TimeBits (OP)
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May 06, 2019, 04:41:37 PM
Last edit: May 07, 2019, 11:51:58 PM by TimeBits |
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TimeBits (OP)
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May 06, 2019, 04:42:29 PM
Last edit: May 07, 2019, 07:31:53 AM by TimeBits |
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Please enlighten me, how will bitcoin mass adoption provide stability? How would bringing more fiat and more people using it, how does that stop volatility? How does that work? In what sort of dimension does that work.
What would make it stable is if the vendors only accepted bitcoin, and got rid of the fiat. You want to give me fiat this year for my work and literal fruits of my labor, I will give you what it is worth as toilet paper
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LeGaulois
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May 07, 2019, 05:45:54 PM |
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It's just a fantasy that some people think is real. It becomes more obvious because it's a currency. Like any other currency, it's exchanged for another currency, it is something that is unavoidable in an exchange system, and everyone needs 1.
All currencies are volatile by nature, the same goes for Bitcoin so. It's just at another level. Also we could say like we're used to with gold. It's not Bitcoin that is losing/gaining value, it's the dollar.
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Genemind
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May 07, 2019, 06:35:58 PM |
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As long as we have our local currencies, we are required to convert bitcoin to cash just to purchase our necessities.
In our country, cryptocurrency has been adopted in some areas and yet most establishments and businesses here only accepts cash so despite having bitcoins, we still have to convert it to cash. We can't control volatility because both fiat and crypto's value isn't stable and always changing and it's still for us to deal with it.
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Oilacris
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May 07, 2019, 06:53:11 PM |
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Its really an inevitable thing.Yes, we do know on what Satoshi do really aims on creating BTC but we cant really deny the fact that btc itself do get or gain its value from fiat itself.
So basically we are still tagging it up with fiat but the main thing here and we do able to see on how btc shows its benefits when it comes to decentralization when it comes to transactions.
Volatility would really be just normal and yet we do already able to see this even on traditional fiat currencies.
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Virtual miner
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May 07, 2019, 06:56:09 PM |
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It's just a fantasy that some people think is real. It becomes more obvious because it's a currency. Like any other currency, it's exchanged for another currency, it is something that is unavoidable in an exchange system, and everyone needs 1.
All currencies are volatile by nature, the same goes for Bitcoin so. It's just at another level. Also we could say like we're used to with gold. It's not Bitcoin that is losing/gaining value, it's the dollar.
Not exactly agree with what you are saying. It not really the dollar that is losing/gaining so much of value everyday. Yes perhaps dollar is fluctuating but by an extent of inflation which is merely 2-3% if we call about the USD whilst Bitcoin is much more than that. You are right that every currency is volatile in nature and bitcoin too is volatile but the main thing is that it's volatility comes from the fact that people use it as an asset than to use it as a currency. Speculating it as an asset is what makes it more volatile everyday. |
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AjithBtc
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May 07, 2019, 07:05:47 PM |
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However the market is valued based on the demand to the supply availability. If the usage is found to be low, we can understand bitcoin isn't that big in demand. When there is good number of users making use of bitcoin automatically we can see the limited supply and when this usage goes beyond certain level automatically the market will turn less volatile and stable.
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Adriano2010
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May 07, 2019, 08:05:58 PM |
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At this time who want to get money and buy food or anything they ussually need money and they convert bitcoin to fiat, will need a long time when we can use only bitcoin for anything.
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Ailmand
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May 07, 2019, 08:27:53 PM |
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If you're expecting for massive adoption and to have bitcoin as the national currency, I could say that we're still far from it. Bitcoin could be a mode of payment but merchants still don't directly accept it so fiat is still necessary. Fiat would always be involved in every local transaction despite the existence of bitcoin because it still needs further development and total adoption due to its volatility.
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xvids
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May 07, 2019, 08:41:31 PM |
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We still need cash not everything could be paid by crypto.
Even if we could use it to pay for anything do you really think that other would see it as a payment option?
Wake up not everyone in crypto wants to use it as a peer to peer payment they are only in here because of the price of BTC.
They are in crypto because they see's it as an investment they use it to gain profit so even if we could not everyone would use it on it's purpose.
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Marry Finch
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May 07, 2019, 09:12:41 PM |
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A decentralized cryptocurrency, by its nature, will always have very high price volatility. This is inevitable, because, unlike ordinary currency, there is no authority that would conduct a monetary policy aimed at its price stabilization. Even if the number of market participants will increase many times, this will not reduce its volatility. Such a statement is a common delusion and is not based on anything.
