Why would people ever use bitcoin if its expected to always go up? - page 4.

Princejebs

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Quote from: B-Bit on August 13, 2021, 09:56:29 PM

The price of Bitcoin has been rising. The value of Bitcoin has also been rising. Because we make money, we will sell Bitcoin. However, for daily payments, legal tender is still used. More convenient.
Payment with Bitcoin protects our privacy and there is no third-party supervision. safer.

You said price has been rising and the value has been rising, what is the difference between price and value? I thought the price determined the value of an assets? That's exactly what's bitcoin portray.
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.

tygeade

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It's nearly impossible to go through each comment so if someone has already answered it, sorry to repeat it.

Quote from: bitsnack on August 07, 2021, 12:22:57 PM

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?

Because, bitcoin doesn't exist in isolation. There are hundreds of crypto which are even more profitable and yeah bitcoins won't be probably used for daily transactions because you want to save them but surely there will be traders. In fact, if bitcoin is not used for small transactions that's great news because that reduces the transaction cost and more coins for everyone technically.

We all know the price of properties (or land) will usually go higher, right? Yet there are sellers and buyers in abundance.

barbara44

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Quote from: Smartvirus on August 22, 2021, 05:24:23 PM

Should you have a pressing need with no funds at hand or an alternative source, how then do you satisfy that need without selling a portion of your bitcoin portfolio? In an investment, you must stand to understand the point at which, you could say your making profit or a considerable amount of profit that suits your investment purposes and that is a win. Value is always going to play around in the price of bitcoin and no single person would be able to gain in on all its value else, your most likely to never enjoy any returns on your investment and that won't make a lot of sense. At some point, you've just got to sell with a reason.

Well, but I actually like the point made in OP. You consider a situation like this.

- The price of BTC will only move higher -

Now given that you have some BTC and you want to buy something in the market why would you ever spend your bitcoins? Surely the bitcoins you hold aren't the last and only a bit of money you have.

One answer could be because bitcoin in a lot of places keeps you anonymous while other payment methods don't. If someone wants to pay for porn anonymously, they would never opt for PayPal.

WinBIts

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We all need to sell at least part of our hodlings for real life needs. These people will sell btc. Alsom weak handers will sell it too

Kong Hey Pakboy

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Because they want to use it, it's that simple, they want to use because they can plus it makes Satoshi happy that what he intended for bitcoin to be used for is still being used. There's nothing wrong with that and I don't think that it's a big deal for anyone that someone is spending their bitcoin instead of just hodling it.

Semar Mesem

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Quote from: swiftbits on August 18, 2021, 04:02:11 PM

Quote from: bitsnack on August 07, 2021, 12:22:57 PM

Or is it thought that in this future where there is widespread adoption the price would stop being so volatile and for the most part stabilize?

I actually resonate with this statement.
I guess it would still feel the same as today, even though it will continuously go up, I don't think it would be a bad decision to spend it.
Just in my view, If it is widely adopted and we pay and get paid in bitcoin, the circulation would be better. I think the price will only gradually change.

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

Smartvirus

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Should you have a pressing need with no funds at hand or an alternative source, how then do you satisfy that need without selling a portion of your bitcoin portfolio? In an investment, you must stand to understand the point at which, you could say your making profit or a considerable amount of profit that suits your investment purposes and that is a win. Value is always going to play around in the price of bitcoin and no single person would be able to gain in on all its value else, your most likely to never enjoy any returns on your investment and that won't make a lot of sense. At some point, you've just got to sell with a reason.

pinggoki

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Owning a lot of money doesn't necessarily equate to being wealthy or rich. In Venezuela this is the case. I believe people would come to appreciate Bitcoin more once it had served its primary purpose which is to act as a better form of currency than Fiat. This is because contrary to Fiat that inflated every year, Bitcoin is deflationary, and as time passes by this allows people to purchase and enjoy goods and services for a lesser price than before, allowing for a much more economic society.

Quote from: bryant.coleman on August 22, 2021, 09:11:05 AM

I am someone who has kept most of my Bitcoin stash for the long term. But that hasn't prevented me from making payments using Bitcoin every now and then. Because I book my profits on a regular interval. For profit booking, I either convert my coins to fiat directly, or use some of my coins to pay bills and purchase gift cards. And the latter scenario is what the OP is mentioning. I know about a few guys who are adamant that they will never sell their coins before the exchange rate reaches $1 million, but don't count the majority of the users among them.

Main reason why people held bitcoins anyway is because it shows promise in more ways than one, so you're correct in supposing that we shouldn't assume as if the majority of Bitcoin enthusiasts are to only sell their holdings after bitcoin's $1 Million breach which is still far from being a reality at least today.

so98nn

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Quote from: bitsnack on August 07, 2021, 12:22:57 PM

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?

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?

Or is it thought that in this future where there is widespread adoption the price would stop being so volatile and for the most part stabilize?

Your whole assumption is based on expectation so it's pointless what others think or what crypto investors think. If bitcoin is expected to rise then its gonna rise at some cost. Nothing in this world is free, it comes at great cost and if bitcoin is supposed to go upwards only then obviously this will take great deal of investment from the same users who are expecting the prices to go up. This means, there will be enforcement of mining farms running 24x7 to confirm our transactions, there will be non-ending trading fiesta live 24x7, big whales moving market up-down, creating that buzz for the crypto world and that very volatility which will give rise to new portfolio's.

