Topic: The Life Cycle of Bitcoin (Read 288 times)

Meh and it will never be.
I would not categorize BTC as a product but since we seemed to talk about product life stages here. Here is one from my findings about "growth stage".
"Growth Stage is the period during which the product eventually and increasingly gains acceptance among consumers."
Now to put it into perspective of Bitcoin, it hasn't been adopted a lot yet that most are dreaming of so yeah pretty much we're still in the growth stage.

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Source: https://courses.lumenlearning.com/boundless-marketing/chapter/product-life-cycles/

Bitcoin has a cycle. Of course, in this cycle, it is normal that there will be ups and downs. This time, Bitcoin's plunge is not the demise of Bitcoin, but rather normal things that happened in this cycle, which is a stage that Bitcoin's development must go through.

Normally, but the current mining bans are bitcoin only ,
and only Bitcoin is receiving the bad PR.

China , Iran , and New York have banned bitcoin mining,
they have not banned any Proof of Stake from staking,
and to be honest PoS coins use so little power , they can't be tracked by power usage.
So staking is next to impossible to stop, and can even be run from a VPS or with a VPN in a country where it is acceptable.

But this movement to ban only bitcoin due to it's energy waste is growing.
https://www.treehugger.com/ban-bitcoin-5094352

* The Product Cycle is more powerful, than the bitcoin mining table. *
* As Governments are going to have no choice but to ban it , to protect their power grids and their people.*

BTC has become more valuable as the number of altcoins have increased,
since this adds more bitcoin that have to offset the price of the market pairs with the altcoins.
Problems for Bitcoin , is more exchanges have begun direct US dollar pairing with alts,
which means BTC can now be left out of the trades all together.
Also the reason why Dodge is doing well, as it has many market pairing.
But as the Bans of BTC increase , more people are going to migrate to coins that
have cheaper transaction fees, are faster to transact with,
don't harm the environment or cause their personal electricity bills to increase.

Bitcoin is like Freon (what they used to put in the Air conditions) ,
Once it was discovered Freon was bad for the environment, they started banning it use,
As of Jan 1st , 2020 Freon has been permanently banned in the US,
Expect the same to happen to bitcoin,
if they don't redesign their PoW to quit harming the environment thru unnecessary waste.


FYI:
While their are only 21 million bitcoins,
Look at what happens when it is divided
If the smallest unit of bitcoin was
.5  then their are 42 million units of usable bitcoins
.25 then their are 84 million units of usable bitcoins
Bitcoin allows eight places to the right of the decimal
.00000001 gives 2.1 Quadrillion units of usable bitcoins called a satoshi
If you look at many exchanges , they are even trading at further to the right than 8, and LN has proposed 12 places to the right.
So Bitcoin is not as really scarce as they make out.
1 bitcoin continuing increasing to the right , is basically an unlimited commodity.
* No where in the real pysical world can you continue inflating to the right and
the unit still have any utility, where as in the virtual world such limits do not exist.  
 

Bitcoin of course has also a life cycle because it consist of demand and supply. The life cycle of a product is broken into four stages—introduction, growth, maturity, and decline. From the introduction stage, we are now in developing or growth stage because we can see that bitcoins value are now increasing from $ cent to $62K. As for maturity, I don’t think it’s there yet because bitcoin’s adoption is just beginning. As for the decline, it depends on the demand and supply of bitcoin in the market. The decline for every product is inevitable. It means the product sales drop significantly and the demand will also decrease. The same with bitcoin but, it's to early to discuss about that. Also, I believe the demand for bitcoin will continue until next next generation as long as the adoption continue to increase.

You are saying that bitcoin needs a redesign in order to remain relevant in the market. Also you noted that 10yrs is let's say average product life, now BTC is more than 10yrs.

But from mining table of bitcoin, it's estimated as the times goes the BTC becomes more valuable and scarce. It is somewhat confusing to determine actually how it will be in the future.

where did you saw the campaign ? i dont see btc being promoted but it was the product/service that is being advertised and if you saw a btc logo in it , that means btc is supported  . btc is not new to be in the introduction stage but thousand and millions of people in the world already recognized btc.

yes it can be . the price of btc continues to grow except if there was a bear because the price growth was paused during these times .

maturity stage is where btc fits the most but maturity stage does not define a decline but it defines a growth aswell . recently btc is going in a decline stage but that seem to be over now

The difference between Bitcoin and fleeting products is that Bitcoin is almost half-idea half-product. I don't disagree with the life cycle of a product. But I'm afraid it couldn't be fully applied to Bitcoin. The internet, for example, might survive for as long as humanity exists, but the dotcom and other internet-based products have already went through all the stages including the Decline Stage.

