Bitcoin is already functioning as a single world currency from last couple of years now and the price of bitcoin is skyrocketing every single quarter. However, the acceptance is a problem as of now and many government has not yet accepted bitcoin as a legal currency. However, that doesn't hamper the growth of bitcoin in any way. Rather it has become the most valuable internet currency of all time.
The only problem as of now is mass acceptance. Slowly it is growing. There are more investors in bitcoin than merchants. So it is being considered as an investment more instead of a currency now. However, the scenario is slowly changing for good.
Topic: Could BTC ever become fast enough to function as a single world currency? (Read 3699 times)
February 17, 2017, 07:47:19 AM
February 17, 2017, 07:19:23 AM
We can't be sure that it gonna happen but for me there is a possibility that bitcoin can reach that expectation and be a single world currency with a faster transactions and lower fees but i think we need a lot of miner for that kind of thing to confirm faster transaction so it will be able to support the world with just one single currency which is bitcoin 
.
. 
February 17, 2017, 07:03:01 AM
I don't think that this will happen.
There are going to be too much transactions for the system to handle.
There are going to be too much transactions for the system to handle.
We will have a solution for that. Segwit and Sidechains after that will make it better for all the Bitcoin users.
To OP: It will be in far future and after much compromise to its main features there is a chance of Bitcoin function as a single world currency, But I don't think people will be crazy like now they are to use it without its main features.
February 17, 2017, 06:51:43 AM
I don't think that this will happen.
There are going to be too much transactions for the system to handle.
There are going to be too much transactions for the system to handle.
February 10, 2017, 05:52:02 AM
All BTC companies such as coinbase require access to banks for their fiat conversion.
Outlaw BTC and the banks will sever ties with coinbase, then they can't pay their employees in fiat or keep their equipment running without electricity.
Merchants would drop it overnight, because they only care about the FIAT conversion.
Plus if the Governments really wanted BTC stopped , how many ASICS do you think can stand up to an RPG.
The answer is ZERO.
I see you are already a government mouth piece, but not all BTC companies are like Coinbase, that readily folds its tail in between its legs in servitude to the same modern slave masters than Bitcoin set out to liberate us from, likewise some merchants. You will do well to take this message to them - they woke up a little bit too late and Bitcoin is done washing their dirty linen in public. Bitcoin was not created for the fiat currencies instead from the word go, it was designed to be independent of governments and their agencies. That is where and when p2p actually resumes duty,Outlaw BTC and the banks will sever ties with coinbase, then they can't pay their employees in fiat or keep their equipment running without electricity.
Merchants would drop it overnight, because they only care about the FIAT conversion.
Plus if the Governments really wanted BTC stopped , how many ASICS do you think can stand up to an RPG.
The answer is ZERO.
LOL,
Hmm,
You might want to cast blame across the Pacific.
China's Government is exerting way more dominance over BTC & LTC than anyone else.
https://cointelegraph.com/news/bitcoin-price-falls-9-overnight-as-2-chinese-exchanges-stop-withdrawals
Quote
The Bitcoin price plunged by 9 percent overnight, declining from $1,060 to $959 across major global Bitcoin exchanges.
The short-term drop in price was likely caused by the announcement of Huobi and OKCoin to temporarily disable Bitcoin and litecoin withdrawals for one month.
Huobi and OKCoin are two of the largest Bitcoin exchanges in China that control approximately 25 percent of the global Bitcoin exchange market.
The two Bitcoin exchanges process around $55 mln worth of Bitcoin and litecoin on a daily basis.
In the morning of Jan. 9, almost immediately after a meeting took place between nine Chinese Bitcoin exchanges and the People’s Bank of China (PBoC),
Huobi and OKCoin abruptly disabled withdrawals for Bitcoin and litecoin funds for up to one month.
OKCoin and Huobi told users that they were asked to upgrade their Anti-Money Laundering systems to ensure they are in compliance with local financial and money transmission regulations.
The short-term drop in price was likely caused by the announcement of Huobi and OKCoin to temporarily disable Bitcoin and litecoin withdrawals for one month.
Huobi and OKCoin are two of the largest Bitcoin exchanges in China that control approximately 25 percent of the global Bitcoin exchange market.
The two Bitcoin exchanges process around $55 mln worth of Bitcoin and litecoin on a daily basis.
In the morning of Jan. 9, almost immediately after a meeting took place between nine Chinese Bitcoin exchanges and the People’s Bank of China (PBoC),
Huobi and OKCoin abruptly disabled withdrawals for Bitcoin and litecoin funds for up to one month.
