What if all nations of the world started to use bitcoin

[bitcoinisbest]

This is not possible because each country have different frames and regulations in their governing bodies. Just hypothetical if it happens then major currency of the world the rates will fall and everyone will use btc when they go or want to buy any thing from anywhere in the world.

[milewilda]

It wont happen because if all nations would accept bitcoin and make it as a mainstream then chaos would really be mold up since most powerful nations would accumulate as much as they can and knowing that there are only 21 M bitcoins and how would all nations would divide it? There would be no circulation because on the lack of supply but expected prices would really be valuable but it wont happen even on my dreams.

[sevendust777]

This would takes years this thing to happen. Because we all know that government is having rules and regulations to make bitcoin as the world currency. I think there will be difficulty to make this happen.

[staff_1307]

If all countries started to use Bitcoin, then it would be much easier to use money transfers. I think this is a good idea.

[webtricks]

I don't think there will be any impact on supply since it is limited and maximum what could happen is increase in price of per fraction units. However, due to increased transactions it is possible that fees will hike due to increase competition in fees paying and fees will become the matter of superiority and faster confirmation.

[erickkyut]

This would takes years this thing to happen. Because we all know that government is having rules and regulations to make bitcoin as the world currency. I think there will be difficulty to make this happen.

Yes I also agree with you! Actually for me it might take decades before it happens because right now, the world government doesn't fully embrace Bitcoin and there are also countries that banned it. Aside from that, not all people globally have the idea what Bitcoin is all about. I think we should work on those matter first before all nations can start to use it.

[Tyrantt]

This would takes years this thing to happen. Because we all know that government is having rules and regulations to make bitcoin as the world currency. I think there will be difficulty to make this happen.

Yes I also agree with you! Actually for me it might take decades before it happens because right now, the world government doesn't fully embrace Bitcoin and there are also countries that banned it. Aside from that, not all people globally have the idea what Bitcoin is all about. I think we should work on those matter first before all nations can start to use it.

I think that's the smallest issue there is tbh. Blockchain would be flooded by transactions and do you think that banks would let bitcoin go into mainstream without them intervening? I don't think so myself, if you ask me, bitcoin will always be and remain the second option to fiat.

[QuestionAuthority]

I remember that report which stated if BTC would handle only 5% of Visa transaction, 1 BTC would be $40.000 worth. However, I dont think this is the main question, BTC will never become an actual currency. Instead it s a store of value over time, which appreciates due to its scarcity. The same as gold.  

ROTFL  5% of Visa transactions. That's too funny.

There were 27 Billion eft transactions last year, that's 27,000,000,000 transactions. That's almost 74 million transactions a day.

The Bitcoin network processes 350,000 transactions a day and its struggling to do it. Ach/eft seamlessly handles 211.5 times more transactions than Bitcoin handles. Bitcoin would crash and burn if it tried to handle 5% of Visa transactions. On a good day, with the wind at its back and all the miners holding hands and singing Kumbaya, Bitcoin may be able to handle one half of one percent.

[easynote]

If everyone in the world used Bitcoins then I would think that Bitcoins Blockchain will slow down some.

[QuestionAuthority]

If everyone in the world used Bitcoins then I would think that Bitcoins Blockchain will slow down some.

You may be right. LOL

[speem28]

It will be a great opportunity to both bitcoin and bitcoin users in the world of cryptocurrency. The value of bitcoin will skyrocket as more and more people will be now using bitcoin as their medium of exchange. This will be a great time for bitcoin user to invest in bitcoin.

[ethereumhunter]

i think its actually can be good for every people because they can send and receive bitcoin with low fee but the problem is we need to get confirmed first by blockchain and now blockchain is too slow to receive too many transaction in a day. but if blockchain can increase the speed of transaction and in every country have a good internet connection, then i think it will be good but we need to thinking what the government will react about this and i am sure that they will not quiet to see bitcoin is use in every where.

[Lecam]

What will happened if every country started to use bitcoin. Is the current supply of bitcoin and blockchain capacity can handle every bitcoin user?

Thanks in advance.

It would be great since it is the one that we are all waiting for to happen, but it will take some time for this thing to be true, as of now, the Government is not yet accepting bitcoin, because of their own reason, and we don't know what is it. Let's just hope that bitcoin would be like the way we think in the near future.

Yes that would be great to all user. But as you said that is to happen because they need adoption for government. If government approve that i think that bitcoin can use in every country.

[ufaiz50]

What will happened if every country started to use bitcoin. Is the current supply of bitcoin and blockchain capacity can handle every bitcoin user?

Thanks in advance.

It would be great since it is the one that we are all waiting for to happen, but it will take some time for this thing to be true, as of now, the Government is not yet accepting bitcoin, because of their own reason, and we don't know what is it. Let's just hope that bitcoin would be like the way we think in the near future.

Yes that would be great to all user. But as you said that is to happen because they need adoption for government. If government approve that i think that bitcoin can use in every country.

the government sees the bitcoin from two perspectives of pros and cons they tend to be more to the cons that is of the absence of taxes on bitcoins that do not provide benefits to the country, the anonymous bitcoin properties can be used as a tool for crime. Those things are often talked about by goverment.

[Nevis]

What will happened if every country started to use bitcoin. Is the current supply of bitcoin and blockchain capacity can handle every bitcoin user?

Thanks in advance.

At this state it must have handle all demand that willl happen if bitcoins would be accepted and use everywhere.If bitcoins would be accepted by all country then thats the time when bitcoins will be more well knowned and will become one of legal currency

[naidray]

If all countries started to use Bitcoin, then it would be much easier to use money transfers. I think this is a good idea.

First and far most, bitcoin is already being used by many people all around the world and us talking about it on this topic is a proof that it is international, and second even if bitcoin was approved by law to become a legal not everyone will use people chose to weather acknowledge it or reject it and even though it may increase the value and the number of people using it, but it will be like gold a thing not everyone will choose to invest in, or have access to.

[RealPhotoshoper]

I don't think there will be any impact on supply since it is limited and maximum what could happen is increase in price of per fraction units. However, due to increased transactions it is possible that fees will hike due to increase competition in fees paying and fees will become the matter of superiority and faster confirmation.

So you think the current low fees per transaction is because there's few people only use bitcoin and do transact?
I think the low fees should be keep that way , higher fee will make bitcoin no difference with other online payment processor.
That's what makes bitcoin special , i believe when a lot of people use bitcoin there will be a new way to handle it.

[NEWGOODOUBLE]

This would takes years this thing to happen. Because we all know that government is having rules and regulations to make bitcoin as the world currency. I think there will be difficulty to make this happen.

I think even though the next few decades the government will never accept and legalize bitcoin. And it is impossible for all countries to unite to have only one currency

[ASHLIUSZ]

What will happened if every country started to use bitcoin. Is the current supply of bitcoin and blockchain capacity can handle every bitcoin user?

Thanks in advance.

If all nations start to use bitcoin,then definitely,its price would go much high.We would have to pay tax for our bitcoin earnings.Since Bitcoin price is only limited,there would be a great demand for bitcoins.At that time,we need not go for exchanges or localbitcoins to sell bitcoins.We could easily find persons in market to sell our bitcoins.

As said the price of bitcoin would peak much higher than what's been predicted. Recent days it's been predicted that the price might go higher as much as $50k per bitcoin. So the limitations in mining of specific number of coins will not fulfill the entire requirement for which only way is to increase the value.

[coinchaser007]

Then we would reach the scaling problem much sooner and there would have to be a solution in place for all the instant gratification buyers in the world (i.e. vast majority of consumers).