Bitcoin Forum

Well not 10 but 11 reasons, round numbers seem to look better))))
All of the following is my humble opinion about bitcoin future from the marketing point of view.
So here we go:

1)   It’s New!
Bitcoin is a new and fresh thing. And there is always a factor of interest for something totally new and just gaining popularity. Whether this wave will be short or long, the main thing it exists.

2)   Freedom
There is always demand for a way to trade free and bitcoin is the only way today to do it. (altcoins still very small and underdeveloped). FIA currencies  hold so many limitation and borders , they hardly could be called a free way for trading today.

3)   Privacy
This is actually very big and complex issue. Privacy is needed not only for selling illegal stuff, but needed  by general public as well. Whether it is psychologically motivated or legit need for fund safety. Principals of Secrecy and  sanctity of property rights were untouchable but not anymore. Cyprus was just a warm-up, test for the incoming actual attack on property rights all around the world.
Just recently ended long respected era of bank secrecy in swiss banks
http://en-maktoob.news.yahoo.com/swiss-sign-last-rites-banking-secrecy-oecd-100647333.html

4)   Safety
Today banks are not actually safe way to hold to your money anymore. Banking crisis, high possibility of money theft, shifts in personal rights politics and many more. Bank can freeze your account or even take away a part of your money like they did all over the world. (again Cyprus is the most graphic example). Bitcoin gives you today maybe the highest level of money safety and freedom.
Bitcoin is the first structure that gains its safety not by political or cultural decisions but from great open source code. This is actually kind of “New Era” stuff.

5)   Market stats
Whatever the reasons are, crypto-currency  market is growing, and it’s a fact. So the tendency will continue for some time. People believe in what they see so stats are not only “conclusion” but also a “reason”.
You can look here for number of transactions growth stats
http://blockchain.info/en/charts/n-transactions-excluding-popular?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=
And here for market capitalization
http://blockchain.info/charts/market-cap?timespan=1year&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

6)   Black market factor
It is all about reasons 2, 3 and 4, but what I am trying to say here is little bit different. Total black market capacity of the world is more than 2 trillion US dollars. And BM actually needs systems like bitcoin. So we will witness a big  shift towards bitcoin with those groups, I think.


7)   Limited emission and mining
As you know bitcoin code limits daily emission of coins into the network, so there is no regulatory or any other softening factor to limit deficit when it hits the market. So significant deflation kicks in. And though mining difficulty does not have direct effect on BTC price, it still kind of does, as bitcoin quantity is limited in the end.

8 )   Herd instinct
Even not very good or valuable products can witness the herd instinct effect. When everyone uses twitter(service with very limited functionality), a lot of people kind of subconsciously want to use it too. In some cases you will even have to follow the public in case if you need to reach that group of people. The effect is also witnessed at vogue waves. So the more people will use bitcoin, the more new ones will follow them. So it can kind of  snowball at some point.

9)   Geek effect
Geeks are a very big group of people and bitcoin is as cutting edge as it gets. So it is match made in heaven. We already can see a huge support from fans of new technology. For some it’s “just for fun”, for others it’s lifestyle or even ideology.

10)   Free market gap
1,5 billion dollar “capitalization” today is a drop at the sea. There is a huge market for that kind of financial instrument and there is no actual competition. Altcoins are trailing behind and IT corporations are afraid to start a new currency.

11)   Hidden functions
Well, not actually hidden, but not used. Bitcoin code gives us much more financial instruments then most people even know. Like futures trading, betting, sharing info, securing links, contract registration and so much more. As new bitcoin functions will be discovered by the public, more people will get involved.

I know that some reasons are part of another and my “factors” are from very different fields of marketing. I am not trying to pass the test! I am trying to make a point.

PS
i know there are many ppl still using this for explanation behind bitcoin growth. sadly i did not have enough funds to diversify my investment and wex nz took everything i had. if you can help in any way pls contact me.
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And the only reason why not to, is that it can be to risky to invest and depend on it. There are not enough ppl who will sell a house for X amount of bitcoins and risk losing a good % due to price fluctuation.

Mass adoption is still not in sight yet though.

