Is there any possibility of a decrease in demand for Bitcoin?

[valta4065]

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.

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.

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 ^^

[SamMurphy]

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.

[DanDan]

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.

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.

[bitjoin]

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.

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.

[target]

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.

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.

[arbitrage]

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.

[bitbunnny]

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.

[NUFCrichard]

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.

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 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/

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.

[d5000]

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.

[bravehearth0319]

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.

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.

[GreenBits]

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.

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.

[danherbias07]

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.

[Barbut]

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.

[error08]

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.

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.

[Febo]

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.

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.

[ImHash]

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

[Qunenin]

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.

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.

[European Central Bank]

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.

[marcoman22]

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.

[Okurkabinladin]

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.