Topic: It's year 2050 and Bitcoin is the world currency... (Read 5101 times)

6 years dude, Bitcoin has more VC investment capital and development than the Internet had in the early 90's...

The market cap of bitcoin is less than $4 Billion. If it becomes the world's reserve currency that will not be sufficient for a large city, much less the world.

I highly doubt that will happen. I think Bitcoin will become a world Currency but the price wouldn't rage higher to be honest.

Supply and demand 101, inflation would rage and the price would catapult higher.

What will happen then is the value will go higher and higher to compensate for demand. What is 5 cents now could be worth $5 or higher. If you think about it, if the world over time, moved to Bitcoin as a unified currency, there would need to be a massive value increase for over 7 Billion people to be able to use. That would make even 0.000001BTC valuable in today's terms

Incredible that this website has some many people and attention and traffic and yet, most people still don't understand how bitcoin works.

Why does anyone even take this forum serious is beyond me... maybe people should try to read up and understand something about the project they are partaking in?

At 1 million dollars per Bitcoin, 5 million would be $5000000000000.. That would be a huggee price increase here, one satoshi would be worth more then one cent..

The mankind in the fullness of time  will have to adopt a universal currency if we are going to carry out serious commerce in space. It's only a matter of time before people will be asking for intergalactic monies for their two weeks in a space hotel. Check QUID http://www.space.com/4454-scientists-design-space-currency.html

nice post but i doubt this will ever happen .. there will need to be massive social and economic upheaval for bitcoin to replace centralized currencies; the Powers That Be have vested interests in printing money!

Sure it is, say the rich got paid 10BTC a year.  Well, they invest into stuff and turn that into 100BTC.  Say now 100 of them did that.  We are quickly getting rid of Bitcoins.  I just don't see a world where there is a set cap to something and no way of actually producing more money to use.

Not true at all, the rich benefit of the creation of new money because they are connected to the fed and they grab their share first.
Inflation allows useless spending that costs poor greatly.

Haha +1 for the picture!

True. Bitcoin is cleverly designed due to its divisibility. It suits everyone's needs and it stretches out the coins in circulation by means of fractions of a whole.

But still +1 for the picture.

Why not?  20 million coins divisible by 8 zeroes is pretty much infinite amounts.

That's the whole genius of Bitcoin, it's based on math and can scale to whatever you need.  If Bitcoin goes to where we all need it, you won't need to carry around more than a few millibits in your mobile wallet.

You don't see people carrying around gold bricks or huge diamonds the size of their fists for spending money, do you?

Well what if someone or a group invented a way to recover it? Like brute-force or something? We can assume that by the year 2050, someone or something will manage to break at least the tip of such and indecipherable code today. When that happens, an individual or a group has the potential to control all the existing coins in the circulation because they have the power to crack private keys.

Wait, am I drunk or something?

You don't have to view it as 20 million coins. It's just computer code. Move over a decimal place or ten and give it a different name.
It's capped but there will always be enough BTC to go around.

20 million coins would just not be enough to support the whole worlds needs..

I understand what you are getting at, but if we had a fixed dollar amount(say 2million) and no money was ever printed again, you don't see problems in that?  Eventually people would not have anything and the rich would have everything.  It just wouldn't work if you had a fixed amount of money

In my spare time I've been working out some ideas on space colonization, from a planning methodology I think could be key to enabling a serious effort, to yet-another-crazy-idea for a low-cost launch technology, to a legal framework for space communities (orbital rights of way, responsibility for debris, etc.), government, finance, etc.

One thing I've realized is that while a single cryptocurrency would work between space colonies in a given planetary system, they would not work between communities across the solar system due to the time lag. So while earth-moon system colonies might share bitcoin with earth inhabitants, colonies around Jupiter would need to rely on an altcoin for day-to-day transactions. (They could still tie into bitcoin, but it would be like mailing a check as opposed to near-instant transfers.) Oh, and crypto would be ideal for space colonies. (If they can't maintain their electronics capabilities - see below.)

(Off-topic aside: One thing I've realized that doesn't seem to be generally appreciated is that if launch costs remain high, it inexorably follows that the first generation of space immigrants will be heavily focused on bootstrapping up their manufacturing capablities in space. They will lack specialized manufacturing capabilities apart from essentials, and those will be simply made. Thus, for example, they will be wearing cotton or synthetic "homespun" clothing, have a serious lack of personal computers/electronics that we take for granted (excepting mission-critical technology), household goods will be crudely and simply made from a limited range of raw materials, etc. And don't even get me started about the toilet paper. They will work their butts off trying to improve their difficult situation.

It will be more "Amish in space" than the shiny-clothing hypertech societies that films and SF books depict, until a sizable population with diversified raw material inputs and manufacturing capabilities develops. Or someone figures out how to lift cargo into orbit cheaply.)

^^ i.e. there are different denominations each time you move over a decimal place. Most just say "bitcoin" for now, but some sites list it as "mBTC" by default.

What do you mean how would people get paid?  With jobs.................. just like today...............

I don't think you understand the fallacies in today's current financial system.... you don't just print money if you need more......

Yes Bitcoin's value would be insanely high... that's why you can use it in fractions....