2.How the millions of people, who don't have access to electricity and internet are going to use Bitcoin? Will paper Bitcoins become a thing?
If electricity is the biggest problem, why did the government create a CBDC? Isn't the same?
Topic: Would Bitcoin no longer be Bitcoin if it were adopted by everyone in the world ? (Read 449 times)
December 08, 2022, 04:32:24 AM
As long as every country in the world has a government, Bitcoin will only be a payment alternative. If fiat should be destroyed, the government will definitely create another centralized payment system.
December 08, 2022, 03:56:29 AM
Assume one day, Bitcoin would be the only survivor as cryptocurrency in the world and each individual, company, organization and goverment would abandon all fiats/currencies and take Bitcoin as the only payment. When all obstacles were gone, Bitcoin would actually become a combination of both fiat and investment asset. However, as demand and supply were not to fluctuate much, the price of Bitcoin would be really stable and the value of investment would deteriorate. The two factors/purposes (fiat vs investment asset) will be contradicting each other all the time. If that happened, what's the point of making Bitcoin worldwide acceptable while losing its value and nature of Bitcoin ? Metaphorically speaking, the hunting dog may be killed when all prey animals are gone.
What is your opinion ? Please let me know. Thanks.
What is your opinion ? Please let me know. Thanks.
Very interesting, but I'm thinking what will happen if finally BTC and Gold will be mass adopted as a legal currency used in the future.
December 08, 2022, 03:35:01 AM
If Bitcoin was to become a globally accepted cryptocurrency I think nothing else matters, the price of Bitcoin isn't the reasons why we should be using Bitcoin instead we should be using it because of its decentralized nature. We can always have other investment opportunities we can capitalized on beside trading the up and down of Bitcoin price.
What you say is Satoshi's original purpose in creating bitcoin, but things are going in a different way. Bitcoin has become a form of investment, and everyone is entering this market just for profit, including you and me. Most of us are here for profit, not for the decentralization it brings. If bitcoin becomes stable one day, I believe many people will leave it and find something that can be profitable for them. But either way, OP's hypothesis will never happen, so expecting bitcoin to become stable will never happen.
December 08, 2022, 02:10:15 AM
Even if Bitcoin becomes the one and only global currency, there are many problems involved:
1.Can the blockchain handle billions of transactions per day? Off-chain solutions like the Lightning Network might help for solving this problem, but doesn't this change the entire nature of Bitcoin. Weren't BTC transactions supposed to be happening on the BTC blockchain only?
2.How the millions of people, who don't have access to electricity and internet are going to use Bitcoin? Will paper Bitcoins become a thing?
3.The problem with the Bitcoin price volatility, which is the most obvious problem and everyone on the forum knows it. What if the BTC price becomes even more volatile due to mass adoption? What if a bunch of billionaires and whales buy most of the BTC, when the price is low and manipulate the global BTC market?
1.Can the blockchain handle billions of transactions per day? Off-chain solutions like the Lightning Network might help for solving this problem, but doesn't this change the entire nature of Bitcoin. Weren't BTC transactions supposed to be happening on the BTC blockchain only?
2.How the millions of people, who don't have access to electricity and internet are going to use Bitcoin? Will paper Bitcoins become a thing?
3.The problem with the Bitcoin price volatility, which is the most obvious problem and everyone on the forum knows it. What if the BTC price becomes even more volatile due to mass adoption? What if a bunch of billionaires and whales buy most of the BTC, when the price is low and manipulate the global BTC market?
December 08, 2022, 12:27:35 AM
No, OP.....
Bitcoin stability does not mean that the price or value of the coins will go down, it just mean that the price will have much less price volatility. (Less high spikes and large dumps)
Let's take a look at Fiat currencies as an example.... the price stay more or less the same and it only fluctuate a little. (This is manipulated by governments)
In reality, price stability will increase the Bitcoin price... because higher adoption will increase the demand for the token. (Merchants and retailers want price stability, so more of them will start to accept Bitcoin as a currency and more people will start to use it as a currency, because they can buy more things or pay for more services with Bitcoin.)
Bitcoin stability does not mean that the price or value of the coins will go down, it just mean that the price will have much less price volatility. (Less high spikes and large dumps)
Let's take a look at Fiat currencies as an example.... the price stay more or less the same and it only fluctuate a little. (This is manipulated by governments)
In reality, price stability will increase the Bitcoin price... because higher adoption will increase the demand for the token. (Merchants and retailers want price stability, so more of them will start to accept Bitcoin as a currency and more people will start to use it as a currency, because they can buy more things or pay for more services with Bitcoin.)
