What if all nations of the world started to use bitcoin - page 6.

Nevis

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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.

At this state it must have handle all demand that willl happen if bitcoins would be accepted and use everywhere.If bitcoins would be accepted by all country then thats the time when bitcoins will be more well knowned and will become one of legal currency

ufaiz50

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Quote from: Lecam on April 20, 2017, 03:58:47 PM

Quote from: THErapist on March 31, 2017, 10:33:44 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.

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.

Yes that would be great to all user. But as you said that is to happen because they need adoption for government. If government approve that i think that bitcoin can use in every country.

the government sees the bitcoin from two perspectives of pros and cons they tend to be more to the cons that is of the absence of taxes on bitcoins that do not provide benefits to the country, the anonymous bitcoin properties can be used as a tool for crime. Those things are often talked about by goverment.

Lecam

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Quote from: THErapist on March 31, 2017, 10:33:44 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.

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.

Yes that would be great to all user. But as you said that is to happen because they need adoption for government. If government approve that i think that bitcoin can use in every country.

ethereumhunter

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i think its actually can be good for every people because they can send and receive bitcoin with low fee but the problem is we need to get confirmed first by blockchain and now blockchain is too slow to receive too many transaction in a day. but if blockchain can increase the speed of transaction and in every country have a good internet connection, then i think it will be good but we need to thinking what the government will react about this and i am sure that they will not quiet to see bitcoin is use in every where.

speem28

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It will be a great opportunity to both bitcoin and bitcoin users in the world of cryptocurrency. The value of bitcoin will skyrocket as more and more people will be now using bitcoin as their medium of exchange. This will be a great time for bitcoin user to invest in bitcoin.

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Quote from: easynote on April 20, 2017, 01:13:41 PM

If everyone in the world used Bitcoins then I would think that Bitcoins Blockchain will slow down some.

You may be right. LOL

easynote

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If everyone in the world used Bitcoins then I would think that Bitcoins Blockchain will slow down some.

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legendary

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Quote from: crazyivan on April 20, 2017, 04:10:53 AM

I remember that report which stated if BTC would handle only 5% of Visa transaction, 1 BTC would be $40.000 worth. However, I dont think this is the main question, BTC will never become an actual currency. Instead it s a store of value over time, which appreciates due to its scarcity. The same as gold.

ROTFL 5% of Visa transactions. That's too funny.

There were 27 Billion eft transactions last year, that's 27,000,000,000 transactions. That's almost 74 million transactions a day.

The Bitcoin network processes 350,000 transactions a day and its struggling to do it. Ach/eft seamlessly handles 211.5 times more transactions than Bitcoin handles. Bitcoin would crash and burn if it tried to handle 5% of Visa transactions. On a good day, with the wind at its back and all the miners holding hands and singing Kumbaya, Bitcoin may be able to handle one half of one percent.

Tyrantt

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Quote from: erickkyut on April 20, 2017, 09:29:09 AM

Quote from: sevendust777 on April 20, 2017, 08:56:27 AM

This would takes years this thing to happen. Because we all know that government is having rules and regulations to make bitcoin as the world currency. I think there will be difficulty to make this happen.

Yes I also agree with you! Actually for me it might take decades before it happens because right now, the world government doesn't fully embrace Bitcoin and there are also countries that banned it. Aside from that, not all people globally have the idea what Bitcoin is all about. I think we should work on those matter first before all nations can start to use it.

I think that's the smallest issue there is tbh. Blockchain would be flooded by transactions and do you think that banks would let bitcoin go into mainstream without them intervening? I don't think so myself, if you ask me, bitcoin will always be and remain the second option to fiat.

erickkyut

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Quote from: sevendust777 on April 20, 2017, 08:56:27 AM

This would takes years this thing to happen. Because we all know that government is having rules and regulations to make bitcoin as the world currency. I think there will be difficulty to make this happen.

