Could BTC ever become fast enough to function as a single world currency?

[PovertyByte]

There is a thought I've had. If BTC were to go past the moon and crush all fiat currency it would undergo far more transactions than it does now, more than SegWit could account for. Is there any way that BTC could become fast enough to function as a single or primary international currency through further updates yet to be determined without upping the block size to 1 TB per block someday?

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[kiklo]

There is a thought I've had. If BTC were to go past the moon and crush all fiat currency it would undergo far more transactions than it does now, more than SegWit could account for. Is there any way that BTC could become fast enough to function as a single or primary international currency through further updates yet to be determined without upping the block size to 1 TB per block someday?

Nope,

It's ONCHAIN transactions can not handle that demand,
plus as it's price rises so does it transaction fees, only the rich will be able to afford adding a transaction per block.
Mass adoption will fail and the rich will dump BTC in favor of other crypto that the masses can use.
BTC just does not have enough coins for worldwide adoption.

 

[davis196]

There is a thought I've had. If BTC were to go past the moon and crush all fiat currency it would undergo far more transactions than it does now, more than SegWit could account for. Is there any way that BTC could become fast enough to function as a single or primary international currency through further updates yet to be determined without upping the block size to 1 TB per block someday?

Nope,

It's ONCHAIN transactions can not handle that demand,
plus as it's price rises so does it transaction fees, only the rich will be able to afford adding a transaction per block.
Mass adoption will fail and the rich will dump BTC in favor of other crypto that the masses can use.
BTC just does not have enough coins for worldwide adoption.

 

Enough coins?It`s not about the number or coins.It`s about the blockchain and how it works.
Maybe Satoshi Nakamoto created bitcoin with this in mind.
Btc should never become worldwide currency because ,one way or another,it will become more centralized and the fundamental concept of bitcoin will be destroyed.

[Viscount]

There is a thought I've had. If BTC were to go past the moon and crush all fiat currency it would undergo far more transactions than it does now, more than SegWit could account for.

SegWit IS NOT the only improvement, LN and Sidechains (after segwit) give fiat and alts no chance

[Viscount]

Btc should never become worldwide currency because ,one way or another,it will become more centralized

more cetralized than what? fiat or alts?

[Genesis1337]

There is a thought I've had. If BTC were to go past the moon and crush all fiat currency it would undergo far more transactions than it does now, more than SegWit could account for.

SegWit IS NOT the only improvement, LN and Sidechains (after segwit) give fiat and alts no chance

aren't LN and sidechains 3rd party though? and has their technology been tested?

[Viscount]

BTC just does not have enough coins for worldwide adoption.

 

[Viscount]

aren't LN and sidechains 3rd party though? and has their technology been tested?

No, Bitcoin is an open source technology there's no 3rd party. Yes, before implementantion all upgrades is and will be completely and comprehensively tested, it's not layman's Unlimited fudged cookery

[MadGamer]

Why not ? Lightning network is always there whether SegWit gets implemented or not. LN should enable instant off-chain transfer of the ownership of bitcoin without the need of any third party , of course there should be enough LN nodes out there. I really doubt that bitcoin could become the primary international currency , not because It can't handle it but more because the banking system and governments won't allow that to happen.

[kiklo]

There is a thought I've had. If BTC were to go past the moon and crush all fiat currency it would undergo far more transactions than it does now, more than SegWit could account for.

SegWit IS NOT the only improvement, LN and Sidechains (after segwit) give fiat and alts no chance

An Alt will take BTC place as top coin within 4 years.  
I told you just to upset you.


 

FYI:
LN is offchain, you might as well just trust a bank.

[Viscount]

Why not ? Lightning network is always there whether SegWit gets implemented or not. LN should enable instant off-chain transfer of the ownership of bitcoin without the need of any third party , of course there should be enough LN nodes out there. I really doubt that bitcoin could become the primary international currency , not because It can't handle it but more because the banking system and governments won't allow that to happen.

I doubt they could possibly do something with it  

[kiklo]

Why not ? Lightning network is always there whether SegWit gets implemented or not. LN should enable instant off-chain transfer of the ownership of bitcoin without the need of any third party , of course there should be enough LN nodes out there. I really doubt that bitcoin could become the primary international currency , not because It can't handle it but more because the banking system and governments won't allow that to happen.

I doubt they could possibly do something with it  

Outlawing it in their country would stop BTC cold.
Very few would go to jail over it.

 

[Viscount]

An Alt will take BTC place as top coin within 4 years.  
I told you just to upset you.

You can't upset anyone with lie  . You think I didn't hear that? Do you know how many alt were there already? and where are they now?

[Genesis1337]

aren't LN and sidechains 3rd party though? and has their technology been tested?

No, Bitcoin is an open source technology there's no 3rd party. Yes, before implementantion all upgrades is and will be completely and comprehensively tested, it's not layman's Unlimited fudged cookery

yea, i just dont know how lightning network and all of that stuff works. i will have to look into it more

[kiklo]

An Alt will take BTC place as top coin within 4 years.  
I told you just to upset you.

You can't upset anyone with lie  . You think I didn't hear that? Do you know how many alt were there already? and where are they now?

I don't lie, that is your strategy not mine.  
Within 4 years. 

 

[Viscount]

Outlawing it in their country would stop BTC cold.
Very few would go to jail over it.

 

I don't think it's possible to track everyone or we've already got rid of drugs and child porn and so on

[Viscount]

I don't lie,

you do

[kiklo]

I don't lie,

you do

LOL, you can tell what is truth , you're too much of a BTC Shrill. 


 

[kiklo]

Outlawing it in their country would stop BTC cold.
Very few would go to jail over it.

 

I don't think it's possible to track everyone or we've already got rid of drugs and child porn and so on

All they have to do is Block companies from taking BTC and block banks from letting people exchange it for fiat.


 

[Viscount]

LOL, you can tell what is truth , you're too much of a BTC Shrill. 


