What if bitcoin become soooo successful that people stop spending it?

[bangjoe]

Expecting that no one will spend it anymore is pretty unreasonable. Bitcoin will still be used for transactions, regardless of more people treating it like a store of value; there will still be people making on-chain transactions, whether it's paying for services, transferring funds to others, selling for profit, or for other purposes, the need for that will always be there.
Bitcoin users aren't just individuals focused on holding it as a long-term investment. There are also individuals who use Bitcoin as a tool for their transactions, and that will continue to exist. Bitcoin was developed as P2P money not without reason

A simple example of this is Sigcamp where we are paid using bitcoin every week and yes it is proof of transaction, and there are many other transaction activities for this bitcoin in the middle we call it a store of value.

I personally have not done P2P either if it's someone else, this is declining trend but if you look at the activities of people outside there are still many who do it, and I also accompanied my friend shopping using bitcoin, he transacted cross-country therefore the fastest way is to use bitcoin at that time, and do not forget that there are countries that accept bitcoin as a means of payment, there will always be people who use bitcoin as a medium of exchange, if we look at it from this side.

[Alpha1999]

What if bitcoin become so successful as a store of value that people stop using it Suppose if i people believes that bitcoin could be worth much more in the future they would prefer to to hold it rather than using it for everyday purchases

It has practically already happened.

Even if sellers or venders accepts bitcoin they will still choose to pay in their local currency while keeping bitcoins untouchable.

Not just individuals, but entire companies and even countries.

So an interesting situation will happen mostly holders will treat it as a long term investment so its everyday use would be extremely slow.

Buyers (and sellers) will prefer to make payments using stablecoins.

In my opinion i dont think that holding or keeping bitcoin would be bad thing like its a good decision to save for future but their is a difference between an asset that people wants to own and a currency that feel comfortable spending.

However, "accumulation" gets in the way of "use as a means of payment".

An "asset" and a "currency" are two completely different things, and they currently don't sit well together - the balance has shifted significantly away from "currency" and toward "financial asset".

May be easier access to Bitcoin payment,lower transaction costs and better payment infrastructure may help solve this.

It won’t solve it. That’s my take. There’s no turning back now when it comes to "electronic digital payment instruments". To be honest, bitcoin never quite managed to fully establish itself as such (on a mass scale).

So my question is
Is it a sign of success that people keep holding bitcoins as a store of value rather than spending it or a failure at becoming widely use currency?

If bitcoin didn't end up being used for the purpose for which it was planned and created by Satoshi, then that clearly signifies a failure (in that regard).
 

By the way, it is standard practice to place a "space" after the symbol ".".

Why do newcomers write in one continuous block of text, effectively turning their post into a jumbled mess of symbol?

In my view, it may be subjective. Holding Bitcoin is not a problem, but if the majority of people buy it and hold it and rarely use it for payments, maybe it will affect Bitcoin's growth and purpose. I think Bitcoin can succeed as a store of value as well as a currency. Although stablecoins may be good for transactions, that does not mean Bitcoin will have no future as a payment method. And thanks for the correction about the spacing issue. I will pay more attention in the future.

[Sobz]

Sicily this is  a nice topic to talk about because they're alot of different investors that invest on bitcoin with different target some are not going to sell anytime soon while others are holding in the meantime then sell some are using to make transactions without any traditional bank, each one of the investors have different target Ahead.

This is what people dont understand. Despite bitcoin being valuable when people hodl it, this is doesn't mean everyone will hodl it at the sametime. We all have our different time of when we want to sell Bitcoin and this why i think it is impossible for everyone to hodl Bitcoin and not wanting to sell because this will make bitcoin to be scarce. Normally people invest to make money from their investment, it can be a long-term investment but their is definitely be when to to take profit and this is the same thing with bitcoin. Nobody hodl Bitcoin forever there will be time people would want to spend profit from their investment.

[Abuobyda218]

The way Bitcoin is gaining popularity, in the distant future people will only store Bitcoin as a reserve currency and value and no one will want to sell it.
Since its token supply is very low and if people in the world only hold Bitcoin, then it will only be valued as a store value, but it will not be valued as a currency. Just as gold is currently valued as a store value, when the price of Bitcoin reaches a million dollars, it will not be considered a currency but a reserve asset.

[Vvang]

It's impossible, you must have had all the money in the world to stop spending, your condition can never be the same as mine, I will always spend my Bitcoin and I will always have Bitcoin, that's the goal.

If I see something I like online maybe on Amazon and I can use Bitcoin to purchase then what will stop me? I don't even have an infinite life, as you can see we aren't the same people, I reason differently from you.

This is why everyone can't think the same way, everyone can't have the same amount of money, everyone can't have the exact same problems, I can choose to use my Bitcoin to safe a life, you can choose to watch them die and keep your Bitcoin.

Choices will always be different.

[retreat]

Suppose if i people believes that bitcoin could be worth much more in the future they would prefer to to hold it rather than using it for everyday purchases.Even if sellers or venders accepts bitcoin they will still choose to pay in their local currency while keeping bitcoins untouchable.

