Topic: Will "hyperbitcoinization" become a reality? (Read 772 times)

Absolutely. Adaptation is already light years ahead of where we were, even just one or two years ago.  These things do take time and it will not come overnight, but just like the internet was supposed to be a fad, I think we will find Bitcoin becoming a integral part of the fabric of society within (most) of our lifetimes, though it may take many, many more years for this phenomenon, maybe even after the last coin in mined...

As far as I know, there are still many countries that ban Bitcoin. Global “hyperbitcoinisation” must first address national regulations banning bitcoin. The exchange of Bitcoin still relies on fiat currency. How to get Bitcoin if you don't have fiat currency?

If you mean that Bitcoin can only be used online, then I guess you don't know "offline" (off-chain) transactions are a reality these days. For instance, there are bearer instruments like the OpenDime and the Tangem cards which allow you to pay Bitcoin to anyone just like cash. You'd just hand it over to the person you're willing to pay, and that's it. No need to be online ever, except if the recipient wants to settle the transaction on the Blockchain at a later time. If that's not enough, there are some Bitcoin satellites in space launched by Blockstream allowing you to get access to the Blockchain anywhere in the world.

I'd say Bitcoin is practically accessible to anyone these days. What's limiting people from getting access to Bitcoin is the government. After all, Bitcoin is "illegal" in some countries (eg: China and Russia), so people living there will have no other choice but to keep using centralized Fiat for the payment of goods and services. I don't think there will be a full PoW mining ban, since not everyone thinks Bitcoin is harmful to the environment. There are some countries that will give the greenlight to PoW mining, for the tax benefits the industry provides. All in all, I think "hyperbitcoinization" will become a reality but it's going to take quite longer than previously imagined. Countries are gradually adopting Bitcoin for their own benefit, so it's inevitable Bitcoin will take over the world sometime in the future. Just my thoughts

I agree, but only partially. Many people, even those who know how bitcoin works and understand all the technical nuances, are in no hurry to invest because they are repelled by the fact that bitcoin is very easily influenced by many unforeseen factors. Its volatility is very alarming for many

Even if so, at the end of the day, they still can't control Bitcoin at all. Look how Bitcoin works, you can use it anywhere you are as long as you have an internet connection. That's how Bitcoin is, decentralization.
To be honest, I am not sure if that Bitcoin banking license will work because one of the many uses of Bitcoin is to eliminate banks which we can have our own bank from our pocket, and that's Bitcoin do.

It doesn't matter if governments want to make a bitcoin banking license, they just cannot create more bitcoin.

What they're doing now is creating CDBCs, which they can control.

There is a possibility that when Bitcoin is used on a large scale, with at least 80% of people using Bitcoin for shopping and expenses, the government may change its mind about Bitcoin and issue a Bitcoin banking license, which we will never know when it will come, and most likely will never be legal. So far, Bitcoin is still an experiment, not 100% successful, and it will take time to see how Bitcoin will develop in the end.

One of the main reasons Bitcoin was created is to be used to preserve value during the time of uncertainty/chaos. That's exactly what it will be doing in times of global economic crisis, uncertainty and chaos, and I think only few (millions of people rather than billions) will really adopt it. It should be regularly developed to withstand the great challenges it will face in the future for the benefit of the millions.

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We are together building a massive Ship that we hope will survive a catastrophic "flood" that will consume the whole world. That ship is Bitcoin.

Hyperbitcoinization is quite hard, but seeing the trend, it can be said that we are moving towards digital currencies. Right now, there are multiple hurdles present in the way of cryptocurrencies, like, many senior citizens are unaware of the basic and working rules of crypto, so in developing nations, it cannot replace paper money. Also, its decentralised nature makes it more volatile which is the main reason why it hasn’t been fully adopted by the people.

I agree with you and I believe some similar topics have been discussed before and quite frankly, I too don't see Fiat being replaced by Bitcoin because of some factors we already know. I wouldn't want to accept Bitcoin if I was a retailer or service provider during the bear market except I have to increase the amount of BTC/goods/service than previously charged since the cost of BTC has gone down and buyers might not want to pay cos of the increase.
As you said, they can coexist and people have their choices on whether to spend directly or save as an investment.

Nice info, I didn't know that there was a term like that but it wasn't used oftenly. Hyperbitcoinization is possible but I think not to the point that it will lead for fiat to be replaced and bitcoin is going to be used as a global currency.

