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Author Topic: Was bitcoin designed to be global?  (Read 4503 times)
Monetizer
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October 11, 2016, 09:19:23 AM
 #21

Isn't it plausible that the bulk of bitcoin adoption happened later and was slower than expected? That would explain why the distribution of Bitcoins so heavily favours "Early adopters"
As for the 21 Million limit, I think we will eventually change to using mBTC as the standard unit because of how bitcoins price will increase. This would mean there is 2 Billion+ mBTC available which sounds a lot more globally friendly.
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October 11, 2016, 09:32:50 AM
 #22

Given the fact that there are only 21M bitcoins, one could wonder if bitcoin was designed for a few selected or first few adopters and not to be a global currency in a world with +7 billions people.

What happens 40 years from now when most of the people on earth turn to using crypto currency? simply use alt coins when they see bitcoin already in hands of a few hundreds people and not wanting to be manipulated by them or even by 1m coins of satoshi?

Can't we have a second version of same code with same team and the same credibility developing it?


Yes there are only 21M Bitcoins but do remember that they are divisible into 8 decimal units. The design was built for payments on the internet without any middlemen involved aka banks.

It is very arguable that most, if not all of the people would be using Bitcoin as the only cryptocurrency solution 40 years from now. Banks are also interested in the technology to remain relevant in online payments. So we might either see Bitcoin evolve to become the dominant solution for online payments or we see it replaced by something else.

Or maybe we would see Bitcoin become as a sort of commodity and as a store of value.

This is the perfect answer!
Limited bitcoin amount is good that is mean bitcoin have no inflation. I agree that all people in the world can use bitcoin becouse it is divisible. And banks are really work conventionaly most people will leave it in the future. Everybody like anything that practically.

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October 11, 2016, 09:36:37 AM
 #23

the price will going high if all people around the world use bitcoin,the 21 M limit supply doesn't matter because bitcoin amount doesn't limited by that,there's also mbtc,ubtc,and satoshi unit,bitcoin is literally unlimited in my opinion even 21 M was stated as the limit of supplies

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October 11, 2016, 09:57:08 AM
 #24

Yeah the only thing that you need is the access to the internet and you are good to go with Bitcoin. So I do think that it is designed to be global.
It is going to be even bigger in the future.
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October 11, 2016, 10:05:00 AM
 #25

Obviously bitcoin is designed to be circulated and used globally. It is designed as an international currency with anonymity and without governments regulations which usually benefits only the rich people. Hopefully the whole world gets covered with internet to further expand bitcoin and other cyrpto's sphere of influence.
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October 11, 2016, 10:21:16 AM
 #26

We knew that bitcoin can be dibided into small parts but I do not know if it will still able to supply the needs and demand of people for the next coming years.  Maybe the developer of bitcoin should make new batch of digital coins because I think the 21M bitcoins is not sufficient to the users for the next 40 years.  But if ever that they will make new coins then the current value or price of bitcoin will drop. 
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October 11, 2016, 10:31:22 AM
 #27

Given the fact that there are only 21M bitcoins, one could wonder if bitcoin was designed for a few selected or first few adopters and not to be a global currency in a world with +7 billions people.

As far as my knowledge and own opinion is concern, bitcoin was designed to somehow changed the current system of sending and receiving money. With bitcoin we can really say it's far less hassle than the usual one. So in here, it was designed in that kind of purpose and not on the people itself.

What happens 40 years from now when most of the people on earth turn to using crypto currency? simply use alt coins when they see bitcoin already in hands of a few hundreds people and not wanting to be manipulated by them or even by 1m coins of satoshi?

If most of the people will use cryptocurrency 40 years from now, then it must be on mulitple cryptos hence those bitcoin will not be used by all people in the world and that 21 million is enough since bitcoin is divisible by 8 decimal units.

But believe me in 40 years, cryptos will not dominated the fiat currencies.

Can't we have a second version of same code with same team and the same credibility developing it?


No. That's it.


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October 11, 2016, 10:38:04 AM
 #28

I think yes, bitcoin was designed for to be global, and becoming global currency. From a idea making payment without third party like bank and without high fees, and there are not people or government that control it.
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October 11, 2016, 10:58:11 AM
 #29

Bitcoin was really created by satoshi nakamoto to help change the current way of sending and receiving money, so it was designed to be global. Even at the very first hours of bitcoin release it is intended to be a global currency that will ease the sending of money and it is made so that we have a currency which is not controlled by the government, instead it was controlled by us bitcoin users.
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October 11, 2016, 11:00:23 AM
 #30

Definitely global. I think there's only 21m btc to prevent inflation
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October 11, 2016, 11:14:44 AM
 #31

After reading all the opinions I have to say it's good people looking at bitcoin this way, but there is a problem which is the coins in satoshi's addresses, if bitcoin going to be like 1 sat= $1 for example then can you imagine the wealth of the people holding all those coins?

I'm not saying he/they don't deserve it but simply market doesn't want to hand over a big amount of money so they wont adopt it and replace it with paper money, how ever I might be mistaken if satoshi's coins could be some how start to shrink and be sold it could send out a signal of 100% fair distribution.