Certainly has good potential.  Reminds me of the Internet in 1995.  Nobody I knew at that time could foresee the full extent of change that was at hand.  Maybe this time it is the same in currency?  Maybe.  Maybe not.  Only time will tell but it certainly is an interesting ride - and what makes life living more than an interesting ride?

What do you is the main factor which allows us to go mainstream with bitcoin?

It is happening... I just saw a guy claimed that he sold one of his house for 300k dollar and use all that money bought bitcoin in July, now he already doubled his investment

Oh man, that is one of a risk...

It seems that bitcoin will prosper so long as it is used. The issue I see is the collapse of the dollar. If the internet survives such a potential collapse, then of course bitcoin would be royalty if not king (as it requires a functioning internet).

If the internet does not survive, bitcoin ceases to function, no? In such a case, silver and gold are still relevant.

Normally I don't like listicles but this is a great list - every part of it makes sense.  Especially the part about the present value of Bitcoin being drop in the ocean.

This forum needs a "Like" button for great posts like OPs.

I can claim that I sold something for 500k dollars, but statement to be true has to have a proof behind it, right. Taking someones word for granted doesn't seem logical to me. BTC opened at 178$ or something today and now I think its 195$ ( too lazy to check ), so that's some 17$ more now. Granted, its like 9% more or so, but would you risk it if stakes are high?

But only 1 word for Bitcoin to die, "Government".

I agree, it is never wise to put all your eggs in one basket.  Try a number of different ways of preserving wealth.  AG and AU are tried and true, for example.  Get some and forget about the market ups and downs.  Its for a measure of safety (at least you have something other than paper money) so you can sleep at night.

Nice, Thats a lot of effort you put in.

Solid Points.

Yeah if government shutdown exchanges and makes it illegal to use. It will go down on value but still live on regardless. And it may take longer to adopt but i have no doubt it will still grow.

Main value of Bitcoin is impossibility for the government to confiscate it (of course if the owner properly encrypted private keys).

Are we ignoring the point that government controls utilities, utilities control power, power controls internet, and internet controls bitcoin?

cant say it better!

It is a bit difficult for the government to shut down the internet though.  Businesses would not be too happy about that.  The government is bought out by businesses to a certain degree I believe so it would be in their best interest to keep the internet up and running and I think that there would finally be an outcry from the American people about their freedoms being taken if it got to this point.

Yep, gross manipulation of a countries banking system and the systematic consolidation of wealth amongst rich bankers is one thing...but taking away people's facebook, twitter and youtube would surely be a step too far and grounds for a revolution!

If zimbabwe use bitcoin as their currency then we can see it became 1000$

Re: Zimbabwe

Not on fundamental grounds would that imply $1k.  The BTC economy is turning at $22bn USD2013 /an currently.  Zim GDP is only $11bn USD2013 /an, so on a purely economic grounds it should only increase the value of the ccy to ~300 USD.  However, gaining FX status would change the regulatory environment and global mind-set towards BTC dramatically, so that it might experience a 1K bubble effect.  On a fundamental level, however, penetrating the $2tn global black market or absorbing a significant fraction of the secret-no-more swiss banking industry would be much more significant that a Zimbabwean adoption.

It would be brilliant move by Zim, however.  Suddenly their currency would be appreciating, and living standards would skyrocket.

Risk is overrated.

instant conversion to fiat, no risk.

long term risk ib btc... might go up.

so you realy think btc could become official currency in some country? Have big doubts for many reasons.

Maybe someone can add something to my list? Be my guests!

Arguably, BTC's most compelling use case is for commerce in unstable nations with chronic inflation issues

The popularity of mobile money in parts of sub-saharan africa (M-PESA in Kenya etc) arguably paves the way for BTC to come into play going forward

Lots of telco hardware infrastructure is getting built right now and that is going to be key

Still some time away bit not too long now, I reckon

in a light of recent events it appears i got it right   ;D

As is the pimple on my left buttock.


...To Incriminate Myself.


...That Never Was.


...Is Now 10 Copies of USB Sticks.



~0.1% market cap/transactions



Manny Pacquiao gives Rios a blackeye on Saturday.


