"What happens if bitcoin succeeds?"

[In the silence]

-Snip

In my own thoughts if bitcoin succeeds, Bitcoin will still be a cryptocurrency without threatening other fiat currencies. It will be the same for bitcoin but in a huge amount of value. Also, when bitcoin succeeds, some of the altcoins will also succeed because more and more people adapt and accept crypto as a part of the traditional trading market. It won't divide society that much because in the near future I believe that we all use digital currency for our daily life.

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[Kong Hey Pakboy]

Bitcoin is not reserved for the elites, bankers, and the royals. You, me, and everyone else have a choice to invest in it or not. This forum proves that you can earn Bitcoin even without investing by providing a valuable service, advertising, etc. Bitcoin will not create inequality in the world, we already had that before. It might not make you filthy rich, but it can help many people to afford things they otherwise wouldn't be able to purchase.    

We could say that bitcoin is not reserved for those at the top but with the current prices, it is getting true day by day. The people at the top can afford the price at any given time and those below them will have to make do with what they can afford and those at the lowest aren't even aware or doesn't have any opportunity to learn about bitcoin. So yeah, I disagree with you that bitcoin is not reserved for the elites. I do agree with you about the inequalities, this has been a thing even before the age of Internet.

[davis196]

And unlike the richest people of today – the Jeff Bezoses and Elon Musks, whose wealth comes from creating companies that benefit most of us – the bitcoin aristocrats will get their rank just by buying early. They will make no contribution to society.

Yeah,right.The companies of Elon Musk ain't benefiting me in any way.I don't own a Tesla and don't get any benefit from a space company.I don't get any benefit from Amazon as well,because I don't shop there.
The rich people aren't obligated to contribute to the society.This is some bullshit socialist idea.
Bitcoin isn't required to be equally divided among as many people as possible.This is some egalitarian leftist bullshit.

[Trinx01]

Bitcoin is for everyone, you can invest, trade on it as long as you want but if you dont then go, those who hodls huge amount of bitcoin and if one day bitcoin succeeds all those people that are hodling bitcoin would earn huge amount of money, actually we cant still define bitcoin as fully successful because it is not still well known all over the world. I will define bitcoin as successful if all the countries are exploring it and by that for sure bitcoin would go so high.

[michellee]

Bitcoin will be known as a new payment system globally, and people will have their own choice to pay using bitcoin or fiat. Besides new payment systems, bitcoin will have other benefits: bitcoin can be a new investment type for people who want to diversify their money. Maybe the government thinks that bitcoin is a threat for their fiat, but if they can open mind about bitcoin, they can use bitcoin works together with fiat, and I think people will be happy to see their investment can grow in the future. Bitcoin is bitcoin, fiat is fiat, and people will have their way to use bitcoin or not and the government can not force them not to use bitcoin.

[Yatsan]

Bitcoin will not further broaden the gap between the rich and the poor for the reason that Bitcoin is open and available for all as long as you have the capacity to have an access on it. The capability to be rich coming from poor have an open possibility depending upon their effort being exerted and same thing applied to the rich ones. Bitcoin is not a one sided body to get along only for the rich. Yes rich people can do afford it but it does not guarantee that it will broaden the gap or boundaries between the two. It is still depending on how they manage to get along with Bitcoin making them improve their life to the full extent possible.

[pressnegl]

No doubt that bitcoin success will lead to a sharp increase in inequality. We can already observe how the richest people invest their millions/billions in Bitcoin and how they become wealthier because of BTCs growth while ordinary traders can’t afford themselves such a luxury purchase. However despite the fact that BTC is still not realized as a form of currency because of its volatility once everything can change. But if Bitcoin is a bubble than it’s the biggest bubble the world had ever seen.

[Pysche]

Does using bitcoin in betting is actually worth it? I am new with this betting stuff and I am always wondering where to start since I am a little skeptic when it comes in spending my money. I have bitcoin but I couldn't know if this is worth since conversion is quite high. https://[Suspicious link removed]/2OzcAtC

[mezzaluna]

I stumbled upon the article "What happens if bitcoin succeeds?" in which John Danielsson, Director of the Center for Systemic Risk at the London School of Economics, argues that the inequality between rich and poor will be further exacerbated.

https://voxeu.org/article/what-happens-if-bitcoin-succeeds

That leaves us with two interesting questions. What happens to the holders of bitcoin? And what happens to everybody else?

