Bitcoin Forum

People think that Bitcoin will be valued more in the future. So they are both mining and buying bitcoin.

Is there any possibility of a decrease in demand for Bitcoin? Whatever happens, people give up using bitcoin.

Obviously yes... As much as there are possibilities for an increase in demand. It all depends on what decisions are taken regarding Bitcoin development and ease of use..

If some altcoin becomes better than bitcoin,all the  people will stop using btc and move to the altcoin.
If most of the big countries like China and USA ban bitcoin,probably 90% of the btc users will stop using btc.
I don`t think that those posibilities will ever happen.

Mining may decrease the every halving period. Due to demand and supply increase only. To say fact. Reduction of demand is not healthier for the bitcoin's price value. I think next halving may move the value to 3000$ plus.

If some altcoin becomes better than bitcoin,all the  people will stop using btc and move to the altcoin.
Obviously yes... As much as there are possibilities for an increase in demand
But I don`t think that those posibilities will ever happen.

Yes, there always is. For example, if all governments in the world decide to ban Bitcoin

But only a few million people at most use Bitcoin, so there is much more room for growth than for decrease of demand.

Maybe the people that use Bitcoin tomorrow won't be the ones that use today, but I still think the demand won't decrease

I believe that bitcoin demand won't decrease soon or later if users understand the real potential of bitcoin. Just based upon the fluctuations and the unpredictable nature of bitcoin people say that it's demand decrease.

Of course it is possible. As much as it is possible that the demand can grow high, the opposite can also happen.
A few reasons that can effect this are:
1. Bitcoin fails to scale
2. Bitcoin is banned from your country
3. Increased confirmation time
4. A  better alt coin emerges that overshadows bitcoin.
5. A major bug is suddenly found on bitcoin codes

There can be more reasons that can bring the demand down that I have not thought.

I doubt It's going to happen , I mean bitcoin is only getting known to more and more people over the world , the chances that the demand decrease highly and result into a decreasing the price with it is highly unlikely unless we the banks and governments stars a real war on us . Even If that happens , that's why Satoshi Nakamoto made halving block reward in the first place.

This is unlikely to happen, as Bitcoin's network effect is gaining global proportions. I think the only factors that could cause this would be technical aspects. Many experts have been alerting the community to the need to solve problems related to scalability. Unfortunately, it seems that there is still no consensus on the best solution.

yes that is right that the bitcoin demand is no decreasing but it its demand is increasing from time, we can see that as the time pass the demand of bitcoin is increasing from time to time, people are entering in the world of bitcoin and they are investing their money here therefore the demand of bitcoin is also increasing.

Anything is possible in this world, though with that in mind, i would consider the following:

- Bitcoin has a huge community of investors, developers etc who continuously seek to resolve any issues. Imagine if you invested in a bitcoin based startup, or even directly into purchasing bitcoins for yourself. You would do your best to promote and protect it.

- Furthermore, hackers, banks and other organizations who may feel "threatened" by bitcoin or simply just want to extract wealth from it, are always on the lookout for faults to do so. This means it has grown and evolved in an environment that naturally demands the network to be kept secure and safe. You can relate this to any living specie, the ones that have grown in a rough / hard environment which is continuously attempting to kill it off, will usually grow to be extremely robust and strong - given they survive it.

Many other ways to look at is, though just some thought :)  

I am really sorry but you are completely mistaken;

1. Bitcoin will succeed to scale with either the one or the other way. Nobody and especially miners want people give up bitcoin because they have spent millions of dollars in mining pools.
2. So what? Bitcoin uses internet and anybody can use it to buy things from Internet. Moreover banning has the opposite results from the intended ones https://news.bitcoin.com/needham-banning-not-prevent-bitcoin-adoption/
3. There is lightning network in alpha release for micro payments
4. May post the traits this alt coin so as it will overshadows bitcoin? or what kind of features bitcoin lacks from this super alt coin?
5. Wow!! After 8 years nobody found this 'bug' and 'major' one? If anyone find something like that banks will put him on their payroll without doing anything.

