Bitcoin Forum

If any rational person looks at the properties of decentralized crypto currencies and compares them to centralized fiat currencies there's no question which is better. They're simply a much better store of value long term bc they can't be printed to infinity. They even have a distinct advantage over gold/silver due to their portability, divisibility, etc. Decentralized crypto essentially takes the best qualities from gold and paper currency and combines them. My question is how long do you think it will take before over half the worlds population is transacting in/saving in crypto?

It will take decades at least. The pro's are there, but people are afraid of new things. They are like sheep standing on the sideline watching. If we want to have the masses involved some security (a few big companies accepting bitcoin) and usability (a wallet 5.0 version) are needed. From there you will see the amount of people using will grow.

On a sidenote. Don't forget some people don't shop at all online. Either they don't like it, or trust it. Most of them will propably never use bitcoin.

It will take at least 50+ years for the whole world to adapt. Like the guy above me said, some people don't even shop alone and some don't even make use of online banking at all. I think that as long as people are adapting to bitcoin every year, the value will keep on growing.

You seem to be a wise man/woman.

It's a utopia to think innovation will go this rapidly. 5 years in terms of an revolution this huge, can be compared to 60 seconds... We have just taken off and are determing a direction of where to go.

Let's first win the trust of so many retailers/merchants etc.

This can be achieved in a few years also. Some good PR and keeping a faster peace in executing the to do list, will generate positive media exposure.
I know for a fact this will show us new records.

Definitely decades sadly. One should take into consideration that the current generation of 10 year olds are completely digital born persons. I'm not talking most of us who adopted the digital world of smartphones, social media and instant and fast internet. These people were born with this as something to improve so imagine what we would have in 10-20 years, the sky is the limit.

Hopefully Bitcoin is the Internet in the 90s, something amazing that it's still in its infancy but with the potential to change the world in the near future.

i hope not too much, because there are chances that another thing in the meantime will be created and can be better than bitcoin

50 years like it was said seems too much, when the climbing for the adoption begins it will be spread in the world in no time, adoption at present should be much faster than in the past, info spread very fast nowadays

Thats a very long term goal, this wont be done over night. if i had to take a gues id say we are talking probably at least 20 years if at all. Half of the population is massive adoption.

I must say it's refreshing to see new members that indeed realize the potential of bitcoin. You're spot on on the advantages of crypto vs fiat money, but
the sad part is that most of the general population are being fed lies and propaganda by news and media, making them blindly believe everything they write or say.
Bit by bit, people are starting to see bigger picture, but it's hard to say when the tipping point will happen, but it won't be soon i'm afraid. imho another decade or so for sure.

It won't happen until the kids who grew up after bitcoin existed become old people. By then everyone will be shopping online and will think of bitcoin as common place instead of a niche thing. Not everyone owns a smartphone yet, but all the kids do, and when they are old everyone will. It's the same for bitcoin.

Implying the economic system will last that long

It will take lots of time like 20-30 years and i doubt by that time bitcoin like crptocuttency will exist. We all know cryotocurrency works on encryption and by then we may see quantum computer like things which can dencrypt within seconds. But who can predict the future anything can happen.

This will not take more than 10 years -if Internet is running up yet ::)-

I say that because some future giant will include BTC as part of his payments. Just imagine if Facebook, Whatsapp, Twitter or Amazon began with some kind of section about BTC in their first day on WWW.

Just wait for one of this (as you know, not so long we all were on Messenger) with BTC incorporated and they all will enter in.

Ask Jamie Dimon

Yes very interesting lines and this is gonna happen for sure because I heard that some MNC's in America have already started using Bitcoin as the payment of the salary rather than currency.

How long does it took the majority of worlds population to be connected with the internet and to use it? 20 to 25 years I would say.
I think it could take the same time, maybe longer, for the masses to accept and use bitcoin.Not on a daily basis, but in some really good niches.
But I think we should go step by step.And right now we have to improve the infrastructure a lot, and also the usebility, before this can happen.

It will take decades for the people and governments in the world to get used to the digital currency system. It is not just about the coin, but the whole system.