Limited Technical Knowledge Speaks Nonsense


Mooo. Baaa. Mooo.



Alpha-Beta-Cratered


BitCornthanol?


Satoshimotolapse.


Postmenopalmalls Syndrome?

Yes you nailed it.  Still think it should be stickied and that we need a Like button.

Do I have to "welcome" you on my ignore list ?

The best thing about BTC is that ONE goverment cant do nothing to stop it.
Nobody cant stop the internet
Nobody cant stop the power

Sure gov. have opiton to say that BTC is illegal...BUT WHY ILLEGAL?

Again with the crap the nobody can stop the internet?
It has been done , can be done and will be done!

The word prosper as far as I understand it implies at least some longevity of being successful. If you are rich now and the next day you turn poor, this surely wouldn't count as prosperity. Bitcoin might be new (though this is questionable) and because of that it may be attractive today, but this doesn't guarantee that it will be attractive tomorrow. So no point given...

The freedom Bitcoin allegedly provides would be required only by a minuscule amount of people when compared to the number of people which would allow to call it a success. And Silk Road has showed us all that there is no freedom Bitcoin promises to deliver. No point either...

Oh, it seems that I have been running ahead of you. Thus, Silk Road and all that. Block chain is there forever, what could be better for an inquiring investigator? So you guess it right, this doesn't count...

Do you actually think that your computer would be harder to break in than into a bank account? I don't say that banks are not being hacked or anything, but your chances are by a long shot higher to get your money back from the bank if it is hacked or goes belly up (FDIC or whatever it may be called) than when your wallet is stolen from the computer you sit at in the Internet (which could just fail). Well, Cyprus happens just like any other shit happens in life, but why do you compare banks vs Bitcoin in the first place and consider this as a proof of Bitcoin's safety?

Bitcoin market cap is minute in absolute terms, to say the least. Its growth is provided primarily by speculation, not with goods and services which could mean something worthy of consideration. With the same success you could consider a "market cap" of some Ponzy scheme. Easy come, easy go...

When we actually see this shift of the black market toward Bitcoin, then it will be a point for discussion. Now there is none that I know of, and I doubt it strongly this will ever happen. The Silk Road example has given the black market a strong evidence that Bitcoin's safety is questionable at best...

If you think that deflation will make Bitcoin prosper, then you don't have a clue what constant currency appreciation actually means for the economy. Have you ever heard anything about the Great Depression, the reasons behind it and why gold standard was abandoned after the shit happened?

For using twitter you don't have to pay anything, for using Bitcoin you have. And I think that you would need something better than just herd instinct to make Bitcoin prosper. And don't forget that in reality it works the other way as easily...

In the first place, geeks wouldn't be called geeks if they were "a very big group of people". Actually, Bitcoin support is very limited and it may remain so despite being highly popular within that group of people. This certainly wouldn't count as success in absolute terms, which you herald here, as far as I can guess...

It is actually at around 10 billion dollars if I'm not mistaken, though I agree this is still a drop in the sea. You just wouldn't be able to think up a cogent reason why these figures taken as such would mean there is a huge market lying ahead. Actually, what you say here is no more than just wishful thinking...

And at that you could just as well add that Bitcoin may give them even more then they will ever need. And surely, this is not what you need to make Bitcoin a success. It should at first give people some simple advantages before its direct competitors, that is, national currencies as a means of exchange and precious metals as a store of value. Yes, it may have some, but even this is still a point of much debate here, whether Bitcoin is actually worth it...

I feel no need resopnd to such obvious and laizy troll

Your number one reason for bitcoin to prosper is that it's new. You had some good points, but I almost stopped reading right there.

Free the market!

This is the number one reason why crypto currency must succeed!
http://youtu.be/rCI-xc8pwMo

12) Limited number of bitcoins to ever enter circulaton

Bitcoins are conceptually strong in the sense that inflation is controlled and will eventually cap itself off once there are enough bitcoins in circulation. Thats a bonus that was not yet mentioned but is pretty big.

