It seems unlikely right now to see bitcoin all of a sudden overtake fiat in terms of daily usage. I think that there is a chance that this scenario will eventually happen, although currently we're definitely not close to that yet.
But you have to understand that bitcoin is a currency. If people feel like that they want to cash out their bitcoins in order to partake in some other venture, they are welcome to do so. People are already using bitcoin to invest in assets, so it's not like it's going to be any drastic changes here.
I don't really understand where your concern is coming from, honestly. There will always be demand for bitcoin, as a store of value. Not always will people want to invest in things or buy things, and even when they do, the bitcoin just ends up on another person's hands. If you're talking about the fact that once adoption hits its peak, there is no more room to grow, then that could be true to some extent. In that scenario, if it ever happens, I would definitely try to seek to invest in other things with more potential since bitcoin's potential by then would be mostly fulfilled, as in your scenario, fiat is already completely worthless. It's completely hypothetical, though.
Topic: Bitcoin becoming the sovereign currency - page 4. (Read 695 times)
It seems impossible if for example bitcoin into the currency of a country because now every country has its own currency and currency used by the country has been very long in use and already all people know the currency and also the currency of a country is the identity of a country .
Your thinking may become a reality in the future, where the local currency will lose its value and will be replaced by a digital currency such as bitcoin. But initially we also still need a reference paper currency such as dollars or euros to determine the value of bitcoin.
What bitcoin has done in the past has proven that it is a legitimate place to hold and build wealth (I always like to think of it as gold). the market is ranging between .5-.8 trillion. Experts all have no doubt it will reach 5 trillion, and a lot of experts even say that it could and maybe even will be worth 1 million dollars one day.
So for the purpose of this topic, lets just assume all this is true and here we are 2 years later and bitcoin is lets say 100k.
Everyone is freaking out because they fear the value of the dollar and other paper currencies will go down.
So there has to be a point in this transformation of worldly currency, that the value of bitcoin begins to overall outweigh the dollar in a way that its not worth holding anymore and should be invested into assets because from then on out holding bitcoin would have the value of a lot of dollars but because of that the dollar wouldn't be worth anything...so then at that point what would the bitcoin value even be based upon?
Do you guys think that (assuming everything i say becomes a reality) that it would get to a point where you'd be better off investing your bitcoins into assets because it has no more room to grow since the US dollar (and other paper currencies) at this point has become almost irrelevant?
Just a thought i had today and i thought it was interesting and that i'd share with you guys.
P.S. is there anywhere i can change my user? lol
bitcoin as a decentralized crypto currency is certainly one of the factors causing the government to be unwilling to adopt bitcoin as the official currency. so I think to achieve as everything you say would be very difficult. because I think how many investors will invest in bitcoin but in government authorities it is impossible to let fiat currency disappear or not worth at all. so I think the right thing maybe should be between bitcoin and fiat currency should keep running side by side. So for the purpose of this topic, lets just assume all this is true and here we are 2 years later and bitcoin is lets say 100k.
Everyone is freaking out because they fear the value of the dollar and other paper currencies will go down.
So there has to be a point in this transformation of worldly currency, that the value of bitcoin begins to overall outweigh the dollar in a way that its not worth holding anymore and should be invested into assets because from then on out holding bitcoin would have the value of a lot of dollars but because of that the dollar wouldn't be worth anything...so then at that point what would the bitcoin value even be based upon?
Do you guys think that (assuming everything i say becomes a reality) that it would get to a point where you'd be better off investing your bitcoins into assets because it has no more room to grow since the US dollar (and other paper currencies) at this point has become almost irrelevant?
Just a thought i had today and i thought it was interesting and that i'd share with you guys.
P.S. is there anywhere i can change my user? lol
What bitcoin has done in the past has proven that it is a legitimate place to hold and build wealth (I always like to think of it as gold). the market is ranging between .5-.8 trillion. Experts all have no doubt it will reach 5 trillion, and a lot of experts even say that it could and maybe even will be worth 1 million dollars one day.