More people will definitely choose to use fiat for their daily payments compared to Bitcoin since they can pay quickly with cash and don't need to wait for confirmation time to complete their payment.

May be easier access to Bitcoin payment,lower transaction costs and better payment infrastructure may help solve this.
So my question is

When people prefer to think about the long-term potential of Bitcoin, whatever you say to get more people to spend their Bitcoin is pointless. But that doesn't mean that just because more people choose to treat Bitcoin as a store of value, it will automatically make people stop spending it. There will still be people who spend their Bitcoin, especially for remittances, or people who sell to take profit, or whenever it makes sense for them, whether to buy goods and services. The bottom line is that the Bitcoin economy will keep running even if more people choose to hold their Bitcoin.

[RockBell]

The way Bitcoin is gaining popularity, in the distant future people will only store Bitcoin as a reserve currency and value and no one will want to sell it.
Since its token supply is very low and if people in the world only hold Bitcoin, then it will only be valued as a store value, but it will not be valued as a currency. Just as gold is currently valued as a store value, when the price of Bitcoin reaches a million dollars, it will not be considered a currency but a reserve asset.

Normally, Bitcoin is meant to be a value, and Bitcoin does not duel on a particular price, and because of its volatile nature is what will make Bitcoin unique, because if you should observe Bitcoin, there are always two seasons, which will either be the bear market or the bull run, so this makes things easier because there will always be buyers and there will always be sellers, and this is one of the reasons why Bitcoin is going to be staying for a long time.

Even as it is a store of value, people will still buy, and they are still going to sell. This is why there is always an opportunity for everyone to buy because you buy and you hold, then you expect profit its as simple as that, and me personally, I don't see why you'd spend it as a currency instead of holding and making profit from it.

[taufik123]

A simple example of this is Sigcamp where we are paid using bitcoin every week and yes it is proof of transaction, and there are many other transaction activities for this bitcoin in the middle we call it a store of value.

as a transaction and as the main means of payment in this community, it was done from the beginning this Forum was created so as to make Bitcoin a currency used for payments and also a long-term storage investment asset.
But now the obstacle is the regulation that applies the rules on how Bitcoin can be used as a decent enough currency, because some countries only provide regulations as a commodity asset so that it is only used as a trading currency and not as a main currency.

[Nothingtodo]

The way Bitcoin is gaining popularity, in the distant future people will only store Bitcoin as a reserve currency and value and no one will want to sell it.
Since its token supply is very low and if people in the world only hold Bitcoin, then it will only be valued as a store value, but it will not be valued as a currency. Just as gold is currently valued as a store value, when the price of Bitcoin reaches a million dollars, it will not be considered a currency but a reserve asset.

It is true that it is difficult to say what its value will be at a time when people will not want to sell it. However, I think the supply of Bitcoin is fixed but the demand among people will increase and then investors will want to hold it. If no one sells, what will be its value in the market?
We know that if something is not sold, its value will decrease day by day. I do not think that Bitcoin will be only a holding asset in the future, but it will also be bought and sold. That is, if Bitcoin is used only for holding, then it will go beyond the reach of the common people. Then it will be the best reserve asset in the world that can even beat gold.

[Maliceprime]

Bitcoin will be the ultimate rescuer of some people, while some will sit back and start enjoying life because they have Bitcoin, even your fingers are all not equal, so don't bother yourself because of this, no conditions will ever be the same.

There will always be people who are struggling even if Bitcoin reach half a million, and there will be some who will make 2x of their holdings and feel saved because they needed the extra money, if it's going to solve their immediate problems they will spend or sell their Bitcoin.

Human lives are like rollercoaster.

[GbitG]

......
So my question is
Is it a sign of success that people keep holding bitcoins as a store of value rather than spending it or a failure at becoming widely use currency?
I want to here different opinions especially from people who actually used bitcoins for payments rather than simply holding it.

Hmmm, old story old expression.....  

The topic has frequently expressed so many time and I won't bothers to elobrate it widely.....

However let's jump on the field..... Ppl would never stop their hand form txn at Bitcoin like we can't associates all people at same aspects. Simple is that Some will sell then some will buy that's the myth of success(adoption).  

So mass adoption is the split of success (wether value gain or something else).

[YOSHIE]

What if bitcoin become soooo successful that people stop spending it?

I hope something like that doesn't happen, in my personal view, when Bitcoin is used as a "store of value" asset, Bitcoin will automatically completely lose its function, which should not happen.
In essence, when Bitcoin is no longer spent or Bitcoin is no longer transferred / no longer active in daily transactions like now, of course Bitcoin miners will no longer be of any use, One thing a miner can do is turn off the machine, what else is there to do in a mine, if a situation like this occurs of course the Bitcoin network will face the risk of cyber attacks, this is much more dangerous, in short there are many negative impacts that will occur if this situation occurs.

However, the main point is that even though Bitcoin is very successful in spending, transactions still continue, because humans need food and other daily needs.

[SOKO-DEKE]

Is it a sign of success that people keep holding bitcoins as a store of value rather than spending it or a failure at becoming widely use currency?
I want to here different opinions especially from people who actually used bitcoins for payments rather than simply holding it.

