Will "hyperbitcoinization" become a reality?

[jaberwock]

What are your thoughts? Do you think we're close to "hyperbitcoinization"?

still a long way from achieving that. indeed mainstream adoption is happening right now. many countries are starting to see bitcoin as something profitable. but all this is just a discussion, few actually try to adopt it. and on average those countries are developing countries. while developed countries still refuse, arguing that they think bitcoin is one of the annoying things. they are trying to limit bitcoin to keep their currency influential.

It is not happening all at once, that is the main point. I mean it will eventually happen, like let's say do you doubt majority of the world won't use bitcoin in 30 years? I believe they will, but it's not going to be like we wake up one day and it's there.

I believe that it will be small by small, step by step process that will happen gradually. That would be great and I believe that it should not be a big deal at all. Obviously we should be focusing on getting it accepted in as many places as possible, getting it either as legal tender, or just getting it accepted in major companies like amazon, and then we will grow from there which would be easier.

[1714793918]

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[uneng]

I don't see it happening. It is possible if the majority of the population was using bitcoin for their purchases but they are not doing that. They use their credit cards instead. Stocks and other investments also still dominating finance.Blockchain infrastructure isn't making things easier neither. It is safe yes but it comes with a price. It is expensive and slow...

That's because most people only see Bitcoin as an investment rather than a currency for day-to-day purchases. But I believe that will change in the future, as governments embrace Bitcoin in every way. El Salvador was the first country to adopt Bitcoin as legal tender, with many more to follow suit (hopefully) as the pioneer cryptocurrency becomes more popular worldwide. I wouldn't say Bitcoin is expensive and slow since we already have a scaling solution dubbed "The Lightning Network". For mainstream payments, the LN works like a charm. With instant transactions and dirt-cheap fees, Bitcoin can reach the masses like never before.

What's really stopping "hyperbitcoinization" from become a reality is the Fiat standard. Since most of the things are valued in Fiat, Bitcoin's price fluctuates like crazy on the market. Only a collapse in the current monetary system powered by central banks and governments alike will push us forward towards the complete decentralization of the global economy. The chances of this happening are very slim, but anything's possible. Who knows what the future of Bitcoin will look like? Just my thoughts

We have El Salvador example as a first experiment of a government endorsing and incentivizing bitcoin adoption, although the results aren't satisfactory.

Even though bitcoin has become legal tender there, most people still don't adopt it for real. They have just claimed the 30$ btc giveaway and most probably converted it to dollar currency in order to use the money, abandoning bitcoin from that moment on.

As we can see, friendly crypto governments aren't enough to push adoption upside in large scale. The situation is more complex than that, at same time it summarizes in lack of interest from common citizens for bitcoin.

Taking this into consideration, I don't see bitcoin replacing fiat in daily life for the next few decades. Only future generations can develop a new mindset which will allow them to see bitcoin's potential on their routine as main exchanging tool for goods and services.

[mildmanneredsuffering]

never bitcoin has failed. its over.  this was the test. can it work in inflation for mass scale? No its a failure. its a waste of time money and resources

[nullama]

In my mind it's slowly happening already.

It's slow in the beginning, but then everyone adopts the technology very quickly. Similar to what happened to the smartphones. The first few years it was a bit difficult to use, the hardware wasn't as good (the first Nokia smartphones for example), but the technology was there. You could use maps, surf the web, etc, but it was complicated. It took Apple and Google a few years to actually end up with an easy to use and fast device. It's now commonplace. Everyone uses maps, and surfs the web on their phones today. It will be the same with Bitcoin.

We already see this starting to happen in El Salvador. They are using lightning wallets there for every day purchases. Other countries will follow. Eventually it will be as pervasive as credit card payments, and it will be normal to pay with lightning.

Also, more and more creators of goods and services are accepting Bitcoin only (or giving incentives to pay in Bitcoin)

Here's one example:

[pooya87]

That's because most people only see Bitcoin as an investment rather than a currency for day-to-day purchases.

