Topic: The Role of BTC in the metaverse? (Read 594 times)

What else are you expecting is going to happen? I believe that in the metaverse that’s still going to be the role that Bitcoin is going to okay, it is also going to be used for transactions on the Metaverse platforms. But, Bitcoin wouldn’t only be growing in the metaverse, there are lots of other areas where it is going to be very useful. And this Metaverse idea is something I don’t really get how it’s going to work and how far it would go in the future. I know it’s a really cool, we all know that, but would people really be going for it? And is it going to be a trend forever, will it also end up like other trends that we have seen?

NFT's are pegged to ethereum.
NFT is not a currency, ether is the currency of NFT(current NFT ledger)

dont fear NFT its not a currency. its an asset

NFT is not even the main asset and ethereum is not the main currency of metaverse.

NFT is a sidechain of eth blockchain. but dont think of it as a threat to bitcoin over popularity

ethereum doesnt want every hash of every t-shirt/shoe design clogging up the ethereum network.. so they went with the sidechain for NFT hash data to go

there is nothing stopping there being a bitcoin sidechain that offers NFT,

heck there is nothing stopping bitcoin having a sidechain on from that where people can make satoshi payments for small things.
that side chain does not have to even be a genesis-infinty chain.
it could be instead a ball-and-chain:
imagine that at block 105,000 it takes a snapshot of the unspents of blocks 0-52,500. and hashes remaining utxos as a utxoset milestone ball of many utxo. and then prunes off the 0-52500 'chain'
then at block 157,500 it then gathers the utxo of 0-105,000 and makes them into a milestone ball. and prunes off 0-105,000

thus more like a heavy ball and chain(milestone block+small chain) instead of an infinite chain
that way people are not storing redundant data thats already spent from over a year ago

I would have to agree with most of this assessment. But going by that same logic, any successful altcoin will pull the value of Bitcoin up into the air more and more. So its not really that much of a bad thing if you think about it. Also, its main value is really just being the gold standard. Its much more trustworthy than any altcoin and that confidence inspires investors to buy Bitcoin.

That being said, I see absolutely no future for Meta as it is now. There is absolutely nothing special about it aside from its amazing marketing budget...

Bitcoin is number 1 and will stay number 1. Why? Because its the new gold standard.

dont think of it where it needs to be HD real life.
dont think of it as low-def 'ingame artifact purchases"

think of it as next-gen paypal, ebay, alibaba
instead a a 2d shopping market(ebay) you can have a 3d experience of a shopping market to buy things that get delivered to your physical house, without you leaving home

thats probably the only financial feature thing i can think of that makes it useful for people.
as for webmasters and developers. well instead of making webpages. they can now make 3d models to sell their 'product' to retailers
as for retailers. instead of paying google for adsense. they can buy ingame billlboards and posters on walls at online concerts to advertise their products

Metaverse is a joke now. the avatars looks stupid. the whole graphic is a shit. i think it may takes 10 years to become a second reality whatever it may means.

yes, many idiots put a lot of money in it and now, they are trying to get others idiots like them to join.

I think that the role of BTC within the metaverse will be very broad, there may be sites that are exclusive where very few people can enter and the requirement is to pay in BTC and everything is done under the domain of BTC, and it is very likely, because it is already he is talking about many developments of NFT games that have to do with tokens, but due to the high number of scams that have occurred, they can improve everything if it is done through BTC payments, of course, I am speculating, but it is the best option that metaverse nft games have to resurface, at least I see it that way.

If I'm ever in any kind of Virtual Reality world, and I need to buy or sell goods or services, I will be using Bitcoin.

Bitcoin will be traded as digital gold in the metaverse, similar to the real world. After all, the metaverse is simply an extension of the real world within a digital realm. I imagine the Lightning Network will be of great use due to enabling cheap microtransactions.

Other coins will also have relevance, particularly if they confer benefits within a particular platform or ecosystem. I thus see multiple long-term winners among cryptocurrencies. Actually, there could be a lot of winners as cryptocurrencies and the metaverse go mainstream.

I think the whole metaverse thing is kind of like the whole NFT deal right now and is mostly a bunch of hoopla, but that's just me.  I think maybe there can be some legitimate projects to come about from it, but I think people are getting way to ahead of themselves as of right now.  I know you'll be able to purchase things in the Metaverse and it's all about decentralization so naturally bitcoin fits in pretty well with this. 

