump on exchanges trying to make ROI, the price will go down. Supply has increased and there is less speculative interest, or demand. This is demand restriction.

This is the beauty of bitcoin however; if the price gets too low, miners will stop mining and difficulty will decrease, enticing more miners to join. Inversely, price gets ahead of itself and miners will dump, bringing the price back down to earth.

I am too sure and I too do hope that it's the supply restriction that's going to happen because it does sound a lot better than the other you stated. But supply restriction is totally different from people not spending IMO. Because, how long some people will be able to hoard, they will start spending it for any simple reasons too. So, long term consequences are not possible form these, I believe.

jakelyson

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Quote from: Jeremycoin on August 07, 2016, 11:20:53 AM

First, by 'spend' do you mean 'send'? Because spending is sending but "sending" is no always "spending"
Well I think it won't happen, because no one will just keep their Bitcoin in one wallet and don't move it anywhere. And if it will actually happen, it won't take a long time because people need to send their Bitcoin.

I think he means an action where there is a transaction between two parties. This can happen if all users are holding their bitcoins for a higher price. It may not be all users, but if significant numbers of users hold their coins, this may affect the price of bitcoin.

DOGE12321

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I agree with you. In an event of no one spending, any Bitcoin the price would stay stable for a long time. Mining would die off as there are no transactions to verify and the blockchain would freeze. Basically, everything would freeze until everyone begins to spend BTC again.

BTC Loading

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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

I think that if people use bitcoin the price may come up and it will favor some people and it will not favor majority of people especially those who are just buying it Angry

Indrawan77

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If no one spend the coin for a long time then bitcoin flow will become stagnant and if yhis happen for a long time bitcoin will become extinct, and if this happen for a short time it will cause bitcoin price become unstable, so in short word in order to keep bitcoin alive it need transaction everyday

danherbias07

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Quote from: boybugs18 on August 07, 2016, 11:23:37 AM

Spending is inevitable because you have to pay what are you using like electricity or your internet at home . But if you are using real money yes it is possible to just save your bitcoin on your wallet but BTC can change its price like what is happening now.

Does real money means fiat?
I do save some bitcoin but I am more to spending it. Even if the price goes down because I needed it for my necessities.

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