Would Bitcoin at this Price limit its Global Adoption? - page 2.

Silberman

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Quote from: Fivestar4everMVP on August 26, 2023, 09:00:09 AM

To me , Bitcoin can never be too expensive , even if the price reaches $1 million dollars , there are more than enough billionaires and trillionaires in the world who can still afford to buy a hand full of Bitcoin at such a price , Bitcoin is a digital asset that will span from generations to generations, this means that we are still very early in this ,and that the current price of Bitcoin is still like $0.05 cents compared to what the price of Bitcoin will be in 50 to 100 years to come..

And no matter how high the price of Bitcoin becomes , it won't stop it's adoption, though some will still look to alternative currencies like altcoins , but those who have the money will still transact in Bitcoin as they want .

While it is true that those which have not adopted bitcoin yet may think it is unfair they have to pay so much money for an asset others got almost for free, at the same time it is not as if they can do anything about it, so if bitcoin is a tool they need to use, maybe because the fiat of their country is experimenting a huge level of inflation or they just want to speculate with the price, at the end they will forget their misgivings and buy bitcoin anyway.

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Quote from: mvdheuvel1983 on August 11, 2023, 01:52:55 AM

Michael Saylor stated that people buy Bitcoin at the price they deserve. Just a few days ago, Adam Back made a bet on Twitter that Bitcoin would reach $100,000 by March 31st, 2024. Here's a concern I have, do you think the predicted increases in Bitcoin's price to $100,000, $200,000, $500,000, etc. will limit its global adoption? Since the price will be so high, the average person might not be able to afford a substantial amount of it. As a result, they might seek alternatives, potentially hindering global adoption. Could the excessively high price lead people to feel like they missed out, causing them to hold onto seemingly worthless fiat currency?

To me , Bitcoin can never be too expensive , even if the price reaches $1 million dollars , there are more than enough billionaires and trillionaires in the world who can still afford to buy a hand full of Bitcoin at such a price , Bitcoin is a digital asset that will span from generations to generations, this means that we are still very early in this ,and that the current price of Bitcoin is still like $0.05 cents compared to what the price of Bitcoin will be in 50 to 100 years to come..

And no matter how high the price of Bitcoin becomes , it won't stop it's adoption, though some will still look to alternative currencies like altcoins , but those who have the money will still transact in Bitcoin as they want .

Plaguedeath

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There's always a rich people who're richer than the rich! if those trillionaires people spend all of their money to buy Bitcoin, I can't imagine how much Bitcoin price now. If someone can't afford to buy Bitcoin, take it simple, the market isn't for you. So if you want to buy Bitcoin, you need to work hard and find other income sources to get more money.

There's no exact time or price Bitcoin adoption will stop even all countries already ban Bitcoin.

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Quote from: posi on August 24, 2023, 05:36:09 AM

Why are volatile transaction fees limiting bitcoin's global popularity? If talking about bitcoin, I don't see any restrictions preventing its popularity. If we talk about the bitcoin barrier then I think it is the government, the biggest barrier preventing bitcoin from really becoming popular. As for the bitcoin price, the price movement will depend on its popularity, the wider the popularity, the higher the demand for it. When the demand is high, the price will be more high.

We make transactions every day. At the moment, bitcoin community is very small and even sudden increase in transactions clogs the mempool and causes abnormally increase in transaction fees. If the number of bitcoin users and bitcoin transactions double or triple, then we won't be able to make cheap BTC transactions, in other words, we won't be able to send/receive bitcoin unless we pay high amount of money and are willing to wait for hours or days. This is not beneficial for massive global adoption, otherwise, we can confidently say that right now you can send and receive bitcoin transactions from any place to any place, doesn't matter where you are.

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Quote from: OcTradism on August 24, 2023, 06:29:44 AM

Quote from: KiaKia on August 24, 2023, 06:04:50 AM

At this point it's all about getting a piece of the pie, you don't have to buy 1 Bitcoin to be a Bitcoin investor and there is nothing to rush for, you can gradually keep accumulating Bitcoin and in time you will get to your dream amount you have always wanted.

Bitcoin is well designed by allowing Bitcoin users to move it in satoshi unit and pay transaction fee in satoshi unit too. You mentioned a good point that people never have to buy 1 BTC as a condition to own bitcoin. They can buy 1, 0.1, 0.001 BTC, whatever amount that fits with their available capital.

