Topic: If bitcoin ever goes mainstream - page 20. (Read 29064 times)

Italy confirmed that currently makes little sense to implement AML to strict cryptocurrencies business: http://www.coindesk.com/italian-central-bank-no-aml-requirement-bitcoin-exchanges/

Confirmation of Russia plans to implement a complete ban of bitcoin:

http://rt.com/business/187440-bitcoin-ban-russia-cryptocurrency/

http://www.coindesk.com/russia-proposes-fines-bitcoin/

https://uk.news.yahoo.com/cryptocurrency-round-russias-bitcoin-ban-internet-less-transactions-092021432.html


A very complete status of the national regulations on bitcoin can be find at: https://en.wikipedia.org/wiki/Legality_of_Bitcoin_by_country

It is like saying in 90s Internet never reach the mainstream.
Internet uses maybe about half of the world population. So one can argue Internet is not mainstream yet.

If bitcoin ever goes mainstream,I will be rich, because I now have some BTCS!

It will devaluate FIAT currencies to a certain degree, yeah, but for Bitcoin to go mainstream, it would only have to replace FIAT by 1%-5%, I guess. And that much of an adoption won't hurt FIAT a lot! It will only strengthen Bitcoin.

Bitcoin will never reach the mainstream.

Everyone is thinking what is the fast way to become rich. *sigh* 

I dont know if you're one who believes in the collapse of fiat, but should the world's reserve currency of the  US Dollar collapse I can see global adoption implementing like a domino effect as the world struggles to regain monetary stability. (in my opinion it would be much faster out of sheer desperation, like 5 to at most 10 years)

Oppressive regime try to ban everything not designed by them. No worries there, I m sure there has not been lots of BTC users in Bangladesh.

let's hope for the future 

It seems that bitcoin was also banned in Bangladesh, even if the country has a history of ignored bans by its population:

http://www.telegraph.co.uk/finance/currency/11097208/Why-Bangladesh-will-jail-Bitcoin-traders.html

Besides, the ban conclusion under its regulations doesn't seem to be clear:

http://www.coindesk.com/bitcoin-foundation-bangladesh-ban-bitcoin/

Lets talk about this when bitcoin goes mainstream. Maybe it will take 3 more decades for that.

Check out www.arnhembitcoinstad.nl. Its a city that has a group of ppl that try to explain and set up BTC support for everyone. Just scroll down on the site and check out the map, they are doing a great job.
Now imagine, all medium/large city's like this, only untill then, it can go mainstream. It takes more then just online company's to support it.

What do you mean? There's no evidence of it happening yet because it hasn't happened, but it could replace a smaller countries fiat in the future, especially if it collapses.

The Bank of England arrives at the same conclusions about the problems that bitcoin can create to public monetary policy it it goes mainstream and the negative consequences that a deflationary currency could have on the Economy:
http://www.coindesk.com/bank-of-england-bitcoin-disrupt-monetary-policy/

And Russia seems to be considering a ban on bitcoin:
http://www.cryptocoinsnews.com/russia-plans-bitcoin-ban-2015/

As usual, cryptocoinsnews mixes news and opinion. And seems to take seriously the stated reason for the eventual ban: the use of bitcoin for illegal activities. However, clearly, Russia is concerned with the competition between bitcoin and the ruble. And it has good reasons for that.

As stated in the OP, States with weak currencies (because of inflation and/or precedents of rupture) will be the first to have problems with bitcoin similar to the problems they have with foreigner hard currencies (Zimbabwe and Ecuador already don't have national currency and use foreigner currencies, mainly the US dollar). Their citizens prefer to buy foreigner fiat than having the national currency. Therefore, we should expect the first bans or heavy regulation on these States (already, Ecuador, Bolivia) and, also, it's precisely on these countries that we should see more general adoption.

As long as we see stable fiat currencies on western economies, we shouldn't expect to see general adoption of bitcoin there. But that might slowly happen in countries with problematic currencies, even if most of its people still prefer to keep hard fiat currencies, because of limited knowledge or bitcoin volatility.

Of course, a positive volatility will help a lot. It's possible that 2014 will be a very negative year to bitcoin, with even lower prices ahead. But in that case, it is to be expected that 2015 will be an extraordinary year. That will bring many new users.

Everyone knows whats going on out there. Bitcoin is already ruling over the world. New world=New law. 

 I think it'll be mainstream if merchants like amazon and ebay accept it along with many more and various  shops around the globe. It has started getting on track...but slowly.

Just give me a one definite example or clue that the bitcoin will replace fiats,I just take it as a topic of fantasy

Another central bank official (irish) admits that bitcoin may create problems on tax collection, central bank monetary policy, regulation and economic analysis: http://www.coindesk.com/irish-central-banker-envisions-hybrid-bitcoin-fiat-future/