Topic: Would you buy/use Bitcoin if you knew its price would not reach a new ATH? - page 3. (Read 871 times)

The biggest question is how did you know that there is no another all time high this is 2020 when market is very volatile and it's hard to predict what's going to happen next, but if there is no all time high I don't have no reason not to buy when it can be used to buy stuffs and still make money from short trading, there are still people making money in trading Bitcoin even if the price is dropping.

Thanks for the question: as I have read many replies, they would they still use bitcoin because of the potentials in this digital coin. Personally, I would use this Bitcoin even though the world is crumbling and the Fiat's are rising. Bitcoin wasn't meant for the purpose of earning huge amount of money like many thought, but give freedom to us which is more important than watching out for another all time high. My earnings in bitcoin isn't my aims while am here but it nature of decentralization.

If you look at the current situation, many people do not think Bitcoin will head for a new ATH, after halving happened yesterday.

But, of course, who bought a lot, the reason: simple.
Bitcoin for today is pretty good for trading/investing in the short term, a matter of hours or days.
As an example:
Today Bitcoin is in the position of $ 9000, of course this is a good step to buy, when the price reaches $ 9500, of course it can be sold, on and on it will happen all this time like that.
So, even though the price of Bitcoin today hasn't crept further ATH, I'm sure there are still a lot of investing and doing short-term trading.

I myself do the same thing.

Julian Hosp mention this thought in one of his last Videos, and that make me think about it.

If I there will be no new ATH, I would not use Bitcoin as a speculation object anymore. Because the downside Risk in Bitcoin (and alt coins) is very high, so I want an huge upside potential. I probably would go in to Gold & Silver instead of Bitcoin, because there is a lower downside Risk and a bigger upside potential.

I get your point. But so far, as a bitcoin user, I use bitcoin as a source of income.
I think trading can be the way to have bitcoin and make it a source income.
And after we have bitcoin, we convert it into fiat money and leave some part in bitcoin form, and we use some part of that money to fills our daily needs and the other part for savings.
If people replace their bank or savings account with a bitcoin wallet, that will depend on where he lives because if he lives in a country that allows bitcoin, he will not have a problem.
But if he lives in a country that doesn't allow bitcoin, he still needs his banks to save the money.
Besides that, most people still use fiat money to send to other people, even if they are in the bitcoin world.

So I think people have to make a wrong choice by vote number two

Yeah, it was all understandable, thank you for taking the time to explain. I think if you put it like this, then I understand the point of the poll. I just still think that the way it's framed leads people to vote with their instinct, not necessarily with their action but then again, all polls are about opinion and not action (as election polls show!).

I think Bitcoin's price history (spending maybe 15% of the time close to ATH and the rest of the time far below it) unfortunately proves that group 1 is true, that most users depend on an ATH. Fact is, more people are speculators than users (though I agree all rely on the network so game theory keeps people using it when they don't need it).

yes because im one of those who work online for btc  but this does not mean i dont care on the price anymore  . i do love to see btc grow more and reach its ath or new ath too   . this is only a what if and theres no assurance that it will happen so people wont be scared to invest and hope for the greater good  . if we look at other coins that are stable or are obviously dont grew anymore , there are still people who uses them  . how much more btc when btc is more   better than them  .

Formulation is still not ideal, but the idea is the following:

Vote for 1) if you only would use Bitcoin if you earn money with it (where Bitcoin is important for the source of income, e.g. Bitcoin-related services, signature/bounty campaigns related to Bitcoin). The exact way you use it is not important, it's the reason you use it.

Vote for 2) if you also would use Bitcoin if you didn't earn money with it. For example, because you replace your bank or savings account with a Bitcoin wallet, or because you use it for remittances.

So in the case you mention, option 1 would be the correct one.

I'll clarify that in the OP.

This would be ideal, but it is difficult if you aren't using an online panel or other complex poll mechanism, because otherwise you don't know if those answering really belong to your audience. The goal of the two different "Yes" answers is just to approximate to that ideal a bit ("signature campaigners" would select mostly option 1, "bitcoin users" option 2) without making the poll too complex.

While you could argue indeed that traders using fiat settlement and never making any transactions on the network are not really "using" Bitcoin, the existence of Bitcoin is relevant for them.

