Bitcoin Doesn't Need Mass Adoption.

[Olotu20]

Many people argue that Bitcoin must achieve global adoption to succeed but is that really true, I have been thinking about this and I have come to the conclusion, that Bitcoin actually doesn't need global adoption to succeed.
Gold never needed everyone to use it daily before it became seen today, as a physical store of value.Bitcoin can function as a store of value without mass usage. Bitcoin is already successful the way it's today. Because it's really solving a problem. Next time someone who is still doubtful about Bitcoin ask you if Bitcoin can stay  the test of time just tell the person that bitcoin doesn't need global adoption to succeed that, it's already a success.

Ask yourself these key questions

Can Scarcity alone may drive value.
What if Bitcoin’s strength lies in selective adoption, not universal adoption.
Is mass adoption necessary, or is Bitcoin already successful as it is today.

[Ambatman]

I'm not going to dispute that Gold is a form of money
But Bitcoin is more than just been a store of value
It's supposed is a medium of exchange
And should be used for transactions.
The more people use it
The easier it would be when transitioning to an only fee system later on.

[Karl_3000]

Bitcoin can function as a store of value without mass usage.

How can bitcoin function as store of value without mass usage? The more people buy bitcoin, also the more they buy more bitcoin, the higher the price. If no mass adoption, that means the price will not go higher. What I am saying is that you are not right at all, bitcoin is a store of value because of mass usage of it.

[uneng]

Scarcity alone isn't enough, but Bitcoin has more than that, otherwise it wouldn't have grown so much since the beginning.

Bitcoin's strength lies on its long term resiliency. Bitcoin seems to fit well for the scenarios investors are facing in global economy. Crisis, wars, pandemics... All these events which cause panic and instability among investors towards traditional markets end encouraging them to invest in Bitcoin as a mean to diversify and to protect their funds against inflation.

The higher the adoption, the higher the price is going to be, as demands increases, at same time volatility decreases, because speculators will have less influence over the market. So mass adoption is a good thing on this aspect. On the other hand, mass adoption brings ignorance to the environment, turning it into a fertile land for scammers and bureaucrats to take place through their regulations.

[PrivacyG]

It does not need EVERYONE to adopt it in order to succeed but it still does have some tests to go through.  One being the evolution of hardware, computing, technology.  If Quantum computer does not affect Bitcoin then can what comes after it affect it or can Bitcoin stand still in front of it and remain untouched?  I at least wonder things like this.  Can it evolve with the rest of the technology or will it ever reach a limit point where 'Bitcoin 2.0' is needed?

Bitcoin successfully went through many of the important tests already.  Wars, trouble of economy, even the Pandemic.  Which means a lot.  Until even tougher tests happen however.  IF they even happen.  We get Bitcoin as it is and we should use it as it is while taking advantage of the things it can offer.  It would be dumb if you went back in time when Gold was the main Currency used and you stopped using it because you thought something better may come 100 years from then.

Anyway.  As long as I have this one free Currency that gives me Privacy and financial freedom, I am happy with it.  It was already successful in my opinion even when it was a thousand Dollars per unit.  It was already doing what Fiat could not.  It still is.  People who want to run from the Fiat chains want it.  I do not need to see 'Bitcoin accepted here' at the grocery store to consider it a win.

[d5000]

What if Bitcoin’s strength lies in selective adoption, not universal adoption.
Is mass adoption necessary, or is Bitcoin already successful as it is today.

I think it is already successful, on one hand, as a kind of proof of concept.

But its true potential still has been missed. The true potential of Bitcoin is to be at least the base unit for a payment system. Imagine: It is the first time that a globally available, decentralized payment system is conceived, without the need of strong institutions like banks. And with censorship resistance, i.e. nobody can prevent anybody to pay to another person, group or organization.

For a store of value, humanity has already found precious metals as a similarly decentralized system. Gold however is completely unsuitable (and more so today!) as a payment means.

Bitcoin's advantage as a payment system is HUGE, much bigger than as a store of value alone. The lower the units transferred and the more transactions there are, the higher Bitcoin's advantage over precious metals (this includes tech like Ark and Lightning of course).

I also believe that the current price doesn't reflect Bitcoin's current usage. If the usage patterns long term do not change and move into more universal adoption as a payment system, then Bitcoin is currently overvalued (I'd put the target price at $10k then).