That's because price keeps rising over long term. It is obvious that when people buy bitcoin at $40k and know it will be for example $400k they are less willing to sell it.
But this won't last forever, and you are asking about whether the mass adoption can happen eventually. At some point the price rises will shrink and the value becomes a lot more stable. By that time people won't see it as an investment anymore and the real features start to shine.

[TheUltraElite]

That's because price keeps rising over long term. It is obvious that when people buy bitcoin at $40k and know it will be for example $400k they are less willing to sell it.

Profit minded people are willing to sell though and it is their personal choice whether to sell or not.

But this won't last forever, and you are asking about whether the mass adoption can happen eventually. At some point the price rises will shrink and the value becomes a lot more stable. By that time people won't see it as an investment anymore and the real features start to shine.

Because the land we are living on is constant but the rate at which we breed () keeps on increasing, the dense population which is going to use a currency will keep on increasing thereby increasing the demand while the supply gradually reduces of newly minted bitcoins. So my guess is that the price of bitcoin will rise even more in future. Stable or not will depend on how we change these two factors, whether humans manage to colonize new planets to live on or whether we use better birth control.

[davis196]

Nope.Hyperbitcoinization won't become a reality.The governments won't allow such process to happen.
I'm thinking about another global currency,created by an agreement between the great powers,that will replace the US dollar and Euro and will be used as a global currency and store of value.
This new global currency will be backed by physical assets and it will be governed by a global central bank,which will unite all the major central banks in the world.Blockchain technology might or might not be adopted,but Bitcoin/crypto would never be adopted as legal tender.
However,this might happen after several decades.The current fiat system will keep dying slowly.

[Doan9269]

What are your thoughts? Do you think we're close to "hyperbitcoinization"? If not, why? What will be of the world without centralized Fiat currencies? Your input will be greatly appreciated. Thank you.

We are getting closer to that gradually, i believe there is a certain amount of daily increasing numbers of  adoption in bitcoin and we can relate this to the series of event happening about bitcoin. starting with Africa which has recorded series of increasing numbers of bitcoiners on a daily regular basis, Asia have also not been left behind, we have scenarios in India, UAE, US, El-Savador Russia and Canada, just to mention few, bitcoin in this regions and all over the continent is fast growing and people are on a big time investing.

And going by fiat currency, i dont see an extinction to it sooner but rather, it may be reduced to bitcoin rate in commercial service and businesses, we can't expect all countries to be developed at once, some regions underdeveloped may still continue to with the use of fiat even when bitcoin evolved round the world, all i believe is just to see a country to second El-Savador adoption and that's all, before you know bitcoin turn a global quest for adoption.

[taufik123]

Nope.Hyperbitcoinization won't become a reality.The governments won't allow such process to happen.
I'm thinking about another global currency,created by an agreement between the great powers,that will replace the US dollar and Euro and will be used as a global currency and store of value.
This new global currency will be backed by physical assets and it will be governed by a global central bank,which will unite all the major central banks in the world.Blockchain technology might or might not be adopted,but Bitcoin/crypto would never be adopted as legal tender.
However,this might happen after several decades.The current fiat system will keep dying slowly.

If you think about the new global currency agreed upon by all the world's governments, it still seems fictitious. Because each government has their own regulations in each country, this also affects how the order and rules of their country are. if global currencies become one who knows what will happen. Fiat still cannot be replaced by anything, including bitcoin, bitcoin is still optional. although some countries already believe in bitcoin, it is possible for Fiat to remain mainstream.
The government will also not use Blockchain technology because it is transparent and easy to trace, not suitable for countries with high levels of corruption.

We can only follow developments slowly. We are quite satisfied because bitcoin is able to become a valuable digital currency and has been recognized by the world.

[fiulpro]

It is indeed becoming a reality in some of the countries like Ukraine and Russia where people are actually adopting Bitcoins to evade war and make more money somehow using some investment at the same time they are able to pay for properties accross the border using Bitcoins.

At the same time there are various sectors as well who are more interested in Bitcoins and other cryptocurrencies as well for example:
1. Rich millionaires
They are finding better investment opportunities and also some of them are using Bitcoins to evade tax as well since in some countries it's not taxable.
2. Students
3. IT experts
4. People living in developed countries

Bitcoin right now is targetting specific audience at the moment which is going to be rewarding for them in the future.

