Bitcoin is Becoming a Global Currency

[Nicolas Dorier]

Do you know what is probably the biggest obstacle in regards to mainstream adoption of bitcoin by the general public? it is conservatism towards money amongst a mass populace who do not appreciate the way 'the dollar in your pocket' has been successfully eroded by inflation, government debt and of course the massive madness of quantitative easing.

The problem is people are okay with a 1% decline in value over a year. They might not even notice it.
But when they see that Bitcoin has lost 50+% of its value in a year, they are naturally reluctant to invest in it.

The big irony is that when the euro loose 35% in one year, on the contrary they say "it is good for us, export boost".

[AZwarel]

For a given country's population, if the share of bitcoiners was the same in every country, Americans would only make 5% of all transactions. On the other hand, if using bitcoin is relative to the available wealth, the U.S. will keep on dominating bitcoin for many more years.

I think south euro countries may start becoming the main countries in term of transactions volume, also then later on add all those poor countries without banking system once with SMS technology you can do more than enough to operate with BTC.

I had a vacation last summer in Greece. I have met/drunk with many people, telling them about bitcoin (yes i do that evangelism a lot, if the situation is right:). One of them is opening a restaurant this summer, and i educate him about bitcoin accepting options, for he is invigorated.

There are literally ten to the hundreds of thousands of people all around the world who spread the bitcoin message EVERY DAY, in an ever exponentially growing numbers, all around, and many people listen. It follows the power law f(x), and can not be stopped or slowed down. The first time i have heard BTC was in late 2013, since than i have had the Nicosia online course on cryptos, read books, listened like 400 hours of videos, gone to conferences and "converted" 3 of my best entrepreneur friends; all started or going to accepting bitcoin in their business this year!

I am actually surprised how fast this is spreading among my societal circles, even with older generations (50+). We are definitely gonna be surprised how fast the tipping point is going to be reached; it is proving once more how the exponential can not be comprehended by humans

[AZwarel]

Is not surprising, and the governments won\t be able to stop bitcoin.We have to hear good stuff about this coin,not only negative ones.I in bitcoin,and i believe will become the top global currency!

I don't think it's as clear cut as "governments won't be able to stop bitcoin."

Governments can and have done some awful things to control the people. They can certainly push bitcoin underground, which wouldn't be good. But the people control of this too. The people need to elect leaders that support the future they want to see. The people need to get more involved in politics. The people need to find their voice...then use it.

You are right and maybe

Yes, governments can be - sadly - horribly effective at killing things (people?), but they are usually and - thx to heavens - terrible at innovation and tech, which is speeding up exponentially.
As one of the speak persons for BTC,  Andreas M. A. said, "You can not stop money that is information" (for it can be spread on a tissue, radio wave, spoken language, smoke signals, etc).

You are absolutely right about the fact that govs can push it to underground - even though there is no coordination among the govs -, but the invention is out. They can not "uninvent" blockchain (decentralized consensus). They are powerless in the long run, and they do not even know; - just check out the Canadian senate hearing [https://www.youtube.com/watch?v=xUNGFZDO8mM] , where 60+ grey haired guys try to comprehend networking, internet and crypto, it is hilarious :-D

[deisik]

You are absolutely right about the fact that govs can push it to underground - even though there is no coordination among the govs -, but the invention is out. They can not "uninvent" blockchain (decentralized consensus). They are powerless in the long run, and they do not even know; - just check out the Canadian senate hearing [https://www.youtube.com/watch?v=xUNGFZDO8mM] , where 60+ grey haired guys try to comprehend networking, internet and crypto, it is hilarious :-D

I wouldn't underestimate those 60+ grey haired guys. They may indeed understand nothing (or even less than that) about and in technology (and all such), but they know people, their weaknesses and addictions by far better than most of us do, since, otherwise, they wouldn't get where they are in the first place. This means, in its turn, that they have guys at their disposal who are pretty well aware of what's what in networking, internet and crypto (and by far better than most of us do)...

[marcus_of_augustus]

You are absolutely right about the fact that govs can push it to underground - even though there is no coordination among the govs -, but the invention is out. They can not "uninvent" blockchain (decentralized consensus). They are powerless in the long run, and they do not even know; - just check out the Canadian senate hearing [https://www.youtube.com/watch?v=xUNGFZDO8mM] , where 60+ grey haired guys try to comprehend networking, internet and crypto, it is hilarious :-D

I wouldn't underestimate those 60+ grey haired guys. They may indeed understand nothing (or even less than that) about and in technology (and all such), but they know people, their weaknesses and addictions by far better than most of us do, since, otherwise, they wouldn't get where they are in the first place. This means, in its turn, that they have guys at their disposal who are pretty well aware of what's what in networking, internet and crypto (and by far better than most of us do)...

you are somewhat correct but also over-estimating them ... the people "at their disposal" are good but not good enough to invent bitcoin, or bring it to fruition and they are still close enough to the metal to know a superior technology idea when they see one i.e. which way the wind is blowing.

[OpenOcean]

Bitcoin will never become a world-reserve currency, I hope this is not what the article is implying. It would be terrible for that purpose IMO because of the uneven distribution at the moment and the confirmation times.

