What will the world look like in 10 years if Bitcoin succeeds?

[coinpr0n]

1. Bitcoin on Mars.
"NASA is developing the capabilities needed to send humans to an asteroid by 2025 and Mars in the 2030s." One of the crew members takes a paper wallet with him (or her) to keep as an investment. Takes the idea of cold storage to a whole new level.

2. Bitcoin-Only Robots.
Autonomous Vehicles get charged up and repaired at Smart Shops (not that kind!) and pay with programmable money. Delivery drones. Smart vending machines. Natively speak Bitcoin.

[flix]

1. Banks go the way of Newspapers.
They won't disappear, but they change focus to value-added services like lending, intermediation and lose their current massive scale. Many disappear or break up, the most flexible go online for everything and start going after clients in a global way. In 2025 surviving banks are more like those newspapers that have survived the blogging revolution: different business model, focus on quality and brand-recognition and permanently aware that there are a million alternatives out there ready to eat their lunch if they don't treat clients well.

An important addition to this point:

Banks are forced by client demand to use multi-sig deposits, so that they no longer have the power to confiscate or block deposits in current accounts. People would once again be owners of the money that they have in their current account, instead of creditors of the bank.  (Term deposits would still be bank liabilities... but smart contracts would probably put limits on what banks can do with them).

[maokoto]

What I would like is to try to imagine a best case scenario of how the world could change for the better if Bitcoin became as popular as e-mail or social networks and billions of people were using it.

So... what is your best case scenario for 2025?

All people holding Bitcoin now will be very wealthy. Many will trade goods and products from their own homes as they can move and receive money all over around the world. Content creators will be more rewarded from their work as their readers/listeners/viewers will pay them more directly via micropayments (tip buttons would be easy to use and everyone would use them), without the need of ads...

[RyanX]

1. Banks go the way of Newspapers.
They won't disappear, but they change focus to value-added services like lending, intermediation and lose their current massive scale. Many disappear or break up, the most flexible go online for everything and start going after clients in a global way. In 2025 surviving banks are more like those newspapers that have survived the blogging revolution: different business model, focus on quality and brand-recognition and permanently aware that there are a million alternatives out there ready to eat their lunch if they don't treat clients well.

An important addition to this point:

Banks are forced by client demand to use multi-sig deposits, so that they no longer have the power to confiscate or block deposits in current accounts. People would once again be owners of the money that they have in their current account, instead of creditors of the bank.  (Term deposits would still be bank liabilities... but smart contracts would probably put limits on what banks can do with them).

Does it mean for current account, the bank cannot use your bitcoin without your permission? That is bad for banks. They have to charge for accepting deposits.

[flix]

1. Banks go the way of Newspapers.
They won't disappear, but they change focus to value-added services like lending, intermediation and lose their current massive scale. Many disappear or break up, the most flexible go online for everything and start going after clients in a global way. In 2025 surviving banks are more like those newspapers that have survived the blogging revolution: different business model, focus on quality and brand-recognition and permanently aware that there are a million alternatives out there ready to eat their lunch if they don't treat clients well.

An important addition to this point:

Banks are forced by client demand to use multi-sig deposits, so that they no longer have the power to confiscate or block deposits in current accounts. People would once again be owners of the money that they have in their current account, instead of creditors of the bank.  (Term deposits would still be bank liabilities... but smart contracts would probably put limits on what banks can do with them).

Does it mean for current account, the bank cannot use your bitcoin without your permission? That is bad for banks. They have to charge for accepting deposits.

Charging for deposits is what banks used to do before they all went fractional reserve. A real deposit contract is like a car-park contract, not a loan. Term deposits on the other hand would still be remunerated.

In fact there are a couple of full reserve banks in existence right now (Peter Schiff's Europacbank for example), and they charge monthly fees for storing your money and keeping it safe, just like a car-park operator would do.

[flix]

1. Bitcoin on Mars.
"NASA is developing the capabilities needed to send humans to an asteroid by 2025 and Mars in the 2030s." One of the crew members takes a paper wallet with him (or her) to keep as an investment. Takes the idea of cold storage to a whole new level.