Will be interesting to see where this all heads. 

The concept of bitcoin is in some terms a traditional era. Bitcoin was designed to adopt with all this like forms of virtual concepts.
To mention also that "metaverse" will surely need a currency. Maybe it will have its own currency , although i see Bitcoin is the easiest to start with .

^ Is this an exchange platform? It's quite good.
For now, Metaverse is a virtual realm. Up to this point, I have not had the option to envision what it would resemble assuming Bitcoin later had in the metaverse environment. Probably over the long run, there will be many updates made by engineers on this. In any case, as of not long ago, that chance has not emerged if indeed Metaverse is just in the shadows and not really completely run as expected on any organization. Yet, regardless of whatever occurs in the metaverse, cryptos like bitcoin will continue to exist as a layer between the metaverse and genuine world.

Crypto metaverses like Decentraland use Decentralized Autonomous Organizations (DAO) and token governance to help their users take control of the future of gaming. In this way, metaverses can become more than just a crypto game, as they can grow into entire societies with democratic economies and leadership. Bitcoin will play a big role in metaverse development based on government control of metaverse markets such as NFT and DEFI because BTC is mutually correlated with the market situation between ETH, SAND, MANA, and MATIC.

Bitcoin is for the real world. Metaverse is a scam anyway so it is not a loss for bitcoin. Why do people get in to metaverse anyway? To live inside a computer program? No, to get rich and buy real stuff. People will eventually get bored of meta and leave it. Facebook killed Myspace and nobody's using Facebook anymore.

What reaction exactly are you expecting from the government? The metaverse is no difference from the internet, it’s still the same internet. So, what is making you think that the reaction of the government would be different from whatever reaction that they would have at this time? They would still have the reaction that they would have now, when they see bitcoin and other cryptocurrencies being used on the metaverse.

If it’s in a country where it is illegal to make use of cryptocurrency, then the government wouldn’t allow you to make use of it on the metaverse as well, and if you’re caught making use of it, it would result to you having a problem with the government.

The word Metaverse is a fully realized digital world. There will be a lot of things that you would be able to do on the metaverse, like buying an estate, but it is going to be a digital estate and not an estate that exists in the real world. There are some of the cryptocurrencies that would allow you to be able to buy a real estate, and you would be able to buy these digital estate using the coins, and if those platforms should stop existing in the metaverse, you would lose the estate.

As for Bitcoin, since Bitcoin can be used for transaction, I believe that it’s function in the metaverse would also be for transaction. We would be able to do a Bitcoin transaction in the metaverse that would reflect in the real world.

Bitcoin play role in transfer the information of physical to digital.

I dont know what is their role to each other but I guess they had a big correlation to each other. 
When it becomes Metaverse becomes bloom, for sure Bitcoin will grow so they had a strong correlation because there's an influence of Bitcoin over Metaverse that could create hype.

But it depends on the circumstances that may occur about the law, such as news that could be exploded and the crypto events which is possible of adoptions for sure Bitcoin price will react.

The first thing that I've thought of if this becomes the reality, is they'll tell the people that don't be associated with Metaverse and don't do transactions in the form of bitcoin. They'll promote that they have their own legal tender/fiat and that's what people must keep on living for.
That's what I've noticed when there's some developments that are in the progress of becoming known, the first thing they do is to criticize it which I think is fair and normal if they're the government.

Bitcoin's main use case for about 4 years now has been an easy way to trade altcoins.  Sadly, this is what has become of it.  The Lightning network is a poor substitute for Bitcoin in my opinion, but it could be the technology needed for Bitcoin to have a metaverse presence as well as a way to trade NFTs with much cheaper fees than some of the more popular networks.  The problem is that development tools and hubs of communication are few and far between, along with the toxic Bitcoin maximalist attitude that Bitcoin will retain it's first mover advantage forever even if nobody is using anymore.  Hopefully time will weed out the toxic attitude, as massive altcoin outperformance of Bitcoin hasn't.  Honestly, I think if it wasn't for Tesla and MicroStrategy I think the ETH/BTC flippening would be much closer than it is to happening, and am concerned that a handful of entities is really all that is stopping this phenomenon currently as every new entrant in the crypto space I've met in the last 4 years has a much larger altcoin portfolio than exposure to Bitcoin (if any at all). 

https://www.blockchaincenter.net/flippening/

We don't know if metaverse will even exist. So far is has been nothing more than some very vague hype coming from Facebook and NFT fans. Even it will exist, it might be a total failure. And even if not, it's unclear what exactly it would be - just a social network in VR or something more?

