Bitcoin Forum

If bitcoin ever goes mainstream it will surely ruin the lifes of all the ones invested in fiat (see https://bitcointalk.org/index.php?topic=180798.0). Gresham's Law will destroy their fiat savings, since everyone will want the stronger bitcoin and will dump fiat, devaluating it. We'll see it happen first in the troubled economies, with high inflation and generalized suspicion on governmental money because of past problems.

And I have little doubt that bitcoin won't bring any equality, on the contrary. It will make us bitcoiners rich, but it will be at the expenses of fiat holders.

Because I doubt bitcoin will bring much prosperity, since it will establish a deflationary monetary system.
At best, Bitcoin will have a fixed amount. In reality, there will be a progressive lower amount of bitcoins, since many people will lose access to their bitcoins, because of lost passwords or hardware problems. But the economy will be growing, so that will push the value of each bitcoin higher. Thus, it will create deflation in bitcoin terms. Deflation is very damaging to the economy.

But maybe it will be possible to minimize those deflationary effects:

a) Commercial banks will adopt a bitcoin fractional reserve system, lending bitcoins with only partial support on their holdings. That will allow an artificial (banking) expansion of the amount of bitcoins, thanks to the so-called banking money multiplier.
But since it will be hard to keep a trustworthy insurance of deposits (the government won't have enough bitcoins for that and can't create them), the system will be much more susceptible to runs.
And the interest will have to be high, because most people will prefer to have the bitcoins in their own wallets. So, forget about low interest rates. Well, high real interest rates (aggravated by potential deflation) can ruin any economy, since they thwart many productive investment based on credit.

b) It also might be created a bitcoin pattern, with governments printing money freely convertible in bitcoins. But I can see already the runs on the government on times of crises.

How will the central bank in depressions stimulate the economy?
It won't be possible to do any quantitative easing. Borrowing bitcoins to lend them at cheaper interest rates to the commercial banks won't be cheap.

How will the Government control massive tax evasion, especially if the anonymity of bitcoin improves?  
They will find a way, nothing has destroyed the State in more than 13 thousand years of hierarchical societies. Bitcoin won't be able to do it. It seems we will be subject to intense control of our use of the Internet in order to track our earnings and spending of bitcoins. Some we'll be able to evade it. But the majority won't.

Will the volatility of bitcoin ever end?
The increase of its users will keep bitcoin's price going up. However, because supply and demand is controlled by human perceptions and emotions, after a huge boom in price it will always come a bust. Every overshooting of the price will be followed by a general perception that the price increased too fast and, consequently, by a drop.
For volatility to end, it would be necessary a general adoption of bitcoin that would limit in percentual terms further increases of new users taking in account the already large numbers of users. Currently, since the number of users is relatively low, it's easy to see its numbers increase for more than 30% in a short period. But since the numbers of bitcoin are limited (and the current rate of increase is relatively small and it will be again limited in 2016), the ending of volatility would also require or a stagnant GDP or a fractional reserve system based on bitcoin that would allow its banking numbers to artificially increase side by side with GDP. That won't happen for years. Volatility is here to stay for long.

Will this scenario be the future?
It's impossible to say. But bitcoin seems to have already a too strong standing to fade away on it own.
Another better alt coin might be a stronger obstacle than fiat. But bitcoin can always adopt any improvements.

Can governments still destroy it?
An international coordinated effort against the main exchanges and sites could indeed hurt heavily bitcoin. Even our own wallets are susceptible to attacks by virus/worms (remember Stuxnet?) and the network can also be affected. Access to it can be blocked by ISPs at governmental command. Many could evade these blocks, but the major part of the bitcoiners would give up, taking in account also the risk of sanctions. That indeed would spook major investors.
This can still happen and it will happen on troubled economies. The outcome is anyone's guess, it would depend on governmental coordination and level of effort. Governments lost similar wars (drugs, alcohol, prostitution), but bitcoin is an easier target than these activities. It's not a surprise that, besides scams, governmental repression has been the main negative driver of price.

What would be the consequences of this massive adoption over the price?
I can't even imagine what would be the price of bitcoin. Forget about all the low previsions you read before.


But the genie is out of the bottle. There is nothing we can do, except tell about it.


added 14 March 2015:

What is bitcoin going mainstream?

One can use different criteria.

1) A percentage of the amount of the total expenses on one year. But even 1% would be huge and would imply a very high price for bitcoin. However, according to the mentioned Gresham's Law, bitcoin will be hoarded and only rarely spent. It's like gold. Gold is part of mainstream, but people don't exchange it much, they prefer to keep it. On the main functions of money, mean of exchange, unit of account and reserve of value, I think the last will be bitcoin's main function. It won't be used much as unite of value, because of its volatility (many places that accept bitcoin prefer to announce the prices in USDs). It won't be used a lot as mean of payment, because people will mostly hoard it.

2) Accessibility: the fact that anyone can easily buy, sell and pay with bitcoin. Clearly, this is decisive. If we could exchange and spend bitcoins on the majority of banks' ATMs and retailers, we could say bitcoin is mainstream. But imagine that even in these conditions bitcoin kept being scarcely used, with small demand.  It wouldn't be mainstream. Many physical businesses complain they never had customers paying with bitcoin. So, this is a necessary condition, but it isn't enough.

3) A percentage of people owning it. This seems to be a good criterion. But it isn't easy to establish a number: 10% seems enough, but not 1% or even 5%. 70 or even 350 million users on the all world would be great, but not enough for talking about mainstream. I guess only at 10% we would start to see unfold the problems above mentioned. But this kind of projections is hard to make.

Think about Paypal (I hate it, but let's use it as example). Is Paypal mainstream? I don't think so. It had a volume of transactions of only 180 billion on 2013, about 150 million active registered accounts and in many countries you can use it as mean of payment only on a few places. So, it reached about 2% of world population.

Bitcoin had about 23 billion USDs in trade volume alone during the last 12 months (see http://www.bitcoinity.org/markets/list?currency=ALL&span=6m, at current price) and maybe 1 or 2 million active users. It still has a long way to go.

The BTC aspects of decentralisation is what will create the 'big headaches' for the established order of Government. The truly multi-nationals, those without any flag, will realish the escape from the bonds of a government controlled currency as they will no longer be forced to lobby / buy their monetary policy.

This new world is going to require some new ways of thinking. The old ways will no longer work. The people that come up with the new ideas will be very wealthy.

That's my general outlook on things in this crypto movement as well and it's what is in the back of my mind whenever I describe BTC to people, friends and family. Some just laugh it off or have heard of the negative news and want nothing to do with it. On one hand, I can understand their concern in that they've saved all their life or have been burned before. On the other, if they don't do their due diligence and study things like I have, then I have no regrets if they miss out. You can lead a horse to water but you can't make them drink or in this case, think. I don't mean for this to happen but there's a bit of a superiority complex building for those that do "get it" and have a vision to get outside of the govt created box of institutional slavery.

How can we help but feel superior? Looking around at a world of blinded slaves who believe they're free, and one can only feel pity, sadness, and compassion.

http://1.bp.blogspot.com/-wFCYgQWTUVY/UQlfy2XQzyI/AAAAAAAAAWw/1N7XgtOtnZg/s1600/30699531.jpg

It's very hard to say the future .
but i guess bitcoin will be not worse than centralized fiat system  ::)

We want so badly for bitcoin to be accepted in stores and such, but has anyone thought of this before? What's going to happen once everyone is using bitcoin?

Freedom.

Would you mind explaining how your using Gresham's law to suggest that people will want a stronger Bitcoin?


If I have it the right way round, fiat will be the overvalued currency ('bad') and Bitcoin will be the undervalued currency ('good'). In effect it'll mean that everyone will hoard BTC rather than spend it making it useless as a currency because nobody will bother with it as there will be no supporting infrastructure. In effect, it'll become just another commodity...

hum could also be quite teh contrary ;D

however me no think bitcoin's purpose is to go mainstream. gold isnt ;)

Care to elaborate? I am curious how bit coin could make us less free. Anything that takes power from governments and gives it to the people makes us all more free.

Freedom is a completely abstract notion. You are technically taking power away from the government by promoting Bitcoin, however you are in turn giving power to a select handful of people who have large holdings of coins. It doesn't give the power to collective society (if anything democratically elected governments do so on the behalf of the people) but instead some individuals.

I see your point there. Those selective people don't have the power to wage war and imprison dissenters though. I would take an economic aristocracy over a political one any day. Also I plan to be part of that aristocracy so my motives are a little selfish as well.  ;D

In that notion, "dominated by" means that the bad money will be the one everyone will be given away, so it will be the most transacted one. Because the good money will be hoarded. So, if you received payments in fiat and bitcoin, you will keep bitcoin and use fiat to buy things. Of course, that will make the exchange rate of fiat go down (devaluate) and the one of bitcoin to go up. We already are seeing this phenomena. It's this that is justifying the rise in price of bitcoin.

I know many bitcoiners have an anarchist/libertarian perspective of the world, therefore, they look at the government as a bad thing.

But the creation of a government controlled by the people is one of the most important political inventions of humankind. We managed to tamed the most powerful institution on Earth: the Leviathan of Hobbes. If the government would disappear tomorrow, I think we know what would happen: most streets would be controlled by violent groups. We would living on a brutal feudalistic system in no time.

The state has important functions on stimulating the economy on depressions and social functions supporting the poor that seem to be unviable or hard to execute on a monetary system where money is finite and it's in the hands of a group of pioneers (our hands).

Take the creation of the money from the hands of a democratic government (I know in many countries that power isn't in the hands of democrats), make it finite, and in the hands of a group of pioneers, and rest assure that justice won't be served.

But my text isn't about justice. There is little that we can do. I certainly won't try to convince governments to destroy bitcoin. They will have to do their home work. It's only about taking conscience of what might happen.

Be careful with what you want, because it might come true.

I all ready prefer bit coin to fiat. I believe bit coin is a safer bet.

It's going to be fine, quit worrying.

Early adopters will get a boost and most others won't. So what.
Also I don't think people will accept fractional reserve bitcoin.
The opposite will happen.  They will demand provable full solvency.

I would say it's already gone mainstream.   

Of course there's huge room for more adoption, and it's not as mainstream as say people having a debit card or phone in their pocket.

I'm excited about the future of bitcoin and or cryptocurrencies.

When you can buy gas with it bit coin has arrived.

It's inevitable (that Bitcoin will go mainstream), but fiat isn't going anywhere any time soon.  Plenty of time for people to divest.  I know I'd keep some USD in a USD side chain. ;D

The question is to what level of mainstream? A few large merchants and a handful of stores on the street, or many large merchants and many more on the highstreet. Hopefully we'll see a slow growth through both stages.

Unless Bitcoins are accepted by a significant portion of the merchants (may be 20-30%), we won't be able to call it as a mainstream currency. Adoption by a few big names will definitely give a boost to the exchange rates, but that alone will not make the currency mainstream. A lot of challenges are ahead... especially the government regulations.  ;D

I think 20-30% is very reasonable within the near future. It's exciting to watch it grown and see where it goes regardless.

Define mainstream. I think itll be mainstream if merchants like amazon and ebay accept it along with many more and various real-world shops around the globe.

Mainstream is a pretty relative notion. In my opinion, I already consider it mainstream, as I use it everyday since.. a long time and a lot of my friends use Bitcoin as well.
So among my entourage is quite popular and mainstream, even more than PayPal :).

I guess that's a good definition ie its mainstream when we use it daily.

I don't think we can call it anywhere near mainstream yet. It might be getting talked about in the mainstream but it's not been implemented yet.

I think we can call it mainstream when we see it on every single website. Still a path ahead, maybe in 4-8 years

I think every-single website is a bit extreme for it to be considered mainstream.

Definitely. Paypal is mainstream but not every shop online accepts it.

LOLOLOLOLOLOLO...EM

Don't forget that the US isn't the world.

In many countries, you can't buy anything with bitcoin. You might even have a hard time or have to pay heavy fees to find someone willing to exchange bitcoins for the local money.

Calling the present situation as mainstream seems very far-fetching.

You can't buy much with it now really but more and more merchants are accepting it daily across the world.

I think this is a reasonable assessment. I agree that the volatility isn't going anywhere anytime soon. I think you're right that it will have to get to the point where the emotions of the crowd are not the driving factor on upswings or sell offs.

Volatility is going to be a big issue I think and I'm not actually sure if it will ever end.

Changed the wording of this paragraph to make it more clear, even if the reasoning is still the same.

The goal was to write the minimum possible, without affecting the intelligibility of the ideas.

I'm afraid perceptions on the price being "overbought" will never disappear.

LOL at people that talk about deflation (falling prices) as a bad thing and inflation (rising prices) as a good thing.

A must see Peter Schiff video:

Deflating Food Package Sizes is Evidence of Inflation (http://www.youtube.com/watch?v=W7BOdS3unpg)

It is like a body of water. The smaller it is the bigger the waves. As we add depth in the form of market capitalization it will level off.  

No. The rich do not have the power to demand we act in certain ways, lest we be caged or murdered. Only the insane belief in the authority of governments leads to that power.

Please compare and contrast: your nightmare scenario, with; the system we have now.]

Government takes half of what I create, and forces me to certain behaviors. The only real difference I see in the above is that somehow, the masses seem to believe that governmental trasngressions are moral.

If Bitcoin does continue to be integrated into the world economy...then I don't think this process is going to be as volatile or dangerous as you think. The conversion of people to cryptocurriencies like Bitcoin is going to take place at a steady pace. So it's not like one day you will wake up, and find that your dollars are worth 10 times less. It will be a gradual process where people will continuously siphon more and more fiat into Bitcoin or other cryptos, slowly leaving fiat behind, until it is no longer needed. It won't *ruin* fiat holders because they will have already converted to Bitcoin by that point. Yes, the distribution of wealth will have changed a lot, but it's not like the Koch brothers will wake up one day and find out they've become bums.

That would be funny.  Like the duke bros. in trading places.  ;D

Koch brothers believe in true money

The process may go fast and brutally when the world understand that so many dollars are going to be created

Power never disappear it just shift from some hands to others. I don't like power, including political power, but I dislike even more private power.

Without government, armed bands would take not half of what you have, but probably much more.

