Bitcoin is not the currency of the people and likely never will be

[DOGE12321]

The number of bitcoins owned by the richest holders is increasing as bitcoin grows older. Adoption could very well be a sham, because as a matter of fact the biggest holders keep accumulating more bitcoins, no matter how much bitcoin gets trader every day, this trend doesn't seem to be declining.


4.5m bitcoins are held by the top 500 richest addresses
15.5m bitcoins have been mined so far

That I must say is a little disappointing. Maybe the minority with all the Bitcoin are holding their BTC and refusing to sell it. However, I still belive that the BTC is better than the fiat system and will most probably become the currency of the future.

[1Referee]

While I'll admit that it's worrying to see such poor wealth distribution, that doesn't seem like a good enough reason to abandon ship. People who've accumulated that much Bitcoin know that it'd be idiotic to try to sell what they have because they certainly didn't get where they are by being idiots. That isn't to say that it's okay for a few people to have this much Bitcoin, but it seems like an unavoidable problem. The best you can do is try to work around it.

Wealth spread has never been fair. Bitcoin is definitely no exception here. Everywhere in the world you can see gigantic gaps between the elite of the world and we as normal people. It's only getting worse. To me it's not really a problem as long as I can live my life the way I do now. There is nothing I can complain about. We all should just focus on ourselves, because if you worry too much about the problems in the world you will not enjoy life as much.

[romero121]

I think for now it is still the currency of the people, because there a lot of people using bitcoin and they used it globally, its normal that big traders and investor keep big sum of money but it will not change bitcoin existence

I agree here. Bitcoin is a currency and if these big investors hold bitcoins, there are still many coins traded in the market and globally as well. It's just like the Government who owns maximum currency but the currency is owned by people too. It will never harm bitcoins/bitcoiners in anyway.

Bitcoin is a currency, but now it has not reached most people as it only come in the digital form. Because of this reason of being only in the digital form bitcoin will never be the currency of the people.

[DimensionZ]

People are not spending any Bitcoins they have bought with fiat money because they are scared that the price of Bitcoin may rise and they will miss out on easy future profits. As long as Bitcoin remains so volatile as it is today no one would be willing to spend coins when fiat is available. Bitcoin at present is mostly used as a store of value. When the price of Bitcoin stabilizes it will become more popular as a digital currency and few people will invest in it like they are doing today.

[BitcoinSupremo]

People are not spending any Bitcoins they have bought with fiat money because they are scared that the price of Bitcoin may rise and they will miss out on easy future profits. As long as Bitcoin remains so volatile as it is today no one would be willing to spend coins when fiat is available. Bitcoin at present is mostly used as a store of value. When the price of Bitcoin stabilizes it will become more popular as a digital currency and few people will invest in it like they are doing today.

Thats the truth for the majority of normal users of bitcoin in general. I myself am saving in order to make some profit in later time as I believe the price will skyrocket. Well there are a lot of people who are using bitcoin everyday , but unfortunately the majority of this usage is in deepweb. Thats why bitcoin is not yet adopted by the masses but hopefully in the future it will be.

[Shibashi Dogemoto]

People are not spending any Bitcoins they have bought with fiat money because they are scared that the price of Bitcoin may rise and they will miss out on easy future profits. As long as Bitcoin remains so volatile as it is today no one would be willing to spend coins when fiat is available. Bitcoin at present is mostly used as a store of value. When the price of Bitcoin stabilizes it will become more popular as a digital currency and few people will invest in it like they are doing today.

Thats the truth for the majority of normal users of bitcoin in general. I myself am saving in order to make some profit in later time as I believe the price will skyrocket. Well there are a lot of people who are using bitcoin everyday , but unfortunately the majority of this usage is in deepweb. Thats why bitcoin is not yet adopted by the masses but hopefully in the future it will be.

We just need to wait for some more time for bitcoin widely used and accepted as still majority of people hesitate in investing their money in something they really don't know.

[PsursV]

i think this is a good option, as in my area i now alot of people who do discussion about bitcoin but still they are hasitating while investing in bitcoin. there fore its need a little more time to wait for.

