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

This thread by Kim Dotcom has a relevant Twitter discussion on the state of the U.S. economy: https://twitter.com/KimDotcom/status/1525293982133407744

Summed up in the above thread, USD is in a particular fragile state. USD currently is interlaced into the global economy and highly reliant on future economic growth for solvency. The problem is, if the economic growth is stalled for any reason, it won't take much for people to lose confidence in USD and for the U.S. to default on his debt. Take this problem, and accelerate its severity ten fold post COVID spending.

In some world, USD collapsing would be the closest to Bitcoin acting as a global currency. But that is only if there was such a rupture in the global economy following USD collapse. That's not entirely realistic because it isn't fair to make the assumption that one currency crash would cause a domino effect. To add, it's not as if the Chinese economy is doing particularly great either. USD and Yuan collapses, now that would be interesting.

To me this hyperbitcoinization may be skipped and only the Macro investors and probably government adopting BTC will buy up the supply in the market for they know it will be a global reserve currency.

Looking at current manipulation of stablecoin, the government will likely take over the stablecoins project and regular people may not have the chance to own a satoshi when that happen.

Hyperbitcoinization may become a reality, there are some important prerequisite
1. There must be a proper mechanism for managing the fiat-crypto balance and achieve a international consensus.
2. There must be a international setup to prevent any kind of investment scams.
3. There is a acceptance of bitcoin by major financial bodies, this can happen as  bitcoin is a superior technologically. It need to provide more products based on bitcoin and I am sure many firms will find bitcoin irresistible to ignore as payment mechanism

With how fast prices are declining, it's very unlikely we'll live in a "hyperbitcoinized" world in the near future. There are many things to be improved upon and discovered for Bitcoin to reach that level of adoption worldwide. I'd say we're in the very beginnings of crypto/Blockchain tech, even though it's only been 13 years since Bitcoin's inception. Slowly but surely, countries are adopting Bitcoin as legal tender in order to help make the dream of "hyperbitcoinization" a reality. First it was El Salvador, and now it's the Central African Republic.

If popularity continues to increase, it's possible developed countries like the US and UK will adopt Bitcoin as legal tender. For what I know, anything's possible in crypto. Who knows what the future holds for the entire industry? Just my opinion

It doesn’t seem so in the near future. But no one can say with guarantee seeing the increased popularity of crypto.

For me the colonization of other planets and being able to live as many think, I think that can happen, but in at least 200 years, at this time it will not be possible, I am also like you, I dislike Elon Musk with all my being, but I know that he is very right in many things, just as he also knows things that are too secret and that he handles that type of privileged information and that is why he has chosen his collective interest in leaving the earth and colonizing, but From the scientific point of view, we are not very advanced, we think so, because we can marvel at a lot of technology, but we do not have quantum technology of last generation quantum computers and we should already be there if we want to colonize new planets.

That's the problem. Most people see Bitcoin as an investment rather than a digital currency for day-to-day payments. As long as this is the case, "hyperbitcoinization" will be lightyears away from becoming a reality. Apart from governments adopting it as legal tender, there needs to be widespread support from businesses, corporations, and individuals alike. Things would've been different if people started valuing things in Bitcoin instead of Fiat. Not only that would help "stabilize" Bitcoin's price, but also leads us one step closer towards "hyperbitcoinization".

I'm in no hurry of seeing this becoming a reality as long as Bitcoin works as intended. Decentralization must prevail in order to give people an "escape route" from the current monetary system controlled by corrupt banks and governments alike. Who knows what the future will look like as Bitcoin becomes bigger and stronger than ever? Just my thoughts

It's hard to say, and it all depends on how bitcoin develops as a technology and protocol, but it's entirely possible that it could reach such a level, assuming the adoption of bitcoin continues to develop at the same pace it has been so far.

We do not really need to have the required density that we have right now. Sure the world keeps on breeding, but not like 100% of the usable land is getting used neither. World could still grow to 20 billion people, and the earth itself could suffice, but the requirements are HUGE. Like I am talking about high-tech, cutting edge technology to keep on investing and producing things we need, mainly food and also cars and so forth and energy sources.

Since, we all know that won't happen, we are just assuming there is another chance and hope for it. Elon Musk is a weird person that I dislike a lot, but that dude has the right idea, electric cars, solar panels and space travel, that is literally our safest options.

