Bitcoin Forum

We are experiencing a going-down market from the beginning of this year, many speculators left the market & some new visitors coming in, it is not a bad thing -  at least the market sort out those true believers who are the HODLers, but what they believe is a great thing or it is just a last virtual banquet? so here are some questions for us to discuss, if the answers are positive, hope it can bring us more confidence and patience to keep us stick to bitcoin for a very long time, here we go:

(1) Bitcoin just a icon or trading tool which is not going to be used by global consumers for payment purpose as a mass adoption?
(2) Will bitcoin become global currency in next 20 years?
(3) How bitcoin can change our society and daily life fundalmentally?
(4) Which industries will be the breakthrough points for mass adoptions of bitcoin (blockchain)?
(5) How long it will take to see the bitcoin price skyrocket to $1M

Any more questions or insights are welcome to follow, I will start as the first answer.

I think no, because the bitcoin price is for the technology platform and it is hard to change other currency because of the value not only the price but the people who are in the paper currency. Bitcoin price are always changing and it cannot be helpful to the economic of the many countries.

this's posible. because bitcoin is real.

(1) Bitcoin just a icon or trading tool which is not going to be used by global consumers for payment purpose as a mass adoption?
Bitcoin not just a icon, it surely will play an important role in global market as a payment tool, together with blockchain technology development & more and more consumers reach consensus to accept cryptocurrency as a payment. In other words, if there is one cryptocurrency which can be a global currency, it will be bitcoin.   

(2) Will bitcoin become global currency in next 20 years?
Definitely. Recently more and more stablecoin created to meet the needs of investors who needs them badly because the cryptocurrecy price fluctuation  not suitable as the intermediary of payment, also central banks are also pay attention to blockchain as FOMO, but they will not give up mintage power to 3rd party cryptocurrency like bitcoin, more likely they will make their national sovereign currency digitalized (in reply to Pomp twitter), so they are still national currency, but national cryptocurrency. USD as a anchor of stablecoins will play a even more important role in crypto world, but we still need a original cryptocurrency - that is the opportunity of bitcoin.

(3) How bitcoin can change our society and daily life fundamentally?
Bitcoin changed our society from the recognization of the new world by combining new technology with economics together, which changed the relation of production, we all will benifit from its evolution into corners of our society.

(4) Which industries will be the breakthrough points for mass adoptions of bitcoin (blockchain)?
Financial sector, supply chain, games...etc. But most important part is it can be used by majority of people in our society, not just 3rd party & companies. 

(5) How long it will take to see the bitcoin price skyrocket to $100,000?
In 10 years, let's wait & see, just be patient 

I certainly hope so, or if not bitcoin there will be a digital currency that will operate on a blockchain.  I want your like to think bitcoin would be the one but I think governments will more than likely create a new one that hasn't already been out there amongst the little people.

In year 2000 there was an end of IT bubble on global stock market. Guess what happened before? Everyone was buing stocks of IT companies, no matter what this company was doing, no matter if this company had profits or not. Company making shoes decided to go into IT market? Great, stock price was 100% up in less than a month.
Thats bubble.
Growth without any reason.

Can any crypto coin be replaced?
YES, we may have new very popular coin that may be more popular than BTC.
Can Euro or USD be replaced?
NO

Yes, government more likely to have cryptocurrency transformed from their national sovereign currency which is similar as the currency world nowaday, but I guess bitcoin price will tend to be stable or less fluctuated after blockchain in dominance position.

I remember those days that IT bubble ended in 2001, Nasdaq got more than half cut, and it is a good point in comparing with IT bubble, but do you think now blockchain in the period as internet in 2002 or earlier? In early internet times, at least we have popular application like email and website(https), what does blockchain has until now? cryptocurrency? When can we have the simple universe application?

Regarding cryptocurrency, I think the current stablecoin is not stable as they anchored to USD, central banks are eager to put blockchain technology into their national currency and not use any cryptocurrency to replace their fiat, so from this perspective, I do not see any possibility to make bitcoin globalized, but on the other hand, this may also create opportunity for bitcoin when the transaction get faster with low cost, user friendly...etc, because it is almost impossible for all the countries in the world joint to ban it, it all depends on itself.

bitcoin has always been a global currency! that is not something it becomes. bitcoin is designed to be a global (boarderless) currency and has been exactly that from the start. all the drama about the price and the rest are the things people introduced for themselves afterwards and they have nothing to do with bitcoin itself because you can choose to use a currency as something you HODL, you can even HODL US dollar but that doesn't make dollar less of a currency.

it is interesting that you are doing it yourself too by contradicting your own statements. your title says "currency" but then all you focus on is the price! and that is one of the reasons why the mass adoption has not yet happened. because people talk one way and act another. :)

