Why would people ever use bitcoin if its expected to always go up? - page 5.

TheUltraElite

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Quote from: istiak2277 on August 14, 2021, 07:03:12 AM

You are talking about the use of bitcoin in daily life? Actually, it's not possible because of the volatility in the bitcoin market.

It is an exxageration that daily products price will change too much if market becomes too volatile. You can prove it yourself by doing some simple calculations. The drop/rise in BTC vs USD needs to be more than 10% to make a significant price change in the price of any article. However for a shop using bitcoin for payment, the owners can use adjustments to keep the prices fixed.

Another method is to directly accept BTC as payment. These are all possible if someone is willing to use it. But then why does it not become popular in countries outside the US? The reason is lack of government support.

Quote

Right now the only use of bitcoin is as an investment asset.

Since spending bitcoin is out of the options, therefore holding it as an asset becomes more popular. It can change in future if governments are more lenient towards use of crypto and then the scenario will change. The prices will not longer rise this high or become stagnant at certain ranges.

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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?

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?

Their are lot reason to sell bitcoin with a short time period. When the people invested their needed money in bitcoin. They don't have a option other then at a needed time.To avoid such things, the traders should invest their unwanted money in trading.It's easy for them to hold, till the price pumped to the new high value. This type trading will give huge profit.

There are so many factors that force people to sell their Bitcoins in the short term, even though we all know the price of Bitcoin continues to rise.
But sometimes everyone has an urgent need and because of that some people choose to sell their Bitcoins. Not all investors have good and stable
finances, so it is very lucky for people who can hold Bitcoin in the long term. Therefore we must have a steady job, in order to have a steady income
every month. That way the salary we get, some we can buy Bitcoin, Bitcoin accumulation in the long term, can make us become rich people.

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Quote from: istiak2277 on August 14, 2021, 07:03:12 AM

You are talking about the use of bitcoin in daily life? Actually, it's not possible because of the volatility in the bitcoin market.

It is actually possible. There are people that can finely use bitcoin in their daily lives. Remember the bitcoin family that has sold their property and lived life through bitcoin? they're now worth a lot and with the last time I have an article about them, they now scattered their wealth over 3 countries. And with their journey, I think since 2017 or 2016, they've used bitcoin for each purchase that they have. I don't know if that's for real but that's what I've read in some articles a long time ago and that has followed their journey. Even a haircut, he said that he has spent bitcoin for it.

Quote from: istiak2277 on August 14, 2021, 07:03:12 AM

Right now the only use of bitcoin is as an investment asset. The long-term holders usually don't sell bitcoin. Only bitcoin miners and short-term holders sell bitcoin to make a profit by using speculation. And some people sell bitcoin in need of money.

The majority of us are using it as an investment but it doesn't stop the main purpose of it as payment.

verita1

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Thanks OP, for your question. I think the answer can be varied because everyone has their own purpose with bitcoin.
I have used bitcoin for my daily needs through P2P exchanges. But as I saw that bitcoin had more interest for more investors around the world I could realize that bitcoin was changing level.
We have seen how the latest events on bitcoin have been relevant to its future. From that moment I told myself I am not going to spend any more bitcoin, instead I am going to spend another coin to know where bitcoin is going and celebrate that moment.

I will save bitcoin for the future of my underage relatives that will be my goal.

I also think that bitcoin should continue to be the market leader with the highest percentage of dominance for developers to think about creating convenient solutions to make bitcoin more usable.

CryptocurencyKing

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

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?

This is basically a hodlers thought and most bitcoin enthusiast too. I can't say I don't think the same myself but then, bitcoin was developed to serve as a currency and its gradual deviation from being a currency to an asset is where the problem with spending bitcoin comes. Yes, there is the problem of fees and confirmation time but, the singular thought of it as an asset gives you the impression of loosing a part of your portfolio everytime you spend a Sat. So, it's advised that you spend only when you've got no option or its of the most convenient.

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

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?

This is what is hoped but, we can never find out until the last bitcoin is mined and perhaps bitcoin gets a global adoption. Even at that still, the law of demand and supply will still continue to play out.

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Quote from: fullhdpixel on August 14, 2021, 02:07:06 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?

A lot of people expect the price of bitcoin to go up because it is driven by demand and supply. And since it is still a new thing, there are lots of people who are yet to join the community, and with time we will get to see a lot of them join the community and invest their money. So since the market is driven by demand and supply, you’re going to see an increase at anytime. That’s why if you check the market chart, the market has been growing from year to year.