Only condition is they must take into account on-chain transaction fee and make sure they will not have like nearly nothing after one on-chain transaction, one withdrawal from a centralized exchange. $10 or $50 is enough small capital to buy and own bitcoin but I know $10 and $50 is big capital with many people.

Which could be considered not big when you think about where you can store it. If you deposit some money into binance for example, you are not going to spend a dime (depending on the bank) for sending your fiat to binance, that's free. On top of that, you spend like what 0.025 or something to get bitcoin with it? Just the trading fee, whatever it was. That means that you are going to spend very little, and no matter how tiny your capital was, you are going to end up with something you will be doing fine.

I hope that we could end up with the understanding that you do not have to be rich in order to make money in the crypto world, you could keep on making profit and should just end up with as much holding as possible even with small amounts.

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Quote from: mvdheuvel1983 on August 11, 2023, 01:52:55 AM

Here's a concern I have, do you think the predicted increases in Bitcoin's price to $100,000, $200,000, $500,000, etc. will limit its global adoption? Since the price will be so high, the average person might not be able to afford a substantial amount of it.

There are eight bits after the whole number separated by a decimal point. It means that people can always buy in bits if they can't afford a whole Bitcoin. We mustn't all buy one Bitcoin to ensure we own it. Little buys here and there is the encouragement Bitcoin needs to forge ahead and get to the goal of mass adoption.

To your other question, nope. I don't believe the monumental price increase of Bitcoin will discourage anyone from buying or investing in it. We've to recollect that at some point Bitcoin traded for less than $1. If it didn't discourage anyone investing when it got to over $10, $100, $1k, $10k, I don't see why it should when it gets to $100k.

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Quote from: dezoel on August 25, 2023, 03:30:20 PM

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The price of Bitcoin can impact its global adoption in several ways, both positively and negatively. But it is necessary to keep in mind that the price is not the only factor which is influencing the global adoption. The other factors, such as technological developments, ease of use, regulatory clarity, market infrastructure, and awareness campaigns, do paly an important roles in driving adoption.

Well, to be honest, the price of Bitcoin might not be the only influence on global adoption but it is obviously the only reason why global adoption has such a high pace. I'm pretty sure that most of the people that are getting into Bitcoin and cryptocurrencies these days barely care about what they offer as a technology but all they care about is how much they can earn after a certain period of time if they invest a certain amount because that is their main focus.

Those who adopted Bitcoin initially when it's price was not this high were the people who did it for the innovation that it is and the use cases that it provides, but nowadays, things are pretty different. A newbie investor will barely know how Bitcoin operates and how the transactions go through.

The price increase of Bitcoin has caught the attention of many who are more "FOMO-driven" than genuinely tech-curious. It wasnt all that long ago, but back then it was all about ushering in the free new world order and destroying the old. Back then, Bitcoin enthusiasts resembled the tech hippies of business.

It feels different now. There is a new generation of Bitcoin supporters who dont necessarily support the project's original objectives, but who can we blame? Even if they can overshadow the technology that made them possible, profits can be difficult to refuse. What do you know, though? As time goes on, I believe more and more people will research Bitcoin and learn why its more than simply a virtual gold rush.

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Quote from: ?? on ??

The price of Bitcoin can impact its global adoption in several ways, both positively and negatively. But it is necessary to keep in mind that the price is not the only factor which is influencing the global adoption. The other factors, such as technological developments, ease of use, regulatory clarity, market infrastructure, and awareness campaigns, do paly an important roles in driving adoption.

Well, to be honest, the price of Bitcoin might not be the only influence on global adoption but it is obviously the only reason why global adoption has such a high pace. I'm pretty sure that most of the people that are getting into Bitcoin and cryptocurrencies these days barely care about what they offer as a technology but all they care about is how much they can earn after a certain period of time if they invest a certain amount because that is their main focus.

Those who adopted Bitcoin initially when it's price was not this high were the people who did it for the innovation that it is and the use cases that it provides, but nowadays, things are pretty different. A newbie investor will barely know how Bitcoin operates and how the transactions go through.