It is still difficult to predict, 20 years is still a very long time, even if bitcoin becomes a global currency, this is certainly a long process because there may be many rules and constraints

20 years later? entirely possible . We have the right to hope for a bright future. At that time, people were able to use bicoins in their daily lives as money, even in remote areas. If that becomes a reality, it will be great :-*

what you need to realize to get the answers to these question is that bitcoin is what it is! if you read the bitcoin paper you can see that the aim of it is perfectly clear. and the design is in a way to help reach that goal of being a decentralized payment system.
now what people use this design is up to them because bitcoin is never supposed to restrict people  and force them to use it in a way that they don't want to.
so for your #1 for instance, when people use it for trading that  doesn't change bitcoin's nature. it just shows those particular group of people are using bitcoin in one possible way.

You know I do not mean that "global", bitcoin born with decentralized, the point is how it can be used by everyone in the world in their daily life.

I am not focusing on price at all - sorry if it  makes you come to that - actually it is like a joke, such as "when to moon"... ;D

What I am focusing on is how this bitcoin & blockchain can change the world fundamentally.

Exactly! We all looking forward to it.

I suspect that the media will be the first industry for mass adoption because the media at the moment is ready and waiting for any positive insightful news. Also, they (the media) realize the possibilities that are with digital currency investment. They are also the first point for communication to the public plus the trust repose on them.

if the development of bitcoin is still good and the development of bitcoin continues to occur right now maybe in the next 20 years bitcoin can be realized into a good coin and has the potential to become a global currency that can be utilized throughout the world, the most important thing is the development of bitcoin to this day.

it is very difficult to make bitcoin for global currency because there are still many governments that prohibit its use in their countries because of its decentralized

In the next 20 years, when bitcoin Intrusion the market it will become a global currency. With superior value and high utility, in the future bitcoin will replace USD on the world market.

On one hand, can not agree with you more. On the other hand, of course we can leave it for self evolution, but as a believer, I would think about what we can do to make everyone in the world benifit from it, not just from price increase, but also a better life.

I think that the task of Bitcoin was to show an alternative to the current financial system.

When a global currency is introduced, it will not be distributed to individuals.

"I'm sure that in 20 years there will either be very large transaction volume or no volume."                  
                                                                                                                                       Satoshi Nakamoto

Interesting, do not you think it will evolve itself to better satisfy the three key functions in the future?

If we are talking in the next 20 years, there is a possibility that it can become a global currency. I wouldn't say other world currencies will not be used at all but as global transactions happen, Bitcoin can become a global currency. Plus, as we know there are other technology advancement as well such as AI and virtual realities being developed. By 20 years, I foresee a future where not just bitcoin, but the blockchain technology as a whole to be integrate into many industries/aspects of life.

Possibly yes, because as we can see as of now that it's adaptation is currently active. Day by day there are increase happening to it's adoption and huge number of people that interested to this system are continuously counting and beside of it, the legalization of it are considered going better and better. Some country in different part of the world are open now from it's legalization and their respected governments wanted to try and experience the better product that can give by it in a way of having much better and much develop economy in their country. So there will be the biggest chances that bitcoin will be global currency.

Good point. I am sure it is helpful in spreading the use cases. Also I know some projects are connect original content creator with payment system, like AC3.

     I think it has a huge possibility to happen soon, with the good development of bitcoin and pleasant background which gives interest to be invested by people who are eager to earn profits. And I don't have any doubt about it.

I think it will become more and more a respected store of value and tilt towards being similar to gold than being similar to $ Dollar, unless it has technically improved to the extent where we would not think of transacting using a competing digital currency that works faster and is cheaper.

But man oh man right now in the last quarter of 2018 its such a pivotal moment for BTC and Crypto as the early 2018 fall is still in effect (for many reasons)... Will this Crypto Christmas be a Merry one?

I love my wife but honestly the bottom I want to see the most is Bitcoins!

Great. In comparing with other altcoins, what do you think bitcoin's advantage & disadvantage in becoming biggest global cryptocurrency in the world?

I doubt it can grow to be the global currency only by speculation, it growing together with the development of blockchain technology & more use cases happening in our real society. But yes, I am also very positive  8)

   I believe bitcoin will excel and standout as global currency worldwide, as it was grown promisingly and it has a bountiful background on which many investors resemble to onvest this asset. It certainly develope with great and reliable aspect even it take more period of time before it could recognize as the phenomenal institute tittle.

Right, I guess bitcoin can grow stronger & widely used around the world and tend to be relatively stable in comparing with other altcoins, then that will be the time everyone in the world wanna have it as a real independant global currency.

