Topic: Will bitcoin trap more new user in coming years - page 3. (Read 3054 times)

When it was just beginning, Bitcoin was little more than just a speculative tool for intraday traders seeking a quick profit...
Therefore, like currency, Bitcoin had very little utility, except for purchases on the black market. Like making your rent payment in Yen (Japanese currency), the purchase of goods with bitcoin was something like that, something you wouldn't do. And, after many years of gradual acceptance, more and more people use Bitcoin for transactions in the real world every day. In January 2010, Bitcoin was less than 200 transactions a day. Today, the number of transactions in the digital currency more than 300,000 per day.

I can say that this is totally up to us, but the more people we talk about, the more it gets to the masses. In this way, people start to use and learn after learning it. It's early for this now, but most government units are now trying to bring some legal obligations for the bitcoin, which is causing people to be skeptical. But I think these temporary situations can never reach this way. As soon as I say, too many people will have heard of this crypto currency.

What could they do?
Speaking out bans? Worldwide? Not going to happen!
And even if they could take control over Bitcoin or destroy it, the technology is out of the bottle!
There will be other decentralized coins, with more privacy. The shift will happen, if the incumbents like it or not.
The harder they will try to control Bitcoin, the worse it will get for them.

So yes I believe Bitcoin will stay alive, without being controlled by the big bad guys.And as I said, there will be other choices, much more venomous than what BTC is!!

Venture Capital that comes into Bitcoin in a big way, are trapped in Bitcoin. But unlike back through 2012 - 2013, no real new significant wealth is coming into Bitcoin.

For example, how many Bitcoin is Tim Draper, the dude who 'won' the SR coins auction, sitting on? Around 50K BTC, which he bought at $800 a piece (averaged out). Right now, a specious argument could be made that Draper is up 30% or so on his investment, but how does Draper take some profits out of his pile, without tanking the market and depleting the value of his capital? Certainly if Draper wanted 100% out of Bitcoin, I would imagine that 50K of raw selling pressure (i.e. not traders swishing BTC back n forth trying to suck up Joe Public's money), 50K of sold BTC, that would not be buying back in at lower price point, and which would result in the creation of a whole new tranche of bagholders desperate to get out of their positionsm, would take back down to low-mid triple figures, and give big headaches to all the other Tim Drapers out there, who desperately need the nominal value of their holdings to remain high, not forgetting miners who need by now a steady stream of Bitcoin consumers willing to pay at least $450 just in order for them to cover thier costs.

Taking the Chinese bullshit volume out of the equation (although the China shenanigans does point out from exactly where this market is being driven), Bitcoin has been pushed up to near record highs on wafer thin volume, and that is not a sign of a strong healthy market.

I think Bitcoin will most likely pull back a significant amount from here, consolidate and build a platform for the next fabricated launch up to $1500+, So profits to be had aplenty, but Bitcoin is just not a very safe market to be playing in at all. Joe Public aint biting cos there just aren't any advantaged to Bitcoins over conventional cash, outwith it's use on darknet markets, due to it's anonymous nature, which it turns isn't that anonymous at all. Meanwhile, there are faster, more streamline, and genuinely anonymous alternatives which is already being accepted as payment on darknet markets waiting in line to replace Bitcoin in that essential sector.

Joe Public aint buying it, and because Bitcoin has become so dominated by China, Fresh western venture capital inflow has dried up. If there is to be another Bitcoin miracle (i.e. 1000%+ price increase in a very short space of time), the X Factor will have to come from China. It will most likely have something to do with Capital Flight, and if that were to be the case, the PBOC could just close Bitcoin down with a snap of their fingers. A sudden drop in 85% of the mining capacity combined with a huge market panic would end the Bitcoin story imo.

My sentiments exactly. Do I feel "trapped" because of all the money Bitcoin has earned me in the last 4 years? Hardly.

When I first saw this thread title, I thought it would be just another lame troll thread spamming FUD about ponzi schemes, bursting bubbles and prices plummeting to zero.

Then I realized that English is not the OP's native language and didn't understand what he was implying by using the word "trap".

He should have used the word "attract".

Sure it will "trap" more new users. That's one of the reasons price is going up: supply and demand.

