Bitcoin as a leading currency? - page 15.

webtricks

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Quote from: cipherer on May 05, 2017, 08:28:46 AM

Let's inventory the other constraints.

1. Unawareness - The prime constraint in the BTC way is it being too technical. Major portion of the globe is still technical conservative and money over internet is still utopia.

2. Governments' intention - No country would like that its citizens use currency unregulated by it. This will make the country economically weak on international front until it accepts bitcoin as prime currency which none country gonna do ever.

3. Internal conflicts - The scaling issue has arisen the internal conflicts and who knows we gonna see more conflicts and constraints in bitcoin ecosystem in future.

jeraldskie11

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It takes some time for bitcoin to get the maximum of 21 million bitcoin mined because bitcoin price is too expensive that's why it takes a couple years to reach but even bitcoin has reached its maximum or limit, the developer will make a way for it. If bitcoin disappear it will affect all the cryptocurrency.

CyberKuro

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Quote from: cipherer on May 05, 2017, 08:28:46 AM

The economic reach of Bitcoin is an interesting subject of discussion. In the end there will be a maximum of 21.000.000 BTC. BTC is a eight-digit number.
I suppose that a currency can only be leading if it has the possibility ta pay in small amounts, equivalent tot e.g. dollarcent or eurocent. This statement limits the range of BTC, will the satoshi be the future euro/dollarcent?
In that case the maximum money supply wil be BTC 21.000.000,00000000 is e.g. EUR 99.999.999.999.999,99 (by the way: interesting exchange rate).
The money supply in the Eurozone (M3) is over EUR 10.000.000.000.000
So without any constraints, the structure of the BTC satisfies the necessary condition.
Let's inventory the other constraints.

To lead other currencies, bitcoin need to achieve some important things :
- scalability ( which it isn't right now)
- instant transaction ( we have to wait if use bitcoin to be confirmed)
- legalized by government (many countries doesn't yet)
- cannot spend bitcoin for micro payment, it can be stuck forever.
Bitcoin still far away from many factors that required to become number one currency.

davis196

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Quote from: cipherer on May 05, 2017, 08:28:46 AM

The economic reach of Bitcoin is an interesting subject of discussion. In the end there will be a maximum of 21.000.000 BTC. BTC is a eight-digit number.
I suppose that a currency can only be leading if it has the possibility ta pay in small amounts, equivalent tot e.g. dollarcent or eurocent. This statement limits the range of BTC, will the satoshi be the future euro/dollarcent?
In that case the maximum money supply wil be BTC 21.000.000,00000000 is e.g. EUR 99.999.999.999.999,99 (by the way: interesting exchange rate).
The money supply in the Eurozone (M3) is over EUR 10.000.000.000.000
So without any constraints, the structure of the BTC satisfies the necessary condition.
Let's inventory the other constraints.

It`s pointless to post threads about something that we already know and which is asked so many times.
I guess that you are just trying to bump your post count.
Bitcoin will never be like the USD or the euro.Don`t try to compare them.

n0ne

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Quote from: Sled on May 07, 2017, 01:56:28 AM

Bitcoin is a leading currency but it is still on the list of the cryptocurrencies and bitcoin will never be a leading currency among the fiat currencies out there. Bitcoin will become a leading currency if there will be enough demand for the market that can sustain the required demand for having a stable price in the market.

No cryptocurrency is that popular as bitcoin among the entire list of currencies. It has attained the growth similar to dollar in a very short time period of less than 10years time. Only because of certain features it cannot be considered under the fiat currency list. So as mentioned it'll continue to lead in the digital currency network.

Jingjess

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I think bitcoin will become a leading currency for as long we have a high demands for the market.

fundyourself

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I think bitcoin still has a long way to go before it becomes a leading currency. For one, the processing speed of transactions need to be greatly increased for it to be used in the mass market.

Sled

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Bitcoin is a leading currency but it is still on the list of the cryptocurrencies and bitcoin will never be a leading currency among the fiat currencies out there. Bitcoin will become a leading currency if there will be enough demand for the market that can sustain the required demand for having a stable price in the market.

cipherer

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Quote from: xuan87 on May 05, 2017, 06:59:59 PM

If you said bitcoin is the leading currency in the crypto currency then everyone will be agree, but if you are talking about comparing bitcoin and Dollar or Euro then bitcoin will never defeat them, fiat money is controlled by the government and basically got no limit because they can just create more, while bitcoin got a limit, so there wont be enough for bitcoin to dominate fiat and of course the government will never agree with the idea of bitcoin become a leading currency

May be that's the point: Bitcoin got a limit, so we can trust that, fiat money has no limit, so we are delivered to a third party. This may result in an increasing trust in Bitcoin. Trust/confidence comes on foot but goes by horse.

uneng

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Bitcoin is and will be a alternative currency for much time. Dollar controls the world and it will continue happening for much time yet. We can have many currencies in the world being used by many persons, but I don't think bitcoin will be the leading one.
Strong countries control strong currencies and bitcoin is decentralized, no one controls it. It's necessary a lot of effort to make a decentralized currency become the main currency of the world.

