Can Bitcoin Succeed Without Mass Adoption?

[EluguHcman]

Bitcoin’s price and adoption go hand in hand. without growing adoption, we shouldn’t expect sustained price increases. After all, demand (and thus price) is a reflection of real-world usage. But here’s the challenge: Bitcoin can’t compete with fiat for everyday transactions yet. So how do we bridge that gap?

There is absolutely no way to reach that peak. Satoshi never meant to build Bitcoin in the aspect that it would compete or overshadows the real-world usage of the fiats.
Bitcoin is an financial technology that one have to grow and considers it worth before adopting it while the fiat has become a traditional option for each and everyone without a second thought of how useful it could be in the case of making payments since it is centralized and the government can always come up with policies that can hinder the adoption of Bitcoin while the fiats is made a prior for the masses.

Talking about Bitcoin to bridge gaps with the fiats on daily basis usages for transactions can not be achieved due to the volatility of Bitcoin while the fiats is made stable values.
I think we should know that the most attractive possession of people towards Bitcoin is it volatility potential as a hedge to store values and not basically on daily usage for transactions otherwise, the interchanges for exchange on payments purposes will be weird when holds good values of it and wanting to make payments with it in a short time turns a low value due to it volatility.
But is just so good to buy and hold for investment otherwise, it would perform an effective negative bankrolls for the community users when adopted it for daily transactions.

Instead, let us seek how Bitcoin would be a most commodity that will surpass the stocks which of course it has gained global attentions and attractions with it volatile and decentralized potentials. The only problem allocated on Bitcoin to be at the global top is it technological accessibility which every exiting humans may not be up to the task of conveniently be adaptive to digital devices and technologies.
So you will while the fiats will only be a primary value for the masses in term of monetary transactions.

[Outhue]

Yes it will succeed.

Once upon a time many people don't care about Bitcoin.

Some people believe that it is the next dot com and it will crash.

In 2012 and 2013 it was a boring era for Bitcoin, circulating supply was very low.

There are coins with billions in supply but the circulating supply are under a million, they survived even while not many people know about them.

Bitcoin will either grow fast or slower with or without many people getting on board.

Those who cherish decentralisation will keep using Bitcoin anyways.

[john_egbert]

Yes it will succeed.

Once upon a time many people don't care about Bitcoin.

Some people believe that it is the next dot com and it will crash.

In 2012 and 2013 it was a boring era for Bitcoin, circulating supply was very low.

There are coins with billions in supply but the circulating supply are under a million, they survived even while not many people know about them.

Bitcoin will either grow fast or slower with or without many people getting on board.

Those who cherish decentralisation will keep using Bitcoin anyways.

What I would up is that the adoption may be halted - but never can be stopped

[Zoomic]

Bitcoin’s price and adoption go hand in hand. without growing adoption, we shouldn’t expect sustained price increases. After all, demand (and thus price) is a reflection of real-world usage. But here’s the challenge: Bitcoin can’t compete with fiat for everyday transactions yet. So how do we bridge that gap?

Bitcoin compete with fiat? I don't think so. Infact, this should not be our concern because Bitcoin itself is not designed to compete with fiat, it's just an alternative currency and from all indications, it is obvious that Bitcoin now is not suitable to be used as an everyday currency due to volatility and transaction fees. Maybe in the future, Bitcoin's price may become more stable than it is now, this we can't be sure of. However,  for now, let's enjoy its benefits over fiat as a good store of value just like gold. When we get into the future, we will deal with anything that may arise. I am certain that whatever will arise in the future will definitely be for good.

[summonerrk]

Bitcoin’s price and adoption go hand in hand. without growing adoption, we shouldn’t expect sustained price increases. After all, demand (and thus price) is a reflection of real-world usage. But here’s the challenge: Bitcoin can’t compete with fiat for everyday transactions yet. So how do we bridge that gap?

When we see Bitcoin’s price surge, it begs the questio... Will it remain just a speculative asset? If so, that makes it a risky long-term hold, especially if adoption stalls. Worse, if whales and corporations dominate supply, they could manipulate the market, turning Bitcoin into a game for the wealthy rather than the many. That would defeat its purpose entirely.

So if someone doubts Bitcoin’s future over these concerns, how do you convince them it’s here to stay and grow?

I think that Bitcoin does not necessarily need to experience mass adoption and the fact is that now a fairly small percentage of people use cryptocurrencies, but at the same time Look How popular Bitcoin has become, everyone knows about it and the US President talks about it a lot.
I think that Bitcoin has reached a point of no return (in a good way), when the process can no longer be stopped and cryptocurrencies use it and it becomes popular. And there is nothing wrong with the fact that someone does not use it, the critical mass has already been reached, and the process really cannot be stopped.