December 08, 2022, 12:00:56 AM
Assume one day, Bitcoin would be the only survivor as cryptocurrency in the world and each individual, company, organization and goverment would abandon all fiats/currencies and take Bitcoin as the only payment. When all obstacles were gone, Bitcoin would actually become a combination of both fiat and investment asset. However, as demand and supply were not to fluctuate much, the price of Bitcoin would be really stable and the value of investment would deteriorate. The two factors/purposes (fiat vs investment asset) will be contradicting each other all the time. If that happened, what's the point of making Bitcoin worldwide acceptable while losing its value and nature of Bitcoin ? Metaphorically speaking, the hunting dog may be killed when all prey animals are gone.
What is your opinion ? Please let me know. Thanks.
What is your opinion ? Please let me know. Thanks.
I read a post on this forum few days ago that said "people view bitcoin as an investment and not a currency". This saying is very true. Bitcoin was created to be a currency, so if everybody accepts it as legal tender and it replaces fiat (which won't happen, not in this life time at least) its for the better. You can spend the currency you have in any country, you don't need different mediums before you can send money to people in different countries. It means the whole world is using one currency, The investment side of foreign exchange and bitcoin might be non existent but i feel that was the original reason for bitcoin (to have a global currency that anybody can use anywhere)
December 07, 2022, 10:51:14 PM
Assume one day, Bitcoin would be the only survivor as cryptocurrency in the world and each individual, company, organization and goverment would abandon all fiats/currencies and take Bitcoin as the only payment.
This is unlikely to happen because we live in a diverse world, there'll always be new cryptocurency getting launched so if the current ones become absolute then new ones will be introduced. Bitcoin can't do it all as it'll always need help of altcoins although that doesn't mean we should neglect Bitcoin and go chasing after this new altcoins. Bitcoin is a currency and that should be what it tries to achieve while leaving the Smart contract features to altcoins that specialized in that area.
If Bitcoin was to become a globally accepted cryptocurrency I think nothing else matters, the price of Bitcoin isn't the reasons why we should be using Bitcoin instead we should be using it because of its decentralized nature. We can always have other investment opportunities we can capitalized on beside trading the up and down of Bitcoin price.
December 07, 2022, 07:57:27 PM
Definitely not, I personally want Bitcoin to be adopted by all, this would be an issue if anyone only sees the investment value of Bitcoin of not it’s not really a problem if you ask me.
(.....)
I think OP misunderstood here. OP's thinking is the opposite. Bitcoin will be Bitcoin.(.....)
As for Bitcoin, I believe most of us want the endgame for Bitcoin os adopted by everyone in the world, regardless of its price of it.
Seems Bitcoin now for most of the people is like investment, they don't see the other side of Bitcoin which is as considering a payment method or making Bitcoin as legal tender.
December 07, 2022, 07:33:57 PM
No and I disagree with a good bit of your sentiment or proposed theories here. As others have stated Satoshi created bitcoin in order to replace fiat currency for the masses, meaning everyone world wide. If anything I would call it bitcoin having done exactly what it set out to do in the first place, become a medium of exchange for those across the globe. Price stability may hurt investment potential, but so what.
December 07, 2022, 05:46:19 PM
Assume one day, Bitcoin would be the only survivor as cryptocurrency in the world and each individual, company, organization and goverment would abandon all fiats/currencies and take Bitcoin as the only payment. When all obstacles were gone, Bitcoin would actually become a combination of both fiat and investment asset. However, as demand and supply were not to fluctuate much, the price of Bitcoin would be really stable and the value of investment would deteriorate. The two factors/purposes (fiat vs investment asset) will be contradicting each other all the time. If that happened, what's the point of making Bitcoin worldwide acceptable while losing its value and nature of Bitcoin ? Metaphorically speaking, the hunting dog may be killed when all prey animals are gone.
What is your opinion ? Please let me know. Thanks.
What is your opinion ? Please let me know. Thanks.
I guess the whole purpose of Bitcoin is not to be the only currency in the world.
According to Satoshi, Bitcoin should be an alternative to the fiat system rather than a replacement. As one of the posters said, we live in a centralized world and it would be very unlikely for governments to accept a decentralized currency that they could not control. This is very true. Now, the reason Bitcoin is more attractive as an investment than a currency is due to the nature of Bitcoin.
Given that its value comes from the demand and the offer around it to make it useful, scarcity and volatility drives people to hold it rather than to spend it as a currency.