[isaac_clarke22]

I don't think bitcoin can or will replace fiat but the two coexisting might work (at least if a crypto has better throughput - can take a enough transactions a minute).

This one.
I mentioned this a lot before when people were asking if Bitcoin would replace fiat currency or even in short - "become a global currency". To be honest, it kind of become a "global" currency already, as people almost in every country have the access to it and they just need to build a marketplace any sort of industry that they are at.
Considering that we have government regulation around us, Bitcoin replacing fiat is impossible.

[Xal0lex]

For those unaware, "hyperbitcoinization" means the adoption of Bitcoin at a large scale worldwide making it the standard (global) unit of account. In a "hyperbitcoinized" world, you would pay for anything using Bitcoin instead of Fiat. In the past years, Bitcoin's mainstream adoption went up at an accelerated rate. Bitcoin's ever-rising popularity made El Salvador the first country to adopt it as legal tender. As inflation increases at alarming levels, people will seek out for a solution to the problem. And what better way than ditching Fiat in favor of Bitcoin?

What are your thoughts? Do you think we're close to "hyperbitcoinization"? If not, why? What will be of the world without centralized Fiat currencies? Your input will be greatly appreciated. Thank you.

Bitcoin as another breakthrough technology is still in its early days. Obviously, hyper-acceptance will happen sooner or later, everything is going towards it. Bitcoin is increasingly being used in various fields: collateral, investment, means of payment, etc. I think in the future, every country will have at least 1 city with a bitcoin zone, like Lugano in Switzerland right now. I am not sure that all countries will go the way of El Salvador and fully accept bitcoin in the whole country, but that does not mean that bitcoin hyper-adoption will not happen, but it will go a slightly different way, so that there is no conflict of interest, because the big central banks will not allow their fiat to fall off the radar.

[Zilon]

If you are considering  hyperbitcoinization you should  also be looking  at a lawless  society.  Bitcoin  is too private  to exist alone and will inspire lots of illegal fundings and money laundry  activities.  It will only be good if both fiat and bitcoin  exist at least there will be a measure to monitor  an aspect of the financial  system.  To me it will be too dangerous  to give man a complete privacy.  Man is not matured enough  to handle it.

[justdimin]

But this won't last forever, and you are asking about whether the mass adoption can happen eventually. At some point the price rises will shrink and the value becomes a lot more stable. By that time people won't see it as an investment anymore and the real features start to shine.

Because the land we are living on is constant but the rate at which we breed () keeps on increasing, the dense population which is going to use a currency will keep on increasing thereby increasing the demand while the supply gradually reduces of newly minted bitcoins. So my guess is that the price of bitcoin will rise even more in future. Stable or not will depend on how we change these two factors, whether humans manage to colonize new planets to live on or whether we use better birth control.

We do not really need to have the required density that we have right now. Sure the world keeps on breeding, but not like 100% of the usable land is getting used neither. World could still grow to 20 billion people, and the earth itself could suffice, but the requirements are HUGE. Like I am talking about high-tech, cutting edge technology to keep on investing and producing things we need, mainly food and also cars and so forth and energy sources.

Since, we all know that won't happen, we are just assuming there is another chance and hope for it. Elon Musk is a weird person that I dislike a lot, but that dude has the right idea, electric cars, solar panels and space travel, that is literally our safest options.

[Waddle]

It's hard to say, and it all depends on how bitcoin develops as a technology and protocol, but it's entirely possible that it could reach such a level, assuming the adoption of bitcoin continues to develop at the same pace it has been so far.

[Abiky]

We have El Salvador example as a first experiment of a government endorsing and incentivizing bitcoin adoption, although the results aren't satisfactory.

Even though bitcoin has become legal tender there, most people still don't adopt it for real. They have just claimed the 30$ btc giveaway and most probably converted it to dollar currency in order to use the money, abandoning bitcoin from that moment on.

