Actually the bitcoin market is very small

[Amph]

yeah 7B is a joke, and the market can grow exponentially at any time, it just need more attention by average joe

but remmeber that only because the market is very small it does not mean that it will grow

[1Referee]

Not sure why people are even complaining about this. It offers everyone a great chance to enter the market and make a long term investment where you can enjoy seeing the value go up year on year. That's how I see it.

[Altynbekova]

Not sure why people are even complaining about this. It offers everyone a great chance to enter the market and make a long term investment where you can enjoy seeing the value go up year on year. That's how I see it.

Indeed  now its still small but this is good because in small markets you can make nice profits due to the point its easy and small.
If you think its too small for you go invest in something bigger..

[BitsandBites]

Yeah not many people know about Bitcoin that is why the market is very small. You can only count on a few people in the world to use Bitcoin. Kids cannot make use of it and people without internet. This leaves not that many people.

[Hatuferu]

That is true it is just a small market because there is no massive adoption yet, but what is important now is that people are getting to know about bitcoin, they will slowly adopt for sure as long as they understand the value of bitcoins. We are bless that we are the early adopters of bitcoins and we should try to make a profit by investing it to get our rewards.

[classicsucks]

Actually the bitcoin market is very small

Over the course of history, people said the same thing about other technologies and innovations during their infancy. e.g. electricity, automobiles, air travel, television, cell phones, computers, internet, etc.

Actually the electricty market is very small

Actually the automobiles market is very small

Actually the travel market is very small

Actually the television market is very small

Actually the computers market is very small

[bitcoin-hunter]

Yeah the Bitcoin market is pretty small, that is just something I do not believe completely because there are still many people making use of Bitcoins. I do not know how big or small it exactly is but it has to be pretty big.

[bitmarket.net]

I think the question to ask is "small in comparison to what ?"

it's all relative...

[randy8777]

I think the question to ask is "small in comparison to what ?"

it's all relative...

people tend to compare the market cap of bitcoin with the market cap of gold or the us dollar. then yes, it's surely very small. they don't realize that there are currently more than 15.5 million bitcoins in circulation and that only 5% of that amount can already do a lot damage when brought to the market at once. they just look at the $7 billion figure and say it's low. they don't look further.

[Pab]

if  mining will stop bitcoin will die,blockchain will not work anymore,it is biggest bitcoin problem to solve if btc want to survive

[~Bitcoin~]

In addition to the Bitcoin, there are still a lot of altcoins. There are no obstacles to them and put into circulation and used in conjunction with Bitcoins. Something like a cent-dollar.
Besides, everyone expects an increase in the value of Bitcoin.

But people will not put their hard money in altcoin, i am talking about users who like to use crypto in real world. They will first search for how trustfull is the network and how many merchants accept it. In both aspects definately they wil choose bitcoin. So alts can't be compared with bitcoin.

[jaysabi]

I think the question to ask is "small in comparison to what ?"

it's all relative...

people tend to compare the market cap of bitcoin with the market cap of gold or the us dollar. then yes, it's surely very small. they don't realize that there are currently more than 15.5 million bitcoins in circulation and that only 5% of that amount can already do a lot damage when brought to the market at once. they just look at the $7 billion figure and say it's low. they don't look further.

I find it more appropriate to compare Bitcoin to a company and the users to customers. (We are essentially buying the "product" after all, with with fiat or through time and effort to mine it, or through trade - opportunity costs). In that lense, Bitcoin is a decent sized company (7 billion dollar market cap) with a fairly sizable customer base that seems appropriate for the market cap. It certainly has room to grow, but it could also stagnate and lose market share by losing out to competitors (alt coins) and failing to stay innovative.

[classicsucks]

if  mining will stop bitcoin will die,blockchain will not work anymore,it is biggest bitcoin problem to solve if btc want to survive

Makes no sense - if 90% of miners quit, difficulty goes way down and all of those old ASICs come out of the closet, even with a much lower block reward...

I find it more appropriate to compare Bitcoin to a company and the users to customers. (We are essentially buying the "product" after all, with with fiat or through time and effort to mine it, or through trade - opportunity costs). In that lense, Bitcoin is a decent sized company (7 billion dollar market cap) with a fairly sizable customer base that seems appropriate for the market cap. It certainly has room to grow, but it could also stagnate and lose market share by losing out to competitors (alt coins) and failing to stay innovative.

This is a good analogy, but remember however that the traditional customer/vendor model is different in several ways:

* The customer doesn't usually build the company other than buying the product and possibly evangelizing it. So mining and running nodes is not part of the normal model.
* The product in this case is also a medium of exchange - in theory this product could be bartered/exchanged to acquire countless other products.
* The company has an unconventional management structure that requires consensus to upgrade the product.

On that note, IMHO bitcoin does not need to stay innovative - it needs to stay STABLE. An innovative currency is a high-risk speculative instrument.
For example, I think ETH is a giant pump-n-dump for pseudo-smart people, but what do I know... Let the altcoins test out innovations, let's keep bitcoin solid and trustworthy.