OKCoin and Huobi told users that they were asked to upgrade their Anti-Money Laundering systems to ensure they are in compliance with local financial and money transmission regulations.
February 10, 2017, 05:42:32 AM
No. not fast enough to function as a single currency because not all countries around the world has not supported it yet. Bitcoin is not yet mainstream and not enough exposure as well. People are afraid because bitcoin is not "physical" not like gold or fiat. Although bitcoin is gaining a lot of supporters in some countries, is not fast enough to be considered to function as a single crypto-currency at the moment.
Yes bitcoins is that fast enough to function as a single currency Ya it is not a mainstream now but by seeing the growth rate of our technology we can say that in a decade or 2 decade bitcoins can function as a single currency
If everyone gets to know the profit in investing in bitcoins tgen they would obviously turn up fiats and start using bitcoins
As we see bitcoins has a great potential,
But for starting this all the companies should start accepting bitcoins, so that we can shop with our bitcoins
We need to globalise this crypto currency, people should know that though bitcoins are not like fiats physical but they are safe
February 04, 2017, 08:51:23 AM
All BTC companies such as coinbase require access to banks for their fiat conversion.
Outlaw BTC and the banks will sever ties with coinbase, then they can't pay their employees in fiat or keep their equipment running without electricity.
Merchants would drop it overnight, because they only care about the FIAT conversion.
Plus if the Governments really wanted BTC stopped , how many ASICS do you think can stand up to an RPG.
The answer is ZERO.
I see you are already a government mouth piece, but not all BTC companies are like Coinbase, that readily folds its tail in between its legs in servitude to the same modern slave masters than Bitcoin set out to liberate us from, likewise some merchants. You will do well to take this message to them - they woke up a little bit too late and Bitcoin is done washing their dirty linen in public. Bitcoin was not created for the fiat currencies instead from the word go, it was designed to be independent of governments and their agencies. That is where and when p2p actually resumes duty, Outlaw BTC and the banks will sever ties with coinbase, then they can't pay their employees in fiat or keep their equipment running without electricity.
Merchants would drop it overnight, because they only care about the FIAT conversion.
Plus if the Governments really wanted BTC stopped , how many ASICS do you think can stand up to an RPG.
The answer is ZERO.
February 04, 2017, 06:53:58 AM
A single world currency, i like that in my dream 
. Do not misunderstand me, i love Bitcoin, But government does not like it and Banks hated it and WU and moneygram envy it. There will be lots of opposition from the centralized network of commantd (government) because economics said, adopting bitcoin will simply giving your country's future to Bitcoin whales. Bitcoin technology may adapt on the needs for the fast transaction but the problem lies on its effect on the economy of the country that accept it as main currency.
And I am more intrigue in kiklo's prediction
I have no idea what would be that alt cryptocurrency to beat Bitcoin at this point.
. Do not misunderstand me, i love Bitcoin, But government does not like it and Banks hated it and WU and moneygram envy it. There will be lots of opposition from the centralized network of commantd (government) because economics said, adopting bitcoin will simply giving your country's future to Bitcoin whales. Bitcoin technology may adapt on the needs for the fast transaction but the problem lies on its effect on the economy of the country that accept it as main currency.And I am more intrigue in kiklo's prediction
An Alt will take BTC place as top coin within 4 years. 
I told you just to upset you.
I told you just to upset you.
I have no idea what would be that alt cryptocurrency to beat Bitcoin at this point.
February 04, 2017, 06:50:28 AM
Bitcoin could be the single online cryptocurrency online but to say that it will be the single world currency is impossible. Even if bitcoin will be used by 90% of the worlds population it will still not replace fiat currency since the government will not allow it due to its decentralized feature that are inviting illicit behaviors and activities. The highest upliftment for bitcoin maybe is that it will be the only representation of fiat currency online.
February 04, 2017, 06:41:55 AM
No. not fast enough to function as a single currency because not all countries around the world has not supported it yet. Bitcoin is not yet mainstream and not enough exposure as well. People are afraid because bitcoin is not "physical" not like gold or fiat. Although bitcoin is gaining a lot of supporters in some countries, is not fast enough to be considered to function as a single crypto-currency at the moment.
February 04, 2017, 06:24:20 AM
It is next to impossible for bitcoin to be a single world currency.
This emerged in the year 2011 i guess and now it has been only 6 years.
Also it is just a crypto currency / online currency , and there are more important currencies.
Like USD etc. But as the world is turning digital , bitcoin stands a chance to be a part of the currency.
So although it might play an important role in digital world , it will not be a single currency.
This emerged in the year 2011 i guess and now it has been only 6 years.
