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Topic: Bitcoin is Becoming a Global Currency - page 151. (Read 226365 times)

legendary
Activity: 1106
Merit: 1005
March 28, 2015, 08:41:49 PM
#87
For a given country's population, if the share of bitcoiners was the same in every country, Americans would only make 5% of all transactions. On the other hand, if using bitcoin is relative to the available wealth, the U.S. will keep on dominating bitcoin for many more years.


Except eventually they will bleed dry because America doesn't export anything of value. Countries that rely heavily on import with almost no export will be hurt in a gold or commodity based currency like Bitcoin.

This is because for every product you import, your country will lose Bitcoin.

Right now America can sustain their way of life by just printing more dollars, and the inflation will not only hit America, but the whole world. So America is basically stealing wealth from the whole world by importing goods with infinite dollars. Once Bitcoin becomes mainstream and dollars become relics of the past, America will need to find export products or else their economy will collapse, they can't print their way out of this. Even if they'd own every single Bitcoin, they minute they import something the world will demand something of equal value back, so eventually they either need to export or hand over some bitcoins.

This means wealth will theoretically become more evenly distributed. You can get a huge head starts by investing early, but once Bitcoin is the 'reserve currency' of the world you will eventually have to do something productive or accept the fact that you will eventually bleed dry.
legendary
Activity: 2590
Merit: 3014
Welt Am Draht
March 28, 2015, 12:42:32 AM
#86
I think I saw a infographic somewhere stating for BTC to be 1% of the world economy, it would have to be priced around $10,000 or more for 1 bitcoin Shocked

Have a play with this - http://worldbitcoinnetwork.com/BitcoinPriceModel-Alpha.html

It gives plenty of ideas for possible future developments.
hero member
Activity: 994
Merit: 500
March 28, 2015, 12:04:54 AM
#85
I think I saw a infographic somewhere stating for BTC to be 1% of the world economy, it would have to be priced around $10,000 or more for 1 bitcoin Shocked
newbie
Activity: 42
Merit: 0
March 26, 2015, 04:09:23 AM
#84
I believe that the other country will accept BTC for payment and exchange it as a official currency.

No other way , so they had to accept it.

The only problem is the time !
hero member
Activity: 602
Merit: 500
March 25, 2015, 11:54:50 PM
#83
when fiat will worth near nothing BTC may be The world currency for future generation

and thats not likely going to happen and also btc being a global currency..
hero member
Activity: 798
Merit: 1000
March 25, 2015, 11:38:41 PM
#82
when fiat will worth near nothing BTC may be The world currency for future generation
newbie
Activity: 32
Merit: 0
March 15, 2015, 04:38:17 PM
#81
I'm pretty sure that Bitcoin is the future but as for now people are still   not use to/ don't know about   bitcoin or virtual currency in general. For example most of my friends don't know any thing about BTC and don't care. Even if I'm willing to explain it to them they still refuse to use btc or some of them even are not interested in my explanations. Maybe the right way for bitcoin is to advertise itself in some way? maybe on some e-sports event or in some ad on tv?
Certainly Bitcoin is the future. I would like to know are your friends interested in tech at all? Because I've told my few non-techie friends about Bitcoins and they don't care about it.

Some of them are interested in tech. But most of them are just using all sorts of tech and don't have any idea how it works. I'm no genius but I'm curious how some things work and how some things are made. So BTC is abstraction for them and they don't care, until it will be common as using net in your mobile
legendary
Activity: 1288
Merit: 1012
March 15, 2015, 08:22:27 AM
#80
I'm pretty sure that Bitcoin is the future but as for now people are still   not use to/ don't know about   bitcoin or virtual currency in general. For example most of my friends don't know any thing about BTC and don't care. Even if I'm willing to explain it to them they still refuse to use btc or some of them even are not interested in my explanations. Maybe the right way for bitcoin is to advertise itself in some way? maybe on some e-sports event or in some ad on tv?
Certainly Bitcoin is the future. I would like to know are your friends interested in tech at all? Because I've told my few non-techie friends about Bitcoins and they don't care about it.
newbie
Activity: 32
Merit: 0
March 15, 2015, 05:19:35 AM
#79
I'm pretty sure that Bitcoin is the future but as for now people are still   not use to/ don't know about   bitcoin or virtual currency in general. For example most of my friends don't know any thing about BTC and don't care. Even if I'm willing to explain it to them they still refuse to use btc or some of them even are not interested in my explanations. Maybe the right way for bitcoin is to advertise itself in some way? maybe on some e-sports event or in some ad on tv?
sr. member
Activity: 423
Merit: 250
March 15, 2015, 04:57:42 AM
#78
Well, I think what bitcoins were design for was to be global at the first place.

