Topic: Would Bitcoin no longer be Bitcoin if it were adopted by everyone in the world ? - page 2. (Read 442 times)

That would be hot currency of the era. Limited supply, increasing demand and most importantly increasing population! Man that would cost hundreds of dollar a Satoshi and still it would be difficult to break it down considering that is the last unit of it.

May be by that time cost of production would be high comparatively and there may not be anything worth few bucks. Or on the other hand it may happen that we will measure everything in Satoshi unit only since fiat wouldn’t be around. Fun but impossible.

If Bitcoin will be accepted globally, then we will be benefited from what Bitcoin is originally supposed to give and why it was created in the first place. Its value just becomes a "big thing" because instead of being a currency, it was now treated more as an investment. Technically, if bitcoin instead follows its original path, then it will act as a usual currency and there will be no expectation of moon price in the future.

Just go with the flow and try to take advantage of bitcoin being considered mostly as an investment.

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.

This is due to the fluctuating price of bitcoin and it provides fast returns as an investment compared to other types of investment. Bitcoin is also used for trading and some say it is only a speculative asset and has not been fully used as bitcoin was originally made for. some bitcoin adoptions have indeed been carried out and applied to real transactions. countries like EL-Salvador an early examples of countries adopting bitcoin as a legal tender.

The government does have full control and will not allow bitcoin to become the main currency even though Fiat will disappear. There will be another fiat coming up that will remain a priority. We live in a country where everything is regulated by the government, so there is no way for bitcoin to become a single currency.

Can gold be considered an investment asset if people who buy it only expect their holdings to be protected from devaluation and likely do not expect them to grow in value? Investors base their reasoning on historical data that may confirm that gold is more than suitable when it comes to preserving the value of investments. Bitcoin is often compared to gold as being a good digital substitute for traditional precious metals used as a store of value. Bitcoin can be said to be an emerging means of preserving value; in this context, "emerging" means that its price fluctuates and is growing long-term, and eventually, it will become a proper store of value, maybe even better than gold, thanks to its unique characteristics. When it finally transforms into a new form with valuable functions, it won't stop being seen as an investment asset because people will still be eager to alleviate the consequences of an unpredictable future via reasonable investments in established stores of value.

That's impossible that a whole adopt btc. Cause Bitcoin cannot reach max numbers or even anything in world cannot outreach max capacity. I think in 2100s, Bitcoin might be adopted to the 20 to 30% people cause that's the reality. There are many bugs that needed to be fixed and they might need to fix for a long time.

I agree with the idea of saying bitcoin is changing more than it should change for example since after bitcoin adoption the governments forced people to pass the KYC, many people shared their personal documents with the governments and their transactions are clear with their identity from their wallets, while as far and I know bitcoin was created to be anonymous for the users and let them do transitions with out of passing any KYC or leaking their personal information with anyone.

Absolutely not. To understand why, you have to understand what Bitcoin really is. It's really not that difficult to understand Bitcoin: it is a peer-to-peer, decentralized network for transferring value over the Internet.

So, it doesn't matter whether you believe Bitcoin is the future of money or not; what matters most is that you start to understand how it works. A good starting point is to understand why people use any currency in the first place: because they need to exchange goods and services with each other. If everyone in the world agreed to use Bitcoin, it would be the only currency that matters.

Irrespective of the growing global adoption, Bitcoin was invented for a purpose and for that purpose it would accomplish despite the challenges facing with government and other financial agencies from allowing it being adopted in their various nations. I see all these as a big solution to faster and rapid adoption of bitcoin when the time comes. Talking about bitcoin changing to another when it will be massively adopted, i doubt so if it would ever change its name or function contrary to the sole reasons for which it was invented.  Come to talk of it, what aspect of change are you referring to, are you referring to change in name or change in its function for which it was created? Well either way, i do not see any changes. If there would be any changes, it might likely be in functions and not name.

Like one of the reply here says
  As you can see it above that is all the situation now and if there is any change you are referring to, it simply or likely as the quote above.
Talking of fiat, i really doubt if the government of various nations would allow it fade away just like that. Each and every nation has their own currency independent of any nation so how do you think  for instance,  American would want to do away with their dollar and opt for bitcoin as a legal tender? do you think European Nation would also do same? the hell no way. These nations would want to protect their  sovereign interest.

How on earth would Bitcoin lose its value if people start massively using it for payment, which is its intended purpose? What you got wrong is that you think that majority of bitcoin value comes from its investment potential and if there are no 400% gains every few years, that is somehow not good enough for even that.


Purpose of 99.99% of the altcoins is to make their creators rich and nothing and they often bring "solutions for problems that don't really exist.

Satisfaction is not static for everyone, it changes based on how people see it, it might be 50:50 today and 70:30 tomorrow. Governments have forced down and adopted Fiat to the people, but just because they are using it does not mean everyone actually likes it, similarly, not everyone will accept bitcoin adoption, it may go against some opinions, but that is the truth and that is how the world works, not everyone fantasizes bitcoin, not everyone like fiat either.

