Why would people ever use bitcoin if its expected to always go up? - page 3.

suzanne5223

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Quote from: SurVM215 on August 29, 2021, 04:23:09 AM

I think the second option is correct. The volatility will be less and the rate will be more stable. It makes sense.

The more active users to use bitcoin, the more stable bitcoin will be, people will not be too active to follow the latest prices because they have reached an agreement,

The status of the Bitcoin market price is not determined by the level of demand and supply, not the number of active users.

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unfortunately currently bitcoin is widely used for trading so it makes it easy for speculators to compromise to determine prices up or down.

No, and technically about 75% of all crypto traders quit at some point due to losses, and what impacts the price of the Bitcoin market it be a subject of volatility and speculation itself.

cryptophilic001

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I don't quite get your question, but do you mean that people will hold their coins instead of selling them if Bitcoin is going to up anyways in future and they will be in loss if they spend now, right?

Then that's the case with almost other currencies, okay, may not be with fiat because of inflation, but how about gold and silver?

Let's say, you have gold in your locker, and you know in future it will grow in value surely as it's a very rare metal and precious, but you will still sell it. Why? Because you have to meet your needs. Will you not eat food or drink water for 7 days just for saving more money? No right? That's why even if we assume that, Bitcoin in the long run will go up, still if we use it as currency, we will be willing to spend it for our needs because needs is what we need, we can't eat bitcoins, or gold, we have survival instincts which is quenched by only food and water!

kapalmabur

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Quote from: Stunzz on August 30, 2021, 09:40:39 AM

I can tell some are not ever willing to sell part of their bitcoin holdings but life at times gives smackdown unexpectedly.. and bitcoin comes as last and only rescue plan to help put themselves' back on the track.

This one the worst reason why we have to sell our cytpo coins. Most of us here on the forum use cryptos as a means to store value outside of the range of the government. It might be more risky than just saving in fiat money but we have more upside potential. And most of the money we save we will not save indefinitely, eventually we need to use it for important things in life.

Of course, when it comes to risk, I think everyone who wants to invest or trade in cryptocurrencies has thought of this,
sometimes our assets have to be sold and used as you say,
what is clear here is full of risk but if we can get profits up to many times too

isaac_clarke22

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Quote from: Princejebs on August 23, 2021, 01:46:59 PM

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One of the many ways of adoption of bitcoin has been payment through lightning network, it allow mobile payments without dependent on the network and the transaction fee is very light and smooth but it's centralized because of the channels used in making this payment, there has to be sort of agreement too.

Considering that not many people are still even aware of the LN, let alone crypto, we're still long way to go before we manage to have that "dreamt adoption" that everybody is discussing. Here in my country, there are few people nearby my area that just use custodial wallets to allow p2p transaction. It isn't the full adoption yet because it uses our PHP currency and it isn't purely Bitcoin.

Mahanton

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Quote from: Stunzz on August 30, 2021, 09:40:39 AM

I can tell some are not ever willing to sell part of their bitcoin holdings but life at times gives smackdown unexpectedly.. and bitcoin comes as last and only rescue plan to help put themselves' back on the track.

Doesnt really matter much since its our money and we do have that full control and decision neither we do spend it actively or would really save or store it up for some future goals
that you do have in mind.It is true that majority of us do really expect for the price to go up which i cant really blame off since if we do really go back or trying to check out
its history then it could really give out that kind of opportunity or chances for you to make profits on just simply holding even though it isnt guaranteed but at least
we do know that chance is something there.

blckhawk

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It's easy, they can and they want to. Also, it's not really our business why they want to use it to buy stuff, we have our own decisions, probably it's a ppet peeve for you but I don't exactly think it's not a bother plus they make the economy of bitcoin healthier as bitcoin gets passed around and circulating.

oHnK

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Quote from: jaysabi on August 28, 2021, 02:32:26 PM

why not just conduct the transaction in fiat?

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As a holder of BTC, one will be faced with some of the properties of a currency. If it's like you said why not invest further, it doesn't fall into the category of three fuction of money. In addition to investment, currency serves as a means of speculation and currency as a means of transaction and the last is a store of value. So, it's a bit less fitting if we leave it without any tactics.

Stunzz

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I can tell some are not ever willing to sell part of their bitcoin holdings but life at times gives smackdown unexpectedly.. and bitcoin comes as last and only rescue plan to help put themselves' back on the track.

SurVM215

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I think the second option is correct. The volatility will be less and the rate will be more stable. It makes sense.