[ifightformerkel]

7 Billion is a joke, because only about 0.5% of the western world knew about bitcoin.

You can only imagine where it will go when only 1% of that people would invest in bitcoin.

[techgeek]

yeah 7B is a joke, and the market can grow exponentially at any time, it just need more attention by average joe

but remmeber that only because the market is very small it does not mean that it will grow

I`m not a downer, but when I seen the last 6 years of developement of bitcoin its pretty impressive esp with creating the foundation and what not.

But when it comes to asking a average joe to submit to bitcoin I feel like its impossible - until they realise the scenario of needing a cell phone back when in the 90`s or earlier when it was just getting popular.

[btccashacc]

when all bitcoin has been mined , resulting in deflation , and this is the only currency that is experiencing deflation , due to no longer supply and the demand will increasing but the supply of coin new is always zero it causes the price will continue to go up , up and up to the highest level, abosuletelly we won't live in that era, but i trully believe in that era 1 satoshi will be worthy

[Hatuferu]

when all bitcoin has been mined , resulting in deflation , and this is the only currency that is experiencing deflation , due to no longer supply and the demand will increasing but the supply of coin new is always zero it causes the price will continue to go up , up and up to the highest level, abosuletelly we won't live in that era, but i trully believe in that era 1 satoshi will be worthy

If your prediction will happen then the early adopters of bitcoins will be millionaire then, I like that and to be honest I am already investing a portion of my earnings on a daily basis.

[Kevin77]

when all bitcoin has been mined , resulting in deflation , and this is the only currency that is experiencing deflation , due to no longer supply and the demand will increasing but the supply of coin new is always zero it causes the price will continue to go up , up and up to the highest level, abosuletelly we won't live in that era, but i trully believe in that era 1 satoshi will be worthy

If your prediction will happen then the early adopters of bitcoins will be millionaire then, I like that and to be honest I am already investing a portion of my earnings on a daily basis.

Have you even seen that one thread that has mathematical proof? That there will never be a time that we all bitcoins will be mined because of all the halvings that will occur, or at least we're probably long gone when it happens.

I quite forgot the title of that thread is but if I remember correctly, it's probably only in Economics, Speculation, or Bitcoin Discussion.
That said, we don't really have to worry about reaching the cap of 21 million coins because it will never be reached.

[Marbit]

In addition to the Bitcoin, there are still a lot of altcoins. There are no obstacles to them and put into circulation and used in conjunction with Bitcoins. Something like a cent-dollar.
Besides, everyone expects an increase in the value of Bitcoin.

Some people think bitcoin market is very small Actually no its not, If it is small it can not be world popular currency and value should not be more than USD. We know beside of this lots of coins like bitcoin those coins can't bit bitcoins.

[jaysabi]

if  mining will stop bitcoin will die,blockchain will not work anymore,it is biggest bitcoin problem to solve if btc want to survive

Makes no sense - if 90% of miners quit, difficulty goes way down and all of those old ASICs come out of the closet, even with a much lower block reward...

I find it more appropriate to compare Bitcoin to a company and the users to customers. (We are essentially buying the "product" after all, with with fiat or through time and effort to mine it, or through trade - opportunity costs). In that lense, Bitcoin is a decent sized company (7 billion dollar market cap) with a fairly sizable customer base that seems appropriate for the market cap. It certainly has room to grow, but it could also stagnate and lose market share by losing out to competitors (alt coins) and failing to stay innovative.

This is a good analogy, but remember however that the traditional customer/vendor model is different in several ways:

* The customer doesn't usually build the company other than buying the product and possibly evangelizing it. So mining and running nodes is not part of the normal model.
* The product in this case is also a medium of exchange - in theory this product could be bartered/exchanged to acquire countless other products.
* The company has an unconventional management structure that requires consensus to upgrade the product.

On that note, IMHO bitcoin does not need to stay innovative - it needs to stay STABLE. An innovative currency is a high-risk speculative instrument.
For example, I think ETH is a giant pump-n-dump for pseudo-smart people, but what do I know... Let the altcoins test out innovations, let's keep bitcoin solid and trustworthy.

Really, the "management" structure isn't all that unconventional. It requires consensus, same as any board of directors voting on proposals of a company. The way the voting is done is unconventional, sure.

On the topic of innovation, Bitcoin will absolutely be replaced if it doesn't innovate. The fact that the block size cap was not addressed since inception threatened to sink the entire system. Even the solution employed now is only a temporary fix. It will run into scaling problems again. But that's more of an infrastructure problem than an innovation problem.

Other alts have a market because they're addressing something bitcoin isn't. In the future, bitcoin may be too slow compared to alternatives. The blocks may be too small. The amount of information able to be recorded in the blockchain may be too limited. It can't handle smart contracts (not sold on this idea anyway, just floating it as an example of a potential disruption). There are a myriad of unforeseen circumstances that treaten Bitcoin's dominance in crypto. The fact that the system can't address infrastructure problems doesn't instill any confidence it can adapt to a changing marketplace.

The one thing Bitcoin is not, is flexible or nimble, just like any other market dominating entity. It's afraid to rock the boat and threaten it's current market share, which is exactly what makes it ripe to lose it.