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Once a transaction has 6 confirmations, it is extremely unlikely that an attacker without at least 50% of the network's computation power would be able to reverse it.
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RustyNomad
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September 26, 2015, 09:10:29 PM |
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If only that would happen, think the world will be a must better and honest place. For one thing, banks as we know it would be things of the past. We’d say goodbye forever, most likely, the current working methods of entities such as Wells Fargo, Bank of America, Chase Bank and all the other financial powerhouses we still put so much trust and faith in. And this will be a good thing, the sooner the banks are reigned in and or the sooner they disappear the better. Writer of the article should however get his facts straight. It's not bitcoin and or the blockchain that's susceptible to hacks but rather the security implemented by those running exchanges. One of the big problems is that bitcoin, despite the security presented through the blockchain, is still susceptible to hacks and vulnerabilities that have been exposed rather heavily in the past through the collapse of Mt. Gox, the attack on Bitstamp early this year, and other similar occasions. Naturally, security and digital strength would likely improve over time and thereby put a damper on events of a criminal nature, but it’s hard to say exactly when and how this would occur. |
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Wekkel
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yes
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September 27, 2015, 07:01:11 AM |
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I think it could be a great shock for the West. Financing social welfare schemes would be next to impossible. With seniorage and bloated military budgets out of the window, resources would be bid closer to their real value.
It could be a hard awakening for the currently blessed.
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Kprawn
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September 27, 2015, 08:43:52 AM |
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For one thing, I will shit myself every day, for not buying more Bitcoins when the price was below $200. The price will most probably skyrocket and I will retire a lot earlier than what was anticipated. The current block size would need a major overall to handle a global adoption, and this will not be a debate anymore. Bitcoin mining will also move 100% to massive mining farm operations, with giant corporations starting their own data centers just for Bitcoin farming. It will go bat shit crazy in the Bitcoin world, very quickly.....  |
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Denker
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September 27, 2015, 09:27:24 AM |
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To me as an Bitcon optimist it's not a question of if Bitcoin was accepted globally.It's more a question of when will Bitcoin be accepted globally.Just to make this clear  Furthermore when it happens it won't happen over night. It will be a slow process.Some regions in the world will aceept earlier and others later. So people will have time to prepare themselves.However the earlier someone realizes it and adopts, the more will he benefit from it I believe, especially pricewise. |
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bryant.coleman
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September 27, 2015, 05:04:05 PM |
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Bitcoins are already accepted globally. It is possible to trade with Bitcoins, even in the most remote countries such as Zambia or Kenya. Exchanges such as Localbitcoins and Bitstamp are available in a large number of countries. However, not many retailers are accepting Bitcoins right now. But it is not an issue. Just convert the BTC to fiat, and use it for shopping.
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jbrnt
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September 27, 2015, 07:58:48 PM |
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Bitcoin is not replacing fiat money. There will still be banks, functioning more or less the same as we know today. Banks and credit card companies will not disappear. They will have bitcoin integrated into their banking services. Bitcoins are already accepted globally.
Not widely accepted. That is what the article meant. But you are right, many shops around the world are accepting bitcoin now. We wish there are more. |
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ashour
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September 27, 2015, 09:17:58 PM |
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Bitcoins are already accepted globally. It is possible to trade with Bitcoins, even in the most remote countries such as Zambia or Kenya. Exchanges such as Localbitcoins and Bitstamp are available in a large number of countries. However, not many retailers are accepting Bitcoins right now. But it is not an issue. Just convert the BTC to fiat, and use it for shopping.
The article is pointing out what would happen if all countries on the earth dropped their own currency and accepted bitcoin instead. I think that the bitcoin price would skyrocket and the current bitcoin owners would be the new rich people on the earth. All governments would buy up as many bitcoins as possible. |
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1Referee
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September 28, 2015, 12:10:26 AM |
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Bitcoins are already accepted globally. It is possible to trade with Bitcoins, even in the most remote countries such as Zambia or Kenya. Exchanges such as Localbitcoins and Bitstamp are available in a large number of countries. However, not many retailers are accepting Bitcoins right now. But it is not an issue. Just convert the BTC to fiat, and use it for shopping.
The article is pointing out what would happen if all countries on the earth dropped their own currency and accepted bitcoin instead. I think that the bitcoin price would skyrocket and the current bitcoin owners would be the new rich people on the earth. All governments would buy up as many bitcoins as possible. Don't you think the governments and other institutes would take over Bitcoin by setting up an unlimited amount of mining gear in order to get the largest part of the Bitcoin network for themself? It's not a question of how they would like to regain their control over everything that is currently Bitcoin related (like they have right now with fiat currencies), but more a question of when. It will happen once Bitcoin gets fully adopted, that's for sure. |
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phishead
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September 28, 2015, 09:08:51 AM |
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I think it could be a great shock for the West. Financing social welfare schemes would be next to impossible. With seniorage and bloated military budgets out of the window, resources would be bid closer to their real value.
It could be a hard awakening for the currently blessed.
Yeah, honestly, it would be like going back to the gold standard here in the U.S. Which is the most optimal thing... Because prices would be placed on actual demand for the product/service and not deal with the inflationary aspect. But I would imagine it would take a while for the inflationary sting to go away, and for people to get used to paying with a digital currency in the first place, you forget there are some old people who still have trouble texting... Let alone dealing with Bitcoin. |
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tiggytomb
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September 28, 2015, 11:28:41 AM |
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It would be a very different world if that were to happen although it is somewhat happening now, but if it were the only currency out there that people used it would certainly make for an interesting society. Where would all the tax revenue come from and all the benefit / welfare payments come from, it would be something to be part of that historic change.
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Mountain Jew
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September 28, 2015, 01:48:09 PM |
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Well isn't this what we're all hoping? I can't see this sort of worldwide adoption happening but bitcoin can definitely go mainstream but not sure if it will replace every nations fiat money.
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ub27
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September 28, 2015, 02:20:20 PM |
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Well isn't this what we're all hoping? I can't see this sort of worldwide adoption happening but bitcoin can definitely go mainstream but not sure if it will replace every nations fiat money.
Obviously it wont have worldwide adoption. Tbh i think bitcoin is mainstream now too in some way. If you check the bitcoin acceptence over the world, u'll find that you can almost buy everything for bitcoins. I think this is the start for being mainstream. |
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