Will storing bitcoin kill it? - page 4.

batang_bitcoin

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Quote from: carlfebz2 on March 06, 2017, 08:00:45 AM

Quote from: batang_bitcoin on March 06, 2017, 07:56:37 AM

Quote from: DomainMagnate on March 06, 2017, 06:21:01 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?

Okay, let's assume that there is that "zero" transaction. Then the supply will be lesser that will make the demand higher. But in reality, this is a very impossible thing to happen. And miners will always be there, as a matter of fact there is no bitcoin user that isn't holding. Most of us have some bitcoins that are keeping, so it won't kill bitcoin.

If you have just read the op's sentence he does say that all bitcoin users are holding its bitcoin and dont intend to make any transactions between among other users which means theres no activity.Supply is there but the demand is nothing then value would lessens or zero at all.

No, the supply isn't there. Since all of us will hold, there's no movement and supply in the market. And we know on how the law of supply and demand goes on. But it's hard to think that there would be zero transaction for real and I guess the miners will not actually depend on the block rewards and confirmation of the transactions.

bamboylee

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The demand will still be high because we still wanted bitcoin for its value. So the price will still be high even though we are all holding our coins. I also think even though ordinary users will hold their bitcoin, miners will have to sell theirs to pay for their expenses. That will create transactions. So it is really hard to say that all transactions will stop. There will still be transactions happening.

BitHodler

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Quote from: Herbert2020 on March 06, 2017, 07:53:29 AM

Quote from: DomainMagnate on March 06, 2017, 06:21:01 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?

miners are making money from the block reward not from fees. and if there were no transaction whatsoever, they will still find blocks which means they will still make money by receiving the 12.5BTC block reward. you can check blocks 1 to 100 to see this (these are most probably empty blocks)
in these blocks which were the first blocks ever created there were no transactions and there is only the block reward (coinbase transaction)

Right now miners aren't depending on the generated fees, but that will change as block halvings will constantly halve block rewards even to such a level, that at some point the only reward for miners will be the fees that they generate. That's how POW works.

But the demand will make sure that no matter how much capacity blocks have, that the demand constantly is moving a few steps ahead of the technology. Right now that is already the case.

jtipt

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Quote from: DomainMagnate on March 06, 2017, 06:21:01 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?

But there still is block reward for mining every block and miners mine mostly because of it not because of the fees. If theoretically everyone(not even a single Tx) just holds bitcoin then bitcoin's price will drop and obviously make it useless. But this is pure theory and will never happen.

carlfebz2

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Quote from: batang_bitcoin on March 06, 2017, 07:56:37 AM

Quote from: DomainMagnate on March 06, 2017, 06:21:01 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?

Okay, let's assume that there is that "zero" transaction. Then the supply will be lesser that will make the demand higher. But in reality, this is a very impossible thing to happen. And miners will always be there, as a matter of fact there is no bitcoin user that isn't holding. Most of us have some bitcoins that are keeping, so it won't kill bitcoin.

If you have just read the op's sentence he does say that all bitcoin users are holding its bitcoin and dont intend to make any transactions between among other users which means theres no activity.Supply is there but the demand is nothing then value would lessens or zero at all.

batang_bitcoin

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Quote from: DomainMagnate on March 06, 2017, 06:21:01 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?

Okay, let's assume that there is that "zero" transaction. Then the supply will be lesser that will make the demand higher. But in reality, this is a very impossible thing to happen. And miners will always be there, as a matter of fact there is no bitcoin user that isn't holding. Most of us have some bitcoins that are keeping, so it won't kill bitcoin.

Herbert2020

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Quote from: DomainMagnate on March 06, 2017, 06:21:01 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?

miners are making money from the block reward not from fees. and if there were no transaction whatsoever, they will still find blocks which means they will still make money by receiving the 12.5BTC block reward. you can check blocks 1 to 100 to see this (these are most probably empty blocks)
in these blocks which were the first blocks ever created there were no transactions and there is only the block reward (coinbase transaction)

Sundark

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Even though community is certain that the best long term strategy for bitcoin is holding coins, we are not seeing any decline in bitcoin usage.

