If bitcoin ever goes mainstream - page 10.

pneumatic5

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Quote from: pooya87 on February 27, 2016, 12:39:52 AM

Quote from: Rizky Aditya on February 26, 2016, 11:40:50 PM

Quote from: wikenpp on January 05, 2016, 03:48:10 PM

Quote from: target on January 03, 2016, 09:43:11 PM

While bitcoin will eventually go mainstream, i think this will take years and years still considering the increase of countries banning btc.
Notice that marketing a Bitcoin related website targeting common people on facebook will just be a waste as it would take time to explain from what is bitcoin than to what the site offers. people only have less than a minute of focus viewing an ad.

Well i got no doubt it will go mainstream. There is just nothing like bitcoin nor will any other altcoin be able to compete with bitcoin.
So when we do, I would be the first one to tell my friends; "T told you so"

I also have no doubt that Bitcoin will become mainstream. I really want it to become mainstream so that I can sell my Bitcoin and become rich.

Yeah, if bitcoin gets on mainstream you can directly use bitcoin to purchase anything without any involvement of fiat, but that thing is hard to happen in future.

that is not going to be true.
i mean if bitcoin goes mainstream it means you can use it as cash, then why would you want to sell it for cash then use cash to buy stuff! when you could use bitcoin directly.

pooya87

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Quote from: Rizky Aditya on February 26, 2016, 11:40:50 PM

Quote from: wikenpp on January 05, 2016, 03:48:10 PM

Quote from: target on January 03, 2016, 09:43:11 PM

While bitcoin will eventually go mainstream, i think this will take years and years still considering the increase of countries banning btc.
Notice that marketing a Bitcoin related website targeting common people on facebook will just be a waste as it would take time to explain from what is bitcoin than to what the site offers. people only have less than a minute of focus viewing an ad.

Well i got no doubt it will go mainstream. There is just nothing like bitcoin nor will any other altcoin be able to compete with bitcoin.
So when we do, I would be the first one to tell my friends; "T told you so"

I also have no doubt that Bitcoin will become mainstream. I really want it to become mainstream so that I can sell my Bitcoin and become rich.

that is not going to be true.
i mean if bitcoin goes mainstream it means you can use it as cash, then why would you want to sell it for cash then use cash to buy stuff! when you could use bitcoin directly.

Rizky Aditya

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Quote from: wikenpp on January 05, 2016, 03:48:10 PM

Quote from: target on January 03, 2016, 09:43:11 PM

While bitcoin will eventually go mainstream, i think this will take years and years still considering the increase of countries banning btc.
Notice that marketing a Bitcoin related website targeting common people on facebook will just be a waste as it would take time to explain from what is bitcoin than to what the site offers. people only have less than a minute of focus viewing an ad.

Well i got no doubt it will go mainstream. There is just nothing like bitcoin nor will any other altcoin be able to compete with bitcoin.
So when we do, I would be the first one to tell my friends; "T told you so"

I also have no doubt that Bitcoin will become mainstream. I really want it to become mainstream so that I can sell my Bitcoin and become rich.

aso118

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Quote from: Trading on February 26, 2016, 03:53:32 PM

If bitcoin went mainstream, what would be the price of bitcoin?

If we assume, as I did in the OP, that mainstream is 10% of the population using it, let's divide 21,000,000 bitcoins by 700,000,000 persons (10% of the world population). The result is 0.03 btc to each person.

If we take from the 21,000,000 half that will always be hoarded or lost, we'll have 0.015 to each person. People will have to be able to buy all the things mainstream people buy with 0.015, including cars or even houses.

As you mentioned in the OP, there will be some form of fractional reserve banking, resulting in money supply multiplication. So each person might have more than 0.015. Moreover, people might store wealth in the form of real estate, stocks, bonds, etc. Not all billionaires have a billion dollars in the bank. People might just have enough bitcoins to conduct daily transactions.

ShrykeZ

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Quote from: Trading on February 26, 2016, 03:53:32 PM

If bitcoin went mainstream, what would be the price of bitcoin?

If we assume, as I did in the OP, that mainstream is 10% of the population using it, let's divide 21,000,000 bitcoins by 700,000,000 persons (10% of the world population). The result is 0.03 btc to each person.

If we take from the 21,000,000 half that will always be hoarded or lost, we'll have 0.015 to each person. People will have to be able to buy all the things mainstream people buy with 0.015, including cars or even houses.

The price would be ridiculously high at that rate but nothing that hasn't already been speculated, let's hope for mass adoption.

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Nothing like healthy scepticism and hard evidence

If bitcoin went mainstream, what would be the price of bitcoin?

If we assume, as I did in the OP, that mainstream is 10% of the population using it, let's divide 21,000,000 bitcoins by 700,000,000 persons (10% of the world population). The result is 0.03 btc to each person.

If we take from the 21,000,000 half that will always be hoarded or lost, we'll have 0.015 to each person. People will have to be able to buy all the things mainstream people buy with 0.015, including cars or even houses.

rio3233

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I don't know what happen to bitcoin if goes mainstream, if it's good news maybe the bitcoins price will increase because many people use it and bitcoin will have many ads on it.

AST.teb

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Quote from: Amph on January 06, 2016, 03:48:44 AM

Quote from: jbreher on January 05, 2016, 06:44:23 PM

Quote from: target on January 03, 2016, 09:43:11 PM

considering the increase of countries banning btc.

