How long will it take? | Bitcointalksearch.org

Technicrate

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Quote from: gkv9 on December 20, 2015, 05:10:24 AM

It will actually take a lot more time for this beast to become adopted everywhere and be used as a currency itself...
But till then, it would be absolutely fine, as later is better than losing its value gradually which always happens when people enter and some silly dogs dump on them...

We just need to be patient. The adoption of new technology takes long time. It took the human being 30 years to adopt the internet.

Denker

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Quote from: nizamcc on December 28, 2015, 05:04:40 AM

Quote from: 1Referee on December 19, 2015, 07:19:28 AM

Quote from: BlackPanda on December 19, 2015, 05:19:35 AM

I think crypto will not take fully currencies in the world. but only as a currency for conversion. perhaps the next 10 years digital currency will have a portion of which is comparable with the currency in the real world.

There isn't any digital currency that will take over or even replace fiat currencies. It will be a great alternative for people who are open to work with it. The majority of the people will stick to fiat, because they don't know better.

You are right.
Not because Bitcoins doesn't have the potential, it does have. But it is because fiat has been used since 100s of years and I don't think it will be destroyed this easy.

We don't have to destroy the fiat system.This system is doing this already completely by itself.And more and more people will realize how shitty this system is.
After that the incumbents will come with a new scheme.I believe they will come up with a new type of backed up currency.Maybe again with gold, partially, or maybe backed by some crypto.Who knows.
All we do have to do is to make sure that Bitcoin stays alive, decentralized and censorship resistant! Another option beside the fiat scheme will drive enough people into the system over the years, decades, if we build out the infrastructure, ecosystem accurately.

nizamcc

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Quote from: 1Referee on December 19, 2015, 07:19:28 AM

Quote from: BlackPanda on December 19, 2015, 05:19:35 AM

I think crypto will not take fully currencies in the world. but only as a currency for conversion. perhaps the next 10 years digital currency will have a portion of which is comparable with the currency in the real world.

There isn't any digital currency that will take over or even replace fiat currencies. It will be a great alternative for people who are open to work with it. The majority of the people will stick to fiat, because they don't know better.

You are right.
Not because Bitcoins doesn't have the potential, it does have. But it is because fiat has been used since 100s of years and I don't think it will be destroyed this easy.

gkv9

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!!! RiSe aBovE ThE StoRm !!!

It will actually take a lot more time for this beast to become adopted everywhere and be used as a currency itself...
But till then, it would be absolutely fine, as later is better than losing its value gradually which always happens when people enter and some silly dogs dump on them...

CoinCidental

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Si vis pacem, para bellum

Quote from: 1Referee on December 19, 2015, 07:19:28 AM

Quote from: BlackPanda on December 19, 2015, 05:19:35 AM

I think crypto will not take fully currencies in the world. but only as a currency for conversion. perhaps the next 10 years digital currency will have a portion of which is comparable with the currency in the real world.

There isn't any digital currency that will take over or even replace fiat currencies. It will be a great alternative for people who are open to work with it. The majority of the people will stick to fiat, because they don't know better.

credit cards beat cash already but that took a long time if the credit card was invented in the 1950's
crypto will beat them both,give it time ........

1Referee

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Quote from: BlackPanda on December 19, 2015, 05:19:35 AM

I think crypto will not take fully currencies in the world. but only as a currency for conversion. perhaps the next 10 years digital currency will have a portion of which is comparable with the currency in the real world.

There isn't any digital currency that will take over or even replace fiat currencies. It will be a great alternative for people who are open to work with it. The majority of the people will stick to fiat, because they don't know better.

HostSurf

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It will take decades for half the world population to adapt to bitcoin. For this to happen bitcoin would need more awareness.
Some people are scared to adapt to it because not a lot of people around them know about it so they can't turn to them when they run into any issues.

BlackPanda

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I think crypto will not take fully currencies in the world. but only as a currency for conversion. perhaps the next 10 years digital currency will have a portion of which is comparable with the currency in the real world.