With so many unknown variables, it's pointless to theorize about Bitcoin's role in it.

I don't think Bitcoin will not play a role in the metaverse, but blockchain will. In the Metaverse people will be able to buy things, and those transactions will be done with blockchain tech.

Even we can't imagine the role of crypto coins in Metaverse.
Still even if it had any role, but for that people have to buy BTC/ETH/USDT first with the fiat currency.

I personally think that the Metaverse does not belong to one entity and so no government would have the ability to control it as well.
Every entity in the Metaverse will be an owner of it's own. Just like how the crypto community has many projects which are the owners of themselves.
They will have their own blockchain and their own coins. Similarly, the Metaverse will operate on it's own as it becomes more wide stream.
It will have projects launching and coins for every store, game, products, services etc...
There will be some coins like BTC and ETH which might be widely adopted throughout the Metaverse. That would itself be a great achievement in itself.

well the reaction will be still the same especially thus very against with bitcoin until now.. But they cannot stop it because a lot of people sees bitcoin as a future money.. Infact even popular platform including facebook has a good views when it comes bitcoin. So its a majority to be honest and government should accept the fact..

Will probably be as useful as Bitcoin/crypto is on typical Internet... Fiat will likely be favored by governments for controlled Metaverse. I think true cryptocurrency will thrive on well decentralized Metaverse.

Do you think that SAND and MANA and all these Meta Verse cryptocurrencies will be of any worth when Facebook will launch its own meta verse ecosystem?
I think people are mistaken here who think that the real Facebook metaverse will include the current metaverse products.

That's because the one that they're waiting for is for them the best for them especially since there's a big name backing the Metaverse, they believe that it could be another money maker that's going to make some of them a millionaire possibly. Plus, those 100 games are  possibly not for them or probably the games and their respective economies are short lived.

Although it is true these metaverse coins will have their own ecosystem of sorts, where do you think the funding comes from? They will have to buy either Ether or Bitcoin first, then transfer that to that native token. I know USD and USDT are on ramps as well, but USDT is Bitcoin converted aka still Bitcoin and we don't know where that USD came from either. Point I'm trying to make here is that Bitcoin plays as the reserve currency in the economy, ergo it will always have a role.

I’m honestly wondering why people are waiting for the “meta verse” when there’s about 100 products/games out there right now that are similar to that. Why wait for the metaverse to come out when you could play something similar today or soon?

Although the Metaverse is still a relatively new concept with great potential, but blockchain and cryptocurrencies will have to play a major role in his future implementation. In order for the Metaverse to function properly, we need decentralized computing, encryption, and security. These are issues that we'll have to solve with new technologies like blockchain and cryptocurrency. All things considered, I believe that virtual reality or augmented reality and blockchain technology will come together to create a new innovative way of socializing and interacting with each other. The last pieces of the puzzle will fall into place in the near future.

Bitcoin is the digital rail for value storage and transfer. The “metaverse” will only be successful with integration of this digital hard money. We will see many shitcoins lauded as the future of the metaverse, but it is just another grift.

I don't think people would be creating a new hype word that broadly just means something futuristic. What most people actually mean with "metaverse" is interconnected everything(DeFi <-> GameFi) by the crypto peeps, or the VR stuff by Facebook/Meta.

I would agree with you for now, but there is a lot of research already being conducted about stimulating mirror neuron reactions and many other things.

Concerning what has been said about Facebook and its role for building a/the metaverse, would the US government even allow for Facebook to become so powerful that they will be able to use their own currency Diem? I know it is long ago, but when companies are too powerful the US has proven in the past that they would be willing to break up corporations. When we talk about Facebook or Amazon, they have become so huge isn't it more likely that the government puts a stop to that? The idea that Facebook might one day be able to manipulate peoples' neural reactions is quite weird. They do already to a certain degree, but what then if we are talking serious neural manipulation? That rather sounds like if it was likely to end in a disaster one day.