But then, everyone has a purpose as to why they are making use of bitcoin, there are people who are using it as a payment method and there are those who prefers it as an investment, just do what works for you.

Even for those who chose to hodl bitcoin for a long term, eventually they will sell it in its perfect time and spend bitcoin for its purposes. I think even with the present time, bitcoin is already used as a currency because some use if for buying or any payment method.

However, bitcoin does not destined forever as a tool for investment because once the government approve its widespread adoption, it should also be used as a currency and maybe by that time, its price volatility will somehow be lessen. And of course, bitcoin can only serve its purpose if it will be utilized as a full currency rather than using it purely as an asset or investment.

fullhdpixel

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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?

A lot of people expect the price of bitcoin to go up because it is driven by demand and supply. And since it is still a new thing, there are lots of people who are yet to join the community, and with time we will get to see a lot of them join the community and invest their money. So since the market is driven by demand and supply, you’re going to see an increase at anytime. That’s why if you check the market chart, the market has been growing from year to year.

But then, everyone has a purpose as to why they are making use of bitcoin, there are people who are using it as a payment method and there are those who prefers it as an investment, just do what works for you.

nicecrypto

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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?

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?

For me, as for every investment, there is an expected return in terms of profits so, with Bitcoins investment, over time the investor is equally hoped to be in profits so it is this profits that investors will be looking forward to spending whether directly as Bitcoin for whatever payments or exchanged for Fait. However, there could also be a time when an investor might decide to cash out totally depending on their reasons regardless of whether Bitcoin still could rise in the near future.

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You are talking about the use of bitcoin in daily life? Actually, it's not possible because of the volatility in the bitcoin market. Right now the only use of bitcoin is as an investment asset. The long-term holders usually don't sell bitcoin. Only bitcoin miners and short-term holders sell bitcoin to make a profit by using speculation. And some people sell bitcoin in need of money.

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Quote from: B-Bit on August 13, 2021, 08:56:29 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.

For daily payments, I'm also more comfortable with fiat because that's the only legal thing in my country...

for bitcoin I make it as my long-term investment I sell some for necessities and hold some for the long term. I'm sure the price will go up but it's still volatile.

dataispower

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You will have to understand why people decide to HODL, sell or even want to acquire more at every buying/selling point. Your question is to each his/her opinion. Maybe swinging for daily profit could be the main reason buying at the top. Few people could be buying to save them up for their future generations.

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Maybe at first, people will expectt hey will hold their bitcoin. But their aim for what they hold is different, for example maybe one who use the profit for daily live, they will sell their bitcoin but will leave their main capital in wallet/market to keep hold or earn more with trading. And in the other side there are some people who face unexpected thing that really urgent so they should sell their coins.

We all have different goals when we hold bitcoin. A few years ago when the price was just still quite low, we're wanting it to see $10k-$20k. And when those prices were hit, our goals are going to be bigger than the last goal that we've set. That's why each stage and level that we reach, the expectation and goal is getting bigger and increasing because of what we've experienced and we're having the idea that in the future, bitcoin's limit is the sky. But if we have to sell and we have an important reason for that, we will see no matter what goal we have.

B-Bit

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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.

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Quote from: EdenHazard on August 13, 2021, 12:39:57 PM

Quote from: molsewid on August 13, 2021, 11:35:52 AM

Quote from: Myleschetty on August 12, 2021, 03:48:02 PM

People use their Bitcoin in different ways, some see it as an asset more than using it as a currency but the general consensus of bitcoin is never the price to always appreciate and the last time I check no currency, asset or commodity whatsoever will ever surge in price. Besides, the volatile nature of the market won't allow that.

Each of us has their own kind of reasons why they keep on using their bitcoin in their transactions rather keep it on hold for a long term and that's fair enough because we don't know their reason. But for me in my case I keep on using my crypto asset even I say that it is expected to go up because it has a more value what I mean is using a single token but with a huge market value is enough to transact and sometimes we may feel satisfied whenever we take gained from our hardships.

well making a transaction using crypto is something especially bitcoin, back in the days when i used to buy a cdkey.. i often spent more than 0.1 bitcoin in daily basis, guess its really fun to look back and compare with the current price, damn yeah $4,600 daily and overall 15 days consecutively equals to around $70,000!

crazy but a fun way tho, given the fact that there is a lot of altcoins with much less transaction fees, i swithched to altcoins as a payment crypto currency.

