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Author Topic: Bitcoin as a leading currency?  (Read 14481 times)
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May 06, 2017, 05:42:42 AM
 #21

Reminds me of this theory; there is only one female on earth capable of giving birth(there is a TV series about it as well) could you imagine the worth and importance of that lady? she's indeed priceless

The reverse case would be more demonstrative

I mean with just one male remaining. What's the purpose of that female if she could only give birth to a dozen of children all of them could be boys (and she could die in the process)? While with just one man, given today's technologies (e.g. in vitro fertilisation), it is possible to fertilize many thousands of women. And that would really work out

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May 06, 2017, 06:17:38 AM
 #22

Bitcoin is and will be a alternative currency for much time. Dollar controls the world and it will continue happening for much time yet. We can have many currencies in the world being used by many persons, but I don't think bitcoin will be the leading one.
Strong countries control strong currencies and bitcoin is decentralized, no one controls it. It's necessary a lot of effort to make a decentralized currency become the main currency of the world.

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May 06, 2017, 11:15:48 PM
 #23

If you said bitcoin is the leading currency in the crypto currency then everyone will be agree, but if you are talking about comparing bitcoin and Dollar or Euro then bitcoin will never defeat them, fiat money is controlled by the government and basically got no limit because they can just create more, while bitcoin got a limit, so there wont be enough for bitcoin to dominate fiat and of course the government will never agree with the idea of bitcoin become a leading currency

May be that's the point: Bitcoin got a limit, so we can trust that, fiat money has no limit, so we are delivered to a third party. This may result in an increasing trust in Bitcoin. Trust/confidence comes on foot but goes by horse.
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May 07, 2017, 06:56:28 AM
 #24

Bitcoin is a leading currency but it is still on the list of the cryptocurrencies and bitcoin will never be a leading currency among the fiat currencies out there. Bitcoin will become a leading currency if there will be enough demand for the market that can sustain the required demand for having a stable price in the market.
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May 07, 2017, 08:39:12 AM
 #25

I think bitcoin still has a long way to go before it becomes a leading currency. For one, the processing speed of transactions need to be greatly increased for it to be used in the mass market.

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May 07, 2017, 10:13:59 AM
 #26

I think bitcoin will become a leading currency for as long we have a high demands for the market.

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May 07, 2017, 10:27:06 AM
 #27

Bitcoin is a leading currency but it is still on the list of the cryptocurrencies and bitcoin will never be a leading currency among the fiat currencies out there. Bitcoin will become a leading currency if there will be enough demand for the market that can sustain the required demand for having a stable price in the market.
No cryptocurrency is that popular as bitcoin among the entire list of currencies. It has attained the growth similar to dollar in a very short time period of less than 10years time. Only because of certain features it cannot be considered under the fiat currency list. So as mentioned it'll continue to lead in the digital currency network.

                                  
                                  
                                  
                                  
                                  
                                  
                                  
                                  
                                  
                                  
                                  
                                 
                                  
                                  
                                  
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May 07, 2017, 11:37:24 AM
 #28

The economic reach of Bitcoin is an interesting subject of discussion. In the end there will be a maximum of 21.000.000 BTC. BTC is a eight-digit number.
I suppose that a currency can only be leading if it has the possibility ta pay in small amounts, equivalent tot e.g. dollarcent or eurocent. This statement limits the range of BTC, will the satoshi be the future euro/dollarcent?
In that case the maximum money supply wil be BTC 21.000.000,00000000 is e.g. EUR 99.999.999.999.999,99 (by the way: interesting exchange rate).
The money supply in the Eurozone (M3) is over EUR 10.000.000.000.000
So without any constraints, the structure of the BTC satisfies the necessary condition.
Let's inventory the other constraints.


It`s pointless to post threads about something that we already know and which is asked so many times.
I guess that you are just trying to bump your post count.
Bitcoin will never be like the USD or the euro.Don`t try to compare them.





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May 07, 2017, 12:33:07 PM
 #29

The economic reach of Bitcoin is an interesting subject of discussion. In the end there will be a maximum of 21.000.000 BTC. BTC is a eight-digit number.
I suppose that a currency can only be leading if it has the possibility ta pay in small amounts, equivalent tot e.g. dollarcent or eurocent. This statement limits the range of BTC, will the satoshi be the future euro/dollarcent?
In that case the maximum money supply wil be BTC 21.000.000,00000000 is e.g. EUR 99.999.999.999.999,99 (by the way: interesting exchange rate).
The money supply in the Eurozone (M3) is over EUR 10.000.000.000.000
So without any constraints, the structure of the BTC satisfies the necessary condition.
Let's inventory the other constraints.