Why a paper wallet? Mars is only 10 light minutes away (on average). He could probably still send transactions to the network and get them into the next 1-2 blocks...

[calaber24p]

Beautiful, since the world looks better when you are rich, and we will all be rich.
As how it will actualyl look, well pretty much the same but we'll see lots of automated jobs, most jobs will be obsolete, some new ones will arise, and then the guys that held Bitcoin for 10 years will be hated because they'll be retired, so my advice is: never say you own many Bitcoins.

I dont think well all be rich, from the surveys I have seen many don't have over 5 if even that. Bitcoin would have to be greater than 100k at that point to make everyone rich imo. I guess its a possibility but I doubt it will be that high in just 10 years. You would need just way too much money and the state of mind would have to completely change to view bitcoin in the same light as gold in terms of a store of value.

[Shawshank]

- The banks that survive will become software companies.

- Most central banks will be not have the courage to raise interest rates to heal the excesses in debt in a deflationary environment. Fiat currencies will progressively devalue to the point where most people won't trust them. Central bankers will try to keep their jobs by switching to a watered-down gold standard. Most people would rather choose Bitcoin.

- Less friction in markets will reduce poverty in most countries. However, this will take longer than most expect because first there needs to be a painful deleveraging of the excesses of the debt bubble.

- Bureaucracy will be greatly reduced. Less lawyers, less notaries, less registrars.

- Insurance companies will be replaced by betting algorithms.

- Lottery revenue by the state will be zero.

- Real estate and land will be on the radar of the taxman. It wouldn't surprise me if we get to the point where the value of rent+taxes=mortgage payments+maintenance. This will seriously devalue the price of properties, to the point where governments will maintain themselves in power mostly on this type of revenue. First we will see a shift in public consciousness, driven especially by the governments themselves, to bring a house for a low cost to every citizen, which will make the path much easier for subtle and slowly-but-surely real estate confiscation.

And so on...

[flix]

Charging for deposits is what banks used to do before they all went fractional reserve. A real deposit contract is like a car-park contract, not a loan. Term deposits on the other hand would still be remunerated.

In fact there are a couple of full reserve banks in existence right now (Peter Schiff's Europacbank for example), and they charge monthly fees for storing your money and keeping it safe, just like a car-park operator would do.

If that is the case, I will keep the coin myself.

That's the point. Because you would always have that choice of being your own bank, the only way for banks to attract customers and deposits would be to offer real value-added services. Those that don't will not survive.

[flix]

1. Bitcoin on Mars.
"NASA is developing the capabilities needed to send humans to an asteroid by 2025 and Mars in the 2030s." One of the crew members takes a paper wallet with him (or her) to keep as an investment. Takes the idea of cold storage to a whole new level.

Why a paper wallet? Mars is only 10 light minutes away (on average). He could probably still send transactions to the network and get them into the next 1-2 blocks...

You are expecting that in 10-15 years we will be able to transfer data at the speed of light across planets? I think that is highly unlikely even at our current increasing rate.

I'm pretty sure that we can send data at the speed of light now. In fact the Roman Empire used mirrors for signalling a while ago... although probably not to Mars

[LiteCoinGuy]

[tech_solutions]

if bitcoin succeeds in what means ? in my view if bitcoin succeeds with the problem of blockchain problem then i am seeing that bitcoin we take over the whole new world. and the life will become more clear, purchasing through bitcoin, doing business in all field, and more like this.

[LFC_Bitcoin]

there will be tax evasion and unregulated activity all over the world, maybe is this the reason why gov don't want bitcoin to grow, by spreadig false info from time to time

there would be random rich guy, that were poor before, wealth would still be fucking unbalanced

The only reason banks are scared of bitcoin is because they would lose control. They wouldn't be able to make billions out of fees, fines, interest etc.

Fuck the banks.