 

Read again your upper post that Bitcoin has not enough coins. Only a liar would write such stupid nonsence 

[Viscount]

All they have to do is Block companies from taking BTC and block banks from letting people exchange it for fiat.

It wouldn't be enough people still be able to exhange bitcoins. If you think that bitcoin failed or will fail what are you doing here, just trolling? you have nothing to do?

[Herbert2020]

There is a thought I've had. If BTC were to go past the moon and crush all fiat currency it would undergo far more transactions than it does now, more than SegWit could account for. Is there any way that BTC could become fast enough to function as a single or primary international currency through further updates yet to be determined without upping the block size to 1 TB per block someday?

yeap, that is why we need scaling. and at some point things will become bad enough that we will be forced to accept it. but it doesn't have to be a huge amount.
and by the way transactions are super fast. when you send a transaction it takes second to reach everyone. the confirmation takes time.

BTC just does not have enough coins for worldwide adoption.

there are 2,100,000,000,000,000 coins (units) going to be available at maximum.
right now there are more than 1,600,000,000,000,000 units available for people to use.

[Genesis1337]

BTC just does not have enough coins for worldwide adoption.

there are 2,100,000,000,000,000 coins (units) going to be available at maximum.
right now there are more than 1,600,000,000,000,000 units available for people to use.

wait but if there are only 7,000,000,000,000,000,000 people on earth will this be enough?

[Herbert2020]

BTC just does not have enough coins for worldwide adoption.

there are 2,100,000,000,000,000 coins (units) going to be available at maximum.
right now there are more than 1,600,000,000,000,000 units available for people to use.

wait but if there are only 7,000,000,000,000,000,000 people on earth will this be enough?

the population is 7.5 billion and it is said in short scale (not the European long scale) meaning it has 9 zeros which looks like this 7,500,000,000
see it here: http://www.worldometers.info/world-population/

also who said every single person in the world is supposed to or even going to use bitcoin? are they all using USD, are they all invested in Gold? ....

[kiklo]

LOL, you can tell what is truth , you're too much of a BTC Shrill.  


 

Read again your upper post that Bitcoin has not enough coins. Only a liar would write such stupid nonsence  

Hmm, you are stupid,

What I said is accurate.

Amount of money World Wide is ~ 75 trillion dollars
Trillion=(1,000,000,000,000)

Only 21 million BTC coin
75,000,000,000,000

means 1 BTC is worth $ 3,571,428.57
meaning 1 satoshi is worth ~4 cents

Fees to withdrawal BTC from an exchange is Fee: 0.00040000
at 4 cents each , that comes out to $1600  

If you think that people are going to be able to afford $1600 transaction fee to remove $100 from an exchange, then mail me some of what you are smoking.  
This is what I mean when I say there are not enough coins for worldwide adoption, they are so few they will be unaffordable and as a side effect no use to anyone as a way to transfer value. BTC is DOA for world wide usage , the majority of people are just too stupid to see it.  


 

[Viscount]

Amount of money World Wide is ~ 75 trillion dollars
Trillion=(1,000,000,000,000)

Only 21 million BTC coin
75,000,000,000,000

means 1 BTC is worth $ 3,571,428.57
meaning 1 satoshi is worth ~4 cents

Bitcoin can be scaled if it's necessary. If you didn't know that... you are more stupid than I expected 

[kiklo]

All they have to do is Block companies from taking BTC and block banks from letting people exchange it for fiat.

It wouldn't be enough people still be able to exhange bitcoins. If you think that bitcoin failed or will fail what are you doing here, just trolling? you have nothing to do?

What You think , I should let the BTC Shrills lie and fool everyone with your false promises , when in truth you are just offering a pump & dump before you cash out.
There are a lot of innocent people out there , they deserve to hear both sides and make their own decisions.

 

[kiklo]

Amount of money World Wide is ~ 75 trillion dollars
Trillion=(1,000,000,000,000)

Only 21 million BTC coin
75,000,000,000,000

means 1 BTC is worth $ 3,571,428.57
meaning 1 satoshi is worth ~4 cents

Bitcoin can be scaled if it's necessary. If you didn't know that... you are more stupid than I expected  

$1600 dollars fee just to withdraw $100 , the only stupid one here is you.  


 

[pinkflower]

I see this question being asked again and again in this forum. Some answer yes and some answer in the negative but what we all fail to admit to ourselves is, are we really here for BTC because we really love it or are we here because we love the fiat we can make from it so we can buy stuff we want?

Im excited with the technology but theres a side of me that wants what the early adopters had. Thats being on the train when it left. But maybe it has gone already and Im still hopeful.

[Amph]

There is a thought I've had. If BTC were to go past the moon and crush all fiat currency it would undergo far more transactions than it does now, more than SegWit could account for. Is there any way that BTC could become fast enough to function as a single or primary international currency through further updates yet to be determined without upping the block size to 1 TB per block someday?

Nope,

It's ONCHAIN transactions can not handle that demand,
plus as it's price rises so does it transaction fees, only the rich will be able to afford adding a transaction per block.
Mass adoption will fail and the rich will dump BTC in favor of other crypto that the masses can use.
BTC just does not have enough coins for worldwide adoption.

 

this might be true only on microtransaction, even with a fee of $10 i would still send 100, for example, the mass will only use bitcoin for big transaction and the rich can keep using bitcoin for the microtransaction

it's not that bad as it sounds, it might go in that way in the end, until a proper solution is discovered that scale for every size of the adoption

Hmm, you are stupid,

What I said is accurate.

