The impact of bitcoin on world population, what happens when the population rate

[Josefjix]

Brief Background

Bitcoin is a digital currency, which means that it is backed by no central bank or government. Bitcoins are created through a process called mining, in which computers solve complex equations to verify transactions. The first miner to solve the equation successfully gets rewarded with 25 6.25 bitcoins.

The difficulty of solving the equations increases over time, so it takes more time for each computer to find solutions and verify transactions. As more people join the Bitcoin network, it becomes harder for each computer to be successful at finding solutions and verifying transactions. This causes the average time it takes to solve an equation to increase from 25 seconds in 2009 (when the first Bitcoin was created) to 10 minutes today.

The impact of bitcoin on world population, what happens when the population rate increase?



The rate of increase in the world's population is a topic of great concern. The United Nations has forecast that there will be 9 billion people on Earth by 2050, and some experts believe that the rate of increase could be even higher than that.

If the world population increases, it will have a significant impact on bitcoin. The more people there are, the more money is going to be spent on things like food, water and electricity. This will lead to increased demand for bitcoin as a currency.

The reason for this is that when there are more people in the world, there will be more transactions taking place. This means that there will be more money being spent on goods and services than there was before.

Bitcoin is great because it allows people to make transactions without having to rely on banks or governments. When you use bitcoin instead of traditional currencies like the dollar or pound sterling, you can send money anywhere in the world instantly and cheaply without needing an expensive bank account or visa card.

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[Upgrade00]

The first miner to solve the equation successfully gets rewarded with 25 bitcoins.

Outdated figures.
The current coinbase reward on each completed block is 6.25BTC.
It stopped being 25 after the halving in 2016.

The difficulty of solving the equations increases over time, so it takes more time for each computer to find solutions and verify transactions. As more people join the Bitcoin network, it becomes harder for each computer to be successful at finding solutions and verifying transactions. This causes the average time it takes to solve an equation to increase from 25 seconds in 2009 (when the first Bitcoin was created) to 10 minutes today.

The difficulty level can increase or decrease with each difficulty adjustment, depending on how the hashrate increases or decreases.
The average time was always designed to be 10 minutes for each block.

If the world population increases, it will have a significant impact on bitcoin. The more people there are, the more money is going to be spent on things like food, water and electricity. This will lead to increased demand for bitcoin as a currency.

The reason for this is that when there are more people in the world, there will be more transactions taking place. This means that there will be more money being spent on goods and services than there was before.

This is a reach in my opinion. Bitcoin is barely being adopted by the approximately 8 billion people on Earth now. And of those who have adopted it, it's not utilized much for purchases of daily needs. An increase in population, would not significantly impact demand, unless there is a rise in adoption.

[noorman0]

-snip-

If the world population increases, it will have a significant impact on bitcoin. The more people there are, the more money is going to be spent on things like food, water and electricity. This will lead to increased demand for bitcoin as a currency.

I think it's not. Bitcoin is only an alternative instrument, not the only condition for obtaining basic necessities. The increasing demand for necessities even means lowering the value of any currency including bitcoin. This is an analogy of currency in general as a medium of exchange for goods.

[Josefjix]

The first miner to solve the equation successfully gets rewarded with 25 bitcoins.

Outdated figures.
The current coinbase reward on each completed block is 6.25BTC.
It stopped being 25 after the halving in 2016.

Yeah it reduced as much people joined the network, I clearly stated it.

If the world population increases, it will have a significant impact on bitcoin. The more people there are, the more money is going to be spent on things like food, water and electricity. This will lead to increased demand for bitcoin as a currency.

The reason for this is that when there are more people in the world, there will be more transactions taking place. This means that there will be more money being spent on goods and services than there was before.

This is a reach in my opinion. Bitcoin is barely being adopted by the approximately 8 billion people on Earth now. And of those who have adopted it, it's not utilized much for purchases of daily needs. An increase in population, would not significantly impact demand unless there is a rise in adoption.

About 10+ million people use Bitcoin daily, now imagine the high rate of adoption Bitcoin would get by 2050 when the world population increased from 7 billion to 9 billion as predicted. As the population increases the adoption increases as well, high adoption would have an impact in the following ways;

First, the increased use of bitcoin could reduce the cost of living for some people around the world. This would lead to an increase in standards of living for those who have access to this new form of currency.

Second, the popularity of bitcoin could lead to an increase in wealth among those who own it. If you can invest your money in bitcoins and make a profit, then you have more money than ever before!

Third, there is also a possibility that new jobs will be created as companies begin accepting bitcoin payments.

[mk4]

If the world population increases, it will have a significant impact on bitcoin. The more people there are, the more money is going to be spent on things like food, water and electricity. This will lead to increased demand for bitcoin as a currency.

How so? Maybe you could say that people who are bullish on Bitcoin will instead buy bitcoin instead of mining it if it's the case that electricity becomes more expensive, but the effect would be too minuscule to have a significant effect on the markets.

