Crypto's economic value is surprisingly low :'(

[fiulpro]

"Bitcoin accounted for just 0.4% of the world's money.
Bitcoin was worth only about 1.6% as much as the world's gold supply.
All cryptocurrencies combined accounted for less than 0.7% of the world's money . "
(Taken from investopedia.com )

"The current number of unique active users of cryptocurrency wallets is estimated to be between 2.9 million and 5.8 million"
(Taken from Cryptocurrency benchmark study )

Taking into account the number of users of cryptocurrencies , it is quite shocking to see the world economy they are accounting for . It is both shocking plus unreasonable to see the abilities of cryptocurrencies being limited by both government and people.

Small percentages might be insignificant but we need to understand that it does play an important role in establishing something. Cryptocurrencies have huge potential . 1 BTC might be worth more than most of the stocks out there but the overall value in the papers is surprisingly low.

"Stock market capitalization as percent of GDP, 2018 - Country rankings: The average for 2018 based on 63 countries was 70.95 percent."
(Taken from the Global economy)

What we can do to push this percentage up ?
* I do think it is really important to educate people about the cryptocurrencies like Bitcoins, most of them still call it a scam ! , We need to answer these questions as a professional to them .
Considering the immense potential it has , even if one person introduce Bitcoins to 10 people , it's economic value will inturn increase , making it more beneficial for the whole community.

Why is it important to do that ?
Economic value of something does reflect largely on the thing itself , we have been asking government time and again to consider cryptocurrencies seriously , if we efficiently introduce it to normal people , even take time out to make sure they have a wallet installed in their mobile phones , it would someday interest them into learning more about it , it would make sure that cryptocurrencies are considered *normal* , *real* , *beneficial* .

Also to all the people out there who are accepting BTC and other cryptocurrencies for their services , you are already doing a valuable job for the community , feel free to share your experiences .

Please feel free to add your points and counter points , constructive criticism is highly valued since am also learning and this platform is for discussing your ideas and thoughts not for fighting  

[1715112957]

1715112957

[Argoo]

This is not surprising, given that cryptocurrency is still a little over ten years old. This type of financial asset is completely new and completely different from other traditional assets. To use cryptocurrency, you need to have certain knowledge, skills, technical devices, access to the Internet, and so on. The language barrier is also of great importance. For ordinary people who earn their living in a completely different activity, often there is not even enough time to be interested in cryptocurrency. Cryptocurrency has already achieved a lot in this short time. Therefore, I am absolutely not surprised by such figures. Cryptocurrency requires much more time for development.

[mikeauerbach]

There are also some drawbacks about cryptocurrencies that don't allow to use them as a medium of exchange now. Crypto needs more time to develop enough, and people will be interested in it. Btw it isn't correct to compare crypto with gold. Gold has been used as an assets for several millenniums, of cause, its supply is much bigger. 

[Twentyonepaylots]

with a course of a decade the cryptocurrency is still a little, it may look like we have achieved a lot but we really did not however there is no thing in the world that come up big, we have this so called process to undergo before evolving. What can we do to make the percentage up? I say continue the support to crypto, any support will make a change on the percentage not just with bitcoin. Now we know the main reason why fiat will never be replaced by bitcoin or any other crypto.

[Upgrade00]

"Stock market capitalization as percent of GDP, 2018 - Country rankings: The average for 2018 based on 63 countries was 70.95 percent."
(Taken from the Global economy)

To put this in perspective, the oldest stock market goes as far back as the 16th century and the wall street market was established around 1792 IIRC. Bitcoins' Genesis block was mined in 2009.

"The current number of unique active users of cryptocurrency wallets is estimated to be between 2.9 million and 5.8 million"
(Taken from Cryptocurrency benchmark study )

Taking into account the number of users of cryptocurrencies , it is quite shocking to see the world economy they are accounting for . It is both shocking plus unreasonable to see the abilities of cryptocurrencies being limited by both government and people.

Unique wallet addresses =/= unique users of Bitcoin. And it's surely not a good metric to go by to judge mass adoption of cryptocurrency. Take into account that there are thousands of cryptocurrencies of which a lot are worthless included in that figure.

[sheenshane]

Tend to agree to the idea of community awareness for Bitcoin or the entire cryptocurrency. It really takes a lot of time and effort but if we wish for global acceptance of Bitcoin then first we better let everyone know what these crypto digital currencies are there it's potential and advantages in using a decentralized currency.

