The described scenario is theoretically possible, but can occur only if there is a crash in other currencies or financial markets.
People seems to be quite content with using fiat. Why would they change, except in special cases, like sending money?
What is the impetus for every day use?
If all mined coins are sold (just for the sake of argument), then it results of $526 mil being sold into the system per year.
There are only four funds that are buyers and these are relatively small funds. The only other buyers might be large family offices.
In a personal example, I am a relative enthusiast (I accumulate, mine, etc.), however I don't use bitcoin for much of anything because it seems silly to exchange it for goods (other than miners) at the current super low prices with me putting up quite a lot of cash getting measly btc at the moment. None of my family have used bitcoins for anything, even if they are fully aware of bitcoin from my interest. I am quite sure that this situation is rather typical.
Perhaps, we are too impatient and it will take years/decades for usage to improve, but the last 11 mo has been a general disappointment: too much talk about esoteric usage (Etherium, etc) and too little improvement in day-to-day activities (wallets, security, etc.).
People seems to be quite content with using fiat. Why would they change, except in special cases, like sending money?
What is the impetus for every day use?
If all mined coins are sold (just for the sake of argument), then it results of $526 mil being sold into the system per year.
There are only four funds that are buyers and these are relatively small funds. The only other buyers might be large family offices.
In a personal example, I am a relative enthusiast (I accumulate, mine, etc.), however I don't use bitcoin for much of anything because it seems silly to exchange it for goods (other than miners) at the current super low prices with me putting up quite a lot of cash getting measly btc at the moment. None of my family have used bitcoins for anything, even if they are fully aware of bitcoin from my interest. I am quite sure that this situation is rather typical.
Perhaps, we are too impatient and it will take years/decades for usage to improve, but the last 11 mo has been a general disappointment: too much talk about esoteric usage (Etherium, etc) and too little improvement in day-to-day activities (wallets, security, etc.).
This is not about using fiat or not.
Why would they change you ask?
Cause the value of the thing is fucking skyrocketing! Greed will fuel this ride, everyone will want to board this train. When it becomes obvious that there is nowhere for this thing to go but up EVERYONE will want in.
It makes to sense to suggest mined coins would be sold into the market. In a bull market, with Bitcoin going up with no stop in sight, miners will hold onto their coins.
Your family is a perfect example of this. I'm sure you have spoken to them at length of Bitcoin and all its promises. Right now they're probably like
but when the next rally begins and you'll be making 100s if not 1000s of dollars everyday they'll be begging for some bitcoins.