Amount of money World Wide is ~ 75 trillion dollars
Trillion=(1,000,000,000,000)

Only 21 million BTC coin
75,000,000,000,000

means 1 BTC is worth $ 3,571,428.57
meaning 1 satoshi is worth ~4 cents

Fees to withdrawal BTC from an exchange is Fee: 0.00040000
at 4 cents each , that comes out to $1600  

If you think that people are going to be able to afford $1600 transaction fee to remove $100 from an exchange, then mail me some of what you are smoking.  
This is what I mean when I say there are not enough coins for worldwide adoption, they are so few they will be unaffordable and as a side effect no use to anyone as a way to transfer value. BTC is DOA for world wide usage , the majority of people are just too stupid to see it.  

miners will adapt and reduce the transaction fee, instead of 40k satoshi you can have 400 or 40, they just need at least the same income they have now

[Viscount]

There are a lot of innocent people out there , they deserve to hear both sides and make their own decisions.

 

LOL
What piece of a moron you are? Look around where are you... read what your browser address tells... B I T C O I N T A L K... ain't it means that all people here aware of what Bitcoin is?  

[kiklo]

There are a lot of innocent people out there , they deserve to hear both sides and make their own decisions.

 

LOL
What piece of a moron you are? Look around where are you... read what your browser address tells... B I T C O I N T A L K... ain't it means that all people here aware of what Bitcoin is?  

Does not mean you are'nt a Stupid Shrill.
Cause you are.


 

[Viscount]

$1600 dollars fee just to withdraw $100 , the only stupid one here is you.  

what can I say... well if you are stupid, such fee is still too low for you  
If i'm not wrong, my last transaction fee was way less than .1
It's just natural selection nothing personal

[kiklo]

miners will adapt and reduce the transaction fee, instead of 40k satoshi you can have 400 or 40, they just need at least the same income they have now

Yeah, you do realize they are not yet living off of the transactions fees, they make the money off of the new blocks.
When BTC hits 21 million , then they have to survive off of transaction fees alone, which will increase the price, and because ASICS continue to cost more to operate, they will be unable to lower the fees.

Behold the Future, the Death of BTC predicted by
On the Instability of Bitcoin Without the Block Reward
https://freedom-to-tinker.com/2016/10/21/bitcoin-is-unstable-without-the-block-reward/

 

[kiklo]

$1600 dollars fee just to withdraw $100 , the only stupid one here is you.  

what can I say... well if you are stupid, such fee is still too low for you  
If i'm not wrong, my last transaction fee was way less than .1
It's just natural selection nothing personal

Yes, the transaction fee are less now,
because BTC is not accepted WorldWide and the fee problem is why it will never be Globally Accepted.
Not enough coins dum dum.


 

[Viscount]

Does not mean you are'nt a Stupid Shrill.
Cause you are.


 

you can have you own opinion unless you write no proof i'm ok
and don't buy bitcoins ever or you lost all you money. You see now? I'm not heartless shill,  for mentally handicaped I strongly recommend not use Bitcoin

[warwar]

All they have to do is Block companies from taking BTC and block banks from letting people exchange it for fiat.

It wouldn't be enough people still be able to exhange bitcoins. If you think that bitcoin failed or will fail what are you doing here, just trolling? you have nothing to do?

You are right why you are still here but the point is what if bitcoin will fail. Well i could say that there also many ways tto exchange their bitcoin although that will happen . One exchanger will rise on that time bitcoin user will make ways to exchange it no matter how difficult it is

[Viscount]

Not enough coins dum dum.

Bitcoin can be scaled if necessary, but think as you wish and don't buy them. More bitcoins for smart people  

[kiklo]

Does not mean you are'nt a Stupid Shrill.
Cause you are.


 

you can have you own opinion unless you write no proof i'm ok
and don't buy bitcoins ever or you lost all you money. You see now? I'm not heartless shill,  for mentally handicaped I strongly recommend not use Bitcoin

Considering you are mentally handicapped you are contradicting yourself.  


 

[Viscount]

Considering you are mentally handicapped you are contradicting yourself.  


 

I wrote it for you if you can't get a hint

[kiklo]

Not enough coins dum dum.

Bitcoin can be scaled if necessary, but think as you wish and don't buy them. More bitcoins for smart people  

LOL,
BTC core devs & Chinese Mining Pools can't even agree to increase the block size.  
BTC has has load of transaction capacity problems from months now, it has not been scaled to fix anything, still sitting at the 1 megabyte blocksize.

Funny thing is BTC network could stall tomorrow , but because the Chinese are manipulating the price , it's price would be unaffected.
It will be interesting when one of those miners cashes out and crashes the market. (Matter of Time)


 

[NeuroticFish]

Let's say that something will be done and mempool will always be small, meaning that every transaction will be processed in 1-3 blocks. (This is today already a pretty far prospect.)
Now, that would mean that when you go at the supermarket and want to pay, you (and the people behind you in row) will have to wait 10, 20, 50 minutes to have the first confirmation.
So normal on-chain transactions are not for use "as a currency".
LN and other tricks may solve this, but I feel like that's not what's expected. Many tell even that's not Bitcoin anymore.

In my eyes the normal answer is "no, not as currency, sorry".

[kiklo]

Considering you are mentally handicapped you are contradicting yourself.  


 

I wrote it for you if you can't get a hint

LOL,
your English needs some work, because your changes agreed with what I had already said. 


 

[Pursuer]

There is a thought I've had. If BTC were to go past the moon and crush all fiat currency it would undergo far more transactions than it does now, more than SegWit could account for. Is there any way that BTC could become fast enough to function as a single or primary international currency through further updates yet to be determined without upping the block size to 1 TB per block someday?

this process will take a very long time, and in all that time I am sure we will eventually be forced to change something about bitcoin and its block size.
we don't need 1 TB per block, that is absurd. but a bigger block is a must, one way or another.

@Viscount stop feeding the troll and let him be happy with his coin which is worth 0.5 satoshi

[kiklo]

Let's say that something will be done and mempool will always be small, meaning that every transaction will be processed in 1-3 blocks. (This is today already a pretty far prospect.)
Now, that would mean that when you go at the supermarket and want to pay, you (and the people behind you in row) will have to wait 10, 20, 50 minutes to have the first confirmation.
So normal on-chain transactions are not for use "as a currency".
LN and other tricks may solve this, but I feel like that's not what's expected. Many tell even that's not Bitcoin anymore.