Also it is just a crypto currency / online currency , and there are more important currencies.
Like USD etc. But as the world is turning digital , bitcoin stands a chance to be a part of the currency.
So although it might play an important role in digital world , it will not be a single currency.
February 04, 2017, 02:34:44 AM
means 1 BTC is worth $ 3,571,428.57
meaning 1 satoshi is worth ~4 cents
Fees to withdrawal BTC from an exchange is Fee: 0.00040000
at 4 cents each , that comes out to $1600
meaning 1 satoshi is worth ~4 cents
Fees to withdrawal BTC from an exchange is Fee: 0.00040000
at 4 cents each , that comes out to $1600
you have officially stopped trolling and now you are spreading FUD.
here you are using an imaginary future price but use current real fees in your math and pretend it is correct.
your whole comment is full of flaws.
Today
bitcoin price is $980
fees are ~100 satoshi/byte or 0.0002 per tx
even if we assume it is 0.0004 means it is $0.39
A couple of years back
price was $5-$20
fee was 0.01BTC per tx
in the future
if price were 3.5 billion
fee would be 10 satoshi per tx
fees have changed multiple times in the past and will change in the future also.
YO JACKASS,
No one said that was price as of today.
IF BTC became the 1 world currency it would have to be worth the current Value of the World Currency.
Which is $75 Trillion Dollars.
And the numbers would be accurate.
FYI:
Fees will go up , Not down!
If fees go up, poor people can't afford it, the price has to be decreadsed, otherwise people can't afford the high TX price.
February 04, 2017, 02:31:19 AM
Bitcoin's transaction fees could rise in the future, but I consider it probable that there will be a kind of a "cap" some day and fees will stay accessible. There are two main possibilities for this "cap" to happen:
1) if a competitor (an altcoin) emerges that offers strong blockchain security, a large user/services/merchants network and less transaction fees. As this could be potentially dangerous for Bitcoin's leadership and price, miners will have to adapt to the competitor and lower the minimum fees.
2) when "altruistic-egoistic" miners emerge that mine not mainly for profit but to facilitate the worldwide adoption of BTC. These would be individuals or groups heavily invested in BTC that would profit enormously from a mass adaption, but they are less dependent on getting transaction fees, and would lower then just to lower the "entry barrier" into the Bitcoin ecosystem.
1) if a competitor (an altcoin) emerges that offers strong blockchain security, a large user/services/merchants network and less transaction fees. As this could be potentially dangerous for Bitcoin's leadership and price, miners will have to adapt to the competitor and lower the minimum fees.
2) when "altruistic-egoistic" miners emerge that mine not mainly for profit but to facilitate the worldwide adoption of BTC. These would be individuals or groups heavily invested in BTC that would profit enormously from a mass adaption, but they are less dependent on getting transaction fees, and would lower then just to lower the "entry barrier" into the Bitcoin ecosystem.
I see neither of your suggestions happening. No. 1 might but thats still too far from now. The nearest could be a segwit activated LTC with lightning network. But thats still very uncertain.
Your 2nd suggestion is altogether showing a great lack of intelligence. The reason why the Bitcoin system works is because its trustless. What makes it trustless is because of the incentives received by the miners and it also makes them act accordingly. Why mine for charity for the good of Bitcoin? Give the money directly to the people for the good of the world.
February 03, 2017, 10:03:35 AM
The world is still rotating so it has a possible to the unexpected question. As of now, it is almost used by the countries although there are country not accepting bitcoin. As you can see the bitcoin difference between start and now, there is no impossible to happen but it need a lot of time before that happen.
February 03, 2017, 09:26:22 AM
Yes, this thing is possible to happen since everyone is able to access the bitcoin as world wide currency, for sure the developers will be more high tech on making the process fast, faster than what it is now, confirmation will not take that so long unlike now. And this is awaited by most bitcoin enthusiast of having this as world currency. Well if the concern is the numbers of coin I guess, if this is implemented as one currency for sure we have enough coins, fiat will be all converted to bitcoin that suits to the demand of it. WE hope this thing to happen then.
I agree with this, since other talks about the coin’s availability if this bitcoin will be implemented as one world currency, the demand of bitcoin will rise up and all the fiat will be converted to bitcoin so it is not that big deal I guess. February 02, 2017, 06:12:45 PM
Outlawing it in their country would stop BTC cold.
Very few would go to jail over it.
All they have to do is Block companies from taking BTC and block banks from letting people exchange it for fiat.
See this is where you show how clueless you are,
They don't have to block anyone from exchanging BTC with each other , all they have to do is block BTC from being Exchanged for Fiat.
