I don't think number of merchants accepting bitcoin would become one of the factors that drives selling pressure. It has nothing to do with that. In order to pay in bitcoin i would have to buy bitcoin. Once the merchants accepts bitcoin they will sell it to mitigate volatility risk. In this case almost square one.
However scenario would be different if let's say,
1. Bitcoin supply is not enough for the buyers to acquire
2. Merchants decide to keep the bitcoin thus reduce available supply in market
Both scenario with more merchants taking in bitcoin means price would be going up not down
Topic: Now one million merchants will drive selling pressure! (Read 3220 times)
If merchants start to leave BitPay and return to just using PayPal and credit cards, then will the price skyrocket?
It wont. Bitcoin lacks users. Holders everywhere but no users.
If users are lacking, then merchants selling bitcoins and driving the price down wouldn't be a problem, would it?
If merchants start to leave BitPay and return to just using PayPal and credit cards, then will the price skyrocket?
It wont. Bitcoin lacks users. Holders everywhere but no users.
if those merchants are selling, they must buy first you know, i mean the customers must buy first to send bitcoin to them and let them dump, this mean the price will remain stable
If merchants start to leave BitPay and return to just using PayPal and credit cards, then will the price skyrocket?
Where there is supply, there is also demand.
Demand will come from consumers abroad trying to pay merchants abroad. If global payment system is picked up, price will reach its equilibrium.
Demand will come from consumers abroad trying to pay merchants abroad. If global payment system is picked up, price will reach its equilibrium.
I would love to use Bitcoin for worldwide payments, even tho cashing out is a pain in the ass anyway. So ideally you wouldn't need to cash out.
Without selllers, there might be no bitcoin economy. Then price would tank more.
Some merchants believe in holding bitcoins - overstock and CeX are examples which readily come to mind.
If they can spend their coins, that is even better.
Some merchants believe in holding bitcoins - overstock and CeX are examples which readily come to mind.
It wouldn't create much selling pressure but It could help circulate bitcoin to more people and when there are many merchants /services accepting bitcoins, it would also make people buy bitcoins. It could actually balance the price of bitcoin.
If BTC can be circulated inside the economy, the price will go up.
Exactly. More merchants accepting bitcoin will cause more people to use bitcoin which will cause more merchants to accept bitcoin, which will cause both more people to use bitcoin and merchants to accept bitcoin on a B2B basis. This should create a greater long term demand for bitcoin (resulting in higher prices). I would argue that the increased number of merchants accepting bitcoin is only causing a short term price decline until they start to cause more people to use bitcoin
If BTC can be circulated inside the economy, the price will go up.
I guess the velocity of bitcoin is currently far lesser than the amount of bitcoins in circulation.
So we will have to wait for sometime for BTC to be circulated just within the economy.
If BTC can be circulated inside the economy, the price will go up.
yes the more merchants with bitpay the price will be more down
Bitcoin merchants will be more inclined to keep a percentage of their profits in Bitcoins once they see it stay stable against all the chaos in the economies that is beginning now.
This is not true. In order for a merchant that accept bitcoin to want to hold onto the bitcoin they receive from sales they will need to have something they can spend their bitcoin on. In order for this to be a possibility, we not only need much greater merchant adoption, but also merchant adoption by B2B merchantsStop making so much sense, the forum might freeze.
BitPay Plans to Have “One Million Merchants Taking Bitcoin by the End of 2016″
I also plan to have 2000 women next year... let's see if me wanted that makes it happen...
And you will be screaming for help...
BitPay Plans to Have “One Million Merchants Taking Bitcoin by the End of 2016″
I also plan to have 2000 women next year... let's see if me wanted that makes it happen...
Good for Bitpay buy bad for the price...
BitPay Plans to Have “One Million Merchants Taking Bitcoin by the End of 2016″
https://www.cryptocoinsnews.com/bitpay-one-million-merchants-taking-bitcoin-end-2016/
I agree in terms of overall health of the bitcoin economy it is totally good..but in terms of price, it is going to be always a negative pressure.
I believe the real use value for bitcoin is what will drive price up, something like drones and autonomous vehicles trying to deal only bitcoin in which case bitcoin become a thing where people really want to have bitcoins in order to use a service!
the merchant adoption i think is a bitter pill
BitPay Plans to Have “One Million Merchants Taking Bitcoin by the End of 2016″
https://www.cryptocoinsnews.com/bitpay-one-million-merchants-taking-bitcoin-end-2016/
I agree in terms of overall health of the bitcoin economy it is totally good..but in terms of price, it is going to be always a negative pressure.
I believe the real use value for bitcoin is what will drive price up, something like drones and autonomous vehicles trying to deal only bitcoin in which case bitcoin become a thing where people really want to have bitcoins in order to use a service!
the merchant adoption i think is a bitter pill
I think merchant adoption is not a bitter pill at all. have you ever heard of the term demand vs supply?
what good is a currency if you can't spend it?
i don't hear anyone complain the dollar is accepted almost everywhere in the world.
i don't hear anyone complain the dollar is accepted almost everywhere in the world.
and dollar does not increase 1000% in an year.. bitcoin does
Bitcoin was.
If it still will, then merchants will keep profit they make on sales in bitcoins since 1000% a year is much more then their current business profit.
exactly, which will make bitcoin more scarce, and at the same time merchants will want more bitcoin and less dollars, thus they will aggressively advertise bitcoin. Creating a positive feedback loop of both decreased supply and increased demand, and a large boom in price.
i think its a good news an i hope it happens sooner than later, if the merchants start taking bitcoins then it will grow and it shows that more and more people has and will start using bitcoin and i think it means the growth of this currency and hopefully a bit more stability of the price
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