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Author Topic: With Bitcoin Maximum cap . Can it be used by the whole world ?  (Read 946 times)
munareal
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May 15, 2018, 08:18:12 AM
 #1

The maximum numbers of bitcoin to be mined is 21 million bitcoins. Bitcoin can not be used as money by the whole world because it has a maximum cap. My opinion . What is your stand ?




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May 15, 2018, 02:24:23 PM
 #2

The maximum numbers of bitcoin to be mined is 21 million bitcoins. Bitcoin can not be used as money by the whole world because it has a maximum cap. My opinion . What is your stand ?





Bitcoin can actually be used as a digital money or currency but the reason why the world is not accepting bitcoin as payment is not due to its maximum cap but it can be traced to the acceptance of the community towards bitcoin. Even if you have 1 billion bitcoins ot 1 Trillion bitcoins and the people are not accepting bitcoin as payment then it is still cannot be used as a money or currency.

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May 15, 2018, 03:09:29 PM
 #3

of course it can be used for the whole world, i do not see why you think opposite?
1 BTC has 100.000.000 Satoshi, which shall be basic unit for usage...

I guess in that way we can use it but there will be one single time when its actual market cap will do reach to the maximum threshold thus leaving us no choice but halting it there. I mean you can cost 1 Satoshi 100K USD as we dont have any further units or breakdown of the bitcoin and thus it will become non trading. I mean even if it becomes worth 10 bucks then what about the smaller things that cost below that, how will you purchase them anyway? That kind of questions might arise in the future.
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May 17, 2018, 12:20:58 AM
 #4

The maximum numbers of bitcoin to be mined is 21 million bitcoins. Bitcoin can not be used as money by the whole world because it has a maximum cap. My opinion . What is your stand ?


This limitation is one of advantages of bitcoin. It makes money printing impossible if bitcoin is used as money. Money printing causes inflation.

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May 17, 2018, 12:40:27 AM
 #5

I think bitcoin wasn't invented to be used as "money by the whole world". And also, bitcoin can be parted to satoshis. But nevertheless, it wasn't meant to be used just like fiat. It is a digital currency which value isn't affected nor controlled by a central entity. And if bitcoins total supply will increase, its value will decrease.

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May 17, 2018, 12:44:29 AM
 #6

The maximum numbers of bitcoin to be mined is 21 million bitcoins. Bitcoin can not be used as money by the whole world because it has a maximum cap. My opinion . What is your stand ?





less, it will only make the middle-class economy down
should the developers begin to improve the features of BTC, and committed to be able to internationalize the new coin in order to be adopted in bulk

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May 17, 2018, 12:50:34 AM
 #7

bitcoin is a digital currency and it can be used for the whole world the only problem it faces is that it is not yet accepted by all 
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May 17, 2018, 01:09:08 AM
 #8

If currencies were to be replaced by bitcoin, humans would be freer than they are now, and they would no longer be plundered by the central bank. The system of financial trust based on bitcoin will break down regional barriers so that all human beings can use safe, fast and reliable currencies. Hayek said that money is the greatest freedom that man has ever invented. Only money will be open to the poor, and power will never be. Bitcoin is a free currency that is open to the world's poor.
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May 17, 2018, 01:23:07 AM
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well I cannot say at the moment may be maybe not but one thing is clear it will solve the worlds biggest problem if the whole world accepts it

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May 17, 2018, 01:49:04 AM
 #10

Having a finite supply in many ways is actually a good thing as it ensures that demand stays up which also means the price will increase--at least that's how the model is supposed to work. Don't look at btc as a future world currency that overtakes fiat, instead look at it as an alternative currency that people use whenever they see fit and that merchants accept if they choose to. For the btc ecosystem to survive after all coins have been mined it will be dependent on btc value continuing to increase--as its model is structured to do. If this stays true, miners will then be able to charge worthwhile fees for each transaction on the network thus keeping incentives alive and allowing for further dissemination of btc.