AndySt

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Quote from: TheGreatPython on August 28, 2021, 01:18:16 PM

I do not think that we should care about all those other elder generation saying bad stuff about crypto because it makes no sense to me at all, but at the end of the day it is us who are involved in crypto that makes decisions and decide on what bitcoins direction will be like.
I do not believe that warren buffet has any bitcoins, but even if he does, he doesn't care about it and it is a tiny sliver of what he has total, so that means that he is not deciding factor on bitcoin all by himself, but when he says something bad about it, and everyone else gets scared about it and sell their bitcoins because of it? Then dude didn't spend a single dime to drop the price by just influencing others. That's the type of thing that we should be avoiding, Elon Musk did the same thing for both making it go up and also making it go down, we should not make trading decisions based on others peoples words.

Humanity is characterized by a herd instinct, so still the majority listened and will listen to the opinion of the leaders of public opinion and nothing can be done about it Wink

Therefore, you can say as much as you like that the opinion of some of these leaders is not important and decisions should be made by people who are competent in this matter, but the fact remains that the absolute majority of investors are by no means absolute gurus in this matter, but still the market movement depends on this majority. Therefore, the media component of the question is also important, and it is desirable that different generations have a positive attitude to bitcoin and it is worth making efforts to explain the positive features of bitcoin to the older generation.

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Quote from: finaleshot2016 on August 28, 2021, 02:12:55 PM

Quote from: bitsnack on August 07, 2021, 11:22:57 AM

I couldn't put the full title in the subject line due to character restrictions, but here is the full question:
If bitcoin was fully adopted into everyday life, why would it ever be used for day-to-day transactions if the general consensus was that the price would always appreciate?

The market isn't always up, and when it's consistent on a specific value, using it as an asset for the transaction won't affect you much if and only if you've bought back at the same price. The OP makes sense, I understand the point, and I'm wondering why I'm still using my BTC for other things if it'll just go up. Taking profit, on the other hand, should explain why others continue to sell and use bitcoin for transactions, we have different approach on crypto, can't blame them if they're happy and satisfied on what they're doing.

People do have this kind of mindset specially when you are just new into this market where you do expect that price do continue to rise up without minding about the reality of this market which is really wild when it comes to volatility.

We do have different taking or views towards bitcoin and some of them would really be saving up bitcoin rather than on using it up or making active conversions.

Its a wrong mindset on believing that it would always go up but if you don't really mind much about on short term then holding isn't always a bad idea.

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Quote from: bitsnack on August 07, 2021, 11:22:57 AM

After reading several posts on this forum many people seem to think that Bitcoin will always go up. If this were to be the case, why would people spend Bitcoin at all? In this theoretical time, wouldn't it just be a poor financial decision to do?

But aren't people already spending bitcoin? The problem is that there aren't many shops accepting it as payment, but if they were, bitcoin would be much more used as currency than it currently is. People would treat bitcoin the same way they treat fiat: spend the necessary in their daily life and save what is possible for the future. The only difference is that bitcoin is actually profitable to save when compared to fiat, that isn't profitable at all due to corrosive inflation. If it doesn't make sense for you now, once people start receiving their wages in btc I believe it will...

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Quote from: Timelord2067 on August 20, 2021, 12:06:40 PM

Assuming the cost of transaction fees continues to remain at it's current lowest prices, if you were wanting to make a $100 purchase, then you buy $100 worth of bitcoin (probably a tiny bit more to cover subsequent TX fees) then make your purchase of a $100 item.

Essentially, it doesn't matter what the price of bitcoin is if you buy BTC then spend that BTC more or less straight away.

This raises the question why anyone would needlessly introduce middlemen to a transaction. In this case, bitcoin is an unnecessary middleman. If you're buying bitcoin to immediately spend it, why not just conduct the transaction in fiat? There are very few situations where this makes sense, but a couple I can think of are cross border transactions or speed over electronic transfers, which are probably slower except in the case of wires.

finaleshot2016

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Quote from: bitsnack on August 07, 2021, 11:22:57 AM

I couldn't put the full title in the subject line due to character restrictions, but here is the full question:
If bitcoin was fully adopted into everyday life, why would it ever be used for day-to-day transactions if the general consensus was that the price would always appreciate?

The market isn't always up, and when it's consistent on a specific value, using it as an asset for the transaction won't affect you much if and only if you've bought back at the same price. The OP makes sense, I understand the point, and I'm wondering why I'm still using my BTC for other things if it'll just go up. Taking profit, on the other hand, should explain why others continue to sell and use bitcoin for transactions, we have different approach on crypto, can't blame them if they're happy and satisfied on what they're doing.

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Quote from: LUCKMCFLY on August 25, 2021, 12:06:45 AM

Quote from: Chathusand on August 23, 2021, 02:26:00 PM

If you plan to utilize bitcoin for trading, it makes sense to do so even if you expect it to rise steadily. You'll have to trade it for cash, and part of it will only be traded for stable coins. People will use BTC if it becomes widely accepted that we can buy something with it. I believe El Salvador is an example of this, where BTC is used to purchase goods in local stores.