Yes I also agree with you! Actually for me it might take decades before it happens because right now, the world government doesn't fully embrace Bitcoin and there are also countries that banned it. Aside from that, not all people globally have the idea what Bitcoin is all about. I think we should work on those matter first before all nations can start to use it.

webtricks

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I don't think there will be any impact on supply since it is limited and maximum what could happen is increase in price of per fraction units. However, due to increased transactions it is possible that fees will hike due to increase competition in fees paying and fees will become the matter of superiority and faster confirmation.

staff_1307

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If all countries started to use Bitcoin, then it would be much easier to use money transfers. I think this is a good idea.

sevendust777

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This would takes years this thing to happen. Because we all know that government is having rules and regulations to make bitcoin as the world currency. I think there will be difficulty to make this happen.

milewilda

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It wont happen because if all nations would accept bitcoin and make it as a mainstream then chaos would really be mold up since most powerful nations would accumulate as much as they can and knowing that there are only 21 M bitcoins and how would all nations would divide it? There would be no circulation because on the lack of supply but expected prices would really be valuable but it wont happen even on my dreams.

bitcoinisbest

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This is not possible because each country have different frames and regulations in their governing bodies. Just hypothetical if it happens then major currency of the world the rates will fall and everyone will use btc when they go or want to buy any thing from anywhere in the world.

machinek20

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We will see a huge rising and it will give the early adopter a lot of profit, and also we will see so many people implemented bitcoin in their business beacuse it is being used by a lot of people from different country, but if it is being used by too many people the amount maybe wont be enough and there will be people cant own bitcoin

YuginKadoya

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Quote from: betlord90 on April 19, 2017, 09:18:14 AM

Quote from: YuginKadoya on April 19, 2017, 09:13:26 AM

Quote from: DoublerHunter on April 19, 2017, 04:52:18 AM

Quote from: n0ne on April 19, 2017, 03:52:08 AM

Quote from: xSkylarx on April 19, 2017, 03:02:19 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.

If so, I think Bitcoin will trigger a new age that is the Era of Higher Digital Awareness. Also the transactions are done now in a techy way than the traditional one that is by doing transactions with the actual money pr fiats

Already most of the countries use bitcoin, but very few countable number of countries use it with government support and legal regulations. If every country starts using with government support then the world gets a change in the structure framework in the functioning of different firms.

This is true that most of the countries in the world have bitcoin users because of the continuous growth of bitcoin and because of its attractive high price but there is only a few government supported because government of other countries doesn't know what is bitcoin and what are the advantages of it. And if ever that bitcoin is accepted and supported by government then it will be a big event for bitcoin.

A lot was talking about this in the forum that when is the government would accept bitcoin, and nearly all was saying that because of the uncontrollable transaction provided by bitcoin to some users that are using bitcoin for illegal purposes that is why some countries are banning it for good I think we should consider can we really prevent this kind of things, but there are no choice in doing this,

How we can prevent it if bitcoin users are fully anonymous from using it and i would love to see if bitcoins will remain uncontrolled and no government intervention since if they will enter the scene surely bitcoins will be limit and price will be hold and controlled by them. And for saying that we don't have a choice well you should set your mindset since people always have a choice.

That is their problem! and I have just said that there are no choice in doing this, but if there is a way in preventing this kind of illegal things in bitcoin I think that is the time when the government have a total control over bitcoin and I myself would want bitcoin to be as anonymous as possible because I don't want other people to know how much bitcoin I have, and that would be dangerous in my part for evil people having interest in it.

witsie

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cryptos are good solution for the civilisation, only fiats are too strong, they have real life and weapons, cryptos are weak and must serve as slaves to fiats
nhhh .. i see solution only in divine money to deliver cryptos from slavery ... divine intervention ... but, so far i am only one in this area, anyone join me, lol

crazyivan

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I remember that report which stated if BTC would handle only 5% of Visa transaction, 1 BTC would be $40.000 worth. However, I dont think this is the main question, BTC will never become an actual currency. Instead it s a store of value over time, which appreciates due to its scarcity. The same as gold.

dinofelis

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Quote from: MeridianMDN on April 19, 2017, 02:46:24 PM

Bitcoin will be the entrance into this market of digital assets.. just like it is today, we must first purchase some bitcoins before we can get our hands on a specific altcoin. Or purchase bitcoins in order to get out of a specific altcoin. This might continue to be the case.

I don't know where you get that. On kraken, for instance, you can buy eth, xmr, dash, ltc, .... directly with fiat, without going through bitcoin. And you can sell them again to obtain fiat directly. The list is not as long as on poloniex or bittrex, but most of the "big" crypto can be bought without ever passing by bitcoin.

Topic: What if all nations of the world started to use bitcoin - page 6. (Read 10123 times)