Can Bitcoin change the world's financial system?

[The Sceptical Chymist]

Yeah well, most of us get paid in fiat and buy things that are priced in fiat...so unless bitcoin has an actual problem that it's a solution to, it's not going to get widely adopted.  It is useful as a store of value, like precious metals, but as a currency it absolutely sucks.  That's my opinion.  I would much rather spend dollars than bitcoin, and it's much, much easier to do so.

[1715236963]

1715236963

[1715236963]

1715236963

[1715236963]

1715236963

[1715236963]

1715236963

[1715236963]

1715236963

[Genius Einstein]

Well bitcoin has made a significant difference to the world but maybe in the future, there is a chance that bitcoin can change the world's finance system for the good but that is only possible if the world goes through another depression

[maokoto]

Yeah well, most of us get paid in fiat and buy things that are priced in fiat...so unless bitcoin has an actual problem that it's a solution to, it's not going to get widely adopted.  It is useful as a store of value, like precious metals, but as a currency it absolutely sucks.  That's my opinion.  I would much rather spend dollars than bitcoin, and it's much, much easier to do so.

Agree with this completely. And that it is not a minor thing... the fact you can keep thousands of dollars in Bitcoin easily in your computer or computers, and that you can transfer them to other bitcoin users or even to banks (if you have an account linked to bank as coinbase or others) is very cool

[Enotche]

Yes, Bitcoin, as an innovative means change the current financial system.

Now, the deal with Bitcoin to buy a cup of coffee is more efficient and less expensive than credit card transactions.
The credit card includes: billing processor; Association card (Visa, MasterCard, etc.); Bank customer; seller's bank; payment processor and clearing house network managed by the regional Federal Reserve banks.
 Payment by credit card takes two or three days and the trading fee of 2 to 3 percent. Bitcoin transaction includes the almost complete absence of taxes, and only takes a few seconds to conclude the transaction, and from 10 minutes to an hour for confirmation blockchain.

A small excerpt from an interview with the founder and leader of Corezoid e-business center of PrivatBank Alexander Vityaz:
-How Do you assess the chances cryptocurrency out to displace over time fiat money?
-I Think cryptocurrency can displace small currency or even a basis for the financial systems of countries such as North Korea. For those trapped outside systems is the only chance to bypass the banking system, its barriers and get out into the world. With adults currency is not repression, but rather hybridization - classic money would be useful to adopt the traits cryptocurrency or use the Bitcoin ecosystem. It seems plausible translation issue cash isolated small but advanced states on altchain.

[Wendigo]

I think there are at least 5-10 million users in China alone.

Why? There are hardly any nodes there. You can't buy anything with it. The trade volumes are huge but most of them are going to be bots controlled by a handful of traders or the exchanges themselves.

As for the original question, Bitcoin's ideas certainly will introduce huge changes. Bitcoin itself? The jury is still out and waiting.

Yeah mate I stand corrected. I wrote some far-fetched numbers out of thin air. Actually this sparked my interest and I did some researching and apparently there is a study that explored how many Bitcoin users there were in the world and in 2014 the number was around 1.3 million Bitcoiners and the projection is to hit 5 million users till 2019. So maybe OP is right to say that there are 2 million users at this moment. I just assumed that the Chinese would use Bitcoin to top-up their phones or something so I just went for that estimate   Well it looks like Bitcoin is only popular among the miners in China and not the common users.

[Carlsen]

The technology behind bitcoin has already changed the system.
Online micro transactions were not reasonable before, because the transaction costs were often higher than the sent amount.
People in contries with lower economic power can profit from that a lot.

[Hadirezaei]

Bitcoin mostly is The hypothesis and not valid in many countries yet and took a time until it can be trusted by the world

[prettybuds]

Yeah well, most of us get paid in fiat and buy things that are priced in fiat...so unless bitcoin has an actual problem that it's a solution to, it's not going to get widely adopted.  It is useful as a store of value, like precious metals, but as a currency it absolutely sucks.  That's my opinion.  I would much rather spend dollars than bitcoin, and it's much, much easier to do so.

