What if all nations of the world started to use bitcoin

YuginKadoya

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Quote from: skorupi17 on May 24, 2017, 02:36:57 PM

IF ever that every nation starts to use bitcoin, obviously the price will be so high with 6-7 digits without decimal places. All people who held bitcoin for so long will start to rejoice because they are super rich. However, if that event occurred and the current system of bitcoin is still alive then we will encounter more that a million unconfirmed transaction and that is a sad number to deal with. Bottleneck in the blockchain was never a good news. Also, expect a higher transaction fee at that point.

The price is really neck to neck with the fee's of transaction and I don't really think increasing fee's are a good news for the users who had a lot of bitcoin right now, even if the price is really great right now but yeah that is how fee's work right now and I think we should still be thankful that bitcoin reach the full length increase and right now it is still proving to goes up!

skorupi17

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IF ever that every nation starts to use bitcoin, obviously the price will be so high with 6-7 digits without decimal places. All people who held bitcoin for so long will start to rejoice because they are super rich. However, if that event occurred and the current system of bitcoin is still alive then we will encounter more that a million unconfirmed transaction and that is a sad number to deal with. Bottleneck in the blockchain was never a good news. Also, expect a higher transaction fee at that point.

fikihafana

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Quote from: layoutph on March 31, 2017, 10:19:11 AM

What will happened if every country started to use bitcoin. Is the current supply of bitcoin and blockchain capacity can handle every bitcoin user?

Thanks in advance.

Bitcoin price will hit $10000, but i worry about this one. In $2000 price, transaction cost between $1-$2 what is your prediction if bitcoin hit $10000? is it still worth for payment?

Imo tx fee will become 10-$15 and it's not worth again as payment method, but it will be digital assets.

jameshowlett

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The prices will obviously go up if everyone from all over the world start using Bitcoin. And it will be a revolution for all cryptocurrency and more will be adopted by the people. I think it will happen before 2020

akamit

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Quote from: layoutph on March 31, 2017, 10:19:11 AM

What will happened if every country started to use bitcoin. Is the current supply of bitcoin and blockchain capacity can handle every bitcoin user?

Thanks in advance.

First thing will happen according to my thinking is,
If every country starts to use bitcoin then bitcoin price will definitely hit $20k per bitcoin Grin

But it will not happen if only few people of every country starts to use bitcoin, but it will need lots of people's involvement from every country.

Lets assume that currently we have 1 million bitcoin users and we have all made it possible to take the price at $2400+
Lets think what will happen if we get 10 million bitcoin users?

As about the capacity,
I believe everything will get updated time to time to handle every possible issues.

bitcoinmasterlord

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Quote from: poplolnman on May 24, 2017, 01:02:37 PM

Quote from: Restmand on May 24, 2017, 11:58:27 AM

Quote from: Senja Kemuning on May 18, 2017, 03:46:42 AM

I've heard that bitcoin is already being used in Russia and Japan, but officially I've yet to find citizens using bitcoin transactions directly. I think there is currently no official State using bitcoin.

Yes people are now interested in bitcoin. Especially for those people who are in the eastern. If all nations started to earn bitcoins it will be good. Because people will get interested on it. And they will invest their money. The bitcoin price will go higher because of the demand of the people.

both russia and japan legalizes bitcoin as a form of payment , it's doesn't mean a lot of people would use bitcoin there . just pushing people trust , once government make a public announcement , alot of investor would start to take bitcoin seriously as a place to invest and also some merchants would consider to adopt bitcoin as the payment processor. it's pretty clear could leading into bull market.

I heard that not only Japan and Russia legalised bitcoin even Austrailia also legalised this bitcoin their country. But I don't know in that country people are accepting bitcoin for payment mode or not. But bitcoin ATM 's are opened in this country. I hope in future the govt will allow people use bitcoin in all business.

rumex

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When all the whole countries in the world start to use Bitcoin then the cryptocurrency world would have arrived. The block chain capacity will be increased and all will benefit from fast payment and low cost of fund transfer and ultimately profit for all. That is the expectation.

poplolnman

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Quote from: Restmand on May 24, 2017, 11:58:27 AM

Quote from: Senja Kemuning on May 18, 2017, 03:46:42 AM

I've heard that bitcoin is already being used in Russia and Japan, but officially I've yet to find citizens using bitcoin transactions directly. I think there is currently no official State using bitcoin.

Yes people are now interested in bitcoin. Especially for those people who are in the eastern. If all nations started to earn bitcoins it will be good. Because people will get interested on it. And they will invest their money. The bitcoin price will go higher because of the demand of the people.

both russia and japan legalizes bitcoin as a form of payment , it's doesn't mean a lot of people would use bitcoin there . just pushing people trust , once government make a public announcement , alot of investor would start to take bitcoin seriously as a place to invest and also some merchants would consider to adopt bitcoin as the payment processor. it's pretty clear could leading into bull market.

RajaJudi

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Quote from: findingthemoon on May 24, 2017, 12:25:58 PM

Quote from: joshy23 on May 24, 2017, 12:11:49 PM

Quote from: Senja Kemuning on May 18, 2017, 03:46:42 AM

I've heard that bitcoin is already being used in Russia and Japan, but officially I've yet to find citizens using bitcoin transactions directly. I think there is currently no official State using bitcoin.

LOL. I don't know about Russia, but Japan is legalizing bitcoin already and used as legal tender. I would considered Japan as the only nation who are using bitcoin together with their national currency (Yen). So I guess their citizens now are using it just like their currency. And there are a lot of bitcoin ATM's as well. So they can withdraw fiat if they want to used fiat as mode of payment.

