Bitcoin Forum

What would need to happen to the global economy to actually make Bitcoin take over in place of National Currency like, USD, CAD or EURO?

So many people on here are banking on this happening one day, many even openly use this as a reason to invest in coins like Monero.
So I ask you, what do you think it would it actually take to make that happen?

WW3? An Asteroid, Alien Invasion?

Well bitcoin need to achieve the merchants, the online merchants, big companies must accept it, support it, soo countries can regulate it or allow it to be used and traded. Besides that bitcoin volatility may be one of the bigges challenges since its decentralized.

Before bit coin could achieve all that it would break from over use and slow transaction speed. But it would take a global disaster or some kind of new invention that causes humans to be able to travel around the globe much more freely, thus requiring some kind of globally recognized currency

i think it is very hard to reach that level you have in mind and it may never happen but it is possible for bitcoin to grow a lot more than this.

and for that it only needs more adoption by the merchants. for example if some big corporate like Amazon starts accepting bitcoin then bitcoin can grow so big.

Collapse of absolutely every value system and form of currency throughout the globe, a swift implementation of upgraded and simplified Bitcoin infrastructure, a lighting network or similar form of killer app, and an aggressive campaign by the community to get it in place as the most used currency, primarily through getting large chains or whoever to accept it and branding it as the only currency that went up when everything collapsed.

WW3 wouldn't do much to be honest (and it would wreck Bitcoin if it was nuclear, like everything else) and asteroid would kill everything or a lot of things (most likely) and thus that is a write-off, and an alien invasion might gives us something to do before we get wiped out, but if we beat them or at least make peace with them we might get absorbed into the intergalactic community and adopt whatever they have.

If amazon started using BTC as a payment method it would make people now very rich, but then it would level out as the whole world sells to cash in.

Slow and steady wins the pace guys.. We are gaining good ground, and by the looks of elections the people all over the world are loosing faith in their governments..

actually it's very difficult to make bitcoin as international currency such as USD or EURO because some people considers that digital currency less worth than traditional currency however currently bitcoin already use for worldwide people and without much people realize that indirectly bitcoin has become global currency

True it already is a global currency in a sense, but you cant depend on it to survive. right now you could only depend on it as long as you could sell it for Fiat Cash

Amazon starting to accept Bitcoin as a form of payment might make people right now rich because of the price jump, but if I'm remembering right PayPal is owned by Amazon so that would also be a pretty big thing; namely Amazon seceding the near exclusivity of their own payment platform.

It would be a pretty big thing, but the speculation can only run so rampant before it becomes too fantastical for a realistic scenario.

"but the speculation can only run so rampant before it becomes too fantastical for a realistic scenario."

This what we call the creation of a bubble

It takes time I guess.  Given that bitcoin do have good value but less people knew its existence.   In time, if many people will be familiar with bitcoin, the demand would rise and it will get attention from people.  Companies, banks, and other financial institutions might consider using and patronizing bitcoin as part of their transactions then many people will use it.  If many people will become more familiar with bitcoin, then one day government might consider them.

I think the day when you can start buy anything with Bitcoin from an airplane ticket or you grocery. Also, have the possibility to get paid in Bitcoin in any job !

Yeah right also bitcoin will be the same as perfect money as alternative only for buying or paying online.. but the advantage of bitcoin is you can tranfer bitcoin fast unlike the other services.. paypal it takes time before you can receive to withdraw or perfect money withdraw your funds in westernunion it takes   
day before you can receive it.. here in my country bitcoin you can instantly receive it via banks or cardless... this is one of the good advantage of bitcoin..

we dont need much, we just need a world wide adoption, then people will see that it is better to use bitcoins and have small or non fees then bitcoin will become a worldwide currency

Bitcoin would only be able to take over the national currencies like USD or EURO if the governments of every country accepts it to get adopted by banks or big companies connected to government directly or indirectly, but that does not seem to be possible because the price of bitcoin is never stable and because of that any company holding any funds in the shape of bitcoin would pick up losses when the price drops a bit and that wont let governments accept it.

