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Author Topic: Was bitcoin designed to be global?  (Read 4503 times)
digaran
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October 11, 2016, 04:26:05 AM
 #1

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?

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October 11, 2016, 04:32:23 AM
 #2

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.

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October 11, 2016, 04:35:30 AM
 #3

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.
Dogecoin is basically regarded as a meme now and isn't thought of as any sort of version to Bitcoin? I don't think that Dogecoin or its community is even remotely relevant anymore at all.

I do believe that Bitcoin was mentioned in the context of being global somewhere before by Satoshi, but I can't find it if you asked me to.
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October 11, 2016, 05:12:24 AM
 #4

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.

Aside from being quite supported by many, I don't see any other pros that dogecoin has to be entitled as "second bitcoin".
There is no really second bitcoin yet for me as of now.
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October 11, 2016, 05:20:25 AM
 #5



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

It's can't. because every coin are having their characteristic and I think that is impossible for that. but I think in the future will there is a new development of bitcoin and not worried about it, just the time can give a clear answer to your question, dude.

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October 11, 2016, 05:22:39 AM
 #6

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.

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October 11, 2016, 05:42:00 AM
 #7

The white paper did not define a specific region or group of people, so we have to accept that it was designed to be a global p2p payment system. Luckily for us, Satoshi made it divisible so that we can have loads of smaller units within 1 bitcoin.

The remaining option, if every other option was exhausted, would be for us to decide to make changes to the protocol to allow for more bitcoins, but that will never happen. < We cannot even decide on block sizes >

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October 11, 2016, 06:27:05 AM
 #8

What makes you think that most people will turn to cryptocurrency?

Bitcoin wealth will follow the natural (and current) spread of wealth inequality in this world. A few will have a lot and many will have a lot less. It's just human nature.

Hopefully this currency won't be adopted by "everyone" or "most people". If it is it will become corrupted and controlled like every fiat currency.
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October 11, 2016, 06:45:47 AM
 #9

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,bitcoin is designed to be global.Bitcoin IS global right now.

40 years from now bitcoin might be gone or the human kind might be destroyed.

No,we can`t have the same code with the same and credibility.


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October 11, 2016, 06:49:18 AM
 #10

The fact that a bitcoin can be divided by 100 million means it can actually be used globally by many people.

We should just learn to stop thinking in full bitcoins and start thinking in satoshi or millibitcoins. Only by moving to millibitcoins you increase the available amount to 2.1 billion, which is already a lot more practical.

In the future no wallet will show bitcoin as standard currency anymore, it will likely show millibitcoin as standard as hardly anybody will have access to full bitcoins anymore.
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October 11, 2016, 07:23:30 AM
 #11

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?

If there are billions of Bitcoins in circulation, 1 BTC wouldn't be as much as it is right now. The number of Bitcoins being much lower than the total population is actually a good thing. Once the majority of people adapts Bitcoin, then Bitcoin would be scarce and us, the people who have been here first, would have much more money.

Of course we can use altcoins, but altcoins are usually being used for trading and after all, all altcoins are still based on Bitcoin.

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October 11, 2016, 07:43:57 AM
 #12

i think bitcoin was designed to be global but for now, its not ready yet because there are still many people don't know about bitcoin and need to be explain. maybe in next five years or ten years, bitcoin is really ready to use in many country and many people will attracted to bitcoin.

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October 11, 2016, 07:47:05 AM
 #13

Yes, It is designed to be global, any technology that is not bound by territorial influence can scale into global use, a good example is internet which was initial designed to exchange communication and now something we can do wothout





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Mastsetad
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October 11, 2016, 07:57:04 AM
 #14

Though everyone makes new things to get popular but not everyone's wishes come true, so when bitcoin was created, i'm sure they did not think it will reach this extent but it did, so now when it reached here we should be patient to see what happens in coming time with it, because 40 years is a really long time, anything can happen by then.
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October 11, 2016, 08:11:18 AM
 #15

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!
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October 11, 2016, 08:29:14 AM
 #16

Sure, it's online and available to the masses without having to worry about applicable regulations and laws on a country to country basis. It's perfect for global use really. Although there are countries out there where internet usage isn't so prevalent; but you don't need me to inform you of that.
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October 11, 2016, 08:41:12 AM
 #17

Bitcoin is meant for long distance and micro transactions, at least thats what it was ideal for. The fixed market cap does not prevent a large adoption. If more people starts to use Bitcoin, the Bitcoin would be more and more valuable and people can still own an amount of Bitcoin.

A fork can be done for the Bitcoin to be even more divisible.

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October 11, 2016, 08:42:00 AM
 #18

The infinitely divisible feature of bitcoin will make it possible to serve as a global currency. For this same reason we never need any clone of bitcoins.

Bitcoin will be a currency in 40 years. It will flow from person to person so no matter how much one person will be holding to serve the entire population of this world with 1000th of 1 satoshi's value more than $10 at those times.

I believe we never need to worry about bitcoin whales because they are early adopters, they will never want to destroy their own beloved project.

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October 11, 2016, 09:07:02 AM
 #19

I think it supposed to be used globally but they not expected it can be phenomenal as now, but i think they can think something to take care of this problem, if this proble its not solved then maybe we will see another subtitute for bitcoin
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October 11, 2016, 09:14:39 AM
 #20

Internet is global, and bitcoins practically can work without network, so probably design of bitcoin was planed to serve that purpose. I think bitcoin need to be global, it`s only way for bitcoin to make great things.
Who would design something like bitcoin is just for local purposes, bitcoin can  make big things just if it`s on global plan, supported from people across the world. Only like that bitcoin can make big things, and for me bitcoin have potential to unite people. Banks didn`t have alternative until now, bitcoin is competition to fiat, and competition is always good.


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