The adoption boom is coming

[geofflosophy]

I've been expecting a new all time high for a while and it hasn't happened, but I believe it will happen soon. From everything I have seen it looks like liquidity is weak and demand is high. OTC liquidity is harder and harder to come by. Big money still wants in as the store of value use case continues to prove itself, especially in India, China and Italy.

Mining investment continues, we saw a 10% jump in difficulty at the last adjustment. My pet theory is that it is miners who are providing the liquidity despite most of them being long term bullish, not just to pay expenses but also in an attempt to keep the price artificially low to protect their market share by keeping mining less profitable for new entrants due to upfront costs. But with each dump attempt, the liquidity gets soaked up and held. I believe that this market share protectionism is also primary in the blocking of SegWit as well.

The boom is coming though, first from smart money and then mainstream money short behind. The next three months will see the launch of the major projects that will make owning at least a small amount of BTC a must for many. These are t0, MegaUpload2/BitCache and Yours.

First will be t0, which will be the home of an offering from Overstock. This chain anchors into Bitcoin and will prove out the digital land use case of Bitcoin. On chain anchoring will become the standard for all blockchain projects in the financial sector, and as other chains are forced to anchor investors will get it and come in just in time to make money before adoption becomes mainstream.

With MegaUpload2 succeeding in its crowdfunding campaign, it vs set an end of January launch date. This is going to be the first undeniable use case for mainstream users. Anyone who wants to download from MU2 will need to have at least a buck or two of Bitcoin.

Finally Yours will bring it home. Content creators will monetize on this platform and content consumers will be forced to buy Bitcoin to continue consuming their content. Yours will kill Q&A services like Quora, digital marketplaces like Shutterstock and likely many other business types we can't quite determine yet.

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[JimboToronto]

You make some very good points about the different reasons for increased adoption.

I'm still of the mind that the number one motivation for people buying their first bitcoins is as a medium for international transfer and as a safe haven from government capital controls and bank bail-ins etc.

Sure, the majority of bitcoins are held and traded for speculation but these are often the same coins being traded back and forth.

Obviously beyond mere speculation, the reasons for Bitcoin use have changed over the years. At first it was as much a proof of concept as much as anything. Buying a couple of pizzas in Florida with bitcoins from someone in Britain was a landmark moment as it established Bitcoin not only as a system of commerce but also underscored its international nature.

Then came Silk Road and Satoshi Dice which established it as an international pseudonymous unit of trade in black/grey markets.

With the Cypriot banking crisis in early 2013 a new market was opened up. As we've seen, this extended to China, India, Italy, etc.

In my own experience, when I visit one of the local BTC ATMs, I see people of visible minorities with limited English language skills lined up to buy modest amounts of Bitcoin, presumably to send home to families in their native countries.

These are not speculation coins. These are bitcoins performing real-life financial tasks. These are the coins that (in my opinion) have caused the price to rise upward despite the ups and downs of the speculative market, and will continue to do so.

[The Sceptical Chymist]

Eh, I'll believe it when I see it.  I do think something along these lines is coming, but none of us knows when or to what extent adoption is going to rise.  Having hope and really bullish thoughts doesn't really help anyone, and that sort of thing can be detrimental to your wallet.

People need a real reason to use bitcoin over fiat, and so far I haven't seen really compelling reasons.  That's heresy, I know, but to me bitcoin works much better as an investment tool and store of value than as a currency to be adopted for spending.  But we'll see.

[JimboToronto]

People need a real reason to use bitcoin over fiat, and so far I haven't seen really compelling reasons.  That's heresy, I know, but to me bitcoin works much better as an investment tool and store of value than as a currency to be adopted for spending.  But we'll see.

Indeed, spending is not an important use for Bitcoin at this time.

Its value as a medium of international transfer is however very real. When people sell their hard-earned dollars for Bitcoin to send overseas, it's to save time and transfer fees. Even the tx fees people bitch about are minuscule compared to bank or Western Union fees.

Likewise, even if it takes longer than expected for the transaction to be verified a sufficient number of times by the network, it's still just hours and not a week of banking days.

These are very real, very compelling reasons.

[chesthing]

Eh, I'll believe it when I see it.  I do think something along these lines is coming, but none of us knows when or to what extent adoption is going to rise.  Having hope and really bullish thoughts doesn't really help anyone, and that sort of thing can be detrimental to your wallet.

People need a real reason to use bitcoin over fiat, and so far I haven't seen really compelling reasons.  That's heresy, I know, but to me bitcoin works much better as an investment tool and store of value than as a currency to be adopted for spending.  But we'll see.

But without real utility, why is it a good investment and store of value? without a reason to use it, why does it have any value at all?

[Babayega31]

Eh, I'll believe it when I see it.  I do think something along these lines is coming, but none of us knows when or to what extent adoption is going to rise.  Having hope and really bullish thoughts doesn't really help anyone, and that sort of thing can be detrimental to your wallet.

People need a real reason to use bitcoin over fiat, and so far I haven't seen really compelling reasons.  That's heresy, I know, but to me bitcoin works much better as an investment tool and store of value than as a currency to be adopted for spending.  But we'll see.