To begin with, the current owners of bitcoin will become the wealthiest people in the world, rivalling the kings and emperors that ruled over empires in centuries past. They literally will own all the money. They can buy anything they want. There aren't that many of them. Compared to the multitudes that own assets today via all the pension funds and mutual funds and the rest, it is a tiny group of people.

So, a sharp increase in inequality is an inevitable consequence of bitcoin success. And unlike the richest people of today – the Jeff Bezoses and Elon Musks, whose wealth comes from creating companies that benefit most of us – the bitcoin aristocrats will get their rank just by buying early. They will make no contribution to society.

And again, these conclusions are that bitcoin is a bubble, and because it is volatile, it will not be able to equalize with money.
So what are the risks of bitcoin going forward? Is it really capable of seriously dividing society and causing even greater inequality?

This is something that some people are already achieving with Bitcoin's current value and yes, their contribution would be questioned because all they were doing was investing at the perfect opportunity. Its also possible that in the near future, governments would take an interest with this matter because having someone so rich in a third-world country will pose as a threat to them but having Bitcoin in an advance country is not much of a threat since some people believe that Cryptocurrency owners will take a long time before overtaking people with businesses but that is not the case for Third-world countries.

I believe Bitcoin moving forward will have its pros and cons and with those not being realized by the governments is a huge threat for them and they might create rash decisions that would hurt Cryptocurrency users greatly in the future if this continues.

[Coinsfera]

I stumbled upon the article "What happens if bitcoin succeeds?" in which John Danielsson, Director of the Center for Systemic Risk at the London School of Economics, argues that the inequality between rich and poor will be further exacerbated.
https://voxeu.org/article/what-happens-if-bitcoin-succeeds

That leaves us with two interesting questions. What happens to the holders of bitcoin? And what happens to everybody else?
To begin with, the current owners of bitcoin will become the wealthiest people in the world, rivalling the kings and emperors that ruled over empires in centuries past. They literally will own all the money. They can buy anything they want. There aren't that many of them. Compared to the multitudes that own assets today via all the pension funds and mutual funds and the rest, it is a tiny group of people.
So, a sharp increase in inequality is an inevitable consequence of bitcoin success. And unlike the richest people of today – the Jeff Bezoses and Elon Musks, whose wealth comes from creating companies that benefit most of us – the bitcoin aristocrats will get their rank just by buying early. They will make no contribution to society.

And again, these conclusions are that bitcoin is a bubble, and because it is volatile, it will not be able to equalize with money.
So what are the risks of bitcoin going forward? Is it really capable of seriously dividing society and causing even greater inequality?

If many people missed the train it does not mean that it is a bubble or catastrophic event for the future. It is undeniable that fiat currencies will be used concurrently with cryptocurrencies. The central government will issue their digital currencies and they will be cryptocurrencies but centralized. The only purpose of the article is that they want to scare people with conspiracy theories to stop them from using cryptocurrencies because if crypto holders sell, then the wealth people will buy and possess the significant part of the cryptos.

[maydna]

If bitcoin succeeds in being accepted in all countries, it can help people have a new source of income, and while we are still at the pandemic, they can try to make money from crypto/bitcoin. Although it is not easy to do, I am sure people will figure out how they can make money, and they will not give up before they can make their first time money in bitcoin.

Perhaps, the risk of bitcoin will still fluctuate as what we see now, but there will be more chances for people to make money. Yes, the current bitcoin holders will be the richest people among the others, but it can open many people to have that chance. Bitcoin succeeds in increasing the price now, although we see the price is volatile.

[Oasisman]

In the end, fiat will be fully displaced, as the success of bitcoin becomes a self-fulfilling prophecy (Aizenman 2019, Auer and Claessens 2018). There is, however, a contradiction in this scenario. If bitcoin becomes the money we use in our daily lives, it must also become a unit of account.