Today I read that Pakistan the 7th most populous country in the world may be the next major user after India https://news.bitcoin.com/pakistan-set-to-become-a-major-bitcoin-hub/

It is definitely a possibility. The writing was on the wall when Coinbase decided to add alts. They have spent a lot of time building infrastructure around bitcoin, merchant apps and so on, and now they are trying to make sure that alts can use the same infrastructure - they are preparing for the possibility that an alt might solve the problem bitcoin now has with small block sizes, long confirmation times and so on.

I think so as well. We have a limited supply so the demand may decrease a bit but it will still remain high. The only thing that could really decrease the demand would be a new, better cryptocurrency that would somehow make people drop BTC to buy it.

Possible is everything but, I think not in the near future because someone must create coin better than bitcoin and it need years to get known like bitcoin, so from my opinion next 10-15 years not possible to decrease

of course it can. but i don't think the possibility of it is high enough.
for example, the worst case scenario that i can think of is bitcoin being banned in some countries which can lead to less people using it. and we are looking for mass adoption and banning plus the sociability problem that we are facing these days can impose many problems in front of this adoption.

but so far in the past 8 years, bitcoin banning was never a big issue and i keep seeing more adoption and more friendly laws about bitcoin instead of hostile banning.

The possibility of decline in demand bitcoin I think it certainly there and it could happen. Such as banning bitcoin in some countries, it will make bitcoin demand decreases. But during bitcoin can still grow and continue to improve the quality I believe demand will continue to rise. Especially seeing now bitcoin continues to grow, so I'm sure people will increasingly using bitcoin and demand is always increasing.

No chance.

If an altcoin becomes better than Bitcoin it would take years to reach the same sort of adoption as Bitcoin due to the network effect.

And if bitcoin fails (or its value drops significantly, let's say to the $200 or less level, people are going to be even more wary of buying an altcoin, however more advanced it is.

If Bitcoin fails, I reckon we'd be looking at 5+ years at least before another altcoin achieves a similar market cap. People would be very scared of "magical internet money" if the first iteration failed.

one thing is true the more people buy at current level the more strong this value will be and at the end it will be the real bottom, this mean that it can't go lower no matter what

if some serious bug is discovered you can always hardfork and restore those coins, so people will always keep them and not dump them for panic

but for this to happen you need to buy almost all the coins at the current btc value, not an easy task

Agreed!
Especially as the cryptocurrency world is shady as fuck xD
The altcoin nature wouldn't really matter:
1/ one year of annoucement
2/ one year of launching
3/ two years of functionning before big adoption

That lets plent of time to change bitcoin ^^

If the demands start grow up more and more and BTC can't cope them, of course people stop using it. Maybe if a new altcoin, better than btc, will create people will start use it and leave btc forever.

Ye of course there is a big possibility that there will no longer be as much demand for btc as there is now.
The new kid on the block is with us now but he is yet to be found by the majority, when he has then that will be less demand for btc. I will always use btc assuming its always working for me.

It depends what bitcoin is imo.  Currently its a awkward thing for people who have avergage  and above tech skills.  The demand is coming from people who can currently manage what it is.  If BTC can change to something everyone can use then demand would go up, who knows what will happen.

Its gradually happening though. The are altcoins aiming to bring more people in the industry are being built already, these altcoins are for masses and for adoption. When people starts to visit the forum and learn about how trading works, they will be able to take advantage of the demand and inflation just like how you guys are doing today.

The only reason why BTC demand will start to decrease is when there will another currency that will start to rise up and replaces it.

I'm not sure in this. Possibly we can expect new coin, with something completely new.
This maybe can endanger BTC but how things are more they come BTC becoming more and more stronger. Majority of them are False promises or even scams. This is only encouragement for newcomers to focus directly on allready proven BTC. I remember projections were also that ETH will kill BTC, then LISK. They just have their way different from BTC.

It's possible that the demand for Bitcoins decreases, this could happen for several reasons. The new and better cryptocurrency appears, which is not very likely at the moment, or that the Bitcoin price continuously drops so people start to lose interest or if som governments put tax on it or ban it. But at the moment it seems that demand is still increasing.

Yeah he was right and you were wrong!  All of the things he mentioned are potential problems that could reduce the demand for Bitcoin.