Since bitcoin is not owned by anyone or a product of a specific business then no one will spend thousands of dollars for television advertisement, and that being said global awareness will be difficult in fact internet service will also be an obstacle for cryptocurrency for there are communities especially the rural ones has no internet service yet and some of them still consider the internet as not a commodity but leisure. However, it is every culture's norm to learn and adopt new things especially if they find it beneficial to them so in time definitely more people will learn what is cryptocurrency all about and they will start to enter the crypto world.

[mnporter2001]

"Bitcoin accounted for just 0.4% of the world's money.
Bitcoin was worth only about 1.6% as much as the world's gold supply.
All cryptocurrencies combined accounted for less than 0.7% of the world's money . "
(Taken from investopedia.com )

What we can do to push this percentage up ?
* I do think it is really important to educate people about the cryptocurrencies like Bitcoins, most of them still call it a scam ! , We need to answer these questions as a professional to them .
Considering the immense potential it has , even if one person introduce Bitcoins to 10 people , it's economic value will inturn increase , making it more beneficial for the whole community.

I agree that introducing blockchain technology in teaching will help increase the market share of cryptocurrency. but I don't think it will benefit the nation. Although there are many who have become millionaires thanks to crypto and bitcoin trading. But think, with a free, lawless, and continuous market of whales manipulation, you think it would be safe?
You may not know that, many people are getting more and more losses because of trading and only whales are getting richer. Defi was born to manipulate and it should only have a small capitalization. This is what whales want to be able to manipulate everything easily. I do not encourage people to participate in this market, if you have knowledge, invest in the stock market. That's where real unicorns come from and it's always valuable!

[sunsilk]

Isn't it a great thing that bitcoin's total contribution to the world's money isn't that much? The price is considerably good yet looking to that perspective makes bitcoin a little. If the other percentage of the world's money gets into bitcoin then that will make its value greater.

The age of bitcoin is still young yet it has accumulated around 0.4% of world's money and it's still continuing to become popular and known in every part of the world. I don't think that it's a negative thing to accept instead we should look into the positive perspective regarding that matter.

[Sirait]

I can say, cryptocurrency is still like a 3-year-old baby, too young for cryptocurrency to take over the world transaction system. The next 15 to 20 years is the best time for cryptocurrency because this is the future, the world really needs a change

many countries are currently studying cryptocurrencies and blockchain technology, going forward it will be more and more

[Darker45]

It is indeed low. There are of course a lot of factors that affect that. One of which is that Bitcoin is certainly having a hard time competing against a well-established fiat system, which is the one sanctioned by the powerful governments and the elites. Another would be the old challenge resulting from having a currency whose value appreciates over time. Spending, in that case, is expected to be less. This is one of the economic rationale why inflation is somehow necessary; people have to be compelled to buy now rather than later.

[abhiseshakana]

I still feel the most effective way to introduce bitcoin is to use bitcoin in everyday life even though the government prohibits the use of bitcoin as an alternative payment other than a country's legal currency. We can start it from the community. Or when making online transactions, we ask for payment options using bitcoin. This small action will create a chain effect that is curiosity about "what is bitcoin" for those who do not understand or desire to use bitcoin in transactions, especially in the bitcoin community.

With the many frequencies discussing bitcoin, many people will be increasingly curious and find out. The more people know, the more opportunities people will be attracted to and use bitcoin for everyday transactions even if they are secretly between communities. In this way, the foundation of bitcoin penetration will be strong, although the motion is slow but the growth is certain.

[Kemarit]

Cryptocurrency though is still very young, that's why if we are going to compare it to let's say stock market, it is still like a 'dot'. So it is too early to say, perhaps in the next 10-20 years, we will have a good grasp as how big (or small) this market will be. What can we do to push this percentage up? Social media has something to do with it, if they keep on calling and bashing bitcoin then it will have a hard time getting traction, so for me they play a big factor. Of course there is the government, and for some reason, is trying to regulate everything in crypto, including KYC and other measures that can deter our growth. I guess when crypto mature and so it's adoption, it will be a slow process, but definitely, people will find in usefulness and the positive things in can bring to them financially, so crypto doesn't necessarily need some marketing, it will become big naturally..

[mu_enrico]

Educating the market is a complicated thing to do, and often won't be too effective if the market doesn't need or want the product. What we need is a reason to buy (RTB) that appeal to the market according to its needs and wants as the primary focus.

If average Joes ask, "why should I buy Bitcoin?" And your answer is the government is bad, the bank is bad, etc., then you will still get trolled by mainstream Joes. There are lots of Bitcoin property that doesn't involve "ideology." such as, easy to create the wallet, secure, privacy, etc.

[fullhdpixel]

I don't see what's surprising about this. Gold has been around for ages and humans have been making use of gold for a very long time and it's been around before the currencies we have now. So, how do you now compare it with Bitcoin and other cryptocurrencies that have been around for just a decade? I don't see anything surprising or bad about this news to be sincere.