Some think they could organize and resist. Those organized groups would probably be very oppressive to their members, especially new members. And their resistance would endure only until faced with a stronger band. Anarchism promises insecurity, economic and trade collapse, end of scientific development, etc. It's that the situation we see in failed states. Somalia is the perfect example.

We could keep the State, but give large powers to small communities, like in Switzerland. There people assemble and rule their matters directly together, including social support, health care, decide regulations on social life, etc. So, basically, our neighbors would have a lot of power over us. Spying and controlling other people's life is a way of living there. No, thank you, I prefer an abstract, distant, power.

Good explanation of why anarchy simply doesn't work... and those that think it can are naively idealistic, IMO.  The founding fathers of America did their best to create a system of checks and balances which, for a long time, served to forestall the centralization of power.  Their errors and oversights could be corrected to form a better system based on objective justice and the rule of law.

Private power is not accompanied by the unfounded belief of the masses that the powerful's edicts are legitimate.


Maybe, maybe not. Armed bands may do such to some. Or they may not. Or the armed bands might meet their demise. Under our current system of social order, I am guaranteed confiscation of half my productivity. Plus, there is that entire messy business of being forced to comply to my overlord's irrational edicts.

Let us not forget that it takes a government to perform genocide. More than 100 Million killed in the 20th century alone.


"probably". In other words, you're just pulling assertions outta your ass.


Government promises insecurity. Anarchy promises nothing - other than that one is free to live life on their own terms.


Absolute twaddle. Governments today serve to _impede_ free trade. Scientific development? Riight. We'll suddenly all become incapable of thinking advanced thoughts because the government is not there to force us to think thusly. </sarcasm>


Always amuses me when statists whip this one out. Well, I guess it's the sharpest knife you've got. Fact of the matter is that Somalia is making improvements in nearly every quality-of-life issue at rates far exceeding their neighbors.


I don't know where you live. Can I assume USA? For the record, I am American. And I find the fact that the NSA is spying on all my communications an exercise in neither distant nor abstract power. For only one example of thousands.

We both come from different ends of an underlying paradigm. I believe that the vast majority of people by nature are good and decent creatures. You seem to believe that we are all savages and that only bureaucratic power stands between us and worldwide mayhem.  

Technically Bitcoin is not ready for such number of transactions, but good news is number of transactions does increase much slower than Bitcoin price, so a lot of time to work on this issue (hopefully).

Yep. There are a few technological issues to overcome. Luckily there are some incredibly smart people working on them as we speak.

This is kind of going off topic but...anarchy does work,but on the small scale. Like a small community of a few hundreds or thousand, because you don't have enough bad apples to fuck everyone else over. But yes when we try to live in societies of millions of people, anarchy isn't very effective. In the end, we will always choose to enter what is called the social contract and give up some of our rights so that society has some semblance of order and basic equality.

It makes opting out really tough as well. I live in a town of 2500 and could easily move if I didn't like the way they did things. It is a lot tougher and expensive to leave the US if I wanted to do so. 

We don't have to believe everyone is bad or even that the majority isn't very good (this majority lived happily for thousands of years with slavery, in Rome went to the Coliseum to watch people being slew, studies show that the majority of us can still torture under orders to do it, etc.) to predict a world of chaos. 20% mean and armed are enough.

Problem is that when Bitcoin gets too big, we'll have no say in big decisions. You'll literally see the UN general assembly decide Bitcoin's way forward.

If bitcoin goes mainstream will it continue to reflect our interests? We aren't a big group.

You don't really directly have a say right now and if it becomes mainstream we will be very wealthy so we will be better off than now

I think your predictions are a little on the extreme side.  While I suppose that a strong btc economy could destroy companies like paypal and weaken companies like visa/mastercard, it's hard to imagine all currencies everywhere folding in the face of the One True Currency.  bitcoin provides some measure of anonymity and a huge measure of convenience for a lot of types of transactions but fiat currencies backed by armies and armies are still going to be seen as a "gold standard" (pardon the pun) for the foreseeable future, imho.

I think this is logically flawed. Because:

If bitcoin becomes mainstream:

1)  i.e. a few hundred million users than the value of bitcoin must go up tremendously.

3) the value of bitcoin must come at the cost of fiat. In other words the value of the USD must come down significantly for bitcoin to go mainsteam

4) when fiat goes down while btc goes up, people will stop using fiat and use more btc. Because BTC is good for the individual people will more and more move to bitcoin.

5) at this point fiat money must collapse (its value) which increases this cycle. There is a tipping point (mathematical concept) at which point this may go over rather quickly.

I do not believe it is possible for fiat or bitcoin to exist side by side.

Right now we are not anywhere near a growth point that can enable this however as there is no real need for bitcoin today. the nr of transactions is pretty stable this year and usage is not going up much. bitcoin needs a killer app, something you can only do with bitcoin. at this point bitcoin is something weird and new for folks with a tech fetish or establishment haters.

The distribution of wealth with bitcoin today is far worse than it is with fiat. It would be interesting to see how bitcoin would behave in this sense (wealth distribution) in the future when bitcoin is has a marketcap of a few trillion and ultimately 20-100 trillion.

This might be an issue if the wealth is highly concentrated and more so than we have it today.

Think about satoshi. He might be more powerful than any US person if bitcoin would be just a small %age of world currency.


I agree with you that fractional reserve make no sense and loans will not exist with bitcoin. It makes no sense for either party to do loans if there is deflation. If you get a longterm loan with bitcoin you will never get out of it and if you loan out the money u will never see it again. Its bad for both parties. If bitcoin is mainstream there cannot be credit any more (long term) instead there will be investments. We are already seeing this today.

Debt is a form of slavery. It will be great to see it die a slow death.

It will be a slow process and people will have time to adjust.  Cash didn't ruin gold, checks didn't ruin cash and credit cards didn't ruin checks, though there was a lot of displacement.  Bitcoin is a more radical technology for sure, but the trend is similar.  It will be a fairly smooth transition. 

[/quote]

Debt is a form of slavery. It will be great to see it die a slow death.
[/quote]

I agree and i think its fine to not have debt. its just a result of the structure of bitcoin. i just believe people don't understand because most people don't understand fiat = debt = inflation = more debt etc.

due to inflation it makes sense for both parties to have debt. the bank needs to have interest in order to not lose value and the creditor has an advantage of taking future money into the present

but with deflation it makes no sense beecause these forces are opposite.

Debt is a form of slavery. It will be great to see it die a slow death.
[/quote]

I agree and i think its fine to not have debt. its just a result of the structure of bitcoin. i just believe people don't understand because most people don't understand fiat = debt = inflation = more debt etc.

due to inflation it makes sense for both parties to have debt. the bank needs to have interest in order to not lose value and the creditor has an advantage of taking future money into the present

but with deflation it makes no sense beecause these forces are opposite.
[/quote]

It really is revolutionary isn't it? I think lending in some capacity will continue but not fractional reserve lending. Debt backed currency is an awful system.

If bitcoin gets a huge market share, some government or large financial institution will find a way to make debts.  Maybe through colored coin bitcoins. 

You can rest assure that there will be debt and bitcoin fractional reserve lending.

There are already sites paying interest for bitcoin deposits and lending them.

And this might help saving the economy from deflation. Without debt, it would be hard to have high amounts of investment and without investment the economy is dead.

if it becomes like the major world currency, it will enrich the lives of about 3billion people, for the rest of us living off fiat, a lot of us in the middle will force us to be competitive and to live frugally, as there will be first world prices and 2nd world prices. 3 world will be mostly eliminated.

A handful, a few thousand, maybe 10,000 people will become wealthy from bitcoin, but nothing major. For some it will be major uber wealth, for the majority it will be one nice nest egg. for the rest it will be a currency and that depends on your skills, shit like being an electrical contractor, elevator repairman, certain 'skills' will enrich you, as long as you are active you should be okay,

However, once this current system implodes, a lot of very unskilled, unwise, unexamined people may perhaps vanish and no longer live. The government will be unable to help the populations. The populations will suffer, likely.

Wait until the darkwebs are used to secure food, or perhap ammos, etc etc.. Reputation will perhap determine if and or which level of existence you get.

It may not all be doom and gloom, the fact we might be able to add 3 billion people to global economy may just be the kick in the rear our economy needs right now to beat deflation, atleast for the next 10-25 years, and then at that point, bitcoin could be the main currency and much of the bubble economics we know today will be largely gone as the markets will operate based on exact numbers, speculation might become a thing of the past, eliminating the need for greed, fear, etc to drive the markets. No more animal spirits. <-- that sounds like a great idea, animal spirits, who in the fuck thought of that!

Bitcoin is math based protocol, it was sent here from the heavens to be apart of the shift of 2012... Idk now im ranting and connecting invisible dots, but somewhere in the middle of all that is the answer to what i think is going to happen.

 

"our interests" ?
I don't think my interests fit in with the normal users of this sub these days...

Lending is not a problem if it happens freely and the responsability is in the hands of the borrower and the lender

Bitcoin has grown old, even managed to fall, Bitcoin prices rise again. bictoin never goes mainstream.

It seems that even central bankers are starting to believe that bitcoin may become the premier form of money: http://www.coindesk.com/new-zealand-central-banker-cryptocurrencies-supplant-cash/

Actually, bitcoin already is the premier form of money, most people just don't know how to use it yet.

This doesn't mean that the volatility isn't a problem. It's a serious problem that, as I wrote in the first post, won't go away for years, even if it might be slowly reduced. Anyone jumping in on the wrong moment can lose up to 90% of its capital, at least for some months, until bitcoin starts going up again.

You've got it all wrong - there is nothing abstract about this situation. Freedom ultimately comes down from freedom from violence (https://www.youtube.com/watch?v=sLCEXtpTNYU) and coercive force.

Nation-state governments back the value of their money with violence and deception. Bitcoin's value is backed in reason, truth, mathematics.

By taking away the power of money from governments and giving it to Bitcoin (or any sovereign crypto), you are quite literally making the world a less violent, more reasonable place.

Understand?

Bitcoin is also a very usefull technology in the sense that it is a worldwide currency with low fees, irreversability and no risks of too many bitcoins being created

big error

takeing away the inefficient in the current Government/Banking/exclusion by state licensing via higher "education" system, will see the biggest liberate of wealth ever.

True.


True regarding violence from governments. But people will still use violence in competing against each other - for example to obtain wealth (= Bitcoin).

Bitcoin going mainstream will harm all those who do not adapt to changing rules by holding on to fiat. But that is something I would call "general risk of life, because similar risks exist in many realms of life. During the course of your life you have to adapt to changing conditions multiple times. In the longterm however there is no harm, because all transactions happen in bitcoin and all people will use it.

Another central bank official (irish) admits that bitcoin may create problems on tax collection, central bank monetary policy, regulation and economic analysis: http://www.coindesk.com/irish-central-banker-envisions-hybrid-bitcoin-fiat-future/

Just give me a one definite example or clue that the bitcoin will replace fiats,I just take it as a topic of fantasy

 I think it'll be mainstream if merchants like amazon and ebay accept it along with many more and various  shops around the globe. It has started getting on track...but slowly.

Everyone knows whats going on out there. Bitcoin is already ruling over the world. New world=New law.  ;)

The Bank of England arrives at the same conclusions about the problems that bitcoin can create to public monetary policy it it goes mainstream and the negative consequences that a deflationary currency could have on the Economy:
http://www.coindesk.com/bank-of-england-bitcoin-disrupt-monetary-policy/

And Russia seems to be considering a ban on bitcoin:
http://www.cryptocoinsnews.com/russia-plans-bitcoin-ban-2015/

As usual, cryptocoinsnews mixes news and opinion. And seems to take seriously the stated reason for the eventual ban: the use of bitcoin for illegal activities. However, clearly, Russia is concerned with the competition between bitcoin and the ruble. And it has good reasons for that.

As stated in the OP, States with weak currencies (because of inflation and/or precedents of rupture) will be the first to have problems with bitcoin similar to the problems they have with foreigner hard currencies (Zimbabwe and Ecuador already don't have national currency and use foreigner currencies, mainly the US dollar). Their citizens prefer to buy foreigner fiat than having the national currency. Therefore, we should expect the first bans or heavy regulation on these States (already, Ecuador, Bolivia) and, also, it's precisely on these countries that we should see more general adoption.

As long as we see stable fiat currencies on western economies, we shouldn't expect to see general adoption of bitcoin there. But that might slowly happen in countries with problematic currencies, even if most of its people still prefer to keep hard fiat currencies, because of limited knowledge or bitcoin volatility.

Of course, a positive volatility will help a lot. It's possible that 2014 will be a very negative year to bitcoin, with even lower prices ahead. But in that case, it is to be expected that 2015 will be an extraordinary year. That will bring many new users.

What do you mean? There's no evidence of it happening yet because it hasn't happened, but it could replace a smaller countries fiat in the future, especially if it collapses.

Check out www.arnhembitcoinstad.nl. Its a city that has a group of ppl that try to explain and set up BTC support for everyone. Just scroll down on the site and check out the map, they are doing a great job.
Now imagine, all medium/large city's like this, only untill then, it can go mainstream. It takes more then just online company's to support it.

Lets talk about this when bitcoin goes mainstream. Maybe it will take 3 more decades for that.

It seems that bitcoin was also banned in Bangladesh, even if the country has a history of ignored bans by its population:

http://www.telegraph.co.uk/finance/currency/11097208/Why-Bangladesh-will-jail-Bitcoin-traders.html

Besides, the ban conclusion under its regulations doesn't seem to be clear:

http://www.coindesk.com/bitcoin-foundation-bangladesh-ban-bitcoin/

let's hope for the future  ;)

Oppressive regime try to ban everything not designed by them. No worries there, I m sure there has not been lots of BTC users in Bangladesh.

I dont know if you're one who believes in the collapse of fiat, but should the world's reserve currency of the  US Dollar collapse I can see global adoption implementing like a domino effect as the world struggles to regain monetary stability. (in my opinion it would be much faster out of sheer desperation, like 5 to at most 10 years)

Everyone is thinking what is the fast way to become rich. *sigh*  :-\

Bitcoin will never reach the mainstream.

It will devaluate FIAT currencies to a certain degree, yeah, but for Bitcoin to go mainstream, it would only have to replace FIAT by 1%-5%, I guess. And that much of an adoption won't hurt FIAT a lot! It will only strengthen Bitcoin.

If bitcoin ever goes mainstream,I will be rich, because I now have some BTCS!

