If Bitcoin became the world (Reserve) currency - page 5.

howardb

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Quote from: PolarPoint on June 10, 2014, 11:05:06 AM

I cannot see every single person in the world wanting to hold bitcoin in its current form. It is really difficult to make a bitcoin transaction for the non-techical person at the moment. A debit card in bitcoin will be nice.

Debit card is already there, look at bitplastic

It's also worth noting that as mass adoption happens, then we see a slow down in the requirement to change back and forth with fiat, people will simply be paid in, and pay in bitcoin, that is close to tipping point when friction starts to disappear.

PolarPoint

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I cannot see every single person in the world wanting to hold bitcoin in its current form. It is really difficult to make a bitcoin transaction for the non-techical person at the moment. A debit card in bitcoin will be nice.

howardb

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Quote from: cbeast on June 10, 2014, 10:57:57 AM

Quote from: Beliathon on June 10, 2014, 10:44:26 AM

http://en.wikipedia.org/wiki/History_of_the_Internet

It took 7 years for the internet to go from handling 1% to 51% of all two-way information.
Another 7 years it went from 51% to 97%.

It only took that long because the internet didn't already exist.

The world's transition from fiat to crypto will be at least one order of magnitude faster. Meaning we're looking at 3-5 years for massive global adoption similar to what happened with the internet itself.

What I'm saying to you, dear reader, is that you should melt as much of your fiat into crypto as possible ASAP.

My house has a For Sale sign in front. Just sayin.

If my wife would let me (sell), I would! £700,000 of asset doing 5% ish!! Just sayin

cbeast

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Let's talk governance, lipstick, and pigs.

Quote from: Beliathon on June 10, 2014, 10:44:26 AM

http://en.wikipedia.org/wiki/History_of_the_Internet

It took 7 years for the internet to go from handling 1% to 51% of all two-way information.
Another 7 years it went from 51% to 97%.

It only took that long because the internet didn't already exist.

The world's transition from fiat to crypto will be at least one order of magnitude faster. Meaning we're looking at 3-5 years for massive global adoption similar to what happened with the internet itself.

What I'm saying to you, dear reader, is that you should melt as much of your fiat into crypto as possible ASAP.

My house has a For Sale sign in front. Just sayin.

Beliathon

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https://youtu.be/PZm8TTLR2NU

http://en.wikipedia.org/wiki/History_of_the_Internet

It took 7 years for the internet to go from handling 1% to 51% of all two-way information.
Another 7 years it went from 51% to 97%.

It only took that long because the internet didn't already exist.

The world's transition from fiat to crypto will be at least one order of magnitude faster. Meaning we're looking at 3-5 years for massive global adoption similar to what happened with the internet itself.

What I'm saying to you, dear reader, is that you should melt as much of your fiat into crypto as possible ASAP.

cbeast

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Let's talk governance, lipstick, and pigs.

I would change the heading to "If Bitcoin became the world RESERVE currency"

Sovereign nations will probably choose to premine a POS cryptocoin you can exchange for bitcoins on their exchanges.

Beliathon

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https://youtu.be/PZm8TTLR2NU

Quote from: LiteCoinGuy on June 10, 2014, 09:27:34 AM

if bitcoin becomes the world currency, we wouldnt pay that:

*pic of exorbitant fees*

This is exactly WHY Bitcoin is destined to become the currency of Earth...

...capitalism leaves the world with no choice! Bitcoin is a cheaper, faster, more secure, more sensible, more scientific way of doing money!

Middle-men parasites of the finance world, good riddance!

OP's math looks solid, btw.

cbeast

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Let's talk governance, lipstick, and pigs.

Quote from: jeffersonairplane on June 10, 2014, 09:40:37 AM

Bitcoin won't ever become a world currency. Go look at places below or at the poverty line. They can't afford to own a Bitcoin wallet or have access to one.

Your bitcoins are stored for free on the blockchain. The problem is getting poor people to access them. There are cheap solutions. We just need to develop them.

bryant.coleman

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Right now there are almost 200 different types of fiat currency circulating in the world. Why we need this much different currencies? A single currency will be good, and it will be even better if that currency is Bitcoin. Grin

Also, we are cutting down a lot of forest trees, to print the currency bills. If Bitcoin is adopted worldwide, then the deforestation rates can be reduced as well. Bitcoin is the most environmentally friendly currency.

ljudotina

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Quote from: jeffersonairplane on June 10, 2014, 09:40:37 AM

Bitcoin won't ever become a world currency. Go look at places below or at the poverty line. They can't afford to own a Bitcoin wallet or have access to one.