But without real utility, why is it a good investment and store of value? without a reason to use it, why does it have any value at all?

There's no need to let you see in order for you to believe it because adopting bitcoin nowadays is very rampant over internet transactions specially in tradings of cryptocurrencies. Its not impossible that adaption boom is coming because people slowly grow with their knowledge of using btc specially when they found source of earning it and they gain skills of altcoins trading. Gambling online was just a one way of adaption proof to let  people knew that adoption boom litteraly now.

[Herbert2020]

My pet theory is that it is miners who are providing the liquidity despite most of them being long term bullish, not just to pay expenses but also in an attempt to keep the price artificially low to protect their market share by keeping mining less profitable for new entrants due to upfront costs. But with each dump attempt, the liquidity gets soaked up and held. I believe that this market share protectionism is also primary in the blocking of SegWit as well.

I liked your theory.

The boom is coming though, first from smart money and then mainstream money short behind. The next three months will see the launch of the major projects that will make owning at least a small amount of BTC a must for many. These are t0, MegaUpload2/BitCache and Yours.

The megaupload 2.0 was mostly hype and talk at first but i think with someone so experienced in this field like KimDotkom it can be a good publicity for bitcoin and bring lots of new people to bitcoin which will bring lots of money in.

People need a real reason to use bitcoin over fiat, and so far I haven't seen really compelling reasons. 

the reasons are all there for those who look for it, but the use cases aren't for example bitcoin is the best for paying for everything online but you can't find places that are popular (eg Amazon, Ebay) to use bitcoin.

[1Referee]

People need a real reason to use bitcoin over fiat, and so far I haven't seen really compelling reasons.

Exactly that is missing. Especially in well developed countries with a top notch fiat based payment infrastructure. It completely wipes away the need for Bitcoin being used as currency tool. If you purely look at online spending purposes, then Bitcoin is still the top leader for me. I use Bitcoin in 90% of the times when I transact with people around the world, or do an occasional purchase at a web store accepting Bitcoin.

That's heresy, I know, but to me bitcoin works much better as an investment tool and store of value than as a currency to be adopted for spending.  But we'll see.

The investment aspect, as well as the store of value aspect, will be the main points of Bitcoin that people will be interested in. Gold is no longer the sole ruler in the market that people can use as a hedge, store of value, investment, etc. Bitcoin is here and ready to be used by people appreciating what it can offer them. I hope even the hard headed average joes will also realize that. It will be an insanely though job to get them on board.

[Ted E. Bare]

Indeed 2017 will introduce well thought out new use cases. I also believe this will influence the growth and the price of bitcoin.
MegaUpload 2.0 for example will help many people familiarize with bitcoin and is just the beginning.

[LFC_Bitcoin]

Indeed 2017 will introduce well thought out new use cases. I also believe this will influence the growth and the price of bitcoin.
MegaUpload 2.0 for example will help many people familiarize with bitcoin and is just the beginning.

We certainly need a new wave of adoption. We seem to have hit a wall, a bit of a plateau. I hope something can draw lots of people in & we see the price rise significantly.

[European Central Bank]

Its value as a medium of international transfer is however very real. When people sell their hard-earned dollars for Bitcoin to send overseas, it's to save time and transfer fees. Even the tx fees people bitch about are minuscule compared to bank or Western Union fees.

Likewise, even if it takes longer than expected for the transaction to be verified a sufficient number of times by the network, it's still just hours and not a week of banking days.

depends where you live. in europe bank transfers are free and instant.

and let's be honest here, if you're doing transfers beyond your local banking system with western union by the time you throw in the expense of buying and converting back btc, western union is often still gonna be cheaper and faster for the smaller stuff.

if i had to pay for something big in america then i'd definitely try to turn them on to bitpay or coinbase. if my friend in kathmandu is starving to death then it'll have to be western union still.

the only real unique actual use case right now is dark markets but with the advent of better and better analysis it's possible that door will close.

and public adoption doesn't matter. what really matters is more use by the foundations of the finance industry. the public will follow them.

[streazight]

Indeed 2017 will introduce well thought out new use cases. I also believe this will influence the growth and the price of bitcoin.
MegaUpload 2.0 for example will help many people familiarize with bitcoin and is just the beginning.

We certainly need a new wave of adoption. We seem to have hit a wall, a bit of a plateau. I hope something can draw lots of people in & we see the price rise significantly.

But, I just believe into the reciprocal of your statement. The price rise significantly attracts many new people into bitcoin adoptions. The adoption boom is already happening, it may go intensive when bitcoin prices approaches $1000 again.

[clickerz]

Indeed 2017 will introduce well thought out new use cases. I also believe this will influence the growth and the price of bitcoin.
MegaUpload 2.0 for example will help many people familiarize with bitcoin and is just the beginning.

I am exciting with megaupload 2.0 launching next year, with their bitcoin bitcache feature. Also there are many news about bitcoin adoption even the government services.Indeed 2017 is an exciting growth for bitcoin.

