What if all nations of the world started to use bitcoin - page 14.

el kaka22

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Quote from: forexp on March 31, 2017, 11:15:56 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.

there is no bitcoin for every one so forget this fact and stop dreaming.

Actually that is not true, many people think that the fact that bitcoin is limited to a certain supply which is 21 million btc makes it not going to be able to cover all the needs of the whole world, but as the time goes by and people start using it more and more, its price will get higher and higher, which means we will start using fraction of the bitcoin to buy things, if today we spend 0.01 btc in a couple of years we will start using 0.0001 btc to buy the same thing.

Dimelord

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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.

If such a situation occurs,then bitcoin price will go high in rocket speed since there would be a great demand but only a limited supply of coins.Bitcoin income would be taxed.Bitcoin would be used in shops for buying daily needs.Already,there is delay for transactions due to limited block size and if every country uses bitcoins,then there would be more delays in transactions and transaction fees would rise much higher.

ABCbits

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With current condition, i bet transaction fee will rise, mempool size will be very high and drama about how to solve the problem the way people want. Current technology also don't allow nodes/miners to process billion of transaction everyday without very high cost. Furthermore, 10 minutes for a confirmation is very bad unless zero confirmation is used.
So, all i can imagine are chaos and self-destruction with current bitcoin condition.

mrjoy15

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More users mean more challenges, more capacity. whole world using the same kind of currency, then could be facing problem like blockchain capacity, transaction issue, etc. It would be great since it is done, maybe only in a dream not in the real world. Therefore It's pretty unexpected all nations of the world to adopt bitcoin as official currency.

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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.

The currently Blockchain doesn't have enough capacity to support many transactions at same time, what means it doesn't support many users at same time. So if a considerable percentage of all world countries population start using BTCs it won't be sustainable and confortable for all. Many delays, high fees and probably many transactions being canceled.

Also, it would make the government focus their attention in Crypto Currency world, what isn't good...

Carlton Banks

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Well, most countries with significant economies already do use Bitcoin.

But if it was more than 1% of commerce? (of which it's less than 1% now)

More capacity. We need more capacity for transactions.

And no matter what blocksize maniacs wish you to believe, blocksize increase can't meet worldwide mainstream demand. Even doubling or quadrupling the blocksize is at the limits of what the whole world could handle, Bitcoin would cease to be decentralised if we tried to use blocksize to meet the needs of billions instead of the millions of users that exist today.

So really, we need scaling solutions, not blocksize increases. Making more efficient use of blockspace is one route (with many different ways to get there), but these are often hardforks, and so need alot of user support. 2nd layer protocols are much more suitable to scaling up massively, but Lightning (current major proposal for a 2nd layer) does come with drawbacks, in that it's not as trustless as on-chain transactions are now (but there are ways to mitigate that risk to arguably zero).

Slark

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1. Current Bitcoin can't handle total adoption, we are limited to 7tx per second due to 1 MB block restriction.
2. 'Panbitcoin' is Sci-fi theory anyway, bitcoin is not regulated (man reason behind continuous ETF disapproval by SEC) and probably can't be stable enough.
3. Long confirmation times and high fees are not helping Bitcoin to become everyday standard payment method.

forexp

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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.

there is no bitcoin for every one so forget this fact and stop dreaming.

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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.

no it can not the fee would increase so much that bitcoin would be unusable for the people that can't pay high fee, and you have that bitcoin is also scarse, and those people are in this case obliged to by mroe and mroe bitcoin just to pay the fee, they must resolve that bitcoin don't scale, otherwise bitcoin will remain a thing for 1 millions users

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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.

Then it will mean all the challenges against bitcoin would have been one without any form of reservation in addition to the freedom it will proffers to our new way of life which is something white a number of us will be glad its eventually happening and I won't have to be be worried about the bottlenecks in exchanging my bitcoin into fiat in other to spend even the lowest amount...

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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?

Blockchain capacity may be a concern to accommodate total world population. But I believe Xapo kind of off-chain transaction based methodologies could be a solution here.

We never worry about supply of bitcoin for total world population of ~700 millions. The infinitely divisible characteristics of electronic format will support to have any number of basic units under bitcoin ecosystem. (When we are having big value for bitcoins, we will have units smaller than satoshi also).

The basic and immediate effect we could expect, must be the price appreciation. But slow progress in adopting bitcoins would be the feasible way of making countries to use bitcoins. Because no one can be sure about when a bootle-neck may occur.

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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.

It will be very good for the BTC if every country will start using it. Its value will skyrocket because of the limited supply of it. What concerns me is the capacity of the blockchain to handle the transactions of every user. I thinks the current state of blockchain will not be able to handle it and will produce serious problems in the network. The technology for blockchain should improve and progress for it to handle huge amount of transactions.

Emoclaw

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No. Catastrophic issues. The blockchain cannot scale to such a degree overnight. People (especially older folks) are not educated about Bitcoin and have no idea how to use it. That would cause MASSIVE confusion.
Additionally, there are enough Bitcoins, but not enough subdigits. The satoshi would be of incredibly high value, so we'd need digits below that. Fortunately those are easy to add, but we don't have them.

Bitcoin might be used by every country at some point in the far future. At that point it will be ready as well.

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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.

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.

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.

THErapist

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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.

It would be great since it is the one that we are all waiting for to happen, but it will take some time for this thing to be true, as of now, the Government is not yet accepting bitcoin, because of their own reason, and we don't know what is it. Let's just hope that bitcoin would be like the way we think in the near future.

layoutph

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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.

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