Will people not spending their Bitcoin cause Bitcoin to fail?

4

Everyone I know that owns Bitcoin (including myself) seems to plan to sit on it until it becomes widely accepted/used and the price sky rockets to a ridiculously high value (100000 dollars each). It's great that the number of merchants accepting Bitcoin is increasing but if no one is paying with Bitcoin because they are waiting for the price go up, won't Bitcoin inevitably drop in value?

Joe

Posted 2015-12-11T18:59:36.473

Reputation: 41

Question was closed 2015-12-14T13:13:12.007

1Not sure if it's still the case, but some airlines demand that you show the credit card used to pay for the ticket and that the name matches the passport. Meaning you can't buy a ticket for someone else. With Bitcoin you can. There are situations where using Bitcoin is actually already easier/cheaper, for some people. More and more of those opportunities will appear, one of which might be suitable for you. In the meantime, it doesn't hurt too much if you simply buy some bitcoin meant for spending and use it a little. – Jannes – 2015-12-11T23:13:42.543

@Jannes: I'm not sure what your aim with that comment is. It kind of feels like a challenge of the question's underlying premises and on the other hand an attempt at answering the question. Perhaps you want to try going for an answer instead? – Murch – 2015-12-12T12:17:20.397

Yeah i guess i was disputing "noone is paying with bitcoin" although acknowledging that it's still small, yet growing. Maybe it should have been an answer instead, i guess it grew more elaborate than planned. – Jannes – 2015-12-12T15:05:13.657

Seems like a problem to me, but I lack the economics background to prove it. I have been trying to promote spending in the community but often encounter people who actually think it is not the right "decade" for that. Weird. – Fraggle – 2015-12-13T21:29:49.270

Answers

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I beg to differ. If you go to https://blockchain.info/, and look at the 'latest transactions', you'll see numerous transactions taking place continuously. Also, there is a quite a bit of discussion within the bitcoin community about the need to increase the limit of 7 transactions per second, and ways that this limit can be increased.

mti2935

Posted 2015-12-11T18:59:36.473

Reputation: 669

1Please use comments to discuss improvement opportunities of other posts and use answers to focus on replying to the question. – Murch – 2015-12-12T12:19:35.723