[RyanX]

there will be tax evasion and unregulated activity all over the world, maybe is this the reason why gov don't want bitcoin to grow, by spreadig false info from time to time

there would be random rich guy, that were poor before, wealth would still be fucking unbalanced

The only reason banks are scared of bitcoin is because they would lose control. They wouldn't be able to make billions out of fees, fines, interest etc.

Fuck the banks.

They would lose control. But if they adopt/adept, they will survive and provide a service, no extreme profit though.

[Betwrong]

We've had a million predictions of doom, all the bad things that can happen if Bitcoin and Cryptocurrencies spread. We have also had an unending stream of "Bitcoin is dead" and "Bitcoin won't last another year" predictions.

What I would like is to try to imagine a best case scenario of how the world could change for the better if Bitcoin became as popular as e-mail or social networks and billions of people were using it.

So... what is your best case scenario for 2025?

1. The price of 1BTC will be around $2k.

2. Almost everyone will have two-way Satellite Internet and thus BTC will be a helpful thing in any location in whatever the circumstances.

3. Fiat money will be so unreliable in some countries that people there will use mostly Bitcoins.

[Elwar]

A Bitcoin seastead demonstrates how a Bitcoin economy can work inspiring small communities around the world to switch over to Bitcoin as their main currency using their fiat currency for things like taxes and government payments which they obtain by using localbitcoins only when needed.

Several countries economies fail with their banking systems taking peoples money to pay for their debts. The first few countries suffer greatly because of this but then one country fails but has enough of a bitcoin economy that the government is the main thing to fail with several big businesses but the rest of the population moves on.

After seeing that a country can fail and still continue when most of its citizens use bitcoins, other countries citizens will start switching to Bitcoin and actively vote to have their nation go bankrupt for an economic reboot.

[n2004al]

We've had a million predictions of doom, all the bad things that can happen if Bitcoin and Cryptocurrencies spread. We have also had an unending stream of "Bitcoin is dead" and "Bitcoin won't last another year" predictions.

What I would like is to try to imagine a best case scenario of how the world could change for the better if Bitcoin became as popular as e-mail or social networks and billions of people were using it.

So... what is your best case scenario for 2025?

Price of bitcoin compared to us dollar 25 K. Bitcoin accepted and regulated in at least 100 countries of the world which must be the most developed and important. Use of computer and the internet by most of the peoples. This will help the spread and the use of it. Existence of paper bitcoin which will make it accessible for all those which don't want or cannot use the computer for their reasons and for those which want to touch it. This form of it will made possible the use of it for the everyday needs by everyone.

[avatar_kiyoshi]

We've had a million predictions of doom, all the bad things that can happen if Bitcoin and Cryptocurrencies spread. We have also had an unending stream of "Bitcoin is dead" and "Bitcoin won't last another year" predictions.

What I would like is to try to imagine a best case scenario of how the world could change for the better if Bitcoin became as popular as e-mail or social networks and billions of people were using it.

So... what is your best case scenario for 2025?

Bitcoin will be a mainstream, more users will use it, although i'm not really sure if the govs will make it legal completely.

More value, less supply and more demand.

Blockchain itself will be become a solution, because this will kill all corruption.

[omarabid]

If Bitcoin becomes mainstream, then the collapse of society as we know it is closer than ever.

Bitcoin (or very-fast-unregulated transactions) opens the door for a very fast velocity economy. In the Internet/Globalized/Capitalist world we live in, this means the concentration of wealth in the hands of a very small percentage of society.

We'll then talk about the 1% of the 1%.

Current banks will try to leverage their current positions to take/compete with Bitcoin.

Some early-early/late-early will become ultra/very rich.

Govs will continue to use "legal" force to tax your ass. Bitcoin or Buttcoin or USD.

The remaining of society will remain at this shit it currently is right now.

Things will become more efficient/secure. Some people in poor countries will have more leverage against their govs; destabilizing these places even more. And driving them into more poverty and chaos.

I'm long on bitcoin.

[miki77miki]

Federal reserve will be scrambling, banks will somehow adapt, and i'll be telling "I told you so" to my mother.