I do think though that Bitcoin's role could be somewhat limited due to the speed of transactions. Who knows whether it can be efficiently scaled once the Metaverse - whatever that is supposed to be in the future - becomes a real thing.

I think this is a good idea. Metaverse coins are trending now a days. Gaming is a very big industry. So, metaverse projects are working in gaming industry. And their best thing is that these projects are play to earn games. So, when we play games we earn money in game by buying tools. and use these tools power in game.

Depends on what people in the metaverse want to do. Most of them would surely pick coins and tokens that are fast and seamless in transfers, and bitcoin wouldn't really fit the bill. Though it can be used as a governance token, but only to some extent.

Personally I'm not really buzzed about the metaverse being a reality. It's just a word that they're using to attract a lot of people into whatever tech they are developing. We are headed for digitization of most things anyway, so no matter what they call the future, it'll happen anyway.

Metaverse is a metaphor for something in future. To be honest, for now I can not imagine exactly what Metaverse will be in next years. Projects say about it a lot but I believe even they can not know what their Metaverse ecosystem will look like and how it will operate.

They are only imagine about it and their plans can be done or failed. Their imagination can be something untrue and unrealistic. Metaverse projects are hot now because of hype. To be realistic, it is not safe to invest in Metaverse projects if they are created by unknown teams. Hot Metaverse projects now can be only on paper, no code behind and they only have attractive, fantasy graphics to steal money from greed investors.

Op, could you clarify what you're referring to as Metaverse. Do you mean this concept that Wikipedia outlines as an expansion of technologies, basically? Some might think it can be about Meta (which is also sort of referring to Metaverse) in a sense of the new Facebook company's name. I can see that there's been interestingly very recent articles (a few hours ago) which tend to also refer to both, as well as add Blockchain and cryptos to it.
I think that the answer to the question of the role of BTC heavily depends on what we put into the sense of metaverse, and who's building it. If it's Facebook, they'll surely see LirbaDiem as central to its economy, not Bitcoin. If we're talking about the general notion, Bitcoin may well be a part of it.

This is a real danger as Facebook controls so much already. It would feel a bit odd if a private company like Facebook is the one in the end that controls the world's currency movements with their own currency. Facebook is powerful and rich, so the question will be whether policymakers are going to interfere with Facebook's plans.

https://www.youtube.com/watch?v=gElfIo6uw4g

In that video Zuckerberg says that privacy and safety will be built into Metaverse from day one, but to be honest how much do we even trust Facebook by now? There is one whistleblower after another talking about how ruthless Facebook really is and how they exploit private data, even reading our messages all day long on all platforms. Facebook, WhatsApp, Insta etc.

Again, governments would not support the use of crypto in the metaverse technology but they would have no option in the end. Bitcoin will be the king of crypto however we may have many more and more metaverse coins in the coming future. I think Facebook is yet to launch its won meta verse coin soon.

so dragons tale was not a thing?
http://www.dragons.tl/games.php

i said back in 2013-14ish that dragons tale could have been expanded into not just gambling using sats but actually let users add more content like uploading images of products they sell which can be seen ingame and users can buy them and message delivery location.(3D ebay)

it is possible and graphic render detail has moved on since the days of dragon tale.

the obvious route..
facebook acts as custodian. like exchange deposits. then you make micropayments within your  custodian account offchain.
heck, knowing the plan some devs have. maybe even users can become the exchange 'hubs'
yes it wont be a 'all onchain' thing, because then how will facebook take their cut. facebook dont work for free

Depends on the one who build that metaverse. There's obviously going to be variety and most likely that developers will have their own idea of the currency that they will use in their world. Unless developers can solve the fees and transaction speed, then I can't see Bitcoin being used in a metaverse (assuming that we have the tech to do this with the current state of Bitcoin).

You never know whether by the time that met averse becomes a reality there might be a cryptocurrency more suited for the usage within that ecosystem. But keep in mind that Zuckerberg will be one of the major players in making the metaverse develop and grow. He is heavily investing in AR and VR, but he is not the biggest Bitcoin friend. Instead, as we remember, he wanted to establish his own digital currency and I can imagine that is still working on that plan. I guess if he runs a lot of the metaverse infrastructure he might also have possibilities to at least suppress the usage of Bitcoin to a certain degree (or provide incentives to use his stuff).

