Bitcoin's mass adoption is not really tied to a date.
Since bitcoin acts like a hedge agains inflation and currency crisis. Bitcoin will reach mass adoption, when the fiat inflation will get out of control.
There is no reason to become massly adopted before that, since people are pretty happy and satisfied with their banking services.
But when the bail-ins start to happen, and food prices triple weekly, then we will see a big global change.
What about the people who don't have an access to a good banking systems? You can't scale the model we have in Europe and North America to Africa, some parts of Asia and some parts of South America. That might be a case there, but you just cant expect somebody jumping from barter/cash based system to a e-banking style bitcoin system overnight. I just feel that the people who already have experience with banking and online-banking, can shift to bitcoin easier that those who never had experience with banking in the first place. But if it becomes a social pressure (like the kids who got mobile phone in africa put pressure on others to buy it too, and then it became a social culture or trend), then it could happen. Its really unpredictable at this point. |
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Soon is relative. In terms of fiat years, soon is probably 15-20 years, then it could happen.
Although I dont think the dollar will vanish completely, bitcoin definitely will need atleast 50 years to become a globally used currency. Big changes like that dont happen overnight guys.
the point is that maybe this will not happen at all, unless a big portion of the population start believing in bitcoin and use the cryptocurrency only, you can simply think that many like paying with fiat because they know that they are using a form of money that offer a kind of security, and it's backed by the governemnt even if this mean making coins out of thin air Thats the problem, because if its backed by it, then the backing can be taken anytime, so its only worth because of promise. Now what kind of financial stability is that if your value is only value because somebody else says it? Sure value is subjective, but we are talking about 1 entity deciding what is valuable and what is not, instead of letting the community and the free market do it. I can never understand why people are so brainwashedly fanatic about fiat money, it just doesnt excite me anymore. |
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I expect that the rich will be increasingly unable to escape taxation going forward. The wealthy will be tracked and taxed while safe havens and tax shelters are increasingly shut down.
Millionaires will be hit hard and even the billionaires take a small hit. As national sovereignty is ceded there will increasingly be no place for them to go.
But its impossible to tax the rich from a practical standpoint since every new tax you put on them will just simply be outsourced to his employees or customers. The only solution to taxing the rich is to nationalize everything, which will obviously be a catastrophe as we know the government is unable to drive the economy at all. So communism (as in central planning) doesn't work, socialism (currently used) is on the decline. The only possible future is a free capitalist system with self-regulated bodies. There are plenty of clever and innovative people who can build use a better society in the future, but for this we really need to get to a knowledge age so I agree with that. If the collapse hits soon then everybody will go wild and it will be a disaster filled with looting, mobs forming, and total societal breakdown. If it hits gradually then we will have an opportunity to slowly replace it, with a better and well though system. |
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Soon is relative. In terms of fiat years, soon is probably 15-20 years, then it could happen.
Although I dont think the dollar will vanish completely, bitcoin definitely will need atleast 50 years to become a globally used currency. Big changes like that dont happen overnight guys.
yes ofcourse, we are discussing an economic revolution with some people speculating bitcoin could be used by everybody globally. I just can't adapt to such an idea because I see how gold has there for centuries, it still has great value, fiat has been super long and now bringing bitcoin to the fight, it seems bitcoin is just lacking experience. A lot of things can obviously be altered, as times change. Theoretically it could be done in 5-7 years, but since the inertia of the masses, people evolve very slowly, and dont really like new things. Bitcoin is so innovative and new that many people cant comprehend it, in my country most guys dont even have a bank account. I think in countries where banking is popular, bitcoin could be faster,but where it is not there it might need more time for people to adapt. Best case scenario is about 15 years, i`d give. Worst case scenario 60-70 years. |
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Neo when you are ready you will have a millions of $ worth of bitcoin as a massively adopted and used global currency, and you can be the next crop of billionaires in the upcoming biggest wealth transfer in the history of humanity. Opportunist 15 year olds started mining can become billionaires just by being nerds, what an interesting spin right there in social structures. |
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Take a look here: https://www.coingecko.com/enCheck the metrics of each altcoin, pick your favorite 10, and then distribute it between them. Especially lower market cap coins, but with less % allocation there due to risk it might pose. With some good investment skills, and proper risk management, you can make tons of bitcoin with it. |
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My prediction is:
-Governments will regulate all fiat<>bitcoin exchanges
-They will start putting a VAT tax when you buy it
-They will put then capital gains tax after
-Then they will put income tax too
-Then they will start creating special regulations
etc...
