Bitcoin Forum

I just read through this post:
http://www.finance-guy.net/finblog/bitcoin-vol-up

if daily transactions are down 20%, then it makes sense that we are using Bitcoin less than we did 6 months ago. 

What do you guys think, is Bitcoin use falling?

If so, what can we do to help increase it?

I don't think Bitcoin use is falling.
More like people are hodling because the price is too low.
I think that is probably it.

I am using it more, but buying it is less.

Well if you look at the forum you will see an exponential growth in the sig campaign and people are earning more an more BTC everyday. So I don't think BTC is less popular. The thing is market i holding and so is the users. :)

I am using WAY MORE Bitcoin than last year. More places that accept bitcoins nowadays, and I always pay with Bitcoin wherever I can.

Like anyone who is pro Bitcoin should do (https://bitcointalk.org/index.php?topic=1008538.msg10949219#msg10949219).

I am using bitcoin much more than last year. And most people do the same. Just now a lot of people thinks that Bitcoin is realtively cheap to buy, it could get someday at 1000$ or (much) more, so you should also check the number of untouched wallets: I can bet that their number and the amounts they hold are steadily growing.

6 months back, the price of bitcoins was close to double or even more of the price it is presently at. That's the reason why people are holding on their bitcoins and that maybe directly or indirectly affecting the number of transactions  ::)
This is just what I assume, nothing else.

I use it way less because I think it's highly undervalued. I only spend on low value items for the time being.

There were similar periods in the past.

Also, in my experience the plebs are wired backwards. If the price rises they want to buy it ASAP and when it's low they think that it's dying and afraid to buy.

Most people keep his bitcoin in exchanger for trading purposes. That means there is no transaction because it is staying on one place. Also that compared to 6 months ago, the price for it is much more fluctuative this means that there is a high activity from trader to send his bitcoin to another exchanger for arbitrage and that increase the daily transaction as well

i'm using it more because i have more coins now than before, but the current price is telling me to not use it

and anyway this topic begs to differ https://bitcointalk.org/index.php?topic=1078996.msg11521831#msg11521831

we can't just condemn bitcoin relying on a single chart

the chart you posted just say that there is less trading, which is true you can tell it by how the price stays in that range since ages

People are most likely HODLING at this point as the price is so low, if the price gets up around 300 USD in the not too distant future you'll see more action again.
The price has been dropping slowly for a long time so sensible people are unlikely to sell or spend now.
If you bought in at 400 USD why would you spend now?
You'll be getting half the goods/merchandise you would have got when you first bought in.
There will be a lot more action once we begin to rise again.

i love how people read articles but never check the source

transactions june 2014 = maximum 70k a day
transactions june 2015 = maximum 135k a day

so MORE transactions are happening compared to last year
https://blockchain.info/charts/n-transactions

Aha! ^ This! Yeah, I thought it was weird that transactions would be down 20%. That graph you posted makes more sense. I also agree that sideways movements are the least interesting times. Big moves (either way) are what get people trading.

I am using it more to buy thinks to donate and i buy more some of them in that prices. Bitcoin in some cases is a perfect tool if you want to buy something cheaper.

I wonder why there is no graphic for this.

-> https://blockchain.info/charts/n-transactions


Ohhhh because it reveals that the author is only spreading FUD.

The best thing that anyone can do for Bitcoin is to convince their employers to pay them with Bitcoin. If that doesn't work signup for Bitwage (https://www.bitwage.co/).

I think I'm using bitcoins less but on the flipside I've been earning more bitcoins so it balances out I reckon.


I think the answer to this is pretty obvious: use it more. Though according to this thread https://bitcointalk.org/index.php?topic=1078996.0 there is a record 152,800 Bitcoin transactions on May 28 following constant growth all year, so I think bitcoin is still growing just at a sklow rate that we're not really noticing.

The transaction volume is higher than before, so I cannot see how this is even relevant. I am not spending more than last year, because the price is so low.
There should in theory be a steady increase in the transaction volumes as the merchants and vendors increase.
The latest testing of the blockchain could have a influence in the short term.

Am I using Bitcoin LESS than I did last year?

LOL not at all, I am using banks less than I did last year.

