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cuddaloreappu (OP)
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October 16, 2014, 01:14:31 PM |
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Good for Bitpay buy bad for the price... BitPay Plans to Have “One Million Merchants Taking Bitcoin by the End of 2016″ https://www.cryptocoinsnews.com/bitpay-one-million-merchants-taking-bitcoin-end-2016/I agree in terms of overall health of the bitcoin economy it is totally good..but in terms of price, it is going to be always a negative pressure. I believe the real use value for bitcoin is what will drive price up, something like drones and autonomous vehicles trying to deal only bitcoin in which case bitcoin become a thing where people really want to have bitcoins in order to use a service! the merchant adoption i think is a bitter pill |
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According to NIST and ECRYPT II, the cryptographic algorithms used in
Bitcoin are expected to be strong until at least 2030. (After that, it
will not be too difficult to transition to different algorithms.)
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zimmah
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Activity: 1106
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October 16, 2014, 02:01:41 PM |
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what good is a currency if you can't spend it?
i don't hear anyone complain the dollar is accepted almost everywhere in the world.
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cuddaloreappu (OP)
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October 16, 2014, 02:26:24 PM |
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what good is a currency if you can't spend it?
i don't hear anyone complain the dollar is accepted almost everywhere in the world.
and dollar does not increase 1000% in an year.. bitcoin does |
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CryptoCarmen
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★Bitin.io★ - Instant Exchange
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October 16, 2014, 03:01:26 PM |
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what good is a currency if you can't spend it?
i don't hear anyone complain the dollar is accepted almost everywhere in the world.
and dollar does not increase 1000% in an year.. bitcoin does Bitcoin was. If it still will, then merchants will keep profit they make on sales in bitcoins since 1000% a year is much more then their current business profit. |
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kolloh
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October 16, 2014, 03:35:17 PM |
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Yeah, you definitely need a place to spend bitcoins. It definitely hurts the price when merchants offload all their sales for fiat though. But adoption will also bring in more users to bitcoins and increase demand so it will be good as well.
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MF Doom
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October 16, 2014, 03:40:42 PM |
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what good is a currency if you can't spend it?
i don't hear anyone complain the dollar is accepted almost everywhere in the world.
and dollar does not increase 1000% in an year.. bitcoin does bitcoin also decreased 70% from the start of this year. just becasue it rose doesn't mean it will forever. I think by the time "one million merchants" are taking bitcoins there will be enough users to cause a stable price level |
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cuddaloreappu (OP)
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October 16, 2014, 04:11:03 PM |
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i want to make clear i am pro merchant adoption but at the same time I want to emphasize that to create use value for bitcoin itself we need to speed up technologies such as internet of things!
that will only truly take bitcoin to moon!
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panju1
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Activity: 1246
Merit: 1000
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October 17, 2014, 04:36:34 PM |
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what good is a currency if you can't spend it?
i don't hear anyone complain the dollar is accepted almost everywhere in the world.
and dollar does not increase 1000% in an year.. bitcoin does bitcoin also decreased 70% from the start of this year. just becasue it rose doesn't mean it will forever. I think by the time "one million merchants" are taking bitcoins there will be enough users to cause a stable price level A stable price level would actually further increase bitcoin adoption. That would be good for the overall bitcoin economy. |
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btcbug
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October 17, 2014, 04:56:40 PM |
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I agree in terms of overall health of the bitcoin economy it is totally good..but in terms of price, it is going to be always a negative pressure.
I believe the real use value for bitcoin is what will drive price up, something like drones and autonomous vehicles trying to deal only bitcoin in which case bitcoin become a thing where people really want to have bitcoins in order to use a service! It seems like you've got two conflicting thoughts here. "Always" is a pretty strong statement. We're witnessing the natural evolution of a new payment system and money. I understand that at this point most retailers are selling their BTC, but slowly they will start to gain confidence and hold increasing amounts of their assets as BTC. Increased adoption will mean increased confidence for everyone. So actually, negative selling pressure will be offset at an ever increasing rate I think. I agree, your idea about autonomous vehicles would be a good way to increase demand. Open Bazaar is another product I am really excited for! |
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ffe
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October 17, 2014, 04:57:36 PM |
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..but in terms of price, it is going to be always a negative pressure.
Absolutely not. If a million merchants each have 10 customers who want to try bitcoin that's 10 million new users buying bitcoin. They will probably keep a small balance in their wallets pulling those coins off the market. And if they get comfortable using bitcoin and see there are a million ways to use it, they may move part of their savings into bitcoin; pulling those coins off the market as well. Net positive all around. |
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Scottsdale
Jr. Member
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October 17, 2014, 05:12:03 PM |
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..but in terms of price, it is going to be always a negative pressure.