(Maybe you should get acquainted with reality and pull your head out of the BTC Unicorn's ass.)
All BTC companies such as coinbase require access to banks for their fiat conversion.
Outlaw BTC and the banks will sever ties with coinbase, then they can't pay their employees in fiat or keep their equipment running without electricity.
Merchants would drop it overnight, because they only care about the FIAT conversion.
Plus if the Governments really wanted BTC stopped , how many ASICS do you think can stand up to an RPG.
The answer is ZERO.
February 02, 2017, 09:52:38 AM
Outlawing it in their country would stop BTC cold.
Very few would go to jail over it.
All they have to do is Block companies from taking BTC and block banks from letting people exchange it for fiat.
February 02, 2017, 09:24:31 AM
I have only several problems with the time of confirmations of Bitcoin. I do not think that it is the big issue to me but according to what you say, I scare that Bitcoin miners and the blockchain system can not fully maintain the large transaction if Bitcoin becomes the only currency on this planet. As you can see, on the last week, we saw that there were more than 50000 stuck in the blockchain and it had caused a lot of problems to all of us
February 02, 2017, 06:36:47 AM
Bitcoin's transaction fees could rise in the future, but I consider it probable that there will be a kind of a "cap" some day and fees will stay accessible. There are two main possibilities for this "cap" to happen:
1) if a competitor (an altcoin) emerges that offers strong blockchain security, a large user/services/merchants network and less transaction fees. As this could be potentially dangerous for Bitcoin's leadership and price, miners will have to adapt to the competitor and lower the minimum fees.
2) when "altruistic-egoistic" miners emerge that mine not mainly for profit but to facilitate the worldwide adoption of BTC. These would be individuals or groups heavily invested in BTC that would profit enormously from a mass adaption, but they are less dependent on getting transaction fees, and would lower then just to lower the "entry barrier" into the Bitcoin ecosystem.
1) if a competitor (an altcoin) emerges that offers strong blockchain security, a large user/services/merchants network and less transaction fees. As this could be potentially dangerous for Bitcoin's leadership and price, miners will have to adapt to the competitor and lower the minimum fees.
2) when "altruistic-egoistic" miners emerge that mine not mainly for profit but to facilitate the worldwide adoption of BTC. These would be individuals or groups heavily invested in BTC that would profit enormously from a mass adaption, but they are less dependent on getting transaction fees, and would lower then just to lower the "entry barrier" into the Bitcoin ecosystem.
February 02, 2017, 06:25:37 AM
EVEN BTC CORE DEVS ADMIT THE TRANSACTIONS FEES WILL RISE!
https://www.coingecko.com/buzz/andresen-maxwell-agree-bitcoin-transaction-fees-will-rise
Now say your BTC Devs are Wrong, I double dog dare you!
FYI:
https://www.coingecko.com/buzz/andresen-maxwell-agree-bitcoin-transaction-fees-will-rise
Quote
Transaction Fees are Going to Rise
During the Q&A portion of the panel discussion, an audience member asked the technically proficient Bitcoin developers on stage for their thoughts on the future of transaction fees. Gavin Andresen responded to this question by stating:
“I would plan that transaction fees are going to rise. They’re going to rise until we solve this block size issue.”
After Andresen shared his short comment, Greg Maxwell added, “I think they’re going to rise even if we solve it.”
During the Q&A portion of the panel discussion, an audience member asked the technically proficient Bitcoin developers on stage for their thoughts on the future of transaction fees. Gavin Andresen responded to this question by stating:
“I would plan that transaction fees are going to rise. They’re going to rise until we solve this block size issue.”
After Andresen shared his short comment, Greg Maxwell added, “I think they’re going to rise even if we solve it.”
Quote
Will Miners Raise Transaction Fees?
It was at this point that Michael Perklin pointed out a possible issue with bitcoin monetary policy that could lead to an increase in transaction fees over the long term:
“I think [transaction fees] are going to rise regardless because, as the reward goes down, miners are going to need to recoup their fees [some other way], so they’ll just require a higher fee for every transaction.”
It was at this point that Michael Perklin pointed out a possible issue with bitcoin monetary policy that could lead to an increase in transaction fees over the long term:
“I think [transaction fees] are going to rise regardless because, as the reward goes down, miners are going to need to recoup their fees [some other way], so they’ll just require a higher fee for every transaction.”
Now say your BTC Devs are Wrong, I double dog dare you!
FYI:
Quote
double dog dare (colloquial) An intensified form of a dare, frequently used after the dared person initially refuses.
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