What if all nations of the world started to use bitcoin

[lemonade09]

I really think that this will happen in the future maybe all the people in the world will use bitcoin as there main currency all over the globe..,
When that happen there will be no physical money like what we are using today and it is all just bitcoin a virtual currency which you can just store in your bitcoin wallet maybe in your phone or in your hardware , or computer ..,Or maybe someday your bitcoin wallet is like a chips implanted in your body if this will happen the bitcoin currency will be so high and but it will be easier for us to earn bitcoins in our every day like working in office and just like they will pay you using bitcoin.

[Dimelord]

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 every country started to use bitcoins,it means income got from bitcoins will be taxed.Since bitcoin supply is limited,the demand would be high if all countries use bitcoins,the price will skyrocket.We would be able to buy a cup of coffee using bitcoins.Bitcoin would replace US Dollars as global reserve currency.

[Jewell]

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 every country started to use bitcoins,it means income got from bitcoins will be taxed.Since bitcoin supply is limited,the demand would be high if all countries use bitcoins,the price will skyrocket.We would be able to buy a cup of coffee using bitcoins.Bitcoin would replace US Dollars as global reserve currency.

although that is what to be happen in future, but still i think it will take some more time. as in present time the users of bitcoin are very few and i think we can expect such kind of situation after some decades, as the users of bitcoin are continuously increasing.

[Harry Callahan]

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 every country started to use bitcoins,it means income got from bitcoins will be taxed.Since bitcoin supply is limited,the demand would be high if all countries use bitcoins,the price will skyrocket.We would be able to buy a cup of coffee using bitcoins.Bitcoin would replace US Dollars as global reserve currency.

If people from all over the world started using bitcoin the government wont necessarily start charging taxes for the coins,it will be a step process which will take some time but one thing is sure,with more users there will be a huge surge in price and that bubble wont break for a very long time.what ever it may be bitcoin wont replace its local currency.

[magneto]

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.

People all around the world are already using bitcoin.

So I think what you meant is that what if the governments in every single country in the world decided that they should legalise the usage of bitcoin and therefore everyone in their country starts using it.

I would say that bitcoin is definitely up for the challenge, because it was designed to be a global currency in the first place. However therw are still scalability issues to be solved before worldwide adoption can actually begin.

[DoublerHunter]

If all the nations will started to use bitcoin then it would be great because it will be a proof that bitcoin network is very strong and stable and bitcoin already built a huge reputation in the world because the nations already accepted and use bitcoin. For sure, bitcoin will be on its highest peak in the situation and a lot of bitcoin investors and users will be very happy and rich.

[Amph]

not it can not, that's why they are forcing segwit, bitcoin can't handle many transactions(more than 3 on average) per second right now, also fee would be increadible high if all toe world begin to sue bitcoin

although if people are intelligent they could force the miners to accept lower fee, by paying less and less and waiting, more, this will in the end force the miners to accept on average lower fee

[jc89]

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.

People all around the world are already using bitcoin.

So I think what you meant is that what if the governments in every single country in the world decided that they should legalise the usage of bitcoin and therefore everyone in their country starts using it.

I would say that bitcoin is definitely up for the challenge, because it was designed to be a global currency in the first place. However therw are still scalability issues to be solved before worldwide adoption can actually begin.

Yes, people from around the globe are using bitcoin already, but the question was if all country. It is a fact that not all country are using bitcoin as of now but what if that scenario happens. It seems that you did not quite comprehend what was asked.

OP, blockchain can handle every user, that is the main purpose and the design of blockchain itself but the question is how much time it would take in order for blockchain to accommodate each user, I think it will take forever. A further optimization must be done so that it can accommodate such number of users. Today that the number of user is so small, compared to the total number of people in this world, blockchain have some issues upon accommodating every transaction what more if all country uses bitcoin. Blockchain have many work to do to address every user.

[el kaka22]

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

If I understand the blockchain correctly we don’t have the technological knowledge needed for everyone to start using bitcoin for everything. Much more computers would be needed to compute transactions or at least computers need to become like 10 times faster to cope with the extravagent amounts of transactions that will be needed. But maybe if that happens governments will have dedicated transaction processors making it possible.