Your answer for 1 hasn't happened yet, and didn't happen when the network was being clogged by spam transactions.

If Bitcoin is banned, demand will fall. A better Alt could overtake Bitcoin by being adopted by major companies and banks. ETH got to about 10% of the value of Bitcoin not long ago, a good new Alt could overtake Bitcoin.

That is ignoring a 51% attack and quantum computing. Both could badly hurt Bitcoin, reducing the demand greatly.

What a question! Of course it's possible, and I think it's very probable that it will occur in some moment of the future. The question is "in which moment", not "if" it will happen.

In addition to the short-term possibilities already pointed out by other forum members, there are very probable medium to long term scenarios with a dwindling demand for BTC even if all goes well (no competing altcoins, no hack etc.). For example, it's very probable that in some decades the human population will not raise anymore and instead, fall - in many countries in the world it's already the case (e.g. Central, Southern and Eastern Europe). So every year there would be less "potential bitcoiners".

It is possible though, that this effect could be countered by the amount of bitcoins that is lost every year (lost private keys, forgotten brain wallets etc.). So Bitcoin may be lucky and stay at a stable price for a long time.

Yes! there is a possibility, But in decreasing the demand of bitcoin now, I don't think it will be done. Because the demand of the community nowadays in bitcoin was very high and impressive due to many many investors and companies are getting into it. which is proven only that bitcoin has a bright future in the long run.

Yes theirs possibility to decrease demand of Bitcoin like banning Bitcoin in others countries ( I dont want to banned Bitcoin in my country) , making regulations that can affect the Bitcoin users.But we know they are some market is accepting Bitcoin as their alternative payment system.

There will be a time for that. When we lose people's trust then we will be back to a very low value. Just one big mistake could end up into repeating history. But for now, as long as good projects are coming and those online shops are adopting bitcoin as their payment then bitcoin could be more polished making it almost like gold.

There is always possibility for decreasing demand, there is many factors that can lead to that. When unemployment rises and income falls, people are not able to purchase things, demand increases as the price increases, and falls when the price decreases, and probably many other factors. Bitcoin made a good progress until now, and people around a world are aware more about crypto world then 5 years ago. I think demand for bitcoin can just go up in the future.

The possibility always exist for bitcoin, but the chance to happen that different matter.
Increase or decrease of bitcoin demand reflected by the price for sure. But, the possibility to increase is bigger than decrease as people will realize how bitcoin is beneficial for them, that's why others coins replicate the idea to compete with bitcoin in cryptocurrency world.

That is hard to expect. You can see that number of transactions grow all the time. That mean that demand for BTC is constantly rising. Demand would decrease only if there would be some flaw.

Like decrease of breeding rate of animals and human population? like decrease of demand of drinking water?
Or maybe decrease in demand of smart phones and new technologies?

People bitcoin is an open source automated trustless, decentralized virtual currency and will never die how so?
Just make a full copy of the source code and keep it in case all other copies are destroyed to launch bitcoin if the current one failed.
We should go and buy land in middle of the desert for our future generations because next 50 years people will have very small space to live and now someone asks if demand for digital gold reduces over time or not. lol

I do not see any  new coin to replace BTC anytime soon. There are thousands of Altcoins available and none of them is even close to Bitcoin price and volume. For me, i do not see any anyone dominating Bitcoins and bitcoin will rule for atleast 50 years.

Yes. I no longer use BTC for buying stuff. The fees are too expensive especially when I can just use a card instead.

Commerce is not much more than a sideshow but it's an important one.

The other biggie is dark markets. They won't care about what coin they use. They just want drugs.

If something good enough is cheaper to use and accepted enough then they'll switch to that without a qualm.

I hope there will be no decrease in demand for bitcoin.Already, companies accepting bitcoins are growing in numbers.People who invest in bitcoins know that its supply is finite.Bitcoin transactions are growing in number. US also has no idea of banning bitcoin.Even Trump has selected  a bitcoin supporter as member in his white house.These  conditions show that there is a huge growth in interest for bitcoins all over the world.Bitcoin price has recovered quickly from effect occurred due to PBOC.I hope these bitcoin favouring conditions will not allow a decrease in demand for bitcoin.