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Quote from: xSkylarx on August 24, 2023, 09:25:03 AM

Quote from: posi on August 24, 2023, 05:36:09 AM

Quote from: Synchronice on August 24, 2023, 05:25:46 AM

Quote from: mvdheuvel1983 on August 11, 2023, 01:52:55 AM

Michael Saylor stated that people buy Bitcoin at the price they deserve. Just a few days ago, Adam Back made a bet on Twitter that Bitcoin would reach $100,000 by March 31st, 2024. Here's a concern I have, do you think the predicted increases in Bitcoin's price to $100,000, $200,000, $500,000, etc. will limit its global adoption? Since the price will be so high, the average person might not be able to afford a substantial amount of it. As a result, they might seek alternatives, potentially hindering global adoption. Could the excessively high price lead people to feel like they missed out, causing them to hold onto seemingly worthless fiat currency?

Does it really matter if you hold 1 bitcoin or 0.0001 bitcoin if you have no problem to make a transaction? Bitcoin will only be useless if the price of 0.00000001 BTC will be a dollar or something like that. Even that won't be a problem if we are able to send transaction with low fees. I think there is nothing to worry about the bitcoin's price, the only real thing that limits its global adoption is transaction fee that fluctuates.

Why are volatile transaction fees limiting bitcoin's global popularity? If talking about bitcoin, I don't see any restrictions preventing its popularity. If we talk about the bitcoin barrier then I think it is the government, the biggest barrier preventing bitcoin from really becoming popular. As for the bitcoin price, the price movement will depend on its popularity, the wider the popularity, the higher the demand for it. When the demand is high, the price will be more high.

The government is really the hindrance of this because lots of countries are banning it, meaning that people don't want to break the law as it is illegal to them. Even though some people want to use Bitcoin, they don't have a choice, and even others will use it, but only a few of them as it is illegal. Volatility is also one of the features that people liked, and I don't see it as something that stops people.

Not everyone likes the volatility of bitcoin, especially those who are considering it as a payment method. Besides there are also many investors who also don't like its volatility, I have a few friends who are forex traders and they also know about bitcoin. But they don't invest in it because they consider it too volatile and they prefer slow but safe rather than too volatile leading to high risk. Not everyone like us likes to take risks for high returns.

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Quote from: Solokan on August 24, 2023, 08:37:55 AM

in this case, of course, we have to look at history, namely btc has always had a rising price and always forms new ath, but there are always people who dare to buy even though the price is already high, so in my opinion, in this case there are 2 possibilities, namely there will be people who dare to buy btc and some don't, and usually before buying people always do research and analyze technically and fundamentally so if in terms of technical and fundamental analysis btc has the potential to go up, people will dare to buy btc because it is based on technical and fundamental analysis.
so in my opinion in this case it depends on the situation and conditions.

indeed, btc has always formed new ath, and people have always speculated that btc will have the potential to form a new ath, when in fact we won't know what will happen in the future, I don't think we will know whether in the future btc going to go up to $500k or not.

regarding the topic discussed by the op, I agree with your opinion, in this case it depends on the situation and conditions and indeed if there is good news, usually the price of btc always goes up and fundamentally, usually people always dare to buy even though the price is already high.

Stella Mese

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Actually, I'm also confused about answering this question, because if you buy BTC, the price is already too high, for example $ 300k, I'm a bit confused too, because in my opinion, if the price of BTC is higher, the risk will also be higher, but I'm sure that if the price of BTC is already high there will also be a lot of people who adopt it because fundamentally people are always afraid to miss the train.

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Quote from: mvdheuvel1983 on August 11, 2023, 01:52:55 AM

Michael Saylor stated that people buy Bitcoin at the price they deserve. Just a few days ago, Adam Back made a bet on Twitter that Bitcoin would reach $100,000 by March 31st, 2024. Here's a concern I have, do you think the predicted increases in Bitcoin's price to $100,000, $200,000, $500,000, etc. will limit its global adoption? Since the price will be so high, the average person might not be able to afford a substantial amount of it. As a result, they might seek alternatives, potentially hindering global adoption. Could the excessively high price lead people to feel like they missed out, causing them to hold onto seemingly worthless fiat currency?

