If Nobody Spends Bitcoin, Has It Still Succeeded?

[BlackHatCoiner]

It has succeeded, because that's what hard money is about. Why spending the hardest asset on Earth when you can just dump depreciating fiat?

On top of that, add the capital gains tax which essentially forbids anyone from accepting it as a currency, and there you have it. Gold 2.0.

[Frankolala]

Do you know that no one will hodli bitcoin forever. I believe that if majority of people adopt bitcoin and they didn't spend it, it means that bitcoin has already successful because that's what makes it popular. Large adoption will increase the price. I don't believe that nobody is using bitcoin for every day transaction. Some are using it to preserve their wealth. Why will I spend bitcoin and keep Fiat, it means that I don't understand the value of bitcoin.

[snowpega]

If Nobody Spends Bitcoin, Has It Still Succeeded?
...
If Bitcoin is widely owned but rarely spent, has it fulfilled its purpose—or evolved into something greater than originally intended?

Do you personally spend Bitcoin, or only hold it? What would need to change for you to use it regularly?
...

The direct answer to your question is yes, it will still succeed as a digital gold or asset of the digital market or cryptomarket. Not everyone thinks the same about the prospect, just like you are thinking. There is no doubt that people around the globe are starting to spend bitcoin to buy goods and products. On the other hand, people see the prospect of an asset, investment or a funds-saving source.

That is why for everyone Bitcoin means different things. Also, some people use Bitcoin as a trading asset and by using it, they earn money. So, all these together make it demand more or higher, which in result more people showing more results in it for accumulating more and more as a holder. Well, this is my point of view on this.

[Findingnemo]

If bitcoin becomes an asset for the investors and they chopse to hold and not really want to spend on anything means it deviates from the actual vision but it doesn't mean failed completely. The nature of bitcoin will remains the same the decentralized nature, sent/receive bitcoin without any third party and other such are standout from the centralized system.

[dzungmobile]

If bitcoin becomes an asset for the investors and they chopse to hold and not really want to spend on anything means it deviates from the actual vision but it doesn't mean failed completely. The nature of bitcoin will remains the same the decentralized nature, sent/receive bitcoin without any third party and other such are standout from the centralized system.

Don't worry about that, and honestly I don't know why people feel that is important and fearful about future when everyone will only hold bitcoin.

It will NEVER happen!

Because people are never the same, and in any area exclusively Bitcoin market, people will act very differently. Some hold bitcoins, some trade bitcoins, some use bitcoin for gambling, and the others use bitcoin for payment.

This concern is unrealistic, in my opinion.

[Perfectbaby]

You will always be able to buy bitcoin anytime that you want to buy it, the scarcity will only increase the price of bitcoin in a way it will not still be scarce if referring to how buying and selling of bitcoin, it will only reflect on just the price. People will always be able to use bitcoin for P2P.

That is right and what would increases the price of bitcoin is when lot of people are holding, although we know that there are people who are trading bitcoin on a regular basis but that doesn’t increase the price. Of course demand increase the price meaning when lot of people are holding it back and no much people releasing their own bitcoin, irrespective of that people can still purchase it through any exchange trading platform but yet it doesn’t change anything in the supply of the coin.

[Callido]

Do you know that no one will hodli bitcoin forever. I believe that if majority of people adopt bitcoin and they didn't spend it, it means that bitcoin has already successful because that's what makes it popular. Large adoption will increase the price. I don't believe that nobody is using bitcoin for every day transaction. Some are using it to preserve their wealth. Why will I spend bitcoin and keep Fiat, it means that I don't understand the value of bitcoin.

OP made us imagine exactly what can't happen, if in our imagination it happens then everyone should make peace with it, and yes it has succeeded, maybe not for the actual reason it was created, but we have many holders than those using Bitcoin as payment options. Holders are the ones driven the market all this while.

[ZAINmalik75]

Well, there is no doubt that no one can argue on the fact that Bitcoin today is more widely used as an investment asset than a decentralized peer-to-peer payment method which is what it was created for by Satoshi, because if you notice, most of the people and institutions and companies they are all into Bitcoin only because they want to have as many as they can so that they can sell them later and make money, it has become the new norm and I would say it's less of a success but it's not what it was created for, which is true and I agree with you on that.

With that being said, I still don't think we can say it isn't successful, because it is. Satoshi himself predicted that after ten years from now (from when he said that), there will either be no transactions or way too many transactions in the blockchain, so today, there are way too many transactions in the blockchain, regardless of what purpose the transactions are being made for, but we could say Bitcoin is successful, and besides, we can always use it as a payment method if both parties agree to use it.

[Cookdata]

If Bitcoin is widely owned but rarely spent, has it fulfilled its purpose—or evolved into something greater than originally intended?

Do you personally spend Bitcoin, or only hold it? What would need to change for you to use it regularly?

Best Regards,

The Architect.

I'm trying to look for one example to with a perfect traditional asset like Bitcoin but there is none. Just gold is the closest to what I can try. I hope you have seen Gold before, it's rare and very valuable, people make investment with it but don't see it as been spent, you will never see people use Gold to buy daily groceries, it's a legal entity but not often as normal day to day business like fiat, and it's still the most valuable, I will like you to look at Bitcoin that way.

You don't expect Bitcoin to be spent every day, people buy Bitcoin to be use as investment, you can't expect something as that valuable to be spent every day. That's tell you that people appreciate Bitcoin as an asset to be hold instead of been used as spending everyday to day activities. What differentiated Bitcoin and other asset is that it's one of the best asset that gives you good privacy, if you spend them it kills the purpose of your privacy.