To the OP, we have already seen that in 2013, when we entered multi-year bear market that only ended in 2015. Demand and with it price decreased. We will see it again eventually.

But rest assured that ANY commodity in the world goes through these up and down cycle. It wont change the fact, that as with any diminishing resource, Bitcoin will stedily keep rising in the following couple of years. Unless there is something FAR better, that can fully replace it.

how are fee too expensive, when they are not even 20 cent of dollars?

with the vast majority of cards you pay at least 1 euro to withdraw from atm and there are other fee, like annual fee and monthly some times, this is far worse than bitcoin

with bitcoin you can actually choose to pay a bit less than the average it will still confirm in a relatively short time, and there are always off-chain TX...

The late 2013 to 2015 phase was just due to collapse of big bitcoin exchange.
Only due to negative trend people did not show their interest on those times. There would be no backing reason that will happen again as a cycle.

The demand for bitcoin is completely influenced adoption rate which is significantly on rising trend hence there would be no meaning on discussing about the possibilities of decreasing of demand for bitcoins.

Depends on situation. If more people adapt virtual currency and understands bitcoin demand, is obviously going to rise cause the supply of bitcoins are capped 21M. More companies accepting bitcoin and with government acknowledging those will indeed increase the demand with rise of price.

There is and will be always chance to decrease demand on bitcoin.
But it will be always SHORT TERM. bitcoin is one of the most LONG assets I have ever seen.

Bitcoin is already synonymous with cryptocurrency / digital currency / virtual currency, like Google with search engines.

Pretty hard to break that connection.

Plus network effect.

As said chances are there, because everywhere digitization is playing role. Countries were in research of creating own digital currency. At such moment there will be strong regulation to the use of bitcoin. Alternate solution needs to be made to overcome such issues in the future. Even developing countries major attention were to make everything digital though they lack in several other attributes.

The demand for Bitcoin is something that depends on the demand for Fiat currency. If Fiat currency performs negatively, people will seek a solution that will bring more benefits and stability to their lives, so more people will realize that Bitcoin is a more efficient currency, and the demand for Bitcoin will increase. From my point of view, the odds are higher that most fiat currencies lose value over time, and that's a plus for Bitcoin.

When the number of new bitcoins users are joining with this industry,the network growing continuously there no possibility of a decrease in demand for Bitcoin in next future.Because of demand for Bitcoins that appreciation remains a strong possibility and combined,market observers expect that bitcoin prices will increase only.

I thought it would never happen. because growth annually bitcoin users is increasing. especially with the policies and regulations in bitcoin users will definitely increase.

Of course, since its use is still very low compared to other "applications" for calling it of this way, so it is more logical to assume that demand will continue to increase perhaps with a slightly faster growth pattern, peoples in the last decades especially, have a tendency to the increasing use of diverse devices in the businesses as in the home, to facilitate communication and business which allows them to combine several activities that would otherwise not be possible, so as time passes and more uses fit within this scope, demand will continue to present itself with this bullish trend especially speaking in periods of time not less than one year, let's compare it with for example cell phones, about 15 years ago few people had to use the first devices and now its use has spread enormously where now  almost all people have one.

I think the public opinion plays a big role in the number of people joining bitcoin.
When the media always connect bitcoin to criminals who make use of it, the image of bitcoin gets bad and the number of new bitcoin users decreases.
But I hope those times are over. I have noticed that news about bitcoin turn out to be more and more fair.
Maybe that is one of the reasons why 2016 was so successful for bitcoin: impartial, sometimes positive reports in the media.

well, albeit slightly, of course bitcoin has such possibility. bitcoin is something that is definitely not in the price, there is always an increase, and decreases suddenly. if there is something better than the bitcoin, and can provide higher income than the bitcoin. may, at the request bitcoin will decline, and people began to give up using bitcoin.

We already knew the factors that will decrease the demand for bitcoin, and one of those is if one country  prohibits/banned the usage of it.
But, since bitcoin increases rapidly and widely adopt by each person I think it will not decrease the demand anymore , rather the demand is continuously increasing and its usage has been helpful in our life.