To lead other currencies, bitcoin need to achieve some important things :
- scalability ( which it isn't right now)
-  instant transaction ( we have to wait if use bitcoin to be confirmed)
- legalized by government (many countries doesn't yet)
- cannot spend bitcoin for micro payment, it can be stuck forever.
Bitcoin still far away from many factors that required to become number one currency.
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May 07, 2017, 02:39:10 PM
 #30

It takes some time for bitcoin to get the maximum of 21 million bitcoin mined because bitcoin price is too expensive that's why it takes a couple years to reach but even bitcoin has reached its maximum or limit, the developer will make a way for it. If bitcoin disappear it will affect all the cryptocurrency.

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May 07, 2017, 03:33:06 PM
 #31


Let's inventory the other constraints.


1. Unawareness - The prime constraint in the BTC way is it being too technical. Major portion of the globe is still technical conservative and money over internet is still utopia.

2. Governments' intention - No country would like that its citizens use currency unregulated by it. This will make the country economically weak on international front until it accepts bitcoin as prime currency which none country gonna do ever.

3. Internal conflicts - The scaling issue has arisen the internal conflicts and who knows we gonna see more conflicts and constraints in bitcoin ecosystem in future.

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May 08, 2017, 05:23:49 AM
 #32

The economic reach of Bitcoin is an interesting subject of discussion. In the end there will be a maximum of 21.000.000 BTC. BTC is a eight-digit number.
I suppose that a currency can only be leading if it has the possibility ta pay in small amounts, equivalent tot e.g. dollarcent or eurocent. This statement limits the range of BTC, will the satoshi be the future euro/dollarcent?
In that case the maximum money supply wil be BTC 21.000.000,00000000 is e.g. EUR 99.999.999.999.999,99 (by the way: interesting exchange rate).
The money supply in the Eurozone (M3) is over EUR 10.000.000.000.000
So without any constraints, the structure of the BTC satisfies the necessary condition.
Let's inventory the other constraints.

The satoshi is currently the smallest amount of bitcoin but if bitcoin became so valuable that the value of a satoshi was bigger than that of a dollar cent, then more units could be added to the code and that is it, while I’m not a programmer that does not sound too complicated.
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May 08, 2017, 05:57:09 AM
 #33

I'm not so sure about that, why would the world want to give so much money to likes of Wu and BU bag holders?
We're not yet mainstream and not yet fully adopted by the majority of markets still they're pulling us down with their stubbornness, let alone the fact about what would've happened if we were in worldwide scene?

Of course Bitcoin will remain the top cryptocurrency but we need a few things to change first to gain the public trust by getting rid of those taking Bitcoin for granted by controlling the network and play monopoly with hash power.

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May 08, 2017, 07:04:58 AM
 #34

I'm not so sure about that, why would the world want to give so much money to likes of Wu and BU bag holders?
We're not yet mainstream and not yet fully adopted by the majority of markets still they're pulling us down with their stubbornness, let alone the fact about what would've happened if we were in worldwide scene?

Of course Bitcoin will remain the top cryptocurrency but we need a few things to change first to gain the public trust by getting rid of those taking Bitcoin for granted by controlling the network and play monopoly with hash power.

Indeed, gaining the wide public trust should be the most important job of the market! Than it is just a matter of time that wee wil see bigger players coming.
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May 09, 2017, 04:12:55 PM
 #35

The economic reach of Bitcoin is an interesting subject of discussion. In the end there will be a maximum of 21.000.000 BTC. BTC is a eight-digit number.
I suppose that a currency can only be leading if it has the possibility ta pay in small amounts, equivalent tot e.g. dollarcent or eurocent. This statement limits the range of BTC, will the satoshi be the future euro/dollarcent?
In that case the maximum money supply wil be BTC 21.000.000,00000000 is e.g. EUR 99.999.999.999.999,99 (by the way: interesting exchange rate).
The money supply in the Eurozone (M3) is over EUR 10.000.000.000.000
So without any constraints, the structure of the BTC satisfies the necessary condition.
Let's inventory the other constraints.