December 07, 2022, 03:06:45 PM
We live in a centralized world and the government controls everything so we can't expect something decentralized to be accepted as the main and only method, if ever, bitcoin it would just be an alternative besides fiat.
Yeah, this pretty much what I mentioned to a lot of people back in the days in this section making such similar threads like "will Bitcoin replace fiat blah blah blah", "will Bitcoin become the global currency in the future", etc etc. Everyone knows that government is all about the regulation and control just from the word itself and decentralization just describes everything that is the opposite to what the government is all about.I would not mind Bitcoin being an alternative/secondary method of paying stuffs. I would use it if I have the means to or if the system that I am using allows it.
December 07, 2022, 02:51:56 PM
Definitely not, I personally want Bitcoin to be adopted by all, this would be an issue if anyone only sees the investment value of Bitcoin of not it’s not really a problem if you ask me.
Bitcoin is getting mass adoption and maybe in future it would be used in the same rate as Fiat. And then all issues in the financial system we are experiencing right now would be gone.
Bitcoin is getting mass adoption and maybe in future it would be used in the same rate as Fiat. And then all issues in the financial system we are experiencing right now would be gone.
December 07, 2022, 02:26:21 PM
Satoshi created bitcoin intending to replace the centralized fiat system, meaning bitcoin is designed as a currency and not an investment asset. But people turned bitcoin into an investment and spread it to the next generations, and now most people only know bitcoin as an investment rather than a currency.
Regarding the case where the fiat will disappear completely, I think it will never happen because the government will never let that happen or if it is eliminated, it will also be replaced by some government-generated method, not bitcoin.
We live in a centralized world and the government controls everything so we can't expect something decentralized to be accepted as the main and only method, if ever, bitcoin it would just be an alternative besides fiat.
People should really bare up this thing into their minds that Bitcoins creation or existence is never intended to be an investment but it is really just a bonus which you cant blame out people on having Regarding the case where the fiat will disappear completely, I think it will never happen because the government will never let that happen or if it is eliminated, it will also be replaced by some government-generated method, not bitcoin.
We live in a centralized world and the government controls everything so we can't expect something decentralized to be accepted as the main and only method, if ever, bitcoin it would just be an alternative besides fiat.
that kind of impression yet it could really give out that kind of chance or opportunity.It is really just that there are people who are really that too optimistic when it comes to its potential where they
do believe that it could replace fiat someday which is something that its really that impossible which same as you said that government wont be dumb enough on making things
to be on that way.They do love on having on control of everything so we do know on whats next.
December 07, 2022, 02:15:39 PM
Bitcoin will not be fiat because fiat is in principle different from it. Bitcoin can become used more as a payment, as a form of money. But it won't be issued by a central authority, there will be no arbitrary printing of money by the authority, no physical Bitcoin banknotes, no regulation of the price. Moreover, currency and an investment asset aren't fully contradictory, as people do save up money in fiat, and sometimes even as an investment (if they own local fiat is less stable than, say, the USD, they might hodl the USD to then exchange it for more local fiat). I don't see adoption of Bitcoin as a threat to its properties or usage, and I also don't believe Bitcoin will replace fiat.
December 07, 2022, 02:06:27 PM
Assume one day, Bitcoin would be the only survivor as cryptocurrency in the world and each individual, company, organization and goverment would abandon all fiats/currencies and take Bitcoin as the only payment. When all obstacles were gone, Bitcoin would actually become a combination of both fiat and investment asset. However, as demand and supply were not to fluctuate much, the price of Bitcoin would be really stable and the value of investment would deteriorate. The two factors/purposes (fiat vs investment asset) will be contradicting each other all the time. If that happened, what's the point of making Bitcoin worldwide acceptable while losing its value and nature of Bitcoin ? Metaphorically speaking, the hunting dog may be killed when all prey animals are gone.
What is your opinion ? Please let me know. Thanks.
What is your opinion ? Please let me know. Thanks.
We hope that your assumption is true. But I don't understand exactly what you mean, I can only say that if one day Bitcoin were to be adopted as a means of payment then the problem of scalability will have to be solved and surely the lighting network is the right way.
December 07, 2022, 02:03:02 PM
The complete victory of Bitcoin over all fiat currencies, gold, corporate currencies, etc. would lead to a simplification of our world.
Fortunately, our world is complex and diverse. And this is good! The surrounding world obeys the laws of dialectics (unity and struggle of opposite entities).
