How will be the world with payment medium as only bitcoin ?

[Jostern]

The question is that is there enough bitcoin to available that will be enough for the whole world to be using, I don’t really think local banks are going to accept all that and if that is going to be a good decision, but honestly speaking I don’t really see how possible that is going to work out, especially when there are countries who are test to accept bitcoin as a viable means of transaction in their various countries, anways it’s going to be a very ridiculous approach because I don’t really see a possibility where individuals will not have access to cash anymore.  

[uchegod-21]

The question is that is there enough bitcoin to available that will be enough for the whole world to be using

This is not even a concern at all, that is why bitcoin is divisible. There are different denominations of bitcoin, we have:
1 BTC which is the 1 full unit of bitcoin
dBTC which is measured as 0.1 BTC
cBTC which is measured as 0.01 BTC
mBTC which is measured as 0.001 BTC
And then the  Satoshi which is the smallest unit of bitcoin. 1 BTC is equal to 100,000,000 Sats.

Looking at this breakdown, you can see that the 21million fixed supply of Bitcoin will be more than enough. The prices of goods and services will adjust to suit this pattern and goods and services will be priced in fractions, mostly in Satoshis. Since there is already existing Scarcity, each unit of Satoshi will be well valued and the risk of inflation will reduce.

Well, no government of the world will ever agree to bitcoin being the only medium of payment. Bitcoin will take away some level of control from the government, they wouldn't like to put themselves in such a complicated situation.

[CryptoHeadlineNews]

Suppose there is a situation where the whole world starts using bitcoin as payment medium. I know it will not happen anytime soon may be first enforced in  USA. What is the probability of this and what changes it will make in the society ?

The existence or global use of Bitcoin can never eradicate the use of fiat currencies in our respective countries, because there will always be fiats been used for day to day transaction, since that's the only means of transaction through which people can use physically without the need of an internet connection and likewise government and it's central banks has control over it, and can be used track it's citizens in case of fraudulent report. And secondly, government makes lots of money from transaction fees been paid on fiat, and for that reason they can never eradicate it's use, since that's the medium, including taxes through which they generate funds for providing basic amenities like road, infrastructure and electricity.

[Somegory]

Hate it or love it, the whole world is not going to start accepting an using Bitcoin as a medium of exchange, because we all can't keep using the same thing, we are human and we think differently.

Before I was born, stock and gold have become a thing, till today I don't own any of these two assets, the same thing will happen with Bitcoin, there will always be millions of people who don't care and won't use Bitcoin.

Another plus is the Volatility that Bitcoin has, there are merchants that are already complaining about this, some prefer to use stable coins only because it's same as using USD to make payment.

[purple_sparkles]

Suppose there is a situation where the whole world starts using bitcoin as payment medium. I know it will not happen anytime soon may be first enforced in  USA. What is the probability of this and what changes it will make in the society ?

The existence or global use of Bitcoin can never eradicate the use of fiat currencies in our respective countries, because there will always be fiats been used for day to day transaction, since that's the only means of transaction through which people can use physically without the need of an internet connection and likewise government and it's central banks has control over it, and can be used track it's citizens in case of fraudulent report. And secondly, government makes lots of money from transaction fees been paid on fiat, and for that reason they can never eradicate it's use, since that's the medium, including taxes through which they generate funds for providing basic amenities like road, infrastructure and electricity.

I think it’s a myth that the world could fully switch to bitcoin, at least because it can’t be completely tracked. As we can see, governments tend to move toward total control over the population, and there’s little sense for them to adopt Bitcoin if they can’t control such a system. However, there might be another scenario: first, bitcoin is accepted and used at the state level, while each country also promotes its own digital currency. Then, once people get used to fully digital payments, bitcoin could be made inconvenient through various laws and protocols, and cash could be removed from circulation. In that case, the situation wouldn’t be great, because all our financial transactions would leave a digital trace and be under full government control. Authorities could dictate how and where people spend their money, taking complete control over finances. And if someone becomes inconvenient for the system, they could simply be excluded from the digital economy essentially left with nothing.

[Creeper0]

Suppose there is a situation where the whole world starts using bitcoin as payment medium. I know it will not happen anytime soon may be first enforced in  USA. What is the probability of this and what changes it will make in the society ?