A lot of things to consider and a lot of things must be improved for Bitcoin to be able to function as a currency to be primarily used. Displacing fiat is close to impossible, co-existinf with different kinds of currency is the most possible scenario.
Bitcoin success doesn't only mean It will take over and totally displace fiat, but to grow as It how It was created and it's purpose; to eliminate the use of a third party when transacting from one and another and to make a huge adoption.

[mazdafunsun]

If you think about it, the wealth would be not be distributed to poor but would be redistributed from those who hold stocks, real estate and fiat to those who hold lots of bitcoin. In essence nothing would change for average man but the FIAT rich would suffer the most.

[Twentyonepaylots]

If the current system of hierarchy persists, then of course bitcoin could cause a greater divide between the rich and the poor, and us middleclassmen will be the ones who will be impacted most from this. Now, Bitcoin offers profitability regardless of how much you put in the system. Thus, this puts the rich and the poor on equal footing with respect to the chances in profits, Hopefully this is sufficient in whittling the current rich and poor people scenario most of us face right now.

If you think about it, the wealth would be not be distributed to poor but would be redistributed from those who hold stocks, real estate and fiat to those who hold lots of bitcoin. In essence nothing would change for average man but the FIAT rich would suffer the most.

A wise analysis, especially when we take into consideration the fact that bitcoin is independent to the fiat side of things. Still, we can't really expect the poorest of the poor to be able to invest in bitcoin, if only there is a subsidy program they can take in order to be able to taste the profits in bitcoin as well.

[kawetsriyanto]

It may be a personal perspective. But in fact, everyone can get into Bitcoin, how much it is and how many they have. Bitcoin is for everyone worldwide, being a digital asset or commodity or even become a means of transaction payment methods.
The existence of bitcoin in the world may not diversify between the rich and also poor. many people are not showing their Bitcoin, so we don't know whether they're rich from Bitcoin or not. that is why I love Bitcoin where it may not really show the gap between the poor and rich.

[Bilgent]

I don't give any chance for the current situation to change in the future. I mean, Bitcoin has always been for every kind of people (poor, rich etc.). And it will always continue to be like this. And of course, we will also continue seeing new millionaires when the bull market comes.

[Argoo]

I agreed with John Danielsson because there will never total equality in this world and it will be nice if we face this fact and don't lie to ourselves cause only people who make proper use of the opportunities around them will thrive not only in Bitcoin investment but in all investment setting.
Bitcoin will never equalize fiat currency because Bitcoin posed the innovation, potential, liberation, and opportunity every other currency cannot pose.

Already at the current bitcoin price of about $ 60,000, only a rich person can afford to buy a whole bitcoin. The larger the amount of investment in it, the more profit the investor can get in the future. This is the same as in conventional markets.
So far, only those who have previously foreseen the prospects for the development of cryptocurrency have won and purchased it at low prices. In the future, the rules of the stock and securities market apply.

[acener]

Succeed in what?
It already proves itself it isn't fail project and it is already more than a decade and the price has already skyrocket since it started.
For me it already succeed the price is so high the project had survived for more than a decade and more people or institution has invested,accepted and using it now.

[CryptocurencyKing]

Should bitcoin succeed, I think the world would be more unified than ever. Its a world currency on the rise and viewing it as a store of value only would be really out of place for bitcoin. Its a currency for exchange ge as it should be as much as other currencies.
Besides, bitcoin isn't only bought in bulk or it is that, you must have a list 1Btc at any point. It has got other denominations, the Btc, mBtc and more. Add your at liberty to own as your will and capital power allows, its not bidding on anyone. So, the success of bitcoin would go a long way in creating a sense of unity around the world and for the world as it's boundaries becomes the globe itself.

[20kevin20]

Bitcoin will not further broaden the gap between the rich and the poor for the reason that Bitcoin is open and available for all as long as you have the capacity to have an access on it

Can we say the same thing when the mempool is clogged and only big wallets afford to pay for the fees, or when billionaires clearly have an advantage and can afford purchasing a significant % of the supply? The gap will be even larger the more Bitcoin grows. Billionaires are already in and they're still early!