In my eyes the normal answer is "no, not as currency, sorry".

And you hit the nail on the head, BTC can never be a world wide currency.

It's design , limits it to a commodity only.  


 

FYI:
Which the topic here is :
Could BTC ever become fast enough to function as a single world currency?
The Answer is No, at best it can function as a commodity only , because of it's Technical & Numerical Limitations.

[Viscount]

BTC core devs & Chinese Mining Pools can't even agree to increase the block size

Who wants block size increase? segwit then LN and sidechains will manage perfectly

[kiklo]

this process will take a very long time, and in all that time I am sure we will eventually be forced to change something about bitcoin and its block size.
we don't need 1 TB per block, that is absurd. but a bigger block is a must, one way or another.

@Viscount stop feeding the troll and let him be happy with his coin which is worth 0.5 satoshi

More than happy with it. Because it has a lot more room to increase than BTC does.
Plus none of the Limitations of BTC.

ZEIT
PoS  / Energy Efficient
Decentralized
51% resistance build in by the chaos effect of Coin Age.
Fast Transactions Speed of 30 seconds
Onchain Transaction Capacity to spare ( 20X BTC Capacity)
Transactions entered into Block in the order they were created, no jumping in front of others by paying a higher fee like BTC
LN is unnecessary for such an coin
All ZEIT Nodes can receive transaction fees ,when they stake, while supporting the network verses BTC Full Nodes that receive nothing (Only Miners reap all of the BTC fees.)
Supported by the ZEIT Knights, This Coin will Outlast BTC, of that there is no Doubt.

 

[Viscount]

LOL,
your English needs some work, because your changes agreed with what I had already said.  

Maybe, maybe.... and why do you think I spending time with such troll  
Knowing several languages is not that easy as you think  

[kiklo]

LOL,
your English needs some work, because your changes agreed with what I had already said. 

Maybe, maybe.... and why do you think I spending time with such troll 
Knowing several languges is not that easy as you think 

So which other Languages do you speak?


 

[ReLieD]

Nope , it is not possible for bitcoin to be the only currency.
Only a few people will vote for yes in such a situation.
Even dollars has not been accepted as a single currency.
Every country ( mostly every) country has its own currency.
And bitcoin emerged recently in the year 2009 and probably
there is no chance of bitcoin to become a single currency to be accepted worldwide

[webtricks]

First I will go with technological aspect. Yes, it is technologically possible to implement Bitcoin throughout the world with certain improvement in block size and fees. Maybe not Bitcoin then some better innovation in blockchain can do so.

But!! When we say worldwide, it means even a narrowest street of smallest town! Not technology, but social and economical barriers are more prominent in its way.

Does anyone even imagine, where these children will hold their bitcoin, which wallet-



While I would like to quote a present bitcoin situation-
The road to Bitcoin success is infinity, satisfaction is only remedy!

[Red-Apple]

There is a thought I've had. If BTC were to go past the moon and crush all fiat currency

go past moon? you mean the price or adoption? because price has nothing to do with what you are saying.
and also bitcoin is never going to crush, replace, or do anything else to fiat currencies and there are already multiple topics about that. government will never let it happen.

it would undergo far more transactions than it does now, more than SegWit could account for.

bitcoin like any other technology is evolving, and getting better. just like the first car that came out couldn't go faster than a walking old lady and now they go super fast!
and in the future if it is needed it will change otherwise be replaced with something better.

Is there any way that BTC could become fast enough to function as a single or primary international currency through further updates yet to be determined without upping the block size to 1 TB per block someday?

a normal transaction is about 258 bytes
1 TB means 1e+12 bytes or 3,875,968,992 transactions in one block i seriously doubt that we can become that big ever,

[megynacuna]

There is a thought I've had. If BTC were to go past the moon and crush all fiat currency

go past moon? you mean the price or adoption? because price has nothing to do with what you are saying.
and also bitcoin is never going to crush, replace, or do anything else to fiat currencies and there are already multiple topics about that. government will never let it happen.

it would undergo far more transactions than it does now, more than SegWit could account for.

bitcoin like any other technology is evolving, and getting better. just like the first car that came out couldn't go faster than a walking old lady and now they go super fast!
and in the future if it is needed it will change otherwise be replaced with something better.

Is there any way that BTC could become fast enough to function as a single or primary international currency through further updates yet to be determined without upping the block size to 1 TB per block someday?

a normal transaction is about 258 bytes
1 TB means 1e+12 bytes or 3,875,968,992 transactions in one block i seriously doubt that we can become that big ever,

Great analysis, it takes too long a time for block confirmations and if this is the way it's going to be then I doubt if it will be able to function as a single world currency. The developers have got to come up with a way before this can be practical.

[Taki]

Something like that may happen if only the scenario of some book about the future will come true. I am talking about such stage of globalization where will no be such separate countries as China, Russia and all others, such stage where will be only one big country with one global currency. And I doubt that it will be exactly bitcoin, But about it's crypto nature I don't doubt. But it's all sounds as utopia now. But as I love to repeat - the future will show.

[mrkevio]

Do never wish it will become a single currency. Why? Because if it will, then we will lose the anonymity. The govs cannot adopt BTC without centralizing it. This is what I absolutely do not want to lose as a feature from this currency, because this is why I am here. On the positive side though, we would then have an incredibly high price for it to be used by over seven billion people.

[erickkyut]

Bitcoin can become the universal currency but it is still very far on becoming the single world currency! There are still lots of things that we need to considerate. First, even though bitcoin is very popular, we can deny the fact that there are lots of people who still doesn't know anything about it! Second, there are some countries that banned bitcoin. Third, the government dfoes not approved using bitcoin. And many more reasons to considerate!

