Which is dominant : Speculators vs Real users?

[bayu7adi]

The daily discussion for Bitcoin and altcoins is that we will not be free from using Bitcoin as a store of value, and until now I have rarely heard of real users of Bitcoin itself...This means that the use of cryptocurrency for daily needs is still relatively low, and we cannot force everyone to stop speculating, including whales...

Is mass adoption of cryptocurrency just a pipe dream? Given that many people enter cryptocurrency for a variety of reasons, the biggest one in my opinion is fomo...Are you a little worried about this condition?

[TomPluz]

Are you a little worried about this condition?

No, I am not and it is because while all of us can be dreaming of a massive mass adoption of Bitcoin ASAP we have to understand that things can be taking a lot of time and as far as I know Bitcoin is still a teenager of age so we still have many more years to count before we can really evaluate its full value and inherent transformative energy. Right now, Bitcoin has become a big speculative tool most especially since its price has risen dramatically in the past many weeks and this is good for the people and firms who took the risk of buying or acquiring their own BTC. The main reason why people are not actually using BTC in their everyday lives (like buying coffee, candy or grocery items for that matter) is because we all become speculators now...we are selfish by nature and for now nobody would love to let go of their Bitcoin for silly reasons. Is this bad? No, it is not and in fact the more holders we got the better it would be be for BTC as this is the biggest manifestation of approval an asset can get. Bitcoin has already fulfill its role as a digital gold and as far as I know nobody in his right mind would go to a store using his gold as a payment form. The future of Bitcoin will be evolving and who knows maybe by the time the price of Bitcoin will stabilize in a certain level (a million dollar price perhaps) then we can see people really using Bitcoin just like the fiat money. For now, let's all be happy even if speculators are dominating everywhere most especially with the coming of many ETFs.
 

[robelneo]

The truth is, the majority of us here entered into this as speculators. I'd like to be honest and say that I became interested because of the profit I'll make as a holder and trader of Bitcoin. It's just lately that I became a user of Bitcoin I used it to renew my domain and my hosting and buy stuff on the internet, but with the growing adoption, we will see more markets using Bitcoin as a mode of payment.

[SmartGold01]

Do you know that many people do not see bitcoin they way it created and meant to be?
Yes, like you said lot of people are speculating about bitcoin and to me it's assumed that it's purpose are not being used and of course even though we now see bitcoin as a valuable asset for investment, it wasn't created to hold rather as a payment tools but currently people now seeing it as an investment tools dealing away the main purpose of its creation. From look out of things nobody, I meant no one would want to ever touched his/her precious bitcoin for any payment reason like buying of things couples with the sudden hike in bitcoin price so no one would accept to push their bitcoin for a muscle of eba (fufu: African food), while they could hold for decades to make additional profit.

[joniboini]

Is mass adoption of cryptocurrency just a pipe dream? Given that many people enter cryptocurrency for a variety of reasons, the biggest one in my opinion is fomo...Are you a little worried about this condition?

Even in the worst-case scenario when the market collapses and we're back in the $10k for BTC I think you can still use crypto to pay stuff. I personally do that for years now and I believe most merchants convert their crypto to fiat quickly unless they have enough capital to take the risk of holding crypto longer than the usual stuff. It might make some merchants distance themselves from crypto payments for a while but if things stabilize I can see them using crypto with no issues again.

Anyway, if you want to see more adoption the best thing to do is to start with yourself. You can start to look for stuff you can pay with crypto such as your mobile phone plan, VPN deals, hosting services, etc. It doesn't necessarily have to be buying groceries or fruits.

[LogitechMouse]

The daily discussion for Bitcoin and altcoins is that we will not be free from using Bitcoin as a store of value, and until now I have rarely heard of real users of Bitcoin itself...This means that the use of cryptocurrency for daily needs is still relatively low, and we cannot force everyone to stop speculating, including whales...

Is mass adoption of cryptocurrency just a pipe dream? Given that many people enter cryptocurrency for a variety of reasons, the biggest one in my opinion is fomo...Are you a little worried about this condition?

Bitcoin has made as a currency, but throughout the years, the mindset of the people that are involved into Bitcoin has changed, and now, there are more people that sees Bitcoin as an asset or particularly, a speculative asset. I agree with what you said that the number of people that are using crypto for their daily needs is low, and this is because many people think that they can make money by just holding it rather than using it to buy something. Also, you said that we can't force somebody to change their mindset because it's their choice.

Mass adoption of crypto is happening, but on a different route, and instead of it as a currency, it is becoming more of an asset already - a speculative asset. Worried? Not at all. I mean I don't think there's something that we need to worry about. Regardless of it becoming an asset or currency, one thing's for sure. Bitcoin will exist as long as there's people buying or using it.

[Crwth]

Questioning adoption is an interesting topic because it's not really that much adopted yet, just because of the volatility and somewhat speculative nature of cryptocurrencies and the emotions that people experience once they increase/decrease in price.