Amph

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Quote from: ?? on ??

lol. Not even 50% of people use the internet worldwide.
Unless >50% of all governments introduce crypto as the national currency the answer is of course never.
If it would happen i guess it takes >100 years and way more robust crypto systems.
People who actually care about money/investment are a tiny minority.
The majority of people will use what the government tells them to.

you don't need 100% of people to have adoption, even 1B or 14% of people will be more than enough to have 1T market cap and probably much more

look we are at 3M user and the market cap is 6B, so who care about those that live in the past with no internet, the truth is that we don't need them at all

greBit

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Quote from: pokeviktor on December 18, 2015, 09:38:44 PM

Quote from: greBit on December 18, 2015, 07:25:41 AM

Quote from: pokeviktor on December 18, 2015, 12:03:24 AM

This will not take more than 10 years -if Internet is running up yet Roll Eyes

-

I say that because some future giant will include BTC as part of his payments. Just imagine if Facebook, Whatsapp, Twitter or Amazon began with some kind of section about BTC in their first day on WWW.

Just wait for one of this (as you know, not so long we all were on Messenger) with BTC incorporated and they all will enter in.

Yes very interesting lines and this is gonna happen for sure because I heard that some MNC's in America have already started using Bitcoin as the payment of the salary rather than currency.

Probably that site I'm talking about don't exist right now, because we cannot imagine what future specifications will atract future Internet users, but BTC will stay in minds of creative developers.

It can occur tomorrow or in 5 years from now, but I think this will go faster than we all can imagine.

I agree with your speculations even I feel the same because Bitcoin is the next big thing and surely these big E-Commerce Giants will try to include Bitcoin is their payment method.

pokeviktor

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ALCEDO

Quote from: greBit on December 18, 2015, 07:25:41 AM

Quote from: pokeviktor on December 18, 2015, 12:03:24 AM

This will not take more than 10 years -if Internet is running up yet Roll Eyes

-

I say that because some future giant will include BTC as part of his payments. Just imagine if Facebook, Whatsapp, Twitter or Amazon began with some kind of section about BTC in their first day on WWW.

Just wait for one of this (as you know, not so long we all were on Messenger) with BTC incorporated and they all will enter in.

Yes very interesting lines and this is gonna happen for sure because I heard that some MNC's in America have already started using Bitcoin as the payment of the salary rather than currency.

Probably that site I'm talking about don't exist right now, because we cannot imagine what future specifications will atract future Internet users, but BTC will stay in minds of creative developers.

It can occur tomorrow or in 5 years from now, but I think this will go faster than we all can imagine.

Amph

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Quote from: CoinCidental on December 18, 2015, 09:43:55 AM

Quote from: orryde on December 18, 2015, 09:40:21 AM

In my opinion Bitcoin damages the profits of the central banks of the world. Especially the FED.
This in turn damages the profits of the 1% of people that use this system to make billions of dollars. This is definitely not good because those are the people that damage the economic system for the benefit of a few. When they realize that they can no longer continue their ways, they will most certainly ban Bitcoin.
This is the most probable scenario.

Can the network survive on 6.25btc as a reward + fees after 2020 is the big question

I think it can, the transaction fees will make up the difference and if a btc is 10k then it will not be going away after 2020....

yes do the math

current price is 450, let say is 500 for the sake of having a rounded number

1 antminer s7 can do 0.9 btc monthly($400) consuming only $45, now this is with the current block reward, halve this amount twice, you still have 100 in profit and 45 in consumption

bears in mind that the diff is increasing now only because the value is skyrocketing otherwise there will be no increase, if there is no new efficiency

ultimatesky

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SkyFall

All bitcoin needs is time, I don't think this will happen soon enough though.
My best guess is in 50 - 100 years that half the world will adapt to bitcoin.
I'm hoping that I'm still alive for this and that I can tell my grandchildren about bitcoin and how it was in the early years of bitcoin.