With this feature it will not be able to become a proper medium of exchange. Any currency to work properly should be constantly depreciating to avoid its being squirreled away, whereas Bitcoin deflationary nature will wreak destruction on the economy. In short, this won't work...

inflation is dynamic  and open market situation, it is not controled , and I dont think that it is even important

Governments today enjoy unprecedented power of monetary observation, which they argue has resulted in a “safer” world with less money laundering, greater impediments to criminal activity, and reduced tax evasion. Industrialized nations are just beginning to maximize the benefits of this newfound transparency and so understandably have no interest in reverting to a more opaque banking system.

Monetary control is power

But beyond monitoring money flow, there is an even more fundamental reason why substantial Bitcoin success is undesirable for governments. For any government, ceding control of money supply is tantamount to an abdication; without control of money there is no control at all. For this reason, as Bitcoin continues to gain users, government indifference must gradually give way to bemusement and ultimately resistance.

However, well before governments attempt to curtail Bitcoin, there is another antagonist that might take action more rapidly: the financial services industry. Banks and their kin make tens of billions of dollars every year from providing the very basic task service of moving money from one place to another. And as a nearly foolproof revenue stream – zero risk, almost zero cost, and billions of dollars in profits – it’s also a pillar of their business model. In fact, banking as we know it today would have a far diminished role, if any, in a Bitcoin-denominated economy. Hence, you will see little support for digital money from any bank.

Thus, if Bitcoin can continue to gain in popularity, its users can look forward to an eventual confrontation with two extremely powerful antagonists. Unfortunately for Bitcoin, both parties, governments especially, can follow a simple strategy to ensure Bitcoin, or any other aspirational digital currency, never gains widespread use.

What about writing an update after 4 years have passed (almost passed) and most of these reasons have been proved?

Yeah, writing about update will be cool and I am glad that bitcoins have proved of the reasons already true by now. Bitcoins are the future. I don’t understand why some dumb investors don’t get this point and keep wasting time into other shitty coins. Invest into bitcoins for bright future.

There are really a lot of reasons for us to be prosper because of bitcoin.  One of this I think is if you know the proper knowledge of doing the actual trade you can be a millionaire instantly, if you timing the coin you buy will become x 1000% profit of your capital investment especially you buy a huge amount it. Then secondly, if you participate or join in one of the ico signature campaign aor invest some of the ico token you could also become rich because of it.

i know there are many ppl still using this text for explanation behind bitcoin growth. sadly i did not have enough funds to diversify my investment and wex nz took everything i had. if you can help in any way pls contact me.

These are great reasons as to why bitcoin will prosper. I, however, do believe that one can continue to list without stopping reasons why bitcoin will continue to prosper.
I do believe, though, that one of the most important reasons bitcoin will prosper is the privacy it gives to its users. The anonymity one enjoys with using bitcoin is quite underrated. Now, I'm not afraid my details might be used against me because I no longer need them to make transactions.
Now, the most important advantage of bitcoin is the freedom we enjoy. Bitcoin took away power from the government and banks and gave that power to the masses. Now, I control all my finances and I am not afraid it might be confiscated at any time.

And above all of that is the Profits  ;D ;D ;D. The one I keep seeing investors hammer on today is that No.4 Safety, and how Banks are no longer safe to save your money. Yeah we do understand that banks do have one or two financial issues some times but my question still remains, Before crypto, what was your view with banking system over the decades? We cannot now start to trash one system just cos we have another means and I bet you most have transfer your first Investment funds from bank even if you no longer do that or may be you still do. Just my 1 Satoshi  ;)

That is no more possible. The government can't stop bitcoin. If you know what value bitcoin has. The privacy and freedom from bitcoin makes it uncontrollable. So you don't think any governance or legislation can stop it.

Here everyone expressed their thoughts about this topic and my opinion is as similar as theirs. One thing I want to state that BTC always maintains its quality first and try to make it more useful. People can get benefits from the other cryptocurrencies.

Its quite true that even the government can be rendered useless when they wanted to stop Cryptocurrencies. The only thing that they can do is limit the Internet capability of their own country so that people would not have access to it or just remove the possibilities of them cashing out money from the Crypto Industry. This might also mean that the government does not have enough knowledge regarding Cryptocurrencies because instead of using its good side, they are already focusing on shutting it down which is not a good idea.