To lead other currencies, bitcoin need to achieve some important things :
- scalability ( which it isn't right now)
-  instant transaction ( we have to wait if use bitcoin to be confirmed)
- legalized by government (many countries doesn't yet)
- cannot spend bitcoin for micro payment, it can be stuck forever.
Bitcoin still far away from many factors that required to become number one currency.
yes these are some weakness in bitcoin that can be overcome with the passage of time. but it will take some more time. i think bitcoin is still very young and very little people know about bitcoin, but now the popularity of bitcoin is increasing from time to time and hope that very soon bitcoin will be reach to all part of the world.
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May 09, 2017, 04:21:01 PM
 #36

The right comparison but there is a big difference.
Your Euro and USD can be created over and over again once they were lost. Not with bitcoin.
The lost coins which some have huge amounts i.e. the lost old computers where thousands or maybe tens of thousands are missing.
Those will not be recovered or is buried forever.
There will be a time when demands will come consodering the lack of bitcoin outside the market.
That is why many of us here are just holding it thinking it will be rare someday.

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December 24, 2017, 06:33:36 AM
 #37

Reminds me of this theory; there is only one female on earth capable of giving birth(there is a TV series about it as well) could you imagine the worth and importance of that lady? she's indeed priceless

The reverse case would be more demonstrative

I mean with just one male remaining. What's the purpose of that female if she could only give birth to a dozen of children all of them could be boys (and she could die in the process)? While with just one man, given today's technologies (e.g. in vitro fertilisation), it is possible to fertilize many thousands of women. And that would really work out
Bitcoin is conquering all the currency because of its value every single Bitcoin. As long as the people is using cryptocurrencie, the value of Bitcoin will become higher and higher.

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December 24, 2017, 11:19:02 AM
 #38

The maximum amount that will ever be mined is 21 million bitcoin yes, but It's impossible for that amount to be in circulation even when everything is mined because people are losing their bitcoins all the time and they are lost forever.

Bitcoin is unlikely to become a leading currency simply because the banking system won't let it happen. Its unstoppable but won't be the main currency for sure. As for paying using smalls amounts, that's not really where bitcoin strength shows but hopefully with Lightning Network, that would be possible.
There are over a million bitcoin being lost forever and majority of the coins is held by the known address of satoshi which are never moved till now and a lot of coins being lost because of lost private keys and majority from early investors or miners,bitcoin opened a new area of investment and it has its major flaws and hopefully the lightening network implementation would sort some issues we have right now,it is a new era of economy and it is the leading crypto currency and i am not here to see bitcoin compete against fiat but as a solely new form of investment platform.

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December 24, 2017, 12:19:25 PM
 #39

The maximum amount that will ever be mined is 21 million bitcoin yes, but It's impossible for that amount to be in circulation even when everything is mined because people are losing their bitcoins all the time and they are lost forever.

Bitcoin is unlikely to become a leading currency simply because the banking system won't let it happen. Its unstoppable but won't be the main currency for sure. As for paying using smalls amounts, that's not really where bitcoin strength shows but hopefully with Lightning Network, that would be possible.
There are over a million bitcoin being lost forever and majority of the coins is held by the known address of satoshi which are never moved till now and a lot of coins being lost because of lost private keys and majority from early investors or miners,bitcoin opened a new area of investment and it has its major flaws and hopefully the lightening network implementation would sort some issues we have right now,it is a new era of economy and it is the leading crypto currency and i am not here to see bitcoin compete against fiat but as a solely new form of investment platform.
For some reason it is a bad fortunate for those who had lost their private key. Bitcoin is really the leading digital currency among all the coins, aside from it is pioneer it has also a stable security which we can assure that it cannot hack or destroyed by any third party, good impact that some btc was lost is that it  can increase the price.
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December 24, 2017, 12:30:39 PM
 #40

That's pretty much enough for now on.
And if it would really pose a problem a hardfork would solve it but again it is not necessary.
Even if hard fork/upgrade was really necessary and needed I have doubt it would be done.
We can see that needed changes - scaling upgrade is neglected for at least 2 years and there is still no solution at hand.
If bitcoin can't successfully manage its own upgrades we might see grim future ahead.

Interesting, I think it will depend on the question whether financial institutions and governments will embrace the blockchain.
Not so much de development of Bitcoin itself, but rather the ecosystem around it.

Honestly speaking I dont think the Hard-Forks were of much use. While there have been nice ideas behind these hardforks it does not mean that the ideas are going to realize anytime soon. I saw BTG hard fork and it did not seem to get any edge over others. Then there was sbtc and lbtc forks about which I was not even aware of until HitBTC told me that I would receive the altcoins.

The concept of HF was exciting when it first happened and now its fading away.


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