I think it comes down to a matter of supply and demand. The average person who is interested in possibly getting into btc will ask themselves 'why do I need this thing?' Earlier, when many new users were adopting btc, the answer for many was because 'woah, maybe I can get rich off of this new thing!' Now it's sort of 'Meh, this thing lost 70% of it's value in 10 months. Too risky for me.'
There are of course many other reasons that people got into btc that I didn't list and don't care to get into. The main thing is that for the price to recover, there has to be increased demand for btc, and for that to happen, newcomers have to see something in btc that would make them want it. The people here can crow all day about how btc is the greatest thing since sliced cheese but that doesn't matter, as these people have already adopted btc. We need fresh demand for btc if it is to continue to grow.
Topic: Is there any hope for bitcoin? Possible solutions? - page 4. (Read 4769 times)
Does anyone think the price of bitcoin will ever go back up to a respectable price? I just think that the bitcoin community are fighting a downward slope on a graph. To be honest it's a no-brainer there is too much sell pressure rather than buy pressure.
Think of it this way, if you were looking to buy something why would you use bitcoin when you can just use your card? That also only applies to the small amount of sites that actually accept bit coin. However is adoption a good thing? When dell started to accept bitcoin the value went down. This is probably because they were selling their bitcoin so that they can spend it. I mean in late 2013 the reason most people brought bitcoin is to buy mining rigs to "generate" "free money" that can then sold to the fiat equivalent. Now mining is becoming less profitable there is now virtually no buy pressure except for people who buy bitcoin as an investment like gold.
In my eyes for the value to increase we need to increase buy pressure. To do this we need to have HUGE levels of adoption in close succession as small amounts of adoption spread out is actually detrimental to the bitcoin value. There are rumours of E bay and Pay Pal accepting bitcoin this could go either way I think it could create another BOOM or kill bitcoin. This is even if these rumors are true.
And then we have the whole thing with regulation. Most agree that this will be very bad for the value but some people think this might be good as it might attract the more sceptical people.
All i'm doing is thinking out loud. Do any of you have any opinions on the bitcoin value, short and long term. Do any of you have any idea as to what might make the future of bitcoin better? I'd love to hear them.
Think of it this way, if you were looking to buy something why would you use bitcoin when you can just use your card? That also only applies to the small amount of sites that actually accept bit coin. However is adoption a good thing? When dell started to accept bitcoin the value went down. This is probably because they were selling their bitcoin so that they can spend it. I mean in late 2013 the reason most people brought bitcoin is to buy mining rigs to "generate" "free money" that can then sold to the fiat equivalent. Now mining is becoming less profitable there is now virtually no buy pressure except for people who buy bitcoin as an investment like gold.
In my eyes for the value to increase we need to increase buy pressure. To do this we need to have HUGE levels of adoption in close succession as small amounts of adoption spread out is actually detrimental to the bitcoin value. There are rumours of E bay and Pay Pal accepting bitcoin this could go either way I think it could create another BOOM or kill bitcoin. This is even if these rumors are true.
And then we have the whole thing with regulation. Most agree that this will be very bad for the value but some people think this might be good as it might attract the more sceptical people.
All i'm doing is thinking out loud. Do any of you have any opinions on the bitcoin value, short and long term. Do any of you have any idea as to what might make the future of bitcoin better? I'd love to hear them.
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