Everyone I know that owns Bitcoin (including myself) seems to plan to sit on it until it becomes widely accepted/used and the price sky rockets to a ridiculously high value (100000 dollars each). It's great that the number of merchants accepting Bitcoin is increasing but if no one is paying with Bitcoin because they are waiting for the price go up, won't Bitcoin inevitably drop in value?
I beg to differ. If you go to https://blockchain.info/, and look at the 'latest transactions', you'll see numerous transactions taking place continuously. Also, there is a quite a bit of discussion within the bitcoin community about the need to increase the limit of 7 transactions per second, and ways that this limit can be increased.