I've not noticed that many countries have been banning Bitcoin. Maybe I just missed it because my country does not. Could you list these countries that have banned Bitcoin?

https://www.cryptocoinsnews.com/top-10-countries-bitcoin-banned/

mostly restriction no real ban i think, but the only one that banned bitcoin for real is bangladesh, where they put you in jail

tbe good thing govermants starting to recodnize bitcoin the bad thing is that some of them are banning it for no good reasons

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legendary

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Nothing like healthy scepticism and hard evidence

One of my biggest concerns on bitcoin is that long before bitcoin being mainstream, governments would realize the real danger of losing control over the monetary police and would start cracking on bitcoin.

For bitcoin to be near mainstream, like paypal is currently, the bitcoin economy would need to be huge. With billions invested. A concerted ban from a few nations would provoke a huge crash on bitcoin's price. Bitcoin would survive, but its economy would be in ruins. People that invest billions won't go against governments. They are not cyber-anarchists or hackers.

Actually, currently, a real ban from China would send the price below 100 fast. Being dependent on a government like the Chinese isn't good.

Amph

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Quote from: jbreher on January 05, 2016, 06:44:23 PM

Quote from: target on January 03, 2016, 09:43:11 PM

considering the increase of countries banning btc.

I've not noticed that many countries have been banning Bitcoin. Maybe I just missed it because my country does not. Could you list these countries that have banned Bitcoin?

https://www.cryptocoinsnews.com/top-10-countries-bitcoin-banned/

mostly restriction no real ban i think, but the only one that banned bitcoin for real is bangladesh, where they put you in jail

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Quote from: target on January 03, 2016, 09:43:11 PM

considering the increase of countries banning btc.

I've not noticed that many countries have been banning Bitcoin. Maybe I just missed it because my country does not. Could you list these countries that have banned Bitcoin?

wikenpp

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Quote from: target on January 03, 2016, 09:43:11 PM

While bitcoin will eventually go mainstream, i think this will take years and years still considering the increase of countries banning btc.
Notice that marketing a Bitcoin related website targeting common people on facebook will just be a waste as it would take time to explain from what is bitcoin than to what the site offers. people only have less than a minute of focus viewing an ad.

Well i got no doubt it will go mainstream. There is just nothing like bitcoin nor will any other altcoin be able to compete with bitcoin.
So when we do, I would be the first one to tell my friends; "T told you so"

sanadas

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Quote from: LuckyYOU on January 03, 2016, 09:15:23 PM

The more the merrier.

For me bitcoin doesn't have to succeed, it already did. The people made bitcoin and the banks got scared big time.

Now it is for them introducing a new scheme Wink

I do not think banks should be scared of bitcoin. This is new business opportunity for them. They can continue banking with bitccoin besides fiat.

target

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While bitcoin will eventually go mainstream, i think this will take years and years still considering the increase of countries banning btc.
Notice that marketing a Bitcoin related website targeting common people on facebook will just be a waste as it would take time to explain from what is bitcoin than to what the site offers. people only have less than a minute of focus viewing an ad.

LuckyYOU

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The more the merrier.

For me bitcoin doesn't have to succeed, it already did. The people made bitcoin and the banks got scared big time.

Now it is for them introducing a new scheme Wink

illyiller

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Quote from: West man on November 21, 2015, 09:27:53 PM

I think it would be real bad for bitcoin if it goes mainstream. Every one will want to try and control it. The banks, the government and the bigger corporations.
It will eventually be the death of bitcoin.

Fortunately for us, as long as engineering concerns regarding node and miner centralization are taken seriously by bitcoin developers, it cannot be externally controlled in the way that you say. However, that's why these issues are paramount in regards to the block size debate. It is critical that technological bottlenecks are respected to make sure that bitcoin's scale does not overtake its scalability. The death of bitcoin is one with centralized enough nodes that transactions can be censored, as one example.

bitlancr

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I've got no doubt that if it goes mainstream we will see the amount of apps growing instantly.
Most dev's are not aware of this bitcoin technology and therefore they don't develop it.

btcprospecter

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I think I all depends on how the average person adopts to it in my mind it is no different from using credit or debit cards I know fine well if I wanted to empty my bank accounts for hard currency I may have to wait a day or two to get it however almost everybody believes in banks and if everyone wanted to withdraw from their bank accounts it would not be possible. So for Bitcoin to go mainstream more and more reputable retailers would have to start adopting it as a form of currency

sanadas

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Quote from: Nimbulan on December 21, 2015, 03:09:37 PM

what do you mean by saying if it will go mainstream? it is pretty much mainstream already and it will start becoming more and more popular since now a lot of new people are getting interested in using bitcoins and new companies start accepting it i hope the price will start going up because of that

When the number of user of bitcoin is more than 100 million or the price of bitcoin is $100,000, we can say it is main stream.

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legendary

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Nothing like healthy scepticism and hard evidence

In the OP I wrote about what I mean by "Bitcoin going mainstream".

After considering a few different criteria, I adopted the 10% of people using it. We are still very far from it.

There won't be any need of Bitcoin going mainstream to many bitcoiners get rich. Bitcoiners only need some more adoption.

The post is about the negative consequences of bitcoin going mainstream.

Topic: If bitcoin ever goes mainstream - page 10. (Read 29054 times)