Topic: What if all nations of the world started to use bitcoin - page 12. (Read 10123 times)
No, there would not be enough subunits of bitcoin even after all of them have been mined. Many bitcoins have been burned forever but if all of them still existed at the time they were all mined there would only be 2.1 quadrillion. The M-1, M-2 and M-3 tradable assets (down to the smallest subunit, the penny) for the U. S. alone is greater than 2.1 quadrillion. The world derivatives market alone is believed to be worth roughly $1.2 quadrillion (that's 120 quadrillion pennies). Add every nation in the world together down to the smallest subunit of those currencies and you'd need 50 crypto currencies like bitcoin to make it work.
It would be great if all the people in all the nations start use Bitcoin, it will increase the accessibility and one can spend and use his Bitcoin quite freely without any hassle. This can only happen if Government accepts the use of it and promotes BTC among the rural/backward citizens of the world.
It will be a good thing actually, with more ways to use bitcoin.
But it may also come with more rules and regulations
But it may also come with more rules and regulations
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.
If every country started to use bitcoins,it means income got from bitcoins will be taxed.Since bitcoin supply is limited,the demand would be high if all countries use bitcoins,the price will skyrocket.We would be able to buy a cup of coffee using bitcoins.Bitcoin would replace US Dollars as global reserve currency.Thanks in advance.
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.
Thanks in advance.
At Bitcoin's current state, no it is not able to handle every person in the world. Even now with a minute number of users, we're at capacity and backlogging 6 hours or more for 1 confirmation.
But with new implementations along the way, I'm sure we could achieve something close. One possibility could be that Bitcoin is used as a store of value and not used for daily transactions, while an alternative cryptocurrency could fill that role.
If it happened in a very small time frame, Bitcoin could not stand the challenge, but if it would go bigger and bigger in a bigger time frame, it could be prepared for world usage. The price will be very high, we would maybe even need smaller digits than satoshis and confirmations would be much faster because not much people would use it if it was slow like right now.
What will happened if every country started to use bitcoin. Is the current supply of bitcoin and blockchain capacity can handle every bitcoin user?
If I understand the blockchain correctly we don’t have the technological knowledge needed for everyone to start using bitcoin for everything. Much more computers would be needed to compute transactions or at least computers need to become like 10 times faster to cope with the extravagent amounts of transactions that will be needed. But maybe if that happens governments will have dedicated transaction processors making it possible. 
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.
Thanks in advance.
People all around the world are already using bitcoin.
So I think what you meant is that what if the governments in every single country in the world decided that they should legalise the usage of bitcoin and therefore everyone in their country starts using it.
I would say that bitcoin is definitely up for the challenge, because it was designed to be a global currency in the first place. However therw are still scalability issues to be solved before worldwide adoption can actually begin.
Yes, people from around the globe are using bitcoin already, but the question was if all country. It is a fact that not all country are using bitcoin as of now but what if that scenario happens. It seems that you did not quite comprehend what was asked.
OP, blockchain can handle every user, that is the main purpose and the design of blockchain itself but the question is how much time it would take in order for blockchain to accommodate each user, I think it will take forever. A further optimization must be done so that it can accommodate such number of users. Today that the number of user is so small, compared to the total number of people in this world, blockchain have some issues upon accommodating every transaction what more if all country uses bitcoin. Blockchain have many work to do to address every user.
not it can not, that's why they are forcing segwit, bitcoin can't handle many transactions(more than 3 on average) per second right now, also fee would be increadible high if all toe world begin to sue bitcoin
although if people are intelligent they could force the miners to accept lower fee, by paying less and less and waiting, more, this will in the end force the miners to accept on average lower fee
although if people are intelligent they could force the miners to accept lower fee, by paying less and less and waiting, more, this will in the end force the miners to accept on average lower fee
If all the nations will started to use bitcoin then it would be great because it will be a proof that bitcoin network is very strong and stable and bitcoin already built a huge reputation in the world because the nations already accepted and use bitcoin. For sure, bitcoin will be on its highest peak in the situation and a lot of bitcoin investors and users will be very happy and rich.
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.
Thanks in advance.