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May 17, 2018, 02:15:46 AM
 #11

The maximum numbers of bitcoin to be mined is 21 million bitcoins. Bitcoin can not be used as money by the whole world because it has a maximum cap. My opinion . What is your stand ?




Of course because 21 million is too small compared to people in the world and i think 21 million of supply will becomre more high price because of the supply and demand i am sure bidding will increase more because of the people wants to get a lot of money.
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May 17, 2018, 02:20:31 AM
 #12

Although the supply of coins reaches only 21 million, it does not reduce the potential for bitcoin to become an official currency, because with a supply of only 21 million, then there will be a rotation of ownership of bitcoin. The rotation is caused by the transaction.
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May 17, 2018, 02:24:27 AM
 #13

bitcoins 21m cap is the same as saying there are only 175,000 tonnes of gold

at code level there are not 21million coins going to be produced. its actually measured in satoshi's at code level. and thus there are 2.1quadrillion sharable units of measure(analogy: gold ounces)

but the main point is. bitcoins whole ethos falls flat if bitcoin took over the world and became the only world currency. bitcoins ethos and purpose is/was suppose to be a open barrierless choice away from FIAT. so having a choice and options is good.. but being forced to only use one currency is bad. so dont expect everyone to store their entire life savings in bitcoin.

but yea if you imagine 1 billion(12.5%) of the world using bitcoin partially invested as part of a portfolio then each person can have a noticable amount of satoshi's in their control

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May 17, 2018, 02:55:35 AM
 #14

The maximum numbers of bitcoin to be mined is 21 million bitcoins. Bitcoin can not be used as money by the whole world because it has a maximum cap. My opinion . What is your stand ?




bitcoin can not be used as digital currency or country currency not because of its limited maximum amount. but I think because bitcoin has fluctuative properties and also some countries can not accept bitcoin as a means of payment.

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May 17, 2018, 02:57:13 AM
 #15

The maximum numbers of bitcoin to be mined is 21 million bitcoins. Bitcoin can not be used as money by the whole world because it has a maximum cap. My opinion . What is your stand ?

why do you think that? did you give it any thought or just a guess?
there are 2,100,000,000,000,000 units currently available to bitcoin. and 1 unit of it is called 1 satoshi which is worth $0.000083 even if bitcoin reaches $1 million, 1 satoshi will be worth $0.01 which is will be the same as smallest unit of USD. so why do you think there isn't enough of it available?

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May 17, 2018, 03:02:02 AM
 #16

Yes it is true and I think so too with the world population and the amount of bitcoin is not enough, and there should be an increase in the number of bitcoin or maybe it could be using other coins like ethereum and Ripple.

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May 17, 2018, 03:02:14 AM
 #17

I think bitcoin can not be used for the whole world, because Bitcoin around the world is almost reaching its limit. To date, there are already 16.8 million Bitcoin successfully mined by miners. The depleted digital currency stocks are running low. Because it is only 20% of the total 21 million Bitcoin pegged by Satoshi Nakamato, the creator.
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May 17, 2018, 07:53:06 AM
 #18

This is a common misconception that people have about bitcoin.

Bitcoin can be divided into insanely small fractions of itself, so whenever the value of bitcoin rises due to more adopters, it would simply mean that a smaller fraction of bitcoin is worth the same fiat amount.

And if ever need be, BTC can definitely be changed to support even more decimal places.

The maximum cap that bitcoin has got in place is actually an extremely attractive thing, as it is something that fiat lacks, and what makes bitcoin a good store of value in the long run.

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May 17, 2018, 12:22:38 PM
 #19

Bitcoin is number one digital crypto currency in the world but there are some countries they are banned bitcoin if you have 1 billion bitcoin but this coins are not accepting by your government then it will not banifited for you.But the situation is changing many countries governments are accepting bitcoin.
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May 17, 2018, 12:32:05 PM
 #20

of course it can be used not even bitcoin but there are other alternatives like ethereum too, so that everyone can keep their money in the wallet both in satoshi pieces to buy and pay whatever they want certainly make the bitcoin price higher so that each piece of satoshi really has value

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