The cult of round numbers strikes again :D


That's correct. A single government can stop bitcoin within its borders, but it woin't stop it globally.

You could say that all governments together can stop it on a global scale but it will never happen as it has never happened before in the history of the world. If it's impossible for governments to unite and fight drugs it will be impossible for them to do the same with bitcoin.

In my opinion, if the government will be educated what crypto is or blockchain technology, I believe they will change their stance on this technology. Only a matter of time before they truly accept this new innovation in terms of currency as well as technology. But the blockchain tech itself has a lot of benefits to offer to humanity. This is the reason why we are seeing a lot of blockchain projects still trying to implement their respective objectives. Anyway, we don't need 10 or 11 reasons for bitcoin to prosper. Because right now, with its current value in the market, I believe, the bitcoin concept is already a successful one.

I think that now it is unlikely that more governments will ban bitcoin.
Digital gold as some say has gained a lot of ground, trust and credibility.
There are no borders for bitcoin, anyone can invest. Some pause to think about the use cases for bitcoin.
There is a large family of cryptocurrencies that have been created thanks to bitcoin so there are a good number of uses.

Bitcoin isn' really new, if you have posted this in 2011 or 2012, I might've believed you but bitcoin is a decade old and it isn't necessarily gives you freedom since bitcoin is tied to technology and it currrently can't exist outside technology. For me, the reason that bitcoin is going to prosper is it is the first of its own and has since then led a revolution in the FinTech sector which is still influencing it until now.

I agree with you, government can decide not to legalized bitcoin in the country just to punish the users in the environment and also government can choose to legalized bitcoin  to improve their economy not to collapse in the country. Those countries that legalized bitcoin in their country are doing well with their economy in the country.

We cannot assume that bitcoin made their economy well as first I don't think they are getting a tax on certain individual who use this, but if they are investing on it well maybe they possibly earn good returns as the market is crazily doing good, but even we are in green zone these days still government should di a study since we have a bear market crash incident called and their economy will collapsed if we will go thru that situation if they enter and adopt at the wrong time.

Just by looking at the factors mentioned below, we can already see why there are a lot of people who are investing in bitcoin right now. Aside from the value of bitcoin, the features it contains makes people get attracted to it. There are still a lot of reasons that are yet to come as bitcoin gets legalized all over the world but it will still take too much time before we see that from taking place. Privacy, safety and freedom are those of the main reason why people are choosing to invest in bitcoin than in any other coin existing right now. We should not waste the chance given to us, make the most of it with the proper strategies and decision making.

it's true that many people adopt bitcoin as a promising investment. every time, bitcoin is answering problems in this digital era, with an increase. we just need to wait for bitcoin to be legalized all over the world, and this will be an extraordinary digital era.

for now, if we look at the development of bitcoin and many people who love it, because of its fantastic price hikes and generous profits, we can appreciate the recognition of many people who suddenly get rich from the results of bitcoin. Indeed, to be legalized is still far from expectations, at least the current government does not prohibit it

I see only one reason : Fiat sucks. That is really all there is needed to move to crypto and that is why I love it, I mean people could love it or hate it all they want but there is really one reason for going to crypto and that is the fact that fiat world sucks.

It is the politicians, the business people, the bribes between them, the banks and many other stuff that results with fiat currency being horrible beyond belief, and when a super wealthy person wants a loan, they could have as much as hundreds of millions of dollars in debt and not pay it and still get another debt, while if you are late on your $100 loan one month they will do everything to take your stuff to cover their loss. This is why I am in all crypto except my costs, as long as I have my costs down in fiat so that I can pay them, everything else stays in crypto as long as possible.

Nice list of reasons you got there, mate. Every number makes sense to me. It's worth the time to read.

Bitcoin has a big potential to boom and skyrocket due to its nature and it offers wide possibilities in terms of investing. I consider cryptocurrency as a new big thing because of its promising disposition. Before, many people have ignored btc because they thought it was nonsense. However, during the present time, majority are considering putting their investment in bitcoin. See the sudden surge of users?

I just hope people would be more knowledgeable so that they'll be able to earn money and transact conveniently.