Transaction volumes used to be really high a while back when on-chain gambling sites were popular. SatoshiDice accounted for over 70% of Bitcoin transactions on some days, this is because unlike a normal Bitcoin casino where there are only a few deposit and withdrawal transactions, every bet was a transaction. In short transaction volumes are a poor way of estimating Bitcoin usage, high transaction volumes mostly indicates high spam activity.

i am using bitcoin more and more every day. but recently because of the state of bitcoin price i am just holding my bitcoins and try to accumulate more everyday.

the rest is going into trading which has nothing to do with transaction volume, because it is being done in an exchanger.

I both use and buy bitcoin more, bitcoin is always being integrated into more products and services, and there always seem to be plenty of opportunities to use it.

I don't think we can judge Bitcoin users just from transaction which are made daily because most of them are probably made by BOTS and from Gambling or Lending Platforms & Exchanges of course . so yeah ... It's simply maybe because of the hacks of exchange on the last months (most of them are chinese) .
However for me ... I'am using it today more then last year or ever , I knew Bitcoin last year and started reading about it and wasen't so interessted but got used it to it by time and finally started using it and now I can't stop ;D

I am using it more, basically because I have a lot more than I did last year, and can't afford spending a bit more.
I would use it daily if my wage was paid on BTC.

There is actually a service that does that, not sure if its offered for your employer, but its worth checking out: https://www.bitwage.co/

Why would he even need to use that? Just buy an amount of bitcoins every month instead. It might be safer not to get your whole wage in btc as well due to fluctuations and at least you can decide how much you want to invest in bitcoin per month.

convenience maybe? some services are based on people being too lazy to do something themselves after all, like account buying/selling in league of legends, people are too busy to level smurf accounts themselves.

I am using WAY more because I didn't have any last year!  But I also think that people are holding and waiting for a bounce.  Especially with the recent price decline all the way down to the low 220's.  It should go back up now hopefully that people are getting wise to the block situation.

Yes.

I use it about the same.  I don't pay much attention to the price fluctuations.  I let the machines deal with that.  Besides most of what I do involves buying/selling hash on hashnest and things like that so it isn't a huge deal if the price fluctuates a little bit.

Less; because I still cannot buy a darn coffee in Victoria, Canada with BTC..

I used it more now especially in prepaid loading business. My online wallet provider that based here in our country have a service that we can purchase prepaid load via Bitcoin. So I used it for selling prepaid loads to my friends , workmates etc. Not much profit but at least it have. A great start though.

 ;D ....no...you just found some insider-infos  ;)

I was not using bitcoin last year so I guess I am using bitcoin more that last year :D

but tbh, I am increasing my bitcoin income, and also getting more involved in bitcoin everyday. I also plan to buy some in the near future and just waiting for a good price.

I personally am using bitcoin a lot more both spending and trading this year 2015. I guess we are losing interest and to many people are just holding without doing anything with it, which is fine each to their own but if it is to go mainstream then use it and show it has a use outside gambling/trading.

I'm using it less on average for this year. If the price is rising I'm more likely to use it because I know it will be worth slightly more by the time I spend it. If it's falling I might lose some money so it puts me off. The recent stability it eerie though, so I might start using it more (if it continues).

NO, I am using bitcoin more this year compared to last year, last year i was just selling bitcoin but this year i used it to buy/sell the stuff i need and for other uses

yeah, the kind of stable price is a nice thing imo. but i think the probability of the price staying fixed is so low.

most likely it is going to go down a little more and it might start going up again soon.

More. Where I am it's pretty hard to find places to spend, but it's important to make proper use of it. I spend and replace.

I am using less to buy things.  I am holding more than I used to because I think the price will go up this year.  Maybe it is just wishful thinking but I believe that this is the time to accumulate.

No,I am using and trading Bitcoin more comparing to last year.As you said in your post use of Bitcoin is falling, I don't agree with that because this year Bitcoin has more adoption and popularity than last year.Use of Bitcoin will just increase each year than the last one from now on.

I'm hardly using bitcoin at all these days

the problem is that ppl have no incentive to buy and spend bitcoin. we need be some kind of trigger to push ppl to adopt it.

every now and then you can see a new business that starts using bitcoin. so obviously bitcoin usage can not be reduced. if anything it has been increased.

but maybe if the statistics about daily transactions volume decrease is accurate, it might be because more people are holding their bitcoins these days rather than spending it.

that is exactly what i am doing these days, i try to buy whenever i can and hold. but i still have my tradings going on too.