The bitcoin adoption is really big thing. If bitcoin gets adopted throughout the globe, then it will change the current theory of yours. Let's not forget we are moving real $$ to buy the crypto in one world (fiat) and then transacting our bitcoin and alts in the other for various purposes. The driving force exists!

bryant.coleman

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I am someone who has kept most of my Bitcoin stash for the long term. But that hasn't prevented me from making payments using Bitcoin every now and then. Because I book my profits on a regular interval. For profit booking, I either convert my coins to fiat directly, or use some of my coins to pay bills and purchase gift cards. And the latter scenario is what the OP is mentioning. I know about a few guys who are adamant that they will never sell their coins before the exchange rate reaches $1 million, but don't count the majority of the users among them.

agustina2

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Quote from: bitsnack on August 07, 2021, 12:22:57 PM

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?

There should always be selling for bitcoin to have a good market circulation. If there are only a few who will use it, few merchants will accept bitcoin as payments.

In some cases, people need money leaving them no choice to sell it.

Others also want to take chances of the dip. Selling it at a high price they consider will give them a chance to accumulate more when the price goes dip.

Sithara007

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This (argument made by OP) may sound logical theoretically. But in real life it is not always the case. If people never sell their high performing assets, then no one will be selling their stocks of AMZN, MSFT and TSLA. But that is not the case. Investors have a fair idea about when to book their profits. They keep a part of their holdings for the long term, and keep the rest in semi-liquid form. And when there is a need, you need to spend some of your holdings, as the only other option is to take a loan (which I would never prefer).

NathanielParker

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More and more companies now accept Bitcoin as a payment method. It has become the world's first widely recognized cryptocurrency. Bitcoin will be accepted and recognized by some large companies, because people have seen the advantages of using Bitcoin, anonymity and fast transaction speed. The advantage of Bitcoin payment is that the transaction speed and cost remain the same regardless of which country the transaction is conducted with.
After Bitcoin is accepted, the fluctuations in the value of Bitcoin will decrease, but there will always be people who trade Bitcoin and others will use it for daily payments.

andeluna

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Quote from: bitsnack on August 07, 2021, 12:22:57 PM

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?

Bitcoin already make a history to get higher and higher value in the long run thats why almost lot of crypto user and enthusiast saying that it will goes up always. And for your question why people spending their bitcoin because it depend on them of how they make profit from it not just by Hodling but by just trading if they want their bitcoin multiply to their wallet and what do you mean poor financial decision? the main reason for it is the volatility of bitcoin some of them dont want to lose their investment thats why they sell it and trade it.

Boov

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Quote from: bitsnack on August 07, 2021, 12:22:57 PM

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?

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?

Or is it thought that in this future where there is widespread adoption the price would stop being so volatile and for the most part stabilize?

Price won't stop being volatile because that's the characteristics of a cryptocurrency's decentralized being. Maybe there's a random state that it will stabilize but I foreseen worldwide adoption will make these things possible that price will rise consistently. Every persons mindset will always begun to influence one by one, and that's beyond imagination to see how bitcoin popularity gather the most praises all over the world.

batang_bitcoin

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Quote from: Charot12345 on August 19, 2021, 09:19:52 AM

I think it was because they still have fear on losing to much. Not all people put their trust in bitcoin and its' volatility. or maybe they are not patient enough to wait for good timing. And also they are affected by some people or fake news. Or just they need it already. There are really many factors why people spend their bitcoins.

There's truth in what you've said. Even I've got already confidence for bitcoin and been holding it for years, I want to take some profit and that's why I have to sell and take my profit with it so that I won't be missing some profits if it starts to correct. But the other thing happens, it keeps going up after selling but that's okay. I've anticipated those actions after selling and it's not really a coincidence because there were many times that I did the wrong timing.

Timelord2067

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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.

perryxi2

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this is a very good problem i appreciate your question , in my own opinion you are talking about the value of BTC going up and why they sell and use it but not buy storage Enter and keep the price up?
1. I want to talk about the issue of thought and thinking of each person is different as well as the value they invest differently. Some people just set a goal and when they reach that value they sell.
2. are newcomers to some of these markets and are manipulated by price drop sentiment they cut their losses and BTC value will drop by these people
These are just a few examples that I can see, how about you?.

Charot12345

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Quote from: bitsnack on August 07, 2021, 12:22:57 PM

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?

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?

Or is it thought that in this future where there is widespread adoption the price would stop being so volatile and for the most part stabilize?

I think it was because they still have fear on losing to much. Not all people put their trust in bitcoin and its' volatility. or maybe they are not patient enough to wait for good timing. And also they are affected by some people or fake news. Or just they need it already. There are really many factors why people spend their bitcoins.

swiftbits

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Quote from: bitsnack on August 07, 2021, 12:22:57 PM

Or is it thought that in this future where there is widespread adoption the price would stop being so volatile and for the most part stabilize?

I actually resonate with this statement.
I guess it would still feel the same as today, even though it will continuously go up, I don't think it would be a bad decision to spend it.
Just in my view, If it is widely adopted and we pay and get paid in bitcoin, the circulation would be better. I think the price will only gradually change.

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