In my opinion not really since we could still Hold or Buy Bitcoin even though it wasnt a big amount of Bitcoin, I mean you could still buy just 10$ amount of bitcoin or even lower and it would still be the same you wouldnt really need to buy 100,000$ worth of bitcoin as 1 bitcoin you just you could say that you earn a Bitcoin right. So i dont think it is going to limit the Global adoptation for sure people might which to other alternatives but for sure it is still going to be in cryptocurrency maybe they might or just invest on Ethereum rather than Bitcoin just because they want to earn more profit, Because its gonna be difficult to make profit on Bitcoin when the market price is just too high meaning its gonna need to double its market price so that you could make a x2 profit on it compared to other altcoins which could x100 or even higher.

Cryptocurrency and Bitcoin is aalready recognized around the globe and compared to the passed years it really is increase since it is already adapted on a lot of platforms out there and even banks already recognized and support it.

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Quote from: mvdheuvel1983 on August 11, 2023, 01:52:55 AM

Michael Saylor stated that people buy Bitcoin at the price they deserve. Just a few days ago, Adam Back made a bet on Twitter that Bitcoin would reach $100,000 by March 31st, 2024. Here's a concern I have, do you think the predicted increases in Bitcoin's price to $100,000, $200,000, $500,000, etc. will limit its global adoption? Since the price will be so high, the average person might not be able to afford a substantial amount of it. As a result, they might seek alternatives, potentially hindering global adoption. Could the excessively high price lead people to feel like they missed out, causing them to hold onto seemingly worthless fiat currency?

I support Michael saylor as many individual ignore the signs that Bitcoin will be big in future to make their investment when the price of Bitcoin is still low, they choose to believe the rumors of Bitcoin not going to succeed but when they see bitcoin making the news for price increase it's then they'll want to invest but it'll be already late to buy Bitcoin cheaps. Many individual prefer to buy something when it's already famous instead of trusting a new innovation when it's still new.

The excess price of Bitcoin when it gets as high as those value won't push people away but will make them interested in Bitcoin the more, people will feel they have missed out but it won't stop them from wanting to invest because they'll know there's going to be more growth.

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Quote from: mvdheuvel1983 on August 11, 2023, 01:52:55 AM

Michael Saylor stated that people buy Bitcoin at the price they deserve. Just a few days ago, Adam Back made a bet on Twitter that Bitcoin would reach $100,000 by March 31st, 2024. Here's a concern I have, do you think the predicted increases in Bitcoin's price to $100,000, $200,000, $500,000, etc. will limit its global adoption? Since the price will be so high, the average person might not be able to afford a substantial amount of it. As a result, they might seek alternatives, potentially hindering global adoption. Could the excessively high price lead people to feel like they missed out, causing them to hold onto seemingly worthless fiat currency?

I am going to just be straight with you and answer a yes.
If BTC reaches the price you mentioned, more persons who are just getting onboard the crypto currency train might be discouraged and opt for perhaps other altcoins or shitcoins they find available.
The best bet right now for anyone who still feels behind is to try and purchase some BTC, while the price is rather still affordable and DCA or HoDL for long as possible.

Dunamisx

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This is nothing than being volatile as it has always been going dip and rising up as well on different occasions, bitcoin is not a currency that should take fear in us before believing on what it could offer on us amidst every occasions of it going bearish, we should also count on the several times it has been high achieving it all time demands with investors making profits through their investments, we shouldn't only consider the bear alone at this, both bear and bull have to be in consideration.

Ojima-ojo

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Quote from: mvdheuvel1983 on August 11, 2023, 01:52:55 AM

Michael Saylor stated that people buy Bitcoin at the price they deserve. Just a few days ago, Adam Back made a bet on Twitter that Bitcoin would reach $100,000 by March 31st, 2024. Here's a concern I have, do you think the predicted increases in Bitcoin's price to $100,000, $200,000, $500,000, etc. will limit its global adoption? Since the price will be so high, the average person might not be able to afford a substantial amount of it. As a result, they might seek alternatives, potentially hindering global adoption. Could the excessively high price lead people to feel like they missed out, causing them to hold onto seemingly worthless fiat currency?

This is the more reason why we need to buy more Bitcoin at each discounted price such as the lady discount price a few days ago and also haven't stocked a higher percentage of Bitcoin before the start of the next year which 2024 which his Saylor is predicting such price increase and this is what makes it more pronounced in the way Michael Saylor through his company micro strategy have consistently buy more Bitcoin and this is ok for him.

