Could BTC ever become fast enough to function as a single world currency? - page 2.

kryptqnick

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Quote from: talkbitcoin on February 02, 2017, 04:36:46 AM

Quote from: kiklo on February 01, 2017, 02:27:39 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

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.

Okay, due to many halving that bitcoin will experience, the reward will be less and thus the fee is going to decreaseas it is the sum of those btc which are sort of between blocks after operations. However, this is not enough for bitcoin to become a universal global currency, because another important thing is the time one transaction takes, right? For people can't wait too long when they buy something in a queue, for instance. Can trasactions occur faster than now? I don't know what is it connected with, so I can't answer this question.

kiklo

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Quote from: talkbitcoin on February 02, 2017, 04:36:46 AM

Quote from: kiklo on February 01, 2017, 02:27:39 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

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.

Cool

FYI:
Fees will go up , Not down!

Arvydas77

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It will never happen because of political and economic issues. Do you think governements and central banks wish to accept currency they can't control? Or do you think that price manipulation and everyday speculation with high volatility rate is good for humans? Who wants to depend solely on market manipulation? Chinese speculators are still in control of BTC price. They can drive it up or just dump it. So, I can't imagine Bitcoin functioning as a stable world currency. I know that most libertarian people don't like criticism towards BTC but it is centralized, slow, controversial and energy consuming. BTC still cannot fix problems it was created for and the only purpose now is market speculation. Traders are making $ and it is the only reason why they need BTC. Of course things can change in the future but now it is not even close for BTC to function as a single world currency.

talkbitcoin

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All I know is that I know nothing.

Quote from: kiklo on February 01, 2017, 02:27:39 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

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.

LovelyPrey

member

Activity: 70

Merit: 10

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.

kiklo

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Quote from: Emoclaw on February 01, 2017, 09:11:24 AM

Quote from: xuan87 on February 01, 2017, 08:34:28 AM

Quote from: lOvE mE forEvEr on February 01, 2017, 07:30:02 AM

I think it can, we know, at this time one country had a single currency, the EURO is only used by many countries in Europe but not all Europe. I think too much and are confident that the currency will cause problems when the transaction, currencies can be destroyed by certain groups that have interests, this is dangerous. Bitcoin is the best solution.

I disagree, I don't think it will be able to function as single world currency, the first problem is the amount limit, Euro can become many countries currency because they can print it again, so there won't be any hyper inflation, but bitcoin is limited, 21million that is the limit, the second things is because bitcoin got limit then if the demand is too high it will cause the price to become very valuable and hard to get, so it is not suitable to become single world currency

21 million Bitcoins is 2.1 quadrillion satoshi though?
If the price increases, people can talk bits and satoshi instead of BTC, and values lower than satoshi can be added to Bitcoin.
So the 21m limit is a non-issue due to the divisibility of Bitcoin in up to 8 decimals.

NOPE, it is not enough Coins

Quote from: kiklo on February 01, 2017, 02:27:39 AM

Amount of money World Wide is ~ 75 trillion dollars
Trillion=(1,000,000,000,000)

Only 21 million BTC coin
75,000,000,000,000

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 Shocked

If you think that people are going to be able to afford $1600 transaction fee to remove $100 from an exchange, then mail me some of what you are smoking. Cheesy

This is what I mean when I say there are not enough coins for worldwide adoption, they are so few they will be unaffordable and as a side effect no use to anyone as a way to transfer value.
BTC is DOA for world wide usage. Wink

Senor.Bla

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Quote from: densuj on February 01, 2017, 09:37:17 PM

Of course it is can, if many people or developer whom build app for usage of bitcoin becomed easy
unfortunately it is can be done for right now because building projects for make easy bitcoin usage,
it is not easy, needs much time and much capital for doing it.

Well i can go to the moon. If many people help me and give money for it and with much time of course. That does not mean it is going to happen or very realistic. Same goes for Bitcoin. Sure you can dream, but also you should be realistic. Others might hear you and believe you and maybe invest more then they can afford to lose.

densuj

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Of course it is can, if many people or developer whom build app for usage of bitcoin becomed easy
unfortunately it is can be done for right now because building projects for make easy bitcoin usage,
it is not easy, needs much time and much capital for doing it.

Karpeles

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Activity: 1162

Merit: 1000

Why Bitcoin must be the single world currency?

There are several others, and the code is open source so anyone can use and adapt it to whatever they need

People's needs aren't the same, why should only one currency satisfy them all?

If blockchain dominates the world, I think would be in form of several different coins

Juggy777

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As much as all would love to see this happen in the real life Bitcoin rising, and the only currency we all own. But there are many issue world population is unlimited, Bitcoin isn't. The transaction fees not every one will be able to afford it. Plus what will you do with the existing Fiat, Bitcoin is traded in form of Fiat, if there no Fiat how will you match the price for. This seems like a speculation and way to long before even it happens, so I think it belongs in speculation thread op. Let's hope your price rise words come true and true.

