What would it actually take to make BitCoin the most used currency in the world? - page 4.

Aamir1

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Quote from: angaper on August 12, 2016, 08:55:15 PM

I can't see any situation or global condition that might force people to massively adopt bitcoin as their preferred currency. Even in the long run, when most people in the world may access to digital technologies, it is highly likely that a new and improved digital currency might be developed.

People would only adopt bitcoin if the companies or big resources adopts it, and the big companies and resources would only adopt it the government allow them and that does not seem to be happening so soon, so it would surely take time if it is really gonna happen.

KFCBTC

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Quote from: Gutembergin on August 12, 2016, 06:59:40 PM

Here is the answer. You guisy ready? Right now the US has the exclusive right to be the official dollar of Oil.

Oil is valued in US dollars and in order to buy it you must first buy US dollars, if that somehow was replaced with Bitcoin. Thats what it would take

Believe it or not this rambling rant has actually a lot of truth to it! Cheesy

KFCBTC

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Quote from: angaper on August 12, 2016, 08:55:15 PM

I can't see any situation or global condition that might force people to massively adopt bitcoin as their preferred currency. Even in the long run, when most people in the world may access to digital technologies, it is highly likely that a new and improved digital currency might be developed.

Amen!

angaper

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I can't see any situation or global condition that might force people to massively adopt bitcoin as their preferred currency. Even in the long run, when most people in the world may access to digital technologies, it is highly likely that a new and improved digital currency might be developed.

Gutembergin

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Here is the answer. You guisy ready? Right now the US has the exclusive right to be the official dollar of Oil.

Oil is valued in US dollars and in order to buy it you must first buy US dollars, if that somehow was replaced with Bitcoin. Thats what it would take

BitMaxz

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We can not consider bitcoin to replace fiat or to become the same as fiat in the future.. bitcoin made only for online alternative just like paypal that you can use to buy something goods online. or pay for services.. i think bitcoin will be the same as what is bitcoin right now.

Meuh6879

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Quote from: psomas2 on August 11, 2016, 04:07:12 PM

What would need to happen to the global economy to actually make Bitcoin take over in place of National Currency like, USD, CAD or EURO?

negative interest, lose pensions, war on cash.

Soon in the next decade ...

outatime1

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The only way it can become the most used currency is if it had a large international base. Right now the US dollar has a lot of value internationally. If bitcoin could overtake the US dollar, it could be the most used. I don't think this will happen any time soon.

maydna

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Quote from: Aamir1 on August 12, 2016, 11:17:49 AM

Quote from: psomas2 on August 11, 2016, 04:07:12 PM

What would need to happen to the global economy to actually make Bitcoin take over in place of National Currency like, USD, CAD or EURO?

So many people on here are banking on this happening one day, many even openly use this as a reason to invest in coins like Monero.
So I ask you, what do you think it would it actually take to make that happen?

WW3? An Asteroid, Alien Invasion?

Bitcoin would only be able to take over the national currencies like USD or EURO if the governments of every country accepts it to get adopted by banks or big companies connected to government directly or indirectly, but that does not seem to be possible because the price of bitcoin is never stable and because of that any company holding any funds in the shape of bitcoin would pick up losses when the price drops a bit and that wont let governments accept it.

first, government accepted bitcoin and make integration with bitcoin, then bank, after this store offline and store online. without government agreement, bitcoin is hard to be accepted as payment as the most used currency in the world. i don't know about paypal, is it accepted by government or not.

after all of this, then we can buy and pay with bitcoin in every place and we can get Grin

Ayers

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i think it need to be used by the mass nothing more or less, until the majority of people use it you can not have a good future for bitcoin, but before that big merchants like amazon need to exist, only then you will have a solid future for bitcoin

Junko

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In addition to more merchants accepting it, it would take people to realize the benefits and utility of using bitcoin. And that would mean them, them being the mainstream world population, to get past all the fud that gets pumped out about bitcoin. Hopefully, as people see bitcoin passing the test of time - not dying out despite all the constant fud, they will realize and think, "Hey, maybe this bitcoin thing is legit afterall," and look into further for themselves.

In the meantime, those of us already on the bitcoin train can continue to accumulate and grow our bitcoin stashes...

virusasog

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Quote from: amacar2 on August 12, 2016, 12:29:12 PM

Taking over local/national currency is not possible for bitcoin for sure as bitcoin will always remain as assets just like gold, silver available to trade and earn from. Bitcoin can't have stable price just like national fiat so pricing everything in bitcoin value will be hard so national economy can't fully depend upon bitcoin.

