Will Bitcoin take over the world and drive most of the commerce worldwide?

[fabianji]

Do you believe that take over the world?
Do you believe that Bitcoin will drive most of the world's commerce?

Silicon Valley legendary venture capitalist Tim Draper certainly thinks so and talks about it in the latest interview in Forbes Magazine.

I certainly agree with Draper, why anyone would want to go back to fiat when crypto is distributed, secure and global, while fiat is subject to the whims of political forces.

https://www.forbes.com/sites/nathanvardi/2018/02/07/silicon-valley-legend-tim-draper-bitcoin-and-crypto-will-take-over-the-world/

In my opinion Bitcoin technology has completely redefined the concept of money in its nine years of existence.

It is designed so that only the person who knows private key controls the bitcoin associated with a given public (key) address.

Unlike a ton of gold or suitcases filled with cash, a Bitcoin user can store indefinite amounts on a given address. A trillion dollars, for example, stored on a single address costs just as much to store as $1 in bitcoin.

You can send pretty much any amount to someone else on the other side of the globe in minutes, just like an email. This is something that was never done before so seamlessly and without a middleman.

Also people who travel abroad know perfectly well that no more than $10,000 USD can be brought along. A penny more, and you must explain where that money is coming from and what it is being used for to the border patrol.

Also Bitcoin introduced something that has never existed before: the concept of digital scarcity. For example, while most US dollars today come in digital form, more is always created – something that has ballooned the US national debt to over $20 trillion.

Hard capped at 21 million, there are no central planners or decision-makers that can change this number because that would mean convincing millions of users to go along.

Bitcoin is not a static technology. In fact, the innovation in Bitcoin has been staggering. Numerous proposals to optimize and improve it are already in the pipeline, including plans to make transactions instant, cheaper, more private, and more decentralized.

[abded1]

yes ; i think he effecte the commerce worldwide because of his speed and low fees and scalability

[fabianji]

yes ; i think he effecte the commerce worldwide because of his speed and low fees and scalability

Just like every new technology, it will take years to become ready for the masses. Luckily, its growth will be much quicker than the automobile, airplane, or even the computer, not only due to the accelerating pace of tech adoption but also because the infrastructure is already in place (the internet).

[guy369]

Blockchain, yes.
Bitcoin, not sure

[Afnan_faizah]

Yes especially for the e-commerce, cross border e-commerce was have really big obstacle. The rism is very big, but it can solved by blockchain technology because it will dismiss all procedure difficulty in transactions because people don't need to use bank and the best part is it is transparent. So we can try to avoid scam easier than use conventional e-commerce. Need very long time to see bitcoin take over the world  and drive most of the commerce worldwide but there is still a chance for it.

[mulukey]

yes ; i think he effecte the commerce worldwide because of his speed and low fees and scalability

Just like every new technology, it will take years to become ready for the masses. Luckily, its growth will be much quicker than the automobile, airplane, or even the computer, not only due to the accelerating pace of tech adoption but also because the infrastructure is already in place (the internet).

I believe in this, the day that bitcoin became the global currency of the world is not too far away when many countries and large corporations around the world are accepting bitcoin in payment and transaction. I think it would be great if you can pay by bitcoin anywhere in the world.

[fabianji]

Blockchain, yes.
Bitcoin, not sure

Yes absolutely agree - I would use bitcoin here as the household name for blockchain / cryptos. Probably none of the currently existing cryptocurrencies will be the candidate for this.

I am pretty hopeful for proof of stake to solve a lot of the scalability and transaction time issues.

[bridgeport]

Do you believe that take over the world?
Do you believe that Bitcoin will drive most of the world's commerce?

Silicon Valley legendary venture capitalist Tim Draper certainly thinks so and talks about it in the latest interview in Forbes Magazine.

I certainly agree with Draper, why anyone would want to go back to fiat when crypto is distributed, secure and global, while fiat is subject to the whims of political forces.

https://www.forbes.com/sites/nathanvardi/2018/02/07/silicon-valley-legend-tim-draper-bitcoin-and-crypto-will-take-over-the-world/

In my opinion Bitcoin technology has completely redefined the concept of money in its nine years of existence.