If the United States abandons the dollar and replaces it with Bitcoin, their economy will almost be destroyed. I think the main obstacle to Bitcoin becoming the only currency in the world will be the United States. Because, as long as the world depends on the US dollar, their economy will be in favor. The United States fights most of the wars in the world to keep the dollar in the world market.

However, if Bitcoin becomes the only means of payment, the government control system will be destroyed and banks may lose their original entity. Even the country's economy and tax policy will go beyond government control. However, as a Bitcoin user, the problems of banks will be eliminated and we will all be included in the same border economically.

[lionheart78]

Suppose there is a situation where the whole world starts using bitcoin as payment medium. I know it will not happen anytime soon may be first enforced in  USA. What is the probability of this and what changes it will make in the society ?

If you are talking about Bitcoin being used or recognized by every nation as a payment medium, then the probability is somewhat uncertain, with uncertainty, it would be 50/50.  At the current development of Bitcoin adoption, there are country that banned it or restrict the use of Bitcoin.  Other countries who are hostile don't want to recognize Bitcoin.  And we do not know what will happen in the future since humans are prone to changing behavior over time.  Countries that are friend to Bitcoin today may turn hostile in the future and vice versa.

If ever Bitcoin is accepted globally as a medium of exchange, then it is just another payment option on the table, but obviously, it will affect the government's control since Bitcoin is decentralized, and with Bitcoin being acknowledged as a medium of exchange, people will have an alternative option to use in payment that is out of the control of the government.

[CryptoHeadlineNews]

The existence or global use of Bitcoin can never eradicate the use of fiat currencies in our respective countries, because there will always be fiats been used for day to day transaction, since that's the only means of transaction through which people can use physically without the need of an internet connection and likewise government and it's central banks has control over it, and can be used track it's citizens in case of fraudulent report. And secondly, government makes lots of money from transaction fees been paid on fiat, and for that reason they can never eradicate it's use, since that's the medium, including taxes through which they generate funds for providing basic amenities like road, infrastructure and electricity.

I think it’s a myth that the world could fully switch to bitcoin, at least because it can’t be completely tracked. As we can see, governments tend to move toward total control over the population, and there’s little sense for them to adopt Bitcoin if they can’t control such a system.
However, there might be another scenario: first, bitcoin is accepted and used at the state level, while each country also promotes its own digital currency. Then, once people get used to fully digital payments, bitcoin could be made inconvenient through various laws and protocols, and cash could be removed from circulation. In that case, the situation wouldn’t be great, because all our financial transactions would leave a digital trace and be under full government control. Authorities could dictate how and where people spend their money, taking complete control over finances. And if someone becomes inconvenient for the system, they could simply be excluded from the digital economy essentially left with nothing.

And it is this digital currency intended to be promoted by each country is one thing I'm 100% sure can still not be effective like the use of fiat currencies. Because to be able to use this digital currency,one needs to have access to a mobile device, and likewise a strong Internet connection in every parts of the country, and for me, judging by the economic situation in most countries, I'm sure not everybody owns a smart mobile device that has access to Internet connection, most especially those old and elderly people living in the villages, and uses fiats the most for day to day transactions. So just kike you earlier say, it is indeed a myth to think the world will ever fully operate with Bitcoin alone.

[aylabadia05]

Re: How will be the world with payment medium as only bitcoin  ?

Suppose there is a situation where the whole world starts using bitcoin as payment medium. I know it will not happen anytime soon may be first enforced in  USA. What is the probability of this and what changes it will make in the society ?

Given the various developments surrounding global efforts to shift payments exclusively to Bitcoin—and eliminate the use of fiat currency altogether, even if only hypothetically—I still don’t think it will happen. This is because countries around the world aren’t fully prepared yet, and from a broader perspective, it simply won’t happen because fiat currency is a national project for every country, even the United States.
All the widespread coverage regarding payments using Bitcoin is just a game for the elite.

[ColdLava40]

The question is that is there enough bitcoin to available that will be enough for the whole world to be using, I don’t really think local banks are going to accept all that and if that is going to be a good decision, but honestly speaking I don’t really see how possible that is going to work out, especially when there are countries who are test to accept bitcoin as a viable means of transaction in their various countries, anways it’s going to be a very ridiculous approach because I don’t really see a possibility where individuals will not have access to cash anymore.  