It is like saying in 90s Internet never reach the mainstream.
Internet uses maybe about half of the world population. So one can argue Internet is not mainstream yet.

High inflation and the end of fiat will appear because of the government lies and wish to be re-elected by saying they will give out something for free

If someone is taking drugs you don't stop fighting against him taking them because you are afraid of the hurtful withdraw symptoms when he will stop

Confirmation of Russia plans to implement a complete ban of bitcoin:

http://rt.com/business/187440-bitcoin-ban-russia-cryptocurrency/

http://www.coindesk.com/russia-proposes-fines-bitcoin/

https://uk.news.yahoo.com/cryptocurrency-round-russias-bitcoin-ban-internet-less-transactions-092021432.html


A very complete status of the national regulations on bitcoin can be find at: https://en.wikipedia.org/wiki/Legality_of_Bitcoin_by_country

Italy confirmed that currently makes little sense to implement AML to strict cryptocurrencies business: http://www.coindesk.com/italian-central-bank-no-aml-requirement-bitcoin-exchanges/

"Fiat will lose value"

Why shouldn't a bunch of dirty paper for which an elite has a printer lose its "value"?

And btc will bring a lot of prosperity, think about running a business without all the legal bullshit and taxes.

That means lower prices, good for the poor. Capitalism is the best charity, it's what enables the poor to buy food at the market with just a little money from humble jobs.

Governments, taxes and controlled money are what mostly increases poverty.

Bitcoin will be mainstream and With the ETF coming  I assume this is the right time to buy bitcoins.

If it takes more than 1 decade it will mean Bitcoin failed. By 2025 it should be competing against VISA and the rest for 1st place.

Some political pressure on Hong-Kong to ban bitcoin because of the mycoin scam: https://www.cryptocoinsnews.com/hong-kong-shouldnt-ban-bitcoin-bad-actors/

The people invested in fiat are losing purchasing power in the west because of the low interest rates and the inflation of the money supply impose by the central banks.

it won't go mainstream until consumers see a pressing need for it ..

Unless there is inflation in technical sense (that is, increase on the general level of prices), fiat currency won't lose value. It's not relevant if the monetary mass created by the central bank (M1) increases if the general monetary mass (so called M3, that includes money created by banks, that is the huge part of money) decreases because of a credit crunch, as was seen since 2008-2009. The main point of the QE is to avoid a decrease of the general monetary mass, because this would create deflation and a general depression. So, M1 is created to avoid a decrease of M3 caused by the banking credit crunch.

But if bitcoin goes mainstream, as people start dumping their fiat holdings and, therefore, increasing the demand for bitcoin and its price, that will create an increase of the monetary mass, because of the fast increase of bitcoin price. This would acelerate the decrease of value of fiat. Thus, from a fiat point of view, there would be inflation, with any unit of fiat (like 1 USD) losing its value not only to bitcoin, but also to any good.

Of course, we are (still) very far from that. Bitcoin doesn't have currently any real capacity to increase the monetary mass of any country.

Yes, I think it's pretty hard to see into the future.  But for the present, bitcoin is working well and changing the game in a good way, I think.

Why would you want to spend your bitcoins when the price is going to (maybe) increase 10 fold in 2015.

maybe he needed that money
we know the plans sometimes do not match the reality

Fiat currency has been losing value since it was created and will continue to do so.

noooooooo, bitcoin will never go away, and will always remain  :'( :'(

i am not sure about prosperity and equality, but it will bring a more fair system of money.

right now, the richest people are rich because of a scam.

the few in power can print money, or better yet, they can claim money that was never theirs.

Someone goes to a bank, 'borrows' money (money the bank never had in the first place), and the bank expects them to pay it back with interest. So not only do they just create money, they also create interest on the money that never existed. This is stealing value not only from the one who borrowed the money, but from everyone in the world.

In a system where bitcoin or gold/silver is the only currency or at least the major currency, you either mine gold/silver/bitcoin or you provide goods or services to someone who has gold/silver/bitcoin. So scams like the banks are much harder or even almost impossible to pull of (unless we introduce fractional reserve, but that's just a matter of stupidity and not a flaw of bitcoin).

Any currency that is limited in production is much more fair than a currency that is unlimited and can only be created by a few people in power.

Lol can you read, he said he would take 3 decades to reach mainstream status.
Its bullshit tho, it will arrive in 10 years. If it takes more then its a fail.

I would say it is only a matter of time before there are "Bitcoin banks".
If you go back 50 years in time, there was a gold standard. Didn't stop banks expanding the money supply though.

Yes, banks can also apply the  fractional reserve system to bitcoin. Actualy, there are already people accepting deposits in bitcoin and lending them. Some exchanges probably also live on a fractional system, lending bitcoins they don't have for people to short bitcoin.

More comments from the Bank of England on Bitcoin: http://www.coindesk.com/bank-of-england-digital-currency-revolutionise-payments/

No, bitcoin is already here. Granted I know what your saying.. will it become a gold like global currency or will it have the value of fiat...

I'm not sure how you come to the conclusion that fiat has not been losing value. Other than measured in inflation terms which basically is the purchasing power to buy a certain amount of goods, the value should also be in relation to other factors like how it stands and measured against a basket of other currencies.

this be very popular and more  capitaliszation i think in practic

Dude, your model sort of assumes the price will go up over-night.

It probably won't happen like that. The price will rise, people will get out at 5x, then 10, then etc. No one single person is going to horde all the benefit, and the banks taking using bitcoin in their lending activities will also increase from the increase in this price (assuming it does increase).

The volatility will depend on how many people adopt it. Banks having it in their systems alone should halt some of the volatility if they are consistently making lending options and congruent prices. Again, this assumes the technology will get adopted after a bullish rush, which is hard to say with any credibility beforehand.

I think the definition of mainstream has to  be defined. Usually, you could already assume it to be widely adopted. Mainstream doesn't actually means it will replace fiat.

The idea is simple: as more people adopt bitcoin, the price will keep going up and up on the long term (with short and median term major crashes). At some point, this is going to start to affect fiat value too.

I guess I more or less agree with this.  There is the question of what is meant by "adopt".  That is, someone might adopt bitcoin as a long-term investment savings, buying bitcoins and holding them for years.  Someone else might adopt bitcoin as a payment method for stuff they buy every month.  These two different types of adoption have different ramifications for bitcoin price, I think.

how will it affect the value of fiat. can't see bitcoin causing that kind of an effect to fiat.

The first post is based on the so-called Gresham's Law. When there is a strong currency (bitcoin, even if not currently) and a weak currency (fiat), everyone keeps the first and dumps (exchange or spend) the second. It's more or less what is happening on Venezuela, with people keeping the USD and dumping the Bolivar. When this trend of dumping the weak currency is generally adopted, it can cause major depreciations of the weak currency. This might happen one day with bitcoin versus fiat, starting with bolivar and other very weak currencies.

Love it, anyone to ignorant to not use btc now deserves to have their fiat devalued.

All fiat is inflationary, and therefore it is worth less every year.

Fiat holders will lose anyway, regardless of what happens with Bitcoin.

It seems generally accepted that holding or spending bitcoin are two forms of adoption of bitcoin with different impacts. If the buyer of things with bitcoin bought the bitcoins it seems the result is positive. He had to buy the bitcoins. The seller of the good might decide to keep the bitcoins. Even if the seller sells the bitcoins, the result will be at least neutral. Probably, the buyer of the goods will talk about his positive experience with bitcoin to others and will buy more bitcoins.
Of course, if someone buys bitcoins and holds them, that will be even more positive. It will decrease the number of bitcoins available, helping to make it scarce and, therefore, increasing the pressure for higher prices.
In a context of bitcoin's price increase, everyone buys bitcoin to hold and this helps the bullish momentum.

It's a bigger risk to hold fiat than BTC at this point, at least if you are Greek and in the future Italian, Spanish, Portuguese.. and we'll keep adding.

this is true, I fully agree

If bitcoin goes mainstream , it will be fun.
Just imagine paying for everything via bitcoin , sounds too good

It's important to remember the ideals behind this being the creation of a currency without central control rather than the production of profit.

it will end up with 50% money on bitcoin due to its deflationary nature, and the rest will remain on fiat, decreasing its inflationary situation by the other 50%

The European Central Bank, as previously, the Bank of England, recognized in a recent report that bitcoin has the potential to disrupt its monetary policy: http://www.coindesk.com/european-central-bank-digital-currencies-inherently-unstable/

It would be interesting to see how whole global economy is competing for only 21millions Bitcoins (minus 1 million that belongs to Satoshi 8) ). In that case predictions of monetary value of Bitcoin many times higher than now sound logical.

If this happen, I'm sure that value of BTC will increase a lot, what will bring great profits to many early users.
Of course, it will be great to be able to use bitcoin anywhere instead of local money.
Still this is distant future.

If things work out fine and infrastructure, ecosystem keeps growing, more and more businesses are build around and on top of Bitcoin,accept and work with BTC I believe in 8-10 years we will see a big portion of this distant future. So many things are able we might not be able to think about right now except visionaries.
So be positive, use and demonstrate to others how BTC works, cross fingers and I'm sure we can make it. :)

One question is what is at what level do you say "ok mainstream has been achieved".  For example, someone pointed out to me earlier that apparently GNU/Linux is now used on more than 1% of desktops.  I remember when GNU/Linux was closer to 1 in 1000.  Nowadays everyone has heard of linux and I would tend to say that this is "mainstream".  However, at 1%, it's certainly not majority.  So, does mainstream mean majority or does mainstream simply mean significant minority or something else?

BTC is already minestream.

we wouldnt know if its bad or not if we're not still on the mainstream stage.

Let us just cross the bridge when we get there.

I hope you are right and that we will see some ''big'' changes in bitcoin world soon.
and yes, don't worry, I'm still positive and optimistic about future of BTC, maybe more realistic :)
 

I left the notion of mainstream intentionally ambiguous. Because it's hard to define.

One can use different criteria.

1) A percentage of the amount of the total expenses on one year. But even 1% would be huge and would imply a very high price for bitcoin. However, according to the mentioned Gresham's Law, bitcoin will be hoarded and only rarely spent. It's like gold. Gold is part of mainstream, but people don't exchange it much, they prefer to keep it. On the main functions of money: mean of exchange, unit of account and reserve of value, I think the last will be bitcoin's main function. It won't be used much as unit of value, because of its volatility (many places that accept bitcoin, prefer to announce the prices in USDs). It won't be used a lot as mean of payment, because people will rarely spend it.

2) Accessibility: the fact that anyone can easily buy, sell and pay with bitcoin. Clearly, this is decisive. If we could exchange and spend bitcoins on the majority of ATM and retailers, we might be able to say that bitcoin is mainstream. But imagine that even in these conditions bitcoin kept being scarcely used, with small demand.  It wouldn't be mainstream. Many physical businesses complain they never had customers paying with bitcoin. So, this is a necessary condition, but it isn't enough.

3) A percentage of people owning it. This seems to be a good criterion. But it isn't easy to establish a number: 10% seems enough, but not 1% or even 5%. 70 million users on the all world would be great, but not enough for talking about mainstream. I guess only at 10% we would start to see unfold the problems above mentioned. But this kind of projections is hard to make.

Think about Paypal (I hate it, but let's use it as example). Is Paypal mainstream? I don't think so. It had a volume of transactions of only 180 billion on 2013, about 150 million active registered accounts and in many countries you can use it as mean of payment only on a few places. So, it reached about 2% of world population.

Bitcoin had about 23 billion USDs in trade volume alone during the last 12 months (see http://www.bitcoinity.org/markets/list?currency=ALL&span=6m, at current price) and maybe 1 or 2 million active users. It still has a long way to go.

In a report published last month, the Australian Treasury states that "Similarly, financial markets are increasingly globally integrated, and the international flow of
capital has become less restricted and more mobile. Technology has also allowed new business models to evolve that have substantially changed the way businesses and
consumers interact. New ways of transacting, including crypto-currencies such as bitcoin, were not contemplated when the current tax system was designed.
These developments make determining the appropriate tax outcome for a particular company in a specific country difficult and raise concerns about the ability of companies to relocate profits to minimise their tax." (see http://bettertax.gov.au/files/2015/03/TWP_combined-online.pdf).

I think this is an underestimation. It's not only corporations that can use bitcoin for tax evasion. Even if big corporations can try to use bitcoin to avoid paying huge amounts of money, massive fiscal evasion from individuals is also a big threat. Mainly because individuals are not subject to the same degree of control that big corporations are.

This statement "merchants have been "widely disappointed by the number of transactions they see in bitcoin" (Slide 50). According to the report, mainstream users simply don't have a compelling reason to try a volatile currency over its alternatives, yet. This sentiment is echoed by that fact that the growth rate of new bitcoin-accepting merchants is declining (Slide 47), continuing the downward trend from previous State of Bitcoin reports." (see http://www.coindesk.com/5-facts-coindesks-state-bitcoin-report-q1-2015/) confirms what I wrote about how much bitcoin still have to go on the mainstream road.

Anyway, much of the somehow low trending interest on bitcoin is motivated by the downtrend of its price. I'm expecting this trend to continue for some time more. But watch out for the reversal.

Yeah, the downtrend is having a huge influence on Bitcoins adoption, that's a given. But I also believe Bitcoin's usability as a currency to pay for things in brick-and-mortar stores is highly limited, actually. Online transactions,... maybe... But paying for your coffee using BTC? Nah...

I disagree that Bitcoin increasing in value decreases the value of fiat.
If I can buy a house for $150k now and in the future I can still buy a house for $150k, but instead of being 680BTC it only costs 20BTC, the fiat owners haven't lost a thing, but the Bitcoin holders have gained.

I live in Germany, and the euro has weakened recently.  I haven't become poorer (unless I go on holiday) as prices stay the same and everything is priced in €.  The same will be true with other fiat currencies.

Well but in this hypothetical case people in Europe would adopt Bitcoin to a certain degree and thus the value of the Euro would decrease proportionally. In that case it could be true that FIAT holdings could lose quite a lot of their initial/previous value!

I didn't loose hope that this will happen once in the not too distant future.
It would be enough that some really ''great player in on line payment industry'' like PayPal add BTC as a payment option, and bitcoin will become mainstream in very short time.
Unfortunately, this is unlikely to happen because the BTC is actually competition to PayPal.
Bitcoin has a lot of opposition but sooner or later we will become mainstream, there is no doubt about it.
Turning point will be when people realize the benefits of using Bitcoin compared to other on line payment option.

