Will storing bitcoin kill it? | Bitcointalksearch.org

DomainMagnate

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Quote from: wxa7115 on March 08, 2017, 12:59:27 PM

Quote from: BitcoinPanther on March 07, 2017, 06:43:19 PM

Storing for the sake of savings and spending it in the future will never kill Bitcoin but hoarding it and not spending a single satoshi of it will definitely kill the currency. There is no transaction, liquidity and even not used to buy stuff, so merchant accepting it will definitely look for alternative. Bitcoin without transaction (trading, spending etc) is more likely a dead currency.

But it is doubtful we will reach the point where people hoard just for the sake of hoarding, those that are storing bitcoin do so because they want to obtain a profit from bitcoin, so if the price skyrockets then we will see many of the people that said they were going to hold bitcoin for decades selling their stashes in a matter of days.

I believe continuous rise in price and instability encourage people to hoard further for.
1.They expect more price hike in future hence more profit.That is why less sell order during bullish days.
2.Small investors fear they might not be able to buy back if they sell.

wxa7115

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Quote from: BitcoinPanther on March 07, 2017, 06:43:19 PM

Storing for the sake of savings and spending it in the future will never kill Bitcoin but hoarding it and not spending a single satoshi of it will definitely kill the currency. There is no transaction, liquidity and even not used to buy stuff, so merchant accepting it will definitely look for alternative. Bitcoin without transaction (trading, spending etc) is more likely a dead currency.

But it is doubtful we will reach the point where people hoard just for the sake of hoarding, those that are storing bitcoin do so because they want to obtain a profit from bitcoin, so if the price skyrockets then we will see many of the people that said they were going to hold bitcoin for decades selling their stashes in a matter of days.

Zadicar

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Quote from: BreakingSlow on March 08, 2017, 12:03:55 PM

Quote from: DomainMagnate on March 06, 2017, 07:21:01 AM

If everyone start storing bitcoin and there is no single transaction for days,all miners will quite mining as without transaction there would be no reward.
Will it not kill bitcoin and make it useless?

It is impossible to go through a day were there are no transaction because the Bitcoin was invented for this.
But if we use our imagination for a second and think about his then it still won't be useless cause we can use it for investment and the next day we can make transactions again. Wink

It would really be useless to think because people who are holding bitcoin would eventuall use it and make transactions and you are right its being created to be this way and considering that there were no transactions then its really impossible to happen.

BreakingSlow

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Quote from: DomainMagnate on March 06, 2017, 07:21:01 AM

If everyone start storing bitcoin and there is no single transaction for days,all miners will quite mining as without transaction there would be no reward.
Will it not kill bitcoin and make it useless?

It is impossible to go through a day were there are no transaction because the Bitcoin was invented for this.
But if we use our imagination for a second and think about his then it still won't be useless cause we can use it for investment and the next day we can make transactions again. Wink

BitcoinPanther

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Storing for the sake of savings and spending it in the future will never kill Bitcoin but hoarding it and not spending a single satoshi of it will definitely kill the currency. There is no transaction, liquidity and even not used to buy stuff, so merchant accepting it will definitely look for alternative. Bitcoin without transaction (trading, spending etc) is more likely a dead currency.

funbarrel

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Quote from: sevendust777 on March 07, 2017, 03:17:11 AM

Bitcoin's going strong now, the value is soaring and awareness is spreading but the cryptocurrency's seem a little confused about what Bitcoin really is. And If all users store it, I dont think bitcoin will valueless. Its still going up because of its adoption everyday and people will still use bitcoin...

Yup, bitcoin has the great opportunity to grow right now for sure and it is going to become even bigger in the near future. Bitcoin is just the best currency that has ever been created and in bitcoin everyone should trust, because it is the future. Also storing bitcoins will not kill it for sure because it is natural and even though a lot of investors are holding at the moment there is still tons of people who are just buying and selling bitcoins in order to use it so we don't have to worry about it.

VTCutch

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Recently it is very difficult to make deals with bitcoin. A lot of unconfirmed transactions. Sometimes you have to wait a few days to get the coins. It seems to me that it kills bitcoin

Gotottack

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It will not. THough it will cause some effect like the shrinking of the supply which will raise the price and when it rises to a particular level people will start to sell hence that would result to a popping of the bubble or a correction. Which is nice for the currency and is really a natural and normal occurrence which happens also in gold and other kinds of assets.

ethereumhunter

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i think there are not many people that will storing all of their bitcoin in their wallet, they will use it for many purpose that they can to make their bitcoin is grow and i think this what many of bitcoin users do including me. storing bitcoin will not kill bitcoin itself and i am sure that in the market, there are many transaction that using bitcoin.

noormcs5

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Quote from: shinratensei_ on March 06, 2017, 08:18:46 PM

Quote from: DomainMagnate on March 06, 2017, 07:21:01 AM

If everyone start storing bitcoin and there is no single transaction for days,all miners will quite mining as without transaction there would be no reward.
Will it not kill bitcoin and make it useless?

This is an unreasonable question. But all of your points is aiming at the critical part of the bitcoin. and do you think the bitcoin die or not? All of the critical parts of bitcoin will be useless, no miners and none act to securing the bitcoin network.