[Vaskiy]

Bitcoin being used as a single currency around the world is a hard task. This would be possible, if every country has the same economic plan. But based upon the Country's growth percentage each country has several other strategies. This won't help bitcoin to be the single currency to get used around the world.

[lOvE mE forEvEr]

I think it can, we know, at this time one country had a single currency, the EURO is only used by many countries in Europe but not all Europe. I think too much and are confident that the currency will cause problems when the transaction, currencies can be destroyed by certain groups that have interests, this is dangerous. Bitcoin is the best solution.

[xuan87]

I think it can, we know, at this time one country had a single currency, the EURO is only used by many countries in Europe but not all Europe. I think too much and are confident that the currency will cause problems when the transaction, currencies can be destroyed by certain groups that have interests, this is dangerous. Bitcoin is the best solution.

I disagree, I don't think it will be able to function as single world currency, the first problem is the amount limit, Euro can become many countries currency because they can print it again, so there won't be any hyper inflation, but bitcoin is limited, 21million that is the limit, the second things is because bitcoin got limit then if the demand is too high it will cause the price to become very valuable and hard to get, so it is not suitable to become single world currency

[Senor.Bla]

Single word currency is a hard one and a different discussion, but if we only talk about the transaction volume that Bitcoin can handle, then the answer is easy. Right know Bitcoin can not handle it. Maybe it will can at some point, but the question is what will happen if the demand is there but Bitcoin will not be able to handle it, while the next best altcoin waits in line to take over, since they can. What will happen then to Bitcoin?

[Emoclaw]

I think it can, we know, at this time one country had a single currency, the EURO is only used by many countries in Europe but not all Europe. I think too much and are confident that the currency will cause problems when the transaction, currencies can be destroyed by certain groups that have interests, this is dangerous. Bitcoin is the best solution.

I disagree, I don't think it will be able to function as single world currency, the first problem is the amount limit, Euro can become many countries currency because they can print it again, so there won't be any hyper inflation, but bitcoin is limited, 21million that is the limit, the second things is because bitcoin got limit then if the demand is too high it will cause the price to become very valuable and hard to get, so it is not suitable to become single world currency

21 million Bitcoins is 2.1 quadrillion satoshi though?
If the price increases, people can talk bits and satoshi instead of BTC, and values lower than satoshi can be added to Bitcoin.
So the 21m limit is a non-issue due to the divisibility of Bitcoin in up to 8 decimals.

[Dudeperfect]

I don't think that such case is practically possible because one or more reasons. First of all the block size is going to rise and the mining rewards are going to decrease over the time so the main source of income would be transaction fees for the miners in order to survive. Not everyone would be able to pay that level of money just for the sake of crypto transaction so I am unsure about bitcoin on local level (However, I want to use it on local level too).

[Juggy777]

As much as all would love to see this happen in the real life Bitcoin rising, and the only currency we all own. But there are many issue world population is unlimited, Bitcoin isn't. The transaction fees not every one will be able to afford it. Plus what will you do with the existing Fiat, Bitcoin is traded in form of Fiat, if there no Fiat how will you match the price for. This seems like a speculation and way to long before even it happens, so I think it belongs in speculation thread op. Let's hope your price rise words come true and true.

[Karpeles]

Why Bitcoin must be the single world currency?

There are several others, and the code is open source so anyone can use and adapt it to whatever they need

People's needs aren't the same, why should only one currency satisfy them all?

If blockchain dominates the world, I think would be in form of several different coins

[densuj]

Of course it is can, if many people or developer whom build app for usage of bitcoin becomed easy
unfortunately it is can be done for right now because building projects for make easy bitcoin usage,
it is not easy, needs much time and much capital for doing it.

[Senor.Bla]

Of course it is can, if many people or developer whom build app for usage of bitcoin becomed easy
unfortunately it is can be done for right now because building projects for make easy bitcoin usage,
it is not easy, needs much time and much capital for doing it.

Well i can go to the moon. If many people help me and give money for it and with much time of course. That does not mean it is going to happen or very realistic. Same goes for Bitcoin. Sure you can dream, but also you should be realistic. Others might hear you and believe you and maybe invest more then they can afford to lose.

[kiklo]

I think it can, we know, at this time one country had a single currency, the EURO is only used by many countries in Europe but not all Europe. I think too much and are confident that the currency will cause problems when the transaction, currencies can be destroyed by certain groups that have interests, this is dangerous. Bitcoin is the best solution.

I disagree, I don't think it will be able to function as single world currency, the first problem is the amount limit, Euro can become many countries currency because they can print it again, so there won't be any hyper inflation, but bitcoin is limited, 21million that is the limit, the second things is because bitcoin got limit then if the demand is too high it will cause the price to become very valuable and hard to get, so it is not suitable to become single world currency

21 million Bitcoins is 2.1 quadrillion satoshi though?
If the price increases, people can talk bits and satoshi instead of BTC, and values lower than satoshi can be added to Bitcoin.
So the 21m limit is a non-issue due to the divisibility of Bitcoin in up to 8 decimals.

NOPE, it is not enough Coins

Amount of money World Wide is ~ 75 trillion dollars
Trillion=(1,000,000,000,000)

Only 21 million BTC coin
75,000,000,000,000

means 1 BTC is worth $ 3,571,428.57
meaning 1 satoshi is worth ~4 cents

Fees to withdrawal BTC from an exchange is Fee: 0.00040000
at 4 cents each , that comes out to $1600

If you think that people are going to be able to afford $1600 transaction fee to remove $100 from an exchange, then mail me some of what you are smoking.  
This is what I mean when I say there are not enough coins for worldwide adoption, they are so few they will be unaffordable and as a side effect no use to anyone as a way to transfer value.
BTC is DOA for world wide usage.  