Absolutely not. If a million merchants each have 10 customers who want to try bitcoin that's 10 million new users buying bitcoin. They will probably keep a small balance in their wallets pulling those coins off the market. And if they get comfortable using bitcoin and see there are a million ways to use it, they may move part of their savings into bitcoin; pulling those coins off the market as well. Net positive all around. I agree. Increased adoption = greater demand= higher price. Unlike the dollar, there's a limited quantity of BTC so I can see supply and demand coming into play. |
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boraf
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October 17, 2014, 08:50:11 PM |
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Good for Bitpay buy bad for the price... BitPay Plans to Have “One Million Merchants Taking Bitcoin by the End of 2016″ https://www.cryptocoinsnews.com/bitpay-one-million-merchants-taking-bitcoin-end-2016/I agree in terms of overall health of the bitcoin economy it is totally good..but in terms of price, it is going to be always a negative pressure. I believe the real use value for bitcoin is what will drive price up, something like drones and autonomous vehicles trying to deal only bitcoin in which case bitcoin become a thing where people really want to have bitcoins in order to use a service! the merchant adoption i think is a bitter pill Don't forget demand will pick up also when people abroad trying to buy good and service in US and elsewhere. |
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Lethn
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October 17, 2014, 10:21:14 PM |
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Bitcoin merchants will be more inclined to keep a percentage of their profits in Bitcoins once they see it stay stable against all the chaos in the economies that is beginning now.
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criptix
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Activity: 2464
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October 17, 2014, 11:32:42 PM |
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you guys have to see if 1 million merchants are accepting, it wont take long until the merchants themself will hold bitcoin and trade via bitcoin.
selling pressure exist because merchants exchange btc to fiat, but if there producer start to accepting bitcoin the circle of a real currency starts.
-> increasing adoption
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cuddaloreappu (OP)
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October 18, 2014, 01:05:04 AM |
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..but in terms of price, it is going to be always a negative pressure.
Absolutely not. If a million merchants each have 10 customers who want to try bitcoin that's 10 million new users buying bitcoin. They will probably keep a small balance in their wallets pulling those coins off the market. And if they get comfortable using bitcoin and see there are a million ways to use it, they may move part of their savings into bitcoin; pulling those coins off the market as well. Net positive all around. GOOD point |
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cutesakura
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October 18, 2014, 02:17:23 AM |
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current bitcoin prices slowly starting to improve, the possibility of the collector is no longer selling them to the market bitcoin, bitcoin they even started buying from the market to be invested immediately, it makes the price of bitcoin back slowly improving, hopefully more and more people are collecting bitcoin and not bitcoin sell in large numbers ...  |
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Timetwister
Legendary
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Activity: 1199
Merit: 1047
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October 18, 2014, 02:51:05 PM |
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Good for Bitpay buy bad for the price... BitPay Plans to Have “One Million Merchants Taking Bitcoin by the End of 2016″ https://www.cryptocoinsnews.com/bitpay-one-million-merchants-taking-bitcoin-end-2016/I agree in terms of overall health of the bitcoin economy it is totally good..but in terms of price, it is going to be always a negative pressure. I believe the real use value for bitcoin is what will drive price up, something like drones and autonomous vehicles trying to deal only bitcoin in which case bitcoin become a thing where people really want to have bitcoins in order to use a service! the merchant adoption i think is a bitter pill Don't you realize that if Bitcoin is accepted in more places, then it's more valuable, as it has more uses, and therefore its demand increases, and, therefore its price also increases? |
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FattyMcButterpants
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October 18, 2014, 04:30:08 PM |
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Bitcoin merchants will be more inclined to keep a percentage of their profits in Bitcoins once they see it stay stable against all the chaos in the economies that is beginning now.
This is not true. In order for a merchant that accept bitcoin to want to hold onto the bitcoin they receive from sales they will need to have something they can spend their bitcoin on. In order for this to be a possibility, we not only need much greater merchant adoption, but also merchant adoption by B2B merchants |
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Lethn
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October 18, 2014, 04:40:15 PM |
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That's another factor, but stability is something that many have been complaining about adopting even a small percentage of Bitcoin in the first place and seems to be the main driver right now,but we're still seeing merchants steadily accepting it, even now when I'm randomly browsing websites and checking out ones I usually visit I see a Bitcoin symbol magically pop up by their payment options.
Trust me, it'll be like Argentina and Cyprus, when the shit hits the fan Bitcoin is going to look incredibly stable next to the dollar.
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fdiini
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October 18, 2014, 07:37:35 PM |
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Where there is supply, there is also demand.
Demand will come from consumers abroad trying to pay merchants abroad. If global payment system is picked up, price will reach its equilibrium.
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