[jackg]

-snip-

If the world population increases, it will have a significant impact on bitcoin. The more people there are, the more money is going to be spent on things like food, water and electricity. This will lead to increased demand for bitcoin as a currency.

I think it's not. Bitcoin is only an alternative instrument, not the only condition for obtaining basic necessities. The increasing demand for necessities even means lowering the value of any currency including bitcoin. This is an analogy of currency in general as a medium of exchange for goods.

I also doubt that half of the population has mains water or electricity that they pay for maybe also food in quite a lot of cases if they can source it locally by foraging or having inherited livestock.

Filtered clean water isn't a necessity to life and might not be available in a lot of places. Electricity is likely available even less than water is and food as it's much less important and requires more infrastructure (like generators).

[NeuroticFish]

If the world population increases, it will have a significant impact on bitcoin. The more people there are, the more money is going to be spent on things like food, water and electricity. This will lead to increased demand for bitcoin as a currency.

You've started with outdated information (which I see it was corrected by aothers), then came up with a relation that doesn't exist.
Most of the world doesn't know and doesn't care about bitcoin. And they can spend their money just as good.

If bitcoin adoption will rise, it will happen because more will trust it for investments, or more businesses will accept bitcoin as payment method. At this point the size of the world population doesn't matter in this equation. And whether this will change or not in the future we don't know, and neither of the linked things doesn't give a clue in that matter.

So sorry, all this is your wishful thinking.

[Upgrade00]

Yeah it reduced as much people joined the network, I clearly stated it.

No, you didn't.
And the reward has nothing to do with more people joining the network, it's a protocol in the system; every 210,000 blocks, the coinbase reward is halved and it is currently at 6.25BTC. You might want to correct the OP.

First, the increased use of bitcoin could reduce the cost of living for some people around the world. This would lead to an increase in standards of living for those who have access to this new form of currency.

Use of Bitcoin does not reduce cost of living. Bitcoin barely impacts the economy of a Nation, and cannot directly impact the life of holders, simply cause they hodl.

Second, the popularity of bitcoin could lead to an increase in wealth among those who own it. If you can invest your money in bitcoins and make a profit, then you have more money than ever before!

Third, there is also a possibility that new jobs will be created as companies begin accepting bitcoin payments.

The number 2 point is the most practical. But Bitcoin is already very popular, and I would not be expecting a demand shock due to increased population, which happens gradually overtime.

Bitcoin does not create new jobs either.

[Techkoy407]

maybe what you say is true, because I have seen and heard a lot of people's responses about the reasons they use bitcoin, the reason there are some people who think bitcoin is a better medium of exchange than credit cards, because they consider bitcoin more secure and user privacy more secure, and consider transactions to be faster with low fees, decentralized and many people consider bitcoin a very valuable investment and asset. so it is possible in the future the demand and bitcoin enthusiasts will be higher.

[Solosanz]

Currently we have around 7.9 Billion people on this world [1] as the article mentioned there's will be around 9 Billion people on 2050, my question is do you think 7.9 Billion people aren't a huge number? why there's still no massive adoption since the price is still around $20K?

With this analogy I disagree for your thought of more people = more adoption, because not all people will buy Bitcoin especially they live in a country where Bitcoin got banned.

[1] https://www.worldometers.info/world-population/

[Nrcewker]

What happens to Bitcoins when the population rate increases? Simply the answer is that, the demand for the coin will increase.
As we have already know about the fact demand and supply, that will happen when the population increases.
The supply of Bitcoins are limited, so when the demand increases, the price of the coin will increase.
To be honest enough this can’t be controlled by any means. So it’s always better to buy as many Bitcoins as you can when the price is low. As the time will pass, the demand of the coin will surely increase.

[Zanab247]

What happens to Bitcoins when the population rate increases? Simply the answer is that, the demand for the coin will increase.
As we have already know about the fact demand and supply, that will happen when the population increases.
The supply of Bitcoins are limited, so when the demand increases, the price of the coin will increase.
To be honest enough this can’t be controlled by any means. So it’s always better to buy as many Bitcoins as you can when the price is low. As the time will pass, the demand of the coin will surely increase.

If the population rate of humanity increase in the world, it will increase the demand for the moment because everybody will like to buy at a low rate and hold until the supply increase higher more than demand before the price will go higher. Many people felt the recent population in Bitcoin that is making the price of Bitcoin to decrease because the demand is higher than the supply in the market that is causing people to experience bear situation which will not last forever in the market.

[dothebeats]

I don't see why bitcoin would suddenly rise up just because the world population also rose? Also, I don't really know what's happening, are we having a population decline or the opposite? Countries like Japan and some rural parts of Finland have started paying their citizens some money to birth a child due to low birth rates on these places. Add to that the growing sentiment of Gen Z and Millennials on not wanting to have a baby by choice, and you have a solid picture of what's really happening in a smaller scale. Either which side of the board we fall into, one thing's for certain: bitcoin will not rise due to population alone. It has to be more than that.