Dudeperfect

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I don't think that such case is practically possible because one or more reasons. First of all the block size is going to rise and the mining rewards are going to decrease over the time so the main source of income would be transaction fees for the miners in order to survive. Not everyone would be able to pay that level of money just for the sake of crypto transaction so I am unsure about bitcoin on local level (However, I want to use it on local level too).

Emoclaw

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Quote from: xuan87 on February 01, 2017, 08:34:28 AM

Quote from: lOvE mE forEvEr on February 01, 2017, 07:30:02 AM

I think it can, we know, at this time one country had a single currency, the EURO is only used by many countries in Europe but not all Europe. I think too much and are confident that the currency will cause problems when the transaction, currencies can be destroyed by certain groups that have interests, this is dangerous. Bitcoin is the best solution.

I disagree, I don't think it will be able to function as single world currency, the first problem is the amount limit, Euro can become many countries currency because they can print it again, so there won't be any hyper inflation, but bitcoin is limited, 21million that is the limit, the second things is because bitcoin got limit then if the demand is too high it will cause the price to become very valuable and hard to get, so it is not suitable to become single world currency

21 million Bitcoins is 2.1 quadrillion satoshi though?
If the price increases, people can talk bits and satoshi instead of BTC, and values lower than satoshi can be added to Bitcoin.
So the 21m limit is a non-issue due to the divisibility of Bitcoin in up to 8 decimals.

Senor.Bla

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Single word currency is a hard one and a different discussion, but if we only talk about the transaction volume that Bitcoin can handle, then the answer is easy. Right know Bitcoin can not handle it. Maybe it will can at some point, but the question is what will happen if the demand is there but Bitcoin will not be able to handle it, while the next best altcoin waits in line to take over, since they can. What will happen then to Bitcoin?

xuan87

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Quote from: lOvE mE forEvEr on February 01, 2017, 07:30:02 AM

I think it can, we know, at this time one country had a single currency, the EURO is only used by many countries in Europe but not all Europe. I think too much and are confident that the currency will cause problems when the transaction, currencies can be destroyed by certain groups that have interests, this is dangerous. Bitcoin is the best solution.

I disagree, I don't think it will be able to function as single world currency, the first problem is the amount limit, Euro can become many countries currency because they can print it again, so there won't be any hyper inflation, but bitcoin is limited, 21million that is the limit, the second things is because bitcoin got limit then if the demand is too high it will cause the price to become very valuable and hard to get, so it is not suitable to become single world currency

lOvE mE forEvEr

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I think it can, we know, at this time one country had a single currency, the EURO is only used by many countries in Europe but not all Europe. I think too much and are confident that the currency will cause problems when the transaction, currencies can be destroyed by certain groups that have interests, this is dangerous. Bitcoin is the best solution.

Vaskiy

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Bitcoin being used as a single currency around the world is a hard task. This would be possible, if every country has the same economic plan. But based upon the Country's growth percentage each country has several other strategies. This won't help bitcoin to be the single currency to get used around the world.

erickkyut

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Bitcoin can become the universal currency but it is still very far on becoming the single world currency! There are still lots of things that we need to considerate. First, even though bitcoin is very popular, we can deny the fact that there are lots of people who still doesn't know anything about it! Second, there are some countries that banned bitcoin. Third, the government dfoes not approved using bitcoin. And many more reasons to considerate!

mrkevio

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Do never wish it will become a single currency. Why? Because if it will, then we will lose the anonymity. The govs cannot adopt BTC without centralizing it. This is what I absolutely do not want to lose as a feature from this currency, because this is why I am here. On the positive side though, we would then have an incredibly high price for it to be used by over seven billion people.

Taki

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Something like that may happen if only the scenario of some book about the future will come true. I am talking about such stage of globalization where will no be such separate countries as China, Russia and all others, such stage where will be only one big country with one global currency. And I doubt that it will be exactly bitcoin, But about it's crypto nature I don't doubt. But it's all sounds as utopia now. But as I love to repeat - the future will show.

megynacuna

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Quote from: Red-Apple on February 01, 2017, 05:13:24 AM

Quote from: PovertyByte on February 01, 2017, 12:43:10 AM

There is a thought I've had. If BTC were to go past the moon and crush all fiat currency

go past moon? you mean the price or adoption? because price has nothing to do with what you are saying.
and also bitcoin is never going to crush, replace, or do anything else to fiat currencies and there are already multiple topics about that. government will never let it happen.

Quote

it would undergo far more transactions than it does now, more than SegWit could account for.

bitcoin like any other technology is evolving, and getting better. just like the first car that came out couldn't go faster than a walking old lady and now they go super fast!

and in the future if it is needed it will change otherwise be replaced with something better.

Quote

Is there any way that BTC could become fast enough to function as a single or primary international currency through further updates yet to be determined without upping the block size to 1 TB per block someday?

a normal transaction is about 258 bytes
1 TB means 1e+12 bytes or 3,875,968,992 transactions in one block i seriously doubt that we can become that big ever,

Great analysis, it takes too long a time for block confirmations and if this is the way it's going to be then I doubt if it will be able to function as a single world currency. The developers have got to come up with a way before this can be practical.

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