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Author Topic: Was bitcoin designed to be global?  (Read 4503 times)
audaciousbeing
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October 12, 2016, 04:12:41 PM
 #61

I think bitcoin was designed to be global.

Bitcoin to me wouldn't have been thought of to be a major currency as early as this. With the statistics of about 21million BTC all over the world, then I really would want to know how its going to go round. I also think that, the limitation in the abundance is also a factor that makes it a sought after in the crypto world. In conclusion, it was intended for it to be global originally but not this early.
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October 12, 2016, 04:29:27 PM
 #62

explicitly. didn't bitcoin mentioned that to send  the bitcoin anywhere of the world?
second version is called dogecoin already, so it is other matter.

What?? Lol
Dogecoin is a "joke"... Bitcoin will always be on top, maybe we can see a new good alt, a bigger one, worldwide... and well, this alt will be made by banks Wink think about it.

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October 12, 2016, 04:38:32 PM
 #63

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?


Due to the limited number of bitcoins in circulation, bitcoins can reach the price that other currencies can never do and today bitcoins are priced higher than gold too which is because of its technology, popularity and use.

In 40 years, there may be more currencies using this blockchain technology but bitcoins would always be the first invention and the ne to sustain on its own for 6+ years compared to other currencies that have not survived for long (including altcoins). Bitcoins was designed for users who want to transact online without the need to have their identity associated with it and not so that it becomes a global currency as Satoshi knew it wouldn't be as it opposes the Government regulations.
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October 12, 2016, 04:59:32 PM
 #64

This is a good debatable topic, I think yes but it was an experiment which turned out to be a super successful experiment and now we are dealing with it. Yes a good core team with same credibility is must for any such another experiment on large level but it would take time for us to really face the problem of scarcity of bitcoins. I don’t think that it’s going to happen in next few decades.
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October 12, 2016, 05:15:13 PM
 #65

I think bitcoin was designed to be global.

Bitcoin to me wouldn't have been thought of to be a major currency as early as this. With the statistics of about 21million BTC all over the world, then I really would want to know how its going to go round. I also think that, the limitation in the abundance is also a factor that makes it a sought after in the crypto world. In conclusion, it was intended for it to be global originally but not this early.

Well, you agreed that bitcoin is designed to be global.  If it is designed to be global then, at its early stage it should and must be global ready.  And I can see that bitcoin already have that capability.  The instant transaction, people from different countries and regions, can easily transfer coins without third party involvement, just the bitcoin network.  And even if it has the only 21m of coins, you cannot neglect the eight more decimal places attached to it. And there is this Satoshi, mBTC and BTC terms to make up for this eight decimal places.
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October 12, 2016, 05:18:13 PM
 #66

it was maybe not designed with the goal to be global, but it was definitely designed to not exclude certain regions or people.  
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October 12, 2016, 06:44:13 PM
 #67

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?

It sounds true that 21 million is not enough for billions of people. However, I think that is the reason why the price is going to increase enormously and people will actually use thousands of satoshi and 1 bitcoin will be something that only millionaires have. And of course I think that Bitcoin will not stay alone. Litecoin and other alt coins are going to join it.

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October 12, 2016, 06:53:44 PM
 #68

an interesting question, bitcoin has created for the global even the supply of bitcoin limited however decisive it's how expensive price for one bitcoin.

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October 13, 2016, 08:18:42 AM
 #69

an interesting question, bitcoin has created for the global even the supply of bitcoin limited however decisive it's how expensive price for one bitcoin.

Very true. Maybe 10 years from now a single satoshi will be worth a few bucks. And then people will realize later, damn I could've spent my free time patiently waiting at those free faucets for few satos. Cheesy 
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October 13, 2016, 08:29:29 AM
 #70

an interesting question, bitcoin has created for the global even the supply of bitcoin limited however decisive it's how expensive price for one bitcoin.