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Quote from: freebutcaged on May 05, 2017, 04:51:15 PM

Reminds me of this theory; there is only one female on earth capable of giving birth(there is a TV series about it as well) could you imagine the worth and importance of that lady? she's indeed priceless

The reverse case would be more demonstrative

I mean with just one male remaining. What's the purpose of that female if she could only give birth to a dozen of children all of them could be boys (and she could die in the process)? While with just one man, given today's technologies (e.g. in vitro fertilisation), it is possible to fertilize many thousands of women. And that would really work out

xhomerx10

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Quote from: freebutcaged on May 05, 2017, 04:51:15 PM

@OP congratulations, ...

Bitcoin doesn't have inflation, it's like a glass of water, if you fill it with liquid gold then does it still hold the same value as the water?

Reminds me of this...

So it's more like a glass of liquid gold then? You lost me.
Would it be possible to illustrate this some other way? I would like to understand.

xuan87

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If you said bitcoin is the leading currency in the crypto currency then everyone will be agree, but if you are talking about comparing bitcoin and Dollar or Euro then bitcoin will never defeat them, fiat money is controlled by the government and basically got no limit because they can just create more, while bitcoin got a limit, so there wont be enough for bitcoin to dominate fiat and of course the government will never agree with the idea of bitcoin become a leading currency

freebutcaged

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@OP congratulations, you have just figured the secret behind the Bitcoin's design which was a public knowledge from the start but not many really think about it. here is the code and it functions like this and like that and here is the supporting community.

If you do the following> 20*20=400.

Earth population only increases over time.

Resources are consumed overtly.

Governments are printing too much fiat causing inflation.

Bitcoin doesn't have inflation, it's like a glass of water, if you fill it with liquid gold then does it still hold the same value as the water?

Reminds me of this theory; there is only one female on earth capable of giving birth(there is a TV series about it as well) could you imagine the worth and importance of that lady? she's indeed priceless.

20 years from now Bitcoin will have a price more than $50k/BTC.

Underwoods

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Quote from: Hazir on May 05, 2017, 03:42:54 PM

Quote from: stompix on May 05, 2017, 01:43:09 PM

That's pretty much enough for now on.
And if it would really pose a problem a hardfork would solve it but again it is not necessary.

Even if hard fork/upgrade was really necessary and needed I have doubt it would be done.
We can see that needed changes - scaling upgrade is neglected for at least 2 years and there is still no solution at hand.
If bitcoin can't successfully manage its own upgrades we might see grim future ahead.

Interesting, I think it will depend on the question whether financial institutions and governments will embrace the blockchain.
Not so much de development of Bitcoin itself, but rather the ecosystem around it.

Hazir

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Quote from: stompix on May 05, 2017, 01:43:09 PM

That's pretty much enough for now on.
And if it would really pose a problem a hardfork would solve it but again it is not necessary.

Even if hard fork/upgrade was really necessary and needed I have doubt it would be done.
We can see that needed changes - scaling upgrade is neglected for at least 2 years and there is still no solution at hand.
If bitcoin can't successfully manage its own upgrades we might see grim future ahead.

Underwoods

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Because the cap is just 21 million bitcoins that will ever be mined, I think that will never happen.
Bitcoin is just not liquid enough and because of this cap, it will never be. Besides this, the circulation of the BTC can not compete with currencies like the dollar in the near future.

Interesting question by the way.

stompix

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Quote from: cipherer on May 05, 2017, 08:28:46 AM

The economic reach of Bitcoin is an interesting subject of discussion. In the end there will be a maximum of 21.000.000 BTC. BTC is a eight-digit number.
I suppose that a currency can only be leading if it has the possibility ta pay in small amounts, equivalent tot e.g. dollarcent or eurocent. This statement limits the range of BTC, will the satoshi be the future euro/dollarcent?
In that case the maximum money supply wil be BTC 21.000.000,00000000 is e.g. EUR 99.999.999.999.999,99 (by the way: interesting exchange rate).
The money supply in the Eurozone (M3) is over EUR 10.000.000.000.000
So without any constraints, the structure of the BTC satisfies the necessary condition.
Let's inventory the other constraints.

Have you heard of mBTC, bits and satoshi?
There are 10 millions satoshi in a bitcoin.

That's pretty much enough for now on.
And if it would really pose a problem a hardfork would solve it but again it is not necessary.

death69

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Quote from: onrise on May 05, 2017, 08:54:24 AM

For 9 years we have seen that bitcoin is the leading currency as there are thousands of other alt coins came and went but only bitcoin could withstand this for years and price rose to all time high of 1600+. Near future it could be even more who knows it.

it is obvious that the prices of Bitcoin will still increase in the future. But look at all other altcoin, all of them are joining the race against each other and even bitcoin. They are trying to become the best crypto on this planet

cipherer

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Quote from: olubams on May 05, 2017, 10:41:01 AM

This argument have been discussed several times and equally laid to rest. Its a simple fact that was even included in the White paper if I am correct that the amount of BTc required to purchase any amount of commodity will reduce as the value of BTC increases and that will solve the issue of limit in the quantity available to go round considering that some will even be lost forever.

Clear, but i assume that 8 digits and the possibility for micropayments is a relevant constraint. In that case it will noy completely solve the issue of quantity. I read about a 9-digit, but isn't that a change of concept?

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