What if all nations of the world started to use bitcoin - page 8.

timerland

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Quote from: Vixmore on April 17, 2017, 05:27:28 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.

I think that it would be really good because people who have invested in Bitcoin, us, would earn a lot of money because there would be so much demand and we would be able to supply. I don't know whether the blockchain would be able to handle all the users though. Only time can tell.

I think that you do wrong, assumpting that bitcoin is not used by all nations worldwide, it is pretty much used everywhere, but just by some units, not a whole communities. It is because not everybody knows about cryptocurrency, and even those who know, do not use BTC in every case, some people are just not interested, or they think this is some kind of a ponzi scheme.

And, about your speculations, it is rather a known fact, that blockchain would not handle so many users, we already have problems with a big traffic on network, probably SegWit would have fixed that, but many miners are against the SegWit, in favour of Bitcoin Unlimited.

lionheart78

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Quote from: Nagadota on April 17, 2017, 02:16:40 AM

Nearly all nations in the world already "use Bitcoin" in the sense that they are capable of doing so for any transaction that they want to do and the currency that they use is agreed between the two parties doing the transaction. It'll never become legal tender because of the nature of government regulation, and it'll never replace legal tender for the same reason.

I think not. Just some country. using and capable of using is very different. The first one had already committed an action while the latter one just stating the capability and neither commit any action towards the subject. Honestly your words are confusing, Japan already declared Bitcoin as legal tender so that contradicts your stand as you were stating the countries in this world as a whole in your argument.

Even if not all countries use Bitcoin, but rather acknowledge Bitcoin, it will increase in price exponentially since adoption will increase exponentially causing the demand to pile up which can cause people to panic buy outbidding other buyer just to have a piece of Bitcoin.

doomloop

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Quote from: AT-N-T101 on April 17, 2017, 02:46:09 AM

Quote from: Nagadota on April 17, 2017, 02:16:40 AM

Nearly all nations in the world already "use Bitcoin" in the sense that they are capable of doing so for any transaction that they want to do and the currency that they use is agreed between the two parties doing the transaction. It'll never become legal tender because of the nature of government regulation, and it'll never replace legal tender for the same reason.

In poorly developed countries, very little bitcoin is used and maybe not all have heard of it and do not know what to do with it or are simply afraid to try it.

yes they simply afraid of joining bitcoin because they don't fully aware of bitcoin they just need some awareness and some education about bitcoin and need to tell them how can they make money from bitcoin then their interest will grow to join it.

YodaBitmaster

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Bitcoin should be the defacto universal currency of the world and also for interstellar transactions, since it is decentralized and digital. If we have other species or humans in other planets, naturally bitcoin would be the currency of choice, since I'm not gonna bring my fiat to other planets to transact with other parties.

Government or any organization should not be allowed any control of currency since it is known to destroy currencies throughout history. In fact, the idea of centralized governments are also obsolete since people can self govern themselves, just like bitcoin is self governing by the network.

gracia0023

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Quote from: mmo4me.2016 on April 17, 2017, 09:40:26 AM

Good idea, but if so, who will collect taxes?

The government obviously.

Well only those businesses that are registered on the government that officially accepts bitcoin will be taxed. The government will require registration, I think, for any business that will accept bitcoin as a mode of payment, that way, the government can monitor who shall be taxed. The government may use other methods in monitoring businesses that will be taxed and that's up to them. I am sure that whatever approach they'll use is convenient for them. Also, the businesses that accepts bitcoin will obviously add value added tax to their products and services as well as bitcoin changers, bitcoin to fiat, will have fees and these will be taxed also (I think this will be the banks or other company that might emerge). However, if individual citizen will be taxed, it will be difficult and the government will have a hard time in doing so since they cannot monitor every citizen that uses bitcoin.

witsie

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usa got rid of king by revolution against taxes .... now we avoid revolution and we run universalisation
how, simply "by help of god", we will introduce a secular god and he will pay all taxes to governments

mmo4me.2016

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Good idea, but if so, who will collect taxes?

Lagduf

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Quote from: Vixmore on April 17, 2017, 05:27:28 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.

I think that it would be really good because people who have invested in Bitcoin, us, would earn a lot of money because there would be so much demand and we would be able to supply. I don't know whether the blockchain would be able to handle all the users though. Only time can tell.

Blockchain won't and it will slow down, just look today, it's already slow. it's really boring waiting for confirmation.

Vixmore

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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.

I think that it would be really good because people who have invested in Bitcoin, us, would earn a lot of money because there would be so much demand and we would be able to supply. I don't know whether the blockchain would be able to handle all the users though. Only time can tell.

SoulBargain

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Quote from: taxmanmt5 on April 17, 2017, 03:13:52 AM

Quote from: robelneo on April 16, 2017, 07:58:51 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.

I don't know the possibility but if ever that happen,there will be a problem in transactions hundred thousands are going to happen in a span of one minute so if ever happen the developer should finally resolve this issue that keeps bitcoin from developing further.