It's quite hard for people to adapt, and there could be a learning curve just because of the user experience. I know we have come a long way from making it easier, just like companies are making it secure and easy to use in the real world.

IMO, as long as there is a good, real-world use case, it's alright. Gradual adoption would be significant.

[Lucius]

There is no doubt, 9 out of 10 people who invest in cryptocurrencies do so exclusively to make a profit, preferably in the short term. That's why 90% of people don't know the difference between Bitcoin and blockchain, what the total transaction fee price depends on, or what RBF is.

Acceptance of decentralized cryptocurrency in the way some think it is little or none, because nation-states will always defend their national currencies, regardless of the form in which they are issued. I'm not worried about that, because Bitcoin will always be Bitcoin, and for everything else there are altcoins.

[Wiwo]

For bitcoin to be publicly used and adopted as a currency there is need for more technical development so for that, since there is the absence of those enabling technologies to make Bitcoin accepted for goods and services this makes many of us in the Bitcoin community to become more focused on the investment aspect of bitcoin since investing in bitcoin all that is needed is just a wallet on a device and no other extra technicalities about holding bitcoin.

So for sure while the mainstream currency features of bitcoin are still low in adoption, bitcoin is still very widely accepted as a store of value and its holders are OK with that and no problem if the 1% of the world population only knows about bitcoin so long as bitcoin value remains high, investors will keep stocking it up to amassed gains.

[0t3p0t]

The daily discussion for Bitcoin and altcoins is that we will not be free from using Bitcoin as a store of value, and until now I have rarely heard of real users of Bitcoin itself...This means that the use of cryptocurrency for daily needs is still relatively low, and we cannot force everyone to stop speculating, including whales...

Is mass adoption of cryptocurrency just a pipe dream? Given that many people enter cryptocurrency for a variety of reasons, the biggest one in my opinion is fomo...Are you a little worried about this condition?

Well I think we are all here not just for the technology itself but also our take to make rofit from the volatile market of crypto. I may not have Bitcoins with me right now but I admit I use Bitcoin some years ago like paying stuff online but now it's more like of an investment just like Altcoins. Well, I think it's not a big deal to treat it like that and I know we are on this thing right now especially new comers and investors.

[Stompix]

There is no doubt, 9 out of 10 people who invest in cryptocurrencies do so exclusively to make a profit, preferably in the short term. That's why 90% of people don't know the difference between Bitcoin and blockchain, what the total transaction fee price depends on, or what RBF is.

Many also think Bitcoin uses gas, that you can mine with computers, don't have a clue what change is, and most importantly when it comes to usage they forget that in order to spend the money you get from someone you also have to pay, which is a nightmare for every merchant dealing with it.
But usage is down the drain, and what is worse, it's not because of fees, it's because people will cling to their coins till they are either rich or they will take them to the grave.

For bitcoin to be publicly used and adopted as a currency there is need for more technical development so for that, since there is the absence of those enabling technologies to make Bitcoin accepted for goods and services

What technologies?

[Wiwo]

What technologies?

I mean the technical know-how to properly integrate Bitcoin as a means of payment in various businesses that aid Bitcoin daily usage; although we have a few companies who have this payment gateway for Bitcoin, it is not as popular as other currencies like USD and the rest since bitcoin payment is somewhat technical and unpopular right now.

Which is the reason, the percentage of bitcoin investors is higher than those that want to use bitcoias daily currency for payment of goods and services.

[bitterguy28]

Is mass adoption of cryptocurrency just a pipe dream? Given that many people enter cryptocurrency for a variety of reasons, the biggest one in my opinion is fomo...Are you a little worried about this condition?

no not really even now that bitcoin is prices really highly some are still using bitcoin for their transactions there should definitely be a balance between bitcoin being in demand while also being affordable enough that people do not get stuck trying to hold their coins and not using it for any transaction

i do not know when or how it can be achieved but there should come a time where bitcoin is stable enough and less volatile that it can be used as a currency which is what it was created for in the first place anyway

[Findingnemo]

There is no doubt, 9 out of 10 people who invest in cryptocurrencies do so exclusively to make a profit, preferably in the short term. That's why 90% of people don't know the difference between Bitcoin and blockchain, what the total transaction fee price depends on, or what RBF is.

I believe understanding the importance of decentralization is a long journey, I entered into bitcoin purely for investment purposes and once I am into the bitcoin then I started to educate myself about bitcoin and the fiat system which helped me to realize bitcoin is more than just investment, it is a tool to achieve the freedom of using our own money without being monitored. For an average joe to understand these will take years and I believe over the period of time the number will increase for sure.

[Mia Chloe]

The fact is that you can't actually stop people from discussing different topics especially with the progress and status of bitcoin in the crypto space you don't just expect People to keep shut like no big deal is going on. The fact is that both bitcoiners and non bitcoiners raise bitcoin discussions and speculations every now and then but there are differences.

Bitcoiners have more organic discussions and not necessarily always speculation and all about price but also things relating to technical issues or regular problems they may have faced with their day to day use of bitcoin.