[Stedsm]

Indeed 2017 will introduce well thought out new use cases. I also believe this will influence the growth and the price of bitcoin.
MegaUpload 2.0 for example will help many people familiarize with bitcoin and is just the beginning.

I am exciting with megaupload 2.0 launching next year, with their bitcoin bitcache feature. Also there are many news about bitcoin adoption even the government services.Indeed 2017 is an exciting growth for bitcoin.

For that adoption boom, we really need these companies and giants to get into bitcoins for other people to know about this who are not aware of it.
I am also expecting a new all time high soon seeing the current user adoption level only, and thanks to all those who contributed so hard for this to happen.

[Dafar]

I've been expecting a new all time high for a while and it hasn't happened, but I believe it will happen soon. From everything I have seen it looks like liquidity is weak and demand is high. OTC liquidity is harder and harder to come by. Big money still wants in as the store of value use case continues to prove itself, especially in India, China and Italy.

Mining investment continues, we saw a 10% jump in difficulty at the last adjustment. My pet theory is that it is miners who are providing the liquidity despite most of them being long term bullish, not just to pay expenses but also in an attempt to keep the price artificially low to protect their market share by keeping mining less profitable for new entrants due to upfront costs. But with each dump attempt, the liquidity gets soaked up and held. I believe that this market share protectionism is also primary in the blocking of SegWit as well.

The boom is coming though, first from smart money and then mainstream money short behind. The next three months will see the launch of the major projects that will make owning at least a small amount of BTC a must for many. These are t0, MegaUpload2/BitCache and Yours.

First will be t0, which will be the home of an offering from Overstock. This chain anchors into Bitcoin and will prove out the digital land use case of Bitcoin. On chain anchoring will become the standard for all blockchain projects in the financial sector, and as other chains are forced to anchor investors will get it and come in just in time to make money before adoption becomes mainstream.

With MegaUpload2 succeeding in its crowdfunding campaign, it vs set an end of January launch date. This is going to be the first undeniable use case for mainstream users. Anyone who wants to download from MU2 will need to have at least a buck or two of Bitcoin.

Finally Yours will bring it home. Content creators will monetize on this platform and content consumers will be forced to buy Bitcoin to continue consuming their content. Yours will kill Q&A services like Quora, digital marketplaces like Shutterstock and likely many other business types we can't quite determine yet.

There are many challenges with monetizing content creation as we have seen with Steemit. I don't see Yours killing services like Quora anytime soon if ever. I agree with most of your other assessment though, but if miners are long term bullish it seems counter-intuitive to get rid of BTC just to keep other miners out

[Zadicar]

Indeed 2017 will introduce well thought out new use cases. I also believe this will influence the growth and the price of bitcoin.
MegaUpload 2.0 for example will help many people familiarize with bitcoin and is just the beginning.

I am exciting with megaupload 2.0 launching next year, with their bitcoin bitcache feature. Also there are many news about bitcoin adoption even the government services.Indeed 2017 is an exciting growth for bitcoin.

Im thinking the same thing too on which  bitcoin would surely have a good year on 2017, big adoption events will surely happen like  you said about  megaupload. Im waiting for that too on which we could say that adoption really booms out as the days and months goes by and we cant really stop it. Adoption is really the main thing that really affects the bitcoins price movement, the more people will use it the higher the price.

[lumeire]

People need a real reason to use bitcoin over fiat, and so far I haven't seen really compelling reasons.  That's heresy, I know, but to me bitcoin works much better as an investment tool and store of value than as a currency to be adopted for spending.  But we'll see.

Maybe you're looking on the wrong direction. The remittance market is huge, and it's already being disrupted by BTCBTCBTC.

[alyssa85]

I don't think mainstream adoption is coming at all. How many people use bitcoins to purchase stuff from Overstock?

Bitcoin is behaving more like an asset class (gold, property etc). People who want to store wealth away from the prying eyes of govt. People in places like Venezuela and Argentina who are dealing with delinquent currencies and want something to hold it's value.

But in the west normal fiat will continue to be used to purchase the necessities of life.

[Biodom]

I don't think mainstream adoption is coming at all. How many people use bitcoins to purchase stuff from Overstock?

Bitcoin is behaving more like an asset class (gold, property etc). People who want to store wealth away from the prying eyes of govt. People in places like Venezuela and Argentina who are dealing with delinquent currencies and want something to hold it's value.

But in the west normal fiat will continue to be used to purchase the necessities of life.

Maybe, but OECD countries-1bil people, the ROW-6 bil.

[Ayers]

I don't think mainstream adoption is coming at all. How many people use bitcoins to purchase stuff from Overstock?

Bitcoin is behaving more like an asset class (gold, property etc). People who want to store wealth away from the prying eyes of govt. People in places like Venezuela and Argentina who are dealing with delinquent currencies and want something to hold it's value.

But in the west normal fiat will continue to be used to purchase the necessities of life.

that's because there is still no real way to earn bitcoin easily for the average people aside from buying which is not convenient for many, and also it feel like investment, many don't want to invest, they want to acquire, you don't invest to have fiat, you acquire it, so until bitcoin will not be easy to acquire it will no be on par with fiat