How will BAKKT affect future of bitcoin?

[jostorres]

Their launching will really be of great news to the bitcoin market, it will surely make the price of bitcoin to climb high, because all we have been waiting for is regulation and if this system to be launch can really attract regulators, then there is really great hope for bitcoin, and for third party involvement in exchanging of bitcoin, I think that one is in our hands, because the provision has already been made there, we are just the one that have not accepted the solution.

There are lots of dapp exchanges to do that, but how many of us has used it, But, we rather prefer to use those centralized exchanges, yes bitcoin is a currency, but people are more interest in the benefit of It, but as they use it for investment, they also begin to learn about it more and also do use it for lots of transactions.

[Rozita]

Bitcoin should be a currency: We all know that bitcoin has been created to be a currency. But these days people look at it as an investment. BAKKT will keep us far away from the main purpose of bitcoin.

I disagree with this idea that Bitcoin "should be a currency" and the judgment that people are using it wrong. It's not for you or anyone else to decide what Bitcoin is or how it should be used, any more than it's our place to tell people not to invest in gold.

I think the point of Bitcoin was about freedom, not creating a currency and establishing rigid norms about how people should use it. Bitcoin's economic design and fundamentals only make it rational to treat BTC like an investment. People shouldn't be blamed for that. It was inevitable.

I don't blame people for investing in bitcoin. I am personally an investor. I have invested in bitcoin and I am hodling and till now I haven't used bitcoin for buying something. So, there is no problem with investing. But I still believe that bitcoin should be a currency.
When some one talks about the advantages of bitcoin, the main feature of bitcoin which is discussed its decentralization and peer to peer transactions. Bitcoin has been created to secure transaction without 3third party involvement. People invest in bitcoin because they expect this purpose will be finally reached and now they try to buy it at low prices. Assume that bitcoin is no longer supposed to be a currency? What do you think will happen? Don't you think it will lose any many of its fans ans investors? In this case, not only bitcoin is not a currency, but it's no longer a good investment.

[davinchi]

It is a double edged sword at this point. Nobody in crypto really cares about Bakkt anymore but nobody would mind them existing neither. It is better to have them than not have them because it is creating some sort of adoption and attention towards bitcoin investments but we don't care because it doesn't make that much change in the price and is too small to care.

It means if it doesn't happen we would be let down small for like maybe 5 to 10 seconds but continue our life but if it happens than we will feel a very tiiiiny improvement in crypto forever, so of course people prefer them to finally start but believe me it is not an important thing enough that we think about it daily or something. Maybe bakkt users do care about it if they are really looking to invest into it.

[LUCKMCFLY]

I think that the BAKKT are a great current inclusion, for more than 3 months I have observed peculiar movements in the market, when the Bitcoin was at a price of $ 6k began to rise, with increasing volume, what I think is that some Investors, realizing that the BAKKT is approved, began buying Bitcoin, regardless of its price, and those who had bought in almost $ 3k it was very good business to sell them at $ 6k, even higher, because investors see more confidence in This market, which brings as a positive consequence that the price of Bitcoin increases much more, it could be speculated that the bullish trend process will be very exciting, and with the approval of the ETFs it will be something much more exciting, in fact in some My publications stated that we were in a stage of market accumulation, that we had to buy bitcoin, which was recommended, and is still recommended, although I could not predict the next Bitcoin ATH, but Due to these movements I think that the next bitcoin bullish rally will be very juicy when it reaches its peak in the Distribution stage.

[exstasie]

Bitcoin will not be a currency in the next few years. It is much more likely to be a store of value, being a main competitor to gold, not fiat.

in other words you are saying that bitcoin is going to die in a few years because not being a currency means bitcoin becomes useless and that is its death.

He's just referring to the fact that gold's primary use case is store-of-value. The vast majority of gold is just hoarded and held. That doesn't mean zero people transact (buy, sell, barter, use for various purposes) with it.

Bitcoin already reflects this same dynamic. I agree with him that it's likely to primarily be a store-of-value asset. Like gold, it would only become useless if people stop transacting entirely. I doubt that will happen.

[Rozita]

Bitcoin already reflects this same dynamic. I agree with him that it's likely to primarily be a store-of-value asset. Like gold, it would only become useless if people stop transacting entirely. I doubt that will happen.