Cash system can't simply be eliminated.

Even if there's a chance of Bitcoin being widely acceptable in all countries in the world, it would have to work together with the fiat systems. It's adoption will not be the end of the fiat system as no government would allow such to happen.

But the chances will be very low. The reason is simply, government will not want to give full authority to a system they don't control. They would see it as a threat to the future of their country and economy.even if Bitcoin in the future eventually gets to an ath they would still not accept it..

[famososMuertos]

Let's play a thought experiment... First, the blockchain would become the largest transaction ledger in history. (but who actually controls the narrative behind that data?... You, me, they)

Pseudo-anonymity would be common, but being truly anonymous would be a VIP experience.

Potential access to public spending data would be the best way to monitor where our tax money goes—and, in general, to monitor all spending.

The rest would be the same, just with Bitcoin.

[Nwada001]

Suppose there is a situation where the whole world starts using bitcoin as payment medium. I know it will not happen anytime soon may be first enforced in  USA. What is the probability of this and what changes it will make in the society ?

I can't imagine that happening, but it will obviously be one of the worst things that happen during that era. Payment for things won't go as fast as they should; fees will be almost equal to the things you might want to pay for, like a sachet of water and other things. Without internet, you can't make payment, or will there be some sort of physical bitcoin that's going to be made available to serve some purpose?

[skarais]

Suppose there is a situation where the whole world starts using bitcoin as payment medium. I know it will not happen anytime soon may be first enforced in  USA. What is the probability of this and what changes it will make in the society ?

When I was 10 years old, I never imagined that there would be a time when I could pay for something just by scanning a barcode using my cellphone, but it really happened. Technological sophistication is ultimately a demand that will continue to develop, but bitcoin will never be the only currency that will be used throughout the world without coexisting with other means of payment. Every country has its own currency, but bitcoin can be used globally especially if its regulations are recognized. If this really happens, then I don't think we will feel anything different compared to other digital payments, except about the speed of transactions and fees that we can set ourselves.

If global adoption does happen, then the bitcoin economy will clearly grow much bigger than it is now. The impact on society is that they can easily make transactions without anyone being able to control them, even the government. Without paper money I think everything is still fine, but the adaptation required is not short.

[red4slash]

Suppose there is a situation where the whole world starts using bitcoin as payment medium. I know it will not happen anytime soon may be first enforced in  USA. What is the probability of this and what changes it will make in the society ?

Currently what I know is that bitcoin has begun to be used as a means of payment in several countries and may even be global in scope but to be the only one it is unlikely to happen because apart from this it will conflict with the current system for bitcoin payments remains an alternative and cannot be forced as a substitute.

Even for the US though they will still try to accept bitcoin as legal tender but not a substitute for fiat as the main means of payment because bitcoin is just an alternative for payment.
If it is forced to be the only one then certainly their world bank will no longer operate and they cannot make the US remain the center of the economy because in the end their fiat will not apply.

[IjawMan]

Suppose there is a situation where the whole world starts using bitcoin as payment medium. I know it will not happen anytime soon may be first enforced in  USA. What is the probability of this and what changes it will make in the society ?

It will bring about the kind of system of finance that the central authority is seriously up against. A decentralize society, privacy ensured and financial freedom embracing for all.

Passionate as I'm about bitcoin I still do not wish for a world with only one medium of payment, I still be dispassionate of the idea be it that it is bitcoin, by that as it may.

Alternatives allows us see the better network and offers user choice to make and if bitcoin is the better of  them all t will not matter how many options there is, bitcoin will still make the top demand and traffic in a world where the government do not fight it and blacklist it to give it a bad outlook for the citizens.

[EL MOHA]

Currently what I know is that bitcoin has begun to be used as a means of payment in several countries and may even be global in scope but to be the only one it is unlikely to happen because apart from this it will conflict with the current system for bitcoin payments remains an alternative and cannot be forced as a substitute.

Even for the US though they will still try to accept bitcoin as legal tender but not a substitute for fiat as the main means of payment because bitcoin is just an alternative for payment.
If it is forced to be the only one then certainly their world bank will no longer operate and they cannot make the US remain the center of the economy because in the end their fiat will not apply.