Yes why not? El salvador is the first country to do this but many of us are waiting that our countyr will apply a policiy like this for bitcoin. In the meantime we can still use our bitcoin online as there are a lot of online stores that are now accepting btc.

At first it will be awkward but eventually people can adjust with it. If we think about, we don't have fiats on the early days but fiats have been invented and it is still there until now, which means that it is the most stable and easiest way to make a transaction.

With what I'm seeing here, bitcoin is competing with fiat currency with it's adoption and how popular is it now I'm thinking that Bitcoin now will take the space of any other other currencies. When you see you know that fiat is a currency of particular domination. But cryptocurrency is a currency for every countries and you can transfer it from the American country and within some seconds or small time limited it will reach Asia countries with the same amount you put. Bitcoin being digital currency is more good to use to send money across for some body that is not within your country and some body that is within your country but far away from you

As far as I know, Bitcoin is divisible to 8 decimal units. So basically, there are quadrillions of satoshis in existence which is more than enough to cover people in the whole wide world. Scalability would no longer be an issue thanks to the development of off-chain scaling solutions (Layer-Two) like the Lightning Network. What could really limit Bitcoin's ability to become the global currency is its unstable prices relative to Fiat. But that would no longer matter if Fiat collapses in its entirety. With Bitcoin as the main unit of account in a "hyperbitcoinized" world, things will be much better than what they are right now.

As it's always said, "fix the money, fix the world". Bitcoin is the solution to all of our problems. It's up to the people to understand that in order to make our world a better place. Who knows what the future holds for Bitcoin? Just my thoughts

Frankly, I don't see it ever happening. Someday, some cryptocurrency might fill that role if it is efficient enough to take on existing payment/banking networks, but Bitcoin at 21 million units (no matter how many decimal places) simply does not have the capacity. There are also transaction processing bottlenecks which are extremely limiting and the transaction fees are also excessive in comparison to existing payment providers. Bitcoin is very useful, has proven the decentralized currency model is possible, but never assume that the first generation of something will succeed forever - just look how phones have progressed from the first rotary version, to big bricks, to mini "dumb" phones to ultra high definition smart phones.

I thought back then that KYC was a good thing until some 3rd party web wallet just tend to bug me to keep verifying my crypto wallet. It's like I am having a hell of a time in just handling my own money. Then I just realize that it is not my money as I am not the only one that holds my keys.
There is no privacy at all.

Bitcoin can't really replace USD. This will never happen imo. First of all, why would anybody borrow btc which is a deflationary currency? The whole point of FIAT currencies is that they die when they get old enough. Yes, that's not a bug that's a feature. The more people borrow FIAT (USD), the bigger the debt becomes and the sooner that currency dies (USD).

USD is indeed having its last moments but again, why would anybody want to replace USD with a currency which they cannot kill (btc)?

When USD dies, CB's will come with another FIAT currency which we are going to kill in 100 years.

What's hyperbitcoinization, again? Mass adoption? If that's so, I don't think we'll ever see it, definitely not as the main currency of the society. That can't happen realistically. Most people don't understand money. They're the same people who only see bitcoin as an investment. Most people are fine, having their privacy invaded; confirmed from the abrupt rise in the demand of KYC. So here's one principle violation.

Bitcoin will not be used for what it was intended for in a global level. Not until the mob understands what's that. Part of the problem is that they don't understand there's a problem.

No, it's not going to happen yet. Many of the world are still studying, and they have a fear of the nature of bitcoin that they cannot control. They can only control outside regulations or people who use them instead of the coin. Maybe the adoption of technology that they will use a lot, the basis is because they have the ability to control everything. So bitcoin looks like it will be difficult to accept in the near future. In addition to human ability, the safety factor is a major problem.

The economy is already falling downward since the most reserve currency USD is not providing the solution to the looming inflation withbthe perception of recession coming ahead and US is not exempted in this, then i want to believe many have been using the opportunity in bitcoin volatility to secure a future for an investment against tomorrow, but don't let us assume the total extinct of fiat role as at present even though it makes no difference to the economy situation but it is needed just in considerations of those that will still have interest in adopting bitcoin later or sooner.

If all Fiat currencies collapse, then hyperbitcoinization will become a reality faster than you could've imagined. Otherwise, not. I'm basically in no hurry to see this happen, as long as Bitcoin proves itself to be a decentralized alternative to Fiat. Usability is what matters above all else. Slowly but surely, adoption will increase due to the raising concerns of inflation on the mainstream economy. No one knows what will happen in the future, so we can only hope for the best. Just my thoughts