WENGER

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Negative rating was requested by me (SFR10)

To give this a timeline, it's very difficult as it's different for each single country base on a lot of factors. Not every country is on level to the best countries in terms of technology therefor we should also expect a slower adaptation for this to happen and for some it might never even happen. So my guess would be somewhere between 50 to 100 mark range (I know it's long but even by then even half of the world might haven't been adopted so you never know).

CoinCidental

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Si vis pacem, para bellum

Quote from: orryde on December 18, 2015, 09:40:21 AM

In my opinion Bitcoin damages the profits of the central banks of the world. Especially the FED.
This in turn damages the profits of the 1% of people that use this system to make billions of dollars. This is definitely not good because those are the people that damage the economic system for the benefit of a few. When they realize that they can no longer continue their ways, they will most certainly ban Bitcoin.
This is the most probable scenario.

Can the network survive on 6.25btc as a reward + fees after 2020 is the big question

I think it can, the transaction fees will make up the difference and if a btc is 10k then it will not be going away after 2020....

orryde

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Re-Evolution

In my opinion Bitcoin damages the profits of the central banks of the world. Especially the FED.
This in turn damages the profits of the 1% of people that use this system to make billions of dollars. This is definitely not good because those are the people that damage the economic system for the benefit of a few. When they realize that they can no longer continue their ways, they will most certainly ban Bitcoin.
This is the most probable scenario.

CoinCidental

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Si vis pacem, para bellum

Quote from: LFC_Bitcoin on December 18, 2015, 09:26:03 AM

Quote from: Amph on December 17, 2015, 03:01:16 PM

i hope not too much, because there are chances that another thing in the meantime will be created and can be better than bitcoin

50 years like it was said seems too much, when the climbing for the adoption begins it will be spread in the world in no time, adoption at present should be much faster than in the past, info spread very fast nowadays

50 years is way too long, we'll know within 10-15 years if bitcoin has been a massive success or not.
Keep HODLING until then & you might be a very rich man.

You will know by 2020 halving whether the network is sustainable or not....
If tx fees won't cover the costs the miners will quit at that halving because there will be no reason to continue at a loss

Either the coins+ tx fees is enough or it isn't and they switch off...

LFC_Bitcoin

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Quote from: Amph on December 17, 2015, 03:01:16 PM

i hope not too much, because there are chances that another thing in the meantime will be created and can be better than bitcoin

50 years like it was said seems too much, when the climbing for the adoption begins it will be spread in the world in no time, adoption at present should be much faster than in the past, info spread very fast nowadays

50 years is way too long, we'll know within 10-15 years if bitcoin has been a massive success or not.
Keep HODLING until then & you might be a very rich man.

Technicrate

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Quote from: MaritiJames3 on December 17, 2015, 01:09:04 PM

It will take at least 50+ years for the whole world to adapt. Like the guy above me said, some people don't even shop alone and some don't even make use of online banking at all. I think that as long as people are adapting to bitcoin every year, the value will keep on growing.

It will take decades for the people and governments in the world to get used to the digital currency system. It is not just about the coin, but the whole system.

Denker

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Quote from: BTKC on December 17, 2015, 12:56:24 PM

If any rational person looks at the properties of decentralized crypto currencies and compares them to centralized fiat currencies there's no question which is better. They're simply a much better store of value long term bc they can't be printed to infinity. They even have a distinct advantage over gold/silver due to their portability, divisibility, etc. Decentralized crypto essentially takes the best qualities from gold and paper currency and combines them. My question is how long do you think it will take before over half the worlds population is transacting in/saving in crypto?

How long does it took the majority of worlds population to be connected with the internet and to use it? 20 to 25 years I would say.
I think it could take the same time, maybe longer, for the masses to accept and use bitcoin.Not on a daily basis, but in some really good niches.
But I think we should go step by step.And right now we have to improve the infrastructure a lot, and also the usebility, before this can happen.

Topic: How long will it take? (Read 1756 times)