If you are considering  hyperbitcoinization you should  also be looking  at a lawless  society.  Bitcoin  is too private  to exist alone and will inspire lots of illegal fundings and money laundry  activities.  It will only be good if both fiat and bitcoin  exist at least there will be a measure to monitor  an aspect of the financial  system.  To me it will be too dangerous  to give man a complete privacy.  Man is not matured enough  to handle it.

Bitcoin as another breakthrough technology is still in its early days. Obviously, hyper-acceptance will happen sooner or later, everything is going towards it. Bitcoin is increasingly being used in various fields: collateral, investment, means of payment, etc. I think in the future, every country will have at least 1 city with a bitcoin zone, like Lugano in Switzerland right now. I am not sure that all countries will go the way of El Salvador and fully accept bitcoin in the whole country, but that does not mean that bitcoin hyper-adoption will not happen, but it will go a slightly different way, so that there is no conflict of interest, because the big central banks will not allow their fiat to fall off the radar.

This one.
I mentioned this a lot before when people were asking if Bitcoin would replace fiat currency or even in short - "become a global currency". To be honest, it kind of become a "global" currency already, as people almost in every country have the access to it and they just need to build a marketplace any sort of industry that they are at.
Considering that we have government regulation around us, Bitcoin replacing fiat is impossible.

It is indeed becoming a reality in some of the countries like Ukraine and Russia where people are actually adopting Bitcoins to evade war and make more money somehow using some investment at the same time they are able to pay for properties accross the border using Bitcoins.

At the same time there are various sectors as well who are more interested in Bitcoins and other cryptocurrencies as well for example:
1. Rich millionaires
They are finding better investment opportunities and also some of them are using Bitcoins to evade tax as well since in some countries it's not taxable.
2. Students
3. IT experts
4. People living in developed countries

Bitcoin right now is targetting specific audience at the moment which is going to be rewarding for them in the future.

If you think about the new global currency agreed upon by all the world's governments, it still seems fictitious. Because each government has their own regulations in each country, this also affects how the order and rules of their country are. if global currencies become one who knows what will happen. Fiat still cannot be replaced by anything, including bitcoin, bitcoin is still optional. although some countries already believe in bitcoin, it is possible for Fiat to remain mainstream.
The government will also not use Blockchain technology because it is transparent and easy to trace, not suitable for countries with high levels of corruption.

We can only follow developments slowly. We are quite satisfied because bitcoin is able to become a valuable digital currency and has been recognized by the world.

We are getting closer to that gradually, i believe there is a certain amount of daily increasing numbers of  adoption in bitcoin and we can relate this to the series of event happening about bitcoin. starting with Africa which has recorded series of increasing numbers of bitcoiners on a daily regular basis, Asia have also not been left behind, we have scenarios in India, UAE, US, El-Savador Russia and Canada, just to mention few, bitcoin in this regions and all over the continent is fast growing and people are on a big time investing.

And going by fiat currency, i dont see an extinction to it sooner but rather, it may be reduced to bitcoin rate in commercial service and businesses, we can't expect all countries to be developed at once, some regions underdeveloped may still continue to with the use of fiat even when bitcoin evolved round the world, all i believe is just to see a country to second El-Savador adoption and that's all, before you know bitcoin turn a global quest for adoption.

Nope.Hyperbitcoinization won't become a reality.The governments won't allow such process to happen.
I'm thinking about another global currency,created by an agreement between the great powers,that will replace the US dollar and Euro and will be used as a global currency and store of value.
This new global currency will be backed by physical assets and it will be governed by a global central bank,which will unite all the major central banks in the world.Blockchain technology might or might not be adopted,but Bitcoin/crypto would never be adopted as legal tender.
However,this might happen after several decades.The current fiat system will keep dying slowly.

Profit minded people are willing to sell though and it is their personal choice whether to sell or not.

Because the land we are living on is constant but the rate at which we breed () keeps on increasing, the dense population which is going to use a currency will keep on increasing thereby increasing the demand while the supply gradually reduces of newly minted bitcoins. So my guess is that the price of bitcoin will rise even more in future. Stable or not will depend on how we change these two factors, whether humans manage to colonize new planets to live on or whether we use better birth control.

That's because price keeps rising over long term. It is obvious that when people buy bitcoin at $40k and know it will be for example $400k they are less willing to sell it.
But this won't last forever, and you are asking about whether the mass adoption can happen eventually. At some point the price rises will shrink and the value becomes a lot more stable. By that time people won't see it as an investment anymore and the real features start to shine.

