Bitcoin Forum

G'day.
At the moment greed is controlling the majority people who "invest" in Bitcoin. There will be a moment when this changes to fear. Just wait and you will see.
In the long run this doesn't matter. If a product provides a benefit and people understand it, it will be used.

The basis of greed and fear is ignorance. So here comes my question to fight against ignorance.

Some years ago the majority of people invest in Bitcoin cause they believed in something. They believe in a decentralised currency which can't be controlled by governments and /or banks. A currency which everybody can uses without any extensive background checks or intermediary who charging fees. "Why Bitcoin?" -"Cause we believe in a better currency a better world."

So let's do it. Let's say, finally people will not buy and hold Bitcoin anymore, people will use Bitcoin. Our dream comes true. Let's say 1 Billion people will use bitcoin in their day to day lifes.

What will happen? Is Bitcoin today technically ready? Or do we need further several technical improvements? If not Bitcoin which crypto currencies is technical ready?

Obviously, bitcoin is not ready as a world currency.

However, it is hodlers and speculators, not coffee buyers, that make it happen more soon. Why?

Hodlers and investors pour money in the network, increasing the market cap, increasing the demand for BTC and making it possible to use to move large sums of money. Moving large sums of value is a task bitcoin is suited to in a much better way than making day-to-day purchases. After all, you don't need irreversible, pseudonymous asset supported by computing power and electricity usage that shy entire countries to buy dairy products.

Speculators in turn bring necessary liquidity.

So, if you want to support the network, hodl and trade BTC, don't buy coffee :-)

Why should I support the network?

Why should I support the network?
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Supporting for bitcoin to become world currency.

I'm not sure if I'm getting what you are up to.

It's not ready for a daily use. I mean it wouldn't overload the network, but the fees are too high for it to be used daily as a currency. You can overcome the confirmation problems by using services where you can register and they vouch for you with every transaction, so that when you pay in store they get a confirmation from a third party that the transaction has been sent. Services like that are being used every day with fiat money.
What remains is the fee. People will have no problems paying $1 to transfer money for a new fridge or monthly rent, but they won't do it if they are to buy a bus ticket or a pack of cigarettes.

Yeah, as you guys said, Bitcoin is not ready for world usage. That's why we must support it as long as it will be ready! We just have to run nodes and support developers. Yes - developers. They are working hard making Bitcoin better and better. They are currently developing Lightning Network, with this BTC will be more ready for mainstream than before!  ;)

None of the created altcoins were even meant to be a world currency. These cryptos are created for fast and cheap transactions, not to completely overthrow the already established monetary system in place, and the fact that governments will fight hard against it, there's no way that bitcoin could replace fiat entirely. Heck, it's not even ready to accept Paypal-level of volume, how can it handle transactions in a global scale, with brick and mortar store transactions included?


You shouldn't if you don't believe in the experiment. As simple as that.

Supporting for bitcoin to become world currency.
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No. Bitcoin i think is not ready to be use a world currency. If you're a practical person. You will know that. Look at the fee when sending Bitcoin. It's very expensive. Bitcoin is not created for that matter. They should create a crypto which don't require fee and fast transaction. I think that's the ideal crptocurrency that can be use as world currency. Bitcoin for me is a good form of investment that generates fast income. Bitcoin cannot be use a world currency.

I never seen any potential crypto that could be use as world currency. But i know some countries are trying to create their own cryptocurrency to be use as their alternative currency like Japan and Russia.

There is still no such currency that is completely ready to replace the national currency. And the state will not allow us to introduce it so simply, it is better to create our own. In general, as long as there are no mechanisms, no understanding of how it will influence and act, everything will also remain.

probably it's difficult and almost impossible

Bitcoin will not replace the national currency in the national markets, precisely because the markets run by the national governments require national currencies to trade on these markets and pay trading fees on these markets (commonly called "taxes").

International trades and settlements are a whole different cloth, though.

Part of the problem is that Bitcoin is a single-tiered network, so congestion is a problem. That is why some transactions can take 30-45 minutes to process. Nobody wants to wait 30 minutes to get their coffee. That is why there are coins like Dash, which try to address transactions much more rapidly.

My thoughts are that Bitcoin will forever remain a store of value, while other alts like Dash will be the currencies to transact with.

Problem with most of the altcoins is that they rely on bitcoin for their value and anyway to extract that value. Worse bitcoin is volitaile so not a greta store of value. The most viable ones are things like onegram and zengold since they are backed by gold. Tether was a good choice until it lost it's value. Even with faster altcoins your still going to have issues depending on your distance from the full node. Ways around it, yet no coin has been launched that will do (Of course nothing has been designed for buying a coffee(apart from my experiment) I'm not aware of anyone able to send (transnational i,.e. not cold wallets) bitcoins in the post.

Bitcoin is by far the most well known cryptocurrency and has been around long enough to have stood up to testing and criticism over the years. Therefore it is the most likely to gain widespread adoption around the world.

There are hundreds of others cryptocurrencies that may have better features, lower fees, and faster transaction times, but none of those coins has differentiated itself from the rest to reach a market cap anywhere near that of Bitcoin.

