Why Bitcoin Is Not A Bubble

  • administrators

    A lot of people are saying that Bitcoin is a bubble right now - (including The Economist and Nouriel Roubini (Dr Doom). In my view, anyone who thinks this has totally missed the point of cryptocurrencies. Cryptocurrency has so many uses we just haven't even scratched the surface of the possibilities yet.

    Economists love to point to the Dot Com bubble as a warning of what is to come but during that time people were investing in basically any company which had a webpage. Amazon, Facebook and Google all emerged from the dot com boom pretty much ok - and most people wish they had invested in those companies back in the day!

    Ignore all the Bitcoin doom slayers. Bitcoin has a long way to go yet.

    I think this chart says it all:

    alt text

  • The only problem with Bitcoin I really have is it just cost me $18 to send $25 and it took 2 days. Paypal it would have been free and instant. Still struggling with this type of hurdle.

  • administrators

    Wow 2 days - that does sound unreasonable. I've been lucky so far as my only Bitcoin purchases have taken a few minutes for confirmation (and I elected not to pay fees!).

    All hail Bitcoin Cash and Litecoin and other faster currencies.

  • Supremo

    I do not think Bitcoin will get adopted nearly as fast as those in the chart, because those other technologies are pretty much all revolutionary for the 'average person'. I believe only about 20-30% of Americans have an active PayPal account and it has been around for well over a decade and doesn't even bring any confusing or new tech to the table really.

    But with that being said, Bitcoin is most certainly not going anywhere any time soon. But I think it will take a long time before it comes anywhere close to mainstream. The reason being, for 99.9% of people why use Bitcoin when you can just use cash? The inherent benefits are not significant and clear enough for most people to really get into crypto. But that's just my 2 cents. I'm no expert in economics or crypto/tech for that matter.

  • administrators

    Perhaps you are right @Lucky777, bitcoin and the like might never hit 100% of the population.

    However, I believe that crypto does have many advantages over fiat currencies including lack of governmental control (no frozen accounts etc), speed of transaction (depending on the coin), conditional payments (smart contracts) and ease of use (digital wallets).

    For those reasons and more, I think that adoption will continue to increase in the next fear years/decade.

  • Supremo

    @joes Agreed. I think there are definitely many advantages for sure, but until those advantages are adequately displayed to the masses, it will take a while. The adoption rate will certainly go up though, especially among the upper class who are more likely to put money into an investment like Bitcoin/crypto, as well as the younger generation who are more internet/tech savvy.

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