Everyone has their own reasons for using Bitcoin. Some people use it for daily transactions, and those who do have their own reasons for doing so. Otherwise, nobody would be buying Bitcoin and be willing to spend it within a short period without making any profit, especially when they believe that the price is likely to increase in the near future.Another thing to consider is this: if those who are holding Bitcoin refuse to transact with it and want to keep holding it, what will happen to new Bitcoin adopters who are willing to buy it? Therefore, it is not possible for Bitcoin transactions to stop taking place daily.

[OgNasty]

I had to check the date on this thread to make sure I wasn't necro posting on a thread from 2017. 

Most people have already stopped spending their Bitcoin.  Use cases have been disappearing for nearly a decade now.  After the Liquid Network hack, it is clear that the Lightning Network is a dead idea.  All the on-chain developers fled to other more friendly blockchains.  Where are people even able to spend BTC anymore?  Just buying gift cards?  It's become obvious that the rich took control of Bitcoin a long time ago and they have no desire to spend it or increase adoption.  They just want to buy it all and send it to the moon while making it impossible for people to self custody so they can collect more fees.  Basically, Bitcoin has turned into the exact opposite of what satoshi was building.  I'm sure it'll coast for another cycle or two while Wall Street gets rich from it, but the dream of Bitcoin freeing people from financial slavery is long dead.

[Loyang]

We need to look at the main goal of Bitcoin creation, then we will understand whether Bitcoin is reaching its goal or not. The goal of Bitcoin creation was to decentralize financial management and make all transactions through the Bitcoin financial system, if this ever happens then we will definitely see Satoshi Sir's goal fulfilled.

But yes, if no one transacts with Bitcoin and if everyone considers Bitcoin as a holding asset, then Bitcoin is still successful. We need to consider these two things from two angles.

One of the biggest reasons why Bitcoin is not considered as a medium of financial transactions is the volatility of Bitcoin. If this volatility of Bitcoin is seen to be eliminated, then it can be expected that everyone may be willing to transact through Bitcoin

[CryptopreneurBrainboss]

I want to here different opinions especially from people who actually used bitcoins for payments rather than simply holding it.

Buying Bitcoin can also be considered adoption and not only spending it just to clarify sometimes. it doesn't matter how big Bitcoin gets, if the spending part of Bitcoin hadn't been fully integrated into the financial system then I don't think Bitcoin has achieve compete success or become  so successful as you're trying to say.

it's when Bitcoin gets used as a currency more often then we can say Bitcoin has become successful. Price appreciation is just a plus to the success.I believe Bitcoin will always be a currency so it'll be impossible for there to be no utility for Bitcoin and the price will just keep increasing.

The more Bitcoin gain popularity, the more likely we'll get it to be accepted as a currency by businesses. I don't see the price just increasing and there isn't any real life adoption happening, We can't compare how Bitcoin adoption was in the last 5 year  to now and same thing goes for the price foo.

[BlackHatCoiner]

Good money is store of value first, medium-of-exchange second. Bitcoin, being hard money, makes people understand that it is a better idea to hold their savings into it, instead of storing their savings into real estate or S&P500. If we want Bitcoin to ever become a medium of exchange, we need Bitcoin to be liquid, with deep orderbook, so that it does not fall or rise in purchasing power abruptly, and that requires people to hold their cash balances into it first.

[savetheFORUM]

This was the whole idea to begin with. A currency that is so good that people literally stop using fiat altogether, and we all use bitcoin all over the world.

Obviously that can't happen right now, because even with 10 cents per transaction, that is way too much for the transactions in the world; you know how much money changes hands everyday? How many times? That's not a viable option at the moment, and it will never happen in the future neither. However, the goal was to make one like that, so that while it may not happen, at least it would try to make that happen.

[icebar]

People do not get the opportunity to buy much with Bitcoin, so in most cases they consider it as a store of value, like a means of preserving assets. Since there is a limited supply of Bitcoin, people have been able to understand that the demand for Bitcoin will gradually increase. As the demand increases, the price of Bitcoin will increase and those who are accumulating Bitcoin for long-term investment purposes will be profitable. The more successful Bitcoin is, the more its holders will benefit. Meanwhile, large companies are investing in Bitcoin to hold it for the long term, rather than spending it. Since the number of institutional investors is increasing, it is expected that this will also affect the price of Bitcoin. Bitcoin is gradually becoming more expensive, and it is going beyond the purchasing power of ordinary investors. In the future, people's perception of Bitcoin will increase further, and it will rise further from the current price.

[Miles2006]

Generally people consider holding bitcoin as the perfect choice compared to spending bitcoin as a payment method. The topic is actually confusing, bitcoin is already successfully, what happens if people stop spending bitcoin? Well majority of bitcoin holders don’t spend their coin rather they hold for the long run.
Talking about spending bitcoin, shops and vendors don’t accept bitcoin in my locality although this is my observation. I read a thread about a man who used his bitcoin saving to rent an apartment, afterwards he later got angry after finding out bitcoin price increased massively which means if he had saved the bitcoin definitely he would profit extra.