I guess this thing will never happen since bitcoin has a big supporters and zero transaction is very impossible to happen.
No need to be panic thinking on an impossible thing Cheesy

Zadicar

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Quote from: fullypak on March 07, 2017, 10:52:25 AM

Quote from: aardvark15 on March 07, 2017, 09:18:19 AM

Quote from: Text on March 06, 2017, 11:06:29 PM

It is impossible to have no transactions, bitcoin is already using globally. Yeah we stored coins but there is no effect like killing it, BTC is circulated through buy and sell, trading and investments. So there is no reason to say that bitcoin is useless.

I think you are correct that we are past the point of zero transactions. There is a whole industry of trading, gambling, and even porn sites that rely on Bitcoin. If we can get the mainstream population to fully accept Bitcoin, it should be successful.

We know the truth it is impossible, but OP is asking if suppose people stop to do a transaction with Bitcoin and store coins for more profit what will happen. Off course if the transactions stop the Bitcoin value will stick with one amount. And all traders will stop to do trading after that what Op said it's right the Bitcoin will disappear. But in the present situation, it will never and ever happen.

It wont really happen since this is just an assumption on bitcoin event and if theres no transactions value would not move and if theres no circulation then it would be useless it will really deplete in the time no one would able to make transactions or trade with it.

fullypak

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Quote from: aardvark15 on March 07, 2017, 09:18:19 AM

Quote from: Text on March 06, 2017, 11:06:29 PM

It is impossible to have no transactions, bitcoin is already using globally. Yeah we stored coins but there is no effect like killing it, BTC is circulated through buy and sell, trading and investments. So there is no reason to say that bitcoin is useless.

I think you are correct that we are past the point of zero transactions. There is a whole industry of trading, gambling, and even porn sites that rely on Bitcoin. If we can get the mainstream population to fully accept Bitcoin, it should be successful.

We know the truth it is impossible, but OP is asking if suppose people stop to do a transaction with Bitcoin and store coins for more profit what will happen. Off course if the transactions stop the Bitcoin value will stick with one amount. And all traders will stop to do trading after that what Op said it's right the Bitcoin will disappear. But in the present situation, it will never and ever happen.

aardvark15

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Quote from: Text on March 06, 2017, 11:06:29 PM

It is impossible to have no transactions, bitcoin is already using globally. Yeah we stored coins but there is no effect like killing it, BTC is circulated through buy and sell, trading and investments. So there is no reason to say that bitcoin is useless.

I think you are correct that we are past the point of zero transactions. There is a whole industry of trading, gambling, and even porn sites that rely on Bitcoin. If we can get the mainstream population to fully accept Bitcoin, it should be successful.

Blawpaw

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I don´t think that storing Bitcoin will have a negative impact on it. Let's face it. A lot of people is already doing it, and they are doing it since 2009. The outcome has been an enormous increase in the price.

Juggy777

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There is a possibility that it may happen in the near future and it's a sad possibility cause without people realising them it will put a end to the price, the miners shall go out of the business, so I don't feel people should ever hoard it, the more in the circulation, the better it is for everyone. Will this happen any time now, I do not see why it should happen now, cause people are happy to trade it and pay the fees and transactions are happening slow but yes. What happens in the future depends on how we make the present scenario so let's hope for the best.

olubams

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Quote from: DomainMagnate on March 06, 2017, 07:21:01 AM

If everyone start storing bitcoin and there is no single transaction for days,all miners will quite mining as without transaction there would be no reward.
Will it not kill bitcoin and make it useless?

I dont see why storing bitcoin will kill it the reason for that is every individual sees bitcoin in different light and its use depends on what appeals to us in a different way, To some people, bitcoin is to be used as a medium of exchange and no one can change their mind about that while to others, they believe its to be used as a store of value those are the category of people that will keep their bitcoin hoping that it will reach $10000 when it does, they will wait till $100,000 so its going to be impossible for everyone to think and act in one same direction.

vnvizow

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Nope, it'll just make everyone else's bitcoins worth more for the time being

audaciousbeing

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Quote from: DomainMagnate on March 06, 2017, 07:21:01 AM

If everyone start storing bitcoin and there is no single transaction for days,all miners will quite mining as without transaction there would be no reward.
Will it not kill bitcoin and make it useless?

Like someone has rightly said that its merely a theory because the end of someone saving is the beginning of another person saving and you yourself cannot have to buy to save if someone somewhere is not willing to sell and that is why it wont work that all of us will just decide to save at once. If we even assume to save at once, should we also be able to meet life challenges that requires money all at once? I guess that will not be possible in all sincerity.

carlisle1

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Quote from: DomainMagnate on March 06, 2017, 07:21:01 AM

If everyone start storing bitcoin and there is no single transaction for days,all miners will quite mining as without transaction there would be no reward.
Will it not kill bitcoin and make it useless?

if users will totally keep on storing they bitcoin and doesn't make any transactions then it will surely bring on the bitcoin ecosystem because bitcoin needs to circulate in order to keep the network to operate I guess . but anyway, because in this community many people are often using bitcoin for various purposes such as trading goods for bitcoin, gambling, trading etc. so it is really impossible that there will be no transactions every single hour or day .

Sadlife

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A whole day without single volume of transactions. That's just impossible
There are thousand or millions of bitcoin users as of now that is constantly trading,buying and selling. People are continously sending and receiving bitcoins as long that someone is using the currency the price would not decrease especially when the price is still soaring up and experts are speculating it to go even higher this 2017. So storing bitcoin right now would be an excellent move when the time that the price pumps even higher.

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