Taking over local/national currency is not possible for bitcoin for sure as bitcoin will always remain as assets just like gold, silver available to trade and earn from. Bitcoin can't have stable price just like national fiat so pricing everything in bitcoin value will be hard so national economy can't fully depend upon bitcoin.

Yeah Its not possible and US government will not allow bitcoin to move further in world market, If bitcoins moves further and become centralized means USD value will decrease due to lack of use because If bitcoin arise most of the people will use that only in international transactions...

In addition to more merchants accepting it, it would take people to realize the benefits and utility of using bitcoin. And that would mean them, them being the mainstream world population, to get past all the fud that gets pumped out about bitcoin. Hopefully, as people see bitcoin passing the test of time - not dying out despite all the constant fud, they will realize and think, "Hey, maybe this bitcoin thing is legit afterall," and look into further for themselves.

In the meantime, those of us already on the bitcoin train can continue to accumulate and grow our bitcoin stashes...

i think it need to be used by the mass nothing more or less, until the majority of people use it you can not have a good future for bitcoin, but before that big merchants like amazon need to exist, only then you will have a solid future for bitcoin

first, government accepted bitcoin and make integration with bitcoin, then bank, after this store offline and store online. without government agreement, bitcoin is hard to be accepted as payment as the most used currency in the world. i don't know about paypal, is it accepted by government or not.

after all of this, then we can buy and pay with bitcoin in every place and we can get  ;D

The only way it can become the most used currency is if it had a large international base. Right now the US dollar has a lot of value internationally. If bitcoin could overtake the US dollar, it could be the most used. I don't think this will happen any time soon.

negative interest, lose pensions, war on cash.

http://imagizer.imageshack.us/a/img907/8697/hYDPKv.jpg

Soon in the next decade ...

We can not consider bitcoin to replace fiat or to become the same as fiat in the future.. bitcoin made only for online alternative just like paypal that you can use to buy something goods online. or pay for services.. i think bitcoin will be the same as what is bitcoin right now.

Here is the answer. You guisy ready? Right now the US has the exclusive right to be the official dollar of Oil.

Oil is valued in US dollars and in order to buy it you must first buy US dollars, if that somehow was replaced with Bitcoin. Thats what it would take

I can't see any situation or global condition that might force people to massively adopt bitcoin as their preferred currency. Even in the long run, when most people in the world may access to digital technologies, it is highly likely that a new and improved digital currency might be developed.

Amen!

Believe it or not this rambling rant has actually  a lot of truth to it!  :D

People would only adopt bitcoin if the companies or big resources adopts it, and the big companies and resources would only adopt it the government allow them and that does not seem to be happening so soon, so it would surely take time if it is really gonna happen.

If USA declares bitcoin as a national crypto money, it will be the new USD. More like e-USD. And bitcoin prices would skyrocket after that. You name it, i think like 10k$ or something wouldn't be a surprise.

Well there is a long way before making Bitcoin the most used currencu in the world, Bitcoin should be promoted a lot more , media should talk about it , and also the governments have to support it.

There's actually a relatively high chance that there is going to be some sort of e-USD or other similar digitized currency in the near future, assuming that they don't just opt to digitize the USD and not make anything new. The future of money is relatively digitized, and cash will likely be a relative thing of the past, although chances are it will still exist.

I think if the Bitcoin price increase highly and reach 5000$ or so, may be that's will encourage more people to use it, and with time that's will help surely to make Bitcoin the first used currency worldwide.

Bitcoin is in essence a product, and it's value will be derived from market consumption. No one has to use Bitcoin, or have ever decided to use it, the world did fine without. Should we use it, yes, and that is a different story but to drive Bitcoin into a dominant global market position, all it takes is a reason for common use. All it would take is something to begin to get more and more people buying and getting involved in it at an exponential rate, in return that will drive merchants to begin to adopt it and in return businesses and corporations needing to adopt it. Nothing stops say a small little town to just begin to use it, merchants can begin setting up payment acceptment platforms as simple as an iPod running Coinbase app with a merchant account and then people need to simply download a wallet on their phone and load it to begin to use it. Merchants save 4% say on credit card networks fees, in return can say discount product prices incentivizing consumers to begin to adopt and pay with it. All this takes nothing but a simple personal decision. The volatility of Bitcoin doesn't even affect this because usd will be exchanged and then exchanged at market rates for the time of transaction, so no one loses anything unless they just decide to buy and store Bitcoin but that's not what we are talking about. How we light a fire under people's ass now is another question and this is what people are trying to think of

bitcoin cant be number as its limited maybe another coin

It would generally take mass adoption to make Bitcoin the most used currency in the world. If several nation's reserve banks decide and realize that Bitcoin has value just like Gold, silver or oil, then as a currency Bitcoin could be used as a currency of exchange by many people. All it takes is some external pressure, Government acceptance and people to believe it has value.