It is designed so that only the person who knows private key controls the bitcoin associated with a given public (key) address.

Unlike a ton of gold or suitcases filled with cash, a Bitcoin user can store indefinite amounts on a given address. A trillion dollars, for example, stored on a single address costs just as much to store as $1 in bitcoin.

You can send pretty much any amount to someone else on the other side of the globe in minutes, just like an email. This is something that was never done before so seamlessly and without a middleman.

Also people who travel abroad know perfectly well that no more than $10,000 USD can be brought along. A penny more, and you must explain where that money is coming from and what it is being used for to the border patrol.

Also Bitcoin introduced something that has never existed before: the concept of digital scarcity. For example, while most US dollars today come in digital form, more is always created – something that has ballooned the US national debt to over $20 trillion.

Hard capped at 21 million, there are no central planners or decision-makers that can change this number because that would mean convincing millions of users to go along.

Bitcoin is not a static technology. In fact, the innovation in Bitcoin has been staggering. Numerous proposals to optimize and improve it are already in the pipeline, including plans to make transactions instant, cheaper, more private, and more decentralized.

shall we say maybe, because the big barrier that bitcoin and other crypto currencies  is facing right now are the regulators , they create policy for the benefits of the government and security of national financial system

[fabianji]

Do you believe that take over the world?
Do you believe that Bitcoin will drive most of the world's commerce?

Silicon Valley legendary venture capitalist Tim Draper certainly thinks so and talks about it in the latest interview in Forbes Magazine.

I certainly agree with Draper, why anyone would want to go back to fiat when crypto is distributed, secure and global, while fiat is subject to the whims of political forces.

https://www.forbes.com/sites/nathanvardi/2018/02/07/silicon-valley-legend-tim-draper-bitcoin-and-crypto-will-take-over-the-world/

In my opinion Bitcoin technology has completely redefined the concept of money in its nine years of existence.

It is designed so that only the person who knows private key controls the bitcoin associated with a given public (key) address.

Unlike a ton of gold or suitcases filled with cash, a Bitcoin user can store indefinite amounts on a given address. A trillion dollars, for example, stored on a single address costs just as much to store as $1 in bitcoin.

You can send pretty much any amount to someone else on the other side of the globe in minutes, just like an email. This is something that was never done before so seamlessly and without a middleman.

Also people who travel abroad know perfectly well that no more than $10,000 USD can be brought along. A penny more, and you must explain where that money is coming from and what it is being used for to the border patrol.

Also Bitcoin introduced something that has never existed before: the concept of digital scarcity. For example, while most US dollars today come in digital form, more is always created – something that has ballooned the US national debt to over $20 trillion.

Hard capped at 21 million, there are no central planners or decision-makers that can change this number because that would mean convincing millions of users to go along.

Bitcoin is not a static technology. In fact, the innovation in Bitcoin has been staggering. Numerous proposals to optimize and improve it are already in the pipeline, including plans to make transactions instant, cheaper, more private, and more decentralized.

shall we say maybe, because the big barrier that bitcoin and other crypto currencies  is facing right now are the regulators , they create policy for the benefits of the government and security of national financial system

Yes of course regulation is always one of the potential issues but the EU commission has just gone even more liberal than the CFTC in the US. And the value of currency in circulation of USD and EUR is larger than all others taken together: Chinese Yuan, Indian Rupee, Pound Sterling, Swiss Franc etc.

So even if India and China ban crypto completely (which I would doubt will happen) this doesn't even affect half of the buying power. And with use of VPN it is easy to go around those local attempts of restriction. Plus there are also local markets to buy crypto for physical cash in every country.

[Kprawn]

Bitcoin will not be able to handle the transaction volume for global adoption with the current configuration. It might possible

when they add the Lightning Network, but it will still be a stretch. I can just imagine what will happen when millions of people

wants to send say $100 000 via these channels. They would be limited to the few payment hubs that are capable to handle

that kind of money. 

[Abete]

all can happen, maybe the process time is very long. today the conventional economy still dominates the world economy. the style of the classical economy is still dominating. If bitcoin really takes over the world economy, surely the world is currently at a point of drastic progress.