For example, I want to differentiate between the following two cases:

1) a trader who tries to "ride" bull markets (and perhaps bear markets as well). He would only trade Bitcoin if it's an asset with a certain probability to see a new rally. He thinks that only if people are thinking about "the moon", dreaming of getting rich and an ATH was possible, price moves would be high enough to make good profits. This type of trader would select "No".

2) a trader who only trades small price swings, i.e. a daytrader, and he would only continue to trade Bitcoin if these price swings were high enough to make profit. This kind of trader would select "Yes, only if it helps me to earn money".

The difference is that for trader 1 the fact of a new ATH is important, and thus he would leave the BTC market if the price stabilizes. While type 2 would stay if he can still make money.

Both are only "traders", and are not really using Bitcoin, but their existence is important because both contribute to volume and liquidity. If type 1 traders and other people answering "No" are a big majority, then Bitcoin's volume, liquidity, and also the price are probably in danger if for a long time it fails to achieve a new ATH. "Convinced Bitcoin users" (unconditional "Yes" answers) would stay, so it's important to know the size of this audience. Type 2 traders, signature campaign participants and other "Bitcoin earners" are something in-between: they would probably stay longer than those that only use it if an ATH is possible, but if the ATH-dependant group is too large, they would also leave.

We could have the following scenarios if Bitcoin fails to reach an ATH in a long timeframe:

1) Most users depend on an ATH -> Price eventually crashes dramatically.
2) Many users depend on an ATH, but group 2 ("Bitcoin earners") and 3 are also big -> Price could see a bear market, but would eventually stabilize again.
3) Only few users depend on an ATH -> Price could continue to stay stable.

This is basically the idea behind the poll, to know the probabilities of these scenarios. I know a forum poll is very limited, but if participation is high enough then maybe we can draw some conclusions from it.

(Hope this was understandable )

We should think up this way but it sad to know the fact that majority of people here that do engage with bitcoin or generally with crypto is just to make profits in the first place and only a few are really here when it comes to
full support when it comes to its actual usage and benefits without minding much on the money making opportunity that it gives which i do only consider as a bonus.
On the question if you would buy or use Btc if you do know that wont reach out such ATH then i would still make use of it without a doubt! Im not minding if it cant give out profit
and what matter most here is about that freedom part that you've been talking.

Yes, I would. I'm involved with Bitcoin for eight years now and I never quit. And there were times when Bitcoin was not so successful and price was very low
But I beleive that Bitcoin is not only about price. Unfortunately there are very few Bitcoin enthusiasts left and although Bitcoin price is quite decent now and gives the chances for profit some appreciate Bitcoin only when it's above 10000$.

Lets take out the fact that bitcoin appreciate in price although which is one of the core reason I picked interest in participating in the movement. Still, bitcoin has served me in so many ways that irrespective of the price not appreciating or achieving new ATH I still would purchased them. Unfortunately I'm from a region that find it very difficult to get online approval from merchants or digital currency service providers across the globe but with bitcoin, I haven't experience such discrimination.

It make my online transactions more convenient and satisfactory since I won't have to wait for an interference or approval from third parties like other digital currency are known for, that would judge me based on my place of origin. You might never understood how valuable bitcoin is to we from this region, unless you have experience want we have gone through.

People are forgetting that the creation reason for bitcoin was to give the people power back on their own finances. Right now, governments control the economy and they are making it in a way that it is unfair to some people (poor usually or even middle class) but making it advantageous to be rich, if you are rich you are destined to stay rich unless you do something stupid and so insane and also go against the government.

This is why I think it is quite important that we should focus on the freedom part of bitcoin, that way we could always focus on bitcoin becoming something that would allow us to be powerful once again. That never has anything to do with ATH price or any price, it will always be like that at all prices and that is why we should never care unless we are in it just for profit.

Yes for sure as long as it gives me financial freedom and also a speculative asset which gives somewhat earning opportunity rather than using a fiat which gets depreciated by its value from time to time.And also I will keep using bitcoins for gambling purpose no matter what value it is currently hanging at because crypto gambling is more convenient and lot of choices to choose from all around the world.

I seconded!