I think this is a clear case of an incumbent that has trust and name recognition that will prevail in the cryptocurrency space, at least for now.

Bitcoin of course. Technically no crypto coins is soo advance like BTC.

Bitcoin has an (decreasing) inflationary rate with no way to inflate, deflate or adjust the velocity of money(bitcoin) some would argue that like gold the lack of any mechanisms are good. Current central Banks rely on keeping s certain interest rate. Of course a Dapp on a custom blockchain could do far quicker responding in minutes to keep things in the target and could actually alter it's own velocity. Keynes original problem with fiat was you couldn't pay interest directly to all the fiat holders, so you needed a central Bank.

Bitcoin was technically ready from the day Satoshi put the first node online! It's not the currency we're waiting for, it's the world!

People aren't ready for this new currency to exist in every day places. Merchants aren't ready to say "Bitcoin accepted here!" Those two groups need to mature in their comfort and become more aligned if Bitcoin is going to be a widely used currency.

People aren't hodling bitcoin because they're waiting for it to be accepted as currency. They're holding it because it's worth more tomorrow than it is today, literally.

Bitcoin is technically ready to use.Also we have other crypto currencies with added features but I think they are not necessary.

Bitcoin cannot be used now for buying things and etc because it is very much volatile.

Yes.Bitcoin can be fully used as a currency.But as it is not mined completely.It may cause fluctuations that no one likes.

I want to see those days where bitcoin is used for day to day transactions . But I think it may take more days than I think.But btc is fully ready to be used.

Cryptocurrency is the inevitable future. While there are many issues with the current technology, they can be overcome. In time Cryptocurrency will be way superior to fiat currency based monetary systems.

To build a sustainable and self-sufficient economy based on Cryptocurrrency, the following MUST be achieved:
- sub-second transaction times (compared to current Bitcoin transaction times running into minutes or even hours)
- sub-cent transaction costs (compared to current Bitcoin transaction cost of a few Dollars)
- scalability (the current block chain is not scalable to handle a sizable economy)
- controllable price stability (control being democratically vested in the community)
- simple and accessible interface to laymen

So jute or similar then? https://github.com/Taek42/jute

At this stage, I think we are still in the early phase and it will take at least a decade to make it almost stable in the possible ways. We have some serious issues with Bitcoin including high transaction fees and undecided legal status in most of the countries. The number of people using Bitcoins is very less as compared to that of fiat users so I believe that 10 years is a suitable timeframe to expect something concrete from it. Technically Bitcoin is a global currency even at this moment.

Disagree we have dozens of stable blockchain ls solar-backed gold-backed computational backed. Any would be a viable replacement for bitcoin with the right marketing but would be on the level of pre ww2 fiat or asset backed money. Probably not quite able to reproduce current credit levels of fiat though

Also most of the people are not aware of cryptocurrency, specially most of the people around the world are not sure about it. Yes it is booming now but imagine if it would become as a real world currency the price of it will sky rocket and as you know most of the prices of cryptocurrency is really high right now.

My point is it is technically ready not the public is ready for it. Note however if it was fiat money then it would be valued in itself. It is actually possible to create a blockchain with inflation (quantitive easing) just allow pre-mining to appear at any block, or allow for the difficulty of mining to be adjusted. Or send payment directly to people's wallets from a minter(miner) tax
 Which by the way was what Milton said was needed for fiat to work without a central bank. (The central bank is a hack)because the technology was not available in the 40s.

For me nowadays only bitcoin. This coin has such bigger expierience in this type of "big" scale popularization that it could be the world currency.

I think there are none... but BTC has the best progress into becoming world currency...
BTC is like the father of all crypto, with its price rising from the past months, BTC becoming more and more popular in the world... but still, not ready yet to be world currency...
there's still a long way to go ~



Yup, maybe sometimes in the future, we hope so ~

Historically the father of all technologies are not the ones that get mainstreamed. I'm not posting this on Arparnet with my smartradio

I believe that Dash can be massively adopted when they will do what they want.
Instant transactions, modern web and phone wallets (in development) and pretty secure network. You can find more info on www.dash.org. I myself have invested a bit of money into dash and intend to hold and if the project will be promising enough over time then I will continue to buy at dips 8)

Everything has its time. Without doubt, it is a future, but world should change for this future to become present.
Not in 5 or even 10 years, my opinion.
But the good thing is we will be prepared.

Yup agree dash is a possibility. IMHO has a better shot than bitcoin at adoption.

Crypto should be used alongside the current currencies we have today. The acceptance of crypto on a global scale would require total effort from everybody. So a possible solution for this is the slow integration of Crypto towards everyone's daily lives. It is already onto a good start but would still have a long way to go. It just needs to keep on growing and keep on receiving support to be able to keep up with the world. But sooner or later it may actually come down for crypto to be the currency used worldwide. This shouldn't just be of concern for developers but fact is, the greater number of people sharing one goal, the faster it will be achieved. And to do this we should just keep on giving them a reason to want to develop crypto.

Interesting - could you point to any link or reference?

Any currency can play the role of the world. Even seashells can play the role of world currency. It's just a question of the will of governments.
And therefore, it will  not be choosen for its functionality, but for political reasons.