Bitcoin Forum

Japan started making btc legal now, India is following, maybe China is Next? then within 5 years from now maybe the crypto world can be well known?

Acknowledged by governments? Maybe in the next 5 years, but being used as a currency side-by-side with fiat? I don't think so. People still refuse to see how bitcoin could potentially serve them and still stick with their conventional fiat money. It will be a long and tiring way out there and the next 5 years would just be the governments acknowledging bitcoins, but mass adoption would still be far off from the books in my opinion.

It will depend on how it will be prioritized by the specific government. For bitcoin to become truly regulated in a certain country, it will take years in process because of brainstorming and lots of related financial issues.

If just about popularity and for bitcoin to become truly popular and known, 5 years is too much. Bitcoin can gained popularity without waiting for a long duration even few countries will make it legal just as it did as years were passing by.

Whenever hash power increases and reaches to the rate of bitcoin hash power, even bitcoin now needs at least double the current hash power to be more accepted worldwide.
Believe me no one will ever look at a coin with a few mega hash per second because then manipulating and causing changes would be too much easy.
But if many people have millions and billions at stake then you'll see how everyone comes and start using crypto.

Bitcoin has never been "illegal" in Japan, and they accept it now as a comodity, not a currency.... The mass adoption of bitcoin is not going to happen as long every month we see a new altcoin that basically keep adding to the speculative investment about altcoins..

All you have to do is look at what the markets in crypto are doing, and you have your answer.  We are in a huge bull market, and where do you think that money is coming from?  Bitcoin, and selected other cryptos, are currently being 'adopted'.  Maybe they're not being used to buy everyday items, but people are at least starting to own the stuff.  And there's still enormous room for growth, too, because 99% of the world population still likely doesn't own any crypto.  Think about that!

I am doubtful! 5 years is too less of a time for a technology like crypto currency to be adopted by masses. People are still not clear about the idea of crypto currency because they don't understand that how money can be generated from computer.

Japan has a literacy rate of 100% and they are one of the most technologically advanced nations. So Japan adopting bitcoin as a legal currency did not surprise me. But India and China will not be able to do it withing next 5 years. Especially the current government of India is busy playing political games in the name of religion. They are least bothered about bitcoin and I am happy about it. If the government starts taking interest in bitcoin, the users will be put behind bars and money laundering cases will be filed against them.

Japan's adoption is not a determinant of anything because Japan is not active on world politics which have influence on the financial system of other countries. But I see the impact of China having effect on other countries if they adopt from that end. However, what will be the most lush factor is if a country like UK, USA or Russia adopt bitcoin, then I see the massive inflow happening in the next five years but currently nothing is certain.

I do stand by your opinion that India being a developing nation it is hard  to comprehend the news coming out as they are always having issue internally and for a new technology like crypto currency to be adopted by the masses will take its time,if the two major populated countries China and India legalizes bitcoin then the amount of investment will be really huge and it will break conventional rallies we have seen earlier in bitcoin if that happens.

I could think if US will become another one. Judging from the latest news, Newyork financial institution already gives a permission to coinbase for being the first exchange who was selling it for newyork people.
In my mind, if it can be considered as a good signal for us. No one can be determined about the exact date when the crypto will be known to everyone.

My country philippines accept bitcoin as payment and thats the government released that news. I dont know if bitcoin is illegal or legal. But in my country bitcoin is legal. And I hope many country will adapt bitcoin . And I think 5 years is  not enough year so the people understand crypto currency I think 10 years many people understand that.  If many people know this and thats good everyone will benefits .

2018 rusia follow japan, regulated bitcoin
china exchanger still problem with PBOC, i think if china slowly to regulated bitcoin
bitcoin can the big curency, if SEC USA regulated bitcoin

In 5 years there will be a lot of people knowing crypto currencies maybe almost all of them will recognized crypto, but to be adopted I think its hard to predict, because not all of the country agree with the crypto currencies idea, but there will be a lot if people doing transaction using crypto in the next 5 years

Ya but in my knowledge only 50% will be knowing about bitcoin until their is no massive online stores accepting bitcoin as payment option because right now the online market is the main market for all product sales.

I think cryptocurrencies will be generally used and massively adopted after the year of 2020 because we all know that the next halving event for bitcoin will be on 2020 and that will be a very big news for bitcoin and most of the people around the world will get interested in bitcoin and if they will know about the 2020 which is halving year then they will adopt bitcoin and take advantage of the possible price pumps.