 

[LovelyPrey]

Yes, this thing is possible to happen since everyone is able to access the bitcoin as world wide currency, for sure the developers will be more high tech on making the process fast, faster than what it is now, confirmation will not take that so long unlike now. And this is awaited by most bitcoin enthusiast of having this as world currency. Well if the concern is the numbers of coin I guess, if this is implemented as one currency for sure we have enough coins, fiat will be all converted to bitcoin that suits to the demand of it. WE hope this thing to happen then.

[talkbitcoin]

means 1 BTC is worth $ 3,571,428.57
meaning 1 satoshi is worth ~4 cents

Fees to withdrawal BTC from an exchange is Fee: 0.00040000
at 4 cents each , that comes out to $1600

you have officially stopped trolling and now you are spreading FUD.
here you are using an imaginary future price but use current real fees in your math and pretend it is correct.

your whole comment is full of flaws.
Today
bitcoin price is $980
fees are ~100 satoshi/byte or 0.0002 per tx
even if we assume it is 0.0004 means it is $0.39

A couple of years back
price was $5-$20
fee was 0.01BTC per tx

in the future
if price were 3.5 billion
fee would be 10 satoshi per tx

fees have changed multiple times in the past and will change in the future also.

[Arvydas77]

It will never happen because of political and economic issues. Do you think governements and central banks wish to accept currency they can't control? Or do you think that price manipulation and everyday speculation with high volatility rate is good for humans? Who wants to depend solely on market manipulation? Chinese speculators are still in control of BTC price. They can drive it up or just dump it. So, I can't imagine Bitcoin functioning as a stable world currency. I know that most libertarian people don't like criticism towards BTC but it is centralized, slow, controversial and energy consuming. BTC still cannot fix problems it was created for and the only purpose now is market speculation. Traders are making $ and it is the only reason why they need BTC. Of course things can change in the future but now it is not even close for BTC to function as a single world currency.   

[kiklo]

means 1 BTC is worth $ 3,571,428.57
meaning 1 satoshi is worth ~4 cents

Fees to withdrawal BTC from an exchange is Fee: 0.00040000
at 4 cents each , that comes out to $1600

you have officially stopped trolling and now you are spreading FUD.
here you are using an imaginary future price but use current real fees in your math and pretend it is correct.

your whole comment is full of flaws.
Today
bitcoin price is $980
fees are ~100 satoshi/byte or 0.0002 per tx
even if we assume it is 0.0004 means it is $0.39

A couple of years back
price was $5-$20
fee was 0.01BTC per tx

in the future
if price were 3.5 billion
fee would be 10 satoshi per tx

fees have changed multiple times in the past and will change in the future also.

YO JACKASS,

No one said that was price as of today.
IF BTC became the 1 world currency it would have to be worth the current Value of the World Currency.
Which is $75 Trillion Dollars.

And the numbers would be accurate.

 


FYI:
Fees will go up , Not down!

[kryptqnick]

means 1 BTC is worth $ 3,571,428.57
meaning 1 satoshi is worth ~4 cents

Fees to withdrawal BTC from an exchange is Fee: 0.00040000
at 4 cents each , that comes out to $1600

you have officially stopped trolling and now you are spreading FUD.
here you are using an imaginary future price but use current real fees in your math and pretend it is correct.

your whole comment is full of flaws.
Today
bitcoin price is $980
fees are ~100 satoshi/byte or 0.0002 per tx
even if we assume it is 0.0004 means it is $0.39

A couple of years back
price was $5-$20
fee was 0.01BTC per tx

in the future
if price were 3.5 billion
fee would be 10 satoshi per tx

fees have changed multiple times in the past and will change in the future also.

Okay, due to many halving that bitcoin will experience, the reward will be less and thus the fee is going to decreaseas it is the sum of those btc which are sort of between blocks after operations. However, this is not enough for bitcoin to become a universal global currency, because another important thing is the time one transaction takes, right? For people can't wait too long when they buy something in a queue, for instance. Can trasactions occur faster than now? I don't know what is it connected with, so I can't answer this question.

[kiklo]

EVEN BTC CORE DEVS ADMIT THE TRANSACTIONS FEES WILL RISE!

https://www.coingecko.com/buzz/andresen-maxwell-agree-bitcoin-transaction-fees-will-rise

Transaction Fees are Going to Rise

During the Q&A portion of the panel discussion, an audience member asked the technically proficient Bitcoin developers on stage for their thoughts on the future of transaction fees. Gavin Andresen responded to this question by stating:

    “I would plan that transaction fees are going to rise. They’re going to rise until we solve this block size issue.”

After Andresen shared his short comment, Greg Maxwell added, “I think they’re going to rise even if we solve it.”

Will Miners Raise Transaction Fees?

It was at this point that Michael Perklin pointed out a possible issue with bitcoin monetary policy that could lead to an increase in transaction fees over the long term:

    “I think [transaction fees] are going to rise regardless because, as the reward goes down, miners are going to need to recoup their fees [some other way], so they’ll just require a higher fee for every transaction.”

Now say your BTC Devs are Wrong,  I double dog dare you!  

 

FYI:

double dog dare (colloquial) An intensified form of a dare, frequently used after the dared person initially refuses.

 

[d5000]

Bitcoin's transaction fees could rise in the future, but I consider it probable that there will be a kind of a "cap" some day and fees will stay accessible. There are two main possibilities for this "cap" to happen:

1) if a competitor (an altcoin) emerges that offers strong blockchain security, a large user/services/merchants network and less transaction fees. As this could be potentially dangerous for Bitcoin's leadership and price, miners will have to adapt to the competitor and lower the minimum fees.

2) when "altruistic-egoistic" miners emerge that mine not mainly for profit but to facilitate the worldwide adoption of BTC. These would be individuals or groups heavily invested in BTC that would profit enormously from a mass adaption, but they are less dependent on getting transaction fees, and would lower then just to lower the "entry barrier" into the Bitcoin ecosystem.

