What will be the consequences of increasing demand to bitcoin? - page 3.

AngelSky

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Quote from: vintages on January 02, 2018, 12:28:03 PM

When Bitcoin starts becoming increased in demand it will be quite interesting and there will be less fear about it; people will stop comparing it to Ponzi schemes and countries might even unban it. But the two negative consequences that it will bring along is the high price; it will be too costly to purchase and also the transaction fee will be too high; I guess we won't be able to buy a cup of coffee with bitcoin then.

High price is actually a good for bitcoin bro. You will get the bitcoin transaction fees also reduce now so no need to bother about the fees any more in the upcoming days. You may find some big fluctuatations in the bitcoin and ethereum.
So next some weeks will be takes bitcoin value increases more than all time value. However, you will be able to invest on point level value so invest the how much ever you have.

vintages

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When Bitcoin starts becoming increased in demand it will be quite interesting and there will be less fear about it; people will stop comparing it to Ponzi schemes and countries might even unban it. But the two negative consequences that it will bring along is the high price; it will be too costly to purchase and also the transaction fee will be too high; I guess we won't be able to buy a cup of coffee with bitcoin then.

DiscretePatriot

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In my opinion, I think it will affect the transaction fees and since there will also be more transactions, it might take even longer for them to get confirmed..

LuffyD.Monkey

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Quote from: TeraBitHoven on December 29, 2017, 02:24:20 AM

Is there any negative effects to bitcoin if it becomes more popular than it is now?

Bitcoin is a future of cryptocurrency because it is famous among many peoples around the world it is going to be more famous there surely will be way to avoid the high transaction fees people will experience due to the increase in transaction rates.

Bitcoin is a very important currency for many people and they have built their primary income on bitcoins so they cannot be made more difficult to use and there will be a alternative to the problems people will face in the future.

Lucifer777

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I dont understand the connection between my personal page and my business page i get activity on my personal page but those friends dont seem to visit my business page. Is this just a rule for big business? Huh

voztata

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Quote from: Carmen01 on December 30, 2017, 02:12:21 AM

Some of money value will fall like yen and dollar because we can exchange btc to any fiat now like in our country but it's good also to the economy who use crypto as a digital money,Moreover always think the positive here and continue what you doing in crypto because we don't have assurance in anything about crypto and it's more on investment tools than a value of anything like that.

I don’t think so, increase in the demand for Bitcoin can’t cause any negative impacts on dollars and other currencies. One thing you have to understand is that Bitcoin is not a Currency, so every Investment that is made on bitcoin goes into real currencies, and that is mostly dollar. The only thing I’m sure will happen is that there would be an increase in price rate for Bitcoin, so it would be costly.

vmyuoyj

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Quote from: TeraBitHoven on December 29, 2017, 02:24:20 AM

Is there any negative effects to bitcoin if it becomes more popular than it is now?

negative effects will be is more expensive than now because demand make any thing expensive.

also network will be so busy and fee is so high.

felipe04

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Actually it's no consequences at all because we already experience the increasing demand of bitcoin,it's already the potential of crypto in the future demand of bitcoin and altcoins also are like this day price,It can handle at all even the blockchain this day we experience the high fees because of the demand of btc but after that they easy control the problem and it's back to normal.

sajeebur rahaman

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Quote from: TeraBitHoven on December 29, 2017, 02:24:20 AM

Is there any negative effects to bitcoin if it becomes more popular than it is now?

No, I do not think that, look at Bitcoin with other common stock markets.The market is always in the up trend There is no such thing.Every market has a time cycle.Surely you understand

Zadicar

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Quote from: TeraBitHoven on December 29, 2017, 02:24:20 AM

Is there any negative effects to bitcoin if it becomes more popular than it is now?

We are already seeing as of now regarding on the things do happen into bitcoin not really a consequence but the disadvantage when it is already becoming popular as the years goes by.Since bitcoin still didn't resolve about scaling issues then it would really suffer on congesting network due to small blocks which would really result for longer confirmations and at the same time we do suffer on huge fees too because we do see if price tends to go up it would really result to congestion since miners would really prioritize for those people who did put up huge fees.

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Quote from: TeraBitHoven on December 29, 2017, 02:24:20 AM

Is there any negative effects to bitcoin if it becomes more popular than it is now?

Yeah,the transaction fee will be increased in terms of USD so it make bitcoin unusable and people only think bitcoin as an asset and not currency.

yojodojo21

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Why in The Earth, That There is going to be a consequence of The Demand of Bitcoin. There Will be no such Thing Like That, In The Crypto Digital currency, Money Always Run About, And Then If you Don't have The Exact amount Of Money For Buying BTC then That's Not Other's Problem. Demand Of Bitcoin Keeps on uprising because it has the Power of Great volatility that can make Everybody rich. In an Instant if you have put all your money into it. But, Be wise Because if you do mistake then that would be the consequence is and will be your biggest regret.

