If everyone is hodling, how can bitcoin be used for mass adoption?

[ee00ffk]

Seeming as everyone is hodling, how do we plan to bring bitcoin to mass adoption? No-one wants to spend it, incase of the price going up and loosing out. Yet on the  other hand, we want mass adoption. Chainalysis reports suggests  only 1.3% of transactions are payments in 2019, that's less than 2017.

Here is a video from my YT channel, covering the topic in more detail.



https://youtu.be/C17-TpYxQwY

[big_daddy]

I am asking me this Q:   
If everyone is holding.... and the last block is mined, supposing that on the planet earth there are more than 21mil millionaires, and each of them as a status of symbol would like to have at least 1 BTC
There will be no chance to serve them all

[mk4]

No-one wants to spend it,

People are, believe it or not. It's just that not much people are. For now, bitcoin will just be used for "niche" transactions, until it gets higher liquidity hence higher price stability; then we will see it widely adopted without the usage of services like BitPay.

I am asking me this Q:  
If everyone is holding.... and the last block is mined, supposing that on the planet earth there are more than 21mil millionaires, and each of them as a status of symbol would like to have at least 1 BTC
There will be no chance to serve them all

There will. It's just most likely going to be expensive as heck. Remember, there will always be buyers and sellers, so there will always be a chance for people to buy one full bitcoin. The question is just if they can afford it or not.

Also just to add, you. dont. need. to. buy. one. whole. bitcoin. to be able to participate and to hedge your funds.

[big_daddy]

I am asking me this Q:   
If everyone is holding.... and the last block is mined, supposing that on the planet earth there are more than 21mil millionaires, and each of them as a status of symbol would like to have at least 1 BTC
There will be no chance to serve them all

There will. It's just most likely going to be expensive as heck. Remember, there will always be buyers and sellers, so there will always be a chance for people to buy one full bitcoin. The question is just if they can afford it or not.

Also just to add, you. dont. need. to. buy. one. whole. bitcoin. to be able to participate and to hedge your funds.

Yeah, but having 1 whole or having 0.something is not the same for those who wanna show a status symbol
Like having a gold bar or having just a plaquette in g. 

[mk4]

Yeah, but having 1 whole or having 0.something is not the same for those who wanna show a status symbol
Like having a gold bar or having just a plaquette in g. 

Yes. Just like having 1 million dollars in your bank account or owning a Lamborghini Murcielago is a status symbol. A lot of people like it, but not everyone can afford it. That's how the world works, and there's nothing we can do about it.

[XinXan]

Can we finally admit that bitcoin is probably never going to be used for day to day payments? Can we finally switch to the idea that bitcoin is more like gold than anything else and stop this idea of ''mass adoption''? It's already adopted by a lot of people and companies but what more do we really want? It's not profitable for smaller companies to accept bitcoin, what do they gain from it? How are they going to deal with the volatility?

[ee00ffk]

Can we finally admit that bitcoin is probably never going to be used for day to day payments? Can we finally switch to the idea that bitcoin is more like gold than anything else and stop this idea of ''mass adoption''? It's already adopted by a lot of people and companies but what more do we really want? It's not profitable for smaller companies to accept bitcoin, what do they gain from it? How are they going to deal with the volatility?

All valid points, liking it to digital gold. We just want to accumulated more. but like one of the other posts above, more liquidity, price stability and maybe it will be used as daily transactions. If it does become a store of value with what can be seen as a fixed supply, then what digital currency is used to facilitate payments.

[klaaas]

It's already adopted by a lot of people and companies but what more do we really want? It's not profitable for smaller companies to accept bitcoin, what do they gain from it? How are they going to deal with the volatility?

The same for some fiat currencies.  They gain customers that cant open a bank account or forced to use the local currency.

[bitmover]

How can you say everyone is holding? We have now a 24h volume of $20.687.254.431, which is 20 billion dollars being negotiate every day.

Few stores accept BTC for now, so it´s not easy to use it as payment method for now...

[davis196]

Seeming as everyone is hodling, how do we plan to bring bitcoin to mass adoption? No-one wants to spend it, incase of the price going up and loosing out. Yet on the  other hand, we want mass adoption. Chainalysis reports suggests  only 1.3% of transactions are payments in 2019, that's less than 2017.

