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

[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?