50 years is way too long, we'll know within 10-15 years if bitcoin has been a massive success or not.
Keep HODLING until then & you might be a very rich man.

You will know by 2020 halving whether the network is sustainable or not....
If tx fees won't cover the costs the miners will quit at that halving because there will be no reason to continue at a loss

Either the coins+ tx fees is enough or it isn't and they switch off... :)

In my opinion Bitcoin damages the profits of the central banks of the world. Especially the FED.
This in turn damages the profits of the 1% of people that use this system to make billions of dollars. This is definitely not good because those are the people that damage the economic system for the benefit of a few. When they realize that they can no longer continue their ways, they will most certainly ban Bitcoin.
This is the most probable scenario.

Can the network survive on 6.25btc as a reward + fees after 2020 is the big question

I think it can, the transaction fees will make up the difference and if a btc is 10k then it will not be going away after 2020....:)

To give this a timeline, it's very difficult as it's different for each single country base on a lot of factors. Not every country is on level to the best countries in terms of technology therefor we should also expect a slower adaptation for this to happen and for some it might never even happen. So my guess would be somewhere between 50 to 100 mark range (I know it's long but even by then even half of the world might haven't been adopted so you never know).

All bitcoin needs is time, I don't think this will happen soon enough though.
My best guess is in 50 - 100 years that half the world will adapt to bitcoin.
I'm hoping that I'm still alive for this and that I can tell my grandchildren about bitcoin and how it was in the early years of bitcoin.

yes do the math

current price is 450, let say is 500 for the sake of having a rounded number

1 antminer s7 can do 0.9 btc monthly($400) consuming only $45, now this is with the current block reward, halve this amount twice, you still have 100 in profit and 45 in consumption

bears in mind that the diff is increasing now only because the value is skyrocketing otherwise there will be no increase, if there is no new efficiency

Probably that site I'm talking about don't exist right now, because we cannot imagine what future specifications will atract future Internet users, but BTC will stay in minds of creative developers.

It can occur tomorrow or in 5 years from now, but I think this will go faster than we all can imagine.

I agree with your speculations even I feel the same because Bitcoin is the next big thing and surely these big E-Commerce Giants will try to include Bitcoin is their payment method.

you don't need 100% of people to have adoption, even 1B or 14% of people will be more than enough to have 1T market cap and probably much more

look we are at 3M user and the market cap is 6B, so who care about those that live in the past with no internet, the truth is that we don't need them at all

I think crypto will not take fully currencies in the world. but only as a currency for conversion. perhaps the next 10 years digital currency will have a portion of which is comparable with the currency in the real world.

It will take decades for half the world population to adapt to bitcoin. For this to happen bitcoin would need more awareness.
Some people are scared to adapt to it because not a lot of people around them know about it so they can't turn to them when they run into any issues.

There isn't any digital currency that will take over or even replace fiat currencies. It will be a great alternative for people who are open to work with it. The majority of the people will stick to fiat, because they don't know better.

credit cards beat cash already but that took a long time if the credit card was invented in the 1950's
crypto will beat them both,give it time ........

It will actually take a lot more time for this beast to become adopted everywhere and be used as a currency itself...
But till then, it would be absolutely fine, as later is better than losing its value gradually which always happens when people enter and some silly dogs dump on them...

You are right.
Not because Bitcoins doesn't have the potential, it does have. But it is because fiat has been used since 100s of years and I don't think it will be destroyed this easy.

We don't have to destroy the fiat system.This system is doing this already completely by itself.And more and more people will realize how shitty this system is.
After that the incumbents will come with a new scheme.I believe they will come up with a new type of backed up currency.Maybe again with gold, partially, or maybe backed by some crypto.Who knows.
All we do have to do is to make sure that Bitcoin stays alive, decentralized and censorship resistant! Another option beside the fiat scheme will drive enough people into the system over the years, decades, if we build out the infrastructure, ecosystem accurately.

We just need to be patient. The adoption of new technology takes long time. It took the human being 30 years to adopt the internet.