So for the purpose of this topic, lets just assume all this is true and here we are 2 years later and bitcoin is lets say 100k.
Everyone is freaking out because they fear the value of the dollar and other paper currencies will go down.
So there has to be a point in this transformation of worldly currency, that the value of bitcoin begins to overall outweigh the dollar in a way that its not worth holding anymore and should be invested into assets because from then on out holding bitcoin would have the value of a lot of dollars but because of that the dollar wouldn't be worth anything...so then at that point what would the bitcoin value even be based upon?
Do you guys think that (assuming everything i say becomes a reality) that it would get to a point where you'd be better off investing your bitcoins into assets because it has no more room to grow since the US dollar (and other paper currencies) at this point has become almost irrelevant?
Just a thought i had today and i thought it was interesting and that i'd share with you guys.
P.S. is there anywhere i can change my user? lol
It is very unlikely we are going to reach that point, even if the sovereign currencies of all the countries were in a state of crisis governments are not going to give their right to print their own currencies and accept bitcoin, they will lose power if that happened however we do not need recognition of the government if bitcoin becomes the most widely used currency around the world then there is no doubt that bitcoin would have achieved its goal to become a currency you can use without any third party interference. So for the purpose of this topic, lets just assume all this is true and here we are 2 years later and bitcoin is lets say 100k.
Everyone is freaking out because they fear the value of the dollar and other paper currencies will go down.
So there has to be a point in this transformation of worldly currency, that the value of bitcoin begins to overall outweigh the dollar in a way that its not worth holding anymore and should be invested into assets because from then on out holding bitcoin would have the value of a lot of dollars but because of that the dollar wouldn't be worth anything...so then at that point what would the bitcoin value even be based upon?
Do you guys think that (assuming everything i say becomes a reality) that it would get to a point where you'd be better off investing your bitcoins into assets because it has no more room to grow since the US dollar (and other paper currencies) at this point has become almost irrelevant?
Just a thought i had today and i thought it was interesting and that i'd share with you guys.
P.S. is there anywhere i can change my user? lol
If the bitcoin'value gets to the figure of $1 million and overcomes the whole process of gold capitalization then that would be great but let's not run ahead of a boat and see what happens.
$1m is absurdly unrealistic. If that happens then the demand of Bitcoin is superb that all other altcoins is neglected. Nowadays crypto competitions is high and it is difficult to reach that certain amount you said.
Around a few years back people were thinking that bitcoin never reaches 10K and it will be unrealistic. But bitcoin has surprised everyone in just last one year it went up to 20K. This market is not controlled by any institution or government so anything can happen either it can reach to 1 Million or similarly it can go down as well. As a crypto investor, we should be always ready to receive surprises from this market.
If the bitcoin'value gets to the figure of $1 million and overcomes the whole process of gold capitalization then that would be great but let's not run ahead of a boat and see what happens.
$1m is absurdly unrealistic. If that happens then the demand of Bitcoin is superb that all other altcoins is neglected. Nowadays crypto competitions is high and it is difficult to reach that certain amount you said.
Bitcoin has made a lot of changes to the world, Bitcoin is a pioneer of crypto coin, bitcoin has made a lot of changes in people's lives, everyone believes that bitcoin values will continue to grow and get higher.
If the bitcoin'value gets to the figure of $1 million and overcomes the whole process of gold capitalization then that would be great but let's not run ahead of a boat and see what happens.
Do you guys think that (assuming everything i say becomes a reality) that it would get to a point where you'd be better off investing your bitcoins into assets because it has no more room to grow since the US dollar (and other paper currencies) at this point has become almost irrelevant?
Just a thought i had today and i thought it was interesting and that i'd share with you guys.
P.S. is there anywhere i can change my user? lol
Just a thought i had today and i thought it was interesting and that i'd share with you guys.
P.S. is there anywhere i can change my user? lol
If your scenario played out we'd have so much money (all of us) that we'd simply have to allocate this wealth into other investments like real estate, collections, precious metals, art... It would be unwise to keep millions in BTC while living in a small flat and driving an old car.
