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

[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.

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[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.