And getting rid of the usd and eur offers aren't exactly a part of bitcoin's globalisation, heh?
legendary
Activity: 3486
Merit: 1280
English ⬄ Russian Translation Services
March 15, 2015, 04:16:17 AM
#77
I think bitcoin is the first truly global currency and it truly does have the power to be a borderless, worldwide currency. My dream is that it just catches on so everybody else sees it like this because without being able to spend it at many places across the world it is kinda useless as a currency but I think this will change over time.

Gold was (and still remains) the first true and truly global currency by any means and thus for hundreds of years already. Whether bitcoin will be able to make it like gold did, remains to be seen. Personally, I think bitcoin is currently stuck between fiat and more apt cryptocoins, so it is not given that it won't be supplanted by them eventually...

For thousands of years...And it remains seen as a store of value and potential mean of exchange. Gold is also useful in a lot of industries including the jewelery industry.
Bitcoin is already more useful than gold. In an scenareo where there is no internet and we are back to middle ages maybe, but in modern society Bitcoin is way more useful than the alleged gold's intrinsic value.

How is it already more useful than gold and for what purposes specifically? I know about two ends that bitcoin is really useful for on a larger scale today, that is, for trading as a device for speculation, and for online gambling. What is your pick?
legendary
Activity: 2674
Merit: 2965
Terminated.
March 15, 2015, 04:11:54 AM
#76
Well people should be less focused on the price. The price just shows what people are willing to pay for a Bitcoin right now. Aside from that it's not that much relevant. One should really take a look at all those services that are being developed, and at the rising adoption. I guess we have a bigger problem currently aside from the price, and that is the 20MB fork. I guess these are rough times for Bitcoin, so one should be a bit patient. Hopefully all goes well.
Price may not the the greatest problem of bitcoin but it is certainly the most visible on. When you are talking about bitcoin price is the first question people ask you- every time. They do not care about technological things like how bit is the fork.
Well the underlying problem lies in the people, the society and so on. Obviously this discussion could lead us into hundreds of pages of text. People are ignorant, stupid, it just can't be fixed. They'd rather read about the life of Kim Stupidashian than learn something new like Bitcoin.
Indeed, the price is the most visible one. I guess if we have another spike very soon, it would boost Bitcoin as a trend. It has happened already. Some of those people will definitely stick to Bitcoin afterwards.               
I would be comfortable if we had a price around $400 for quite some time, maybe a bit higher, just to get the media off of Bitcoins' back.
legendary
Activity: 1610
Merit: 1183
March 14, 2015, 08:04:58 PM
#75
I think bitcoin is the first truly global currency and it truly does have the power to be a borderless, worldwide currency. My dream is that it just catches on so everybody else sees it like this because without being able to spend it at many places across the world it is kinda useless as a currency but I think this will change over time.

Gold was (and still remains) the first true and truly global currency by any means and thus for hundreds of years already. Whether bitcoin will be able to make it like gold did, remains to be seen. Personally, I think bitcoin is currently stuck between fiat and more apt cryptocoins, so it is not given that it won't be supplanted by them eventually...

For thousands of years...And it remains seen as a store of value and potential mean of exchange. Gold is also useful in a lot of industries including the jewelery industry.
Bitcoin is already more useful than gold. In an scenareo where there is no internet and we are back to middle ages maybe, but in modern society Bitcoin is way more useful than the alleged gold's intrinsic value.
hero member
Activity: 1022
Merit: 500
March 14, 2015, 07:55:09 PM
#74
I think bitcoin is the first truly global currency and it truly does have the power to be a borderless, worldwide currency. My dream is that it just catches on so everybody else sees it like this because without being able to spend it at many places across the world it is kinda useless as a currency but I think this will change over time.