[soul-impact]

I have only several problems with the time of confirmations of Bitcoin. I do not think that it is the big issue to me but according to what you say, I scare that Bitcoin miners and the blockchain system can not fully maintain the large transaction if Bitcoin becomes the only currency on this planet. As you can see, on the last week, we saw that there were more than 50000 stuck in the blockchain and it had caused a lot of problems to all of us

[Victorycoin]

Outlawing it in their country would stop BTC cold.
Very few would go to jail over it.

 

I don't think it's possible to track everyone or we've already got rid of drugs and child porn and so on

All they have to do is Block companies from taking BTC and block banks from letting people exchange it for fiat.


 

If they could, they would have already done so, but this is more than they can handle. I think, you need to sit back and really get acquainted with Bitcoin and its technology, because you seem not to have made sense of what peer-to-peer means! If you do, then saying they could block companies from accepting BTC is more or less a blunder.

[kiklo]

Outlawing it in their country would stop BTC cold.
Very few would go to jail over it.

 

I don't think it's possible to track everyone or we've already got rid of drugs and child porn and so on

All they have to do is Block companies from taking BTC and block banks from letting people exchange it for fiat.


 

If they could, they would have already done so, but this is more than they can handle. I think, you need to sit back and really get acquainted with Bitcoin and its technology, because you seem not to have made sense of what peer-to-peer means! If you do, then saying they could block companies from accepting BTC is more or less a blunder.

See this is where you show how clueless you are,
They don't have to block anyone from exchanging BTC with each other , all they have to do is block BTC from being Exchanged for Fiat.
(Maybe you should get acquainted with reality and pull your head out of the BTC Unicorn's ass.)


All BTC companies such as coinbase require access to banks for their fiat conversion.
Outlaw BTC and the banks will sever ties with coinbase, then they can't pay their employees in fiat or keep their equipment running without electricity.
Merchants would drop it overnight, because they only care about the FIAT conversion.

Plus if the Governments really wanted BTC stopped , how many ASICS do you think can stand up to an RPG.
The answer is ZERO.


 

[Qunenin]

Yes, this thing is possible to happen since everyone is able to access the bitcoin as world wide currency, for sure the developers will be more high tech on making the process fast, faster than what it is now, confirmation will not take that so long unlike now. And this is awaited by most bitcoin enthusiast of having this as world currency. Well if the concern is the numbers of coin I guess, if this is implemented as one currency for sure we have enough coins, fiat will be all converted to bitcoin that suits to the demand of it. WE hope this thing to happen then.

I agree with this, since other talks about the coin’s availability if this bitcoin will be implemented as one world currency, the demand of bitcoin will rise up and all the fiat will be converted to bitcoin so it is not that big deal I guess.

[jeraldskie11]

The world is still rotating so it has a possible to the unexpected question. As of now, it is almost used by the countries although there are country not accepting bitcoin. As you can see the bitcoin difference between start and now, there is no impossible to happen but it need a lot of time before that happen.

[pinkflower]

Bitcoin's transaction fees could rise in the future, but I consider it probable that there will be a kind of a "cap" some day and fees will stay accessible. There are two main possibilities for this "cap" to happen:

1) if a competitor (an altcoin) emerges that offers strong blockchain security, a large user/services/merchants network and less transaction fees. As this could be potentially dangerous for Bitcoin's leadership and price, miners will have to adapt to the competitor and lower the minimum fees.

2) when "altruistic-egoistic" miners emerge that mine not mainly for profit but to facilitate the worldwide adoption of BTC. These would be individuals or groups heavily invested in BTC that would profit enormously from a mass adaption, but they are less dependent on getting transaction fees, and would lower then just to lower the "entry barrier" into the Bitcoin ecosystem.

I see neither of your suggestions happening. No. 1 might but thats still too far from now. The nearest could be a segwit activated LTC with lightning network. But thats still very uncertain.

Your 2nd suggestion is altogether showing a great lack of intelligence. The reason why the Bitcoin system works is because its trustless. What makes it trustless is because of the incentives received by the miners and it also makes them act accordingly. Why mine for charity for the good of Bitcoin? Give the money directly to the people for the good of the world.

[wrxbuzz]

means 1 BTC is worth $ 3,571,428.57
meaning 1 satoshi is worth ~4 cents

Fees to withdrawal BTC from an exchange is Fee: 0.00040000
at 4 cents each , that comes out to $1600

you have officially stopped trolling and now you are spreading FUD.
here you are using an imaginary future price but use current real fees in your math and pretend it is correct.

your whole comment is full of flaws.
Today
bitcoin price is $980
fees are ~100 satoshi/byte or 0.0002 per tx
even if we assume it is 0.0004 means it is $0.39

A couple of years back
price was $5-$20
fee was 0.01BTC per tx

in the future
if price were 3.5 billion
fee would be 10 satoshi per tx

fees have changed multiple times in the past and will change in the future also.

YO JACKASS,

No one said that was price as of today.
IF BTC became the 1 world currency it would have to be worth the current Value of the World Currency.
Which is $75 Trillion Dollars.

And the numbers would be accurate.

 


FYI:
Fees will go up , Not down!

If fees go up, poor people can't afford it, the price has to be decreadsed, otherwise people can't afford the high TX price.

[WhyRus]

It is next to impossible for bitcoin to be a single world currency.
This emerged in the year 2011 i guess and now it has been only 6 years.
Also it is just a crypto currency / online currency , and there are more important currencies.
Like USD  etc. But as the world is turning digital , bitcoin stands a chance to be a part of the currency.
So although it might play an important role in digital world , it will not be a single currency.

[joshy23]

No. not fast enough to function as a single currency because not all countries around the world has not supported it yet. Bitcoin is not yet mainstream and not enough exposure as well. People are afraid because bitcoin is not "physical" not like gold or fiat. Although bitcoin is gaining a lot of supporters in some countries, is not fast enough to be considered to function as a single crypto-currency at the moment.

