More than $1.5 million must move into BTC every day, just to sustain its price - page 2.

botany

legendary

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Quote from: spud21 on August 19, 2014, 11:51:07 AM

Quote from: exocytosis on August 19, 2014, 11:24:14 AM

Since 3600 coins are created daily, more than $1.5 million must move into Bitcoin every day, just to sustain the price of the currency.

Doesn't the price depend on if the people creating the coins are prepared to immediately sell them? If they immediately dump them the price will go down, but what if they hold them?

Alternatively, if the price of bitcoin remains the same, the overall market cap of bitcoin increases by more than $1.5 million daily.

spud21

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Quote from: exocytosis on August 19, 2014, 11:24:14 AM

Since 3600 coins are created daily, more than $1.5 million must move into Bitcoin every day, just to sustain the price of the currency.

Doesn't the price depend on if the people creating the coins are prepared to immediately sell them? If they immediately dump them the price will go down, but what if they hold them?

exocytosis

sr. member

Activity: 476

Merit: 250

Since 3600 coins are created daily, more than $1.5 million must move into Bitcoin every day, just to sustain the price of the currency.

A lot of people are starting to notice that increased merchant adoption is actually driving price down, not up. Merchant adoption has indeed increased a lot so far in 2014, but user adoption seems to have stagnated. And for good reason: Acquiring, storing and using bitcoins is still a cumbersome, unsafe and expensive process. It's simply too much of a hassle for the Average Joe, and he has nothing to gain by using BTC instead of fiat. Merchants, on the other hand, can save money by accepting Bitcoin.

So the question is: Will merchants start giving discounts to consumers using Bitcoin for their purchases? And if so: When will that start?

Topic: More than $1.5 million must move into BTC every day, just to sustain its price - page 2. (Read 1971 times)