It is quite the contrary:

- Bitcoins in circulation rose 10% in last 12 months https://blockchain.info/en/charts/total-bitcoins
- Trading volume on major bitcoin exchanges is higher in last 12 months https://blockchain.info/en/charts/trade-volume
- The average number of transactions per block is higher in last 12 months https://blockchain.info/en/charts/n-transactions-per-block

Bellator

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Quote from: DomainMagnate on March 06, 2017, 06:21:01 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?

That's impossible that bitcoin will kill at storing by all people who hold because if the stocks will down the price will up so many holder will sell their holding coin. But If all bitcoin will store only in one wallet of crazy person that want to kill the bitcoin I think the bitcoin will died soon. And all of his/her money will killed too.

iram3130

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As long as there is fluctuations and variations in the rate of Bitcoin, I don't think people ever will stop transacting it. Transaction fees are just incentive for the miners, they don't live on transaction fees. So it'll be an impossible situation to happen because people right now are pouring in to the Bitcoin for its value..

philiveyjr

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Just a few questions, What would happen if people just stored gold and stopped trading it? Would it still hold value or would the value of it drop all of a sudden? I dont think the value would change much especially if its the last BTC ever to be mined or kept. As long as people still want BTC, it will have some value.

bitbunnny

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No, storing Bitcoin will not kill it. I also think that it's better for Bitcoins not to sit idle but to be on the market circulating but storing can't do it much harm. Just because of storing the price will not fall or make some troubles on the market. There will always be people who will store Bitcoins as a kind of savings.

coolcoinz

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This will never happen! If you knew some psychology you'd know that some like to follow the crowd and some always go upstream.
If the majority starts to hold there will always be a smaller group that will go against them, even if only to try and see what happens.

xvids

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Quote from: DomainMagnate on March 06, 2017, 06:21:01 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?

Well I think that it wont make bitcoin useless and it won't make the price to go lower,
If we are still earning and buying some bitcoin it would still be worth something,
Just think of it like storing your money in some piggy bank.

Xester

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Quote from: DomainMagnate on March 06, 2017, 06:21:01 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 it will not move again then its the end of bitcoin. But that kind of idea no longer exists at this point of time and the value of bitcoin is very high. Holders has the tendency to sell bitcoins while others will buy bitcoins in order to enjoy the gains and profit from holding bitcoins. Thus bitcoin cannot go back to being valueless and it will continue to increase in value instead.

romero121

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It is impossible to hold all the bitcoins in wallets by its users. Through one or the other way bitcoin gets used leading to transactions. Personally I believe, if everywhere the bitcoin is kept hold sure there will be users who use for gambling. It is one among the leading industry where huge number of transactions takes place in a short time.

OmegaStarScream

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It's impossible to have a zero volume of transactions and stop all people from selling their bitcoins. If we assume that almost everyone is storing their coins in cold storage, this will only means that there will be less supply and that will result in having an increase in price and not killing bitcoin (of course, we need to have demand).

Zadicar

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Quote from: DomainMagnate on March 06, 2017, 06:21:01 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 theres no transactions circulating on the system then bitcoin will definitely have no value at all since all users of it tend to decide to store it but this thing wont happen because the value increases if people still continue to use it on daily basis.Holding isnt a good idea at all.

freedomno1

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Quote from: DomainMagnate on March 06, 2017, 06:21:01 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?

There is still the block reward the transaction fees are just in addition to it.
Regarding mining they can always move to another chain or coin so equilibrium will be reached at a point where the cost of mining equals the block reward.

bitjoin

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Quote from: DomainMagnate on March 06, 2017, 06:21:01 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?

People would only store it if it has value. If the value dropped because to many people are storing it they are then storing something with little value so doesn't make much sense storing it. Idk people have been hodling for 8 years and hasn't been a problem yet.

Topic: Will storing bitcoin kill it? - page 4. (Read 3366 times)