In my mind it's slowly happening already.

It's slow in the beginning, but then everyone adopts the technology very quickly. Similar to what happened to the smartphones. The first few years it was a bit difficult to use, the hardware wasn't as good (the first Nokia smartphones for example), but the technology was there. You could use maps, surf the web, etc, but it was complicated. It took Apple and Google a few years to actually end up with an easy to use and fast device. It's now commonplace. Everyone uses maps, and surfs the web on their phones today. It will be the same with Bitcoin.

We already see this starting to happen in El Salvador. They are using lightning wallets there for every day purchases. Other countries will follow. Eventually it will be as pervasive as credit card payments, and it will be normal to pay with lightning.

Also, more and more creators of goods and services are accepting Bitcoin only (or giving incentives to pay in Bitcoin)

Here's one example:

never bitcoin has failed. its over.  this was the test. can it work in inflation for mass scale? No its a failure. its a waste of time money and resources

We have El Salvador example as a first experiment of a government endorsing and incentivizing bitcoin adoption, although the results aren't satisfactory.

Even though bitcoin has become legal tender there, most people still don't adopt it for real. They have just claimed the 30$ btc giveaway and most probably converted it to dollar currency in order to use the money, abandoning bitcoin from that moment on.

As we can see, friendly crypto governments aren't enough to push adoption upside in large scale. The situation is more complex than that, at same time it summarizes in lack of interest from common citizens for bitcoin.

Taking this into consideration, I don't see bitcoin replacing fiat in daily life for the next few decades. Only future generations can develop a new mindset which will allow them to see bitcoin's potential on their routine as main exchanging tool for goods and services.

It is not happening all at once, that is the main point. I mean it will eventually happen, like let's say do you doubt majority of the world won't use bitcoin in 30 years? I believe they will, but it's not going to be like we wake up one day and it's there.

I believe that it will be small by small, step by step process that will happen gradually. That would be great and I believe that it should not be a big deal at all. Obviously we should be focusing on getting it accepted in as many places as possible, getting it either as legal tender, or just getting it accepted in major companies like amazon, and then we will grow from there which would be easier.

Bitcoin is still an optional digital asset that will coexist with FIAT, it is undeniable that bitcoin still has a big risk for now. Different regulations in each country prevent bitcoin from being fully adopted. El Salvador is indeed an example of a country that actually does full adoption of bitcoin. “Hyperbitcoinization” still seems to be a buzzword and it hasn't gotten to the level that actually made bitcoin to the top.

LN is fine. I am aware of that. However, it is just not the same thing. It is not as practical as bitcoin. With bitcoin you can just have a private key written on a piece of paper and forget about everything else. No need to run nodes, no need to depend on any third party.

LN feels like a different network, a different coin. Bitcoin is adoption is something but LN adoption is a whole something else. Impossible to achieve? No. Nothing is impossible. But I don't see it happening any time soon neither.

That's because most people only see Bitcoin as an investment rather than a currency for day-to-day purchases. But I believe that will change in the future, as governments embrace Bitcoin in every way. El Salvador was the first country to adopt Bitcoin as legal tender, with many more to follow suit (hopefully) as the pioneer cryptocurrency becomes more popular worldwide. I wouldn't say Bitcoin is expensive and slow since we already have a scaling solution dubbed "The Lightning Network". For mainstream payments, the LN works like a charm. With instant transactions and dirt-cheap fees, Bitcoin can reach the masses like never before.

What's really stopping "hyperbitcoinization" from become a reality is the Fiat standard. Since most of the things are valued in Fiat, Bitcoin's price fluctuates like crazy on the market. Only a collapse in the current monetary system powered by central banks and governments alike will push us forward towards the complete decentralization of the global economy. The chances of this happening are very slim, but anything's possible. Who knows what the future of Bitcoin will look like? Just my thoughts

I don't see it happening. It is possible if the majority of the population was using bitcoin for their purchases but they are not doing that. They use their credit cards instead. Stocks and other investments also still dominating finance.Blockchain infrastructure isn't making things easier neither. It is safe yes but it comes with a price. It is expensive and slow...