[DiMarxist]

The truth is Bitcoin a store of value and Bitcoin will not be Bitcoin if nobody is even spending it. The essence of creating Bitcoin was to be spent by man so, imagine that no body spends Bitcoin it will not have the market value that it has. The demand and supply of Bitcoin which is the spending process is what has made Bitcoin to succeed all these years.

[Zwei]

If Nobody Spends Bitcoin, Has It Still Succeeded?

if nobody spends gold, has it still succeeded? i hope that answers your question.

The more desirable Bitcoin becomes as a store of value, the less people may want to use it as money.

and that's the beauty of bitcoin, people can use it however they fucking want.

Do you personally spend Bitcoin, or only hold it? What would need to change for you to use it regularly?

with the current market, now is a bad time to spend bitcoin.

[leonair]

The more people hold Bitcoin, the more its price will increase, but it will never be such that you will not have the opportunity to buy Bitcoin. Of course you can buy Bitcoin, but it may be expensive. The supply of Bitcoin is limited, which is why the more Bitcoin is adopted, the more the price of Bitcoin increases. But it never happens that there is a shortage of Bitcoin in the market. And it never will. You will never have the ability to buy Bitcoin in such a way that there will be no Bitcoin in the market.

[Joy- maker]

If Nobody Spends Bitcoin, Has It Still Succeeded?

I created this thread a few months ago were i already asked the same question but, in another way, ( what if bitcoin never becomes everyday money?)

And to answer your question OP, whether people spend bitcoin or not the project is already successful and Satoshi would be proud wherever he is. Although, people already shifted from initial purpose bitcoin was created for, a clear p2p electronic cash system for our daily transactions. Because the thought of bitcoin came in during the global financial crisis when banks collapse and the government bailed them out.

[ColdLava40]

Gresham law of Good and bad money
People would hoard money they consider good I.e once that would appreciate in the future

Absolutely. if we take a look from that aspect, Bitcoin will be considered good money and thus the reason why people prefer holding it than spending.

People will always hodl what is valuable and dear to them, something they know would appreciate in the future and bitcoin is just that asset of which many already sees a potential in. Spending or hodling an asset if usually a personal preference.

But that doesn't change it's use and in this case, bitcoin would succeed irrespective of what investors do with it.

[Floxynice]

If Nobody Spends Bitcoin, Has It Still Succeeded?

I created this thread a few months ago were i already asked the same question but, in another way, ( what if bitcoin never becomes everyday money?)

And to answer your question OP, whether people spend bitcoin or not the project is already successful and Satoshi would be proud wherever he is. Although, people already shifted from initial purpose bitcoin was created for, a clear p2p electronic cash system for our daily transactions. Because the thought of bitcoin came in during the global financial crisis when banks collapse and the government bailed them out.

How are we sure that Satoshi will be happy with the fact that his initial plans for Bitcoin have moved in a totally different direction? Maybe he will be happy that Bitcoin is still standing and that more people are adopting it, but that happiness will only be partially fulfilled. True success for Bitcoin should not only lie in its ability to serve as a store of value. If no one ever spends Bitcoin, it will still not be considered a failure because, at least, it is still useful. But that is only partial success.

[Sanitough]

Bitcoin is a store of value, so it requires no spending in order to make the most of profits.

However, if you link bitcoin as a currency, as a medium of exchange, you won't be serving the purpose of having it as a currency without spending your bitcoin. You have to spend it to promote bitcoin, and to make people aware that bitcoin can also serve as an alternative to fiat.

Bitcoin is now seen as an investment asset, and as a currency. Spending may not be required for investors, but in order to promote it as a currency, you have to take some time to spend your bitcoin, even if it means to buy more bitcoin when there is a perfect opportunity to buy again.

[Orpichukwu]

If everyone were holding Bitcoin without spending it, we all know it could not be where it is today, and the value attached to it could not be this high, but the reality remains that those who are selling and those who are holding are helping spread the growth. and we will always have those set of people out their those willing to sell all the time and the set who are prepared to be buying and holding as much as they can, just do the one your finances allows you to.

[Sonia_123]

We can not say it has fully succeed when one of  it's main purpose is for transaction of goods and services in terms of p2p and will always make purchasing of bitcoin easier and available for both the buyer and the seller .

Bitcoin must be spent to easy circulation and adoption in the globe.

[Odogwu-Blockchain]

Originally, the purpose of Bitcoin was for spending, as in a peer to peer payment system, but as time goes on, wide changes of Bitcoin usage occurs, many customers started using for different purposes and leverage on the opportunity because of the effect of the price action on Bitcoin. The initial perspective started changing from p2p to holding, trading, business, many systems creating demands for profits.

Anyway, I know for sure that more ways to milk out gains out of it will still emerge, so I can't tell I'm that I am holding, or spending or whatever. Wherever I see the usage for my benefits, I use that.

[AmoreJaz]

Originally, the purpose of Bitcoin was for spending, as in a peer to peer payment system, but as time goes on, wide changes of Bitcoin usage occurs, many customers started using for different purposes and leverage on the opportunity because of the effect of the price action on Bitcoin. The initial perspective started changing from p2p to holding, trading, business, many systems creating demands for profits.

Anyway, I know for sure that more ways to milk out gains out of it will still emerge, so I can't tell I'm that I am holding, or spending or whatever. Wherever I see the usage for my benefits, I use that.

The evolution of the usage of btc has truly come a long way already. It may deviate from its original purpose but it goes to show that its value has really been good in the past years. And so its future.