Bitcoin can have an inflationay effect over fiat if a very high appreciation of its price creates a perception that bitcoin will keep raising and that fiat is an asset wih no value (good currency vs bad currency). That would induce people to dump (spend or exchange) fiat and shift their savings into bitcoin. Making its price skyrocket and fiat's price to drop not only to bitcoin but also to goods. This mechanism is one of the major causes of hyperinflation. No one wants to keep fiat in these moments.

Hasn't bitcoin already gone mainstream?


Paypal seems to already be looking at implementing it in some capacity. It's not really a threat to it because bitcoin needs payment processors and that's what they'll be.

It is just a matter of time for bitcoin to go mainstream and get worldwide adoption and once it happens its price will be really high and the centralized authorities will find a hard time fighting against the freedom of bitcoin and eventually surrender, the countries should either adapt an flourish or non confirm and perish.

No it hasn't it's far from it. Go to the street and ask people what Bitcoin is. 99% don't even know what is and the rest don't know how to properly use it and don't see a point in doing so. We are still in ancient times compared to mainstream adoption.

Bitcoin has made tremendous strides in that direction, but it's still far from mainstream.

I have to agree. It still has a long ways to go.

How many Bitcoin users are there in the world right now? 500.000? 1 million? I think it's less than 250k. We have a lot of time and there are a lot of room to improve. This tech is so new that people can't learn it quick. We need at least 3-4 years to attract average joe. When Bitcoin goes mainstream we should expect 6 figures per BTC.

"Blockchain's February announcement that it hit 3 million bitcoin wallet downloads illustrates the product's continued rise in popularity, (14%) this quarter (Slide 8). The total number of bitcoin wallets [taking in account all major wallet providers and downloads] has almost doubled since last year, closing Q1 at 8,457,207." (see http://www.coindesk.com/5-facts-coindesks-state-bitcoin-report-q1-2015/).

Of course, it would be important to know how much of these wallets have an actual balance. And many people have several wallets and downloads every new release.

But also the total number of transactions is at an all-time high. Of course that number can also be falsified or manipulated, but I believe it gives at least some sort of real insight into the traction BTC has achieved as of now. Download numbers are a very bad metric, that's for sure.

If bitcoin goes mainstream, all the current problems will disappear. It will become like fiat, just a digitized version.

It can't be FIAT, since as per definition FIAT money is money that's been issued by a centralized entity and is destined to be the currency as per law. You also can't exert financial controls, to e.g. counter inflation, like you can with FIAT, since you can't regulate or control Bitcoin in the same way as you can with FIAT.

Maybe not technically fiat as tesco said, but If the government controlled enough of it, couldnt they exert the same economic controls they could with fiat?

Hmmm... I guess they could try if they held enough coins, but I think it would even be quite difficult and maybe impossible to attain that many coins, because they would have to be bought from the open market, much unlike regular FIAT money that can be printed by the issuing entity as it pleases.
In conclusion I guess they would be far too limited in their choice of monetary controls.

We shouldn't be using blockchain.info as a source or metric for the rate of adoption Bitcoin has achieved. They're just one company, and even only a provider for online wallets! The best metric I can think of is the transaction volume, and the mere number of transactions that happen per day/week.

No one should be using Block chain.info to trade Bitcoin.  It is perhaps the most unsafe way.

How is that transaction volume is a measurement to say that bitcoin has goes mainstream? this is not really a measurement either and by mainstream shouldnt it be measure by how many people that actually knows and use bitcoin? since the transaction volume can be fake as I can keep on sending and receive bitcoin to make it higher

I posted here what I mean by bitcoin at mainstream: https://bitcointalk.org/index.php?topic=641048.msg10766608#msg10766608

No.... Nobody (like on the street people) knows what the fuck bitcoin is... yet.

Agreed. Mainstream is television. Mainstream is google. Bitcoin is not mainstream.

The better criterium for mainstream seems to be the number of people holding bitcoin. Even if most people already knew about bitcoin and were able to use it (we are still far from this), that wouldn't make bitcoin mainstream if a relevant part of the people (5%, 7%, 10%?) didn't actually have bitcoins. Everyone knows what a diamond is, but real (natural) diamonds are not mainstream.

I think that in order for bitcoin to become mainstream a few things should happen.
First, some really big and important companies should accept bitcoin.
Promotion should be much stronger and in mainstream media.
Average people should clearly see all benefits of using bitcoin in everyday life.
Bitcoin ATM should be in every corner of the world and many shops (online and offline) should start accepting BTC.
Value of BTC should become stable.
If all this happen I'm sure that BTC will become mainstream, but I'm afraid we are still very far from this point.
If BTC ever goes mainstream its value will raise as rocket and we, early adopters, will become very reach overnight. :)

Mainstream is Nana, Meema, or Grandma using Bitcoin.

http://99bitcoins.com/wp-content/uploads/2014/12/what-is-bitcoin.jpg

https://ihb.io//wp-content/uploads/2014/07/I-Have-Bitcoins-Bitcoin-for-Grandma.png

http://www.pixenli.com/images/1421/1421493274009830200.jpg

When Bitcoin is so easy your Grandma can use it, is when it's truly Mainstream.

I don't think it will happen that quicky. It will go mainstream but in pace of years not days/months. Because of that it will be smooth change :)

I like those pics with grandma using bitcoin.  I think that shows that we do have a long way to actually being mainstream.   However, we have come a long way from just a handful of folks---it's definintely a worldwide phenomenon, just not a mainstream one yet.

Bitcoin will go mainstream when whole wallets can be encrypted is such a way that they can be transferred to another person, and the first person will not be able to use any of the addresses therein, and the second person will have control of the addresses to use as his. In addition, nobody else will be able to transfer a wallet he happens to find, unless he has the right PGP address for that wallet.

:)

Indian authorities seem to be increasingly negative towards bitcoin: https://www.cryptocoinsnews.com/india-cracking-bitcoin/

It's a very specialised appliance, and pretty good in it's niche.

People who try to force it into the Wallmarts for buying bread never understood why Satoshi invented Bitcoin.

The Bank of England maintains its interest on bitcoin: https://www.cryptocoinsnews.com/bank-england-others-join-inaugural-bitcoin-forum/

On the fairness of bitcoin distribution: https://www.cryptocoinsnews.com/1-bitcoin-community-controls-99-bitcoin-wealth/

It seems everybody has a different opinion on what the definition of mainstream is, but I don't think bitcoin is there yet. When we can spend our coins in big brand stores and most places online then it will be mainstream, but not until then.

An uptaded list on the states that banned or restricted (more or less) bitcoin: https://www.cryptocoinsnews.com/top-10-countries-bitcoin-banned/

they have just "banned" it from exchange or trading with it in general, they can't certainly stop someone using it in his house

you can still receive  and send bitcoin to someone else, if you live in those places

i wonder if someone use sites like all4btc using maybe a proxy, from those country, what will happen...nothing i guess

The weakest fiat will be the first to go down: https://www.cryptocoinsnews.com/argentina-unintentionally-improves-case-bitcoin/

The endgame of bitcoin is to go mainstream, maybe even global, some people would like to see it as the primary form of exchange worldwide.

Top 0.111% own 81% of the wealth
https://upload.wikimedia.org/wikipedia/commons/5/5b/Global_Distribution_of_Wealth_v3.jpg
https://en.wikipedia.org/wiki/Distribution_of_wealth (https://en.wikipedia.org/wiki/Distribution_of_wealth)

If bitcoin "goes mainstream" it won't make much difference to it's value relative to fiat until the top 0.111% make a move into bitcoin. Unless the mainstream accept only bitcoin in trade forcing some portion of the top 0.111%'s wealth to adopt.

The inequality on the distribution of wealth is astonishing, even if that graphic only takes in account financial assets and not material goods, including small enterprises, land and houses.

Anyway, bitcoin won't contribute to a more equitable world, on the contrary.

That wasn't my point.

But since you raise it, if the mainstream entered bitcoin (with their paltry 29% of the wealth) before the 0.111% and then refused to trade with the 0.111% in anything but bitcoin then bitcoin would indeed contribute massively to balancing the inequity in global monetary holdings.

You have been given a tool, a new weapon in an age old struggle, it is up to all of us to choose how to use it.

due to the ridiculous supply limit (unless they have even smaller division or higher supply), bitcoin goes mainstream would go to hundred millions per single within a day, and explicitly unstable if bitcoin went mainstream for the first time. if i guessed correctly.
so, bitcoin cannot go mainstream easily, bitcoin can only be pushed to the mainstream by majorities of bitcoiners.

If bitcoin ever go mainstream, bitcoin might become more easy and simple in use
but no one knows the future of bitcoin

If bitcoin goes mainstream , it will be fun. Just imagine paying for everything via bitcoin , sounds too good

That is true, but as you said that no one know the future of bitcoin, and that is the problem that everyone has in their minds, that whether to trust bitcoins or not, but I don't see that it would get on mainstream in the near future, as it is very difficult to replace fiat, As we know that the market cap of fiat is much more as compared to bitcoins, and it would be difficult to replace fiat very easily.

sounds fantastic, but it will take a good amount of years will we ever see global adoption. we need patience and support bitcoin by buying things with it.

Yes patience pays, definitely we need to be more patient and optimistic related to bitcoins as we know that it can be a major currency in the future, if it gets into a mainstream than that would be a blessing for people as they can buy anything by using bitcoins and decentralisation is an added advantage with bitcoins, as a bitcoin users we want that it should get on mainstream as soon as possible.

We both know that most "mainstream" people are not pioneers on technological advances, like bitcoin; they won't arrive first than the financial elite. Most people would have to buy bitcoins at very high prices, making rich the geeks and elites (with good advisers) that arrived first.

And most mainstream people don't have any kind of financial independence that might able them to force the financial elites to do anything. They depend on loans to buy almost anything to try to show to their neighbors how "successful" they are.

And long before a small part of this people were bitcoiners, its price would skyrocket. We just need a small percentage of the wealth to be transferred to bitcoin to provoke astonishing prices increases. Less than 0.1% would be enough.

As stated on the original post, I think bitcoin will just aggravate inequality.

Really, for Bitcoin to go mainstream, it would have to be a lot more noob-friendly than it is now.
I honestly don't see my dad even using blockchain.info to pay for pizza or whatever.

I think that the android app wallets + services like coinbase and whatever the one is that helps merchants cash out to fiat have made great strides in this department.  I know that when I've bought face-to-face goods with bitcoin it was as easy as scanning a QR code and hitting okay.  Not too bad, as user-friendly goes, IMO.

I think it will never go to the mainstream. It will be always like now the alternative for the mainstream currencies.

Can your dad not use Paypal? PP isnt much different from blockchain.info. Besides, it doesn't matter about the older generation. They'll die off eventually but the younger generation are brought up understanding technology so it'll be far easier for them.


That's what they said about the internet and look where we are now.

Whew. I'm really tired of hearing this old chestnut.
Why do you say this stuff?
I think tv sets will never go mainstream coz they're way too complicated for people to understand.

... pizza will never go mainstream, it's just too hard to understand how you make the round dough and why the crust doesn't burn before the cheese melts.

Mainstream will happen is exactly the way things are happening now - with the gradual but persistent adoption of Bitcoin into the mainstream economy.

https://gds.blog.gov.uk/2015/09/01/registers-authoritative-lists-you-can-trust/

An UK governmental service is studying the possibility of adopting a blockchain system to register public data.

Survival of the fittest. I see bitcoin has all the capability to be a fittest. Bitcoin can solve many financial crisis. Many peoples border problems. Many people's saving dilemmas. Many people's banking. These are few example. At least one is enough to be a mainstream money.

Haha that's pretty funny but it's true. I'm sure peoples parents were worried about using debit cards and atms at first too.

i think bitcoin have lot of potential to go mainstream..
and as of now there some who already adopting it..
but we cant say its mainstream because it not even 1% of population..
but i think more will come so lets just wait for it

Bitcoins potential itself will make it as a mainstream payment method very soon. Many financial experts have already agreed that.

It has the capability for sure and I think it can certainly help in some of those sectors you mentroned but for it to go mainstream per se I think it will have to be accepted by many stores and merchants.

The strongest repression will come from States with weak currencies, that are too afraid of seeing their fiat coins dumped because of a run to bitcoin as a safe haven:
https://www.cryptocoinsnews.com/bitcoin-websites-blocked-venezuelan-government/

Bitcoin will go mainstream surely as the change has already begun.We can not just see the speed of change it is much more faster than we imagine.It is inevitable now as lot of the water has flown under the bridges.Governments as well as bankers are failed to stop Bitcoin in last couple of years.A totally new era of financial freedom and privacy is to come soon.

At a meeting of Commonwealth central bankers, "some governors at the meeting raised questions "about the implications for monetary policy and financial stability"" of Bitcoin and other digital currencies.

https://www.coindesk.com/commonwealth-central-bankers-raise-bitcoin-policy-questions/

I don't think there's anything guaranteeing mass mainstream adoption. Sure it might and it it does go there it will take several years but part of me just thinks most of the general public just has no need or desire to use bitcoin so the mainstream will largely avoid it. I thiunk it will still have its niche uses online and in some industries but will remain relatively underground still. I hope to be wrong though.

Totally agreeable although there is nobody stopping anybody from scare mongering with the kind of dark services that can be purchased with BTC. Despite this, I do think that BTC could potentially go mainstream but this is ultimately dependent on the faith of the general public in it. Personally I feel like not enough people are aware of this financial freedom that can be easily achieved.

Look at the number of banks closing down.

i hope someday it will happen,bitcoin very mainstream and popular,the future payment must be like this,simple and fast.

     One shouldn't confuse his subjective desires with reality. As someone wrote, Reality is that which, when you stop believing in it, doesn't go away. Or, reality is what doesn't go away when we wakeup from our dreams or illusions. Of course, the major problem is that many times people only realise how far their reality is from the real reality when the second hits them on the head.

     Clearly, since the top of November 2013/January 2014 (in price and euphoria), bitcoin lost some users and interest (https://www.google.com/trends/explore#q=bitcoin), but slowly it has been gaining investors and retailers (https://www.coindesk.com/state-bitcoin-2015-ecosystem-grows-despite-price-decline/). Therefore, even on a depressive context, things are improving.

