hatshepsut93
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October 06, 2023, 11:53:47 PM |
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This is tremendously bullish, showing the first signs of true broad adoption and how far cryptocurrency has come that we can even experience such euphoria in the midst of a bad market.
How is this a sign of mass adoption if the address growth only spikes during the peaks of a bull run, and then returns to normal? The chart shows that the grows rate goes up quite slowly, while the term "mass adoption" could imply exponential growth. If anything, it's even a bit depressing that the spike of 2017 bull run is bigger than that of 2021 - not what you would expect from 4 years of mass adoption.
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adaseb
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October 07, 2023, 03:50:54 AM |
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I don’t think it’s mass adoption. How many of your friends are talking about bitcoin now? On wall street bets even everybody there thinks bitcoin is already dead.
This might be accumulation by the big whales but it’s not mass adoption of the retail public. That usually happens during smart bull markets when bitcoin ATH is broken and everybody rushes to buy bitcoin.
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Lucius
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October 07, 2023, 10:55:15 AM |
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I don’t think it’s mass adoption. How many of your friends are talking about bitcoin now? On wall street bets even everybody there thinks bitcoin is already dead. ~snip~
Almost no one, because ordinary people will start talking about Bitcoin only when mainstream media talk about it, and that will only be when for some reason the price starts to rise. We have to be honest with ourselves about some things, and that is that at least 95% of people who know anything about Bitcoin see it only as an opportunity to make money, and they don't want to invest in the long term, but are waiting for a sign that a big bull run has started. I don't agree that the guys from Wall Street think that Bitcoin is dead, because they still know something about all this, and I'm sure that they follow very closely what is happening with the spot BTC ETF. In case of approval, I'm sure they know very well that it would be a very good opportunity for a quick profit.
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eightdots
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October 07, 2023, 11:26:53 AM |
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Crypto is no longer just a niche topic for tech enthusiasts; it is now something that is being talked about by people from all walks of life. The progress that has been made in recent years is remarkable, and I believe that crypto mass adoption is inevitable. I am excited about the potential for crypto to democratize finance and create new opportunities for people all over the world, making it a more equitable and prosperous place.
Exactly and our own government is already making a move to slowly adopt crypto and they are hosting multiple of events already just to inform the public to be more safe in the world of cryptocurrency. This is a difference situation now and we are on the stage of adoption, sooner or later those who are agains this before will start to adopt or else they will be left behind by their competitors and their business will be in trouble. Governments are implementing methods to inform their citizens about Bitcoin. Universities are also used for this. Information about the crypto world is given in what we call student clubs at the university. In the country I live in, some crypto exchanges sponsor soccer teams. This allows Bitcoin to be seen by more people. After the last bull season in crypto, people have become more knowledgeable about crypto. Especially when people saw the potential of Bitcoin, they started to adopt it more.
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jaberwock
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October 08, 2023, 02:12:54 PM |
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I would not call it "adoption" in the literal sense of the word, but only a certain type of awareness that there is a certain form of investment that in a very short time (several months or one year) can result in significant profit. I think that the famous four-year cycle has spread so much among the masses that most people believe that it is a done deal and a sure profit.
It is obvious that some bet with the conviction of a sure profit and that the accumulation time is still going on, with the fact that the majority will still very likely join only when they are sure that the new big bull run has started, and if there is no super good news before halving, such a bull run should not be expected before Q3/Q4 2024.
I kind of hope that in that case the price will rise by 50% or more in the next ten months, which would mean that in the next big bull run, we could start from a position of at least $40 000 for 1 BTC.
Even that's a good thing, it allows people to see it in a different light and should be giving us a better return. I know that it is going to take time for adoption to grow to a level where we feel comfortable just spending it, but that doesn't mean that it is going to be all that hard. Best thing to do in this case would be making sure that you are doing a good job and should not be all that increasingly hard. People may see it on a different light when the time comes but until then we should just raise the awareness and also make sure that it is in a good way for something that is good and not a bad thing. Sometimes life is harder than we assume and if we keep it down and not even try because it is a hard thing to do then we would achieve nothing. There was a saying anything worth doing is hard to do or something like that, so yeah it will be hard to handle it and there is no doubt about that but the adoption will go up more and more eventually for sure.
