Bitcoin Forum

What would happen if everyone would use only bitcoin as main currency?
What do you think?

Mathematically the pice would be much higher than 100,000$.

Given that the minimum transaction size is 547 satoshis or 0.00000547 BTC,  there would be a theoretical maximum of 3,839,122,486,289 units of Bitcoin available for spending which probably would not be enough for the world's commercial requirements.  Also, the number of transactions per second is limited by the block size and confirmation time to something like 7 transactions per second.   I did some math but I'm getting more like 6.5 TPS.  This isn't anywhere close to the rate required by world commerce.

 I believe this invalidates your question but I will continue:

1) Commerce would cease
2) People worldwide would not be able to obtain the basic requirements of life
3) Rioting and chaos would ensue
4) Zombie apocalypse

the minimum amount of bitcoin to send has changed a couple of times but last time i checked it was 5 thousand something (5400?) satoshi

also to my knowledge this minimum changes based on price of bitcoin and it is there to prevent spamming of 1 satoshi transactions. in other words in a world where everyone is spending bitcoin, price is much higher and if we are about to spend all the units available this minimum will be 1 satoshi (the samallest amount)
this makes the maximum theoretical amount equal to 2,100,000,000,000,000 (ignoring all the lost coins)

Price will be insanely high, what is the total marketcap of the world's economy. I think it is trillions of trillions so price of one bitcoin could be 1 million $ or more.

However this will not be practically possible.

 My understanding is that this minimum you speak of is set by miners using the fee-filter which can be altered without making changes to Core.

Commerce would grow, everyone would be available obtain and pay for everything with bitcoin.
This is an great video, bitcoin is the main currency of world:
https://www.youtube.com/watch?v=pPgd7Hj3ABQ

What is wrong people?
Stop using banks.

I dont think this is good for us. If we use only bitcoin as our main currency. There will be no control. Bitcoin cant be control because its centralized. How can government collect taxes from it? Sure the price is very high but the government cant get funds to fund a whole country. The country will fail.

It needs to be over $100.000 for it to work as the main currency because we need cents or something similar, so one satoshi should be AT LEAST $0.01! Otherwise all the items can't be priced in Bitcoin.

If bitcoin is the only currency being used in the world the economy will crumble and so does
bitcoin, bitcoin will not be able to handle the burden of millions of transaction happening worldwide
every second(or not every second ;D).

Bitcoin in its current state or near future will not be able to handle the huge(much much larger than it is now) amount of
transactions coming every second.


Scary if that happens!!!  :-[

If that happen, maybe the value of bitcoin by that time was too high, And I don't think if we still have money when it happens. Because bitcoin is the main currency, isn't?

Banks, Goverments, They don't really care about us!

https://www.youtube.com/watch?v=QNJL6nfu__Q

Bitcoin unites us all together without them.
Bitcoin is peace love and happiness!

If Bitcoin becomes world currency! Then the concept of economics will change drastically. There will be a shift from country's economy to global economy. Government budgeting and forecasting will become nuisance since government will loose control from country's wealth. Calculation of National Income will become impossible. More power to World Bank and IMF since all countries would have to listen them.

How could that be? Just like above xhomerx10 said. Probably when the time comes, there will be many cryptocurrencies coexisting in the world.

That would pretty much mean "World War III"

Unless USA goes down one day, Bitcoin won't ever replace USD. USD is the biggest export of the USA. Iraq decided to use gold instead of USD with their Oil sales and now they are no more.

what i am talking about is called "Dust" and it is set in the protocol (although i am not sure whether or not miners can change it though!) but wallets will reject it.

it has changed a lot, and i am not so sure how it is calculated right now it has changed quite a bit (https://github.com/bitcoin/bitcoin/pull/2760) but i think it is now a different way and it is based on minrelaytxfee not a fixed number!

https://github.com/bitcoin/bitcoin/blob/master/src/policy/policy.h#L43-L48

and i guess you were right about the 547 (or 546 satoshi according to this topic: https://bitcointalk.org/index.php?topic=1214993.0;all)

In answer to the OP's question - somebody would suggest that we increase the blocksize. :)

I think to everyone could use bitcoin as the main currency bitcoin hast to reach very high price to be shared among all people in the world. i am talking about the number of bitcoin which is limited by the number of 21 milions which will be not enough for all population which is close to 8 miliards. So in the use will be only satoshies and only very rich people will have some bitcoins. That does not look as an utopia to me, it is our possible future. i think even Dollar and Euro will have crypto form one day.

Bitcoin as only the main and working currency? Well no such thing now as desiring for a skyrocket price since fiat currency are now undervalued. So even it will worth $100,000 per single bitcoin, it's no use now since bitcoin is now the most used currency for all institutions such as merchants, goods, business and physical transactions.

Believe me, it's not good to see bitcoin as the only working main currency. If you think outside the box you will get the point here.

Simply with all the response that have given there is no possibility for every country to accept bitcoin because currency also determines the strength of the country and with ego of USA and Russia and China I have every reason to believe that they will never agree and the moment the value of bitcoin is now threatning that power of their currency then clamp down is definitely around the corner.

 Well thanks for looking into that.  I was unable to find a reference to the minimum transaction before I had to run some errands so I was beginning to wonder if I hadn't made something up! ;)

I think this statement is wrong both now and in the future. Bitcoin is not the main world currency and will not be the main world currency. We probably won't be able to forget about the dollars and the euros anytime soon. What Bitcoin is, however, is a solid implementation of blockchain technology that enables us to send cryptographically secure peer to peer transactions. That in itself is something very neat to have, and something marvelous to build upon.

I agree, bitcoin maybe have the highest price value currency but it will never be  the main world currency.  Bitcoin might be the main alternative currency because if ever nation will shift to another currency it will be the currency that they have created.