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It could be but whats the network effect about? Like I can see a network effect coming out of Facebook for connecting friends, what would bitcoin do thats so po
by forkLding 9y ago
It could be but whats the network effect about? Like I can see a network effect coming out of Facebook for connecting friends, what would bitcoin do thats so powerful, that more people use that the price would rise? Transfer money internationally in a fast and cheap manner?
- ramphastidae 9y agoThe more people that are willing to accept Bitcoin in exchange for goods and services, the more valuable Bitcoin is.
- davidgerard 9y agoThat's been less and less, though.
- fwdslash 9y agoMainly because of fees. I'd say crypto (as a whole) has had a huge increase in acceptance overall, and with Bitcoin being the easiest to purchase and usually the favored currency to trade alts with, it's natural that it's only grown in popularity.
- davidgerard 9y ago"acceptance" is a weasel word. It's an asset bubble, where the "acceptance" is for the purpose of speculation in the hope of getting rich for free. Note the actual comment I'm responding to: > The more people that are willing to accept Bitcoin in exchange for goods and services, the more valuable Bitcoin is. Approximately nobody accepts Bitcoin in exchange for goods and services except to buy drugs. Which does count as a use case, but it's a trivial one compared to the speculation; and even drug buyers and sellers are endlessly frustrated by the transaction clogs.
- nylonstrung 9y agoMore people accept it and recognize it as a valid form of exchange and means of storing value. The belief networks that BTC is valuable have increased, increasing demand and thus price.
- Rjevski 9y agoThe price increase brings in more people that invest in it (buy it) so the price rises even more - rinse and repeat.