If Zuckenberg/Fb/Meta will get a big slice of that metaverse-to-be, I would not be surprised if his coin-to-be will be pushed there.
Somebody has to make it happen. And it depends greatly on his choice of "money", hence it has better chance to be some centralized shitcoin (or fiat) at start. Afterwards... we'll see...

VR might be the future of meetings and talking to friends overseas and such, but probably not the literally-everything-tokenized kind of stuff that's causing the hype on SandBox and Decentraland. That's just silly.

i think the true role for metaverse is people keep buying btc for hodl since crypto/altcoin will be the backbone of metaverse bitcoin playing role as storing value of asset, bitcoin for the first/mother of crypto so even tho lets says BNB will become paying transcation in all metaverse world bitcoin will not vanish


  metaverse is future  but to be honest metaverse maybe just like gaming in VR in next year or so

I still can't figure out what would be the main benefit of this "metaverse" thing for the human kind.
All the nerds and geeks will have one more excuse to sit in front of their computers 24/7 and stay socially dysfunctional,rather than going outside their homes and having a real life.
All the people,who have "internet addiction" will definitely be exploited by the creators of the so called metaverse.What's the point of having a virtual life,when your real life is shit?
Should we be worried that Bitcoin won't have a dominating role in the metaverse?
Nah,the metaverse is going to be BS anyway.

It seems that social distancing, lockdowns, vaccine mandates, and other restrictive measures have done so much damage to humanity that people are now seriously talking about the benefits of living in an imaginary world. Unfortunately, bitcoin was created to deal with the economic problems of the real world, not an imaginary universe.


I agree. The creators of altcoins and other fiat/shitcoin proponents have suddenly realized they cannot outcompete bitcoin in the real world: that is why they created their virtual pocket version of the universe to set their own rules there.

In the sense that "metaverse" is the imaginary hypothetical part of the virtual internet, you are right bitcoin has little role in that part, useless tokens reside in fairyland. In real world on the other hand bitcoin is dominating.

Bitcoin is a dinosaur and we are still experiencing the pre-historic era in cryptospace. So there are few centuries left for bitcoin to rule the market as the most dominant and valuable crypto.

Metaverse is a different concept. Bitcoin is not specifically built for Metaverse. To be able to function in metaverse, bitcoin jeeds to have a smart contract facility which unfortunately is not present. So I foresee a rise of small cryptos like SAND, MANA, UPS etc built specifically on purpose.

But no matter whatever happens in metaverse, cryptos like bitcoin will remain as a layer among metaverse and real world. That's the only and most valuable role bitcoin will play here.

Centralization and being custodial aside, obviously the only way for bitcoin to be in the Ethereum/alt-L1 ecosystem is to be through the likes of wrapped bitcoin(WBTC). There's really no way around it as far as I know.

So far I have not been able to imagine what it would be like if Bitcoin later had in the metaverse ecosystem. Because this can certainly change some core things, such as the bitcoin network, which will be more congested and congested. Maybe over time there will be many updates made by developers on this matter. But until now that possibility has not materialized if in fact Metaverse is only in the shadows and not necessarily fully run smoothly on any network. Even we ourselves have not been able to implement virtual 3D which is always crowded until now.

Metaverse is a virtual universe and bitcoin is the best currency of the internet. People will either use ETH or BTC as their main payment method. BTC is slower and more expensive than the others sometimes but since it is the safest, it will always be used the most by the people. I don't know what Mana and Sand are all about though but I don't think they will be as popular as BTC.

Metaverse are buiding on smart contracts so the role of BTC in Metaverse ecosystem is small. It has overal effect and very big role in a crypto market in which Metaverse is part of the ecosystem. So we can not deny a big role of BTC even it has indirect role.

In future, we might see bigger role and engagement of BTC in Metaverse because we already see more DeFi for Bitcoin. DeFi has no longer limited to ERC20 or BSC, now it is expanding to Bitcoin network.

Soon we will see BTC in Metaverse ecosystem with bridges and new technologies.

I have been thinking about this for sometimes.

If the metaverse becomes a reality, what will be the significant roles of crypto in its economy?

If crypto such as bitcoin, Mana, Sand are used as means of transaction in the metaverse what will be the reaction of the government?