[PeRo]

If it happened in a very small time frame, Bitcoin could not stand the challenge, but if it would go bigger and bigger in a bigger time frame, it could be prepared for world usage. The price will be very high, we would maybe even need smaller digits than satoshis and confirmations would be much faster because not much people would use it if it was slow like right now.

[onemanatatime]

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 Bitcoin's current state, no it is not able to handle every person in the world. Even now with a minute number of users, we're at capacity and backlogging 6 hours or more for 1 confirmation.

But with new implementations along the way, I'm sure we could achieve something close. One possibility could be that Bitcoin is used as a store of value and not used for daily transactions, while an alternative cryptocurrency could fill that role.

[AjithBtc]

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 every country started to use bitcoins,it means income got from bitcoins will be taxed.Since bitcoin supply is limited,the demand would be high if all countries use bitcoins,the price will skyrocket.We would be able to buy a cup of coffee using bitcoins.Bitcoin would replace US Dollars as global reserve currency.

although that is what to be happen in future, but still i think it will take some more time. as in present time the users of bitcoin are very few and i think we can expect such kind of situation after some decades, as the users of bitcoin are continuously increasing.

As the users quoted we get accessibility similar to USD. Same time it is not a possible one, because when every country starts bitcoin as the major currency, it is same as the single currency system which affects the development of the nations. Also the value will peak, even a Satoshi will be worth more to afford expensive stuffs.

[dondexter]

It will be a good thing actually, with more ways to use bitcoin.

But it may also come with more rules and regulations

[dmamigo]

It would be great if all the people in all the nations start use Bitcoin, it will increase the accessibility and one can spend and use his Bitcoin quite freely without any hassle. This can only happen if Government accepts the use of it and promotes BTC among the rural/backward citizens of the world.

[QuestionAuthority]

No, there would not be enough subunits of bitcoin even after all of them have been mined. Many bitcoins have been burned forever but if all of them still existed at the time they were all mined there would only be 2.1 quadrillion. The M-1, M-2 and M-3 tradable assets (down to the smallest subunit, the penny) for the U. S. alone is greater than 2.1 quadrillion. The world derivatives market alone is believed to be worth roughly $1.2 quadrillion (that's 120 quadrillion pennies). Add every nation in the world together down to the smallest subunit of those currencies and you'd need 50 crypto currencies like bitcoin to make it work.

[acroman08]

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.

As for bitcoin, it would able to but it will only last for several years or decades depending on how many people
using bitcoin. as for blockchain I don't know if it can handle the overwhelming transaction every second.

[noictib]

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.

In my opinion currently it can't​ be possible , but still if you can imagine then I don't think it is blockchain network can handle the use of bitcoin by the whole world .
Here just think that about 3-4 years ago there was no problem like confirmation but as the people entering in the bitcoin , the problem of confirmation is also increasing , so here I think blockchain will need to improve in that case .
Second best thing will happen that is the price of the bitcoin  , will Became unstoppable .

[TIDOVEE]

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.

This is one of the major goal and objective of bitcoin
for this to be,all necessary technological advancement required would be put in place. the blockchain capacity will definitely be upgraded for real. we will get there soon.

[coynedterm]

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.

This is possible really , Because the advantage of the bitcoin is going increasing and new new ways are generating in the bitcoin to make earning and start business , so no doubt that one day all the nation's will use bitcoin  , and if it will happen then we can estimate that how much the price will jump , Because most of the times price of the bitcoin flutuations fastly but just think what will happen if the whole world will enter in the bitcoin .
Here I will say that just wait for the time and hold bitcoin in your wallet , surely your bitcoin will multiplied by 100

[Casabrandy]

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.

This is possible really , Because the advantage of the bitcoin is going increasing and new new ways are generating in the bitcoin to make earning and start business , so no doubt that one day all the nation's will use bitcoin  , and if it will happen then we can estimate that how much the price will jump , Because most of the times price of the bitcoin flutuations fastly but just think what will happen if the whole world will enter in the bitcoin .
Here I will say that just wait for the time and hold bitcoin in your wallet , surely your bitcoin will multiplied by 100

There's a need to develop more ways to make bitcoin transaction faster, Its really possible that every nation will use it but its also hard to accompanied now a lot of users,due to its demand and lot of users people it might be hard to accommodate all the transaction smoothly.