Four years is such a short time for mass adoption to take place. I would even say that in 2030, bitcoin would still be sound greek to a lot of people. Infrastructure would play a big part on such development and if people who have been living their whole lives without bank accounts and stock investments survived that way, I don't really expect them to be well versed even with cryptocurrency in all those years. I am not being pessimistic with my outlook by just being realistic and lowering my expectations.

Are you sure India is following it? Because what I know is recently one of the parliament members has requested to bad bitcoins in India. After that I didn't follow up that news, what is the status now?

Also, in India, many people are not knowing about bitcoins and these crypto-currencies. The government is struggling to trace all black money and if they can't trace the source of the funds then mostly they will not approve bitcoins to use in India. This is just my opinion...

Sled...what is a halving year?
I googled it withno real results.
Thanks

Every 4 years, the amount of Bitcoin that is received in each block gets halved. The amount started as 50 BTC, it then moved to 25 BTC, and now it is 12.5 BTC. Whichever pool or user mines the block first, they receive a reward of 12.5 BTC.

In about 3 more years, the 12.5 Bitcoin reward will be halved again. From there on, each block reward will only contain 6.25 BTC. It is a continuous pattern until all 21 Million Bitcoins are distributed.

Agree with this. We still live on a paper world and people want something to hold on to for them to believe its real.
5 years is still a maybe to make it worldwide. Problem is technology. Not all countries can manufacture some machines that are high ends. They will need funds to buy it in other countries and that will take a lot of money and risk.
They will also need the people to agree for they will use the tax that is being paid.
At the end of the day it is every government which will decide and whom can make good changss first.
Japan doesnt have a problem with it so they didnt have a hard time deciding.

It's a crapshoot and basically, it comes down to looking at the users on an individual level rather than trying to lump countries together. Maybe if there is some sort of renaissance with the technology we can start to see some advancements but until then chances are there will be nothing happening.

Japan is always kind of weirdly ahead when it comes to advances in technology, but they also have a very different culture. India is doing ok for what should be expected of their country, and China will likely deal with the authoritarianism for a long time to come. We'll see how rapidly it takes off.

Well if the most country will making legal in all of the country so thats the time they will adopt the crypto currency. But before that they should know the bitcoin first because without it they can know about crypto currency. I think 10 years from now? because not all of the country know bitcoin already so it really takes a time

No doubt that Japan accepted Legaly but if you will see the rules , then you will came to know that there are taxtation system in that are also need for the country growth .
And here now the chances for the India to accept Legaly the bitcoin , and many things are favourable for the descion to accept bitcoin , Because with the help if the bitcoin we can stop the black money system .
But if the bitcoin will accepted by the china then I think that will be turning point of the bitcoin to grow Because in the china already millions of the people are using bitcoin and Mining Because of cheap electricity .
Hope this will happen and we can grow easily to get more and more success in the bitcoin and starts to make payment with the bitcoin and altcoins to buy ny products .

I think this year will be crucial because couple of big countries are in process to frame rules and let the status known regarding their stand on bitcoin which will clarify lot of thing and its future. Also bitcoin has reached all time high of 1600+$ recently which will attract more buyers attention towards it as a investment purpose.

Yes because at least if this rich countries adopt them bitcoins it would not greatly affect there economy, whereas other 3rd countries they would really need taxes to make there own budget for economic growth. i must also suggest that many millionaires disregarding countries are already getting richer in just investments alone. There are also countries who has their mining facilities so i guess other countries also would adopt crypto currency by mining.

In accordance of bitcoin fains, bitcoin is a loving currency because of its anonymity and  apex.
Its fains have creted petitions to respective governments to anounce bitcoin as a legal currency. So, the bitcoin is defenite to get acceptance globally soon

Japan accepting bitcoin is one big step for bitcoin integration but I don't believe that the in the next 5 years there will be any huge changes in bitcoin integration, but the progress will be made. I more interested in promoting bitcoin to regular people who aren't into IT or anything like that, getting that audience to accept bitcoin would be a huge leap.