Yeah Its not possible and US government will not allow bitcoin to move further in world market, If bitcoins moves further and become centralized means USD value will decrease due to lack of use because If bitcoin arise most of the people will use that only in international transactions...

amacar2

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Taking over local/national currency is not possible for bitcoin for sure as bitcoin will always remain as assets just like gold, silver available to trade and earn from. Bitcoin can't have stable price just like national fiat so pricing everything in bitcoin value will be hard so national economy can't fully depend upon bitcoin.

Aamir1

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Quote from: psomas2 on August 11, 2016, 04:07:12 PM

What would need to happen to the global economy to actually make Bitcoin take over in place of National Currency like, USD, CAD or EURO?

So many people on here are banking on this happening one day, many even openly use this as a reason to invest in coins like Monero.
So I ask you, what do you think it would it actually take to make that happen?

WW3? An Asteroid, Alien Invasion?

Bitcoin would only be able to take over the national currencies like USD or EURO if the governments of every country accepts it to get adopted by banks or big companies connected to government directly or indirectly, but that does not seem to be possible because the price of bitcoin is never stable and because of that any company holding any funds in the shape of bitcoin would pick up losses when the price drops a bit and that wont let governments accept it.

purebitco

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we dont need much, we just need a world wide adoption, then people will see that it is better to use bitcoins and have small or non fees then bitcoin will become a worldwide currency

crairezx20

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Quote from: Nahl on August 12, 2016, 12:27:42 AM

actually it's very difficult to make bitcoin as international currency such as USD or EURO because some people considers that digital currency less worth than traditional currency however currently bitcoin already use for worldwide people and without much people realize that indirectly bitcoin has become global currency

Yeah right also bitcoin will be the same as perfect money as alternative only for buying or paying online.. but the advantage of bitcoin is you can tranfer bitcoin fast unlike the other services.. paypal it takes time before you can receive to withdraw or perfect money withdraw your funds in westernunion it takes
day before you can receive it.. here in my country bitcoin you can instantly receive it via banks or cardless... this is one of the good advantage of bitcoin..

chesatochi

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I think the day when you can start buy anything with Bitcoin from an airplane ticket or you grocery. Also, have the possibility to get paid in Bitcoin in any job !

groll

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It takes time I guess. Given that bitcoin do have good value but less people knew its existence. In time, if many people will be familiar with bitcoin, the demand would rise and it will get attention from people. Companies, banks, and other financial institutions might consider using and patronizing bitcoin as part of their transactions then many people will use it. If many people will become more familiar with bitcoin, then one day government might consider them.

nor9850

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Quote from: MingLee on August 12, 2016, 12:33:07 AM

Quote from: nor9850 on August 12, 2016, 12:16:04 AM

Quote from: Leonard2016 on August 12, 2016, 12:13:13 AM

i think it is very hard to reach that level you have in mind and it may never happen but it is possible for bitcoin to grow a lot more than this.

and for that it only needs more adoption by the merchants. for example if some big corporate like Amazon starts accepting bitcoin then bitcoin can grow so big.

If amazon started using BTC as a payment method it would make people now very rich, but then it would level out as the whole world sells to cash in.

Amazon starting to accept Bitcoin as a form of payment might make people right now rich because of the price jump, but if I'm remembering right PayPal is owned by Amazon so that would also be a pretty big thing; namely Amazon seceding the near exclusivity of their own payment platform.

It would be a pretty big thing, but the speculation can only run so rampant before it becomes too fantastical for a realistic scenario.

"but the speculation can only run so rampant before it becomes too fantastical for a realistic scenario."

This what we call the creation of a bubble

MingLee

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Quote from: nor9850 on August 12, 2016, 12:16:04 AM

Quote from: Leonard2016 on August 12, 2016, 12:13:13 AM

i think it is very hard to reach that level you have in mind and it may never happen but it is possible for bitcoin to grow a lot more than this.

and for that it only needs more adoption by the merchants. for example if some big corporate like Amazon starts accepting bitcoin then bitcoin can grow so big.

If amazon started using BTC as a payment method it would make people now very rich, but then it would level out as the whole world sells to cash in.

Amazon starting to accept Bitcoin as a form of payment might make people right now rich because of the price jump, but if I'm remembering right PayPal is owned by Amazon so that would also be a pretty big thing; namely Amazon seceding the near exclusivity of their own payment platform.

It would be a pretty big thing, but the speculation can only run so rampant before it becomes too fantastical for a realistic scenario.

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