Topic: What if all nations of the world started to use bitcoin - page 7. (Read 10123 times)

This is the question that everyone in the bitcoin space has pondered many times over.

Personally, I tend not to have the view that everyone 'must' adopt Bitcoin. Bitcoin has it's use, it's the door through which everyone must pass - if they'd wish to interact with the digital asset market... this alone, suggests that the user base of bitcoin will continue to grow.

To speculate, it wouldn't be far from rational if digital assets morphed to be viewed more as consumer products - in short, consumer products that behave like financial products.

The way music and movies are categorised into "genres" forces producers to tailor their product to match the needs and behavioural patterns of the end consumer. As a result, the products are laser focused and therefore more likely to meet the needs of the end consumer.

I feel that digital assets should be constructed using this same frame of thought.

In the future, we may find ourselves in an ecosystem in which a variety of digital assets and currencies are built to achieve very specific tasks... self driving cars paying each other... consumers paying self driving cars... universal gaming tokens that are convertible into fiat currencies...

in a system like this, speculators and investors will be betting on the fact that people will continue to pay the fares charged by self driving taxi cabs.... since this activity forces consumers to be frequent purchasers of whichever digital token self driven cars accept, real economic behavior becomes associated with this specific digital asset.  

This is more logical than the current status quo in which exchange rates for digital currencies change at random, and with no obvious reason.

and as stated initially, 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.

So I don't think every country needs to adopt bitcoin in order for it to be successful. So long as bitcoin ends up becoming the chief currency of the internet, I think growth is somewhat assured

The supply remains the same all the time, but the demand changes, it depends on the amount of users in the blockchain (and those who store bitcoins) and it depends on the bitcoin popularity too.
Let's say that half of the planet population would use a bitcoin, what may happen?

There would be a huge roadblock on the path of the blockchain, because even 1 billion people can make such a big traffic that confirming these transactions could take a reaaally long time.
Without significant change, such as SegWit, bitcoin won't be prepared to maintain under such a massive amount of people wanting to send their money to other place.

Its not the supply that needs to adjust but it is the user who will. Why? Because if we think of it the supply of Bitcoin is limited and if the demand goes higher the prices will surely will go up as well. Also thinking of it being globally present means that it will surely have a demand that will be greater than the supply. We are looking at a price that even 10000 Satoshis is meaningful to us.

excited its will be great, may be with use bitcoin can help the poor country . so come on education everyone in the world about bitcoin and use bitcoin                                                                       

What kind of change? The transaction confirmation will take longer? There will be a pile of unconfirmed transactions? Transaction fees will become higher? We don't need to wait for all the nations of the world to use bitcoin to see these changes because it is already happening. On the other hand, bitcoin's value will surely soar up and this I think is what we all what, right?

Try to not use too much logic and reason on this forum. It scares the cheerleaders and they'll attack.

You're correct with one exception. BitPay has said in the past that they exchange their redeemed btc "off book" so they don't disturb the price. That's just another factor that keeps me from believing the current "market price". As long as huge btc buys and sells are happening "off book" there will never be a known true market price.

reaching a full adoption of bitcoin to every country will result to a great change in to bitcoin and it is what most people are waiting because once it happens the price will surely get in to the higher value aside from I don't know yet what will be the result of it to the bitcoin network and to the blockchain .

Well all nations are represented by few people over bitcoin already, sure if all people around bitcoin it would mean an instant insane up into the price, i believe it would reach without issues 5000-10000 dollars, due the supply avaible for new investors. The worse is that blockchain isnt able to handle the current transactions volume imagine it to grow 1000x-100000x it would be insane.

I don't think they would, to be honest. Most countries prefer to deal in the fiat they print, as they can change the rate of inflation. Since no state actor can control bitcoin (except maybe China, as they own it), I don't think the world economy would unilaterally switch to accepting bitcoin. Would cause capital flight nightmares for some of those small, corrupt countries. And the banks wouldn't appreciate this one bit, not so easy to fractionally reserve bitcoin with the proper safeguards in place.

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.

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,

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.

There is nothing impossible in the idea of making payments with bitcoin or with other crypto normal. Some app as Bitpay would solve all this in a moment. I think crypto currencies ase the greatest step in all worlds economy and step in the future. And this future may come true already tomorrow.

A few Chinese would then rule the world, as they would decide who gets what transaction published.

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.

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

Good to see people whose minds are not clouded by the euphoria that seems to be going around.  I agree with the above, and I would also point out that when people start using things like Bitpay, the merchant does NOT receive bitcoin.  They receive fiat.  Correct me if I am wrong on that.  And ultimately bitcoin gets dumped on the market, so this has a hammering effect on the price.  Also correct me if I'm wrong there.  There are definitely issues that need to be addressed before btc becomes a global currency, which I have serious doubts about anyway.

If it covers 70% and above of our population then those unrealistic prices might stand a chance to come true. the certain thing is we can see a huge

increase on bitcoins price. those people on the goverment will eat their words so they will accept it but i agree that it will take some process but wont

be too long. i believe that those volatility thing that they talk about why they can't accept it is just a big excuse because if most of us will use it.

worrying about that is useless since it will not be lower like what they think.

We would all be rich right now if that happened the increase in supply would sky rocket well past 100x

It stands to reason bitcoins value will thus increase 100 fold as well. It will actually be a few 100 Bitcoin. We will all be very early adopters and the rich elite. 

Nah, I actually think that even if people in that poor country know bitcoin very well, bitcoin is still kind of expensive thing for them and due to the fluctuation it will add more fear towards the people in poor country, they're not going to risk their money which is still needed to fulfill their expenses for the sake of bitcoin.
Education or anything towards bitcoin in poor countries is nothing if they don't have any money.