If good to switch to altcoin as payment cryptocurrency if we're to think of the benefits of Bitcoin in the future but if it is because of the transaction fee, Bitcoin tx fees are still fair these days.
However, all you guys said is off-topic cause what the OP asks is why we use BTC if the price was to go up which I believe if we want BTC to be mainstream of payment people also need to use it for payment.

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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?

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?

And this is what is happening right now. People are just holding it because they hope that the price will keep on increasing. Some are using the volatility as an advantage to make quick profit. Less people are using it as a regular currency because of some issues that arise during high network usage such as very high transaction fees and confirmation waiting time. But I guess as the marketcap starts to grow bigger, the currency will become less and less volatile. We will eventually find a solution to all existing problems and hence start using it as a regular currency. Maybe after few years, but not now.

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OP, I'm sure there are other users who are willing to explain to you that bitcoin is a new innovation for any network or payment system. Regardless of how expensive it is now and how much it can afford to go up, bitcoin will still be used as a means of payment because that is its main function.

Price volatility should not be a burden for bitcoin users to use it as a currency in their daily life. People can use it as a trading and investment asset and I don't think it will change its main function. Adoption will make volatility lower and bitcoin will remain suitable as a mean of payment regardless of price volatility.

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

snip

don't expect the price of bitcoin to be stable, it won't be possible due to the decentralized nature of Bitcoin. this is the magic of Bitcoin, people can use it as an investment asset and also as a currency depending on the needs of the holder. bitcoin price will not always up but i always consider bitcoin is my safe haven.

EdenHazard

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Quote from: molsewid on August 13, 2021, 11:35:52 AM

Quote from: Myleschetty on August 12, 2021, 03:48:02 PM

People use their Bitcoin in different ways, some see it as an asset more than using it as a currency but the general consensus of bitcoin is never the price to always appreciate and the last time I check no currency, asset or commodity whatsoever will ever surge in price. Besides, the volatile nature of the market won't all that.

Each of us has their own kind of reasons why they keep on using their bitcoin in their transactions rather keep it on hold for a long term and that's fair enough because we don't know their reason. But for me in my case I keep on using my crypto asset even I say that it is expected to go up because it has a more value what I mean is using a single token but with a huge market value is enough to transact and sometimes we may feel satisfied whenever we take gained from our hardships.

well making a transaction using crypto is something especially bitcoin, back in the days when i used to buy a cdkey.. i often spent more than 0.1 bitcoin in daily basis, guess its really fun to look back and compare with the current price, damn yeah $4,600 daily and overall 15 days consecutively equals to around $70,000!

crazy but a fun way tho, given the fact that there is a lot of altcoins with much less transaction fees, i swithched to altcoins as a payment crypto currency.

Silberman

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Quote from: Ucy on August 11, 2021, 06:00:26 AM

I wonder if Op has researched how real currency worked in the old/ancient times. I wouldn't be surprised if lots of them appreciated in value, meaning their prices increase in relation to prices of goods and services. So, if you save some money at home back in those days, you would expect that the price of the money would increase whenever the price increases in open market.
I actually think a real currency should be anti-inflationary and good Store of Value... that's what Bitcoin is basically meant to be. If you save $50 worth of Bitcoin for 5years where a bag of rice is worth $50, and you withdraw the Bitcoin after the 5years... if the Bitcoin is worth $100 while the bag of rice is $70, the Bitcoin appreciation in value in relation to the price of the rice makes it anti-inflationary currency and a good Store of Value.

It's difficult to know but I think that back then taking into account that the number of products that you could buy with your money was very low and there were very few increases in production then it is likely that the prices were very stable, however thanks to the Industrial Revolution and the multitude of products and services that we have now a currency like bitcoin will without a doubt buy more each passing year even if it doesn't appreciate in price.

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Quote from: Myleschetty on August 12, 2021, 03:48:02 PM

People use their Bitcoin in different ways, some see it as an asset more than using it as a currency but the general consensus of bitcoin is never the price to always appreciate and the last time I check no currency, asset or commodity whatsoever will ever surge in price. Besides, the volatile nature of the market won't all that.

Each of us has their own kind of reasons why they keep on using their bitcoin in their transactions rather keep it on hold for a long term and that's fair enough because we don't know their reason. But for me in my case I keep on using my crypto asset even I say that it is expected to go up because it has a more value what I mean is using a single token but with a huge market value is enough to transact and sometimes we may feel satisfied whenever we take gained from our hardships.

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