Cryptocurrency is at the level that it is supposed to be. It's not magic and the price is not going to grow magically and become 100% of the world's economy. So relax man and be confident about having 10x growth for bitcoins in coming months as usually after halving bitcoin may grow rapidly and end up sustaining around 10 times higher value than where it was at the times of halving. So, currently being low is not a big deal and we are at the very beginning new range of price levels for bitcoins.

[Findingnemo]

The number looks too low when we compare with total gold supply which is available for centuries and the total fiat value which is under the control of governments so when a decentralized asset is getting popularity in very short time is actually a good thing.We have time to reach new heights in the global value but we are already getting more attention compared to total value.

[Kelvinid]

Ain't surprising to see the economic growth of crypto like this.

Adoption takes awhile the same thing as people realize the importance of gold. Should we think that 10 years or 20 years could be enough? Not for sure.
It really needs more time, years to develop this thing, and much harder as the risk takes in the whole market. If these merchants will start to adopt crypto as another form of currency, no doubts that small players will follow by then. It needs huge support for the community and much needed to have it coming from the government in order to gain more trust which leads to massive crypto adoption.

[Twinkledoe]

Isn't it a great thing that bitcoin's total contribution to the world's money isn't that much? The price is considerably good yet looking to that perspective makes bitcoin a little. If the other percentage of the world's money gets into bitcoin then that will make its value greater.

The age of bitcoin is still young yet it has accumulated around 0.4% of world's money and it's still continuing to become popular and known in every part of the world. I don't think that it's a negative thing to accept instead we should look into the positive perspective regarding that matter.

I have to agree with that. Considering also the population who are into crypto, which is very small as compared to global population. So I am not really surprised about the numbers. For me, that's already good progress and with increasing adoption, we will see more demand for crypto or bitcoin usage. Just compare bitcoin to existing fiat currencies, bitcoin is very young yet the value in the market is already overwhelming. So that is already an accomplishment for crypto esp bitcoin.

[Rengga Jati]

"The current number of unique active users of cryptocurrency wallets is estimated to be between 2.9 million and 5.8 million"
(Taken from Cryptocurrency benchmark study )

Are you sure that the number is the current statistic of the crypto wallet user? 2.9-5.8 M?
You should update the amount. It is the number when the statistic in the year of 2017. Did you take the source from https://www.jbs.cam.ac.uk/fileadmin/user_upload/research/centres/alternative-finance/downloads/2017-04-20-global-cryptocurrency-benchmarking-study.pdf ?? This was research conducted in 2017. Please crosscheck it.

I already searched about the increasing numbers of the users:



This statistic was taken in the latest research by www.statista.com. The statistic shows that in Q1 of 2020, the number almost reaches 50M users. Is this awesome, isn't it? The number keeps rising.

There was also research conducted by https://news.bitcoin.com/the-number-of-cryptocurrency-wallet-users-keeps-rising/, but it is in 2019. The data also showed the rising numbers of crypto wallet users until 2019.

"Stock market capitalization as percent of GDP, 2018 - Country rankings: The average for 2018 based on 63 countries was 70.95 percent."
(Taken from the Global economy)

It was in 2018, can you show how much right now in the current year? I think that from 2018 to 2020, there must be increasing. I'm still searching for the latest update.

What we can do to push this percentage up ?

As I have said, you use the old data statistic. And now, the fact the data show a high increase from year to year. Many more people and countries keep following and involved in the crypto world.

[squatz1]

I still feel the most effective way to introduce bitcoin is to use bitcoin in everyday life even though the government prohibits the use of bitcoin as an alternative payment other than a country's legal currency. We can start it from the community. Or when making online transactions, we ask for payment options using bitcoin. This small action will create a chain effect that is curiosity about "what is bitcoin" for those who do not understand or desire to use bitcoin in transactions, especially in the bitcoin community.

With the many frequencies discussing bitcoin, many people will be increasingly curious and find out. The more people know, the more opportunities people will be attracted to and use bitcoin for everyday transactions even if they are secretly between communities. In this way, the foundation of bitcoin penetration will be strong, although the motion is slow but the growth is certain.

The government (at least in the US) and most western nations don't do this though, they don't stop people from using cryptocurrencies. If everyone in the US -- consumers and business people - wanted to start using crypto for their transcations, they could. The problem lies in the fact that people don't want to use them for many reason: some of these are as follows

1. They're not educated on cryptocurrencies and they think it's too intricate to use, which for some I could see how that is the case. Some older person who runs their diner would much rather swipe a credit card then try to manage their crypto wallet and their keys and so on. The best thing to do is teach people about the savings (not paying 1-3% to a CC processor and dealing with chargebacks)

2. Fees are a bit too high and the crypto is a bit too volatile - People don't want to deal with this, and there most likely isn't enough adoption to even warrant businesses setting up the infrastructure to accept crypto.