When bitcoin starts to be controlled by those who control USD/EUR then bitcoin will start to have a different price.
But bitcoin is not designed to be used as an National currency because people have access to the blockchain and all transaction are public which some people don't like this.

Bitcoins aren’t printed, like dollars or euros, they’re produced by people and increasingly businesses, running computers all around the world, no single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.

Because of this bitcoin can't rise rapidly and be used by most of the people or at least a whole country!
Even though the bitcoin price goes high, number of people using it should be increased everytime to be used by a country after a time.

nothing. i believe nothing will ever take the place of centralized money (fiat) as we know it. bitcoin can become a lot more powerful and adopted than now and there is no doubt about it but it will never replace money that the government controls.

although money in the future that we are talking about may not even be in the form of paper and may be advanced but some attributes of it will never change.

I would say  support from the governments and political parties in the western world.

This isn`t going to happen so don`t rely on that.

WW3,asteroids and alien invasion can destroy the bitcoin infrastructure and also destroy the

civilization.

I think that in countries that bitcoin is not supported and banned from their government bitcoin is being used in the illegal way of course and if these countries legalize bitcoin then I believe that bitcoin price will be increased but to be the most used currency I think people should move their big shares in bitcoin

Not the people, but big companies would have to move their big shares in bitcoin in order to make it one of the most used currencies in the world, because without that it would never be able to reach mainstream if it is not adopted by big companies around the world.

I think if we want bitcoin to be a (most used) currency of a world then it should give at least double benefits that of fiat currencies and then we can at least hope for this dream. Primary requirements would be wide acceptability (most of the merchants should accept it), cheaper technology (a user friendly smartphone clients and a cheaper internet connection), secure and safety (it should promise security of the user in terms of his balance) and aggressive awareness would make it a global currency.

Some hundreds millions USD in Web advertising, and BTC implementing in world banks market can be start steps to Bitcoin as most used currency in the world. But even then BTC transaction time must be not more than 2 minutes, otherwise it is not possible to use it in shops.  ;D

It would take time.  Time for everyone to be familiar with bitcoins capability and use.  For bitcoin to become the most used currency needs a lot of users, people should be aware what bitcoins can do.  If many people will be aware of bitcoin then the demand for it will go high.  Then if many people will start to use it, maybe some stores, banks, and other companies might think twice to use it as alternative for payments.  Then we might just woke up one day that bitcoin will become the most used currency and might take the role of fiat currencies.

I think it would take something like the Amazons and the Paypals to add bitcoin as a payment method and that would dramatically increase the visibility and increase adoption.  Even better would be to have the bitcoin symbol printed on a limited number of postage stamps lol :)

I wouldn't bet on that happening any time soon since bitcoin is tied to fiat. Although if you were not tieing bitcoin to fiat like this forum(such as 1 btc = 1btc), then I guess it would work.

It will take the lightning network being ready, so about next year, then from there it will be smooth sailing. Governments will keep fucking civilians and eventually people will be forced to learn and use BTC.

One of them are amazon, aliexpress, walmart etc those that have millions of costumers and from many different countries in the world and when they expand accepting bitcoin then it will make bitcoin price rising even more.

amazon accepting it won't do squat. what would do it is the rise of an online economy among unbanked people. if people in the west saw that new opportunities were being created where they couldn't exist before then they'd start to pay attention.