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bayu7adi
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October 08, 2023, 11:15:43 PM |
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We have to be honest with ourselves about some things, and that is that at least 95% of people who know anything about Bitcoin see it only as an opportunity to make money, and they don't want to invest in the long term, but are waiting for a sign that a big bull run has started.
The seeds to identify long-term Bitcoin holders seem somewhat obscured at present. However, I believe that many major institutions or individuals with substantial BTC holdings prefer the long-term investment approach. In terms of individual quantity, they may indeed be overshadowed by small investors seeking quick Bitcoin gains every day. But in terms of overall value, the disparity is glaringly apparent in the amount of BTC they possess. Estimating that only 5% of long-term Bitcoin holders exist appears overly conservative. It might more realistically range between 15% to 20% of the total holder population.
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STT
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October 08, 2023, 11:29:57 PM Last edit: October 08, 2023, 11:59:34 PM by STT |
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Mass appeal yes and its true alot of the world now know of this product in their potential selection. If we want to say adoption then then this is not something dropped and unused, it would be more constant then that. At present people use then stop using BTC which isnt what I'd argue as adoption so much. We probably need for people to get interest or some reason to hold onto BTC to a greater extent then they do already. My take on BTC progressing would be it occurs to a small extent by accident, there is the pocket lint argument where whatever you use you always retain a little bit by accident. So far thats more like whats happened (in mainstream not talking other more digital based people) but its still a positive despite being a very dismissive description, I do think by accident people will increasingly use & retain BTC then reuse but its far slower then this mass adoption dream scenario sadly. Still a long way to go yet.
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justdimin
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October 09, 2023, 12:46:02 PM |
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This is tremendously bullish, showing the first signs of true broad adoption and how far cryptocurrency has come that we can even experience such euphoria in the midst of a bad market.
How is this a sign of mass adoption if the address growth only spikes during the peaks of a bull run, and then returns to normal? The chart shows that the grows rate goes up quite slowly, while the term "mass adoption" could imply exponential growth. If anything, it's even a bit depressing that the spike of 2017 bull run is bigger than that of 2021 - not what you would expect from 4 years of mass adoption. Mass adoption doesn't mean the price is now going to rise consistently but of course there are still bear markets along the way because most people came here for one purpose and that is to earn a profit. A bigger dump will still mean that the adoption is already higher than usual. It's normal that many people will get attracted to enter when the price is getting bullish. They are FOMOing in short but this is a bad practice because they can get caught up with a bear market. Mass adoption isn't only about the price but what important here is that many people are now aware and are using cryptos. Things are going to be easy this way for us old crypto users.
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Yamane_Keto
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October 09, 2023, 02:13:01 PM |
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4-year cycle theory is not related to it being a historical event, but rather a clear variable in supply. Since we assume that demand increases continuously, it is this sharp decrease in supply that leads to a change in the price and the accompanying rises. If we consider that the bottom price will be the average Bitcoin mining costs. We will find that the bottom will be around $30,000, and the top could be 5 times that, which means that the new ATH will be $150,000, which is what many expect. This means that the average price for the coming years is $60,000, and from here we see technical analyzes calculating Bitcoin price cycles based on four years or a historical cycle.
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自信は成功です
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Pierre 2
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October 09, 2023, 03:45:55 PM |
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I completely agree with OP but I think its observable. I can remember Bitcoin getting mentioned in deadpool movie (not exactly mentioned but logo shown as far as I remember) and everyone was like wow. Now Bitcoin is everyday life thing. I see it around local and global finance news all the time. I see people debating on it at all kinds of tv channels. it's really mainstream now. It was like hidden basement project of college student in past compared to global world issues. And I am also totally bullish.
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danadc
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October 09, 2023, 08:03:38 PM |
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Regarding massive adoption, it is likely that it is happening, but I don't know if throughout the world, many enter the bitcoin and cryptocurrency market for the need to make money, because they know that with the options of making money through fiat money Centralization is completely controlled by the banks, you cannot earn a lot of money, unless you are a great slave and that is not what you are looking for, I have seen many people who have been working in a company for years and when they leave they cannot buy themselves. not a house, not a car, nothing, so why do you work like that? Options must be sought, that is why it is adoption and governments have realized these things, that is why they are pursuing the goal of regulating everything related to bitcoin and cryptocurrencies.