But yes, the value is pretty low and I do hope this changes.

[exstasie]

"Stock market capitalization as percent of GDP, 2018 - Country rankings: The average for 2018 based on 63 countries was 70.95 percent."
(Taken from the Global economy)

To put this in perspective, the oldest stock market goes as far back as the 16th century and the wall street market was established around 1792 IIRC. Bitcoins' Genesis block was mined in 2009.

This post wins the thread. Bitcoiners need to exercise some patience.

In 2017, the BTC market reached almost 5% of the size of the gold market. After existing for 8 years. That's incredible to me, beyond all expectations.

Everyone should just consider themselves lucky to be early adopters. When the BTC market does finally reach, for example, the size of the gold market, all these buying opportunities will be gone. Even at $10K, middle class people are being priced out of owning a whole BTC. Imagine when the price does another 40x from here.

[BrianZAK]

Depending on one's perspective, huge progress has been made. Moving from practically being a novelty (desktop mining and buying a pizza for 10,000BTC) to becoming 0.4% of the world's money in approximately a decade is pretty amazing. Bitcoin and blockchain are household names now and there are a lot of great projects are going on with some of the most innovative minds in computer science  putting their weight behind them.

There is much more to come. Imagine what we'll see 10 years from now.

[tyz]

"Stock market capitalization as percent of GDP, 2018 - Country rankings: The average for 2018 based on 63 countries was 70.95 percent."
(Taken from the Global economy)

To put this in perspective, the oldest stock market goes as far back as the 16th century and the wall street market was established around 1792 IIRC. Bitcoins' Genesis block was mined in 2009.

This post wins the thread. Bitcoiners need to exercise some patience.

In 2017, the BTC market reached almost 5% of the size of the gold market. After existing for 8 years. That's incredible to me, beyond all expectations.

-snip-

However, you should not forget that these are digital assets which take less time to be economically mature. Comparing this with gold, which has been valuable for millennia, is a bad comparison. It's like comparing Google with a gold mine operator.

The reason, in my opinion, for the small value of crypto economics is simply the still bad use for payments. There is still no way 11 years after Bitcoin was developed to pay with cryptocurrencies at low free cost and stable prices. I paid my hosting bill with Bitcoin on Friday and paid almost $ 2 in fees. Not acceptable for mainstream usage.

Besides that, I wouldn't trust the numbers anyway. Most of the crypto economy is invisible and happens underground. The numbers do not reflect this.

[beerlover]

I understand that people expect patience from bitcoin and I get that but you are forgetting we are living in a much more technological world nowadays. It means if you look at the stocks markets and how old they date, it doesn't mean anything, from 18th century to late 20th century the technology for them wasn't computer, it wasn't even proper mailing system for a long time, it was all old systems that could be abused and all that.

But in crypto world it has always been high tech and from now on, in the 100 years after the discovery of bitcoin, we are going to be a species that could habitat space, it is totally different periods. Hence why bitcoin has to move a lot faster than the stock market did, we can't wait around for hundreds of years to see bitcoin become big.

[davis196]

I'm not surprised that the crypto economy is surprisingly small.
How can we increase the popularity of cryptocurrencies:
1.Make the process of buying BTC and altcoins as easy and cheap as possible.NO ID verification,no insane fees.
2.Incentivize more online and offline merchants to accept cryptocurrency payments.I don't how we can achieve that.
3.Educate more people on social media.Explain them that cryptocurrencies are not a scam(at least the big ones,not the shitcoins/tokens),while there might be some scams in the crypto world.

[Latviand]

There is much more to come. Imagine what we'll see 10 years from now.

10,000 years from now of course is a long time to predict what will happen with bitcoin and economic system. At that time perhaps something more innovative could have been added to bitcoin or the financial system. Who knows if the world will pass the 5G tech too 

You're exaggerating it, 10,000 years is impossible, maybe in 10 years, bitcoin is already improved and innovated by the people behind it. Predictions are good so that you will a future vision about the thing that was for a long-term investment. But you predictions should have basis so that it is somehow feasible and can occur in reality.

Right now, we are suffering but I know that this crash in crypto's economic value will soon be resolved, just like bitcoin, it is volatile in the market and there's really a chance of recovering from its downward movement. Patience is really necessary for us to become prepared and ready.

Being prepared and ready when the crypto's economic value recovered can really give you profit and become more comfortable about your assets.