[Xester]

Bitcoin could be the single online cryptocurrency online but to say that it will be the single world currency is impossible. Even if bitcoin will be  used by 90% of the worlds population it will still not replace fiat currency since the government will not allow it due to its decentralized feature that are inviting illicit behaviors and activities. The highest upliftment for bitcoin maybe is that it will be the only representation of fiat currency online.

[lionheart78]

A single world currency, i like that in my dream .  Do not misunderstand me, i love Bitcoin, But government does not like it and Banks hated it and WU and moneygram envy it.  There will be lots of opposition from the centralized network of commantd (government) because economics said, adopting bitcoin will simply giving your country's future to Bitcoin whales. Bitcoin technology may adapt on the needs for the fast transaction but the problem lies on its effect on the economy of the country that accept it as main currency.


And I am more intrigue in kiklo's prediction

An Alt will take BTC place as top coin within 4 years.  
I told you just to upset you.

I have no idea what would be that alt cryptocurrency to beat Bitcoin at this point.

[Victorycoin]

All BTC companies such as coinbase require access to banks for their fiat conversion.
Outlaw BTC and the banks will sever ties with coinbase, then they can't pay their employees in fiat or keep their equipment running without electricity.
Merchants would drop it overnight, because they only care about the FIAT conversion.

Plus if the Governments really wanted BTC stopped , how many ASICS do you think can stand up to an RPG.
The answer is ZERO.

I see you are already a government mouth piece, but not all BTC companies are like Coinbase, that readily folds its tail in between its legs in servitude to the same modern slave masters than Bitcoin set out to liberate us from, likewise some merchants. You will do well to take this message to them - they woke up a little bit too late and Bitcoin is done washing their dirty linen in public. Bitcoin was not created for the fiat currencies instead from the word go, it was designed to be independent of governments and their agencies. That is where and when p2p actually resumes duty,

[Rishabh riyz]

No. not fast enough to function as a single currency because not all countries around the world has not supported it yet. Bitcoin is not yet mainstream and not enough exposure as well. People are afraid because bitcoin is not "physical" not like gold or fiat. Although bitcoin is gaining a lot of supporters in some countries, is not fast enough to be considered to function as a single crypto-currency at the moment.

Yes bitcoins is that fast enough to function as a single currency
Ya it is not a mainstream now but by seeing the growth rate of our technology we can say that in a decade or 2 decade bitcoins can function as a single currency
If everyone gets to know the profit in investing in bitcoins tgen they would obviously turn up fiats and start using bitcoins
As we see bitcoins has a great potential,
But for starting this all the companies should start accepting bitcoins, so that we can shop with our bitcoins
We need to globalise this crypto currency, people should know that though bitcoins are not like fiats physical but they are safe

[kiklo]

All BTC companies such as coinbase require access to banks for their fiat conversion.
Outlaw BTC and the banks will sever ties with coinbase, then they can't pay their employees in fiat or keep their equipment running without electricity.
Merchants would drop it overnight, because they only care about the FIAT conversion.

Plus if the Governments really wanted BTC stopped , how many ASICS do you think can stand up to an RPG.
The answer is ZERO.

I see you are already a government mouth piece, but not all BTC companies are like Coinbase, that readily folds its tail in between its legs in servitude to the same modern slave masters than Bitcoin set out to liberate us from, likewise some merchants. You will do well to take this message to them - they woke up a little bit too late and Bitcoin is done washing their dirty linen in public. Bitcoin was not created for the fiat currencies instead from the word go, it was designed to be independent of governments and their agencies. That is where and when p2p actually resumes duty,

LOL,

Hmm,
You might want to cast blame across the Pacific.
China's Government is exerting way more dominance over BTC & LTC than anyone else.
https://cointelegraph.com/news/bitcoin-price-falls-9-overnight-as-2-chinese-exchanges-stop-withdrawals

The Bitcoin price plunged by 9 percent overnight, declining from $1,060 to $959 across major global Bitcoin exchanges.
The short-term drop in price was likely caused by the announcement of Huobi and OKCoin to temporarily disable Bitcoin and litecoin withdrawals for one month.

Huobi and OKCoin are two of the largest Bitcoin exchanges in China that control approximately 25 percent of the global Bitcoin exchange market.
The two Bitcoin exchanges process around $55 mln worth of Bitcoin and litecoin on a daily basis.

In the morning of Jan. 9, almost immediately after a meeting took place between nine Chinese Bitcoin exchanges and the People’s Bank of China (PBoC),
Huobi and OKCoin abruptly disabled withdrawals for Bitcoin and litecoin funds for up to one month.
OKCoin and Huobi told users that they were asked to upgrade their Anti-Money Laundering systems to ensure they are in compliance with local financial and money transmission regulations.

 

[Viakor]

I don't think that this will happen.
There are going to be too much transactions for the system to handle.

[iram3130]

I don't think that this will happen.
There are going to be too much transactions for the system to handle.

We will have a solution for that. Segwit and Sidechains after that will make it better for all the Bitcoin users.
To OP: It will be in far future and after much compromise to its main features there is a chance of Bitcoin function as a single world currency, But I don't think people will be crazy like now they are to use it without its main features.

[DoublerHunter]

We can't be sure that it gonna happen but for me there is a possibility that bitcoin can reach that expectation and be a single world currency with a faster transactions and lower fees but i think we need a lot of miner for that kind of thing to confirm faster transaction so it will be able to support the world with just one single currency which is bitcoin .

[avikz]

Bitcoin is already functioning as a single world currency from last couple of years now and the price of bitcoin is skyrocketing every single quarter. However, the acceptance is a problem as of now and many government has not yet accepted bitcoin as a legal currency. However, that doesn't hamper the growth of bitcoin in any way. Rather it has become the most valuable internet currency of all time.

The only problem as of now is mass acceptance. Slowly it is growing. There are more investors in bitcoin than merchants. So it is being considered as an investment more instead of a currency now. However, the scenario is slowly changing for good.