[fabianji]

Bitcoin will not be able to handle the transaction volume for global adoption with the current configuration. It might possible

when they add the Lightning Network, but it will still be a stretch. I can just imagine what will happen when millions of people

wants to send say $100 000 via these channels. They would be limited to the few payment hubs that are capable to handle

that kind of money. 

Yes true - I would use bitcoin here as the household name for blockchain / cryptos. Probably none of the currently existing cryptocurrencies will be the candidate for this.

I am pretty hopeful for proof of stake to solve a lot of the scalability and transaction time issues.

[dimastegar]

Actually I myself am not sure if Bitcoin can take over the world, while many countries are still banning Bitcoin. And secondly, I'm sure Bitcoin can drive world trade with Blockchain technology.

[just_Alice]

Do you believe that take over the world?
Do you believe that Bitcoin will drive most of the world's commerce?

For me there are no doubts that cryptocurrencies will take over the world, not sure about BTC, but it may be considered as a certain technology revolution, innovation, updated version of fiat currency. You may consider this comparison irrelevant, but I see emerging of cryptos similar to emerging of smartphones years ago. Firstly it was just something brand new and trendy, something that gave you new opportunities, and then it turned out that everyone wants to have it, nowadays, can you even imagine going out anywhere without it? At the present day life is impossible without them, same it will be in future with cryptocurrencies.

[mahibul49]

yes bitcoin will take over the world and it is future.
bcz blockchain is technology that will never die and btc will alive with this too.

[arnbrd]

Bitcoin will not take over the biggest part of the economy, such as micro-payments, for the simple reason that it was not made for this. However, I think Bitcoin is in fact the future of international remitance and payments. I do believe costly and days-taking wires will soon be a thing of the past.

[boakyei]

I dont think Bitcoins can take over  and drive most of the commerce in the whole world. This is the same hype that drove bitcoins price to the sky and brought it downward. Bitcoins is just like any payment system like paypal and skrill. The only best thing that makes it superior is the blockchain technology and the ability for it to serve as assets that can give profit.

[hibiscus]

           Be optimistic that, one day cryptocurrency will handle the e-commerce activities world wide because of its suitability to the bisiness community.The transaction fee is negligible and the processing time also less and hence the over head expenditures are getting minimised and the block chain technology will maintain the entire ledger.

[Patatas]

Do you believe that take over the world?
Do you believe that Bitcoin will drive most of the world's commerce?

No.I don't mean to sound like an anti-bitcoin protester but the governments will never allow something like bitcoin to take over their economy.What more can you do if all the world's governments decide to put a ban on the usage of cryptos ? They wouldn't exist.The market will be too small for anonymously operated currencies.

Silicon Valley legendary venture capitalist Tim Draper certainly thinks so and talks about it in the latest interview in Forbes Magazine.

I certainly agree with Draper, why anyone would want to go back to fiat when crypto is distributed, secure and global, while fiat is subject to the whims of political forces.

https://www.forbes.com/sites/nathanvardi/2018/02/07/silicon-valley-legend-tim-draper-bitcoin-and-crypto-will-take-over-the-world/

Because Taxes.Never heard anybody paying taxes on their amounts earned from crypto.If it continues,government will put a stop to it at some point because they wouldn't be able to drive economies without taxes.Crypto is just a small part of the revolution,you need mass adoption to shake the government policies.

[dothebeats]

Hate to be that guy to say it but at the rate of which actual adoption is happening, it would be very hard for bitcoin (and cryptos) to be one of the leading drivers of economies and commerce. Sure, it posed a revolution about money and how it works, but that isn't enough for people to actually use it for their expenses and cause a significant change on global economies. There's that, plus the governments who'd gladly take every possible step to stop or hinder the growth of crypto and push their fiat into our faces, and we cannot do anything about it. Many great minds have great visions about bitcoin and crypto in general, but it's hard to get those visions into reality if there are countless of hurdles and hindrances along the way towards a significant change.

The system is too young to take on mainstream adoption, and the government is there trying to stop it in any possible way they can. I'd love to see crypto bring change over the world but with what's happening currently, I don't think it can in the near future.