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Sophokles
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October 09, 2023, 08:18:41 PM |
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I don’t think it’s mass adoption. How many of your friends are talking about bitcoin now? On wall street bets even everybody there thinks bitcoin is already dead.
This might be accumulation by the big whales but it’s not mass adoption of the retail public. That usually happens during smart bull markets when bitcoin ATH is broken and everybody rushes to buy bitcoin.
I agree with your point of view. Today I saw an influential stock investor claim, "Bitcoin is the biggest fraud in history and it is going to zero". There is still negativity about bitcoin in the market. The FTX scandal and the Luna crash made things worse. The market manipulation could be its all time high because of those gigantic asset managers who applied for bitcoin ETF. They have the assets and power to influence the market in their favor.
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pawel7777
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October 09, 2023, 09:33:36 PM |
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I agree with your point of view. Today I saw an influential stock investor claim, "Bitcoin is the biggest fraud in history and it is going to zero". There is still negativity about bitcoin in the market. The FTX scandal and the Luna crash made things worse. The market manipulation could be its all time high because of those gigantic asset managers who applied for bitcoin ETF. They have the assets and power to influence the market in their favor.
You're not talking about Peter Schiff are you? If you are, bashing Bitcoin is just his schtick, it gained him a lot of popularity (there's no such thing as bad publicity) and he will never change his tune. I don't think there is a dominating negative sentiment among the retail investors. If anything, I'd say the sentiment is more neutral. Since there's no dramatic price action, there's little coverage outside of the crypto-sphere and people move their interest elsewhere. But they're likely to be back when we see the price going up consistently.
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lionheart78
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October 09, 2023, 11:07:06 PM |
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There are some seasonal mass adoptions like when a country accepts Bitcoin thus revitalizing its investors to invest in Bitcoin ventures like creating companies that do cryptocurrency services t this mass adoption may not happen on a regular basis but it did once in a while especially when ther is a huge news about Bitcoin being accepted by a country or being integrated by large company. I agree with your point of view. Today I saw an influential stock investor claim, "Bitcoin is the biggest fraud in history and it is going to zero". There is still negativity about bitcoin in the market. The FTX scandal and the Luna crash made things worse. The market manipulation could be its all time high because of those gigantic asset managers who applied for bitcoin ETF. They have the assets and power to influence the market in their favor.
The thing is there nothing can please everyone, there will always be opposition especially when someone tries to hold onto their old beliefs. Bitcoin is the future while these people who keep bashing Bitcoin are trapped in their old ways.
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alani123
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October 09, 2023, 11:39:46 PM |
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I have seen some sustained growth in certain crypto use cases. The crypto bubble of 2021 might have burst but this time more people got accustomed to the technology and have kept using it since.
People keep using crypto debit cards for their cashback. Many people still use DeFi to hunt yields and I've heard many of my friends use crypto as a payment method over time. One primary use case is ease of payment between countries and especially for services hosted in countries that might be affected by sanctions. For instance many of my friends have at some point needed to purchase followers or likes for their online profiles. These services are mainly provided in Russia and even though it's not illegal to purchase virtual services and goods from Russia as an individual, visa, mastercard and SWIFT sanctions make it really hard to buy stuff from there. So bitcoin suddenly is a much more realistic option.
But to say that a slight increase in usage is mass adoption? Nah... If you live in the west it's still much more convenient in 99.9% of occasions to pay with a debit card...
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GreatArkansas
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October 10, 2023, 02:51:48 AM |
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This is what I have said before day by day, a lot of people, new people are being introduced to Bitcoin, and new people are starting to use Bitcoin or own Bitcoin. That's why our market continues to evolve, some fundamentals before could not be effective anymore in the future because of a lot of factors to consider, like the major is the volume and adaption.
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Kelvinid
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October 11, 2023, 01:13:18 PM |
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Crypto is no longer just a niche topic for tech enthusiasts; it is now something that is being talked about by people from all walks of life. The progress that has been made in recent years is remarkable, and I believe that crypto mass adoption is inevitable. I am excited about the potential for crypto to democratize finance and create new opportunities for people all over the world, making it a more equitable and prosperous place.