[Zaguru12]

I think that Bitcoin does not necessarily need to experience mass adoption and the fact is that now a fairly small percentage of people use cryptocurrencies, but at the same time Look How popular Bitcoin has become, everyone knows about it and the US President talks about it a lot.
I think that Bitcoin has reached a point of no return (in a good way), when the process can no longer be stopped and cryptocurrencies use it and it becomes popular. And there is nothing wrong with the fact that someone does not use it, the critical mass has already been reached, and the process really cannot be stopped.

I don’t understand what you meant by bitcoin doesn’t need a mass adoption, but for me I think bitcoin definitely needs more and mass adoption that it can get. Adoption isn’t only about the bitcoin price surge, gold isn’t widely adopted or widely traded but still the price is going up because of its advantage of be a good store of value. Same thing with bitcoin, it’s scarcity will actually cause it too going up because people have begin to lean towards bitcoin against fiat just because of inflationary conditions and the freedom that comes with using it.

Bitcoin need mass adoption in my opinion so as to have a decentralized supply of it and most importantly for someone like me looking to see it been used for payment method mass adoption will definitely encourages business owners into incorporating it into their business, so it definitely needs the mass adoption

[Wind_FURY]

Bitcoin’s price and adoption go hand in hand. without growing adoption, we shouldn’t expect sustained price increases. After all, demand (and thus price) is a reflection of real-world usage. But here’s the challenge: Bitcoin can’t compete with fiat for everyday transactions yet. So how do we bridge that gap?

I believe not. Gold isn't currently massively adopted, but I believe it's considered a success as an asset for thousands of years.

When we see Bitcoin’s price surge, it begs the questio... Will it remain just a speculative asset? If so, that makes it a risky long-term hold, especially if adoption stalls. Worse, if whales and corporations dominate supply, they could manipulate the market, turning Bitcoin into a game for the wealthy rather than the many. That would defeat its purpose entirely.

So if someone doubts Bitcoin’s future over these concerns, how do you convince them it’s here to stay and grow?

Ser, from your viewpoint, Bitcoin is merely a "speculative asset", which probably would make you not consider it a success. But from my viewpoint, Bitcoin is also a bet if the Federal Reserve/Central Banks will print money again because if they expand M2, then Bitcoin's price will surge.

Plus an Open Source project that was built from scratch, and has reached over $1 Trillion United States Dollars is already a SUCCESS.

[buwaytress]

Some things to clarify and define. What do you think is Bitcoin's purpose that can be entirely defeated?

For me, it's always been the case of P2P money, the original and still most important aspect of Bitcoin. And believe me, in the South especially, Bitcoin never lost its shine as that. I've been fortunate in my early Bitcoin journey to have met far more people using Bitcoin that holding it. They not only still use Bitcoin, they have more people and friends and business partners who use it too.

So what's mass adoption to you? I guess to most it's having access to Bitcoin on an app on the phone, but if it's just to speculate on, and you never need to open a wallet for it, does it count?

But if mass adoption means that some day, if I ask someone: "do you take Bitcoin", the answer is more likely "yes" than "no", then you're on my page. That "yes" is getting likelier for me with each time I ask. So I'm hopeful and happy, regardless of the noise about manipulation and corporate interests and regulations, etc.

[Pi-network314159]

According to the question by op, that can Bitcoin succeed without mass adoption? Well Bitcoin can not succeed without mass adoption. As a matter of fact Bitcoin growth is determined by demand and supply, meaning the number of people that buys and sells Bitcoin are the reason why Bitcoin is volatile in the market, but Bitcoin will be more successful if the mass adoption is based on buying and HODLing instead of buying and selling. The market formula for Bitcoin success is higher demand and less supply.

Bitcoin can’t compete with fiat for everyday transactions yet. So how do we bridge that gap?

Bitcoin vs fiat is not a competitive market. Bitcoin functions as an alternative to fiat and will not compete with fiat instead work along side with fiat to make a good financial system. We can not bridge the gap between fiat and Bitcoin but both are important and useful. I even prefer Bitcoin to fiat because it is not affected by inflation instead it adds liquidity to Bitcoin during economy inflation. Because people buys more Bitcoin during inflation people used fiat to buy Bitcoin and stack, making Bitcoin grow higher and higher against fiat.

[iBaba]

The fiat will depreciate more in price which will make the price of bitcoin to increase. Another is that the wealth in the world is increasing, which will make more money goes into buying bitcoin.

There could be a time the price may not really be volatile but bitcoin will still remain an appreciative asset in long term.

With the much volatility that Bitcoin is facing, I fear that governments are already finding ways to influence the value of Bitcoin and the level at which government is trying to penetrate the market is becoming scary and fearful because I fear a time where governments will team up to liquidate the price of the bitcoin in the long run. My assumptions might be wrong but the way the US government for instance is able to kind of influence the coin is concerning and I fear more interference in the future.

[Slow death]

When we see Bitcoin’s price surge, it begs the questio... Will it remain just a speculative asset?