I am answering the question number 2 - BTC being global currency in next 20 years. Well, BTC is already a global P2P decentralized currency and huge number of people are in Bitcoin. If you mean being adopted and legalize by governments around the globe, well, I see slim chances of happening that.

Yes, Bitcoin have been falling since last january of this year. Bitcoin is already a global currency but its usages will increase after 2 or 3 years from now. Though Bitcoin is limited to 21 Millions, it's supply will not increase but demand will increase.

Hundreds of computers were infected with a new malware called "Pony". The virus is mainly aimed at stealing cryptocurrencies, in particular bitcoin, from the victims ' hard drives.

Yes, I mean adopted & legalized. If you think there is a small possibility, what will the crypto world look like in around 10-20 years?

- Ethereum or EOS will dominate the crypto world as most of the adoptions are from their ecosystem?
- Bitcoin will be marginalized or disappear as it is just a coin without ecosystem?
- Still no universe global currency as biggest countries combine their fiat with blockchain technology?
- Decentralized still a beautiful dream for all the people who devote themselves into blockchain because of it?
- Centralization & decentralization both move to the middle point & there is no people to use decentralization any more?

It will be great if you can describe a big picture in 10-20 years for us, let's wait & see :)

Will bitcoin become global currency in next 20 years?
Yes I think it is possible Bitcoin will be like dollars and euros and it means Bitcoin will be legal money as euro and dollar and people will use it in every country and future bank system will work with bitcoin and other currencies.

The development of BTC has been opposed by many countries, and only a small number of countries have identified BTC as legal tender!
Bitcoin will not become a universal currency, but will become one of the terminators of the universal currency.

In the coming year bitcoin will be more strengthen and i am sure that it will make a place in the world monetary values and all the financial system of the world will be ready to accept this so it can be said that it will be global currency in the coming years and, Crypto is a very big market and it is the best way now to make online trade and shop things from different countries through crypto.

I can not predict a great deal of time, but in the next few years, altcoin will grow stronger! Market will recover

There is a great possibility if people will continue to patronize it and if there will be a lot of teams who will make additional development on crypto. Also, if there will be more systematized KYC procedure for every platform. No doubt bitcoin will dominate the world's currency.

We are seeing the impact of Bitcoin on all life activities of countries around the world is very large.It is gradually accepted in many countries along with the rapid development of Blockchain technology to the industry. So we humans will accept and use it as a global currency for the next 20 years.

I think not ! People are used to traditional currencies and until the generation of people is replaced bitcoin will not become a global currency but will pay on a level m it will be quite real even before !

For now, it's impossible to happen because currency and investment are completely different tool.
You're just asking whenever gold able to be the global currency in the future ?
Yes, gold is difficult to divide but crypto are similiar like fiat so who knows it will happen the future but I guarantee not for next 1 or 5 years ahead !

I'm interested in point number 2, and in my opinion, 20 years is a very long time and it's enough to make Bitcoin as a global currency.

in every country, many people adopt bitcoin, including in some countries that ban bitcoin.

Thanks for quote from Satoshi, that is really inspiring. But let's assume one scenario that when bitcoin is getting stable (maybe in 10-20 years) & transaction is fast & cheap, like the gold in old times, no need to convert into all kinds of fiat around the world, why not consumers use it for daily life?

i or maybe some other experts can't guess when it's time,
but i'm sure if more people want bitcoin, the bitcoin price will reach $ 1M faster.

i really hope that happens in the next few months.  ;)

They are taking their moves step by step and for sure it will always bring impact to this industry, from each countries start to realize the benefits of adopting this system demands will follow, 20 years might be enough to say that bitcoin will reach most of the countries around the world, and will have a large usage from each  countries that will start  catering the payment process with blockchain system.

we can predict but it cannot be sure that bitcoin can be replaced as global currency. More no of countries started accepting and using digital currencies but there are few countries in which Bitcoin /digital currency is still banned, for digital currency there is no authoritative control so this bitcoin may or may not become global currency.

20 years is a very long time and it is difficult to predict. But, It will be really great if bitcoin become the global currency.

It will be a satisfying result we would like to see, looking forward to it.

In the next 20 years a cryptocurrency would become a global currency but we do not know if it would be $Bitcoin, I can not rule out that fact that $Bitcoin is unpredicatable when it comes to becoming a global currency! It has already shown that its a major player (Number 1) in the blockchain tech drive. As pioneer it has over the years weathered the worst of storms, But to become a global currency many adjustments have to be made on the code! But if after mining of all remaining 3+ million coins can happen before then and it switches to full POS then we shouldn't have anything to worry about! Because transaction speeds would have increased immensely and usage too, then we can hold  it in higher esteem as global currency!