If no one spends bitcoin what might happen? - page 70.

TheGodFather

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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

Yes. If no one spends bitcoin in months or years, maybe the price will stay at one price. This will make all investors stuck at their own investments. For example, at Trading sites, if no one sells or buys bitcoin, maybe the price will stay. Or maybe the worst is, this will make the bitcoin stuck forever. So, if we don't spend it, other Altcoins will go up and maybe the price will hike.

BicolIsarog

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However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate.

gilangIDR

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I think bitcoin will last a long time. bitcoin prices will continue to increase over time. with survival bitcoin and the increasing amount of bitcoin then the price will be higher bitcoin.

daringdiscovered

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I think if no one would spend or use their bitcoin it would slowly die until it disappear in the market. If no one would spent it nothing will circulate in the market. The price of it would drop until it became useless. Like in fiat or some other things, if many people will just hoard it, it will die. We must use it for be able for it to run our world.

danherbias07

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Quote from: ronaldo40 on July 15, 2016, 03:17:00 AM

Quote from: tampazeus on July 14, 2016, 07:29:28 AM

People who are using it as a currency are definitely spending their coins, and majority of users are spending it on gambling so I don't think that people are only saving without spending.

of course if we're talking reality, everyone would have to spend the currency held for needs.

but the question of this thread, just curious if no one is spending bitcoin, and I think bitcoin will not grow if it does not go well. and just saved without spending.

I see a lot of spenders now maybe the thoughts in some threads and ideas of other people that it should be spend are spreading. I remember in the past where I always see people telling each other to just hold it and not spend it for a price increase.
Good thing there are lot of members that are open to this ideas.

ronaldo40

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Quote from: tampazeus on July 14, 2016, 07:29:28 AM

People who are using it as a currency are definitely spending their coins, and majority of users are spending it on gambling so I don't think that people are only saving without spending.

of course if we're talking reality, everyone would have to spend the currency held for needs.

but the question of this thread, just curious if no one is spending bitcoin, and I think bitcoin will not grow if it does not go well. and just saved without spending.

shinratensei_

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Quote from: Herbert2020 on July 15, 2016, 02:08:09 AM

spending bitcoin as a currency is a bonus to what bitcoin already is as an investment.

Bitcoin as currency it's just a bonus for users but a lot of users have a seriously think for that. but at first, in my opinions bitcoin is made become a complex investment.

rababo

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If no one use bitcoin, people will think bitcoin became scam coin, then they will leave bitcoin and have no interest wit it anymore.
Bitcoin price will go down and it will be worthless in the end.

ObscureBean

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Bitcoin shouldn't be too much affected in the short to mid term, people would still speculate and trade it as usual. Companies like BitPay that rely on purchases made using Bitcoin will probably have to close down or reinvent themselves. However, in the long term, if nobody used Bitcoin, it would gradually wither away. What gives money its power is what you can do with it, a hundred dollar bill by itself is just a piece of paper if you can't exchange it for immediately valuable items/services.

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Quote from: Doms on July 14, 2016, 05:32:59 AM

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.

It is a finite currency and I think it will still hold value if no one uses it. It would be a store of value, just like gold. If the reason that people are not using bitcoin is because they are holding it, then I think that will drive the price up because many would want to get a hold of something that continuously increase in value.

but in this case bitcoin is not like gold, gold is precious metal, but bitcoin is an online currency that can be replace by
fiat, if people started holding it bitcoins price will just drop. holding bitcoin and interrupting its circulation
will just affect bitcoin and nothing else, the price will not go up and will collapsed if held in a long time.

AioFox

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You mean entirely no one spends bitcoin? If the demand keeps growing and its still in par with the supply i guess nothing much would change; the price would just keep gradually increasing and the value of your stored bitcoins would just keep growing.

Herbert2020

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bitcoin price will always be changing even if nobody is spending bitcoin. because it is also an investment and speculators will always buy/sell which will change the price up and down.

spending bitcoin as a currency is a bonus to what bitcoin already is as an investment. besides it will never happen because bitcoin is too good a currency not to be spent and it is actually growing as a currency and more people are spending it.

chennan

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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

That's because what you are quoting is about the economics of the US, which is easily the most capitalist country ever... of course the nation relies on unnecessary spending from it's citizens.

If you consider that bitcoin is global and spans different governments and economic policies, it probably wouldn't matter as much.

TGD

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Quote from: PsursV on July 14, 2016, 01:51:30 PM

I think the value of bitcoin will decrease. because if the people do not feel the need to use bitcoin. or bitcoin is not going to give profit or relief to any one then what will people do with this. I think they will lose their interest in them.

Agree with you if no one use bitcoin the interest of people who buying it will be gone and price will decrease until its totally dead. The price is high right now because of many ways you can use it.

danherbias07

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Quote from: The Sceptical Chymist on July 14, 2016, 12:37:42 PM

No one spends gold or comic books, but people still buy and sell those things. People use both as investments and the buying and selling of each is what moves their prices. Make sense?

Gold is a commodity and a comic book is a collection. That is way too far from a currency. Doesnt make sense my friend. Cannot compare it through those things.

PsursV

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I think the value of bitcoin will decrease. because if the people do not feel the need to use bitcoin. or bitcoin is not going to give profit or relief to any one then what will people do with this. I think they will lose their interest in them.

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I think your point could be more valid if there is no any services accepting bitcoin as payment method rather than saying people not spending their bitcoin as holding bitcoin without spending can actually pump the price rather than dump.

rickadone

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Simple. If no one spends bitcoin, then bitcoin's value would dramatically be affected in a bad way since there is no bitcoin in circulation and no movement at all. And just as you send, if people do not spend bitcoin, then bitcoin would not grow.

The Sceptical Chymist

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No one spends gold or comic books, but people still buy and sell those things. People use both as investments and the buying and selling of each is what moves their prices. Make sense?

lionheart78

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In my opinion, if no one spend bitcoin, it will be catastrophic. Bitcoin is designed to be spend and used as currency. Not spending it will might have a sudden increase of the price until buyer gave up and just forget about Bitcoin. No more new adopters and users. The Bitcoin economy will certainly die.

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