Bitcoin has definitely an end just like the earth, but it is not as if it could be likened to the life cycle of Bitcoin-based products. There was already rise and fall on Bitcoin-based products but Bitcoin itself will probably thrive for several more decades if not centuries. We're still at the earliest phase of the Introduction Stage.

Bitcoin is in the growth stage and has yet matured.

Each four years, Bitcoin has a big bull run and it follows the Psychology of Market Cycle.
 
When the growth stage of Bitcoin expands further, I believe the cycle will be shorter than four years. Four years for big bull runs certainly but there will be more mini bull run in each 4 years. The bearish market during each four years will be shorter.

I like your point of view, digital gold, the future of Bitcoin is the reference standard for the new economic order, the basic law of exchange rate reformulation, it will coexist with FIAT

I still think Bitcoin is only a child in its infancy. It has only existed for 12 years, and we have watched it gradually change the world's view of it. Its current price is not stable enough, but the overall momentum of BTC is rising, and I am optimistic about its development in the long term.

just wait if the circulation supply has reached 21M, everyone who wants to have it has to spend a lot of money because it's scarce and can no longer be mined. At times like that there will be a continuous increase and there tends to be no decline

You said "unless it is redesign" this alone makes it a factor of continuity. Looking at the market condition since 2009, does it remained the same thing, haven't you heard about company buying bitcoin for reserve,? hasn't been said to be redesigned? Haven't you seen lots of new implementations, everything around Bitcoin is now in a civilized entanglement, this is the proff that bitcoin is not going to die off anytime soon, bitcoin is here to stay for ever because it is a digital asset with the same thing as physical land.

Bitcoin is not a product, it's an open source software. Bitcoin doesn't make sales. The closes analogue for sales is the number of transactions. Bitcoin blocks are full almost all the time, so it's clear that its popularity isn't declining and won't be declining anytime soon. Its competitors are also very weak, none of them has the same security and safety as Bitcoin, and they don't plan to have it.

Yes, all things must come to an end, but Bitcoin will not end in our lifetimes.

I disagree with the analogy here, bitcoin cannot be define as a product in the first place so everything is already wrong in the beginning. And for technicalities, all bitcoin is going to be mine around 2140, so that is a long process and then we have the boom and bust cycle along the way. And then we have the halving, and I don't think any products in the market has this kind of event.

How are you very sure that bitcoin is not at declining stage? Bitcoin has many things to redesign to fit in the current market. So many altcoins has some designs like PoS that eliminates some barriers. At this very stage Bitcoin need to redesign to remain very valid, if not it will surely fade off. Every product follows the above staeges, but some tend to remain in the maturity state for very long, such as fiat currencies.

Bitcoin is definitely an asset or a currency so it would increase its value once the demand becomes higher too. And i see today that bitcoin as a currency or a good store of value is gaining its growth knowing there are still bigger institutions that would be interested to accept bitcoin as a payment system in the coming days.

And yes, just like gold people will keep on accumulating bitcoin especially when the price is in dip because once its value reaches another ATH, people will not only create huge profits but adoption will aso grow as well.

Well, from 1 to 4, this statement which the most I disagree with is this number 4. Bitcoin is no life that has an end, it should always forever and it has a limited supply, it could increase the price by the demand and the supply, and the price all matter in that way, and most of all, bitcoin is not a product that could be phase off in the market and most especially, bitcoin created with how its own code and no one can change for the redesigned, if there is, that is bitcoin fork with different network and will also different miners. I think you must understand first how bitcoin will work before making this thread.

IMHO, we're at the growth stage. The introduction was already done and has been made several years ago until the media came in and the institutions too.

We're far from seeing it decline and if ever it's going to decline, it's only the chart and its price which shall recover afterward. That's based on what happened in the past because whenever bitcoin drops, it recovers.

Sorry, Bitcoin is an original old outdated product , (An 8  Track Tape of the crypto sphere.)


all one has to do is look at the limited performance and features it offers compared to all other coins.