     But a real success of bitcoin (like the one described on the OP) will depend (and will aggravate) also on the insuccess on some degree of fiat (inflation, financial crises). And that can hurt many people, including people we love. That the desires of some bitcoiners can't affect reality might not be that bad.

     A situation where bitcoin take the place of processors like paypal, a part of the share of credit cards on Internet shopping and reaches 2 to 3% of world population might be the ideal goal. But as it reaches this goal, its price would surge so high that this would attract more and more people...

well then you should hope for regulation all around the world, because average joe will not use an unregulated thing for their serious daily stuff

but regulation go against decentralization, it's a tricky situation...

You are right so far, but I hope this situation will change soon for better (and I think that part of you has the same hope  ;) ).

Mostly people don't want to use BTC because they don't know whether it's relible and they don't have time to explore the subject more. Things that come to mind when they hear the word "Bitcoin" are: Silk Road, MtGox's collapse and other negative things unfortunately. As soon as BTC starts receiving positive publicity the mainstream adoption will rise exponentially.

That's why we need a modest regulation that will find balance between decentralization and complete regulation on the other side.

Granted, it seems to me that Bitcoin will always offer ways to their users to avoid this regulation to some content. Look at the US at the moment. You can buy bitcoins from Coinbase for example and reveal all of your personal informations, but on the other side if you are capable enough, you can find ways to buy bitcoins while not revealing your sensitive personal info.

That's what I like about Bitcoin.

well Bitcoin is a revolutionary technology, but not every revolutionary technology or idea or concept has been accepted and become mainstream or mass adopted

That's it! With Bitcoin we have a choice!
And with decentralized market places and exchanges we will have even more choice!

No yet main stream. When 1% world population know about bitcoin, it is in mainstream.

Looking forward to being able to pay by bitcoins on a daily basis (groceries, cafes, petrol, etc...)

i'm sure we need more than 30M people, be aware that you should not count 7B people as the whole population, becasue there are many new born children, people without even internet like those in africa, etc...

so counting half of that elad us to 30M with what you are saying, which i think it's too low of a number...

Would be great to see it above 1k again,,good times

The lives of those heavily invested in fiat is already being ruined due to 0% interest rates, negative interest rates in denmark and switzerland and a whole host of other things

A mere 0.5% rate hike in the US will totally obliterate pension funds, life savings and investments held by 90% of the country

The major barrier is people. I go out and talk to people about Bitcoin, to try and get them to accept it

0.5% rate hike is more than 100% rise in percentage terms. Many borrower will not be able to afford it.

I think bitcoin is not ready to use globally as a mainstream currency. I think that a if the bitcoins rises as a strong mainstream currency then it has the capacity to shut down the other companies like paypal, visa and mastercard. But it is possible only if most of the countries start recognizing and regulating bictoins otherwise its not possible.

I think that a lot of people here only want Bitcoin to become mainstream so that their investment will increase in price, not because Bitcoin is innovative and cool.

I agree with you but this is ok, why not?
We support some revolutionary technology at the very early stage, when just a few people give their support, and later we receive huge rewards for our faith and initial support.
It's the same in the real market where many people became very reach because they bought some very cheap shares and later sold for very good price :)

Bitcoin -- as it currently is -- is just not going to go mainstream by design.

It doesn't mean that Bitcoin has no future as an alternative and/or interbanking solution, or that smart layers couldn't use it as a store of value and/or transactional lower layer. However, the days when Bitcoin was seen as a stupid get-rich-quick scheme are probably over, and it's a good thing.

this will always be true, even in the case bitcoin will be the king and used directly to purchase everything

without money you can't survive or be happy in some case

but as long they help bitcoin going mainstream who care? it's fine for me

People will be happy just because of success of bitcoin and that success is possible because of the innovation behind bitcoin. So, if bitcoin goes main stream is a effect of chain reaction of many things and that would trigger many things, people's joy is one of them.

I mean that they don't give a fuck about the success of Bitcoin, they just want to get rich with no effort.

I think that it will be take long for it to be used as regular money.

In fact, regular money took long to be used in its electronic version. I still know people that do not trust much on online bank transfers and payments. Due to Bitcoin being full online, well, it will take some time.

I am happy if it is a way to store value for some time.

I don't think even after Long time it will happen. Very difficult to replace the existing currencies with Bitcoin.

Well i bought a ton of stuff using bitcoin as i would do with fiat, so i think it's getting to a point where you can in fact compare it with fiat. Hell, in AUS you can even pay
taxes with it. It will take some time for it to gain the traction we want it to be on, and each one of us can help by purchasing with them, holdnig, trading..
I think it's not the question of if it will go mainstream, but when. Just don't hold your breath.

Yes but nothing is impossible about this issue, Bitcoin is growing up already daily, and the number of boitcoin's users and supporters increase highly by time, so everything is possible in the near future even turning Bitcoin to the most used currency worldwide

Which I agree as well. If we see the progress it has made albeit slow, but at least we know it is going forward. I think it needs more atm, more exchange services which don't ask all the long list of information just to deposit and withdraw money, more bitcoin based remittance business and we should be there.

If the amount of people using bitcoin continues to go up and with corresponding increase in services, at some point BTC will become to mainstream

Bitcoin will coexist with existing currency for a long time. Fiat is easily printable by governments so goverments like it.

Yes it will be there for long time but it can't replace with any existing currencies and it will be used as alternative currency to buy online.

probably, forever, like other fiat money are coexisting with their counterpart

and you can put there in the magic hat, some other crypto aside form bitcoin

It will be when I make my merchandise. Don't worry you guys. I'm gonna do everything in my power to make these items beautiful and jaw dropping to give wonderful advertisement for Satoshi's work. All you have to do is give me a chance. I love you all very much from the bottom of my heart because you've honestly given me concepts to believe in, and I'll honestly do anything to contribute to the growth of this currency.

One day, bitcoin will be worth one million USD each, and we can all enjoy our success together.

If you can create artwork that pushes Bitcoin into mainstream, every day life; I will quit everything, pack my bags, and move to wherever in the world you are and work under you as your assistant.

Under me? With me.

I don't believe any of us are higher than the next worker. No man or woman is an island. ^___^

Right now, I'm designing fashion merchandise with the bitcoin symbol in gold, and without the circle in the background. I will also be hand sculpting bitcoin symbol chains, bracelets, earrings, and various bracelets. I am also going to be working on some hand knitted sweaters, hats, scarves, gloves, arm warmers and so on with the bitcoin symbol hand embroidered onto them in gold embroidery floss.

I'm almost done with my first scarf and matching hat. From there, I will be hoping to get back on the mascot that I created for Bitcoin as well. I'm honestly excited. I know these items will look fabulous and really get the word out on Bitcoin currency.

Oh, didn't realize what you were referring to haha, I actually think I saw both of your threads about the scarf and the mascot.

As far as logo changes go, I'm all for it. Branding and logos have significant psychological impact, and I really think that changing the logo to gold would make a huge difference in the eyes of potential Bitcoiners. Good luck :)

https://www.coindesk.com/russian-minister-confirms-plans-to-ban-bitcoin-to-fiat-conversions/

Things seem to be going for the worst in Russia

However, in China, a country much more important for bitcoin, political perspectives on Bitcoin seem to be improving.

http://cointelegraph.com/news/115435/china-unofficially-authorizes-bitcoin-price-turns-bullish

However, it seems the chinese government now is happy with Bitcoin because thinks that it has less volatility. They are mistaken, volatility won't stop. One has to wonder what would happen if Bitcoin's price real skyrocketed. Chinese authorities fear an active that have huge valuations, because after a big boom always come a bust. And that can ruin the savings of many chinese investors and create social and political unrest, jeopardizing the chinese government.

Do you remember what was the trigger of the major crash of 5 December 2013? Yes, chinese governmental repression. The chinese Central bank published a note warning against bitcoin and forbidding chinese banks to deal with it (http://www.bloomberg.com/news/articles/2013-12-05/china-s-pboc-bans-financial-companies-from-bitcoin-transactions ). At 29 November 2013, we had a first huge crash, but the price had recovered.

It seems Bitcoin has two both probable futures: becoming a threat to all currencies with a huge price or to die-off/survive on the fringes of the Internet, because of governmental repression. And both are simultaneous possible in different moments. A huge success followed by repression.

More on the russian regulations banning bitcoin, under a penalty of 4 years in prison:

https://www.cryptocoinsnews.com/russian-finance-ministry-proposes-a-4-yr-prison-sentence-for-bitcoin-users/

One of the reasons stated is that bitcoin is "speculative" and carries a "high risk of changes in its value".

Therefore, let's protect people against their will and put them in jail for 4 years, even if they didn't launder money or trade in illegal goods.

CNBC Interview with Elvira Nabiullina - Russia Central Bank Governor:

Geoff Cutmore (CNBC): I understand you have been looking at bitcoin, can you see a time in the near future where you may be looking to hold any reserves of bitcoin or you might authorize the use of bitcoin in Russia as a legitimate currency of exchange?

Elvira Nabiullina: So far I can't imagine a situation where bitcoins would be considered a reserve currency but we are looking at how this market is developing, we are noting certain risks there and we've informed the market players that we identify these risks and because there are(inaudible) many representatives in that particular sector that could be resorted to some dubious operations and transactions. You know the kind of policy we conduct about dubious transactions, but we are watching over the development of this market and see that for consumers there are certain attractions in bitcoin's mobility, expediency, low cost, so this is something definitely the market will be welcoming so we will be watching with attention and, if necessary, regulate it.

Here is all interview: http://www.cnbc.com/2015/06/18/cnbc-interview-russia-central-bank-governor-elvira-nabiullina.html

I can see there hope for Russia.  ;D
Bitcoin have to go to mainstream! It is just metter of time..

Things are not decided, indeed there are people supporting bitcoin in Russia, even Putin said something positive a few months ago. The regulation I mentioned is just a proposal.

More bad news to bitcoin. These are not really new, we already knew or suspected that the "islamic state" was using bitcoin. But this is more bad press and there is always the risk that these news provoke repressive measures from governments.

The problem isn't the funding (they have many other sources), the problem is that bitcoin is almost anonymous, hard to stop and fast. Therefore, they can get the funding from other sources, but use it to buy bitcoins and send them to their members abroad.

http://www.dw.com/en/bitcoin-islamic-states-online-currency-venture/a-18724856

http://www.newsbtc.com/2015/11/14/isil-militants-linked-to-france-terrorist-attacks-had-a-bitcoin-address-with-3-million-dollars/

https://bitcointalk.org/index.php?topic=1252770.0

This was meant to happen but im not worried. When the internet started, it was always on the press about how the internet was something really creepy for criminals and pornographers to share their stuff, but as we know today, the internet was a invaluable too for makind. With Bitcoin it will be the same, so get in before its cheap (and by cheap I mean XX,XXX)

We have contradictory news on the reaction of authorities to the issue of the "islamic state" using bitcoin:

Reuters says that the UE is planning to adopt repressive measures:
http://www.reuters.com/article/2015/11/19/us-france-shoooting-eu-terrorism-funding-idUSKCN0T81BW20151119
http://www.businessinsider.com/r-eu-clamps-down-on-bitcoin-anonymous-payments-to-curb-terrorism-funding-2015-11


But, yesterday, the UK government said that "There is little evidence to indicate that the use of digital currencies has been adopted by criminals involved in terrorist financing, whether as a means by which to raise funds (crowd funding etc.), to pay for infrastructure (e.g. server rental), or to transfer funds."
https://www.coindesk.com/uk-treasury-digital-currencies-low-money-laundering-risk/

Another brits-continentals dispute also on this issue? This time, let's hope the brits will win.

Really? Are you serious?
If bitcoins ever go mainstream, one of my dreams will be accomplished. Bitcoins really deserve to be mainstream, and here's what I think will happen when they become mainstream.
(1) Least usage of fiat currencies-- Fiat? Cash? What's that? This is what people will ask as cash will be seen not at all.
(2) More technologically advanced-- People will get to use digital currencies and certainly people will be using technology more.
(3) Less corruption-- -- Money will be transferred by government to people directly. No ministers to eat in between.

(3)There would be no government, at least the way that they are represented at the moment. Government structure will get overhauled completely, where the minority doesn't rule the majority. It would be the opposite. However this won't happen in the near future since government control is the highest it has been since, well forever.

(2)Majority of people are monkey see, monkey do. So they would just use bitcoin because their friends use bitcoin.

(1)Who the fuck needs fiat anyways when bitcoin's mainstream.

OT: if bitcoin ever goes mainstream, I'm going to be a small whale.

You should read the OP.

I love bitcoin, but running an economy on bitcoin would be a disaster (for others, the late bitcoiners, and for you, if in the meantime you sold your bitcoins).

But if bitcoin starts to be a threat to fiat, I think governmental repression will escalate. I doubt "they" will let bitcoin became mainstream. That could limit drastically their power and have some severe economic consequences. And governmental repression would scare a lot of bitcoiners, making its price drop like a stone. That could ruin miners (many would have a hard time paying electricity until the difficulty adjusted) and many of the rest of bitcoiners.

However, like gold coins haven't displaced fiat, also bitcoin might stay at the fringes of the financial system, relevant mainly online, inoffensive against fiat.

In any case, repression will take some time to be adopted. There is still time to grow and to hope.

The new world is going to need new things in, like new ways of paying and new things to invest in. Bitcoin will improve the world, I believe in it.

I think it would be real bad for bitcoin if it goes mainstream. Every one will want to try and control it. The banks, the government and the bigger corporations.
It will eventually be the death of bitcoin.

Nobody can control it if bitcoin remains an internet money even everybody tries to control it. They need the hashing power to control it.

on the other hands this current condition with low adoption is not helping, and bitcoin will not grow ever, so we must go mainstream no matter what

or you want bitcoin to be forever used by a bunch of nerd ant that's it?

only miners can control it at this point(and they are not friends...), the government need to buy tons of asic if he want to do something about controlling bitcoin

I think that we are witnessing the first step Bitcoin in mainstream. At this point only the US, but you know what's gonna happen shortly ..

https://www.cryptocoinsnews.com/coinbase-launches-first-bitcoin-debit-card-u-s/

Talking about mainstream?
Here check it out: http://www.arnhembitcoinstad.nl/#kaart
Thats some promotion right there.