No chance. Bitcoin in its current form is simple nowhere near efficient enough to cope with the sheer volume of transactions and it is power hungry compared to existing payment networks. It has also become more of a commodity, where millionaires and billionaires have bought up huge chunks simply to sit on it forever as another asset, taking vast amounts of what would otherwise be functional traded currency out of circulation. Bitcoin laid the groundwork for a very powerful idea, a decentralized and transparent payment system, but even the internet was not perfect in the first few decades of existence - many improved versions came out making  the original obsolete.

I don't think the world is ready to abandon fiat just yet. Fiat has been around for a long time, and there's a lot of infrastructure that was built for it. Also, while inflation isn't great, it's still largely acceptable if we're talking about strong and globally popular fiat currencies. Bitcoin, meanwhile, has a fairly high volatility, not to mention how high transaction fees get when the network gets overloaded with them. So I think that between losing 8% per year and sometimes losing 20% in a month while at other times winning 10% within a couple of weeks, most would choose losing 8%. Because there's the state and institutions to blame, because 8% per year isn't really too noticeable and because having such high volatility is not for everyone and can lead to big problems, especially for people who heavily rely on salaries for life (they can't afford a few months with 20% less, for example, because then they might not be able to pay the rent, buy enough food etc.).

It will happen. We only don't know when. Bitcoin will be like other things which can not be restricted completely by governments. Sexual industry, gambling industry, addictive drug industry etc.

Furthermore, Bitcoin has huge potential by its technology, its total supply, and its decentralization. Regulations will be approved and go into enforcement by governments but they will not be able to kill Bitcoin. The longer the time goes, Bitcoin will reach to more people, its network will become bigger and healthier. If governments can not kill Bitcoin now, they won't be able to kill it next 10, 20 or 50 years.

There is no way to know if this can even happen, although the experts a priori radically say no, that is to say 100% no and such a thing is not true, although for the particular common sense of some it is.

But the reality is that probability gives way to yes, the issue is to what extent are we supposed to get there quantitatively, even for the dollar it's not 100%.

So in particular I always think about the qualitative fact of bitcoin, it is better and that is the great value of adoption that we need.

It's gonna happen yes, but we are absolutely nowhere near close it to happening. And to note, I don't think it's going to replace fiat, more like coexistence of sorts where people are able to pay with both at their own convenience. As for why we're not close to it, you can literally look around the world, at the rate of adoption, and what's happening with Bitcoin as a mode of payment. Almost only big companies/stores are the ones accepting it as payment, we can't exactly use it to pay for a large majority of stuff afaik, though that doesn't mean there's nothing.

I still think we are in a "hypobitcoinization" state, it that makes any sense.

Truely the news of some countries accepting and allowing bitcoin legally made so much buzz that other countries are now watching them like researchers on guinea pigs in a closed cage. It will be like this for several years now until more countries start to end the fear related to cryptocurrencies and the general public takes it more positively.

In the meantime, fiat will prevail and even in future both with co-exist so that term is probably never going to be real unless the economic system changes a lot.

We are closer to the artificial centralization of Bitcoin than we are to hyperbitcoinization.  This latter term will never be a thing unless the entire world's system is overturned.  They are trying to slowly turn Bitcoin into what they want to achieve with CBDC's.  Know everything, control everything.

There is a huge will for governments to fight for their power and they are willing to fight Bitcoin.  If you see what EU is trying to do with Cryptocurrencies, how the average human uses it and you use a bit of common sense you would get why this is just an utopian thought and nothing more.

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Regards,
PrivacyG

still a long way from achieving that. indeed mainstream adoption is happening right now. many countries are starting to see bitcoin as something profitable. but all this is just a discussion, few actually try to adopt it. and on average those countries are developing countries. while developed countries still refuse, arguing that they think bitcoin is one of the annoying things. they are trying to limit bitcoin to keep their currency influential.


perhaps a decentralized economy will materialize. there will be no more centralized country as it is today where the influence of the US on the global economy is so great.

I don't think that Bitcoin will ever replace fiat currency mainly because of its volatility. It's difficult to imagine paying for something in Bitcoin knowing that its value can double in short period of time. Vice versa how to accept Bitcoin knowing that its value can significantly decrease in short period of time? So, Bitcoin won't replace fiat as a payment but it is replacing it as an investment. Also, I don't think that governments of big countries like US and China will ever support Bitcoin or any other crypto coz they tend to control their finances. They rather issue their digital currencies which they will use as fiat replacement.