Bitcoin is not legal tender in Japan, its just accepted as currency. Legal tender means that shops are required to accept it and that status is reserved for the yen. There are more and more shops that CHOOSE to accept bitcoin however and big interest but lets not go pretending its a widespread thing, at least not yet.

Japan is doing its best to establish bitcoin to the whole country system and I am very excited to hear that news. Anyhow, bitcoin is not legalized yet and it will take many years for Bitcoin to become an international currency

Gens09

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That would be a great thing but yeah i guess the blockchain need some upgrade to handle all the bitcon user all over the globe we better start adding a technologies that can help about this problem ithe coming year if not were gonna need another curency that was like bitcoin to handle rhe situation.

findingthemoon

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Quote from: joshy23 on May 24, 2017, 12:11:49 PM

Quote from: Senja Kemuning on May 18, 2017, 03:46:42 AM

I've heard that bitcoin is already being used in Russia and Japan, but officially I've yet to find citizens using bitcoin transactions directly. I think there is currently no official State using bitcoin.

LOL. I don't know about Russia, but Japan is legalizing bitcoin already and used as legal tender. I would considered Japan as the only nation who are using bitcoin together with their national currency (Yen). So I guess their citizens now are using it just like their currency. And there are a lot of bitcoin ATM's as well. So they can withdraw fiat if they want to used fiat as mode of payment.

Bitcoin is not legal tender in Japan, its just accepted as currency. Legal tender means that shops are required to accept it and that status is reserved for the yen. There are more and more shops that CHOOSE to accept bitcoin however and big interest but lets not go pretending its a widespread thing, at least not yet.

ivanluiso84

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If bitcoin represented 10% of the whole Fiat. Bitcoin would be worth at least $ 100,000 each.

joshy23

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Quote from: Senja Kemuning on May 18, 2017, 03:46:42 AM

I've heard that bitcoin is already being used in Russia and Japan, but officially I've yet to find citizens using bitcoin transactions directly. I think there is currently no official State using bitcoin.

LOL. I don't know about Russia, but Japan is legalizing bitcoin already and used as legal tender. I would considered Japan as the only nation who are using bitcoin together with their national currency (Yen). So I guess their citizens now are using it just like their currency. And there are a lot of bitcoin ATM's as well. So they can withdraw fiat if they want to used fiat as mode of payment.

Restmand

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Quote from: Senja Kemuning on May 18, 2017, 03:46:42 AM

I've heard that bitcoin is already being used in Russia and Japan, but officially I've yet to find citizens using bitcoin transactions directly. I think there is currently no official State using bitcoin.

Yes people are now interested in bitcoin. Especially for those people who are in the eastern. If all nations started to earn bitcoins it will be good. Because people will get interested on it. And they will invest their money. The bitcoin price will go higher because of the demand of the people.

omonuyak

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Quote from: kidoseagle0312 on May 18, 2017, 05:59:27 AM

Quote from: layoutph on March 31, 2017, 10:19:11 AM

What will happened if every country started to use bitcoin. Is the current supply of bitcoin and blockchain capacity can handle every bitcoin user?

Thanks in advance.

Well if that happens, I think that's the time that bitcoin was being declared as a world currency.
Yes, the current supply of bitcoin in the blockchain has a capacity to sustain all the supply in the whole world user.

The current blockchain is going to serve the whole world if bitcoin is being adopted as the world currencies. Is all about it values maybe by then bitcoin will be trade above $1,000,000 and if a country have few bitcoin it will be enough for them.

stompix

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Quote from: kidoseagle0312 on May 18, 2017, 05:59:27 AM

Quote from: layoutph on March 31, 2017, 10:19:11 AM

What will happened if every country started to use bitcoin. Is the current supply of bitcoin and blockchain capacity can handle every bitcoin user?

Thanks in advance.

Well if that happens, I think that's the time that bitcoin was being declared as a world currency.
Yes, the current supply of bitcoin in the blockchain has a capacity to sustain all the supply in the whole world user.

People like you should stop writing and start reading.

The blockchain capacity refers to the number of transactions that can be confirmed in a given time.
It has no whatsoever correlation with the supply of bitcoins or their number.

So next time before making yourself look stupid do a bit of research.

bibiqua

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Quote from: kidoseagle0312 on May 18, 2017, 05:59:27 AM

Yes, the current supply of bitcoin in the blockchain has a capacity to sustain all the supply in the whole world user.

Provided each user can afford waiting a several thousand years until his payment has been processed by the bitcoin matrix.

Fact: Backlog increasing, transactions on hold for weeks. Right now. Look at the stats.

Bionicgalaxy

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Quote from: layoutph on March 31, 2017, 10:19:11 AM

What will happened if every country started to use bitcoin. Is the current supply of bitcoin and blockchain capacity can handle every bitcoin user?

Thanks in advance.

In my personal point of view nothing or no big change will happen in such country or a country that patronizes bitcoin cause bitcoin is cause mostly like those are online investment businesses. however it has a big contribution to those individuals who is in to bitcoin.

kidoseagle0312

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Quote from: layoutph on March 31, 2017, 10:19:11 AM

What will happened if every country started to use bitcoin. Is the current supply of bitcoin and blockchain capacity can handle every bitcoin user?

Thanks in advance.

Well if that happens, I think that's the time that bitcoin was being declared as a world currency.
Yes, the current supply of bitcoin in the blockchain has a capacity to sustain all the supply in the whole world user.

Senja Kemuning

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Activity: 553

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I've heard that bitcoin is already being used in Russia and Japan, but officially I've yet to find citizens using bitcoin transactions directly. I think there is currently no official State using bitcoin.

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