Oh! I see it exactly the opposite way actually. I think it sucks as a store of value and is useful as a currency.
Problem is just that very, very, very few people are actually using it. Can't blame them, for now the best use case is to hit a DNM probably.

[gentlemand]

I just assumed that the Chinese would use Bitcoin to top-up their phones or something so I just went for that estimate   Well it looks like Bitcoin is only popular among the miners in China and not the common users.

They were getting geared up to actually adopt it in 2013. I remember a few merchants were starting to accept it. Then the government firmly squished that idea.

They then put out a documentary showcasing the tragic Chinese citizens who'd lost their shirts on Bitcoin and forgot to add that it was the government that caused it. Funny that.

In theory they could be using it for capital flight which is an enormous use case of itself. But in reality I think it's just miners, a few traders and bots there.

[somacoin]

Online micro transactions were not reasonable before, because the transaction costs were often higher than the sent amount.

Have you ever done an online micro transaction with Bitcoin? Cause I never have and I'm a heavy Bitcoin user.

[HarryKPeters]

In a way bitcon already changed the markets/system by offering side investments. Just look how much venture capital has been spend into bitcoin related companies.
The next step would be to make it used by global companies.

[angaper]

This is an interesting question, my friend, because I have no doubt that the bitcoin idea has generated a new outlook about the future  of international economy, but I prefer to think that actually bitcoin is just the beginning of the real evolution to come.

This is just the first step, and I am convinced that the future will bring more amazing surprises.

[Farma]

can. I think bitcoin have that opportunity, bitcoin can make in this world unemployment is reduced, that of course can change a country's finances better

[PacePay]

Yeah, I think it will bring a lot of changes in the world's financial system, it will replace dollar(which is the currency of a single nation) and so everyone will support it and every nation will cooperate in business with it as after that no one will be in the hurry to destroy other economy in order to destroy other's currency, and they will then not worry that where the world currency flourish as bitcoi is the currency of everyone.

[prettybuds]

Online micro transactions were not reasonable before, because the transaction costs were often higher than the sent amount.

Have you ever done an online micro transaction with Bitcoin? Cause I never have and I'm a heavy Bitcoin user.

I haven't even seen the possibility to do a micro transaction with btc except when signing up on bitcointalk with TOR

[Crazygreek]

It's something new in world's finacial system, so maybe in future it will change smth but i can't predict something huge. Better just wait for smth and see what will happen.

[delliaerd]

Bitcoin already has kind of changed the global financial systems, with the blockchain now being a more and more invested and valued technology, more banks are starting to move towards something like it and see what kind of technologies can be formed out of it. I personally think this is a good thing, because it will slowly interest more people in the origin of this technology, which is Bitcoin, and we can see growth in the userbase.

You are absolutely right mate, but in point of view, bitcoin can not change the world financial system for a near time, because the most of financial using on paper money. Correct me if I am wrong.

[Enotche]

You are absolutely right mate, but in point of view, bitcoin can not change the world financial system for a near time, because the most of financial using on paper money. Correct me if I am wrong.

Perhaps, I will agree. The dependence on conventional paper money is too high, and it will wear off in the case of strengthening and establishment of stable prices, the popularization of Bitcoins, as well as the technological literacy of people.

[Kartikay]

It has not changed the world at all. It is only in it's infancy stage. Before changing the world, it has to stabilize itself and need to have a good reputation and trust among people. Bitcoin can change the world but it will take very long time as fiat is much more trusted among people.

[eyeknock]

Bitcoin fans always say that Bitcoin is changing the world.
Everyone I know doesn't care about Bitcoin, like at all, like absolutely not at all.
There are 1-2 million Bitcoin users in the world. That's like one grain of sand on an utterly huge shore.
HOWEVER it is a brilliant experiment, and I think it's absolutely fascinating.

Much could be done with Bitcoin, but it's not really used all that much. That's not exactly setting the world on fire.


Am I wrong? Can/will/has it change(d) the world?

Thank you for your posts guys!

and with only  that small ammount of people using it, it has changed lot of things , for those who still thinking that this is imposible, will be very surprised in the next years, maybe more time than expected is needed, yes, but in the end the entire technology bitcoin/blockchain will change the world soon or later, so yes, it will change the financial system is just a question of time.