[PsursV]

not its not. bitcoin is the currency of the people and it will be for ever inshallah. i am very much hope and as i saw the people entering in the world of bitcoin it is really fantastic.

[whored]

not its not. bitcoin is the currency of the people and it will be for ever inshallah. i am very much hope and as i saw the people entering in the world of bitcoin it is really fantastic.

Arabs use bitcoins and we can easily find them on bitcointalk. It's just need to check Other languages/locations topic and there we can find some threads by arabic people.
https://bitcointalk.org/index.php?board=11.0

https://i.imgur.com/5lkCFVL.png

+1

[X-ray]

not its not. bitcoin is the currency of the people and it will be for ever inshallah. i am very much hope and as i saw the people entering in the world of bitcoin it is really fantastic.

Arabs use bitcoins and we can easily find them on bitcointalk. It's just need to check Other languages/locations topic and there we can find some threads by arabic people.
https://bitcointalk.org/index.php?board=11.0

+1

how do you get bothered by just an arabic words? doesn't mean to offend you but seems you want to get this post getting out of topic by the way

[SirChiko]

How is that info calculated? It seems to me like an impossible job to pull through.

Not only because of the pseudonymous nature of Bitcoin but also because many addresses belong to exchanges that hold the funds of many users.

I gotta second this on that graph exchange adresses are listed also.
And as exchanges grow on popularity, they have more users and more coins on their addresses.
So this graph is totally but totally useless.
Boooo

[whored]

not its not. bitcoin is the currency of the people and it will be for ever inshallah. i am very much hope and as i saw the people entering in the world of bitcoin it is really fantastic.

Arabs use bitcoins and we can easily find them on bitcointalk. It's just need to check Other languages/locations topic and there we can find some threads by arabic people.
https://bitcointalk.org/index.php?board=11.0

https://i.imgur.com/5lkCFVL.png

+1

how do you get bothered by just an arabic words? doesn't mean to offend you but seems you want to get this post getting out of topic by the way

Who said anything about being offended? It's not just an Arabic word, it's a funny Arabic word, roughly "if Allah wills," or "God willing." It's this juxtaposition of spirituality and the profane, of God and Money, that I find particularly pleasing.

[SquallLeonhart]

It depends on an individual how he looks at bitcoin, some treat it as an currency, some treat as currency and investment both, and some treat it as a best payment method.

[AlBTross]

This could be true.  Not everyone has extra money to buy bitcoins and there are many people around the world that don't have computers or smart phones.

[ranochigo]

It doesn't really matter. Majority of the coins are owned by the early adopters who don't have access to it anymore. The top richest address consist of mostly addresses from services and exchanges. This would be a good sign since it shows that the adoption rate is increasing.

Bitcoin can always be divided anyways.

[co5hike]

The people who are not yet aware about bitcoin will never treat it as a currency but the existing users loves bitcoin and they will continue to use  it in future.

[bitdumper]

This is the only thing that i hate about bitcoins. Earlier people got a lot of advantage.

[Chris4210x]

What is the problem with that?

People who re already deep in BTC want to have more BTC. Sure, dont we all think that way.

BTW, I see BTC as a store of value, gold 2.0 and not as something I m gonna take into the shop and buy bread and milk with. I dont think it ll ever come to that point.

Yeah probably BTC is a great store of value for the next couple of years and more and more users will store their savings in BTC.

What if the people are horting BTC and wait until there is a better BTC infrastrucutre? As soon as I can pay with BTC in every store, also big whales will start consuming with BTC. Can you imagen what will happen when we all get paid with BTC?

[PacePay]

the chat carry no meaning, the people having bitcoin getting rich more and more. people have good option, it carry no meaning that if a person have many bitcoin he will earn more and more bitcoin and those who have less bitcoin will not earn, depending of the bitcoin you have .

The halving is going to embrace us with a big boost and every person who have bitcoin even those who have minute amount of bits will also earn some amount from their money, only those will not earn who do not have even a single bit.

[justspare]

Well you can never tell what can happen. I really hope that it does become the currency of the people. Everyone on this forum would really benefit as well. All we can do is hope now.