And slowly there are more and more options to use it. There are more exchanges available, so it's easier to use it as in earlier days, and this is growing also.

The answer is clear if we based on the current situation today.

No doubt that more people will use this currency, not just with it's price but to test things that fiat transaction can't do. We already seen the progress of bitcoin users since the beginning and even with no live stats of the total bitcoin users, we can clerly that it's increasing day by day. Here in my sole area back then, Im the only who knows the idea of using bitcoin but now gained attention even not that much and other cases of it are being spread out of the country. Thanks also to our local exchanger for making this things possible.

Help! I'm trapped in a system of fair money that only I control! The value keeps going up and I can't stop it, help!
 

Bitcoin has already proven itself that it will be dominating the coming years.However,most of government in the world banned bitcoin and surely there have reliable reason.As a reaction government against bitcoin.Ultimately,nothing were effected popularity of bitcoins,it growing and growing day by day also many people evolve to use bitcoin-based payment.Where I have hardly believed that bitcoin will stay alive a long time,never will trap.

It is but natural for new people to discover Bitcoin and be attracted by its properties. It doesn't matter what various governments try to hinder its adoption. The march of progress cannot be stopped. 

Bitcoin doesn't still experienced those skyrocket price to be consider by others but look at how well it gained numbers of people continously using it day by day. It means that there is other reasons why people are using this currency aside from it's price. And as it's progress, new users are coming into the stats even by small percentage.

In more years to come, as long as bitcoin has value, there will be new people that will use this cryptocurrency.

Bitcoin isn't a trap, fiat is a trap.

A more relevant question will be, will more people become free of the fiat trap?

what the op is interpreting as agencies 'being against' bitcoin is in most cases being sensible and taking an actual position about its place in the world. if enough people get on board then they have to do something about letting them know where they stand.

That's everything I was thinking. I'll just second this.  
And what do you mean by "trapped". no one is trapped here, lol

I too believe that bitcoin will stay alive because people love this technology but government hates or they are against bitcoin and other such coins because its not totally legal as there is no central agency to control the flow of money. But very recently Our nation's government had alerted bitcoin user and told its user should use bitcoin with our own risk.

You know bitcoin is getting more popular now. The price of bitcoin attracts people. People love to get some profit. So we cant blame them that they joining or buying bitcoin. People dont want to miss this opportunity to earn and also experience bitcoin. I believe bitcoin could be more valuable than gold or anything valuble metals in the world in the future.

Of course bitcoin will stay alive. We undoubtedly need many more people investing to achieve any type of mainstream adoption though. Unfortunately the block size debate rumbles on & on but once it's been resolved we'll at least be ready & prepared for increased adoption.

can you explain to us how you concluded that there are more people joining bitcoin day by day?
what source did you use? because as far as i know to this day there is no way of measuring that. so i am interested to know what is your reason.

int is not "in spite of" it is "because of" price going up that more people always invest in bitcoin.

again i see another claim that is wrong and i am very interested to see what your source is on this one too.

it has stayed alive for 8 years and was growing with a pretty nice adoption rate (slow but still good) and there is no reason so far for this to change.

Well exactly. People say that it is different this time because of the infrastructure and people really using Bitcoin now.
Who actually uses Bitcoin as a currency though?  The biggest use was to buy drugs online, that might still be the main use, I don't know.

Next is gambling. What else? I mean there are lots of things you can use it for, but 99% of the time you can just use fiat instead and hold your Bitcoin instead.

It is being used as a commodity, I don't think it traps users, I think people hear about it, buy a small amount, maybe gamble it or sit on it, then forget about it or sell.  What else are they supposed to do with it!?

Yet USD exchange volumes are massively down, and now much of the smoke and mirrors of the Chinese exchanges have been taken away, volume/interest isn't much better over there either. Bitcoin may well go on to take out the ATH, but realise, this is highly cornered and manufactured market, controlled by a small cabal who are up to thier necks in the shit. Those who are most heavily invested in Bitcoin and have the most interest in ramping it, and keeping it above a certain level, are invested on sitting on a golden egg which may never hatch.

Bitcoin is a hugely risky investment, and at these prices, with not a whole lot of potential upside either when considering the risks involved......Bitcoin isn't Amazon stock.