Systems of payment that accept bitcoin and retailers are complaining that the number of users that pay with bitcoin hasn't increase at the expected rate. Some are expanding their accepted means of payment to overcome this:

http://www.businessinsider.com/circle-bitreserve-bitpay-struggle-lack-of-bitcoin-adoption-2015-11

I don't really care about those businesses.Especially Circle(funded by Goldman Sucks), and bitreserve as Uphold, which CEO said some time ago that Bitcoin will not survive the next 5 years.

Furthermore Uphold is imo just a bunch of liars.Wanna have Example?!

Latest twitter post by Anthony Watson:"We're not moving away from Bitcoin.We have been , are and will be bullish on Bitcoin".

https://twitter.com/AnthonyWatson/status/668989799013847040 (https://twitter.com/AnthonyWatson/status/668989799013847040)

And then you have to deal with this: https://medium.com/@captaincloudmoney/the-internet-of-money-is-here-c33e5af8140d#.srmi4ilv6 (https://medium.com/@captaincloudmoney/the-internet-of-money-is-here-c33e5af8140d#.srmi4ilv6)


Imo forget these sneaky companies!They are two-faced and don't give a sh** about Bitcoin!Ignore them!Avoid to use them!

The problem isn't those companies or their opinion.

The problem is the apparent fact underlying their opinion: the number of users of bitcoin hasn't grow as expected.

How do you know the amount of new Bitcoin users have not increased as much as people were hoping for? Is there even a way to measure such growth?

percentage of the amount of the total expenses on one year. But even 1% would be huge and would imply a very high price for bitcoin. However, according to the mentioned Gresham's Law, bitcoin will be hoarded and only rarely spent.
waiting for this happen ;D

The true Bitcoin economy is p2p, that is, creating an address and start accepting payment yourself directly from your customers, fans, or whatever that is that you do. That's the whole point. I couldn't care less what those payment processing companies do or if they go bankrupt.

Another bad news for Bitcoin, especially because things were flourishing in Taiwan:

https://www.cryptocoinsnews.com/bitcoin-declared-illegal-in-taiwan/

I know nothing of Taiwanese law, though I have some experience with the 'crypto press' getting the details wrong (just sayin'). In Taiwan, does the FSC Chair actually have the power to enact normative law by simple proclamation?

If bitcoin ever goes mainstream I'm sure that following will happen:
- Price increase
- Many more people will buy BTC and use it
- Many merchants will accept BTC
- We will become reach
- My friends will be sorry because they rejected my offer to buy BTC on time :)

The ban could be an exaggeration, but the kidnapping with a ransom in bitcoin seems to be a fact. It's always bad press.

Bitcoin is programmed to become increasingly scarce every four years, via block reward halving.

Just that alone renders it a viable option for those looking for an effective store of value. Forget the day/weekly/monthly volatility. Short term volatility means nothing if the thing that you're trading has 'PROGRAMMED' restriction of issuance. 

We would become very rich if bitcoin becomes mainstream. Bitcoin is only a few years old and we are early adapters of this experiment.  If bitcoin goes mainstream your friends will be asking you for money  ::)

LOl you are right.
Because i stepped in mid 2014, I feel I was not there when the bitcoin thingy happened. But in terms of early adopters I (we) are still early adaptors.

The potential of bitcoin is big and yes so would we (early) adopters benefit more then the people who join this party later.

Actually it would be a good idea for governments to manage their money through a Biatcoin sidechain, but don't forget that this is a currency war and the powers that be are not going to give up on their hegemony so I don't expect them to nicely start using Bitcoin for anything to be honest. This doesn't mean Bitcoin can't go mainstream by itself without goverment approval.

Bitcoin will become mainstream, it's only a matter of time before it happens, even if banks start using only their own blockchains, it will only bring us more exposure.
It's hard to explain bitcoin now to people, and move them from fiat to crypto, but if they get familiar with it with banks blockchain, it would be much easier for them to cross to bitcoin.

what do you mean by saying if it will go mainstream? it is pretty much mainstream already and it will start becoming more and more popular since now a lot of new people are getting interested in using bitcoins and new companies start accepting it i hope the price will start going up because of that

I think OP meant mass adoption. So many common people will start using bitcoin, but also in terms of e-commerce so many webshops starts accepting bitcoin for payments in their shop.
Such a thing would give the bitcoinomy a serious boost.

If bitcoin goes mainstream, it would mean we holder would be very wealthy.

The biggest holders could even become billionaire's

In the OP I wrote about what I mean by "Bitcoin going mainstream".

After considering a few different criteria, I adopted the 10% of people using it. We are still very far from it.

There won't be any need of Bitcoin going mainstream to many bitcoiners get rich. Bitcoiners only need some more adoption.

The post is about the negative consequences of bitcoin going mainstream.

When the number of user of bitcoin is more than 100 million or the price of bitcoin is $100,000, we can say it is main stream.

I think I all depends on how the average person adopts to it in my mind it is no different from using credit or debit cards I know fine well if I wanted to empty my bank accounts for hard currency I may have to wait a day or two to get it however almost everybody believes in banks and if everyone wanted to withdraw from their bank accounts it would not be possible. So for Bitcoin to go mainstream more and more reputable retailers would have to start adopting it as a form of currency

I've got no doubt that if it goes mainstream we will see the amount of apps growing instantly.
Most dev's are not aware of this bitcoin technology and therefore they don't develop it.

Fortunately for us, as long as engineering concerns regarding node and miner centralization are taken seriously by bitcoin developers, it cannot be externally controlled in the way that you say. However, that's why these issues are paramount in regards to the block size debate. It is critical that technological bottlenecks are respected to make sure that bitcoin's scale does not overtake its scalability. The death of bitcoin is one with centralized enough nodes that transactions can be censored, as one example.

The more the merrier.

For me bitcoin doesn't have to succeed, it already did. The people made bitcoin and the banks got scared big time.

Now it is for them introducing a new scheme ;)

While bitcoin will eventually go mainstream, i think this will take years and years still considering the increase of countries banning btc.
Notice that marketing a Bitcoin related website targeting common people on facebook will just be a waste as it would take time to explain from what is bitcoin than to what the site offers. people only have less than a minute of focus viewing an ad.

I do not think banks should be scared of bitcoin. This is new business opportunity for them. They can continue banking with bitccoin besides fiat.

Well i got no doubt it will go mainstream. There is just nothing like bitcoin nor will any other altcoin be able to compete with bitcoin.
So when we do, I would be the first one to tell my friends; "T told you so"

I've not noticed that many countries have been banning Bitcoin. Maybe I just missed it because my country does not. Could you list these countries that have banned Bitcoin?

https://www.cryptocoinsnews.com/top-10-countries-bitcoin-banned/

mostly restriction no real ban i think, but the only one that banned bitcoin for real is bangladesh, where they put you in jail

One of my biggest concerns on bitcoin is that long before bitcoin being mainstream, governments would realize the real danger of losing control over the monetary police and would start cracking on bitcoin.

For bitcoin to be near mainstream, like paypal is currently, the bitcoin economy would need to be huge. With billions invested. A concerted ban from a few nations would provoke a huge crash on bitcoin's price. Bitcoin would survive, but its economy would be in ruins. People that invest billions won't go against governments. They are not cyber-anarchists or hackers.

Actually, currently, a real ban from China would send the price below 100 fast. Being dependent on a government like the Chinese isn't good.

tbe good thing govermants starting to recodnize bitcoin the bad thing is that some of them are banning it for no good reasons

I don't know what happen to bitcoin if goes mainstream, if it's good news maybe the bitcoins price will increase because many people use it and bitcoin will have many ads on it.

If bitcoin went mainstream, what would be the price of bitcoin?

If we assume, as I did in the OP, that mainstream is 10% of the population using it, let's divide 21,000,000 bitcoins by 700,000,000 persons (10% of the world population). The result is 0.03 btc to each person.

If we take from the 21,000,000 half that will always be hoarded or lost, we'll have 0.015 to each person. People will have to be able to buy all the things mainstream people buy with 0.015, including cars or even houses.

The price would be ridiculously high at that rate but nothing that hasn't already been speculated, let's hope for mass adoption.

As you mentioned in the OP, there will be some form of fractional reserve banking, resulting in money supply multiplication. So each person might have more than 0.015. Moreover, people might store wealth in the form of real estate, stocks, bonds, etc. Not all billionaires have a billion dollars in the bank. People might just have enough bitcoins to conduct daily transactions.

I also have no doubt that Bitcoin will become mainstream. I really want it to become mainstream so that I can sell my Bitcoin and become rich. :)

that is not going to be true.
i mean if bitcoin goes mainstream it means you can use it as cash, then why would you want to sell it for cash then use cash to buy stuff! when you could use bitcoin directly.

Is Paypal mainstream? yes i said that paypal really mainstream,before bitcoin exist,the most popular and used is paypal,and now bitcoin must compete paypal to become more popular and better payment.

Yeah, paypal is more popular then bitcoin at a moment, as almost all sites accepts paypal, bitcoin can give a tough competition in near future when we see more sites accepting bitcoins.

I don't foresee banks every adopting Bitcoin with any serious degree while they are still heavily reliant on the government. Mainstream adoption of Bitcoin would mean more people using it as an actual currency, which I believe we can all agree is a positive thing.

This is not the case if you make money and get paid directly in Bitcoin. You can get a business started and accept Bitcoin directly, accept the Bitcoin in your address and not through a layer like Bitpay.. this way no bank will ever know you are working and making money in Bitcoin form. If everyone did this there would be no banks anymore.

In our country, you need banks and other financial institutions to be the gateway in every btc->local currency and vice versa so the banks earn as well.

but if bitcoin reaches the point that is considered and used as money, then you won't need to exchange it to fiat anymore because you use bitcoin directly to buy stuff.

if bitcoin become something common, I think the price will also decrease, because if bitcoin already in the know the people, it will spread very much bitcoin and very easy to get so the price will come in lower  :(

True, this is possible when Bitcoin goes mainstream because the advantage to cut middleman (banks) is obvious. But for this, working offchain sollutions must exist for million of transactions / second. Hard to say whether possible.

You're all still missing the point, wealth is NOT mainstream. In fact, the middle class ('mainstream') has gotten less and less wealthy relatively speaking in recent decades.

Yes bitcoins will go to mainstream payment around the world but it may take some time, maybe one or two decades. As you mentioned countires banning BTC, can you tell which country has banned BTC?  I never heard of that.

It is not always an obvious ban, for some countries it is a de facto ban, but at the same time those bans aren't really listened to. Most countries do not have any bans in place, except for Iceland apparently.

If more people use bitcoin, that will increase demand for it and, therefore, will increase its price, since supply is limited and will be even more in the future. So, being common is good and not bad to its price.

you're saying that the pooer will make the richer even richer, also in the case of bitcoin?

at least they can increase their richness, in the case of bitcoin, where in fiat not so much

you're right, if bitcoin is common knowledge there are only two possibilities, namely price increases, or decreases. if bitcoin is already known to the public as possible the number will increase, and if the number of possible price increases will fall. but if given limit, bitcoin prices may remain stable and will always go up

I don't think it will be a total loss for fiat investment, I think there would be a level of equilibrium and both will sustain, I also doubt bitcoin would be the most popular coin for regular non-online transactions.

I just stated the truism about more demand being good to bitcoin because someone above were missing this obvious point.

No you got that totally wrong, because if many people want bitcoin there is not enough for all of them.
So the price will go up and more fiat will be in Bitcoin.
There will be only 21 million Bitcoin available and people will realize that they bought to late!

Don't get me wrong here, Bitcoin has been around for a fair few years and still going to be around for many more years but with the ever growing demands for it to keep running its going to need some serious mining power. Are people going to still be mining when we get block reward half in next few months. No doubt am sure a lot of people will be switching off units or mining other coins. Bitcoin need to get some future proof fail safe introduced so that it can sustain itself and does not need much power to keep fast transactions.

Over last few months seen massive delays in some payments I sent out and already looking at other coins going strong and am sure their is going to be at this rate a coin that is going to knock bitcoin out of the race or give it a good run for its money. Bitcoin to go mainstream  hmm never gonna happen unless things are done to make it mainstream and easily adopted by the public without risk and also have much needed security. Theirs a lot now, but more needs to be done making much more user friendly to be adopted by the public to go mainstream like fiat money.

of course the banks will be wary of bitcoin. because bitcoin is potential to unseat fiat. so appropriate when the bank became fearful.

Bitcoin is a very different system from what is currently being used, and thus it does very well have the potential to become a very powerful economic alternative if it gains enough traction with enough people.

What is needed now if the actual people rallying behind Bitcoin, which I have a feeling would be generated if more people started to use Bitcoin and more news was spread around, in a positive light instead of the negative news recently.

http://www.theguardian.com/business/2016/mar/02/global-super-rich-luxury-goods-yachts-wealth-report-knight-frank (http://www.theguardian.com/business/2016/mar/02/global-super-rich-luxury-goods-yachts-wealth-report-knight-frank)


The vast majority of the planet's wealth is concentrated in the hands of roughly 13 million people.

Wealth and monetary goods are not determined by the "mainstream".

that's right, even someone can predict the future, it will not be 100%.

I think there's still possibility of bitcoin to go mainstream

Bitcoin will never be able to 'unseat' fiat. Fiat is fiat and btc is btc, one complements the weaknesses of each other. Besides, no nation would use a non-central bank regulated currency for their country.

I think that Even if Bitcoin goes Mainstream Bank will exist because they will also start to accept Bitcoin Technology and they will start their work with Bitcoin in all section just like what they were doing with fiat currency. But for that first the whole world should accept the Bitcoin.

Where do you see solution?
If people shot down their miner gear because it is not profitable, we could face problems.

Maybe new "asic chip" can solve this problem.
http://www.coindesk.com/bitfury-completion-16nm-bitcoin-mining-asic/
But this is constant race with time.

banks are not going to be easy to get rid of. they are a part of everybody's financial life and besides they are not without benefits. like all the profit they give on our deposits, the loans,... and in the future i don't see this change.

yes, banks will never disappear as they holds the support from the people and people have more faith in banks, So I think even if bitcoin gets on mainstream, banks will also show their presence.

Bank don't hold support banks have a monopoly that's why they are in control. Ask any stranger out there for an alternative they will tell you the truth.
When BTC is mainstream you will see people will leave banks.