Death of Fiat.  And not just the death of the USD, but the euro and all currencies.  It would take nothing short of a global economic disaster, and even then I think people would be flocking to precious metals and tangible things, not bitcoin.  I think it would be possible but highly unlikely.  If a zombie apocalypse happened today, people still don't know shit about bitcoin.  The nerds would be hiding in the bunker trading bitcoin for seeds, but Johnny Lunchbox On The Street would be sitting on a pile of guns and gold.

You have to start small.  These kinds of questions are jumping way ahead.

That would obviously rise the price of bitcoin if those sites accept bitcoin, but it would just spread in the world of internet but we need adoption to a large extent in physical world, so that the people unaware of bitcoin or having different or negative ideas about it start learning and knowing its usage.

i disagree.
any big place with a huge number of users and huge amount of money transfer every day is a good place to see bitcoin at. this helps the adoption and adoption means more users buying and using bitcoin in other words it can become the most used currency online (at least) and the price will also rise a lot.

Advertising might be a good way to introduce bitcoin? the question is who will do that spend hundreds millions dollar in advertising? satoshi?
i completely agree with you bitcoins need to be developed the one is transaction time once bitcoin is powerfull it's ready to be popullar currency in tjhe world

As per my understanding, bitcoin has all the potential to get into that place.

More importantly, the border-less nature of bitcoin will make it to be the most used the currency in this world. Other than that, many of seriously advantageous features of bitcoin undoubtedly will force the world economic to adopt it.

Then obviously bitcoin will be the leader with whatever criteria we will be setting.

Stability is the most important factor for mass adoption. People need to know how much money they have at any given time. With Bitcoin, the amount of money you'll have when you wake up tomorrow is likely going to be different from the amount you have now. This makes planning ahead impossible and you can't live with that kind of uncertainty if you have a family and bills to pay. Then there is the fact that nobody is really responsible for Bitcoin, you're not insured and there is nobody you can run to for help if you wake up to a hacked wallet and your life savings gone.

A killer app would certainly help and lot of promotion would be required.

difficult to bitcoin would like USD, CAD or EURO, bitcoin only digital currency, and everyone can not use this money for some particular reason. we need that many users to make bitcoin getting bigger, and likely to happen any in the future, as an alternative digital payment used all over the world.

well you might be right, without them it is going to be hard to get a huge adoption with bitcoins at the moment, though i hope situation will change

bitcoin need to convince the big merchants if they start using bitcoin for their trading hope no one will be able to stop bitcoin from becoming the world most preferable currency of the world. and all the people will then use bitcoin for their trading.

many countries still not accepted bitcoin , first that needs to be legalized and government has to allow that for transactions. further that bitcoin has to become popular so that all the internet user should depend on that . many shopping places ,sites ,banks should allow the bitcoins ,then i believe it may come in to value of currency.

Bitcoin is  cryto currency and as you said USD, CAD and EURO, those all are fiat currency, and you know now few years ago crypto currencies have introduce in this world, it need take some time, and hope after 10 years, bitcoin achieve more top places.    

I think we can start do that from ourself. I mean, we can spread the information about bitcoin and the benefit of using bitcoin as currency and as investment.

no matter how much information we spread about bitcoin, we can't force people to use it. the impression of bitcoin on the average joe isn't helping at all. the media effect is having a serious impact on them. it sounds weird, but they have full trust and confidence in the government. something that isn't in control of the government is a danger spot for these people. don't think it will change.

It is also important to make it easy for people to understand, how to use bitcoin, wallets, etc. I think, if we provide more information in a simple way, that could have an effect.

Start by making BTC scalable and capable of handling thousands of transactions per second without bloating the blockchain too much and without further centralization of mining. Until then stop asking such questions and be happy with what we have. BTC is still awesome.

yeah, i think that is the most that i can personally do at the moment though i doubt that it would help as people usually dont want to hear about it

People need to be fucked up and slapped around a couple times more until they understand the importance of being self sufficient and holding your own savings instead of putting them in third party places like banks and whatnot. People will learn the hard way how valuable Bitcoin is.

i think television advertisments will do the work.please someone take your profit any only for one month place a ad on any channel and say what bitcoin and how to join it

Just advertising on t.v wont do any wonders if there is no places accepting bitcoin as a payment system, what would people do with their bitcoins if they start using them? They would probably need places for spending them as well that is the way bitcoin can be used all over the world.