[hatshepsut93]

1.Make the process of buying BTC and altcoins as easy and cheap as possible.NO ID verification,no insane fees.

There's work going on with developing DEXs, but we don't know how would governments react to them if they would to get popular. Maybe they would try to shut them down if they will feel like it undermines their financial power.

2.Incentivize more online and offline merchants to accept cryptocurrency payments.I don't how we can achieve that.

Volatility is the biggest problem for merchants, until it's gone it will be too hard for merchants to accept BTC.

3.Educate more people on social media.Explain them that cryptocurrencies are not a scam(at least the big ones,not the shitcoins/tokens),while there might be some scams in the crypto world.

I don't think a lot of people perceive Bitcoin that way, most just think it's too risky and complicated.

[shoreno]

There is much more to come. Imagine what we'll see 10 years from now.

10,000 years from now of course is a long time to predict what will happen with bitcoin and economic system. At that time perhaps something more innovative could have been added to bitcoin or the financial system. Who knows if the world will pass the 5G tech too 

10 years bro , thats what he said not 10k years lol thats alot  .  when you say 10k years do you think you will reach that year ? we that here on this forum cant even reach 1k years but how much more if thats 10k years   .

you also mention 5g technology  . for that , this wont take more time because there are now devices that have this technology but those only high end  ,  wait for few more years and we all can convert on it  . 

[Lucius]

If only the value of BTC in relation to fiat or gold is important, then we are in trouble for the simple reason that we are practically worthless when comparing BTC with all other markets. OP opinion is very common, not only among ordinary users, but also among the big players who will reportedly join the BTC project only when it reaches the $1 trillion market cap.

But while it may sound strange, Bitcoin is much more than the value we measure in gold or fiat, it is a technology that surpasses them both in any sense, a new age technology that is just beginning to seriously penetrate current financial systems. Ordinary people find it difficult to accept because it is still a bit complicated, and those who rule the world have always aspired to a centralized system and have nightmares of power really passing into the hands of the people.

Although some disagree that Bitcoin is still in its early stages, I would not agree that it was possible to achieve more in just 11 years of existence, which is realistically a very short period of time. It is my opinion that Bitcoin should be understood primarily as a technology of the future, and not just as a means of getting rich quick.

[Bezobraznike]

The value of crypto is low but if we will increase the demand for crypto by doing the proper thing then the economy will rise People got to be taught about the utilization of crypto if the worth of currencies increases if they create more profit by investing, then everyone will add crypto and therefore the value of crypto will increase tons Gradually crypto will become very fashionable. the entire world will support crypto Crypto is going to be employed both offline and online. Social media is more helpful in publicity.

   I agree with you, this low just shows how much we can grow in the future. With more people joining and
more adoption crypto-currencies economic value will grow. If with this prices we have now are low, what
prices we expect in the future when crypto-currencies economy grows? Can we really expect Bitcoin at
million dollars and Ethereum at 100k? Or I am just dreaming? Can that happen in the next 10 years?

[googol.star]

.07 percent is still quite a large number. And it means it has a lot of room for growth.

[TheUltraElite]

Bitcoin is still in its baby steps if that is what you mean to say, I would agree. Now the acceptance of bitcoin is gradually growing but the world economy takes a lot of time to change from one mode to another, we should be happy that bitcoin has reached these figures already.

Huge numbers would not happen so quickly. As time passes on we have seen more merchants accepting bitcoin and more countries allowing bitcoin to be traded without blanket bans compared to other countries. This is why we can optimistic about the future acceptance and usage of bitcoin.

However that does not mean that bitcoin will turn the tables to banks. Nope, the banks and hedge funds are way more clever to understand and predict this and they will be accumulating bitcoin too in order to gain market control.

[DoubleEdgeEX]

That´s why it so crucial to work out real life use cases that have a positive impact on a majority of the global populaton. Beside that, education and spreading out basic knowledge is just as important. The more people understand it, the more people will use it. The car also needed time to establish itself as a successor to the horse carriage, we need to give cryptos and blockchain more time

[abhiseshakana]

The government (at least in the US) and most western nations don't do this though, they don't stop people from using cryptocurrencies. If everyone in the US -- consumers and business people - wanted to start using crypto for their transcations, they could. The problem lies in the fact that people don't want to use them for many reason: some of these are as follows

1. They're not educated on cryptocurrencies and they think it's too intricate to use, which for some I could see how that is the case. Some older person who runs their diner would much rather swipe a credit card then try to manage their crypto wallet and their keys and so on. The best thing to do is teach people about the savings (not paying 1-3% to a CC processor and dealing with chargebacks)

2. Fees are a bit too high and the crypto is a bit too volatile - People don't want to deal with this, and there most likely isn't enough adoption to even warrant businesses setting up the infrastructure to accept crypto.