But in my own market predictions, I didn't think that a $200k or $100k price won't limit the rate of Bitcoin adoption since Bitcoin can be bought in its very bits so no matter the price of Bitcoin new investors can still come in, but the possible volatilities that we have right now .ay not be so when Bitcoin achieve such high price

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Quote from: Kakmakr on August 24, 2023, 12:31:50 AM

You do not have to own and hoard a significant amount of Bitcoin to use it as a currency. You can buy a couple of Satoshi for a dollar or two and still be able to use it.

On the other hand... if you want to buy it as an investment, then the same thing apply.. you buy small amounts on a continuous basis, until you have a significant amount of coins. (Rome was not built in a day.... you build it brick by brick over a long period) Wink

buying small amounts or just a few sats for an amount of 2 dollars or more will help anyone owning Bitcoins. but that also comes at a cost, and a very good platform to use is the Lightning Network with a small purchase amount and a very low fee. Bitcoin provides many conveniences, there are no restrictions on global adoption when bitcoin has become a trusted currency. But will it really happen, while currently the pros and cons remain. Bitcoin is a well-known commodity currency in several countries.

I am also a bitcoin investor, buying bitcoins when they are gradually cheaper. With a certain time span, buying will gradually make bitcoin ownership more and more as long as you don't sell it. We only need to sell when a new ATH is reached.

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If a person has, like, $100 to invest, it doesn't matter for much BTC that can buy, as there's always some amount, and unless it's one of those rare unfortunate periods of crazy fees, a person can invest comfortably at $25k or $250k. If someone's worried about the way it sounds, a simple solution is to use mBTCs or even sats to talk about the invested amount.
But there's another side to it, namely that since Bitcoin keeps growing, a lot of people don't want to spend it and consider it a valuable investment asset. That can increase the number of people who interact with Bitcoin but perhaps hinder global adoption of Bitcoin as a form of payment.

Blitzboy

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Please, lets not get caught up in the boring details of Bitcoin's price tag. Look, Michael Saylor and Adam Back both have their own points of view, but we're stuck on a train of thought that keeps going around the price stop. Get up! Bitcoin can be broken down to eight decimal places. Even if one Bitcoin reaches $500,000, someone can still own 0.00001 of it.

And you're worried that people will turn to other things? Do it! History shows that competition drives development. If the price of Bitcoin turns some people off, they can look for other options. Bitcoin doesn' need everyone to use it to prove that it has value. And, oh, clinging to fiat? How come? You'd rather drown in paper money thats sinking than change? No one can stop history. Dont fall behind by holding on to old fears. Change, my friend. It never stops.

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Quote from: posi on August 24, 2023, 05:36:09 AM

Quote from: Synchronice on August 24, 2023, 05:25:46 AM

Quote from: mvdheuvel1983 on August 11, 2023, 01:52:55 AM

Michael Saylor stated that people buy Bitcoin at the price they deserve. Just a few days ago, Adam Back made a bet on Twitter that Bitcoin would reach $100,000 by March 31st, 2024. Here's a concern I have, do you think the predicted increases in Bitcoin's price to $100,000, $200,000, $500,000, etc. will limit its global adoption? Since the price will be so high, the average person might not be able to afford a substantial amount of it. As a result, they might seek alternatives, potentially hindering global adoption. Could the excessively high price lead people to feel like they missed out, causing them to hold onto seemingly worthless fiat currency?

Does it really matter if you hold 1 bitcoin or 0.0001 bitcoin if you have no problem to make a transaction? Bitcoin will only be useless if the price of 0.00000001 BTC will be a dollar or something like that. Even that won't be a problem if we are able to send transaction with low fees. I think there is nothing to worry about the bitcoin's price, the only real thing that limits its global adoption is transaction fee that fluctuates.

Why are volatile transaction fees limiting bitcoin's global popularity? If talking about bitcoin, I don't see any restrictions preventing its popularity. If we talk about the bitcoin barrier then I think it is the government, the biggest barrier preventing bitcoin from really becoming popular. As for the bitcoin price, the price movement will depend on its popularity, the wider the popularity, the higher the demand for it. When the demand is high, the price will be more high.

The government is really the hindrance of this because lots of countries are banning it, meaning that people don't want to break the law as it is illegal to them. Even though some people want to use Bitcoin, they don't have a choice, and even others will use it, but only a few of them as it is illegal. Volatility is also one of the features that people liked, and I don't see it as something that stops people.

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