I love bitcoin at extreme levels but I dont think it means I want to see "hyperbitcoinization". I would love to but only when the bitcoin's world is completely flourished with all new techs. Today I am not even able to talk about it to the old generation, neither its understandable at international levels. With the crypto being adopted everywhere, we might see some sparks in our thoughts but its not main stream adoption yet.

For example, even if whole Europe starts to trade in bitcoin, then its not a main stream adoption, there are still USA, Asia, Africa and rest of the world.

So we can't get excited with the current rate of adoptions. Bitcoin is in the news, great but it's not on everyone's phone yet!

bitcoin already is a global currency. .. thank you internet.

but bitcoin wont become:
a world reserve that national governments rely on
a "one world currency" where everyone uses only bitcoin and not other native/crypto currencies

bitcoin does not need to become a 'one world currency' nor replace government fiats.
bitcoins purpose is to be an open secondary choice to hedge against fiat

EG
keep the fiat so people can make their debt and write-it-off in bankruptcy, while hoarding their wealth in private on bitcoin.

we may see 2 'world reserve' crypto-currencies, based in 2 economic zones
the BIS(asias version of world bank) project called the m-bridge. which is a asia based system that connects to europe and the slavic countries. offering bridges between multiple countries CBDC

and the world bank(americans world bank) project called the hyperledger. which is american based system that connect to europe and other continents offering access between multiple countries CBDC

in short. there seems to be becoming 2 'world system' which were formally dubbed 'amero' and 'brics' but now being made into things like 'bridges/hyperledgers to connect national CBDC like the e-cny

CBDC's are basically stablecoins without the blockchain, using smart contracts instead. where eventually they will choose which CBDC to then base as the medium of exchange reserve to measure other CBDC against

Just call it mass adoption so that there is no need to also give definition

Why "instead" of fiat and not "alongside" fiat? I don't think bitcoin will ever replace fiat, it also wasn't meant to replace it either. In mass adoption you will see almost every place accepting bitcoin payments just as they accept fiat payments, credit cards, etc.

I don't think it is possible to ditch fiat in the foreseeable future. We live in a centralized world and worst of all people are used to certain things that won't change that easily.
Although I agree that with the increasing inflation people will have another incentive to convert their fiat (part of it at least) to bitcoin to have a chance of surviving the increasing prices.

Close to hyperbitcoinization?? LOL! We haven't yet started and I don't see it happening in our lifetime unless and until we see a nuke war happening amongst the Nuke powered countries. Bitcoin's adoption rate is definitely increasing but as an investment and not as a currency system. Whatever is happening in Russia and Ukraine, is actually an exception. It can't become a practice for the other countries unless they face extinction through a nuke war.

A lot of people within this community, prefers bitcoin as an investment because we have seen its potential. But when it comes to use as a currency, a very very minor insignificant fraction of people are actually able to do it.

In view of the foreseeable EU legislation that I commented on in another thread, I am pessimistic about it.

As I see it now, Bitcoin is going to remain just another financial asset, like a stock or an investment fund, and unless the legislation changes, it will not be used massively for day-to-day payments, due to the problem that it entails. of having to declare and pay, if applicable, capital gains every time you buy a coffee.

I hope that more countries join El Salvador, which will surely be poor countries, and that more and more politicians from countries like the US, UK, EU, etc. are in favor of implementing legislation favorable to Bitcoin to be able to use it on a day-to-day basis. But today I look to the future and I don't see it.

I don't think bitcoin can or will replace fiat but the two coexisting might work (at least if a crypto has better throughput - can take a enough transactions a minute).

Primarily using bitcoin might be problematic as current inflation encourages spending (including investments) with a deflationary currency, while enough profits will be made to return more to shareholders than a deflationary currency would offset, investors would likely be nervous/confused about them being able to do that.

For those unaware, "hyperbitcoinization" means the adoption of Bitcoin at a large scale worldwide making it the standard (global) unit of account. In a "hyperbitcoinized" world, you would pay for anything using Bitcoin instead of Fiat. In the past years, Bitcoin's mainstream adoption went up at an accelerated rate. Bitcoin's ever-rising popularity made El Salvador the first country to adopt it as legal tender. As inflation increases at alarming levels, people will seek out for a solution to the problem. And what better way than ditching Fiat in favor of Bitcoin?

What are your thoughts? Do you think we're close to "hyperbitcoinization"? If not, why? What will be of the world without centralized Fiat currencies? Your input will be greatly appreciated. Thank you.