Here is a video from my YT channel, covering the topic in more detail.



https://youtu.be/C17-TpYxQwY

If the price crashes,everyone will stop hodling,but everyone that hodls will lose.
That's why a stable price with low volatility is the ultimate step towards mass btc adoption.
Unfortunately it's impossible to have a stable btc price.

[Indamuck]

I hear this argument a lot and they always say that a deflationary currency isn't good for an economy.  Many think that bitcoin will act more as a store of value similar to gold instead of being a daily currency in the future.

[mk4]

Can we finally admit that bitcoin is probably never going to be used for day to day payments? Can we finally switch to the idea that bitcoin is more like gold than anything else and stop this idea of ''mass adoption''?

The thing is, bitcoin can be used like gold for store of value, and at the same time, as a currency for payments. Bitcoin might not be ready for "mass adoption" right now, simply due to price volatility and currently not being fast and cheap enough for day-to-day transactions, but it can come in the future. Always remember: Technology moves forward. There are smart people working in the cryptocurrency space that may have the solution to the problems we have right now.

[EdenHazard]

That's just different views of each user, not all users use bitcoin as an investment only but there is people who make it as payment system and still hoping for the many merchants who accept it. Even, one of the way to make its price goes up in the future is there are many merchants who accept bitcoin and make it easier for every user to make every transaction. Indeed, if we rely on to make bitcoin price grow up but if we just it as a speculation tool it will never happen. There must be a caused for every user who uses bitcoin as a payment system until every merchants are interested in choosing it as a payment system. It's just a process, I believe the user will aware of it and he try to use it as payment system in their daily lives.

[uneng]

It's not a problem, if the price is rising it's a good signal, demand is increasing, that is what matters. Bitcoin usage increases within time, however its usage is already decent mainly because crypto gambling industry.
I would be worried if the price was crashing yet and if the number of crypto businesses were decreasing.

[squatter]

Seeming as everyone is hodling, how do we plan to bring bitcoin to mass adoption? No-one wants to spend it, incase of the price going up and loosing out.

The supply cap and speculative investment aspects discourage spending, but they don't mean no one wants to spend Bitcoin. The network hit > 400,000 confirmed transactions in a day a few weeks ago. Clearly, there is growing transaction liquidity.

Bitpay also released some data that suggests lots of holders begin selling after large price rises.

[dothebeats]

This is so because there literally are a few places to spend bitcoins and if there were really numerous places in which one could use their bitcoins to, believe me people would use it from time to time. Right now the focus is on speculation since that's the most active part/aspect of the coin, but once value is ridiculously high, see how people start to use their bitcoin on things and take advantage of what's served in their plates. Maybe not now but within the next few years or so.

[diazepam666]

Seeming as everyone is hodling, how do we plan to bring bitcoin to mass adoption? No-one wants to spend it, incase of the price going up and loosing out. Yet on the  other hand, we want mass adoption. Chainalysis reports suggests  only 1.3% of transactions are payments in 2019, that's less than 2017.

Here is a video from my YT channel, covering the topic in more detail.



https://youtu.be/C17-TpYxQwY

Your doubt seems invalid mate. Please check some of the exchanges where you can find the million dollars in circulation and volume. Then how you can saying people completely hodling alone. Everyone looking for mass adoption those people what to have funds in BTC can be buy from the cryptocurrency exchanges.
I useful thought will not contribute in the form of video as well. So, I did not check it.

[big_daddy]

Holding or not, the real adoption of cryptocurrencies will be at the moment when the customer is paying in crypto, the one who is recieving crypto is not converting it to fiat, but is paying his rent, his costs of running the business, the salary to the employers, in crypto

[Linkkoin]

Holding or not, the real adoption of cryptocurrencies will be at the moment when the customer is paying in crypto, the one who is recieving crypto is not converting it to fiat, but is paying his rent, his costs of running the business, the salary to the employers, in crypto

The crucial moment would be adoption of cryptocurrencies for long-term contractual relations (especially in industry related sectors like shipyards, where you sign a contract for building a ship years before its building will start).

[Adriano2010]

Mass adoption means people will have bitcoin and some them will use over time, even if not all people can have 1 BTC they will have some satoshi and use them and there are still some bitcoin to mine and also a lot of bitcoins on exchanges waiting to buy.