[Welsh]

People tend to forget Bitcoin is fairly scalable, since there's been issues raised about it in the past. However, from this point of view you can adjust the difficulty rate to mine, which is already implemented. Then the rewards for minings will be based on demand, and therefore the transaction fee will always be variable rather than fixed. Plus, Bitcoin can use further denominations if there's not enough whole Bitcoin's to be used by the population.

Plus, Bitcoin has been designed with adaptability in mind, so if there's any real hard issues we come across, we could potentially hard fork to correct or mitigate them. Obviously, that's as a last resort usually.

[BIT-BENDER]

I think you need to rephrase you should rather say that with increase number of the population that makes uses of Crypto-currency such as bitcoin would bring about increase in transactions. The world population can be increasing and if they don't have interest in Bitcoin it wouldn't really have an impact of Bitcoin transactions.

Well I believe that Bitcoin targets the future too as it is already getting serious adoption, with the limited about of bitcoin being $21 million and the already million lost due to carelessness, unfavorable demise of its holders without anyone able to access them and so many other factors, the search for bitcoin would cause it price to Hit series of all time high as population increase. But as a part time enthusiast of geography population isn't only about its birth factor it also has death factor that most time balances the world population, so what ever impact it would have its best to experience it holding some Bitcoin for yourself.

[DooMAD]

My first instinct is that the world is facing larger consequences from overpopulation than whatever you're getting at here.  It's likely people in some parts of the world are going to be far more concerned about the availability of housing, food and fresh water than they will be about the availability of Bitcoin.  No one can buy these things if there simply aren't enough of them to go around.  There are going to be shortages of vital resources.  Having a larger amount of Bitcoin won't necessarily be of any practical use if you still can't buy something you need to survive because it's no longer available.  

And that's before we get to your incorrect assumptions regarding the number of Bitcoin users having any impact whatsoever on mining difficulty.  Perhaps start again from the beginning and forget everything you thought you knew.  You've seriously misunderstood something.

[Sandra_hakeem]

If the world population increases, it will have a significant impact on bitcoin. The more people there are, the more money is going to be spent on things like food, water and electricity. This will lead to increased demand for bitcoin as a currency.

If I'm looking at these fact from the same perspective as you have, I'll quickly say you're correct but unfortunately, I won't yeah, because I love trying out some modifications. Lemme get this straight; do you mean that in the nearest future, miners will begin mining Bitcoin in higher rates to suit the population unborn?
Or that bitcoin will generally be acceptable as a legal tender?  If no, then what business does bitcoin as a store of value--with some uncertainty wether to be revamped as a legal tender but with great impediments--has to do with the increase in demand of food,water and electricity as you said?

Secondly;
Let's assume in a country where we have 4 million citizens and you're the president; you have made provisions--not just on your own jurisdiction but with your electoral house too--and the population increases to 5 million: are you going to place an order to mint 5 million dollars so everyone could be entitled to 1 Dollar?

Well, I think no matter how the population increases, we'll still have babies, Illiterates and lastly, alot that are CRYPTOGRAPHICALLY APATHETIC...
But that's a story for another day.

Cheers
Sandra❣️

[Doan9269]

Bitcoin is great because it allows people to make transactions without having to rely on banks or governments. When you use bitcoin instead of traditional currencies like the dollar or pound sterling, you can send money anywhere in the world instantly and cheaply without needing an expensive bank account or visa card.

Bitcoin came in with the idea of granting freedom while handling our finances, the government took this right away from us long time ago, but someone see this as an abnormality and created a lasting solution with bitcoin, if we all must owe Satoshi something worth it, then we must be willing and able to keep the network or system sustainable for more generation to come and benefit from this peer to peer decentralized network

[famososMuertos]

Well, thank you a user a few posts before to clarify some technical slips in the context (OP); then, it is worth asking how many people currently have access to fiat money, I always mention how there are organizations that fight for the right to money using ATMs, that is, if with the current population there are deficiencies so that entire populations can use or have access to Fiat money, perhaps in the coming years the adoption will grow for bitcoin but I do not think that if the population level reaches the mentioned numbers (OP) there will be a relevant effect for bitcoin. (hopefully it happens but +++)

^{Automated teller machines (ATMs) (per 100,000 adults)
International Monetary Fund, Financial Access Survey.
https://data.worldbank.org/indicator/FB.ATM.TOTL.P5}

[LegendaryK]

If the world population increases,

Let me stop you there,
world population is about to go into massive decline.

The majority of the current world populace are past the age of where they can have children.

So we are headed into a population bust not a boom.
UN predicted population numbers are nonsense.

The US Baby Boomers alone are now retiring in mass,
this is already ending easy venture capital money.
Sorry , but the future is not going to be brighter,
as Jack once says, This is as good as it gets.

The world governments are all going to ban Bitcoin's Proof of Waste model,
so you might want to start looking at something else to invest in.