Lol read this man
big demand = price increase
so if a lot of people who use bitcoin, certainly demand of bitcoin. of the market will increase. so automatically bitcoin prices will rise.

That is your speculation, not a fact. Just because you think something is obvious, it doesn't mean everyone has to agree

That day will never come when people will leave banks and depend only on bitcoins, even if bitcoin gets on mainstream there would be many people who continue to use banks.

True Banks are definitely not easy to get rid of, especially because we live on a debt based system.
The central bank has control over the country and loan money to the government.

But the they are very clever, I think if everyone knew how the financial system really works the people would riot/revolution.
That's why Bitcoin is a good step in the right direction.

lets not forget that the government is never going to give up their control over money.
they are currently in control of paper money from printing it to monitoring all the transactions and taking taxes, so they don't want to give up this position of theirs.

I think it would be more reasonable to say it would be a gradual process if bitcoin goes mainstream and it won't ruin people opportunity to get in bitcoin since there would be time to use it, I doubt bitcoin will go that much mainstream for the current time.

That will be a very slow process. I first heard about bitcoin in 2013. It was not main stream. it is not main stream yet. We have to do a lot of work.

Yeah a lot of work. I honestly feel some kind of marketing team should set up to spread the world.
Right now it's just hoping that consumers and merchants will accept bitcoin.

Bitcoin is perhaps still like a little child that learns and adapts to the world around them.If you look in this point of view It will take a considerable time to grow up and become a serious player.On the way there are many obstacles and traps, so it is difficult to predict whether BTC ever go to mainstraem.Like most people here I hope BTC going to succeed :)

But this can happen almost over night like Bitcoin already succeeded to become very popular investment for many people. I expect many astonishing news and adoptions, but this will bring and regulations and more control.
But after all this is great ride already!

i'm not sure bitcoin wll get some good achievment this year,bitcoin goes mainstream several years ago,and more popular until this year,even bitcoin price still unpredict and really fluctuate,but bitcoin not lost it hollder and adopter,bitcoin still have so many "fans" .
lets hope on future bitcoin will compete paypal more and more,and take over 2% population who hold by paypal.

But all this don't mean that price must rise astronomically. If Bitcoin succeed to takeover Paypal business ,which i can imagine is possible, it still can fall to 100$ or less because it is value not service, and can be manipulated.
Someone will say this is death or end but, no this is free trade. Everything is possible.

Is mainstream make bitcoin more better or not ? I mean it's like many people using bitcoin like a normal money. is it called mainstream too ? And i think if bitcoin become mainstream, it will affect the price itself.

If bitcoin goes mainstream, it would be in our best interest to have accumulated some beforehand.  That's obvious, but the point is that it's too late to make big gains after it's mainstream.

Just let bitcoin hit once again the 800 dollars and reach the 1000-1200 dollars and being stable ,on that time you will be able to see how many people will wanna to be out of bitcoin world.

Fiat is so inflated anyway and once more and more TRUST in Bitcoin and lose TRUST in fiat, then yes, inevitably fiat will be looking quite trashy and cheap then in the eyes of many. I think though that there should and will be a transition before Bitcoin can go completely mainstream to allow for the Masses to start accumulating Bitcoin and growing their hoards. I believe this must happen first before general adoption comes to play.

I don't think it will be like that, I think there would time for people to even change from fiat to bitcoin, I don't think the change will happen overnight or anything like that but would be a gradual process.

Offcourse that time wil come.
It's just waiting for that moment and remember if bitcoin is mainstream and you can use it everywhere, then it will be very easy to use and spend you coins.
Same as credticard etc.

absolutely  ;D
as currency, bitcoin is collected to fulfill daily necessity or another will. if it becomes mainstream, those people will be happy because of the high price and can use it like fiat money.

in the other side, if everyone know the system, they probably will love it more than fiat

I doubt bitcoin will be more mainstream as many people imagine, because until now, users of bitcoin just focus on finding ways to enrich themselves and seek to benefit from bitcoin as much as possible, they do not care about popularity bitcoin and very little is started bitcoin introduced to a new person.

Sure It will be gradual and happen overtime, I do not see it becoming the top currency or making USD unusable just overnight and everyone will have time to by some BTC.

it will go mainstream to a limited extent but I don't think anything unbelievable or impossible like completely overtaking the financial world would happen, I think bitcoin will be an excellent online payment option.

Trying to make a buck is human, I won't censure people for that.

Actually, that makes Satoshi look indeed remarkable. His bitcoins made him rich, but he hasn't really touch them. If the ones generally considered as his bitcoins are indeed his bitcoins, they are still seating on the same address since the beginning. What a difference between Satoshi and almost all the creators of alt coins.

The same way in the past and nowadays people trades stock,play forex and gambling,all those kinds are to grow their porfolio,making money why with bitcoin would be different?Gold achieved mainstream and all wanna have a part of it,soo why not bitcoin can has the same process,interest into trading it and having it.

because BTC is not real, it's a niche e-currency which is mainly used of the black market(including ponzi schemes, hackers, drug dealers) and it will remain like that until its value will go to zero.

BTC is real ... it is now mostly being used for cross-border payments the potential market of which makes up 40% of current total global banking revenue.

Coming to eat the bankster's lunch chump.

Who knows future? but one thing is clear about future that peoples always welcome new way of work and new ways of earning. here about bitcoin one thing is clear that anyone can transfer their funds worldwide with in a minute. its the simplest way of fund transfer that available in today market.
So future of  bitcoin si Good. 8)

Bitcoin will go mainstream sometime in the future IMO as the change has already begun. I think the speed of change it is much more faster than we Used to see before .Governments as well as bankers are failed to stop Bitcoin in last couple of years. I think bitcoin is going mainstream..

I think it will be a gradual process, no one won't have an opportunity to join it and it will be a gradual and relatively slow process, I think almost all people will join bitcoin at decent time.

I think there is time for everyone to join and jump on bitcoin as it will be slow and everyone would gain some chance to join before complete mainstream adoption.

Lol, one thing the block-size debate has shown us is that if everyone's going to join, it's probably a good thing that they wait at least a few more years for us to sort out how to get their transactions confirmed reasonably promptly.  Hehe.

People will choose the easiest way, people everytime did. If it will be bitcoin, people will join it . But anyway IMO it will not happen

If bitcoin becomes THAT mainstream then it would be a gradual process, it would take months if not more for it to be adopted and used world-wide and for it to replace bitcoin it would need even more, people won't be affected...

... in that case, growth would be 'slow' at first and then relatively explosive, with 'slow' being a relative term.

Anything is possible mate, I think there are full possibilities that bitcoin can get on mainstream in future as the popularity of bitcoin iis increasing rapidly and I think it would be used as a primary currency in future.

I don't think it will screw the person involved with fiat or even impact them, for mass adoption to occur even these people are needed, I think it will be a slow and gradual process and everyone will get the chance to be a part of bitcoin as a whole.

For the reasons stated on the Op, if bitcoin goes mainstream, I think it will destroy the value of fiat and will be a catastrophe for fiat holders.

I think if Bitcoin goes mainstrem (and it is going already btw) the fiat will stay anyway. There always will be situations when it is more convenient to use fiat and I think there is nothing wrong with that.

yeah I think it's not a problem. many people are too scared if bitcoin become mainstream then bitcoin will take over fiat, it's simply not true. Fiat will be like usual

If bitcoin was real mainstream (10% of people holding it) its price would had been going up like a missile in the previous one or two years. As more and more people was aware of its growing value, more and more people would rush to it, dumping fiat.

Gresham's Law says that people will hold/hoard the strong currency (bitcoin) and will dump the weak one (fiat) like hot potatoes. That would devalued fiat even more in front of bitcoin.

Perhaps, fiat would still survive, but it would be like fiat versus gold coins in times of inflation of fiat. No one would want to have their savings in fiat. Everyone still holding fiat for the long term would be ruined.

It's because of this (and other things stated on the OP) that I doubt governments will allow bitcoin to go mainstream. They will have to try to ban it (they won't be able to real destroy it, but will force bitcoin to return to the margins of the Internet) before this happening, forcing wealth to stay away from it.

There will always be people to use fiat on their daily lives,not all people have mobile phones that have bitcoin in them so fiat will still be used.

That's true especially the illiterate people will find it easy to use fiat and not bitcoin, as they might find using bitcoin complicated even if bitcoin gets on mainstream.

I don't think anyone will be ruined if bitcoin goes mainstream, it would be a very gradual process and almost everyone would be part of it, Bitcoin would still be linked to fiat by a price I think.

I think that a lot of people here only want Bitcoin to become mainstream so that their investment will increase in price and be sold thereafter to make profit, not because Bitcoin is innovative and cool.

I think Bitcoin will go mainstream as the change has started, you can not just see the speed of change it is much more faster than we imagine, I think Governments as well as bankers are failed to stop Bitcoin in last couple of years so I think bitcoin is incoming to the financial world.

Very true

Bitcoin has to coexist with fiat currencies, at least for the time being

because its actually fiat currencies that allow bitcoin to be valuable since, currently, the blockchain is mainly being used as a payment rail to facilitate transmission and transfer of value

The value being transferred can be anything... Fiat, property titles, etc

Without fiat currencies, bitcoin itself wouldn't have a USP that easily appeals to the average joe

If Bitcoin goes mainstream that will be a good thing because it will be accepted not only by big stores all over the world but by all kinds of smaller shops like grocery stores, hairdressers, laundromats etc. Consumers will have the choice to pay with their fiat or Bitcoin funds and that will help to bring the prices down and I hope there will be discounts for paying with Bitcoin for example.

I could see a scenario where bitcoin is accepted just like credit cards, paypal, and debit cards sometime in the near future.  I think it's very likely to happen within 10 years or so.

thats the thing i seem to imagine too because im pretty sure bitcoin will be accepted by most people in ten years

besides that i think that the price will go through the ceiling and we will reach something like 10 k dollars per btc

I don't think it will be like this, If bitcoin goes mainstream enough then people would get plenty of opportunities to join in since it won't be a surprise but a gradual process, IMO everyone is getting an opportunity to join bitcoin.

I think bitcoin is nearly mainsteam and it will happen sooner because we see more stores online accepting bitcoin as payment and they are increasing month by month.. I hope it will be the mainstream in the future if they develop more on bitcoin..

More likely Bitcoin goes mainstream if it become common for people to get paid in Bitcoin instead in Bank account. Long way from there, but its fine considering Bitcoin is not readdy yet for any higher usage because of capacity problems.

I think bitcoin has full potential to get on mainstream as it is getting more and more popular day by day and we will see many users using bitcoin as a currency.

I doubt, if majority of bitcoin users treat BTC as regular mean of payment. I'd rather say, that most of people give a try with investing and gambling.

i hope someday it will happen,bitcoin very mainstream and popular,the future payment must be like this,simple and fast.

If bitcoin goes mainstream i think nothing will change. People will just start using bitcoin more than usual thats all.

I'm sorry if it sounds pessimistic but I don't think there's anything guaranteeing mass mainstream adoption. Sure it might and it it does go there it will take several years but part of me just thinks most of the general public just has no need or desire to use bitcoin so the mainstream will largely avoid it. I thiunk it will still have its niche uses online and in some industries but will remain relatively underground still. I hope to be wrong though.

Your Idea is atleast realistic...bitcoin might really be known thru out the world, but mostly it's entire life would stay in online transactions..Even if it's adopted by many..

For ordinary people like us, we would like the price to be high and make some profits. We do not understand the technology.

Mainstream of adoption is nothing but using bitcoin everywhere similar to our fiats. When that happens everybody will be benefited with their bitcoin savings. Fortunately, you are right, to get your profits you need to understand this, you deserve the benefits for your bitcoins. How beauty bitcoin is....

It will take a long time for bitcoin to hit the mainstream as majority of population is not aware about the bitcoin yet and in future bitcoin will always be a secondary option for people.

In 20 years, bitcoin will be the secondary option for people. But in 50 years, bitcoin will be the first option.

For Bitcoin to go mainstream means that it has become really popular. Mainstream is that the majority likes it and or uses it. Bitcoin still has a long way to go for that can happen.

As it is now, if the user adoption continues same for the coming years, truly in 40 - 50 years time it reaches about 40% of population. On such instance bitcoin might get preference in terms of transaction and earning.

That would be good to see if bitcoin gets on the mainstream in the future but that doesn't promise us that will stop using fiat currency for their day to day spending, fiat will always survive  in long  run.

Actually, in the really long run, who knows?  I guess you don't believe in the anarcho-paradise future of many of our colleagues here.  Well, I only half believe in it myself.  In any case, I don't see why it's so clear that in 1000 years we'll still be using fiat currencies from governments.

But the fundemental thing to note is people dont like change, we are creatures of habbit, as much as i want bitcoin to take over  ic ant see it happening, its a safe place to invest money though before the economy collapses.

I think the price is high. bitcoin could attract many new adopter and increased time. certainly everyone will use bitcoin. and bitcoin become mainstream

If bitcoin goes mainstream that would be great. Imagine bitcoin can be use for paying everything, sounds good.
And each people have their own wallet, we can do transfer in easy and instant way.

I use the bitcoin to pay for online goods. It is very convenient. I can do the payment without using a card.

however, me no think bitcoin's purpose is to go mainstream.  ;D

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I would be amazed to see and find how many people in my city knows about bitcoin and have it,would be amazing to talk to others about it,sure i dream with that day .

I think Bitcoin will enter the mainstream when it's accepted as a valid payment method in every offline business around the world like supermarkets, grocery shops, barbers hairdressers etc. Bitcoin as it stands now is predominantly used for online shopping by a small part of the population. Also I think if Bitcoin becomes mainstream this will create a greater demand as more people will be involved daily and thus the price will consequently increase. A win-win situation for everyone.

well we could said that bitcoin is already mainstream, lots of info about it, you can even see it in news, bitcoin ATM, lots of stores accepts it and so on, it is most popular alt coin

and when it will be mainstream, it will be very nice because price will be huge then, atleast it should be huge, and maybe some countries will even change to bitcoins

Well i had imagined already take the family to shop and pay an mcdonalds with bitcoin,being able to buy anything with it .Would be like i were famous or doing something out of my mind.