Fiat has historically been the preferred form of payment that countries have accepted, I assumed if bitcoin would one day get to that level, it will be more of been used as a reserve than been used as means of payment and hence the nature remains the same, nothing will change like that. EL Salvador comes to my mind, despite the force and airdrops to bring people closer to bitcoin, many are still shifting away from bitcoin as a legal entity and the crash hasn't been helping their bags as well.

So it means that you are only into Bitcoin in order to grow your investment? Be aware that Bitcoin was created as a decentralized currency and its real intent is to be used regularly in our normal day-to-day transactions. It isn't happening globally because it needs to stabilize its price and there is also the regulation factor. But I wish that would become a reality one day. By that time, the whole Bitcoin capitalization would be in trillions of dollars. Not as attractive anymore for long-term HODL but you can always do leverage trading just like the current forex market.   

In regards to the underlined parts of your post,  Bitcoin is more suitable for investment or for storing value long-term (Store of Value) than as a Medium of exchange. Both (MoE/Fiat  & SoV/Investment) don't really contradict each other as a lot of people don't  hold Bitcoin for too long. They exchange it for goods/fiats and services while others hold long-term.
If you take away the Store of Value feature, you may nolonger be able to use it to preserve value longterm which is a very important feature of Bitcoin.
 You can only keep the price volatility moderate for most of the time and only allow the extreme price movement, mostly upward, once in a while. This will help ensure that it maintains its SoV or deflationary feature rather than being inflationary like fiat currencies.

 Converting it into fiat currency will require hijacking it and having it massively altered in such a way that it becomes centralized and loses it important ideals that make it decentralized and safe. It will become inflationary, less transparent, opaque, mutable, non censorship-resistance . But it will be almost impossible to altered by normal people unless they just create contrary systems such as centralized platforms and get much of the world to use fake bitcoins, probably with the aim of manipulating the price or to prevent people from using Bitcoin properly and benefit from its features.

When the price of bitcoin becomes stable, we can still get investment from altcoins because I think that is the purpose of altcoins to provide other benefits besides making profits from bitcoin. The profit can be in the form of bitcoin or stable coins so that later, bitcoin will become very valuable as an investment.

You need to look at the price of gold, where many people want to buy more gold as their savings or investment. And roughly, that's what will happen with bitcoin later.

You have a wrong understanding, when Bitcoin are accepted everywhere in the world, it doesn't mean Bitcoin price can be manipulated or controlled by the government. They're only can control Bitcoin if the users are using centralized exchange, if the user use P2P or DEX, no one can control Bitcoin anymore. Bitcoin supply is fixed and everyone are using Bitcoin, this make Bitcoin price will keep increase until it's peak (although technically there's no peak since Bitcoin price can overtake it's previous ATH).

You are missing the part that when the adoption will rise then demand will also increase with the same rate but the limited supply of 21 million and that also with mining rewards halfed each halving will therefore reduce the circulation so it will automatically boost the prices as an investment tool for the investors.

But it's aslo treated as payment processing which will be boosted when adoption will be at peak so we can't ignore this fact also and when the time comes we will see how the situation is exactly.

You mean "money" not "fiat" because fiat is a currency as opposed to money that is a currency with fixed value. Which also means the two points you mentioned are contradictory concepts. Bitcoin can not be both money (fixed value) and an investment at the same time. It can be a store of value though which is what money is supposed to be.

Not "replace" but only to offer an alternative solution.

Bitcoin at heart was designed as money, now it is also true it has been a great investment opportunity during the last decade, but this is only a side effect and nothing else.

Besides even if bitcoin losses its attractiveness as an investment vehicle that does not mean that it will lose its value, its value will be more stable but that will be it, so if that scenario were to happen the only thing you will need to do is to look for other assets with high volatility and invest in them if you want.

Governments can make Bitcoin legal tender in their countries and they can make Bitcoin as one of paymen methods in their countries. Biqtcoin has many utilities, payment, investment, trading, gambling, lending ....

I am very sure that no government will eliminate their fiat currency and make Bitcoin as the only one currency or payment methid in their country.

Same supply but bigger demand,  it is a very simple math. With Bitcoin halvings, price will increase and in future, people will not look for 2x, 10x profit from Bitcoin. They will invest in Bitcoin like how they are investing in gold. They did not expect gold will double its price after one year now and in future, they will invest similarly in Bitcoin.

you assume too far, bitcoin will still be bitcoin as it is now, there will be no lost value from bitcoin.
Bitcoin will always be an asset, and an exchange/payment alternative.
the only difference is that there are more and more enthusiasts, and automatically there are more and more bitcoin users or adopters.

bitcoin was created not to sink fiat currency, but bitcoin was created to stabilize fiat money.