This is an interesting question, my friend, because I have no doubt that the bitcoin idea has generated a new outlook about the future of international economy, but I prefer to think that actually bitcoin is just the beginning of the real evolution to come.
This is just the first step, and I am convinced that the future will bring more amazing surprises.
Topic: Can Bitcoin change the world's financial system? - page 3. (Read 2355 times)
In a way bitcon already changed the markets/system by offering side investments. Just look how much venture capital has been spend into bitcoin related companies.
The next step would be to make it used by global companies.
The next step would be to make it used by global companies.
Online micro transactions were not reasonable before, because the transaction costs were often higher than the sent amount.
Have you ever done an online micro transaction with Bitcoin? Cause I never have and I'm a heavy Bitcoin user.
I just assumed that the Chinese would use Bitcoin to top-up their phones or something so I just went for that estimate
Well it looks like Bitcoin is only popular among the miners in China and not the common users.They were getting geared up to actually adopt it in 2013. I remember a few merchants were starting to accept it. Then the government firmly squished that idea.
They then put out a documentary showcasing the tragic Chinese citizens who'd lost their shirts on Bitcoin and forgot to add that it was the government that caused it. Funny that.
In theory they could be using it for capital flight which is an enormous use case of itself. But in reality I think it's just miners, a few traders and bots there.
Yeah well, most of us get paid in fiat and buy things that are priced in fiat...so unless bitcoin has an actual problem that it's a solution to, it's not going to get widely adopted. It is useful as a store of value, like precious metals, but as a currency it absolutely sucks. That's my opinion. I would much rather spend dollars than bitcoin, and it's much, much easier to do so.
Oh! I see it exactly the opposite way actually. I think it sucks as a store of value and is useful as a currency.
Problem is just that very, very, very few people are actually using it. Can't blame them, for now the best use case is to hit a DNM probably.
Bitcoin mostly is The hypothesis and not valid in many countries yet and took a time until it can be trusted by the world
The technology behind bitcoin has already changed the system.
Online micro transactions were not reasonable before, because the transaction costs were often higher than the sent amount.
People in contries with lower economic power can profit from that a lot.
Online micro transactions were not reasonable before, because the transaction costs were often higher than the sent amount.
People in contries with lower economic power can profit from that a lot.
I think there are at least 5-10 million users in China alone.
Why? There are hardly any nodes there. You can't buy anything with it. The trade volumes are huge but most of them are going to be bots controlled by a handful of traders or the exchanges themselves.
As for the original question, Bitcoin's ideas certainly will introduce huge changes. Bitcoin itself? The jury is still out and waiting.
Yeah mate I stand corrected. I wrote some far-fetched numbers out of thin air. Actually this sparked my interest and I did some researching and apparently there is a study that explored how many Bitcoin users there were in the world and in 2014 the number was around 1.3 million Bitcoiners and the projection is to hit 5 million users till 2019. So maybe OP is right to say that there are 2 million users at this moment. I just assumed that the Chinese would use Bitcoin to top-up their phones or something so I just went for that estimate
Well it looks like Bitcoin is only popular among the miners in China and not the common users.
Yes, Bitcoin, as an innovative means change the current financial system.
Now, the deal with Bitcoin to buy a cup of coffee is more efficient and less expensive than credit card transactions.
The credit card includes: billing processor; Association card (Visa, MasterCard, etc.); Bank customer; seller's bank; payment processor and clearing house network managed by the regional Federal Reserve banks.
Payment by credit card takes two or three days and the trading fee of 2 to 3 percent. Bitcoin transaction includes the almost complete absence of taxes, and only takes a few seconds to conclude the transaction, and from 10 minutes to an hour for confirmation blockchain.
A small excerpt from an interview with the founder and leader of Corezoid e-business center of PrivatBank Alexander Vityaz:
-How Do you assess the chances cryptocurrency out to displace over time fiat money?
-I Think cryptocurrency can displace small currency or even a basis for the financial systems of countries such as North Korea. For those trapped outside systems is the only chance to bypass the banking system, its barriers and get out into the world. With adults currency is not repression, but rather hybridization - classic money would be useful to adopt the traits cryptocurrency or use the Bitcoin ecosystem. It seems plausible translation issue cash isolated small but advanced states on altchain.
Now, the deal with Bitcoin to buy a cup of coffee is more efficient and less expensive than credit card transactions.
The credit card includes: billing processor; Association card (Visa, MasterCard, etc.); Bank customer; seller's bank; payment processor and clearing house network managed by the regional Federal Reserve banks.
Payment by credit card takes two or three days and the trading fee of 2 to 3 percent. Bitcoin transaction includes the almost complete absence of taxes, and only takes a few seconds to conclude the transaction, and from 10 minutes to an hour for confirmation blockchain.
A small excerpt from an interview with the founder and leader of Corezoid e-business center of PrivatBank Alexander Vityaz:
-How Do you assess the chances cryptocurrency out to displace over time fiat money?
-I Think cryptocurrency can displace small currency or even a basis for the financial systems of countries such as North Korea. For those trapped outside systems is the only chance to bypass the banking system, its barriers and get out into the world. With adults currency is not repression, but rather hybridization - classic money would be useful to adopt the traits cryptocurrency or use the Bitcoin ecosystem. It seems plausible translation issue cash isolated small but advanced states on altchain.
Yeah well, most of us get paid in fiat and buy things that are priced in fiat...so unless bitcoin has an actual problem that it's a solution to, it's not going to get widely adopted. It is useful as a store of value, like precious metals, but as a currency it absolutely sucks. That's my opinion. I would much rather spend dollars than bitcoin, and it's much, much easier to do so.
