What would the price of Bitcoin be if its use eliminates the need for currencies

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Quote from: savvas.ios on January 19, 2018, 01:23:20 PM

If in a few years Bitcoin becomes the "Norm" worldwide thus eliminating the use of state backed currencies , what would the "price" of a bitcoin be?

if it eliminates the use of state backed currencies, why do you ask for its price?
how do you put a price on a single currency, you don't... but you have exchange rate between currencies
when bitcoin becomes the only currency in the world, the world must have an aggremeent of the value of 1 bitcoin = what?
I think they way bitcoin evolves as of now, bitcoin will stand out as commodity and digital currency at the same time
but it's a far-fetched idea for bitcoin to be the one and only single currency used in the world

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Quote from: savvas.ios on January 19, 2018, 01:23:20 PM

If in a few years Bitcoin becomes the "Norm" worldwide thus eliminating the use of state backed currencies , what would the "price" of a bitcoin be?

I have theory behind this. If bitcoin has to become the worldwide accepted currency then it must be regulated in the first place. Without any regulation it can not become the norm which you are predicting it here. I mean there would be strict action on the bitcoin before it can replace every state backed currencies. Then we will have to implement the worldwide regulation because we suppose to see it becoming the norm worldwide. So you see during this process we will under go centralisation and the prices would be fixed!! That’s my logic behind this one.

syaripudin

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logically this question is an unreasonable question because even bitcoin will not be able to change everyone's mindset to eliminate the fiat in general to be replaced with bitcoin. in my opinion the existence of bitcoin will not eliminate the existence of fiat money because I think if this is not happening this thing is good because the economy will not run. so I guess the presence of bitcoin should be able to walk side by side with fiat money in general because bitcoin is an electronic currency that uses the internet network as its ingredients and it is impossible that everyone will be able to understand about it more for older people who still do not understand about the electronic currency .

nl247

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Firstly, the elimination of fiat by bitcoin is a mere dream that can never become a reality. Bitcoin will be accepted as a digital currency, will be taxed by government and probably will become part of our daily lives (not everywhere though as a result of limitations), but we all know how each government worldwide are really getting crazy already with the idea of bitcoin, so replacing fiat is something that should not be expected. However, to answer your question and if we are to end up seeing something like this at all, then we should be talking in millions for a single coin.

etron

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Quote from: savvas.ios on January 19, 2018, 01:23:20 PM

If in a few years Bitcoin becomes the "Norm" worldwide thus eliminating the use of state backed currencies , what would the "price" of a bitcoin be?

Do not dream too far, you mean not fully know about this bitcoin; bitcoin is not a currency but an item with the selling value (virtual currency) because it is impossible for a country to convert real currency into bitcoin, if in fox there will be no longer a country because the real currency is a characteristic of those countries on earth this, so you convey that dream too far away.

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Quote from: savvas.ios on January 19, 2018, 01:23:20 PM

If in a few years Bitcoin becomes the "Norm" worldwide thus eliminating the use of state backed currencies , what would the "price" of a bitcoin be?

it is impossible to happen since bitcoin is just a coin here in our world someone would not adopt it and still will use the currency they living , and if it happens that bitcoin will be adopt of many people and also countries i think price would be 5 to 6 digit in dollar .

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Quote from: savvas.ios on January 19, 2018, 01:23:20 PM

If in a few years Bitcoin becomes the "Norm" worldwide thus eliminating the use of state backed currencies , what would the "price" of a bitcoin be?

"Few" years? You're getting a little ahead of yourself buddy. The network wouldn't even be able to handle a small fraction of the transactions taking place in the world daily. Heck, even if you limit it to just a small fraction of online transactions, it still wouldn't work. And that's just the tip of the iceberg. There would be infrastructure, economic, political, etc. issues to tackle.

If we were to assume that this will happen though, imagine all the money in the world being represented in just 21 million Bitcoins. We can't really come up with an accurate number, but one Bitcoin could easily be worth as much as quadrillions or even quintillions of USD today.

I personally don't think Bitcoin will ever eliminate official currencies, but that's a different discussion.

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Quote from: savvas.ios on January 19, 2018, 01:23:20 PM

If in a few years Bitcoin becomes the "Norm" worldwide thus eliminating the use of state backed currencies , what would the "price" of a bitcoin be?

Even if bitcoin becomes part of our everyday lives, what makes you think it is going to eliminate fiat?

Governments will always use their fiat, if bitcoin became so successful that it threatened the system or the system fell on its own the governments will still use their fiat, in fact we are seeing many governments interested in creating their own crypto fiat, basically cryptos created by them with the same characteristics of fiat.

jhean_arcane

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This is an interesting question, although, this is impossible because of the diversity of this world. But in a fantasy world where BTC is the main currency, then we will be talking about Satoshis since BTC will be 6 or 7 figures worth. The exact price is hard to estimate. Only those with BTC holders would be then the millionaires or billionaires.

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Why would it have fiat equivalent if it already eliminated fiat currencies in the first place? Sure enough bitcoin would be most widely-accepted medium of trade and exchange on every countries if that happens, like what USD is right now. There might be some fiat currencies remaining by then but I don't think they'd still be valuable to be exchanged with bitcoin. Also, that wouldn't happened and is really far-fetched, given that countries from all over the world are trying so hard to control bitcoin and any form of transactions happening on their soil.

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Quote from: savvas.ios on January 19, 2018, 01:23:20 PM

If in a few years Bitcoin becomes the "Norm" worldwide thus eliminating the use of state backed currencies , what would the "price" of a bitcoin be?

This question might not be possible even we sleep and dream it off to happen since government wont really allow such state for bitcoin to take over centralized currencies. So lets assume for the sake of your question and making assumptions then if bitcoin would be the mainstream then expect price would be the range on we never expect of but do you consider total supply of bitcoin before considering it?

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According to google the total amount of cash available in all countries is about $80 trillion (I might be wrong). If bitcoin has to replace all fiat in the world the price of bitcoin has to be $3.8 million per piece(assuming google's estimate was close). My calculations might not be accurate because I used all 21 million bitcoins and there are a lot of bitcoins that can't be moved. I don't think we'll reach that kind of price point in the near future.

pitiflin

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That is not going to happen. Stop living in your dreams. People will never accept bitcoin and unite together as a community. Because they're are people, people who are fucking jerks. The same old people.

carter34

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This is an imaginary question and far beyond analytical framework. Therefore, responses here could only be in fathom and with imagination. Off course, when fiat goes of(which I don't envisage), who would know the price will be dependent on among other things, the economic factors at the particular time in question and nobody has lived in that era yet, which was why I said all is imagination

nightmanisrightman

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This question may be better suited for speculation board but if I had to take a wild stab at it (because thats what I am doing) I would say it would be north of 6 figures but that is with state backed currencies around. If we live in a world where there are none (which I think would be bad) it is most probable that bitcoin price would be north of 7 figures then.

savvas.ios

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If in a few years Bitcoin becomes the "Norm" worldwide thus eliminating the use of state backed currencies , what would the "price" of a bitcoin be?

Topic: What would the price of Bitcoin be if its use eliminates the need for currencies (Read 133 times)