I believe within the next ten years, if we don't have any major world wars, we might see Bitcoin adoption being taken to the next level. Now it is getting more and more popular as a store of wealth as more financial institutions and governments look to the blockchain for problem solving, transparency and further wealth creation. I have noticed that most of my friends on Facebook now all know or are using Bitcoin as opposed to five years ago when only few of us were talking about it.

year by year the Growth of cryptocurrency always increase i think this is prove that many people has starting to interested to learn and know more for cryptocurrency world and if next there is other country also admit bitcoin i think to reach massively adopted for next 5 years it would be so possible

We do not know when bitcoin will be adopted on a large scale, it will depend on the situation. But now bitcoin has begun to be adopted little by little, I'm sure gradually definitely bitcoin will be known and used all over the world. Moreover, from now on many governments are getting interested and legalize bitcoin. If you say 5 years from now bitcoin become famous, maybe yes. And it may not need to wait 5 years. Bitcoin prices are now also higher and more valuable, it will make investors begin to be interested in bitcoin. And little by little bitcoin will start to be adopted, it will still need a process. The most important thing now is not to make bitcoin legal, but make bitcoin worth it. If bitcoin worth it, people will use it and the government will legalize it because it is profitable.

At that juncture, I or we do not know when bitcoin will be adopted by many, it will depend on the situation. But for my standpoint, Bitcoin or cryptocurrency now has begun to be adopted little by little. As I always uttered, cryptocurrency is accelerating! If you say 5 years from now bitcoin become famous, maybe yes. Nobody knows and no one can predict but maybe, maybe. The most important thing right now is not to make bitcoin legal, but to make bitcoin worth it and don't take advantage of it's used.

I believe it will take another decade before Bitcoin will be massively adopted by every country in the world.  there are still lots of improvement needed for Bitcoin to be acknowledge by many country, one of which is the possibility of centralization, which is kinda happening right now.  With all the implementation and debates about scaling, it seems bitcoin is moving forward to semi centralization since if any of the suggestion is implemented, bitcoin will step into the centralization area since both camp are throwing allegation about each one having a centralization scheme in their pocket.

On top of that, bitcoin has to address its inherent security issues. there have been multiple high profile incidents in the past that has undermined bitcoins credibility in the eyes of commonfolk. Its going to take a while before crytocurrency is used as common currency.

I also think that bitcoin will be used by everyone or massively adopted after 10 years because as what you said, bitcoin is getting warmed up this year and its collecting some proofs for the next year so it can be easily promoted next year to different people and countries so they can adopt bitcoin as early as possible. Bitcoin is very easy to spread but it will take a long time for that.

I think once after the early adoption there won't be much users coming into it. Because when years pass the price and the value increases. This causes an affordability issue with the public who live with some job. So only the upper segment people with good backing show interest as a single coin carries a big amount of fiat.

Chinese are mostly interested in trading only.
and these things don't exactly have a time, it is adoption, so it takes time first, and by that period of time everything is slow, then suddenly things will speed up. it can take years to reach that stage but when it is reached you see in a couple of months that bitcoin and then cryptocurrencies are massively used.

I think that within a few years bitcoin will be accepted in all countries as an additional e-currency and possibly then it will be necessary to deduct a percentage of profits to the state.

Let us not advocate the state and ask them to take a cut in what we do,the state is earning more profit by imposing tax on each and everything we use and they should not start taking tax for the things we do virtually. For crypto to be massively adopted it will take a really long time as this is still a new method of transaction people might take a long time to start accepting anything new.

One issue is the high price of BTC as this will mean that with mass adoption people are using such small fractions of a coin - this is neither convenient nor easy work with/calculate, and life is all about ease and convenience now and would stand against mass appeal.  A BTC little brother would possibly have a greater chance.

Having said that, credit cards are widely used and adopted and BTC could be used by the masses through that kind of channel.  But, again the high price and it's stability work against this happening IMO.

I guess it is already well known and that is the reason the adoption process is taking place. But I agree in next 5 years, we may experiences the rapid growth of bitcoin adoptions as governments probably will clear the stand on legality of bitcoins.

I do not believe that only those who are upper segment people will show interest.  Do not forget, Bitcoin opens a new opportunity of earning money to every individual, and even if Bitcoin price goes up to $500k,000 a piece, we can always buy in parts to lessen the price we have to pay.

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I guess massive adoption will happen soon.  It does not need another 5 years or a decade, to be majorly adopted.

Depends what continents.Asia is much more friendly to crypto,USA and Europe is puting obstacles instead of Switzerland,i hope whan all that scaling problem will find positive solution something will move.Problem is banking industry truth is crypto is bank enemy,it doesnt belongs tothem,it is main reason of crypto growth also,sometimes enemy is cause of growth

In the near future I think crypto is already a lot of people who know, but to adopt bitcoin on a large scale, I think it is not easy, not all countries can accept the existence of crypto, because crypto is an electronic currency that is not associated with any institution, Both government and private, this is what makes crypto can not be accepted by some countries in the world, but if government prefers economic interests of its people, I think crypto can be accepted in every country. Because crypto is a very profitable investment tool.

