Topic: Bitcoin is Becoming a Global Currency - page 138. (Read 226473 times)

You can be declared an enemy of the people and thrown in jail and tortured.

"We know you posess bitcoins, you dog! Give them up or prepare for some extra waterboarding!", they would say.
"I don't have such bitcoins, I told you already. I'm a law abiding citizen. Please let me go!", you would reply.
"Nice try, you miserable rat-dog! We have multiple tips from your neighbors and some informants, you stupid rodent!", they will claim.
"Give us your private keys and we'll let you go!", they would propose.
"Never!", you would say.

Eventually you will die of malnutrition or slave labor or something. If you give them the coins, perhaps you have a chance to be released.

 

as long as you keep your bitcoins secure yourself, no one, no matter how powerful, can take them from you.

They can try to make all kinds of taxes and regulations, but no one can force you to hand them your bitcoins.

It would not be a surprise if bitcoin is going to become a global currency.  It has become an alternative source of payment, it is not subject to regulations and is not backed by any central bank.

maybe if bitcoin become the global currency theres so many law or policies that may occur and i think if some country controlled bitcoin we can complain as a users, it can be global currency but not centralized.

The bitcoin can be "controlled" not through the mining system but only as a currency. The way may be will the collaboration of all the countries which have regulated it. Later can be added all the other countries which will regulate it (probably all the world). Those can create an Authority which can try to do monetary policies for bitcoin as a currency and to treat it as a world currency. This authority will be independent from every state and will do politics which will have as aim the stability of bitcoin as a currency and the use of it according to the role given to it from those countries. An interesting role of bitcoin it will be this proposition made in this thread: https://bitcointalksearch.org/topic/bitcoin-as-currency-of-currencies-1191118

Comments about this role proposed here are welcomed.

How will it be technically possible to control the bitcoin system? OK, governments have more powerful tools than normal people and they can control a large number of PC or buy some specific hardware to have as many mining capacity as possible. But is it possible that a big government (like US) can have so much mining capacity to take over the control of bitcoin?

bitcoin as global currency would be a bad idea. if that happens more underground trading will be made without being traced and not every country
can use bitcoin even after a dacade or so. and if bitcoin became a global currency im pretty sure it will be controlled by the government.

I think digital currencies are inevitable at some point (maybe not in our lifetime) but security technology needs to be stronger. Not sure how most people would feel about keeping their entire wealth themselves and not relying on banks. It would be quite daunting having all your money to look after personally.

if bitcoins became accepted as an alternative source of payments everywhere then we could say that it has become a global currency but that will take decades before that happens

then the same thing will happen what currency is doing, then their wont be difference between bitcoin and currency, i think bitcoin being centralized in online format will be good

Being bitcoin centralized is the biggest mistake that you would suggest because if theres someone who will handle it like your own government, theres so many problem that may occur like corruption.

They can regulate Bitcoin but they can't regulate the use of blockchain which is the real innovation.

Well the establishments I use to get good from people who take bitcoin usually just use there phone to accept it or an IPAD.

We are still not close to that. Maybe in decades when we see further deterioration of the current fiat system, but right now we must go step by step and focus on scaling, and right now the most interesting developments are all related to sidechains, LN and so on, that's what interests me the most, the rest is pretty much noise to me to be honest. We need this solved as first priority.

Thanks for the clarification, so it means that those phisical coins are only a kind of art work instead of the phisical appearance of bitcoin itself?
If you have a bitcoin coin like that, it only worths what passionate poeple wants to pay for it even if the 1 bitcoin value is written on that?
Bitcoin is working while there is power for the computers that processes the transactions, like money is working while there are banks and clearing systems they run the whole system. Phisical money exists, but payments are tending to be done by bankcards, even since paypass or paywave or the smartphone NFC payment systems have been introduced. You can use NFC cards as a montly ticket on subway, train, bus etc.
So these kind of digital things are used and alive as long as the backend system is up and running.
I can imagine the phisical bitcoin as a kind of coin that you buy only once and you assign your wallet to it (so it should be a kind of NFC tag coin, you don't have to hand it over to buy anything but just to tap it to the reader and the payment is done.)
Normal everyday bank cards are only specific numeric strings and are linked to your account where you have your money digitally (or you have your credit line also digitally in case of credit cards).
So why it is not possible for bigger bitcoin wallet providers to phisically produce some NFC tags with their own logo on it and let the people start using them instead of (or paralell with) their bank cards?
The problem yet should be the acceptance, but I think every smartphone that's NFC capable could be a kind of POS terminal for these kind of tags and this way acceptance could spread rapidly (e.g. wallet provider's app would be able to process this kind of payments)
Even there are phisical wallets available (trezor, etc), these are nearly the bitcoins themselves.

It seems to me that all of the countries and governments will shift slowly towards digital money/tokens, just like Bitcoin. It seems also that they will try and issue these tokens in a format of centralized blockchain.

That's why I wouldn't be worried about this physical/digital thing, since we are going towards digital nevertheless. It seems to me that Bitcoin and crypto in general have just made this transition faster.

Any physical bitcoin have no value as a currency but only as an ornamentation object. Those are made by bitcoin passionate people which pretend to create with those even their being unique (meaning being unique as it is every bitcoin) and not reproducible. But this don't make them regular bitcoin because bitcoin is known only as a digital currency from everyone. And it is not known yet how (which, what) can be a physical bitcoin.

Implementing bitcoins as a form of physical money have a different requirements that should have a particular country there such things that you must consider like bitcoin must be mainstream so that there will no problem that will come.

I believe that Bitcoin can serve developing communities very well, especially those with a weak banking infrastructure. Now in Africa many are being empowered through the mobile phone so using bitcoin as a means of transaction can work very well in areas where mobile internet is the only way to go.

Please correct me if I'm wrong but I've hered that there are some phisical bitcoin coins, but since the value of them are so much (approx. 250 USD now) that it makes people not to use them as normal everyday coins.
Just imagine what is the approx. value of the normal coins you have in your pocket/leather wallet/car's ashtry, is it worth the value of 1 bitcoin coin?
The bitcoin coin is phisical (or will be phisical if I know it wrong), but because of the value of it you would put it into your safe instead of your pocket.
Another question if the bitcoin coin will have smaller coins (change) like cent for EUR or for USD. This could be the satoshi for example