Topic: The adoption boom is coming - page 6. (Read 5427 times)

There's no need to let you see in order for you to believe it because adopting bitcoin nowadays is very rampant over internet transactions specially in tradings of cryptocurrencies. Its not impossible that adaption boom is coming because people slowly grow with their knowledge of using btc specially when they found source of earning it and they gain skills of altcoins trading. Gambling online was just a one way of adaption proof to let  people knew that adoption boom litteraly now.

But without real utility, why is it a good investment and store of value? without a reason to use it, why does it have any value at all?

Indeed, spending is not an important use for Bitcoin at this time.

Its value as a medium of international transfer is however very real. When people sell their hard-earned dollars for Bitcoin to send overseas, it's to save time and transfer fees. Even the tx fees people bitch about are minuscule compared to bank or Western Union fees.

Likewise, even if it takes longer than expected for the transaction to be verified a sufficient number of times by the network, it's still just hours and not a week of banking days.

These are very real, very compelling reasons.

Eh, I'll believe it when I see it.  I do think something along these lines is coming, but none of us knows when or to what extent adoption is going to rise.  Having hope and really bullish thoughts doesn't really help anyone, and that sort of thing can be detrimental to your wallet.

People need a real reason to use bitcoin over fiat, and so far I haven't seen really compelling reasons.  That's heresy, I know, but to me bitcoin works much better as an investment tool and store of value than as a currency to be adopted for spending.  But we'll see.

You make some very good points about the different reasons for increased adoption.

I'm still of the mind that the number one motivation for people buying their first bitcoins is as a medium for international transfer and as a safe haven from government capital controls and bank bail-ins etc.

Sure, the majority of bitcoins are held and traded for speculation but these are often the same coins being traded back and forth.

Obviously beyond mere speculation, the reasons for Bitcoin use have changed over the years. At first it was as much a proof of concept as much as anything. Buying a couple of pizzas in Florida with bitcoins from someone in Britain was a landmark moment as it established Bitcoin not only as a system of commerce but also underscored its international nature.

Then came Silk Road and Satoshi Dice which established it as an international pseudonymous unit of trade in black/grey markets.

With the Cypriot banking crisis in early 2013 a new market was opened up. As we've seen, this extended to China, India, Italy, etc.

In my own experience, when I visit one of the local BTC ATMs, I see people of visible minorities with limited English language skills lined up to buy modest amounts of Bitcoin, presumably to send home to families in their native countries.

These are not speculation coins. These are bitcoins performing real-life financial tasks. These are the coins that (in my opinion) have caused the price to rise upward despite the ups and downs of the speculative market, and will continue to do so.

I've been expecting a new all time high for a while and it hasn't happened, but I believe it will happen soon. From everything I have seen it looks like liquidity is weak and demand is high. OTC liquidity is harder and harder to come by. Big money still wants in as the store of value use case continues to prove itself, especially in India, China and Italy.

Mining investment continues, we saw a 10% jump in difficulty at the last adjustment. My pet theory is that it is miners who are providing the liquidity despite most of them being long term bullish, not just to pay expenses but also in an attempt to keep the price artificially low to protect their market share by keeping mining less profitable for new entrants due to upfront costs. But with each dump attempt, the liquidity gets soaked up and held. I believe that this market share protectionism is also primary in the blocking of SegWit as well.

The boom is coming though, first from smart money and then mainstream money short behind. The next three months will see the launch of the major projects that will make owning at least a small amount of BTC a must for many. These are t0, MegaUpload2/BitCache and Yours.

First will be t0, which will be the home of an offering from Overstock. This chain anchors into Bitcoin and will prove out the digital land use case of Bitcoin. On chain anchoring will become the standard for all blockchain projects in the financial sector, and as other chains are forced to anchor investors will get it and come in just in time to make money before adoption becomes mainstream.

With MegaUpload2 succeeding in its crowdfunding campaign, it vs set an end of January launch date. This is going to be the first undeniable use case for mainstream users. Anyone who wants to download from MU2 will need to have at least a buck or two of Bitcoin.

Finally Yours will bring it home. Content creators will monetize on this platform and content consumers will be forced to buy Bitcoin to continue consuming their content. Yours will kill Q&A services like Quora, digital marketplaces like Shutterstock and likely many other business types we can't quite determine yet.