It become possible later when bitcoin will get more popularity in different countries. Mdonalds likes mainstreams so if bitcoin goes mainstream your dream will become true.

if it gets into a mainstream than that would be a blessing for people as they can buy anything by using bitcoins and decentralisation is an added advantage with bitcoins, as a bitcoin users we want that it should get on mainstream as soon as possible.

When the bitcoin is used by main stream of people, it will stabilise the economy as we do not need somebody to set the interest.

Bitcoin seems to be increasing its number of users:

blockchain.info reported last February that it surpassed the 3 million accounts:
https://www.coindesk.com/blockchain-info-reports-3-millionth-bitcoin-wallet/

Coinbase published that he had more than 2 million customers on their trading platform:
https://www.cryptocoinsnews.com/bitcoin-exchange-coinbase-just-passed-2-million-users/

So as the number of bitcoin produced everyday due to high inflation. So if the increase in demand is only being matched by increase in supply then it could be just a stalemate.

I think that bitcoin will go mainstream after halving cause many, many people will see that we make big money with bitcoin. But if price will not increase, noting will happen obvisusly.

Well, if price doesnt go up, it will go down... that's im sure.
There's no chance it stay as it is today.

If the price doesnt go up a lot farms will change the coin they mine, if the farms do that the hashpower will decrease fast but the dificulty will stay the same for a short time(maybe even days).
If that happens, then it will be the fall... and we will be fu**ed up.

if bitcoin known by the public it is a good thing, so people can accept bitcoin and also very many stores that accept bitcoin. it is something cool I think, if bitcoin used generically

It's amazing to see a Bitcoin exchange has so many customers but it doesn't say anything about how many people are actually using Bitcoin as fiat money to buy and sell things and so on.

I honestly do not think the bitcoin goes mainstream ever but we of course will see if I'm wrong, I hope it will of course but the chance is way too small in my eyes.

Because not much shop accept bitcoin in whole world maybe just in euro,america we can use bitcoin like fiat money and as i know bitcoin is popular in that zone.

I will use bitcoin if the shop accepting the bitcoin sell things cheaper than the other shops selling similar things.

If you shop online using bitcoin then you can great discount on your purchases, the only thing you need to take is to check the shipping costs as sometimes they are too high.

If Bitcoin ever goes mainstream that is of course a good thing because that means that the majority of the people is making use of Bitcoin. But I do not think that it is ever going to happen, Bitcoin is something that people will no use without a reason.

Agreed, its difficult to see that bitcoin ever gets on mainstream, as its not popular yet, there are many countries who are still not aware about it, seems to be difficult.

If Bitcoin ever goes mainstream then that means that it goes good with Bitcoin because it means that many people are making use of it. Lets hope that one that day will come.

yes its might difficult to relize that bitcoin will goes mainstream like gold or cash money,but have you think this all just matter of time?bitcoin might will more popular in 5 or 10 years later,and on that time i wish bitcoin goes mainstream and i still alive.

it is not difficult it only needs time so it is possible to get there. and as of today we can see this adoption already and i believe it goes hand in hand with bitcoin going mainstream as they both contribute to each other on this matter to move bitcoin forward.

Bitcoin has full potential to get on mainstream in future but not sure when it can really get but it can never affect fiat or banking system as a whole.

Exactly quoted the reality about the mainstream factor. It has got the potential to grow high and get big acceptance among users but this growth won't affect banking or other systems.

Yeah it can never replace any traditional systems, no doubt it will reach to higher level in future but we cannot neglect the fact that fiat and banks will always on top.

You should rename your thread:

When bitcoin goes mainstream...

or maybe you don't believe enough???

Well it is about expectation and reality. We all hope it gets mainstream but what is mainstream. More users then paypal, more then creditcards? To some bitcoin is already mainstream with this much of participation. To some it will never be enough.

Halving will not make it go main stream. Block size increase will make it as people can transact easier.

How much easier will it get?

I also think that it is not going to be mainstream because mainstream means that the majority of the people makes use of it and I do not see that happening with Bitcoin.

Everything in life takes time. You can't expect from a fairly new technology where some people may have heard of but totally don't know what it exactly is, that it will get adopted directly.

I would say it's already gone mainstream.   

Of course there's huge room for more adoption, and it's not as mainstream as say people having a debit card or phone in their pocket.

I'm excited about the future of bitcoin and or cryptocurrencies.

The real problem is deep in the architecture:  it is not designed to handle the huge volume of transactions implied by "main stream".  That stream is like a mighty river which cannot be handled by a water system designed for a small town.

Architecture and network capacity is one problem. But it is fixable one. There are ways to make bitcoin more efficient by upgrading code.
There are things we can't change however - I am talking for example about fear of Satoshi's Stashed Coins, many people belive that this is the main reason bitcoin can't be serious investnemt.
As there is always chance of market crashing at the first sign of Satoshi's coin being moved.

Exactly, more and more people are involving themselves in digital world and in digital currency too, and I think bitcoin has already hit the mainstream, now its time to wait n watch what future holds.

It would of course be a god thing if Bitcoin was going mainstream but In know that that is not going to happen.
For it to go mainstream means that it has to be on the level of google and youtube.

... um, since you mention architecture, actually it is more like a massive aqueduct used for moving water from one city to the next that only has a trickle of the best mountain water running along it that the engineers are using to test (and drink from themselves :) ) and none of the small towns, villages, houses or shops have connected their small pipes to it yet.

yes most people were looking for the benefits of halving, and they are very optimistic that halving can make the price increases, so a lot of people who buy and hold before halving occurs.

why?tell me rational reason why it gonna happen?i think bitcoiin halving just one of many bitcoin project bitcoin future,its will make bitcoin better and have gain popularity with better price.its just what i think.

The block size increase will make transactions more smooth, so more people and business will use it.

As per my understanding, the block reward halving, will make bitcoin more popular due to the supply reduction with same (initially) demand. In other words we can assume halving will be biggest promotion for bitcoin ecosystem. So, this promotion may take and land into even mainstream of adoptions too.

Bitcoin will go mainstream one dayz simply cause bitcoin offer old things in new way. We can gamble and send money abroad very easily.
Bitcoin have couple advantage's and that will make btc mainstream one day, but I'm wondering about that coin limit and you know what? Alt coins will fill that, there is couple capable for that.

I think couple good coins and situation is solved. Just will alt coins follow progress that bitcoin can make?

I believe Bitcoin's mass adoption will occur, will look much different than we think it will, and will probably piss a lot of early adopters/hodlers off.

The mass adoption is happening now. For me, I use the bitcoin to buy something on line whenever possible.

If Bitcoin ever goes mainstream that means that Bitcoin has evolved to something bigger and better. Going mainstream means that most of the people make use of it like websites like Youtube and Google.

I think that it is never going to happen because Bitcoin is easily something that people do not want to make use of in there live because they think it is boring or something.

I think bitcoin is never goes mainstream. I mean, what is the mainstream affect to bitcoin ? If the bitcoin's price still high when bitcoin goes mainstream, i'm okay with that.

When the bitcoin goes to the main stream, the price will be very high. I think it will be thousands of times higher.

Someone goes to a bank, 'borrows' money (money the bank never had in the first place), and the bank expects them to pay it back with interest. So not only do they just create money, they also create interest on the money that never existed. This is stealing value not only from the one who borrowed the money, but from everyone in the world.

In a system where bitcoin or gold/silver is the only currency or at least the major currency, you either mine gold/silver/bitcoin or you provide goods or services to someone who has gold/silver/bitcoin. So scams like the banks are much harder or even almost impossible to pull of (unless we introduce fractional reserve, but that's just a matter of stupidity and not a flaw of bitcoin).

I think that not to many are going to use Bitcoin so it is not going to be mainstream. Not everything can be mainstream and Bitcoin is one of them, Bitcoin is something that peolpe would try to bother with.

eventually this will change.
it only needs some more time to get to that point. we are still in the early stages. bitcoin is a new technology so it will take time so that people adopt it.

If Bicoin goes mainstream that means that it has become very popular and that most people know what it is and make use of it. I am not sure if Bitcoin is ever going to be on that level.

Bitcoins potential itself will make it as a mainstream payment method very soon and in future as well. Many financial experts and speculation have already agreed that.

Bitcoin has been around for 7 years. the numbers of its users, and retailers accepting it, has been increasing, but at a small pace. Especially, the number of users.

https://www.technologyreview.com/s/535221/is-bitcoin-stalling/

Comparisons with the beginning of the Internet aren't justified. The Internet had increases in user numbers at much more faster rate.

Only huge price increases will change this panorama, by attracting investors/buyers.

Halving might do that. Not just this one, but the halvings to come.

I doubt that crisis will be enough to propel bitcoin significantly. We don't see big increases on users from Venezuela (180% of inflation) or Argentina (25% of inflation). People prefer to buy hard currency or gold.

If the potential is reach i am certain banks will start to collapse very fast. Their cost are tremendous and if they can't earn from innocent customers they will go bankrupt in no time.
Let's hope it comes to that.

are you serious?you have been asked about bitcoin toyour financial and speculation expert?its never hear by me before,its a good news if they agree that bitcoin have good potential,its why i believe that bitcoin will mainstream soon,and use by many peoples.

In my opinion, by the time bitcoin has the chance to go nativism, it will have seriously devaluated when a better altcoin comes out. There will always be something better.

I think for now its impossible right now to think that bitcoin will be mainstream. bitcoin still have many weaknesses.. so its impossible for now that it will happen. and where do you get the information that financial and speculation experts are agreed about mainstream?

I think bitcoin will go mainstream, it's just a matter of time until it does. The current fiat monetary system will not sustain at all and once the fiat system collapses, either gold or bitcoin will take its place.

Probably both though in my opinion.

Clearly, most regulators haven't realized how bitcoin can indeed became a threat to financial stability.

A bitcoin news site published this :
Powerful U.S. Regulator Sees Bitcoin as a Possible "Threat" to Financial Stability - CCN: Financial Bitcoin & Cryptocurrency News

https://www.cryptocoinsnews.com/us-regulator-bitcoin-financial-stability/

The study by the regulator can be read here:

https://www.treasury.gov/initiatives/fsoc/studies-reports/Documents/FSOC 2016 Annual Report.pdf

However, its comments on bitcoin are very limited (see p. 127) and clearly doesn't address the main issues. Probably, because, currently, they are no issues.

When the bitcoin becomes main stream payment method and a currency, it is easier for the business to plan ahead as the supply is already known.

For Bitcoin to go mainstream that means that it has to be used and liked by the majority of the people and I do not believe that that is ever going to happen in the future.
Bitcoin is something that people would easily say no to because it just is not that attracting for most people.

I doubt that bitcoin can easily attract many people because of it's fast on doing transaction,being secured, and also bitcoin has low fees. In fact this coming halving event would be a nice chance for bitcoin to make a name on public and gain more popularity which will result for a massive adoption like stores online so if that happens bitcoin will be more popular and can easily spread around the world and people will start being curious on what is bitcoin and they will learn what exactly is bitcoin and start using it.

I do not think that Bitcoin is ever going to be mainstream because it is something that people in general are not in to because they feel like they do not need it.
Only website like Youtube, Google and Facebook had the power to really become mainstream.

I guess btc will inevitable become a mainstream, because it looks like IT is developing, people are getting to know more about such things

It would be a great thing if Bitcoin manages to go mainstream but allot of things need to happen for Bitcoin in order to accomplish that.
Only a few websites and companies go mainstream, it is the top.

If Bitcoin would go mainstream then that means that it goes really good with Bitcoin and that most of the people now at least what Bitcoins is.
I am not sure if that is going to happen but you never know which way Bitcoin is going to go.

Majority of people will start using bitcoin in future but I don't think that bitcoin can ever go mainstream as there are many haters of bitcoin which will never let it happen.

If bitcoin become mainstream it will be like gold, other alt coins will be currencies. That is how I see it, digital era is coming. We are going in that direction will it be for 10, 20, 50, 100 years we can just guess. Remember 20 years ago who had internet, who had mobile phone, who had computer? Now people will not sit in restaurant if they don't have WiFi. Now kids have tablets and learn about programming with first steps.

I agree with OP about one thing, this will not bring equality. And that is a sad truth, but at least things will be a bit different. I believe anything is better then this system.

Yeah and I think that Government will never it happen as they don't have control on it and if it happens people will not value any government too.

well governments dont have any control over bitcoins though they can just release a law that would ban using bitcoins and people wouldnt start buying it at all

i think baning bitcoin or releasing some law agains usage of bitcoin will only affect businesses and merchants not people, because they will continue using bitcoin since it is a global currency and it will continue having value and you can still use it to transfer money oversees.

Yes, bitcoin would survive.

But a general ban would make its price drop like a stone, ruining most bitcoiners.

Its a pain to invest on an asset that can drop 70% on three words of the chinese government.

Of course, the chinese government only fears to lose its power. As long as bitcoin isn't a menace to social peace, it won't bother.

But if bitcoin starts going up too much, the chinese government will start being nervous, because it will think on the consequences of the crash that always comes after a boom on the price.

no i dont think so i think it will never go mainstream

Bitcoin is an decentralized currency and even Government cannot have control on it so I think there is no chance that they can ban it in future.

bitcoin is strong and had a powerful network of many nodes .governments will try their best to crush bitcoin system some for their selfishness and some for their narrow mind but it will effect on us but if we seffer that then we will be at mainstream

the government could declare the use of bitcoin illegal. once paying and getting payed in bitcoin is illegal volume will go down a lot. also some companies will go out of business. this would be a big blow to the bitcoin world. 

I think they are not interested to crush bitcoin system.. instead they will accept bitcoin in their community for getting a more tax..
Governments are corrupt and they will make a way to get more money to us..

It seems that the halving is having the expected effect: high increases of bitcoin price.

This can indeed make bitcoin more popular, but not mainstream.

Only major crisis, with high inflation affecting even hard currencies, could make bitcoin mainstream.

Anyway, if price keeps going up and up, the Chinese government might start being nervous and adopt more repressive measures.

A few threatening words from them and bitcoin would crash like a stone, like it did in the past.

 

If bitcoin were accepted by the governments I think the tax will remain the same or a little bit higher(If people becoming more consumptive due to the acceptance of bitcoin ) because basically when people are going to buy stuff with bitcoin the governments can't directly taxing it but through some sort of merchants or even taxing the company so it's the same when people are buying things with fiat or when bitcoin users exchanging their bitcoin to fiat, won't make any big difference