I would like to see bitcoin become government-to-government currency, used for sales of things like ships or planes.

[dulldog]

You are absolutely right about the fact that govs can push it to underground - even though there is no coordination among the govs -, but the invention is out. They can not "uninvent" blockchain (decentralized consensus). They are powerless in the long run, and they do not even know; - just check out the Canadian senate hearing [https://www.youtube.com/watch?v=xUNGFZDO8mM] , where 60+ grey haired guys try to comprehend networking, internet and crypto, it is hilarious :-D

I wouldn't underestimate those 60+ grey haired guys. They may indeed understand nothing (or even less than that) about and in technology (and all such), but they know people, their weaknesses and addictions by far better than most of us do, since, otherwise, they wouldn't get where they are in the first place. This means, in its turn, that they have guys at their disposal who are pretty well aware of what's what in networking, internet and crypto (and by far better than most of us do)...

You hit the mark, not to say they're very tricky manipulators, those grey haired guys.

[Dotakels]

For the first time, when I look at the offers on LocalBitcoins.com, there are a half-dozen currencies ahead of the US dollar, offering a higher price for Bitcoin than US dollar users.

Euros, South African Rands, New Zealand Dollars, Hong Kong Dollars, Polish Zloty, Malaysian Ringgits.

It is no longer just the US, EU or even China driving adoption.  There is a market for Bitcoins in major countries all over the world.

These mean that BTC currency is prefer than other currency . This mean that BTC is the greatest of all currencies and also the price of btc will become higher because of the offering of the users.

[techgeek]

For the first time, when I look at the offers on LocalBitcoins.com, there are a half-dozen currencies ahead of the US dollar, offering a higher price for Bitcoin than US dollar users.

Euros, South African Rands, New Zealand Dollars, Hong Kong Dollars, Polish Zloty, Malaysian Ringgits.

It is no longer just the US, EU or even China driving adoption.  There is a market for Bitcoins in major countries all over the world.

These mean that BTC currency is prefer than other currency . This mean that BTC is the greatest of all currencies and also the price of btc will become higher because of the offering of the users.

Btc price will be higher because its the greatest currency? 

I think you are looking at it wrong, the price of btc goes up and down everyday. Its all based on if more real money is put into play with bigger amounts, it just means that more people globally are willing to hold btc thats all that means.

[Dotakels]

You mean that the real money effect the price of btc and it will say if the price of btc are going down or up.

[dothebeats]

For the first time, when I look at the offers on LocalBitcoins.com, there are a half-dozen currencies ahead of the US dollar, offering a higher price for Bitcoin than US dollar users.

Euros, South African Rands, New Zealand Dollars, Hong Kong Dollars, Polish Zloty, Malaysian Ringgits.

It is no longer just the US, EU or even China driving adoption.  There is a market for Bitcoins in major countries all over the world.

These mean that BTC currency is prefer than other currency . This mean that BTC is the greatest of all currencies and also the price of btc will become higher because of the offering of the users.

I think you got it wrong. A high number of users preferring a currency over the other doesn't mean that it is the greatest, and because of the high preference rate, that doesn't mean that the price will also be high. The price of btc still relies on the supply and demand. If more people buy = high price. If less people buy = low price, but this doesn't mean that the price is solely dependent on the supply and demand. There are also different factors that come into play in regards to the price.

You mean that the real money effect the price of btc and it will say if the price of btc are going down or up.

"Fiat" is a better term than "real money".

No, the price of fiat doesn't determine whether the price of btc goes up or down, and again, we go back to supply and demand. BTC and fiat are two different entities as far as the concept and feature goes.

[Dotakels]

So its all about the buyers of bitcoin. If they buy more btc the price of btc will increased.

[merve10495]

People talk about Bitcoin one day becoming a global currency but something we don't consider is a currency is anything that you can trade goods and services for.
Money (Fiat or cryptocurrency) is only worth what people value it at.

Bitcoin is valued at ~330AUD$ and is used globally.
Bitcoin already is a global currency. It is used around the world and is technically valued higher than any other currency in the modern world.

We're already there, lets keep going.

[gkv9]

Do you know what is probably the biggest obstacle in regards to mainstream adoption of bitcoin by the general public? it is conservatism towards money amongst a mass populace who do not appreciate the way 'the dollar in your pocket' has been successfully eroded by inflation, government debt and of course the massive madness of quantitative easing.

The problem is people are okay with a 1% decline in value over a year. They might not even notice it.
But when they see that Bitcoin has lost 50+% of its value in a year, they are naturally reluctant to invest in it.

Then they should also research and have a watch on why that happened, and what actually was the reason behind those declines...

[Erdogan]

So its all about the buyers of bitcoin. If they buy more btc the price of btc will increased.

It is a hidden secret, but yes you are exactly right. The value of the money results exactly from the demand to hold, and nothing else.

