Something unexpected needs to happen? - page 3.

NVZNtoken

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Quote from: cryptomaniac_xxx on August 20, 2020, 04:17:52 AM

For mass adoption to happen, countries need to welcome it or at least have a regulations. So far there are countries that are either in the grey area, or totally outright banning it. So it really might take some time for BTC to change what it is right now. And even though we have seen Wall Streets and institutional money flowing in, it's not enough. Online merchants should accept it as mode of payment, people using it as form or money and other factors.

It all depends on what you mean by "mass adoption". Did gold achieve mass adoption? Even in the most developed countries like the US only up to 12% of people own gold, and most of them just own some jewelry and not actual investment gold. Does that mean gold did not achieve mass adoption?

Even if just 5% of world's population owned bitcoin that would be an incredible rate of adoption for a technology this young. If 10% of world's population owned bitcoin that would be IMMENSE adoption. Bitcoin is a technology which use is the store of value. Mass adoption doesn't mean everyone owns bitcoin - only that people who actually have any value to store use bitcoin to store that value.

Ridwan Fauzi

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Bitcoin's price will always be volatile if there is no something that we can use with it. I mean, bitcoin need to be used because if we compare with gold, we can be used it as a jawelry, it something that makes gold will always be the right place to save money. But in bitcoin, when we only use it as an investment place I think the price movement will always be like that. Up for more than 100% in a few months and fall again in a few months as well and it will be like that. So, I agree that we need to use bitcoin as payment system at least its price movement will be like the currency.

YuginKadoya

legendary

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An unexpected like another breach of security on one of the well-known exchange site? Bitcoin is reacting to the supply and demand that people are establishing an I think that right now many are overwhelm over what kind of asset Bitcoin and other cryptocurrencies could be and for traders and investors they are in love with its volatileness, and I think this sudden burst in price was because of the residual of the halving or bull run can hit another ATH.

buwaytress

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I think I played this game in my head a few times over the last few years, and the last time I honestly thought something big enough had happened was the 2017 drama with big blockers and scalability with SW etc. That actually ended up being the catalyst for that incredible run, for whatever reason already theorized to death, but I honestly can't think of what unexpected event could come (and no, COVID never was specific as a threat to Bitcoin).

Miner capitulation? Not that I ever think that's a thing, but if will be, then not for another at least 2 more halvings, if not 3, so that's 12 years away.

STT

legendary

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The very expected is people will over do their speculation, like the 2nd post mentions everyone could own 1% and it'd be fairly reasonable especially for those who spend online with digital goods its a good relevant currency. However we'll get people who put 100% or 200% and borrow money to speculate in BTC, that shouldnt happen but it does and its predictable and causes these pull backs. Iam all for natural involvement and growth but also I accept some of the price is not proper advancement and will retract over various time frames.

glowing10

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Quote from: cryptomaniac_xxx on August 20, 2020, 04:17:52 AM

For mass adoption to happen, countries need to welcome it or at least have a regulations. So far there are countries that are either in the grey area, or totally outright banning it. So it really might take some time for BTC to change what it is right now. And even though we have seen Wall Streets and institutional money flowing in, it's not enough. Online merchants should accept it as mode of payment, people using it as form or money and other factors.

Hoping that now after this pandemic more focus will be shifting to use of the digital currencies across the globe and this may give a big push to bitcoin as well. If this happen then we can see a huge surge happening in the demand and price will rise very quickly. Just a phase where things are still getting clear in some countries as it is neither legal nor illegal.

LUCKMCFLY

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Most movements in Bitcoin are unexpected, fast and have to do with volatility, it is normal for it to happen that way because as it says in OP, adoption is increasing, according to an interesting article launched by Pompliano affirms that by 2029 the Bitcoin's capitalization will be greater than that of gold, and it may happen, bitcoin is increasingly named, in fact some already consider it a safe haven, especially in countries with high inflation.

Slow death

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the first thing that should happen is that people stop just doing Hodl and start using bitcoin to make payments, while people are focused on things like these:

Bitcoin Will Hit $340K if BTC Price Repeats 2016 Halving Cycle Pattern

most people will be buying with the objective of making big profits and they will not be thinking about using bitcoin as a means of payment and consequence Is we will see the big increase and then big fall because the whales are in charge and many people also like to surf the wave of whales

el kaka22

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I think the unexpected is a hack, as long as nothing can change in blockchain I am sure nothing will change. If somehow someone figures out a way to hack bitcoin addresses and blockchain as a general, that would be horrible and it would destroy the value of bitcoin because dude would be able to get everyone's bitcoin whenever he wants to, since he can hack blockchain.

Now everyone says it is impossible and I would say it is impossible for now, technology is ever evolving and one day in the future it could be possible with some new technology that can brute force a blockchain wallet in two minutes because of this new technology. So unless something major as much as this one, I think nothing will change, bitcoin will keep being a very good appreciating product out there.

Oasisman

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Quote from: cryptomaniac_xxx on August 20, 2020, 04:17:52 AM

Online merchants should accept it as mode of payment, people using it as form or money and other factors.

This is what needs to happen for Bitcoin to even grow in a much larger scale.
I have seen several businesses and merchants accepting Btc and other crypto as a mode of payment, but there were also those who removed the payment option.
I'm not completely against regulation, and I think it's good for Bitcoin adoption in general. Take Russia as an example, they have been so hard and strict against Bitcoin before, but I guess they have found out how Bitcoin could be a potential game changer for their economy, so they're now regulating cryptocurrency.

jackg

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https://bit.ly/387FXHi lightning theory

Quote from: cryptomaniac_xxx on August 20, 2020, 04:17:52 AM

For mass adoption to happen, countries need to welcome it or at least have a regulations. So far there are countries that are either in the grey area, or totally outright banning it. So it really might take some time for BTC to change what it is right now. And even though we have seen Wall Streets and institutional money flowing in, it's not enough. Online merchants should accept it as mode of payment, people using it as form or money and other factors.

Yeah I think the regulators in the UK were trying to give companies more freedom before regulation comes in - since companies have to hold 100% of investor funds now and segregate them from their own and this might be a costly thing for new companies.

But as this grows it'll be less of a problem.

cryptomaniac_xxx

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For mass adoption to happen, countries need to welcome it or at least have a regulations. So far there are countries that are either in the grey area, or totally outright banning it. So it really might take some time for BTC to change what it is right now. And even though we have seen Wall Streets and institutional money flowing in, it's not enough. Online merchants should accept it as mode of payment, people using it as form or money and other factors.

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

Yeah I don't think many expect much different. Even if the conditions have changed slightly I still think bitcoin looks like an attractive asset for people to own a fraction of.

We're far from any form of mass adoption and don't have the regulation in many countries yet (and some outright ban it) but I imagine this'll be coming in a few years...

Lasky366

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Something unexpected needs to happen for $Bitcoin's price to stop doing what it's been doing for most of the past decade: appreciating. Demand and adoption metrics remain favorable vs. the $crypto asset's unique attribute of fixed supply.

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