Sadlife

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No in fact it's the opposite the more people knows it is the more chance people will use, buy or invest it. Since bitcoin is derive's from the supply and demand, the higher the demand, the higher the price will get and of course btc hodler will benefit from it. It is just simple economics.

Protected101

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Quote from: TeraBitHoven on December 29, 2017, 02:24:20 AM

Is there any negative effects to bitcoin if it becomes more popular than it is now?

The consequences in increasing the demand of bitcoin is the fees is also higher when we transacting and due to increasing of price we cannot buy bitcoin because its price was too high.The negative impact is the investors cant invest because canno afford to buy or sell bitcoin.

Willitivity

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In as much as the increase in demand for Bitcoin brings about an increase in price. The negative impact is also there, when the demand is high due to influx of people will bring about a congested network with transactions getting slow and fees going up. And as Bitcoin is getting more popular, this is inevitable.

Kemarit

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Quote from: TeraBitHoven on December 29, 2017, 02:24:20 AM

Is there any negative effects to bitcoin if it becomes more popular than it is now?

As demand goes higher, the price increases, the FEE's goes to the roof as well. That's the biggest negative effect of the increasing demand of bitcoin. Casuals or ordinary investors can't buy because the price is very expensive that right now the landscape is changing. Its now beginning to be the playground of the big boys. But I don't call it a negative effect, just part and parcels of bitcoin gaining popular nowadays. Solutions though is on the horizon, like Lightning Network which has been tested and soon to be implemented. Only question is when. Right now, its very sad that we are experiencing a high transaction fees, and can't do anything and we are at the mercy of the miners, however, we need a little patience until a better solutions have been in place.

Samarkand

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Quote from: 13abyknight on December 29, 2017, 04:31:30 AM

Quote from: TeraBitHoven on December 29, 2017, 02:24:20 AM

Is there any negative effects to bitcoin if it becomes more popular than it is now?

We're already witnessing a lot of problems as of right now due to the increased popularity of Bitcoin and this could be considered as just the beginning. There is already a massive congestion in the network making the transaction fees skyrocket and carrying out micropayments is not at all worth it. Lets hope the core will step up and deliver big updates to overcome the scalability issue.

The main reason for the huge increase in transaction costs is not the increased popularity of Bitcoin.

The two major reasons are:
1. Miners gaming the system. By bloating the mempool with transactions they increase the fees for every
Bitcoin user, who wants or needs a fast confirmation for his transaction. Besides, most Bitcoin wallet´s
fee calculations are calculated based on the mempool, which causes users to pay unnecessary high fees.
Besides, Bitcoin Cash supporters are probably attacking the Bitcoin network by spam transactions, too.

2. The price increase
The huge Bitcoin price bull run of 2017 has caused the Bitcoin price to increase by more than a magnitude.
This has caused fees to go up dramatically, because fees are not calculated in $, but in Satoshi.
If the BTC price would experience a sharp drop, fees would come down, too.

Therefore I´d argue that the increased popularity of BTC is not really a relevant factor.
I don´t think your average person buying Bitcoin after seeing a report on CNBC is making
many transactions. They probably keep their Bitcoin on an exchange and never really
move it at all on the blockchain.

alfs75

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Quote from: TeraBitHoven on December 29, 2017, 02:24:20 AM

Is there any negative effects to bitcoin if it becomes more popular than it is now?

We dont know if bitcoin popularity will be affected if there some negative feedback about of its name in digital currency like ponzi,or some phishing sites used by the name of bitcoin,because mostly even now there some news,blogs ,media,or some vip person who criticize about bitcoin that they said its fraud or ponzi,but the name of bitcoin is always stand still there and continue's its legacy towards the whole world.because the truth is bitcoins always in the right side to help each and everyone of us to become an entrepreneurs in the world of cryptocurrency.the real talk is bitcoin reputation could not destroy easily.

ralle14

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The transactions will continue to rise if the demands goes up the price will go up and the fees will become a problem once again because miners can't mine fast with the huge rate of transactions per second. Also you'll get less bitcoin if the demand goes up in the future and the amount you bought might not be spendable if the fees become so expensive.

Carmen01

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Some of money value will fall like yen and dollar because we can exchange btc to any fiat now like in our country but it's good also to the economy who use crypto as a digital money,Moreover always think the positive here and continue what you doing in crypto because we don't have assurance in anything about crypto and it's more on investment tools than a value of anything like that.

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