But yes, the value is pretty low and I do hope this changes.

The USA government does not prohibit cryptocurrency from being traded but government sentiment towards cryptocurrency also affects people's thinking. This is where we see the role of the state as crucial because the state is seen as a guarantor of the interests of the people.

In addition, we must recognize that payment using L/C is the safest for cross-border trade and the use of SWIFT is the fastest and relatively low cost of USD 40 with integrated network guarantees almost all over the world and also security. While bitcoin does have to admit that even in the process of transferring for cross-border transactions it can eliminate the role of third parties. But the parties still need a third party as a verifier (independent surveyor) that each party has fulfilled its obligations and guarantor that each party will fulfill its obligations.

[leyton11]

This is completely normal. You should understand that this is a decentralized market, there is no law to protect traders or investors. Therefore, only a few people in this world participate in this crypto market. Therefore, bitcoin only accounts for very low value compared to the world's money. Due to so many disadvantages in controlling, many governments have banned people from participating in trade or paying for services with crypto. That is also the reason why the crypto market is unlikely to thrive.

[Leviathan.007]

Surprising?
I'm not surprised. Because the market is still way too young and it takes time for the crypto currencies market to get some more value on it.
Maybe in the next 10-15 years or sooner you will be surprised about the market cap. But it needs some time to be known, recognized and trusted by more people.

[AniviaBtc]

I understand that people expect patience from bitcoin and I get that but you are forgetting we are living in a much more technological world nowadays. It means if you look at the stocks markets and how old they date, it doesn't mean anything, from 18th century to late 20th century the technology for them wasn't computer, it wasn't even proper mailing system for a long time, it was all old systems that could be abused and all that.

But in crypto world it has always been high tech and from now on, in the 100 years after the discovery of bitcoin, we are going to be a species that could habitat space, it is totally different periods. Hence why bitcoin has to move a lot faster than the stock market did, we can't wait around for hundreds of years to see bitcoin become big.

They are really forgetting that bitcoin is volatile, if you're knowledgeable about it and you know and seek information about the effect of bitcoin in the market, you will not be shocked about that. Cryptocurrencies like bitcoin can also go down and it depends on you on how you can get recover from that situation. It is not about the timing it is about how fast the technology is advancing, you need to cope up with the reality that we're in the time where cryptocurrencies are really known and there are a lot of people who are engaging to it to manipulate it in the market. Now, we're really patient about its price and we're not making it hard for the economy to become stable. Just be patient all the time and take care of your assets in the market.

[jostorres]

Just like an upcoming hoping to become famous overnight while they have not even put out any much work yet. You know that you shouldn’t be comparing gold and BTC in this right? Gold has been around for ages, when did we get Bitcoin? Just for a decade and a few years and you’re already expecting that Bitcoin will cover up a hundred percent? You have chill out mehn things are not done this way. It takes time.

I don’t understand why a lot of people worry in this forum about unnecessary things. No matter how small it is, there are people who are strong supporters of BTC and they are happy with it.

[STT]

Gold was the backing for all currency not that long ago and that past might once again be the future if FIAT were to fail.  If BTC is some percentage of gold market now while its still just an untracked commodity not a currency asset then its quite an achievement, I presume if golds future is to return to greatness and back world trade then BTC also could be part of that.    Even if there was no growth, being part of that return to solid standards over the current debt notes issued by politics not production that is a noble place for crypto to be.    If BTC does grow as it appears it will then we've got a great trajectory ahead and this is still the beginning.
  Obviously gold does vary greatly from BTC but they could both be considered a kind of commodity, gold has its use as an element and inert security known quality and quantity of that value and BTC is a security commodity in a modern digital economy especially relevant to non physical goods imo.

[dentolas]

What would you expect? have you seen the global crypto market cap lately? a bit less than 300billionUSD... this is nothing in comparison with the money moved around by stocks, large businesses, etc...
And crypto users are a true minority...
I think that these factors put together will clearly show the danger something like Libra (with it's billions instant users) or the chinese national crypto currency can pose to BTC and to the existing crypto market....

[FlightyPouch]

0.4, 1.6, and 0.7. It seems low but comparing these is just unfair considering the times they have. Bitcoin can still do much better, we still have a long time to run and I think that numbers would be doubled in the next few years. It now has millions and millions of users, what more if 1/7 or 1/8 of the total population of this world are already using it.

[TheUltraElite]

Beside that, education and spreading out basic knowledge is just as important.