Why nothing else, why not, as in oil, the production, the usage, and the supply? Here is why: In sound money, there is no production (in principle), there is no consumption (in principle). And tada!: Supply is under these presumptions, the same as lack of demand. Analogous to: Darkness is lack of light, and coldness is the lack of warmth. We are left with only the demand to hold. When you understand this, you understand a lot.

[Dotakels]

So its all about the buyers of bitcoin. If they buy more btc the price of btc will increased.

It is a hidden secret, but yes you are exactly right. The value of the money results exactly from the demand to hold, and nothing else.

Why nothing else, why not, as in oil, the production, the usage, and the supply? Here is why: In sound money, there is no production (in principle), there is no consumption (in principle). And tada!: Supply is under these presumptions, the same as lack of demand. Analogous to: Darkness is lack of light, and coldness is the lack of warmth. We are left with only the demand to hold. When you understand this, you understand a lot.

This is the relationship between supply and demand. Supply is the number pf production of bitcoin that the miner's produce. And the demand is the number of the product that can buy of the buyers .

[Erdogan]

So its all about the buyers of bitcoin. If they buy more btc the price of btc will increased.

It is a hidden secret, but yes you are exactly right. The value of the money results exactly from the demand to hold, and nothing else.

Why nothing else, why not, as in oil, the production, the usage, and the supply? Here is why: In sound money, there is no production (in principle), there is no consumption (in principle). And tada!: Supply is under these presumptions, the same as lack of demand. Analogous to: Darkness is lack of light, and coldness is the lack of warmth. We are left with only the demand to hold. When you understand this, you understand a lot.

This is the relationship between supply and demand. Supply is the number pf production of bitcoin that the miner's produce. And the demand is the number of the product that can buy of the buyers .

No, in a market sense, supply is the coins offered for a price, not the produced coins. Therefore, it is just the inverse of the demand, which is the offers to buy. Therefore, supply is the willingness to sell, which is the same as the urge to hold less.

[Dotakels]

So its all about the buyers of bitcoin. If they buy more btc the price of btc will increased.

It is a hidden secret, but yes you are exactly right. The value of the money results exactly from the demand to hold, and nothing else.

Why nothing else, why not, as in oil, the production, the usage, and the supply? Here is why: In sound money, there is no production (in principle), there is no consumption (in principle). And tada!: Supply is under these presumptions, the same as lack of demand. Analogous to: Darkness is lack of light, and coldness is the lack of warmth. We are left with only the demand to hold. When you understand this, you understand a lot.

This is the relationship between supply and demand. Supply is the number pf production of bitcoin that the miner's produce. And the demand is the number of the product that can buy of the buyers .

No, in a market sense, supply is the coins offered for a price, not the produced coins. Therefore, it is just the inverse of the demand, which is the offers to buy. Therefore, supply is the willingness to sell, which is the same as the urge to hold less.

But i know that demand is the buyers that how many he/she can buy . And the supply  is the number of product that he/she can sell.

[Erdogan]

So its all about the buyers of bitcoin. If they buy more btc the price of btc will increased.

It is a hidden secret, but yes you are exactly right. The value of the money results exactly from the demand to hold, and nothing else.

Why nothing else, why not, as in oil, the production, the usage, and the supply? Here is why: In sound money, there is no production (in principle), there is no consumption (in principle). And tada!: Supply is under these presumptions, the same as lack of demand. Analogous to: Darkness is lack of light, and coldness is the lack of warmth. We are left with only the demand to hold. When you understand this, you understand a lot.

This is the relationship between supply and demand. Supply is the number pf production of bitcoin that the miner's produce. And the demand is the number of the product that can buy of the buyers .

No, in a market sense, supply is the coins offered for a price, not the produced coins. Therefore, it is just the inverse of the demand, which is the offers to buy. Therefore, supply is the willingness to sell, which is the same as the urge to hold less.

But i know that demand is the buyers that how many he/she can buy . And the supply  is the number of product that he/she can sell.

The demand is what the buyers want to buy and act on, i.e they place a bid or accept someone else's offer. The supply is what the sellers want to sell and act on, i.e they place an offer or accept someone else's bid. You may want a yacht, and could afford it, that is not the same as demand, unless you in fact make a bid. The bids and asks are pairs of price and volume. You may offer 2 for 100 each, or 10 for 300 each. Aggregated, it becomes a curve of price and volume, not only a volume.

The special thing with money, is that they are not produced in a factory and destructed (consumed) in the home. They just wander around. The sellers of money are the same people as the buyers of money (at another time). Therefore supply and demand can be collapsed into one: the demand to hold.


 

[Zorrocoin]

For the first time, when I look at the offers on LocalBitcoins.com, there are a half-dozen currencies ahead of the US dollar, offering a higher price for Bitcoin than US dollar users.

Euros, South African Rands, New Zealand Dollars, Hong Kong Dollars, Polish Zloty, Malaysian Ringgits.

It is no longer just the US, EU or even China driving adoption.  There is a market for Bitcoins in major countries all over the world.

Can't really say that it has been spread worldwide or that it is global currency but bitcoin has surely ascended. Hope that it keeps moving forward and spreads like wildfire. Many countries that are not aware of bitcoins are now beginning to learn about it and accept it and that's a good news.