As we can see, friendly crypto governments aren't enough to push adoption upside in large scale. The situation is more complex than that, at same time it summarizes in lack of interest from common citizens for bitcoin.

Taking this into consideration, I don't see bitcoin replacing fiat in daily life for the next few decades. Only future generations can develop a new mindset which will allow them to see bitcoin's potential on their routine as main exchanging tool for goods and services.

That's the problem. Most people see Bitcoin as an investment rather than a digital currency for day-to-day payments. As long as this is the case, "hyperbitcoinization" will be lightyears away from becoming a reality. Apart from governments adopting it as legal tender, there needs to be widespread support from businesses, corporations, and individuals alike. Things would've been different if people started valuing things in Bitcoin instead of Fiat. Not only that would help "stabilize" Bitcoin's price, but also leads us one step closer towards "hyperbitcoinization".

I'm in no hurry of seeing this becoming a reality as long as Bitcoin works as intended. Decentralization must prevail in order to give people an "escape route" from the current monetary system controlled by corrupt banks and governments alike. Who knows what the future will look like as Bitcoin becomes bigger and stronger than ever? Just my thoughts

[LUCKMCFLY]

But this won't last forever, and you are asking about whether the mass adoption can happen eventually. At some point the price rises will shrink and the value becomes a lot more stable. By that time people won't see it as an investment anymore and the real features start to shine.

Because the land we are living on is constant but the rate at which we breed () keeps on increasing, the dense population which is going to use a currency will keep on increasing thereby increasing the demand while the supply gradually reduces of newly minted bitcoins. So my guess is that the price of bitcoin will rise even more in future. Stable or not will depend on how we change these two factors, whether humans manage to colonize new planets to live on or whether we use better birth control.

We do not really need to have the required density that we have right now. Sure the world keeps on breeding, but not like 100% of the usable land is getting used neither. World could still grow to 20 billion people, and the earth itself could suffice, but the requirements are HUGE. Like I am talking about high-tech, cutting edge technology to keep on investing and producing things we need, mainly food and also cars and so forth and energy sources.

Since, we all know that won't happen, we are just assuming there is another chance and hope for it. Elon Musk is a weird person that I dislike a lot, but that dude has the right idea, electric cars, solar panels and space travel, that is literally our safest options.

For me the colonization of other planets and being able to live as many think, I think that can happen, but in at least 200 years, at this time it will not be possible, I am also like you, I dislike Elon Musk with all my being, but I know that he is very right in many things, just as he also knows things that are too secret and that he handles that type of privileged information and that is why he has chosen his collective interest in leaving the earth and colonizing, but From the scientific point of view, we are not very advanced, we think so, because we can marvel at a lot of technology, but we do not have quantum technology of last generation quantum computers and we should already be there if we want to colonize new planets.

[Assmosis]

It doesn’t seem so in the near future. But no one can say with guarantee seeing the increased popularity of crypto.

[Abiky]

It doesn’t seem so in the near future. But no one can say with guarantee seeing the increased popularity of crypto.

With how fast prices are declining, it's very unlikely we'll live in a "hyperbitcoinized" world in the near future. There are many things to be improved upon and discovered for Bitcoin to reach that level of adoption worldwide. I'd say we're in the very beginnings of crypto/Blockchain tech, even though it's only been 13 years since Bitcoin's inception. Slowly but surely, countries are adopting Bitcoin as legal tender in order to help make the dream of "hyperbitcoinization" a reality. First it was El Salvador, and now it's the Central African Republic.

If popularity continues to increase, it's possible developed countries like the US and UK will adopt Bitcoin as legal tender. For what I know, anything's possible in crypto. Who knows what the future holds for the entire industry? Just my opinion

[amishmanish]

Hyperbitcoinization may become a reality, there are some important prerequisite
1. There must be a proper mechanism for managing the fiat-crypto balance and achieve a international consensus.
2. There must be a international setup to prevent any kind of investment scams.
3. There is a acceptance of bitcoin by major financial bodies, this can happen as  bitcoin is a superior technologically. It need to provide more products based on bitcoin and I am sure many firms will find bitcoin irresistible to ignore as payment mechanism