You want to change your name? Since you're a newbie you can simply make another account. Maybe they would agree to change your name if you donated enough, but it's not worth given your current rank.
The price and cost bitcoin does not affect the price of oil, gas, gold, diamond and other minerals. It seems to me, very soon the cost bitcoin will affect the value of many currency currencies. It is already a sovereign currency.
Have you met people who suffered losses from bitcoin investment? I haven’t. But I saw many who achieved profits.
I also do not have such acquaintances who would have lost in crypto-currency, but the one who made a profit, there are a lot of examples. It was they who were successful people in crypto currency invited me to this market....
Personally, I don't think the governments would even let that happen or let bitcoin go so big that it will outweigh the dollar and other fiat currencies. Besides, there are still entities that hold vast amounts of bitcoin that they can control the economy at will if they wanted to. But if ever that happens, we will see smaller units for bitcoin and every marketplace and establishments would be accepting it since it carries more value than your traditional fiat currencies around. We're far from being a society run by digital cash and with the amount of bitcoin in the hands of a few, I doubt if we'll ever come close to that.
If bitcoin ever becomes the currency of choice of one particular country, or potentially of the entire world, then obviously people are going to use it differently to how they are using it right now, and that pretty much goes without saying.
Right now bitcoin is seen as more of a store of value than anything else.
If adoption rates increase so much in the future, that the bitcoin market share as a currency increases drastically to outweigh fiats, then it would mean that bitcoin would simply perform the roles that fiat performed in the past. And as more merchants accept bitcoin, it's no wonder that whether transacting or buying other assets with bitcoin as a primary currency will become more prominent.
Right now bitcoin is seen as more of a store of value than anything else.
If adoption rates increase so much in the future, that the bitcoin market share as a currency increases drastically to outweigh fiats, then it would mean that bitcoin would simply perform the roles that fiat performed in the past. And as more merchants accept bitcoin, it's no wonder that whether transacting or buying other assets with bitcoin as a primary currency will become more prominent.
-snip- and a lot of experts even say that it could and maybe even will be worth 1 million dollars one day.
So for the purpose of this topic, lets just assume all this is true and here we are 2 years later and bitcoin is lets say 100k.
So for the purpose of this topic, lets just assume all this is true and here we are 2 years later and bitcoin is lets say 100k.
Do not look at the price of the Bitcoin because it reflects people's willingness to pay for it.
The limited supply makes the bitcoin as important as the price increases day after day. Supply and demand base
The price may reach 1 million and may not arrive but adopting it as an investment is a waste of time.
-snip- bitcoin value even be based upon?
Bitcoin-based on an algorithm and the ease of making transactions with a minimal fee.P.S. is there anywhere i can change my user? lol
you can’t only VIP/Global Moderator.Source
A: You can either donate 50 BTC to become a VIP or PM theymos asking to change your username (although he rarely accepts such requests nowadays).
In my opinion, the bitcoin has a certain value. people who recognize this consensus come from many countries. De facto, actually bitcoin has become one of the world's currency. Accidentally bitcoin has become one of the country's currency.
We can think about any other hypothetical situation but the fact is Bitcoins haven't disappointed anyone so far and people who bought them for low sold it for higher prices making huge profits. On the other hand those who got them for higher price are not willing to sell them on low price and waiting on its prices to get stabilise which will happen soon. 
Now this consensus is already established, that bitcoin has a certain value. people who recognize this consensus come from many countries. De facto, actually bitcoin has become one of the world's currency. so indirectly or unintentionally bitcoin has become one of the country's currency, just in my opinion.
Bitcoin has already affected the lives of many people and it’ll change also financial situation.
Have you met people who suffered losses from bitcoin investment? I haven’t. But I saw many who achieved profits.
Me too, i didnt encounter people who suffered losses from bitcoin, however interms of becoming successful bec. Of btc there are a lot, many people change their lives and became more convenient in living, once you get in your dreams is reacheable.
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