How many countries have legalized bitcoin? There are few, when I talk about legalization, I mean politicians passing laws in parliaments or senates. Many countries allow their citizens to use bitcoin, but they have not created laws on bitcoin to allow government institutions

to accept bitcoin as a payment method. That is why we see few people being able to pay their water and electricity bills using bitcoin, and we also do not see any government employee receiving their salary in bitcoin. For now, bitcoin is mostly used for investment.

[crwth]

A lot has already happened since Bitcoin's start, and it has been a long journey. Mass adoption is not the reason it has been important in the world. In my opinion, it has already succeeded because of its value, how people look at it, and how many businesses are investing.

Once we are near the end of Bitcoin supply, I think it will be more valuable than anyone might think. I guess it’s just believing in this that it is the future of finance.

[Stepstowealth]

...

I think Bitcoin will succeed even if the mass of people do not adopt it but it will not succeed if the mass of people do not accept it because I feel Bitcoin needs more acceptance than it needs adoption. People do not need to start using bitcoin to give it value, accepting the importance of it is enough to give it some value.

Acceptance by all and adoption by a few is enough to give it value.

[Obim34]

...

I think Bitcoin will succeed even if the mass of people do not adopt it but it will not succeed if the mass of people do not accept it because I feel Bitcoin needs more acceptance than it needs adoption. People do not need to start using bitcoin to give it value, accepting the importance of it is enough to give it some value.

Acceptance by all and adoption by a few is enough to give it value.

Seriously, how do you differentiate between Acceptance & Adoption?

If you accept Bitcoin and don't use it, how well can it affect the market.

What Bitcoin need is adoption to be used differently, each demand causes the price to increase, who cares about acceptance when growing usage becomes a big thing.

[Perfectbaby]

Worse, if whales and corporations dominate supply, they could manipulate the market, turning Bitcoin into a game for the wealthy rather than the many. That would defeat its purpose entirely.

Well, I don't still have that thinking that whale and the corporations would dominate the market or its supply so easily as there are many people who are also a key players in the market. For example; there are many institution and companies that are holding bitcoin which could make it that hard for whales to manipulate and maneuver the market so easily, such companies are; Marathon Digital, MicroStrategy, Riot platform, Hut 8, Tesla, Clean-spark, Galaxy Digital and many more, this companies are solely holders of bitcoin, and they are still accumulating bitcoin for long term benefits unlike the whales that keeps stirring and manipulating the market for little investors.

[Lucius]

~snip~
In 2012 and 2013 it was a boring era for Bitcoin, circulating supply was very low.

Do you mean that few people transacted with BTC or that there was very little BTC mined at all? I don't think even the first one is true, but I can definitely say that the second one has nothing to do with the real situation at the time.

By the end of 2013, we already had about 56% of all BTC mined, because the reward in the first 4 years per block was as much as 50 BTC, and even after that it was 25 BTC per block. People traded even then, otherwise Mt.Gox wouldn't have happened. Of course, it's difficult to compare what was there 10+ years ago with what we have today. Great progress has been made since then, there is no doubt about that.

[dezoel]

If someone questions Bitcoin's future even after looking at its history, then there is nothing you can do. do to make them believe in it because Bitcoin's history speaks for itself, despite the things you are talking about, such as adoption, less usability when it comes to daily transactions, or long-term volatility due to adoption stalling, Bitcoin has managed to grow above $100k within a decade and a half. Besides, adoption won't stall unless something more trustworthy and useful comes into the market other than Bitcoin, but for now, it's the king.

If you ask whether Bitcoin can grow without mass adoption or not, then I would say it depends on how the current adopters treat it. The demand won't go to zero, so there will at least be some demand no matter what, and on top of that, those who are already using it will keep trading it, so the demand will always stay above its supply and that's going to make it grow even if the pace becomes slow over time.

[uneng]

Bitcoin is still considered a speculative asset by traditional economists, although its success is undeniable if we look the history of Bitcoin since the beginning. And this success was reached without mass adoption, so it's totally possible it continues that way.

Whales, institutional investors and speculators are dominant in this market, without any doubts, but at same time, it's not a factor which prevents Bitcoin being successful too, because once again, it's a present factor since the early days of crypto market.

The point is that perfection will never be reached here. The real is far from ideal, what doesn't mean average investors are unable to be benefited by Bitcoin.

[Davidvictorson]

Bitcoin is thriving on the mass adoption worldwide this is how it was designed Without mass adoption we'd still have Bitcoin at $100. The mass adoption is driving it's price. This is what I think without any reference to anywhere but from what I have been . For now the more adoption the greater its price. There is also to not forget that institutional adoption is part of it too.

[Botnake]

Honestly, the dream to have mass adoption for bitcoin may take a lot of processes, and there’s even no guarantee if it will gain global adoption in the long run. But here’s my point of view, if we’ll still see bitcoin 5–10 years from now and continue to reach its peak price, that is already a big success for bitcoin. No other digital currency has ever do that.

Success for bitcoin isn’t tied to its price nor its mass adoption, but its more on the demand and its utility case. If people continue to store and hold bitcoin, and people still use it as an investment and currency, hence success has already been achieved.