This is why Bitcoin is both an investment asset, a means of payment, and a decentralized protocol for transferring value in the virtual space. Bitcoin is a very complex entity, and this is its strength. Satoshi Nakamoto started the evolution of cryptocurrencies (including the evolution of Bitcoin itself).
However, even the creator of Bitcoin himself could not say exactly what Bitcoin would become, for example, in 2100.
However, it is safe to say that in 2100 Bitcoin will not be the only investment asset, the only means of payment, the only value transfer protocol on planet Earth.
It is understandable for it to not be understandable all that much, because it is not that easy to see how it would be like. The best case would be understanding if bitcoin would be bought more and more, or not and that's all we can try to speculate about. Not the price or anything, just the direction and its existence.Fortunately, our world is complex and diverse. And this is good! The surrounding world obeys the laws of dialectics (unity and struggle of opposite entities).
This is why Bitcoin is both an investment asset, a means of payment, and a decentralized protocol for transferring value in the virtual space. Bitcoin is a very complex entity, and this is its strength. Satoshi Nakamoto started the evolution of cryptocurrencies (including the evolution of Bitcoin itself).
However, even the creator of Bitcoin himself could not say exactly what Bitcoin would become, for example, in 2100.
However, it is safe to say that in 2100 Bitcoin will not be the only investment asset, the only means of payment, the only value transfer protocol on planet Earth.
For example, do we believe in 2100 bitcoin would still be around, and would it be very profitable to hold it from now until that moment when only our grandchildren, or maybe even our grandchildren children would be able to sell and make a huge profit? Or do we think that something better would come out by then and bitcoin would be long gone? That's all we can answer, not the price.
December 07, 2022, 11:30:48 AM
Assume one day, Bitcoin would be the only survivor as cryptocurrency in the world and each individual, company, organization and goverment would abandon all fiats/currencies and take Bitcoin as the only payment. When all obstacles were gone, Bitcoin would actually become a combination of both fiat and investment asset.
As much as we want to fantasize what form Bitcoin takes, I think it's more of digital money than it's an investment asset as it tries to bring about financial freedom... but things kind of got out of hand along the way and btc is now regarded as an asset of several talents. Would Bitcoin no longer be Bitcoin if it were adopted by everyone in the world ?
Bitcoin being widely accepted across the world would just Cement its success and and probably push is value up as a result of the overwhelming demand! 
December 07, 2022, 11:02:32 AM
Initially bitcoin was designed as a means of payment or currency for the best choice for those who care about privacy. Bitcoin is a decentralized currency that is not controlled by the government, so its nature should not change even if it is started to be traded or used as an investment asset for most people.
This nature of bitcoin remains and will not change even if its use cases decline as a currency. But nevertheless bitcoin is a highly valued currency where its volatility has given a trader or investor two possibilities, gain or lose. Even if 99% of users only trade bitcoin instead of using them as a currency or a means of payment, they are still a means of payment.
This nature of bitcoin remains and will not change even if its use cases decline as a currency. But nevertheless bitcoin is a highly valued currency where its volatility has given a trader or investor two possibilities, gain or lose. Even if 99% of users only trade bitcoin instead of using them as a currency or a means of payment, they are still a means of payment.
December 07, 2022, 10:36:20 AM
My opinion on this is that bitcoin will never be the only crypto because there will be a lot of people trying to create and replicate something similar to bitcoin. But let’s say it has become to the point that it is the only one. It would be a stable and more reliable medium of exchange for everyone. This is also assuming that everyone in the world adopts it.
I think it would be great if it becomes like that because that is what it is designed for. Not as an investment tool but rather as currency, just like what the other members have said.
You’re a definition of bitcoin is definitely not what it should be.
I think it would be great if it becomes like that because that is what it is designed for. Not as an investment tool but rather as currency, just like what the other members have said.
You’re a definition of bitcoin is definitely not what it should be.
December 07, 2022, 10:29:25 AM
Ofcourse it would still be. But for sure there'll be changes. In my opinion, chabges would happen in its market price and yransaction fees wherein its price could be more stabilized and maybe not as high as its ATH because if it would be accessible to many people, then demand won't be as high as the present. Let us be honest; the high demand on Bitcoin and other cryptocurrencies at the present is due to volatility and profit that investors are taking good advantage of and that's nothing wrong with that. But if the price is more stable after the regulation, would it be the same?
With transaction fees, and with regulation, for sure there will be an increase to it as well since taxation might also take place through third party wallets.
With transaction fees, and with regulation, for sure there will be an increase to it as well since taxation might also take place through third party wallets.
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