Quote from: goap on January 13, 2024, 04:27:26 PM

i think slowly overtime bitcoin is switching from an investment asset to a P2P currency. in my opinion, this is going to happen very slowly over many years. when bitcoin was first released in 2009, no one really used it at all. bitcoin prices were less than a cent, basically nothing. the market cap was so low. this made it so easy for bitcoin to literally pump and 100x - 1000x in price in a very short period of time. obviously only a very slim percentage of people gained from the huge spikes bitcoin did in the early days, because bitcoin wasn't well known, not a lot of people were invested into bitcoin. slowly overtime, more and more people get invested into bitcoin, the market cap grows over time, and it becomes harder for those huge bitcoin 100x spikes. flash forward to now, bitcoin is still very volatile, but now it doesn't go absolutely crazy like it used to in the old days. depending on where we are in the 4 year cycle, it can 3-4x now, in maybe a year or so, nothing like it used to, obviously this is due to the market cap so massive now this market cap cant be multiplied as easy as it used to. as time keeps going by, i think we still will have bull markets and bear markets, but i think as bitcoin has been doing over time, it will continue to stable out slowly but surely. because bitcoin is stabling out, thats why I believe bitcoin is ever so slowly switching from an investment asset to a P2P currency.

edit: I forgot to emphasize how slow this process of switching from an asset to a p2p currency will happen. yes it can be used as a p2p currency now, and it always has been used as a p2p currency, but it is very volatile still. this is the one downside of it being used as a p2p currency now. its still very much like an asset. it will become a better p2p currency and less of an asset as volatility slowly decreases over years maybe even decades. theyre interchangeable really, but slowly but surely it will become better use as a p2p then an asset slowly over years.

I totally agree with you on this but I think there is still enough fait value in the world that can be added to bitcoin. If I'm not mistaken bitcoin price increase when more people invest in it. Cause that's what value is all about, when bitcoin was created it didn't have any value until it was used for a transaction. So I think as long as people keep on investing in bitcoin it would continue to grow and for this action to continue it would still have a little volatility in it. So i guess bitcoin at its peak would be when every wordly value is now attached to bitcoin, no fait in any country and bitcoin as the only means of transaction, and this should be when bitcoin stabilises. And that would be a long wait for change, and the process might be far slower than we think.
I think p2p usage can happen even before then, if the congestion issue would be solved, bitcoin would be used more for p2p transactions since transaction fees would be more stable and affordable in all market conditions. And I think people are still very used to fait currency as a means of daily transactions for several reasons which we cant deny to.
And these could be
1. The average person still has little knowledge about bitcoin, neither do they understand any other form of transaction that is different from the traditional financial services.
2. What people continue to hear about everyday is how bitcoin continues to improve in price, and this impacts them to only see bitcoin as an investment, not as a means of transaction. To check this our enter your stress or even on this forum people discuss more about bitcoin price more than its usability or utility, we are the once still spreading the idea of bitcoin as an investment opportunity than its utility and safety it brings.
3. Bitcoin still sounds so foreign to my mom who is just in her late 30's and same for many other of you here. If I were to teach her, she would ask me questions on same topic for days before she can understand it. So I think more companies should make a more user friendly interface for old users like my ma. And she can rely on etfs is she wants to invest.
With only this three points I think I've made It clear that bitcoin is still a long way from p2p adoption and this process would happen more slowly as people continues to buy the idea of bitcoin as a means for daily transactions with affordable gas fees for each transaction.