Have you tried doing this in real life? I have and it was counter productive, people wanted to know if their money is secured or not. What they dont like is that bitcoin is decentralized and they cannot accept the fact that there is no "hacker" organisation controlling it in reality. This is tough to make someone understand and added on top the negative attitude of the media has been a red flag on crypto. It will a take lot of time to change this mentality.

The more people understand it, the more people will use it.

People always trade ease of use to technology. So more understanding is irrelevant if they dont get the ease or speed.

The car also needed time to establish itself as a successor to the horse carriage, we need to give cryptos and blockchain more time

I think so too. It is growing and developing and gaining attention, slowly we will see better changes.

[Negotiation]

The crypto market will change a lot with confidence Blockchain technology has gradually reached a peak of improvement and demand is increasing The economic value of crypto will start to rise again even if it goes down but we have to wait for that. As Bitcoin is decentralized no one controls it and the price goes up by increasing the demand Bitcoin will rise a lot in the coming years Prices are likely to rise later this year.

[bits4books]

>It is both shocking plus unreasonable to see the abilities of cryptocurrencies being limited by both government and people.

I don't need to read any more. Let's start with the fact that the entire cryptocurrency is limited by itself. You came up with "new money" but somehow did not come up with why everyone around them should use it and this is the fundamental problem of coins. The cryptocurrency does not have the same "platinum case" that it can be used without a second thought.
Yes, this is a double-edged sword, we do not have the infrastructure for crypto because we are hindered and therefore we can not use crypto as we want, but we could... The only problem is that they couldn't. I don’t know any projects with visa level TPS

[leyton11]

I have known this for a long time but it is reasonable. Although trading volumes amount to billions of dollars in exchanges, there are certainly very few users. Here only the whales manipulate here a lot and there are very few users. Besides, there are still very few people who use bitcoin for payment, so that is understandable. Most people now just hold bitcoin or trade it on the exchange.

[abhiseshakana]

The crypto market will change a lot with confidence Blockchain technology has gradually reached a peak of improvement and demand is increasing The economic value of crypto will start to rise again even if it goes down but we have to wait for that. As Bitcoin is decentralized no one controls it and the price goes up by increasing the demand Bitcoin will rise a lot in the coming years Prices are likely to rise later this year.

Yesterday I found this article which easily gives a picture of the small amount of bitcoin compared to fiat and there is concern that a limited amount might not be able to support the world economy. So in the end bitcoin will only end up like gold only as an asset not as greasing the transaction.

With advances in technology and interconnectedness, because many people believe that bitcoin is a form of national threat, many do research and observe bitcoin which in the end concludes that although seen as a threat, bitcoin is also a set with good performance and even the best. So that eventually countries with negative interest rates, countries with unjust regimes (Venezuela, Iran, Russia), globalists, and billionaires who hedge their investments against the threat of QE, and institutional investors will realize and start saving bitcoin like saving gold.

https://www.visualcapitalist.com/all-of-the-worlds-money-and-markets-in-one-visualization-2020/

[BitcoinTurk]

- Bitcoin accounted for just 0.4% of the world's money.
- Bitcoin was worth only about 1.6% as much as the world's gold supply.
- All cryptocurrencies combined accounted for less than 0.7% of the world's money.

 
Yes, it was already known to many of us that crypto money markets have such a low volume compared to other world markets. Indeed, for these reasons, many large investors prefer crypto money markets for easier manipulation because there is a much smaller capital market control in these markets compared to other markets. Hopefully, we can see that these rates have increased in the upcoming short term period and that the crypto money markets have reached high transaction volume, just like other markets. It should also be noted that if this happens, prices will fluctuate less and small investors will suffer less.

[$crypto$]

The crypto market will change a lot with confidence Blockchain technology has gradually reached a peak of improvement and demand is increasing The economic value of crypto will start to rise again even if it goes down but we have to wait for that. As Bitcoin is decentralized no one controls it and the price goes up by increasing the demand Bitcoin will rise a lot in the coming years Prices are likely to rise later this year.

Yesterday I found this article which easily gives a picture of the small amount of bitcoin compared to fiat and there is concern that a limited amount might not be able to support the world economy. So in the end bitcoin will only end up like gold only as an asset not as greasing the transaction.

With advances in technology and interconnectedness, because many people believe that bitcoin is a form of national threat, many do research and observe bitcoin which in the end concludes that although seen as a threat, bitcoin is also a set with good performance and even the best. So that eventually countries with negative interest rates, countries with unjust regimes (Venezuela, Iran, Russia), globalists, and billionaires who hedge their investments against the threat of QE, and institutional investors will realize and start saving bitcoin like saving gold.

https://www.visualcapitalist.com/all-of-the-worlds-money-and-markets-in-one-visualization-2020/

Due to the limited total supply I think bitcoin will not be a legitimate transaction worldwide because it will not be enough I think with the current circulation in this market but only a few use it in transactions / payments but there is no security from the country so this will be a lot make it difficult for the user.