Ah, and it doesn't need global adoption indeed. Regional or niche adoption as a currency would be huge as well.

[Cryptohygenic]

I seriously think you're the one misunderstanding that abstract of bitcoin "massive adoption" because, it inclines the ideal that the more adoption increases is the more bitcoin price gains more values that's not just for the reason as a store or value, but building a geophysical map where bitcoin becomes more in used within the societies to facilitate it use case as an alternative means to make payments.
Bitoin is use cases is perhaps beyond that most interesting potential as a store or values.

[UchihaSarada]

Many people argue that Bitcoin must achieve global adoption to succeed but is that really true, I have been thinking about this and I have come to the conclusion, that Bitcoin actually doesn't need global adoption to succeed.

You can feel it in a way you want or biased with but it does not prohibit Bitcoin global adoption growth that surely does not depend on how you think about it. Bitcoin adoption grows naturally and Bitcoin has a very parabolic unprecedented impressive growth curve because of its magnificent technology and very good practical operation of Bitcoin blockchain and network since 2009.

Mass global adoption or not, you want it or not, it's your issue, while Bitcoin does not care about you and your thinking. It is a decentralized blockchain that is accepted and used by many people globally and its growth depends on mass people around the world.

Don't trust me, verify it with some proofs.
6 months to get 1000 users; 5 years to find 1 million users.

Today, 13.8 years from inception, it has 300m+ users, 4% of the world.

At current growth rates, 1 billion users will be hit in the next 3 years. That's 12% of the world.

About the adoption curve of Bitcoin.

The adoption curve of Bitcoin is faster than any other global infrastructure rollout before it.

It's growing faster than the rollout of the Internet, mobile phones, and easily faster than "virtual banking" players like PayPal.

See the Bitcoin adoption S-curve full chart.

[GreatArkansas]

(....)
Can Scarcity alone may drive value.
What if Bitcoin’s strength lies in selective adoption, not universal adoption.
Is mass adoption necessary, or is Bitcoin already successful as it is today.

I'm curious, what for you is the measurement of Bitcoin being "successful"? Because for me, that doesn't matter at all. Bitcoin for me is already perfect, it is created to solve the modern problems we have in traditional finance, the way how Bitcoin being decentralized, you can already have bank on your own from just your pocket without other 3rd party interaction.

[SPIDERMAN008]

The use and adoption of something are not the same . Someone may not be able to afford it, so they may not buy gold. Now the question is who considers gold or Bitcoin valuable. In this case, everyone around the world has accepted gold as valuable. But in comparison, Bitcoin has not yet become more valuable to everyone than gold. But the adaption of Bitcoin in the last 15 years is really much higher worldwide. Gold has been a valuable metal for people in the world for thousands of years. Bitcoin was created there in 2009. In the first few years, most people who have less technical knowledge or have not started using modern technology did not know that there was anything called Bitcoin. I think the whole world started knowing about Bitcoin from 2015 to 2017. After that, people started accepting it. But Bitcoin is still in its infancy. And its popularity and acceptance among people is increasing day by day. If you search for it online, you can understand the current acceptance of Bitcoin around the world. I am giving the visual data by country below. It will be much clearer if you see it.


Source  

[davis196]

Can Scarcity alone may drive value.
What if Bitcoin’s strength lies in selective adoption, not universal adoption.
Is mass adoption necessary, or is Bitcoin already successful as it is today.

I agree that Bitcoin is already successful the way it is. The people, who believe that Bitcoin would become the one and only global currency are kinda delusional. The BTC blockchain can handle only a half a million transactions per day(correct me if I'm wrong, I don't remember some metrics correctly). This is way too insignificant and BTC cannot handle all the daily financial transactions, which are happening around the world. Scarcity without trust and utility means nothing. BTC has value because the people have trust in the future of Bitcoin.

[arzuo]

It depends on the perspective of thinking, but in the case of an obvious thing like Bitcoin, which is related to world technology, it will remain a question mark.
In fact, success comes only when its acceptance increases, people understand about it and then accept it. Bitcoin is undoubtedly a successful thing, but if its success is hidden in it,

then how will people understand how necessary and independent it is!?
So, if it is useful in solving problems, people will accept it and it will be successful. But for that, people need to know this, be informed, because if you sit idle with success, it can gradually have other effects.