Yes, developer must be ready of thousand transaction every second of it. Because if bitcoin is use all over the world and being publicize the transaction will bulk and so there will be times of unconfirmed txd which we hate the most right?
I hope if someday this thing will happen we hope that developers resolve that problem.

It is indeed that the possibility for Bitcoin to stand high with the rest of the cryptocurrency and the actual one depends on how well Bitcoin cope up or adapt together with the increase demands because if not then Bitcoin will disappear that is why continuos modifications and improvements shoould be done in order for Bitcoin to stay intact.

danherbias07

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It can be handled.
Per bitcoin value will grow very high and we are going to use satoshis as means of usage. If it is way too expensive then every satoshi earned will be like a USD.
It is just like gold. Even for just an ounce of it, its price is way too high. As long as there are demands it will grow in price also.

witsie

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i think also: govt is centralize by its nature of ruling and disposing and crypto is a try to decentralize and liberate tender legal and illegal ... so, we need an universal structure as additional space where btc can be used and prosper ... but without help of divine money it is less likely to be realized
...The structure of a process system, or its architecture, can be viewed as a dualistic relationship of its infrastructure and suprastructure. The infrastructure describes a process system's component parts and their interactions. The suprastructure considers the super system of which the process system is a part. If fiats are infrastructure, then cryptos are virtual infrastructure , so, we need only suprastructure: divine universalism!

n2004al

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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.

For sure the value of bitcoin will go in the sky. The people who had bitcoin from faucets will be billionaire. And the people will act not with bitcoin a not with satoshi but with microsatoshi and nanosatoshi. Who will own one bitcoin with be rich in generations.

Now let's get out of sleep and let's see the reality. This thing will not happen even for at least 100 years. And for this 100 years bitcoin will have to many competitors. Some of those are in life since our days.

taxmanmt5

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Quote from: robelneo on April 16, 2017, 07:58:51 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.

I don't know the possibility but if ever that happen,there will be a problem in transactions hundred thousands are going to happen in a span of one minute so if ever happen the developer should finally resolve this issue that keeps bitcoin from developing further.

Yes, developer must be ready of thousand transaction every second of it. Because if bitcoin is use all over the world and being publicize the transaction will bulk and so there will be times of unconfirmed txd which we hate the most right?
I hope if someday this thing will happen we hope that developers resolve that problem.

DoublerHunter

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Quote from: AT-N-T101 on April 17, 2017, 02:46:09 AM

Quote from: Nagadota on April 17, 2017, 02:16:40 AM

Nearly all nations in the world already "use Bitcoin" in the sense that they are capable of doing so for any transaction that they want to do and the currency that they use is agreed between the two parties doing the transaction. It'll never become legal tender because of the nature of government regulation, and it'll never replace legal tender for the same reason.

In poorly developed countries, very little bitcoin is used and maybe not all have heard of it and do not know what to do with it or are simply afraid to try it.

Those poor countries are not using bitcoin because they didn't aware of this opportunity and they just need to be aware from this currency and if they get well educated in bitcoin then they can easily use bitcoin and they will know what to do and how to use it as an another currency in their country that can help them especially in terms of remittances.

AT-N-T101

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Quote from: Nagadota on April 17, 2017, 02:16:40 AM

Nearly all nations in the world already "use Bitcoin" in the sense that they are capable of doing so for any transaction that they want to do and the currency that they use is agreed between the two parties doing the transaction. It'll never become legal tender because of the nature of government regulation, and it'll never replace legal tender for the same reason.

In poorly developed countries, very little bitcoin is used and maybe not all have heard of it and do not know what to do with it or are simply afraid to try it.

Nagadota

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Nearly all nations in the world already "use Bitcoin" in the sense that they are capable of doing so for any transaction that they want to do and the currency that they use is agreed between the two parties doing the transaction. It'll never become legal tender because of the nature of government regulation, and it'll never replace legal tender for the same reason.

emezh10

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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.

I think if all nation do that the price of the bitcoin will go through out because the bitcoin is based in the supply and demand so the price of the bitcoin will increase so high, Because many people are using it the supply will lessen the price will pump.

taxmanmt5

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Quote from: Wowcoin on April 16, 2017, 04:38:36 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.

Thats really great if every country started to use bitcoin its very easy to do transfer money in othef country using bitcoin. We don't need to go fall in line to pay your bill in just one click to your bitcoin Wallet you can pay all your bill. Hope it will be happen.

Yes,its everyone's dream around here, if every country accepted bitcoin options on paying things will be fast but then transactions will be slower than what we have now because the volume of user of bitcoin will blow up.

tabas

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Once very nation will start to use bitcoin that can be a very fast way of living. Because most of us will just have transactions by bitcoin and the price will become higher. I think by that time the blockchain network can now cope up with vast transactions and there would be upgrade that our transactions will be confirmed within seconds.

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