I completely understand what you have pointed out, and It absolutely made sense, but there are also instances when a person on the receiving end of a certain transaction only wants to have Bitcoin as a payment. Rare cases from people who are engaged into cryptocurrency, and that comes from my experience. The only difference was, I didn't need to buy Bitcoin since I have stashed a few fractions in my wallets.
Nevertheless, this situation is the same as the exceptions you mentioned below. The only thing is all of those transactions were illegal from the black market lol.

Yeah, it can't be a perfect poll in this sense, but then you could have different polls for a different target audience. And if you're really going for usage, then I think leaving out traders is fine (and most merchants settle in fiat anyway and don't see a single satoshi or have a wallet so they don't care) because traders don't need an ATH.

In fact, if you're wondering who cares about an ATH, it really is speculative holders only you're looking at. Then there's no point in asking if they'll use it, right?

I still have to say that in the context of Bitcoin, buy and use should be distinct. Buyers are traders, who are really exchanging Bitcoin for another currency, while users are exchanging it for goods and services.

Again, I use my case and many others like me, we don't buy Bitcoin, we earn it (I charge clients in Bitcoin). And we spend it, ideally, because we have to, regardless of price. So we're users as are our clients. The only time I use an exchange or trade p2p is when I need to sell it but ideally, I'd spend everything in btc if I could.

Which is why I say most altcoins don't have much use case beyond speculative trading.

I find this an interesting question because it made me question my motivations of being in the market lol. I voted the second option.

What I know for sure is that I won't sell what I currently have; I like the technology, I like where it can go, and I have zero expectations of BTC touching its ATH anytime soon again anyway. I don't think my spending habits will change either, since I only ever use it in cases where it's actually better/more convenient than fiat (VPNs, some transactions with friends overseas, etc.)

That being said, I'd probably also stop accumulating. If I'm keeping it just for the sake of having some untouchable experimental money, then I'd say I have enough for that. The uncomfortable truth is that long-term store of value is also an important Bitcoin use-case, so limiting its growth would also mean limiting its utility. There's also a certain risk-reward dynamic in keeping a significant amount of money in Bitcoin, and skewing that in such a way that the risk is no longer worth the reward makes it a no-brainer for people like me who don't necessarily hate "The System".

Yes i would use Bitcoin, i think i would use it more than regular, because the price is stable more or less. I would use Bitcoin as emerceny money on a paperwallet. Plus i would quit my bankaccount because i have no need for it, i pay the most stuff with Bitcoin only the goverment want fiat from me but i think there will be a solution to solve even this problem.

I never invested money in bitcoin with the hope that its value will rise. I want to control my wealth my self.

Before the poll was changed I voted for the first answer but now I went for the second answer since I use (or spend) Bitcoin in most of my online transactions. And I agree with extasie receiving Bitcoins encouraged me to spend no matter what the current price is. If I only get my Bitcoins through trading then i'd take the third answer since i'll probably be using other currencies more often than Bitcoin.

Voted for Number 2 as that was indeed.

I am using Bitcoin For Payments and also for Investment as i believe inFuture of this Cryptocurrency.
 I have Missed My chance back then  so i am grabbing my opportunity now to hold this for long term.

Actually this helps me a lot this pandemic when my bills are getting paid using my  holdings for safer since the virus is really threatening .

If people get paid in BTC, they are much more inclined to spend it. I can confirm from experience.

That's part of the trouble with the current economy: very few people generate BTC income, and it generally costs money to acquire BTC (trading fees and markups, banking fees). Why would anyone buy it just to spend it? Even if you remove the question of volatility, they would just be losing money, not to mention time.

There are exceptions of course, particularly in black and grey markets. DNM users obviously can't use fiat. BTC is superior for gambling transfers in countries where those businesses are illegal. Cannabis businesses often have trouble maintaining bank accounts and I've seen some of them encouraging the use of BTC. Schemes intent on tax evasion can also utilize BTC since it can obscure payment flows, avoid conventional tax reporting, etc. Cross-border remittance schemes intent on evading capital controls also come to mind. Privacy-minded stuff (porn and sex shops and the like) too. Basically anything that benefits from either censorship resistance or increased privacy can justify the use of BTC (and the costs incurred by acquiring it).

This stuff is difficult to quantify as a whole, and I don't think a forum poll will give you a realistic idea either.