Would Bitcoin at this Price limit its Global Adoption? - page 3.

buwaytress

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Quote from: bluebit25 on August 24, 2023, 03:46:37 AM

Restrictions do not mean that everyone owns bitcoin, that someone can put millions of dollars to invest in bitcoin for their own purposes, or even if they buy bitcoin for $1, they need it. thinking that buy to do? I don't think bitcoin will be the limit here, as the crypto market has a close connection between many things, and the emergence of altcoins and other things only increases bitcoin exposure and vice versa.

Let's not forget about derivatives. The biggest use case for Bitcoin, like it or not, is speculation and I dare wager the majority of people who have ever placed a brt or traded Bitcoin never actually interacted with it, much less owned it.

Price simply doesn't matter with adoption. Merchants and users don't necessarily need to own it, merely use it as a medium pre fiat settlement. And speculators don't care how many units of BTC they have when they invest in dollars.

Platforms don't care either. PayPal can sell 1000s of BTC, it's all numbers on their account. No real coins behind them. Still counts as adoption. Or exposure. Not by me, but by practical measures.

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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.

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It doesn't matter when the price spikes and it reaches another new level of ATH again because those who can't afford it can just simply buy satoshis that are worth how much they are willing to invest in bitcoins in the meantime. it won't affect the people much but for the early investors, it will become the best moment of their life since their patience and perseverance are now paid and they are ripping the fruits of their success. Sometimes people worry about things that don't really concern them when the truth of the matter is, when something like that happens, I'm sure people will quickly adjust and do the things they are convenient.

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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 don't think Bitcoin price would hinder it's adoption, as long as people still value everything with USD (and other fiat) and fiat is still the main currency to be used, then there will be no problem how much is Bitcoin price, people will still value service and goods based on USD, Bitcoin will only be used as a tool to transfer the value of those fiat.

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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.

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There is no limitation to Bitcoin's global adoption, even 1 Bitcoin can be shared among thousands of people.

By above reasons, no such limit to prevent bigger adoption for Bitcoin.

KiaKia

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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.

Do not think that because Bitcoin is high in value it will keep people away, the adoption of Bitcoin is growing even further than in past years. I believe that in the future the adoption rate will become even higher.

There is no limitation to Bitcoin's global adoption, even 1 Bitcoin can be shared among thousands of people.

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If the price rises, then from this we understand that there are more people buying bitcoins than people who sell it. It speaks of the interest of people and the fact that people believe in it.
History tells us that when the price rises, more people want to buy this product, because people think that the price will continue to rise and they will miss the chance to earn
For people for whom the price of bitcoin is very high, there is an opportunity to buy in parts, so it is available to almost everyone. This is a big plus
No matter how much bitcoin costs at different points in time, it must be remembered that the price of bitcoin is not stable and can change greatly

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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.

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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?

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.

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l don't think that the bitcoin price increase will limit its global adoption, because more people will see bitcoin as a thing that has unstoppable value and continue to go for it. They will continue to go for the amount that they can afford and probably hold it for future dealings. Investors will also go more for it as the price continues to increase, and hold it for later date, to enable them make reasonable profit. By this, more people globally will continue to adopt it.

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It doesn't make sense if someone don't want to buy Bitcoin when the price already hit some exact price. Remember there are so many people predict Bitcoin price will hit $100,000 when the current Bitcoin price is $26,000, then when Bitcoin already reach $100,000, there's will be another speculator come up to speculate Bitcoin will hit higher price and it keep continue. Bitcoin adoption has no limit, it will keep growing.

bluebit25

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Restrictions do not mean that everyone owns bitcoin, that someone can put millions of dollars to invest in bitcoin for their own purposes, or even if they buy bitcoin for $1, they need it. thinking that buy to do? I don't think bitcoin will be the limit here, as the crypto market has a close connection between many things, and the emergence of altcoins and other things only increases bitcoin exposure and vice versa.

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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?

It won't be a hindrance because you can buy Bitcoin by not buying it as a whole; you can buy it by sats or only what you can afford because it is still the same value but not bigger. I am not sure if it will stop people from buying it, but what I am sure of is that it will still be adopted by people because it is a huge price, meaning if it is a huge price, they will find a way to earn it, and the price is still volatile at that time because it is still in the adoption phase and there are countries legalizing 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?

If the price goes up, as you say, and it starts to become expensive for people, the price will start to fall as the number of people who can afford it goes down. That will bring balance. It may not be desirable for Bitcoin to reach a level where it is inaccessible to all but a small number of people. Because every good must have a buyer. I would prefer that the price stays stable after a reasonable level and that Bitcoin transactions can be done without volatility and reach a wider audience.

For this to happen, the price needs to reach a good level, Bitcoin needs to be accepted by governments and its usage area needs to be expanded.

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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?

There was one thread that the OP that asked if everyone in the world can have access to bitcoin. He fears that people might not have access to it because many companies or individuals might be holding most of them. The common answer to his questions was that bitcoin can be sold in bits which can give more people the privilege to own it. The divisibility of bitcoin will make more sense and meaning if the price gets to $100k, $200k, or $500k because at least a few satoshis can buy something reasonable. This will allow bitcoin to be used as a currency and promote acceptability and adoption. The beauty of Bitcoin is that its divisibility gives both the rich and poor the privilege of owning it.

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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

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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?

You don't have to hold or own one whole bitcoin to bring "global adoption". You can still buy fractions of coins and use it like a regular currency. If you can afford to buy $1,000 worth of bitcoin, then buy it. You can still make profit from it and it is never too late. Like you mentioned, the prediction price "increases" eventually, which means that eventually the $1,000 you are holding will turn into $5,000. Still better than not buying anything because you think that the price is high. On other hand, if you still want to whole "whole" coins, then go look for other good altcoins and buy them.

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if bitcoin reaches a very high price for example it goes up to $500k I think for sure people will speculate that btc will potentially go up again to $1000000 so I think in this case no one will know and we'll see and hopefully the price of btc in the future penetrated more than $1000000 but in this case, usually people, when they see that the price has gone up, are still willing to buy and some are not.

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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?

If anything the high price of bitcoin has increased its adoption, since we have some people that use bitcoin for its intended purpose but we have many other people that use bitcoin as a way to earn money, and it is obvious its high price is the main reason for this, now would some people find the price of bitcoin too high and decide against using their fiat to buy it as they will be unhappy with paying so much when others paid so little? I think there will be people like that but they will be a minority.

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Quote from: ImThour on August 11, 2023, 03:30:33 AM

You know why Bitcoin has so many decimal values? To make it adopted globally even after it goes to 1 million USD per Bitcoin. You can buy any x amount of satoshis.
1 satoshi = 0.00000001 Bitcoin. So when Bitcoin reaches $10,000,000 1 satoshi will be equal to $1. And still will be able to buy by the normal person and spend it like a normal person.

In fact, it will become much more easier to use as the movement of big amount will stop and smaller transactions will be done on new technology or lightning network and we all will know that 1 satoshi is what we need to pay for $1.

Yep, this should be the simplest explanation for the people who is worried about how bitcoin is going to be adopted when it's only limited in supply and it's price is consistently increasing. I thought all people who have been involved in crypto already knew these.
No matter how high the price is, there will always be a few fractions of bitcoin to be allocated with the people who wants to have bitcoin in the future. Therefore, the continued rise in value and the limited supply of bitcoin is not gonna be an issue for global adoption.

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