On the development front, we will see more and more merchants adopting it, and even such as your local store will use it too. With this pace it can no doubt become a significant currency in the next 10-20 years.
But in the 5 year window, we will see only regulations, they cant resist the urge to tax it, so it will be a bit bad for us.
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Soon is relative. In terms of fiat years, soon is probably 15-20 years, then it could happen.
Although I dont think the dollar will vanish completely, bitcoin definitely will need atleast 50 years to become a globally used currency. Big changes like that dont happen overnight guys.
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Since the digital currency crashed in early 2014, consumers have been leery. So why is Israel’s bitcoin community growing, and why are venture capitalists investing in it like crazy?
Israel is doing a very nice job in the front of cryptocurrency. They made GEMZ, and other interesting apps, and they have a pretty nice regulatory framework so the innovation wont be stopped there. Probably one of the biggest places where fintech can evolve in the 21 century, while other countries are being buried under the tons of regulations that destroy innovation. But dont forget Latin America also, and South-East Asia, they will also play a huge role in Bitcoin, and eventually Africa too! |
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Gold (or any other metal) may not be a perfect monetary system, but given the nature of the elites that humanity must deal with, it may be humanity's best hope. With the possible exception of Bitcoin, of course.
Gold and all metals are inferior to bitcoin. As you point out, gold never stands on its own, it always requires a currency that is backed by gold, and no matter how much they swear and promise they will uphold this standard, they always end up printing more notes than there is actual gold and they have to come off the gold standard and back to fiat. This cycle is impossible to stop because gold NEEDS a currency to work, and currency ALWAYS gets printed too much. The only thing that stops this is the invention of bitcoin. Bitcoin needs no currency because it is already easy to exchange, and it has all of the scarcity and controlled supply of gold that makes it a good store of value. Gold will get eaten up by bitcoin and will be just another metal like nickel or titanium that is used for industry and jewelry, not money. Spot on, you deserve a +1 there... But gold still can be used as a commodity or for storing big wealth, if you can afford the security equipment. However as a day to day currency as the blood of the economy, it does need bitcoin. |
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I`m not familiar with indian legislation or regulations.
But India has already a big taste for gold, so they are into alternatives, plus they are pretty opportunistic and wealth loving which is good, so if they pursue it, i think bitcoin can have a big future in India.
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Why do people think that a stock market crash will cause a surge in Bitcoin price? I have heard it both ways and I would like to hear the logic behind the reasoning.
Thank you.
Of course Stock Market Crash =\= Bitcoin Surge, why would somebody believe BITCOIN will surge if the stock market crashes. For bitcoin to surge, its the fiat currency that has to crash. For example when you will see bank bail-ins, and tripling food prices, then you will see bitcoin go to the moon. But before that I highly doubt it, the stock market pump is just made with printed money, and mostly the top 10% elite that is playing there, while bitcoin is the currency for the 90%. |
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I voted this:
i still have trust, and i will buy bitcoin with every thing i own
But i dont keep all my eggs in 1 basket. I hold LTC, NXT, Peercoin, and NEM.
I`m thinking about buying more LTC and start buying NAMECOIN after they fix their DNS protocol.
So even if BTC price drops that much, i can hedge it no big deal. One crypto currency will just take over.
