Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻
In order to increase the use of Bitcoin users, Bitcoin and its saviors need to be more aware and give proper advice on how to increase the use of Bitcoin. Benefits of Bitcoin must be confirmed. This can increase the number of Bitcoin users.
El Salvador passed a law in their country basically forcing Bitcoin down people's throats and yet they still aren't adopting it. What more do you want? Some folks were helped by El Salvador's passage of their bitcoin as legal tender law that went into effect in August 2021. Some people choose not to get involved in bitcoin. The law could be read as a forcing, as you suggest, yet I doubt that you are even close to giving any kind of genuine and/or accurate reading of what the law was allegedly forcing. You may well need to back up your claim a wee bit moar better.
El Salvador passed a law forcing the government there to promote Bitcoin using compelled taxpayer money. Today, Bitcoin's price completely revolves around what the US president says about it on any given day. So much for Bitcoin being some kind of hedge against governments
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Bitcoin is not going to increase in the number of users, it will decrease.
How is that? I think that the data shows that with the passage of time, bitcoin has been increasing in all of its various network effects (those outlined by Trace Mayer) including more users, so why expect that bitcoin adoption is not going to continue to increase into the future.
I agree it has grown, but I think new products are only just starting to take hold. This market is still new, but the direction seems pretty clear to me. When a market leader like Bitcoin actually loses traction against competitors, it's time to wonder why. When you investigate and find those competitors have far superior products in every way--except for the present-day market cap--then the trend seems very likely to continue.
Imagine saying, in about 1986, that General Motors will always be the biggest company in the world because... they are the biggest company in the world. The biggest one always always stays the biggest, they said.
Well, that's not always the case. Perhaps this is why Bitcoiners are now trying to get governments to use force and compel citizens to stop using other products--because they are losing in the free market.
(That said, what most Bitcoiners missed about the 2024 US elections is that the major donors, under the guise of "Bitcoin", were actually brokers and non-Bitcoin makers who have a financial interest in hawking their own products over Bitcoin: the actually Bitcoin community just get conned, I think
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Maybe richer people will buy up more of it and make the price go up, and maybe more governments* will help prop up the price, but there will be fewer and fewer individuals in the future actually holding Bitcoin because there are far better products out there now. Bitcoin is too slow and too expensive to be used for mainstream transactions by ordinary people.
(*And the irony that Bitcoin needs government help to support it's price now is pretty intense ).
(*And the irony that Bitcoin needs government help to support it's price now is pretty intense
).Sure it is true that Bigger and BIGGER players are focusing on accumulating bitcoin, and they also seem to be gobbling it up too... which logically seems to imply that fewer individuals are going to be able to have as much of it, and even if the same quantity of people are able to have bitcoin, then the fact that BIGGER players are gobbling up a lot of the bitcoin, then that likely means that the smaller players would not be able to have as much of the bitcoin, proportionately speaking..
You see, your only interest--which is the same as most current owners of Bitcoin--is that Bitcoin goes up in price so you are richer. That is very natural. Hence the only thing you are concerned about is more rich people buying more of the asset you hold. But this is a very narrow focus, I think. Imagine shareholders of a public company telling the CEO, "just get the stock price up right now and ignore everything else". That will work great... until it doesn't.
In the long run, the winner of the digital currency wars will be the product(s) with the most individual users. There's no way that ends up being Bitcoin since it simply doesn't scale.