Very true. Maybe 10 years from now a single satoshi will be worth a few bucks. And then people will realize later, damn I could've spent my free time patiently waiting at those free faucets for few satos. Cheesy 

The problem with increasing price is that the fees for transactions calculated in fiat increase as well.
There are those transactuions with no fees, but they are slower, sometimes not even confirmed.
When satoshis would be worth something, one simple transaction would cost a lot.
That's why I think there is a limit for the price of bitcoin.
And therefor the supply of bitcoins is way too low to play an important role in the global payment systems.
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October 13, 2016, 08:52:35 AM
 #71

an interesting question, bitcoin has created for the global even the supply of bitcoin limited however decisive it's how expensive price for one bitcoin.

Very true. Maybe 10 years from now a single satoshi will be worth a few bucks. And then people will realize later, damn I could've spent my free time patiently waiting at those free faucets for few satos. Cheesy 

The problem with increasing price is that the fees for transactions calculated in fiat increase as well.
There are those transactuions with no fees, but they are slower, sometimes not even confirmed.
When satoshis would be worth something, one simple transaction would cost a lot.
That's why I think there is a limit for the price of bitcoin.
And therefor the supply of bitcoins is way too low to play an important role in the global payment systems.

Yeah the charges are actually one of the major hindrances that bitcoin is facing. Imagine gaining 3% on trading but exchange centers will charge you 2% from converting btc into your own fiat money. Trading sites charge withdrawals and so on. Worst scenario is when bitcoin drop its value plus those charges. Sad   





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October 13, 2016, 09:03:54 AM
 #72

Satoshi couldn't have known that Bitcoin would turn to be this successful, he probably started the project as an experiment. I doubt he spent a lot of time working out the precise details of how Bitcoin would work in a situation where everyone on earth is using it. That doesn't really matter though because Bitcoin code can always be improved/modified along the way if need be.
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October 13, 2016, 09:10:26 AM
 #73

an interesting question, bitcoin has created for the global even the supply of bitcoin limited however decisive it's how expensive price for one bitcoin.

Limited supply is never a problem as Bitcoin is a divisible currency where you can split 1BTC into 100,000,000 smaller units if you so wish.

OP;

I am quite sure that it was his plan to have Bitcoin being operated/used throughout the entire world. People from that level never think small, their aim is always the highest possible.
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October 13, 2016, 02:47:13 PM
 #74

I think it is. Bitcoin was designed to be digital currency, people all over the world can use it as currency without any difficulties like fiat does. And in future, more people will use it as currency because it's advantages in many aspects.
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October 13, 2016, 02:58:22 PM
 #75

I think it is. Bitcoin was designed to be digital currency, people all over the world can use it as currency without any difficulties like fiat does. And in future, more people will use it as currency because it's advantages in many aspects.

Very true it is. You just need to connect in the internet and somehow you could earn some. This will take the longer route though. As of buying bitcoin there will be a little problem with that. Some countries dont offer that kind of service.


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October 13, 2016, 03:12:23 PM
 #76

Of course . bitcoin is a financial media that can be used globally. we only need Internet access to use it.
the ease, speed and simplicity become an important point of excess bitcoin.
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October 13, 2016, 04:42:46 PM
 #77

For me, when bitcoin was built by satoshi, I think he didn't designed it to be global but to be used as a virtual money in certain places. But right now since many people are using bitcoin and it is easily adopted by everyone because it is not that hard to earn and use, I think there's a possibility that it would gone global. Bitcoin is the future money like most of the people say because it is really convenient to use and not time consuming rather than we have to go personally to a store just to buy things if we can buy it online or just order it by using bitcoin as a payment, right?
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October 13, 2016, 04:47:24 PM
 #78

I think bitcoin is already using globally and they are made to use globally that can also accepting locally in many stores someday.. just like brazil right now that has 150 stores and counting to accept bitcoin as payment and i think it will happen too in the other countries

Block halving is done.,,  And bear market is coming...
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October 13, 2016, 05:13:04 PM
 #79

There are many clones of bitcoin already and none of them have got same adaptability and popularity like bitcoin till now. Even though bitcoin have only 21 million total bitcoin supply it can be distributed among all world population as 1 bitcoin can be franctioned into 108 times to make 1 satoshi and even that small amount of bitcoin is transfarable.

 
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October 13, 2016, 06:29:25 PM
 #80

no bitcoin is not designed to be global it is for a local use only i mean not about a country use but it is made for a community or a fourm but now it is being used for the whole world and its kind of effective because we have used it almost on everywhere in the internet

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