With more and more demand in the future it will become an antique item because bitcoin will become one of the many investments in a hurry when supplies start to fall short and therefore from now many speculate about bitcoin will be legalized throughout the world it is still a myth.

[Assface16678]

This is commonly happening because we are experiencing having a pandemic outbreak and because of the people who want to pull out their investment to spend their money to survive the pandemic and we cannot stop them because we have different needed in terms of making an investment if you already gained profit why not keep it safe.

Even we cannot say the market price of the coin is not surprisingly falling down because it already reaches the market price of 10k dollars and tries to put an effort to achieve the 13k mark but now it already falls down and trying to take a break
If the market price of the coin falls down again into an 8k dollar mark there is a chance it will follow up to 5k dollars again before make another come back on it.

The crypto market will change a lot with confidence Blockchain technology has gradually reached a peak of improvement and demand is increasing The economic value of crypto will start to rise again even if it goes down but we have to wait for that. As Bitcoin is decentralized no one controls it and the price goes up by increasing the demand Bitcoin will rise a lot in the coming years Prices are likely to rise later this year.

Yesterday I found this article which easily gives a picture of the small amount of bitcoin compared to fiat and there is concern that a limited amount might not be able to support the world economy. So in the end bitcoin will only end up like gold only as an asset not as greasing the transaction.

With advances in technology and interconnectedness, because many people believe that bitcoin is a form of national threat, many do research and observe bitcoin which in the end concludes that although seen as a threat, bitcoin is also a set with good performance and even the best. So that eventually countries with negative interest rates, countries with unjust regimes (Venezuela, Iran, Russia), globalists, and billionaires who hedge their investments against the threat of QE, and institutional investors will realize and start saving bitcoin like saving gold.

https://www.visualcapitalist.com/all-of-the-worlds-money-and-markets-in-one-visualization-2020/

Due to the limited total supply I think bitcoin will not be a legitimate transaction worldwide because it will not be enough I think with the current circulation in this market but only a few use it in transactions / payments but there is no security from the country so this will be a lot make it difficult for the user.

With more and more demand in the future it will become an antique item because bitcoin will become one of the many investments in a hurry when supplies start to fall short and therefore from now many speculate about bitcoin will be legalized throughout the world it is still a myth.

The bitcoin today becomes limited because some of the miners stop their mining because they lose a lot of money and some of the miners fall back their bitcoin because they cannot make another profit on it. Still, some of the people support the use of bitcoin today because they know it is the safe heaven right now which is a good thing to make more earnings. But if you are an investor that can hold a lot of money and make an investment into the higher price when the price of the coin falls drop it will come the same with your money.

[el kaka22]

It will get bigger, I know it is nowhere near its full potential now and it has been a while since it was created as well and looks like it is slowly increasing but not fast enough. However if we wait long enough it is an exponential growth that would be awesome for us, it will take some time and it will be at least another 5 to 10 years before bitcoin could reach to a level where it will increase to a level where it will be used everywhere globally, but it will get there.

Let's remember 2017 peak times, online places like Amazon and steam and Microsoft all accepted bitcoin back in those days, if we wait and take the price high once again and get the attention it deserves, those companies will come back to bitcoin and many more will follow them as well and offer us options to use bitcoin too, the more the merrier that will lead to even higher prices.

[deisik]

"Stock market capitalization as percent of GDP, 2018 - Country rankings: The average for 2018 based on 63 countries was 70.95 percent."
(Taken from the Global economy)

To put this in perspective, the oldest stock market goes as far back as the 16th century and the wall street market was established around 1792 IIRC. Bitcoins' Genesis block was mined in 2009.

This post wins the thread. Bitcoiners need to exercise some patience.

In 2017, the BTC market reached almost 5% of the size of the gold market. After existing for 8 years. That's incredible to me, beyond all expectations

Mate, it's 2020 today, with coronavirus reaping a grim toll across countries and continents

Anyway, the gold market is not the goal. People still think of Bitcoin in terms of price whereas they should think in terms of use and adoption. And how much adoption have we seen since then? Let me guess, next to nothing? Is there any hope? Will you be happy if Bitcoin becomes next gold instead of a true medium of exchange? As they say, be careful what you wish for. Or am I asking too much?

Everyone should just consider themselves lucky to be early adopters

I heard this mantra prior to 2015, and it had already become a cliché by then