I think you may be right. However, I don't think that's necessarily a bad thing. If Bitcoin is a store of value, or an asset, then hoarding seems like a logical course of action.
Like you said, the question is whether it will take off as a currency in addition to being a store of value.
Topic: My Story: Why Bitcoin Will Gain Traction Faster than We Think (The Five Stages o - page 2. (Read 2603 times)
July 22, 2014, 11:59:20 AM
July 22, 2014, 11:39:45 AM
I personally do not see many people spend their coin. Most are hoarding in hope of higher price.
Hoarding behavior is clearly not the intended goal of a currency.
Hoarding behavior is clearly not the intended goal of a currency.
July 22, 2014, 11:26:32 AM
Yeah, that's actually an interesting aspect of this... the adoption speed (on an individual basis) will likely get slower as Bitcoin becomes more mainstream. Whereas people like you go through all the stages from skepticism to enthusiasm in one day, people like me need several months to get there - and that's still a lot faster than for other people I know. I'd be interested to hear how long it took other people on this forum to go through the stages.
We're at an interesting point in Bitcoin's growth, because the most technical-oriented people now know about it, but there is still the huge mass of non-technical people who may have only heard about it once (or never).
The question is, will there be a tipping point, or will it just continue growing gradually (or will it be blocked somehow)?
P.S. RyNinDaCleM, would you be open to being interviewed (via email or something) about what your experience has been like as a very early adopter? (for my blog)
Or anyone else for that matter! I'd love to get some stories from all you early adopters about what the journey has been like.
We're at an interesting point in Bitcoin's growth, because the most technical-oriented people now know about it, but there is still the huge mass of non-technical people who may have only heard about it once (or never).
The question is, will there be a tipping point, or will it just continue growing gradually (or will it be blocked somehow)?
P.S. RyNinDaCleM, would you be open to being interviewed (via email or something) about what your experience has been like as a very early adopter? (for my blog)
Or anyone else for that matter! I'd love to get some stories from all you early adopters about what the journey has been like.
July 22, 2014, 11:17:55 AM
For the general public, I would say you're in the ballpark.
I heard about it and was mining it the same day. I was hooked quick, as too were many of the earlier bitcoiners because we were all computer geeks, so it was easy to get started. Once you're going in it, then you can learn as you go.
I heard about it and was mining it the same day. I was hooked quick, as too were many of the earlier bitcoiners because we were all computer geeks, so it was easy to get started. Once you're going in it, then you can learn as you go.
July 22, 2014, 10:33:13 AM
Hello all, I'm very excited to post for the first time ever on BitcoinTalk. I've been reading the Speculation forum for several months now, and today I'm sharing my story (as a non-technical unlikely Bitcoin enthusiast).
You can read my full story here: http://bitcoinmillionaires.org/blog/the-five-stages-of-bitcoin-acceptance/.
The summarized version is that I think there are several stages someone must go through before they become enthusiastic about Bitcoin. I've labeled them Dismissal, Skepticism, Curiosity, Epiphany, and Enthusiasm.
In order to proceed from the first stage to the last, you need to not only hear about Bitcoin several times (once is not enough), you also need to have a source you trust speak highly of Bitcoin. That part is crucial to getting you over the hump of inertia to actually invest some time in learning about Bitcoin. This is all explained more in the blog post above, but I'd love to hear others' thoughts on this conception of various stages of Bitcoin acceptance and what it means for Bitcoin's growth in the next 6-12 months.
Thanks in advance!
You can read my full story here: http://bitcoinmillionaires.org/blog/the-five-stages-of-bitcoin-acceptance/.
The summarized version is that I think there are several stages someone must go through before they become enthusiastic about Bitcoin. I've labeled them Dismissal, Skepticism, Curiosity, Epiphany, and Enthusiasm.
In order to proceed from the first stage to the last, you need to not only hear about Bitcoin several times (once is not enough), you also need to have a source you trust speak highly of Bitcoin. That part is crucial to getting you over the hump of inertia to actually invest some time in learning about Bitcoin. This is all explained more in the blog post above, but I'd love to hear others' thoughts on this conception of various stages of Bitcoin acceptance and what it means for Bitcoin's growth in the next 6-12 months.
Thanks in advance!
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