Agree with this completely. And that it is not a minor thing... the fact you can keep thousands of dollars in Bitcoin easily in your computer or computers, and that you can transfer them to other bitcoin users or even to banks (if you have an account linked to bank as coinbase or others) is very cool
Well bitcoin has made a significant difference to the world but maybe in the future, there is a chance that bitcoin can change the world's finance system for the good but that is only possible if the world goes through another depression
Yeah well, most of us get paid in fiat and buy things that are priced in fiat...so unless bitcoin has an actual problem that it's a solution to, it's not going to get widely adopted. It is useful as a store of value, like precious metals, but as a currency it absolutely sucks. That's my opinion. I would much rather spend dollars than bitcoin, and it's much, much easier to do so.
But what makes us so sure that Bitcoin can indeed be compared to technology as disruptive as the Internet?
Er, have you been reading anything posted on this forum or elsewhere on the internet? Despite its many flaws and never ending drama, this is rather clever stuff.
Bitcoin can and has changed the world's financial system, but not with bitcoin itself, rather with the blockchain technology. There have been many blockchain startups recently, and many banks and other companies are interested in using the blockchain to keep track of stuff.
Nice coindesk article about the blockchain and banks: http://www.coindesk.com/bank-of-japan-official-central-banks-need-to-watch-blockchains-closely/
Nice coindesk article about the blockchain and banks: http://www.coindesk.com/bank-of-japan-official-central-banks-need-to-watch-blockchains-closely/
Bitcoin already has kind of changed the global financial systems, with the blockchain now being a more and more invested and valued technology, more banks are starting to move towards something like it and see what kind of technologies can be formed out of it. I personally think this is a good thing, because it will slowly interest more people in the origin of this technology, which is Bitcoin, and we can see growth in the userbase.
I think there are at least 5-10 million users in China alone.
Why? There are hardly any nodes there. You can't buy anything with it. The trade volumes are huge but most of them are going to be bots controlled by a handful of traders or the exchanges themselves.
As for the original question, Bitcoin's ideas certainly will introduce huge changes. Bitcoin itself? The jury is still out and waiting.
Where did you find these estimates - 1-2 million Bitcoin users in the world and 200-300k active users? I think there are at least 5-10 million users in China alone. How do you define an active user? Do you mean it's a person who uses Bitcoin every day as frequently as using fiat in the real world? I doubt you will get a concrete answer to that and I bet there are way more than 300k active Bitcoin users.
And I think the Blockchain technology has the potential to change the financial systems in the world, because Bitcoin is just a digital currency while the Blockchain is the blueprint that other future and current currencies can use to improve upon Bitcoin's legacy.
And I think the Blockchain technology has the potential to change the financial systems in the world, because Bitcoin is just a digital currency while the Blockchain is the blueprint that other future and current currencies can use to improve upon Bitcoin's legacy.
they have to make changes in order to compete with bitcoin.
I personally don't think so, they just want to spend less on the system they're using (blockchain being efficient)
They don't have to compete with Bitcoin at all at this point
at this point. but how about in the future? bitcoin will get more users over time as it spreads and when people realize that it have a lot of features that the other system have not. they won't just wait until it's too late, they will have to take precautions.
Bitcoin fans always say that Bitcoin is changing the world.
Everyone I know doesn't care about Bitcoin, like at all, like absolutely not at all.
There are 1-2 million Bitcoin users in the world. That's like one grain of sand on an utterly huge shore.
HOWEVER it is a brilliant experiment, and I think it's absolutely fascinating.
Much could be done with Bitcoin, but it's not really used all that much. That's not exactly setting the world on fire.
Am I wrong? Can/will/has it change(d) the world?
Thank you for your posts guys!
Everyone I know doesn't care about Bitcoin, like at all, like absolutely not at all.
There are 1-2 million Bitcoin users in the world. That's like one grain of sand on an utterly huge shore.
HOWEVER it is a brilliant experiment, and I think it's absolutely fascinating.
Much could be done with Bitcoin, but it's not really used all that much. That's not exactly setting the world on fire.
Am I wrong? Can/will/has it change(d) the world?
Thank you for your posts guys!
Some of my friends say the same. But ask yourself why you like bitcoins? Yes we all earn coins here and that coins worth a lot now, but is it just cause earning or there is something more?
I don't like system and for me decentralized network is much better solution, I support the idea behind bitcoin and that is what I try to explain to people when I talk about bitcoins. Fiat have monopoly over this world and just recently bitcoin started to take a piece by piece from that big cake. So I see changes, maybe they are not big, but for sure changes are happening.
For now things are going fine I think, step by step. Soon people will realize what is better and they will join.
When we talk about the "World",I think bitcoin would have scalability issues.Take an example of a country which wants to buy either a nuclear weapon or say any huge commodity from the neighboring country.Assuming,bitcoin has become the primary currency of both of these countries and they have no other option but pay the other using only bitcoins.What issues probably would arise ?
->The transaction size ?
->The network propagation ?
->Amount of time involved for conformation ? The required fees ?
Of course,buying a nuclear weapon won't be a small deal and sending that amount of coins (if they even exist) is a big problem.Maybe my answer is not convincing,hope you get the point.
->The transaction size ?
->The network propagation ?
->Amount of time involved for conformation ? The required fees ?
Of course,buying a nuclear weapon won't be a small deal and sending that amount of coins (if they even exist) is a big problem.Maybe my answer is not convincing,hope you get the point.
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