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ecnalubma
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May 07, 2019, 10:55:43 PM |
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Bitcoin’s whitepaper is like a Bible don’t read it literally. If Bitcoin would be available to every person in the world then buying and paying using will not be a problem, but due to the fact that it is scarce in capitulation it will be hard unlike the fiat that you can print anytime.
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1Referee
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May 07, 2019, 11:15:34 PM |
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Stop trading? Are you a government official commanding people to not do something you don't like? Not cool. Bitcoin = freedom. People are free to do whatever they want with their coins. Trading attracts liquidity and allows bulls to stack up more coins utilizing the volatility this market offers. The more coins end up in the pockets of bulls the more coins will be taken out of circulation in the long run. The largest chunk of profits through trading is sent straight to offline storage.  Also, this isn't the legacy market where there is one stock market orderbook. Here every exchange has its own orderbook, and the more orderbooks there are, the thinner they become, and thus the more potential there is for volatility to occur. |
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TimeBits (OP)
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May 07, 2019, 11:36:53 PM
Last edit: May 07, 2019, 11:55:16 PM by TimeBits |
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alyssa85
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May 08, 2019, 12:14:15 AM |
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We still need cash not everything could be paid by crypto.
Even if we could use it to pay for anything do you really think that other would see it as a payment option?
Wake up not everyone in crypto wants to use it as a peer to peer payment they are only in here because of the price of BTC.
They are in crypto because they see's it as an investment they use it to gain profit so even if we could not everyone would use it on it's purpose.
Yes. And the debacle of Dec 2017 with the fees spiking set bitcoin back as regards adoption as a currency. Lots of retailers disabled bitcoin because it was no use allowing people to buy $20 items when the fee was $50 - $1000. I think bitcoin is now a store of value rather than a currency. It might be an alt that takes the currency mantle in the future. |
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Haunebu
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May 08, 2019, 07:27:17 AM |
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Yes. And the debacle of Dec 2017 with the fees spiking set bitcoin back as regards adoption as a currency. Lots of retailers disabled bitcoin because it was no use allowing people to buy $20 items when the fee was $50 - $1000.
I think bitcoin is now a store of value rather than a currency. It might be an alt that takes the currency mantle in the future.
$50 fees for buying $20 items? That must have been a rare scenario. Its never that bad usually. The fees are pretty low these days especially if you are using Segwit and it goes down even lower if you have a LN node set up. However, I do agree that we need to reverse people's views in such a way that they view BTC as a currency primarily and asset secondarily. |
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Ucy
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May 08, 2019, 05:41:55 PM |
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I guess one of the reasons much of the world don't use bitcoin for buying and selling is due to its nature. Some people understand that government do not like cryptocurrency. They try not to offend the government. Another problem is the negative press on bitcoin. Thirdly, bitcoin isn't really better than fiat currencies in terms of speed or acceptability and Finally no mass promotion of bitcoin.
By the way, mass adoption won't stopped volatility but will probably slow it down.
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deisik
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May 08, 2019, 06:00:11 PM |
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Please enlighten me, how will bitcoin mass adoption provide stability? How would bringing more fiat and more people using it, how does that stop volatility? How does that work? In what sort of dimension does that work I think that would suffice I mean even if fiat was used somewhere in the middle as a go-between of sorts (i.e. as an intermediary between buyers and sellers) that still would do wonders to stability. If you pay for something with Bitcoin (even if it is later converted to fiat), that would contribute a lot to price stability. Indeed, getting rid of fiat completely is a cherished dream but if Bitcoin is used universally across the world on par with local currencies, wouldn't that in fact mean that it is used to a far greater extent than any of those currencies (other than the major ones like US dollar, of course)? |
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BitHodler
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May 08, 2019, 06:29:59 PM |
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By the way, mass adoption won't stopped volatility but will probably slow it down.
Volatility is a very subjective term because your volatility might not be similar to what I believe is volatility. Good example is how people believe fiat currencies are very stable, while that's not the case at all. One of the main utilities of fiat currencies isn't just being money, but also functioning as speculative vehicle. Being a speculative vehicle comes from the volatility fiat currencies offer, and institutions bank on them every single day. I think that if we reach gold level stability it's more than enough to serve every corner of our economy. I don't see it being possible that more stability than gold is a target Bitcoin will ever achieve. We have to be realistic. |
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monalia
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May 08, 2019, 06:36:25 PM |
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BTC stablity will never make you profit on your investments. Please read the white paper of satoshi even he sold many bitcoins to keep him safe. Then who we people to stop such increase of circulation. I understand your thought on increasing demand for BTC.
While you invest on the BTC more and if there other market falls as well bitcoin can grow more than anything in coming days. We may find great days ahead of BTC since it is bumping last few days.
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