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October 11, 2016, 11:14:50 AM
 #32

Given the fact that there are only 21M bitcoins, one could wonder if bitcoin was designed for a few selected or first few adopters and not to be a global currency in a world with +7 billions people.

What happens 40 years from now when most of the people on earth turn to using crypto currency? simply use alt coins when they see bitcoin already in hands of a few hundreds people and not wanting to be manipulated by them or even by 1m coins of satoshi?

Can't we have a second version of same code with same team and the same credibility developing it?

Frankly I think you haven't really thought about Bitcoin. It obvious that Bitcoin's design is that of a limitless, worldwide currency. The total number of Bitcoin is quite irrelevant, because each Bitcoin is practically limitless divisible (via software upgrade even beyond the precision of one (current) Satoshi).

The socialist notion, that Bitcoin should be somehow "equally distributed" is also a total nonsense. It lies in the nature of most people that they are unable to delay gratification and tend to live beyond their means. So even if you would start with an equal distribution you would end up with an unequal one. The simple reason is that only few people excel in austerity and entrepreneurship. Early adopters of Bitcoin didn't know that Bitcoin would become successful - so they took a higher risk by investing in it. It's their pioneering spirit that made Bitcoin successful. Without these people there would be no envious socialists in the Bitcoin sphere, because there would be nothing to steal from honest people...

There has been a exact clone Bitcoin, called Bytecoin. I don't know if it's still alive. But maybe you can reanimate it... Grin

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October 11, 2016, 01:23:15 PM
 #33

Now bitcoin is going well, so it has clear mean that in future bitcoin also would be grow up and as you said bitcoin has limited numbers, so may be in future something more happen in bitcoins, with passing the time, definitely bitcoin give us more, if bitcoin want to live in this world.     
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October 11, 2016, 02:29:30 PM
 #34

There may be 21 Million Bitcoins, but each of those Bitcoins can be further divided into smaller and smaller decimal units and this infact can account for a lot of the worlds money. Also, there wouldn't need to be another version of Bitcoin which would be considered as a hard fork unless something serious happens to Bitcoin since it's an experiment by itself.

Bitcoin is global and has acceptance all over the world, except in few countries where it could be banned by Governments (but actually people can still use them).
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October 11, 2016, 05:12:09 PM
 #35

Bitcoin was designed to emulate gold and the scarcity was built into the protocol by hard coding the 21 000 000 coin cap. I am saying,

hard coding, but it can be changed. It is one of the building blocks of this technology, and something that makes it unique. We should

never tamper with that, and the coins made available should be the only coins we use. At some stage, the price will be high enough for

people to sell and then the supply will increase again.  Grin

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October 11, 2016, 05:15:40 PM
 #36

Why the process of adoption was slower it is quite natural. There are always denier and embrace whenever new thing appears of what people are not used with. Bitcoin went through same way and early adopters who took risk jumped. The more time is passing the more people are joining as they are realizing its benefits.
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October 11, 2016, 05:26:03 PM
 #37

Bitcoin is already global , and its designed to be global, that's why it reach fast this success and this high level. Bitcoin will turn to become the first used currency worldwide, just its a matter of time.
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October 11, 2016, 05:31:02 PM
 #38

If we see that with bitcoin we can just work on the internet, then its designed for global use. Who can tell what Satoshi had in his mind while
he was creating bitcoins, but I think he wanted bitcoin to be used by everyone on this world.
Bitcoin is something new, who can tell what will be for 50 years. Blockchain have much to offer to the world, and if this period of adaptation
goes well, we can see bitcoin as global currency used by almost everyone, I also expect there to be enough space for some other alt coin. Yes
world is big, and there is a lot of space for other coins I think.



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[15.00000000 BTC]


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October 11, 2016, 05:38:11 PM
 #39

Given the fact that there are only 21M bitcoins, one could wonder if bitcoin was designed for a few selected or first few adopters and not to be a global currency in a world with +7 billions people.

What happens 40 years from now when most of the people on earth turn to using crypto currency? simply use alt coins when they see bitcoin already in hands of a few hundreds people and not wanting to be manipulated by them or even by 1m coins of satoshi?

Can't we have a second version of same code with same team and the same credibility developing it?



There is rather simple answer for you question, not much to discuss, see Bitcoin was the first cryptocurrency. Imagine this like a old tree with bitcoin and blockchain as the main trunk of the tree but now there are these alternate coins which can be the branches.
Bitcoin will always be used as the main exchange or rather for many more years but there are now very specialized coins for different things with beautiful algorithms. Its like every country has there own fiat currency right such will be the use of cryptocurrency, everyone to his own with a exchange rate between. Just be virtual !

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October 11, 2016, 05:43:01 PM
 #40

Given the fact that there are only 21M bitcoins, one could wonder if bitcoin was designed for a few selected or first few adopters and not to be a global currency in a world with +7 billions people.

What happens 40 years from now when most of the people on earth turn to using crypto currency? simply use alt coins when they see bitcoin already in hands of a few hundreds people and not wanting to be manipulated by them or even by 1m coins of satoshi?

Can't we have a second version of same code with same team and the same credibility developing it?

You forget that Bitcoin is divided. U dont need whole BTC, u can have 0,005 BTC that is worth current whole BTC 630$ in future Smiley
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