My concern with bitcoin and crypto in general- would really appreciate people's take on this
Dear Compatriates,
I was hanging out by the pool today imagining a future where bitcoin had reached mainstream adoption. I imagined an economy where everything was bought via bitcoins and salaries were also paid in Bitcoins. Than I told myself: yes that's why I'll hold on to my bitcoin because they'll be worth more once the time comes. I realized that me and many others have no incentive to spend their bitcoin because it'll increase in value in the future. I feel there's a big problem here. Bitcoin, is still a currency, and if there is no incentive to spend it, I don't see how it could possibly survive in the long-run. I see it to be similar to an economic situation where a country's currency deflates. It's a disaster because it halts economic growth.
I would really like to hear people' thought on this. Does anybody else have this concern?
Catch 22, as if people don't use it then it will not grow to mass adoption!
I do see a huge use for it with people from non western countries just with remittance of funds.
I pay some of my writers from parts of the world where it would be expensive and slow to send them money and they are able to use it locally at better rates than Western Union. So there is a lot of use in that area.
Yes, exactly right, it's a catch-22. I worry that this growth, real or not, is doomed to eventually just grind to a halt and collapse. Sending money around the world quickly and cheaply is what attracted me to the space in the first place , but is bitcoin absolutely necessary to achieve this?
Nothing can grow as fast as Bitcoin has been forever.
I think it is real if it really disrupts other industry and adds efficiency. So people store value in Bitcoin over gold, western union & paypal users move to Bitcoin, and FB, Reddit & Twitter users move here (for Steem).
Lets see how it all goes :D I am all in https://bitcoin-millionaire.com/my-btc-wallet/
I guess it's mostly going to be used as a storage of value. Kind of like Gold 2.0
I wonder if BitCoin is going to end up being used for saving (like a gold 2.0 as @colombiana said) , while other faster/cheaper cryptocoins are used as currency in stores, online, etc.
If you think about it, we no longer use gold to buy things because paper is a lighter, cheaper, and more convenient technology. That doesn't mean that gold has lost its value. Similarly, I think BitCoin can retain its value even if it's no longer optimal to use it for day to day purchases.