I think the year 2020 would be a game changing year and we will have a strong user base as compared to that of digital fiat currency users and we will also have a strong infrastructure, both online and offline. Alternatively, as you mentioned that governments are also working to frame legal regulations for the blockchain based financial system. Banks are also showing interests in Blockchain technology so I think with the developments in next 2 years, the year 2020 will have something great for the crypto sector.

cryptocurrencies are still growing in popularity and we are the stewards to help others know how exactly the technology works and how cryptos will benefit us from their use which is going to take some time before cryptos gets massively adopted. Maybe with the help of our governments this can be done within 5 years otherwise general adoption might take a decade

i think the coming year which is 2018, because now a days bitcoin running so high after 3 months every body will know about this and start working on it.

more countries admited bitcoin as the currency then more chance to bitcoin near to massively adopted but 5 years still not enough i guess and slowly but sure bitcoin users has increasing day by day but the process to being that step indeed took more time and not instantly

If the governments will cooperate then 5 years may be possible but then the question is would they? They know that they can't control it even some taking action now banning bitcoin because it is a threat to them. It would be hard to implement massive adaption when your government doesn't even want to recognize it. But who knows, maybe they will find a way to somehow control it and let the people use it freely.

This is the main problem in the adoption of bitcoins as mainstream currency around the globe. The governments are totally reluctant to accept the fact that people are gad to use bitcoins and want them to be made legal as soon as possible. Bitcoins are giving people full liberty and this is not appreciated by governments at all.

The key word here is the government because without their support I guess there is no much to be done and even with the resolution of the people otherwise, it will be done outside the law which is.not what anybody wants to do at this time. Either way, it is important that every government understands that times are changing and people are moving, the question is do they want their country on the path of development or left behind?

I think Asia would be the first to really adopt bitcoin in general, with Japan, China and South Korea leading the way. Then small countries like The Philippines which is very bitcoin friendly and others like Hongkong and Singapore. So it will be lead by Asia and once they see that it is doing good in Asian countries I think US and other European countries will follow suit as well. Otherwise they will be really left behind as technology is really moving very fast in recent years. It countries didn't adopt, then their citizens will go underground just to do transaction with bitcoin which is not good to those anti-bitcoin countries.

Based on my recent research, some experts are saying before 2040 we will see $500,000. I certainly think this is possible, but it would require an unbelievably large sum of money to pour into crypto that it is hard to see it happening that fast.

With that said, just look at how Bitcoin already went from literally worthless to almost $5,000 a pop. That in itself speaks volumes. :P

for my prediction general massively adopted for the crypto i think the crypto world continue and ongoing to popular in the around the world and raised in every country to become new currency used of every nation, maybe in the 3 to 6 years cryto massively adopted in the intire nation.

By 2025 probably, I guess not massively but generally it is possible.  There are factors that affect it they are government, centralized oorganizations,  and availability of resources. If these three combine then there is more than just possibility, a lot of people will like the idea and may go for it.

Judging by what is happening in the world today because of the actions of the Chinese government, which in turn influenced international peace in the military plan, it seems to me that Bitcoin is engaged in new new positions. Thus, it contributes to popularization and acceptance of each country's importance for the importance of crypto currency in the near future.

Japan has been advanced ever since. They might be seeing something here that other countries are yet to recognize. Other powerful countries may follow Japan's step before the general mass to fully adopt it. We cannot know for sure when is that, what we know is it shall happen.

The overt fact is that more and more industrialised countries will follow Japan's step very soon. It will be a situation of "if you can't beat them, then join them '. Maybe we might just be seeing the very volatility of bitcoin soon. For paper money to be replaced by bitcoin coin... That might mean we could be seeing humans in Roberts form, taking charge themselves in human daily activities.   Meaning, a difficult task.

Yes. Some people are bound to have restricted themselves from facing the changes in technology that has happened so far. What would then make them want to switch to bitcoin all of a sudden. There is still a lot to be done before we can even think of going mainstream, however, without challenges, we won't know the next course of action needed to move further.

One cannot actually tell which particular year bitcoin or crypto currency will be generally adopted by different government in the world. But what I believe is that in the next 10 years to come maybe upto 13 countries will adopt and legalise bitcoin and other crypto currency.

It's hard to predict because it's something that depends on the whole world economy. It could take several decades, if people are slow to understand how Bitcoin is a better currency, or it could take less than a decade if governments continue with crazy ideas, like a Cashless Society.