I am using more this year than the previous year I think, I have found some services which I use to pay for in fiat and I just pay them using bitcoin now and I usually get a discount which is a plus and it's easier to pay with bitcoin sitting from my home and so far they have proven to be reliable and what I do is take cash from my relatives/friends and pay for their services too. I also bought some computer hardware recently and found someone who was willing to take bitcoins and order the stuff from a site which only accepted credit/debit cards, paypal etc.

I am also buying more since I spend it on regular basis now, give or take I think I buy-spend-repeat half a bitcoin every month now since last couple of months.

in other words we need to get out from the niche group that bitcoin is aiming too, something that could trigger it would be to offer discount on various product if you pay it with bitcoin

another thing is promoting the fact that bitcoin require less fees to move big amount of money(but also a small amount) compared to fiat

but in the end the number of tx per day are increasing, so people are actually using it more, the progress is just too damn slow

If I told my boss "hey, I can't stand this dollar shit anymore, can you pay me in Bitcoin?" He would probably call the shrink and put me on a mental institution.

Unless you are working something Bitcoin related, it's not easy to find a boss that will understand what even Bitcoin is to bother. Too early yet.

Click the link, you dont have to tell your boss anything but your new bank account information.

Yes i believe that too.. BTC is gaining popularity and it is increasing day by day the main reason behind it is that the awareness level is not too high when it comes to bitcoin but as we belong to bitcoin community we want that awareness level should go higher and higher and it will regain its popularity and value.

Did a couple of transactions almost exactly one year ago and have not done one since as far as I remember.  Maybe used blockchain.io for donation purposes once or twice since then but i don't recall the details.

Bitcoin is and expensive, risky, and highly inconvenient replacement for mainstream systems like Visa, PayPal, ACH, etc.  Why people think it has any realistic chance of being competitive in this space is beyond me.

What's wrong with you?? people have started using bitcoins in more numbers as compared to the past why are you not using??

I am using my bitcoins in all the sense as possible i make payment online by using bitcoins whether it is phone recharge or skype recharge i make the payment by using my bitcoins and i find it very easy and safe.

no need to be condescending or insulting, its not as if not using bitcoin makes you a worse person or something. just because bitcoin is integrated into more forms of payment nowadays doesnt obligate anyone to use it; im sure this person has their reasons, even though they didnt state any of them.

he might be accumulating bitcoin, just buy and hold for long term. many people are doing that these days.

besides charging phone with bitcoin or things like that are not available in all countries. in some places there are not many uses for bitcoin and some places there are none except buying and selling it.

I know for certain I am, because 2015 has not been a rise for bitcoin, it dropped so much. What's the point of doing this investments with this price? We're all just holding them and waiting for it to rise. When the price goes up, I ain't leaving my house, bitcoin all day long.  ;)

using bitcoin these days is actually selling it for current price..which is quite low from majority perspective. so no suprise here, is better to use paypal than sold BTC at ~250$ range. at least for me..

You do realize that most cloud mining sites are ponzis? I assume that you are talking about scrypt.cc which does show a lot of signs with a ponzi (such as a fake forum, non existent customer support, no proof of mining)

Anyways back to the subject. Last year believe it or not I didn't spend any bitcoins. This year I bought a one month vpn to use on vacation. The thing about bitcoins is that often times you have to go out of your way to spend them or find d somewhere that accepts them.

I can't speak for everyone but I am using bitcoin more than I did last year, I've had to the price is crazy low and need to build my holdings or they just sit there and lose value. The only thing that can change the amount using it is by adoption, we need people to need/want to use it and with that the price will no doubt rise as well. It doesn't look like people want to spend it even when they have reason though because they think bitcoin is going to $1000+ $10,000 so we need to change this mind frame.

People are most likely holding expecting the price to go back up to $1000. It'll take a while for bitcoin to get up to that level again.
I still spend bitcoin on purchases where I can and the option is available.

Price doesn't matter if you buy them at the moment you need them. Or buy them now and spend them tomorrow. Bitcoin is not that volatile... Just buy "new" coins at current price if you are afraid to spend the coins you bought at 700 USD a pop..

I dont think Bitcoin use is falling because lot of people started using bitcoin when the price was 1000$ also nowdays bitcoin is accepted in many places and reason for less transactions would be that lots of people are holding their bitcoins ,waiting for the price to go high again.....