when the government didn't say anything about bitcoin, bitcoin will not be accepted as the most used currency in the world. the first thing is government will read and know about bitcoin. second, after they know and learn about the bitcoin technology and what is the most benefit of bitcoin to their economic, government will make a statement about bitcoin and maybe accepted bitcoin as a new currency for internet. third, we need store online which selling product and accept bitcoin as their payment.

when 3 step its done, then people will know and learn by doing and this will make bitcoin is the most used currency in the world.

yeah I think if bitcoin already mainstream and many merchants who accept bitcoin. I'm sure the development and growth of the adopter will grow very fast.

Don't forget that the far majority of the people use Bitcoin as an investment tool. In that aspect, advertising will do good as it may attract people to put some money into Bitcoin. Back in the days when the price reached $100 for the first time, it was in the media. At this point there might not been so much attention from people, but it reached the media again at $200, and $300, and so on. At that point people were seeing Bitcoin was only going up and up, and thus they were attracted. I am fairly sure the impact right now will be lower, but it will remain effective.

At the moment Bitcoin is the most used cryptocurrency and that is huge success. Right now it can't totaly compete with fiat currencies because it still has some disadvantages, like huge volatility, and the whole financial system should have been changed.

When people see that bitcoin is listed in the popular websites that I mentioned above then they will look at this new way of payment and buy (especially when there is a better discount through bitcoin) or invest at all and join the bitcoin world. Another thing is to have a bitcoin logo on popular shops.

We only need to use it always.  We need also to introduce it to other people to be familiar with what bitcoin can do.  Many were still do not understand and heard nothing about bitcoins.  Some where afraid as they thinks it is not real money because they did not grasp it like the paper money.  We just need to strengthen it by using it everyday and introduce it to the world on what its potential.  Then when people knew about bitcoin they may be interested and use it. 

The best thing for Bitcoin would be more merchant acceptance which would allow a broader audience to become aware of and knowledgeable about bitcoin. I believe that's the starting point and there are more ways to make it the most used currency but you have to make the world aware of it on the same scale as their awareness to fiat. Once that is achieved then there's only a handful of reasons people wouldn't use bitcoin but that wouldn't outweigh the large number of people that would.

As of right now, I believe that's the biggest challenge bitcoin is facing at least in this particular situation.

First your goverment must accept bitcoin and the time has come, EURO notice appearance , they may legalize bitcoin as world currency just like other currency ( EURO, US$ , etc )
But it's need time for happening since bitcoin still struggling about their value
   

every thing is accomplished. big companys like microsoft are accepting it as a payment is i being used at many places of the world and bitcoin atm's are also setuped now we just need to advertise it a little just to show people what it really is like televesion ads

I think with time it will be so, but for now  Bitcoin is the most used cryptocurrency in the world and that's not bad too. Personally I don't understand why it should be a problem if Bitcoin is not the most used currency. Take the British Pound for example. It's not the most used currency but if you'd have lots of them you'd be happy, right? )

Bitcoin need to be accepted by the government.  To do that, bitcoin must make sure to have the support of merchants, users and influencial company.  If the government saw that Bitcoin is a trend to merchants and majority of the population and think that they will have a profit without creating any economic issue if they implement bitcoin.  Im sure that they will acccept it.

yeah and it will be like it all the time, in my opinion bitcoin is going to stay huge and it will make me big profit in the future

I think big companies or businesses wont accept bitcoin right now as the price is not stable at all and if a company accepts it as a payment then they would probably have to keep a lot of bitcoins and what if the price drops while they have bitcoins? For sure they cannot hold them like a user can do so they would pick up a big loss.

We need fast adoption and some experts who can solve the present market solutions.we need better stratgyes and more innovative ideas we need to advertise we have to spread bitcoin to every corner of the world so we can make it to mainstream

besides mass adoption by the people we also need countries to be accepting it as an official currency in order for it to grow

that would be really great to be honest and in my opinion bitcoin is going to be more adopted in the future

it should actually be adopted way more because of the financial system starting to fail though anything might happen

you are right though i dont think that would completely make the work done, i think that it will take a lot of time till this happens