It is like this, and assuming that all people have different needs, it is normal that those people when they have economic emergencies do not hesitate to sell a fraction of BTC.

When we trade there are many ways to look for money, the main one, the one that many are governed by is looking for Dollars or Euros, either in USD, USDT, among others, and other traders seek to accumulate as many satoshis as possible (When it comes to BTC) others with alts, but very few believe that BTC will always grow, because few understand the stages of the market, among which are the accumulation and Distribution stage.

When people see that BTC fell, many say that it was a bubble, it will not rebound, even people of great repute, such as Schiff, and other people who are a role model like Warren Buffet, who do not believe in BTC or cryptocurrencies. , and if cryptocurrencies allow you to pay, resolve and make any purchase, why not use it? you can use half of what you have in crypto and the other half is put into "Hodl" mode and you will never lose.

I do not think that we should care about all those other elder generation saying bad stuff about crypto because it makes no sense to me at all, but at the end of the day it is us who are involved in crypto that makes decisions and decide on what bitcoins direction will be like.

I do not believe that warren buffet has any bitcoins, but even if he does, he doesn't care about it and it is a tiny sliver of what he has total, so that means that he is not deciding factor on bitcoin all by himself, but when he says something bad about it, and everyone else gets scared about it and sell their bitcoins because of it? Then dude didn't spend a single dime to drop the price by just influencing others. That's the type of thing that we should be avoiding, Elon Musk did the same thing for both making it go up and also making it go down, we should not make trading decisions based on others peoples words.

bakasabo

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Under the words "use bitcoin" probably the word "sell" was meant. I think that not everyone is ready to hold and wait for infinite price growth. Everyone has their own level, when they are ready to sell, everyone has their own needs, everyone has their own believes. Dont forget FOMO also (but that was perhaps mentioned numerous times already).

Shamm

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I think it's better to think that Bitcoins is goes up ang goes down or we could say a Volatile we can not expect the value of Bitcoins but this Bitcoins consistent increase the price I think more user will likely to trade or invest but don't be confidence so much cause there's a sudden down of the price.

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Quote from: Chathusand on August 23, 2021, 02:26:00 PM

If you plan to utilize bitcoin for trading, it makes sense to do so even if you expect it to rise steadily. You'll have to trade it for cash, and part of it will only be traded for stable coins. People will use BTC if it becomes widely accepted that we can buy something with it. I believe El Salvador is an example of this, where BTC is used to purchase goods in local stores.

It is like this, and assuming that all people have different needs, it is normal that those people when they have economic emergencies do not hesitate to sell a fraction of BTC.

When we trade there are many ways to look for money, the main one, the one that many are governed by is looking for Dollars or Euros, either in USD, USDT, among others, and other traders seek to accumulate as many satoshis as possible (When it comes to BTC) others with alts, but very few believe that BTC will always grow, because few understand the stages of the market, among which are the accumulation and Distribution stage.

When people see that BTC fell, many say that it was a bubble, it will not rebound, even people of great repute, such as Schiff, and other people who are a role model like Warren Buffet, who do not believe in BTC or cryptocurrencies. , and if cryptocurrencies allow you to pay, resolve and make any purchase, why not use it? you can use half of what you have in crypto and the other half is put into "Hodl" mode and you will never lose.

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Quote from: Semar Mesem on August 23, 2021, 02:11:35 AM

We hope that bitcoin is more actively used not only for see in the wallet, if bitcoin is only stored then this is speculation that can make the price fall at any time in a short time,

Removing coins from the market makes the coins still in the market move valuable because the supply is limited. So price would rise and not fall.

Now spending bitcoin is a choice depending on whether the owner has access to bitcoin-accepting merchants or not. Most countries do not have such merchants, mind you. Hence we are currently not seeing what would actually happen once this becomes more mainstream.

Quote

different if bitcoin is actively used it will be stable and increasingly encourage many countries to accept bitcoin.

I think acceptance comes first before usage but acceptance catalysing more usage seems understandable too but that happens after sometime.

The basic flaw in the OP is that we compare bitcoin to a fiat. We never consider a doughnut to be priced at 10sats but always with fiat like 1.2USD or something. (random numbers, not basing on conversion rate.)

Chathusand

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If you plan to utilize bitcoin for trading, it makes sense to do so even if you expect it to rise steadily. You'll have to trade it for cash, and part of it will only be traded for stable coins. People will use BTC if it becomes widely accepted that we can buy something with it. I believe El Salvador is an example of this, where BTC is used to purchase goods in local stores.

Topic: Why would people ever use bitcoin if its expected to always go up? - page 3. (Read 1246 times)