People will never stop buying and selling bitcoin. Because bitcoin has been already proven. It has many applications other than being a store of value. Gold is being used for more than 3000 years ( hope I am not wrong about the oldness). But bitcoin has only one application (this application is one of biggest human creations). Without this application there will be no utility and the hype will be finally over,

[figmentofmyass]

Gold is being used for more than 3000 years ( hope I am not wrong about the oldness). But bitcoin has only one application (this application is one of biggest human creations). Without this application there will be no utility and the hype will be finally over,

gold may technically have other applications, but they represent a tiny share of its market. if it weren't valued as commodity money, the market would be worth only a tiny fraction of it current value. people don't line their jewelry boxes with aluminum necklaces and their vaults with bars of steel, do they?

bitcoin is essentially another form of commodity money. people will (and do) accept it for payment (currency) because of its underlying scarce commodity value, much like people accept gold coins for cash/trade. it's the same principle.

we don't need all the world's transactions to use bitcoin in order for billions of people to be part of the network. and that's where bitcoin derives its value from---the network effect. back of the envelope numbers: if 20% of the world transacted with bitcoin 10 times a year, that's still ~ 500 transactions per second on the bitcoin network. that's much more throughput than bitcoin can support, even considering all offchain solutions at present, so let's not get ahead of ourselves!

[exstasie]

Third parties involvement: I personally prefer bitcoin to be sent and received peer to peer directly between wallets without involvement of third parties.

One thing to consider is how many people/entities are already using exchanges to store funds, or custodial wallets like Plus Token. Tightly regulated and licensed custodians backing futures in the US are much less likely to exit scam. They are also unlikely to expose funds to online wallets. So from that angle, moving away from questionable, fly-by-night exchanges is ultimately an improvement even if institutions are still relying on third parties for custody.

I don't blame people for investing in bitcoin. I am personally an investor. I have invested in bitcoin and I am hodling and till now I haven't used bitcoin for buying something. So, there is no problem with investing. But I still believe that bitcoin should be a currency.

Is it not a currency?

[adaseb]

The reason why Bakkt is slightly different from the Bitcoin futures that launched on the CBOE and the CME in Q4 2017 is that they are physically settled. The CBOE/CME are only cash settled futures.

Why is this important? Its important because a physically delivered future actually takes away a bitcoin from the entire supply. So when there is less supply, more demand it causes price to go up.

Market makers will need to buy thousands of BTC if they want to market make for the BAKKT futures. This is bullish.

However does it mean the price will go up? Its hard to tell. Reason why is because BAKKT was delayed so many times in the past that people generally don't care when it launches.

[exstasie]

However does it mean the price will go up? Its hard to tell. Reason why is because BAKKT was delayed so many times in the past that people generally don't care when it launches.

The timing looks good. David's model is eyeing mid-late September for resumption of the long term uptrend. I'm using Tim West's TAM model and I'm expecting the same thing as David, more or less. September 23rd sounds just about right.

In other words, I'm expecting a rally around that time anyway. I'm sure people will attribute it to BAKKT.

[Rozita]

However does it mean the price will go up? Its hard to tell. Reason why is because BAKKT was delayed so many times in the past that people generally don't care when it launches.

The timing looks good. David's model is eyeing mid-late September for resumption of the long term uptrend. I'm using Tim West's TAM model and I'm expecting the same thing as David, more or less. September 23rd sounds just about right.

In other words, I'm expecting a rally around that time anyway. I'm sure people will attribute it to BAKKT.

Even if this prediction is true, what you are referring to is a kind of technical analyze and is not related to BAKKT. If the BAKKT announcement was supposed to affect the price the rise had been already started.

[lixer]

The timing looks good. David's model is eyeing mid-late September for resumption of the long term uptrend. I'm using Tim West's TAM model and I'm expecting the same thing as David, more or less. September 23rd sounds just about right.

In other words, I'm expecting a rally around that time anyway. I'm sure people will attribute it to BAKKT.

Even if this prediction is true, what you are referring to is a kind of technical analyze and is not related to BAKKT. If the BAKKT announcement was supposed to affect the price the rise had been already started.

Anything that will attract people to take step in investing in bitcoin is really a welcome development and I think that with this BAKKT announcement to launch come September, many investor who believe that the launching will affect the price of bitcoin positively would have been making some investment right now, and also, those that will take advantage of whatever offer they have to the public will also need to make investment in bitcoin.

At least, more money will still enter the market, even if it will not be that very big to cause the value to rise beyond our expectation, the launching date I already here, in few weeks’ time now, we will really know Id there will be an effect of it on the price of bitcoin or not, and even if it does not, bitcoin investment is still not a waste.

[exstasie]

The timing looks good. David's model is eyeing mid-late September for resumption of the long term uptrend. I'm using Tim West's TAM model and I'm expecting the same thing as David, more or less. September 23rd sounds just about right.

In other words, I'm expecting a rally around that time anyway. I'm sure people will attribute it to BAKKT.

Even if this prediction is true, what you are referring to is a kind of technical analyze and is not related to BAKKT. If the BAKKT announcement was supposed to affect the price the rise had been already started.

Any announcement from BAKKT will be ignored by the market at this point. The market doesn't care because they've missed every deadline and nobody believes them anymore. They're like "the boy who cried wolf."

The only chance BAKKT has at catalyzing a price move is if/when it actually launches.