It just now when people had already appreciated the movement of the market and its huge profit. The more it talks on social media and those people who have shown their wealth upon investing in Bitcoin, the more it drags attention and courage. But for me, it was not what we called adaption because people's interest is not about accumulating and using this as a currency but solely for investment purposes. We can see huge demand as the corrections start and they soon be selling off their coins to make a profit and so the dumps started again.
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JoyMarsha
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October 11, 2023, 09:08:52 PM |
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The popularity of crypto skyrocketed during the last bull run. In that period all people could talk about was crypto and how it could make them rich. The dip happened and a lot of them separated themselves from crypto. This is mainly because they either invested in the wrong coin or didn't have a clear idea of what crypto is.
The majority of people still think that crypto is a get-rich scheme, so when it doesn't produce the profits they were hoping for, they decide to avoid it or label it a scam. This time around, when people talk about the approaching bull run, you'll see people investing in altcoin in the hope that it would make them wealthy while forgetting that not all altcoins will experience a sharp increase in value during the bull run. It is so awful that we still have people in the crypto space, who do care about investing in altcoins more than they invest in bitcoin.
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Fundamentals Of
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October 12, 2023, 02:26:37 AM |
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I'm seeing a number of spikes in terms of addresses on that chart that don't actually reflect on the price. It's not just the spike during the $15,000 bottom last year. There's also that spike of the number of addresses in the second half of 2016, but the price didn't move accordingly. There's also another one in 2022. And then another in 2023. So I don't think there's really a solid basis to conclude that a spike in addresses means a growth in price. At the end of the day, a new address doesn't equate to a new user.
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Odohu
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October 12, 2023, 05:51:08 PM |
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As much as we would all like to give the impression that the cryptocurrency market can be predicted with certainty using numerous theories, such as the 4-year cycle theory, which is meant to anticipate both bull and bear markets. While all of this has historically been demonstrated a few times, there is no denying that the landscape of the entire cryptocurrency market has fundamentally shifted as a result of this recent mainstream adoption.
By my understanding of mainstream adoption, I wouldn't say cryptocurrency have achieved that; we are still far from it even though we have made remarkable progress in terms of awareness. I will be comfortable to say cryptocurrency have achieved mainstream adoption when it becomes legal tender in several jurisdictions and readily accepted in various merchants and businesses across the world. This will come when there are innovations that make cryptocurrency attractive and a better alternative to conventional way of doing business.
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| | | ▄▄████▄▄ ▀█▀▄▀▀▄▀█▀ ▄▄░░▄█░██░█▄░░▄▄ ▄▄█░▄▀█░▀█▄▄█▀░█▀▄░█▄▄ ▀▄█░███▄█▄▄█▄███░█▄▀ ▀▀█░░░▄▄▄▄░░░█▀▀ █░░██████░░█ █░░░░▀▀░░░░█ █▀▄▀▄▀▄▀▄▀▄█ ▄░█████▀▀█████░▄ ▄███████░██░███████▄ ▀▀██████▄▄██████▀▀ ▀▀████████▀▀ | . ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ ░▀▄░▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄░▄▀ ███▀▄▀█████████████████▀▄▀ █████▀▄░▄▄▄▄▄███░▄▄▄▄▄▄▀ ███████▀▄▀██████░█▄▄▄▄▄▄▄▄ █████████▀▄▄░███▄▄▄▄▄▄░▄▀ ████████████░███████▀▄▀ ████████████░██▀▄▄▄▄▀ ████████████░▀▄▀ ████████████▄▀ ███████████▀ | ▄▄███████▄▄ ▄████▀▀▀▀▀▀▀████▄ ▄███▀▄▄███████▄▄▀███▄ ▄██▀▄█▀▀▀█████▀▀▀█▄▀██▄ ▄██▀▄███░░░▀████░███▄▀██▄ ███░████░░░░░▀██░████░███ ███░████░█▄░░░░▀░████░███ ███░████░███▄░░░░████░███ ▀██▄▀███░█████▄░░███▀▄██▀ ▀██▄▀█▄▄▄██████▄██▀▄██▀ ▀███▄▀▀███████▀▀▄███▀ ▀████▄▄▄▄▄▄▄████▀ ▀▀███████▀▀ | | OFFICIAL PARTNERSHIP SOUTHAMPTON FC FAZE CLAN SSC NAPOLI |
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