People all around the world are already using bitcoin.
So I think what you meant is that what if the governments in every single country in the world decided that they should legalise the usage of bitcoin and therefore everyone in their country starts using it.
I would say that bitcoin is definitely up for the challenge, because it was designed to be a global currency in the first place. However therw are still scalability issues to be solved before worldwide adoption can actually begin.
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.
If every country started to use bitcoins,it means income got from bitcoins will be taxed.Since bitcoin supply is limited,the demand would be high if all countries use bitcoins,the price will skyrocket.We would be able to buy a cup of coffee using bitcoins.Bitcoin would replace US Dollars as global reserve currency.Thanks in advance.
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.
If every country started to use bitcoins,it means income got from bitcoins will be taxed.Since bitcoin supply is limited,the demand would be high if all countries use bitcoins,the price will skyrocket.We would be able to buy a cup of coffee using bitcoins.Bitcoin would replace US Dollars as global reserve currency.Thanks in advance.
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.
If every country started to use bitcoins,it means income got from bitcoins will be taxed.Since bitcoin supply is limited,the demand would be high if all countries use bitcoins,the price will skyrocket.We would be able to buy a cup of coffee using bitcoins.Bitcoin would replace US Dollars as global reserve currency. Thanks in advance.
I really think that this will happen in the future maybe all the people in the world will use bitcoin as there main currency all over the globe..,
When that happen there will be no physical money like what we are using today and it is all just bitcoin a virtual currency which you can just store in your bitcoin wallet maybe in your phone or in your hardware , or computer ..,Or maybe someday your bitcoin wallet is like a chips implanted in your body if this will happen the bitcoin currency will be so high and but it will be easier for us to earn bitcoins in our every day like working in office and just like they will pay you using bitcoin.
When that happen there will be no physical money like what we are using today and it is all just bitcoin a virtual currency which you can just store in your bitcoin wallet maybe in your phone or in your hardware , or computer ..,Or maybe someday your bitcoin wallet is like a chips implanted in your body if this will happen the bitcoin currency will be so high and but it will be easier for us to earn bitcoins in our every day like working in office and just like they will pay you using bitcoin.
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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.
Thanks in advance.
I think with a limited number of bitcoin when it is used in many countries it will make bitcoin prices keep going up. And it is profitable for those who buy bitcoin today. But later in the end will be like currency in general bitcoin prices will be stable, and it certainly makes me as trader cant get big profits. And in the end bitcoin will only be used to pay or buy something, such as money in general. Thank you
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.
Thanks in advance.
I think with a limited number of bitcoin when it is used in many countries it will make bitcoin prices keep going up. And it is profitable for those who buy bitcoin today. But later in the end will be like currency in general bitcoin prices will be stable, and it certainly makes me as trader cant get big profits. And in the end bitcoin will only be used to pay or buy something, such as money in general. Thank you
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.
It all depends on what it is that they start to actually use Bitcoin for. For example, if every country started to use Bitcoin as a means to store value (in the same way gold is viewed now) then chances are the price would rise decently, but not dramatically.Thanks in advance.
If all countries started to use Bitcoin as their primary currency, then the price would become irrelevant. Bitcoin would become -the- currency, and everything would just be based around a quantity of Bitcoin. For example, in this scenario, a house might end up being 0.00004 BTC, since there's a 21m cap and everywhere uses it, meaning a few trillion (if now quadrillion) dollars of value now have to be contained in 21m highly divisible coins.
The blockchain would likely not operate very well in the later scenario.
I will doubt it will be enough, when people spend it everyday then it maybe enough coin for everyone, but when a lot of people keep it then it can be problem, the price will be very unstable if all nation and everyone used it, it will be great if some people used bitcoin and alt coin, it will balance the price and we will have a backup coin
If all the nations in the world start using bitcoins then there will be no government or banks at all .
Well this is never gonna happen as government will never want to lose their power over their people.
As stated such situation never prevail as well governments won't support it. If it happens entire population cannot afford bitcoin because even a single Satoshi will be more precious. The people who have a single bitcoin doesn't need any more earnings for a luxury living. Well this is never gonna happen as government will never want to lose their power over their people.
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