This is not true and if you read this forum and / or news you would know it. Even in most undeveloped countries, ppl use OLD mobile phones that can send sms messages, and to use Bitcoin, SMS is all you need. Little bit of electricity, and connectivity and BTC can go to any place where Banks can go. Places that have absolutely zero electricity and connectivity to rest of the world AND are inhabitated arn't really in large percentage.
And there are movements (google) that are working on tech that would enable wifi access to any place in the world. All someone needs is little bit of electricity (one single small solar panel) and low poerd device like old phone, and there you go...BTC access.

howardb

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Quote from: kelsey on June 10, 2014, 09:46:42 AM

they'd be significantly less then 21 mil btc surviving in a usable fashion. and any large mainstream take on would pretty much kill the blockchain.

Yes, less that 21 mil would be usable (because of losses), but that just means less availability so higher bitcoin price. As for killing the blockchain, care to put an argument behind that? It's already widely recognised that not every device is going to be able to carry the blockchain in future as it scales, but that limitation is/has already being addressed by the coders to allow devices to only carry relevant (to them) portions of the blockchain.

Parazyd

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Space Lord

Quote from: jeffersonairplane on June 10, 2014, 09:40:37 AM

Bitcoin won't ever become a world currency. Go look at places below or at the poverty line. They can't afford to own a Bitcoin wallet or have access to one.

If it became the world currency, I would personally fund all the "poor countries" for Internet access and computers.

howardb

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Quote from: jeffersonairplane on June 10, 2014, 09:40:37 AM

Bitcoin won't ever become a world currency. Go look at places below or at the poverty line. They can't afford to own a Bitcoin wallet or have access to one.

I beg (no pun intended) to differ, even in places like kenya people like poor farmers are doing bitcoin transactions using SMS services on old (non-smart) 2g phones! ( CoinPip ) And yes ok, not all the world has a phone, but that too is changing very fast.

kelsey

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they'd be significantly less then 21 mil btc surviving in a usable fashion. and any large mainstream take on would pretty much kill the blockchain.

jeffersonairplane

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www.bitkong.com

Bitcoin won't ever become a world currency. Go look at places below or at the poverty line. They can't afford to own a Bitcoin wallet or have access to one.

howardb

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Quote from: LiteCoinGuy on June 10, 2014, 09:27:34 AM

if bitcoin becomes the world currency, we wouldnt pay that:

Does not need to become the world currency for that to occur, simply to have enough credibility with the majority of people. We are not there yet, but I doubt we are more than a couple of years away from that. Then, all hell will break loose, we reach tipping point where the price starts rising suddenly, and all those that are noty on board start realising fiat is dead and they scramble to get on board too. The tipping point (collapse of fiat) will not only play out in bitcoin but in any hard assets/commodities etc. So gold is a good second hedge especially if you want to trade the peaks of bitcoin on the way up but don't want to be exposed to fiat.

LiteCoinGuy

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In Satoshi I Trust

if bitcoin becomes the world currency, we wouldnt pay that:

howardb

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Quote from: spazzdla on June 10, 2014, 09:12:55 AM

Quote from: howardb on June 09, 2014, 08:20:38 PM

Quote from: Cranky4u on June 09, 2014, 08:10:55 PM

My Systems Engineering gut says Q5 2015 we will see the 1% shift...hedging 6BTC over the next 3 months towards that shift.

I reckon one day those BTC6 will put you in the worlds top 1%

The banksters will shake us HODLERS as hard as they can in the coming years to ensure they continue to be at the top.

HODL FOR FREEDOM MEN!

Totally agree, this is going to be the greatest wealth inversion the world has ever seen, and all those 'old white men' (The Oracle of Omaha) who are in denial will be on the wrong side of it.

howardb

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Quote from: lihuajkl on June 09, 2014, 08:52:42 PM

Still need a few years to go. Not easy to become the world currency! When the price is down to a low level, I will buy more to save for the future.

You are deluding yourself if you think you are going to get them much cheaper than today. Yes volatility will remain really high in coming years, but the drops will be from much higher bases, I seriously doubt we will ever see $450 again!

spazzdla

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Quote from: howardb on June 09, 2014, 08:20:38 PM

Quote from: Cranky4u on June 09, 2014, 08:10:55 PM

My Systems Engineering gut says Q5 2015 we will see the 1% shift...hedging 6BTC over the next 3 months towards that shift.

I reckon one day those BTC6 will put you in the worlds top 1%

The banksters will shake us HODLERS as hard as they can in the coming years to ensure they continue to be at the top.

HODL FOR FREEDOM MEN!

Topic: If Bitcoin became the world (Reserve) currency - page 5. (Read 11577 times)