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I dont know how many people use it, but eventually people will start to.
Yes it costs more to buy but think about it, your money is safe and it doesnt get inflated. It might not be trendy yet, but soon it will be.
Also its efficient since you can pay with it right away and not have to wait 10 min to confirm.
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Low price of Bitcoins will attract new people to join the rally, now that a lot more people can afford to buy a ''Full Bitcoin''
No thats not true, the higher the bitcoin price the more people join: |
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hello everyone.i want to know what do you think about gambling bitcoin.. Does Beneficial or more losses? Share your story here guys!  Gambling is ok, but it is an entertainment game not a way to make money. When you gamble its the same as if when you play some video game, you pay for the enjoyment of it and the excitement or thrill it gives to you. If you get lucky you can win too, but that should not be your primary goal. |
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Bitcoin's mass adoption is not really tied to a date.
Since bitcoin acts like a hedge agains inflation and currency crisis. Bitcoin will reach mass adoption, when the fiat inflation will get out of control.
There is no reason to become massly adopted before that, since people are pretty happy and satisfied with their banking services.
But when the bail-ins start to happen, and food prices triple weekly, then we will see a big global change.
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Government response to this is will not be to let the system collapse but instead to "put down more concrete". As earnings are eroded governments will simply move on a worldwide basis to supplement the incomes of the newly impoverished masses via redistribution and welfare programs. A small part of this redistribution will occur in the form of significantly higher taxes. However, the lions share will come from increased government debt.
As governments become insolvent they will find markets unwilling to service debt in their home currencies and will be forced to transition their debt to a supranational one (probably SDR's). This will be the only way to continue supportive handouts to dependent populations. Think Greece but on a global scale. Going forward this scenario would result not in immediate catastrophic collapse but rather a slow progressive grind with individual countries going into crisis at different times while being forced to surrender sovereignty.
I believe we are witnessing the gradual but inevitable death of nationalism and the modern nation state.
That could stall the collapse for another 20-30 years however it actually won't. You forget that rich people don't pay taxes, at all. No matter how much you force them (as if you could since they own the politicians), you cannot have the rich taxed because they will just outsource the taxes to his employees or customers. Socialism eliminates the middle class, and the middle class is the only class that pays taxes, as poors only receive poor welfare, and the rich receive corporate welfare, bail-in, bail-out money. So even if the robotization would happen, and people would be left with no jobs, the government cannot give them welfare as there would be nobody left to pay taxes. They cant just print money to give welfare because that would be instant hyperinflation. Could be a slave society with food rationing and slave labour for the poor? Maybe. But i`m more worried that eugenics and population reduction is a more likely outcome unfortunately, since war is not on the table anymore. |
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Thus if people (both worker and entrepreneur) would demand to be paid in real money, not in a sack of hot air, we could change the economy pretty fast.
When John Law first issued his fiat money, he applied real bills doctrine, later known as the "doctrine of the old Bank Directors of 1810: that so long as a bank issues its notes only in the discount of good bills, at not more than sixty days' date, it cannot go wrong in issuing as many as the public will receive from it." Obviously today's fiat money system is a highly upgraded version of that practice, first they don't have real bill as backing any more, second those fiat money are not limited to validity of 60 days, but forever. It seems the general public are much more stupid than 200 years ago, thus larger scale of scam can be carried out without being noticed Yes todays monetary system is a total ponzi scheme. 96% of the currency supply is created by bond swapping with the central bank and banks acting as middleman, then loaning their fake money out at a 0% reserve ratio. Forget QE, when the bank gives out a loan it creates more money than a QE can ever do. All loans have interest on them , so the total debt of the country will always be bigger than the maximum money supply. Thus by the laws of mathematics you cannot ever pay back the debt , because when a new piece of currency comes into existence, the cumulative interest on it will be bigger than the currency itself. So even if you take all the money to pay back the debt, it wont be enough. So by definition its a ponzi scheme. |
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