[Merit.s]

I think utility is the mean factor that increases bitcoin adoption overtime. Bitcoin is already successful at this point if we consider how much it was in the beginning from $0- $126k milestones is a great success.

Bitcoin is censorship resistance and beyond government control that alone is enough to make it successful even though, the government are trying to force people into using a centralized platforms and in war with platforms that or decentralized services. Bitcoin has been tested several times and it succeeded that has given more confidence and trust on investors.

[AprilioMP]

Can Scarcity alone may drive value.
What if Bitcoin’s strength lies in selective adoption, not universal adoption.
Is mass adoption necessary, or is Bitcoin already successful as it is today.

It depends on its long-term viability, and Bitcoin has proven itself in terms of resilience. The strength of its adoption also has a positive impact on its value, which is driven by scarcity due to its limited supply.
If we look at the circulating supply relative to the total maximum supply of Bitcoin, a significant amount remains stored in inactive addresses.
Logically, the higher the adoption of Bitcoin, the higher its price will be, in accordance with the law of supply and demand.

[john_egbert]

You decide what the goal of BTC is in your case.

BTC is capable of doing many things even as of now, and it depends on what do you want from it and how may it affect what you want.

[hugeblack]

The definition of success varies from one perspective to another. For some, success is Bitcoin reaching $100,000 (which has already happened), while for others, Bitcoin's success lies in its ability to function as a means of making everyday payments. Therefore, success lies somewhere in between. For me, success is the increasing availability of Bitcoin as an alternative to traditional payment methods.

[betswift]

The definition of success varies from one perspective to another. For some, success is Bitcoin reaching $100,000 (which has already happened), while for others, Bitcoin's success lies in its ability to function as a means of making everyday payments. Therefore, success lies somewhere in between. For me, success is the increasing availability of Bitcoin as an alternative to traditional payment methods.

It's both.

Without value, BTC wouldn't be used as a means of payment.

If BTC would be only hodled and sold out, it wouldn't be adopted that much on the broader scale or nationwide in some cases.

[Rashlyowl]

Can Scarcity alone may drive value.

Scarcity does not necessarily make something valuable, look at how an altcoin that is intentionally designed to have a small supply, can they even surpass the popularity of BNB?

What if Bitcoin’s strength lies in selective adoption, not universal adoption.

I don't know if selective adoption is enough, but wouldn't mass adoption be better for BTC? Mass adoption is positive for BTC in any case in my opinion.

Is mass adoption necessary, or is Bitcoin already successful as it is today.

BTC is already a success today & no one will deny that. But when we can achieve mass adoption, why not?

[MusaMohamed]

The definition of success varies from one perspective to another. For some, success is Bitcoin reaching $100,000 (which has already happened), while for others, Bitcoin's success lies in its ability to function as a means of making everyday payments. Therefore, success lies somewhere in between. For me, success is the increasing availability of Bitcoin as an alternative to traditional payment methods.

Bitcoin has many price bands are called as "Never Look Back" and with each of such "Never Look Back" price bands, there are many people with successful stories through their investments in Bitcoin over years since 2009.

People invest money in Bitcoin to get profit or to get financial freedom but they have different profit targets and financial freedom thresholds. These different targets can be from their national social economic status or their individual social economic status and ambition.

https://charts.bitbo.io/never-look-back-price/
https://newhedge.io/bitcoin/never-look-back-price

[henry_of_skalitz]

Can Scarcity alone may drive value.

Scarcity does not necessarily make something valuable, look at how an altcoin that is intentionally designed to have a small supply, can they even surpass the popularity of BNB?

What if Bitcoin’s strength lies in selective adoption, not universal adoption.

I don't know if selective adoption is enough, but wouldn't mass adoption be better for BTC? Mass adoption is positive for BTC in any case in my opinion.

Is mass adoption necessary, or is Bitcoin already successful as it is today.

BTC is already a success today & no one will deny that. But when we can achieve mass adoption, why not?

What is enough is defined by the world that surrounds BTC.

It's already as good as it can get - the world just got to it and tries to adopt it / implement it where business can