Gold was (and still remains) the first true and truly global currency by any means and thus for hundreds of years already. Whether bitcoin will be able to make it like gold did, remains to be seen. Personally, I think bitcoin is currently stuck between fiat and more apt cryptocoins, so it is not given that it won't be supplanted by them eventually...

For thousands of years...And it remains seen as a store of value and potential mean of exchange. Gold is also useful in a lot of industries including the jewelery industry.
sr. member
Activity: 593
Merit: 250
March 14, 2015, 06:01:11 PM
#73
that is pretty much the sort of scenario I was considering. It sounds like it would be very hard to do, but it is possible.
newbie
Activity: 32
Merit: 0
March 14, 2015, 03:58:08 PM
#72
Price may not the the greatest problem of bitcoin but it is certainly the most visible on. When you are talking about bitcoin price is the first question people ask you- every time. They do not care about technological things like how bit is the fork.

Agreed. But if bitcoin should become global currency it has to overcome more issues then just value. First of all BTC must be recognized by most of the population and that population also must trust that it wont collapse because of some error or someones doing
legendary
Activity: 1288
Merit: 1000
March 14, 2015, 03:37:19 PM
#71
Well if you take a look at localbitcoins you can find a list of 240 countries. It's amazing that Bitcoin has spread to countries like Burkina Faso. I'm pretty sure that the majority of people never even heard of it.
Pretty much everything is in a positive state, expect the price.

Exactly and the price not rising with the demand is the most disappointing thing. Whilst there are bitcoin users in far off places they might be the only one and if they are they've got nobody to sell to or buy from or spend their coins on anything. As I've said before I think we just need some patience for btc and we should see some gains eventually but this will take some time. Hopefully certain industries will see the benefits of accepting bitcoin and get on board sooner or later and if so the price should rise accordingly.
Well people should be less focused on the price. The price just shows what people are willing to pay for a Bitcoin right now. Aside from that it's not that much relevant. One should really take a look at all those services that are being developed, and at the rising adoption. I guess we have a bigger problem currently aside from the price, and that is the 20MB fork. I guess these are rough times for Bitcoin, so one should be a bit patient. Hopefully all goes well.
Price may not the the greatest problem of bitcoin but it is certainly the most visible on. When you are talking about bitcoin price is the first question people ask you- every time. They do not care about technological things like how bit is the fork.
legendary
Activity: 2674
Merit: 2965
Terminated.
March 14, 2015, 02:01:01 PM
#70
Well if you take a look at localbitcoins you can find a list of 240 countries. It's amazing that Bitcoin has spread to countries like Burkina Faso. I'm pretty sure that the majority of people never even heard of it.
Pretty much everything is in a positive state, expect the price.

Exactly and the price not rising with the demand is the most disappointing thing. Whilst there are bitcoin users in far off places they might be the only one and if they are they've got nobody to sell to or buy from or spend their coins on anything. As I've said before I think we just need some patience for btc and we should see some gains eventually but this will take some time. Hopefully certain industries will see the benefits of accepting bitcoin and get on board sooner or later and if so the price should rise accordingly.
Well people should be less focused on the price. The price just shows what people are willing to pay for a Bitcoin right now. Aside from that it's not that much relevant. One should really take a look at all those services that are being developed, and at the rising adoption. I guess we have a bigger problem currently aside from the price, and that is the 20MB fork. I guess these are rough times for Bitcoin, so one should be a bit patient. Hopefully all goes well.
newbie
Activity: 28
Merit: 0
March 14, 2015, 01:00:01 PM
#69
ya, will be i think. even now bitcoin already be.
microsoft already receive bitcoin as their payment, its good progress.
legendary
Activity: 1204
Merit: 1028
March 14, 2015, 12:31:27 PM
#68
Well if you take a look at localbitcoins you can find a list of 240 countries. It's amazing that Bitcoin has spread to countries like Burkina Faso. I'm pretty sure that the majority of people never even heard of it.
Pretty much everything is in a positive state, expect the price.
Yeah im pretty sure in 3rd world countries bitcoin is playing a bigger role than we can even monitor, and it will keep getting bigger due sms tech making it possible for poor people to access the blockchain.
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