I don’t think OP is actually on about bitcoin been the only legal tender or currency been used as the only payment method rather the OP is actually asking about what happens of everyone starts using bitcoin even if it’s an alternative. Because if the question is about bitcoin been the only payment then we will all agree that it’s not possible for that to happen.

So bitcoin been accepted as a global alternative to other payment methods then it means more transactions will be performed on the bitcoin network and some days we might experience network congestion. One thing though that I think will be used more if this thing happens is the bitcoin second layer like lightning network for micro transactions and to help avoid high transaction fees

[Ambatman]

Bitcoin has to be scalable and be able to cover such number of transactions
And you should understand that something that Big would be regulated by the government
So stricter regulations.

And if it's only Bitcoin? Then the world model has to change from debt financing
And from considering deflation as toxic.

[d5000]

Some scenarios:

- Bitcoin would be used almost exclusively via second layers. The most promising for now could be Ark, followed by sidechains and Lightning.
- Payment usage would create much more liquidity, and volatility would be low. Inflation measured in Bitcoin would be negative or at most low.
- There could be a shift of investments from risky to solid. Today everybody is trying to beat inflation, and that means risky investments are popular, even if they are not sound. In the "deflationary world", it is likely that very risky startups could have a bad time, while solid investments would still yield enough profit for saving and for retirement provision.
- See also this thread about consequences of a "deflationary" or zero-inflation world, which would apply to Bitcoin.

If that happens, it doesn't seem like the US will be the first.
I think El Salvador, Japan and Australia will be the first to adopt Bitcoin payments.

And it will happen faster in developed countries, because corrupt countries are not interested in adopting Bitcoin and blockchain technology, because it will prevent corruption. And the US will try to use it as a way to maintain balance, because it can also have some impact on their dollar.

I think that countries like Argentina with low trust in the local currency could be the first ones to adopt Bitcoin. They have a long history of inflation, and already the population experiments with low-inflation crypto-based stablecoins like the USDT.

Once Bitcoin becomes less volatile a shift to BTC would be quite interesting, because the promotion of BTC in a country large enough to "make a dent" in the Bitcoin price, could give the residents an advantage over other countries' residents, and that could outweigh the short term positive effects of "debt financing" (also the elite could benefit, so I am less optimistic regarding a "fairer" society with less elitism). This would probably lead other countries into Bitcoin promotion too. El Salvador tried this but it was too small to really create such a "domino effect" and it had bad luck with stumbling just into a sharp bear market.

It is possible that in this scenario many countries could follow the pioneers, but I agree that the US is one of the less likely countries to really embrace it (even if Donnie's anouncements look different) due to the imporance of the US dollar.

[Rgram]

Suppose there is a situation where the whole world starts using bitcoin as payment medium. I know it will not happen anytime soon may be first enforced in  USA. What is the probability of this and what changes it will make in the society ?

I can't imagine that happening, but it will obviously be one of the worst things that happen during that era. Payment for things won't go as fast as they should; fees will be almost equal to the things you might want to pay for, like a sachet of water and other things. Without internet, you can't make payment, or will there be some sort of physical bitcoin that's going to be made available to serve some purpose?

I do agree with your take on this. Obviously I doubt Bitcoin can never turn out to be the sole financial transaction medium that would be utilized globally because, there is a thing to fiat that we ought to recognize and that’s the fact that, it’s a tool to the government and a national symbol.

What would become of the government should they abandon their one tool for control and we all know how government likes to have a great deal of power over its citizens. So, abandoning their product for what they can’t control is a no.

[Patikno]

Suppose there is a situation where the whole world starts using bitcoin as payment medium. I know it will not happen anytime soon may be first enforced in  USA. What is the probability of this and what changes it will make in the society ?

The change will clearly impact the use of banks, which will begin to be abandoned by society, and people will favor Bitcoin due to its ease of use. Bitcoin is borderless, and its utility value will be most visible, especially if the entire world uses Bitcoin as a means of payment. I don't know how likely this is to happen anytime soon, but I don't think there are any signs yet, and a country like El Salvador is still experiencing some obstacles in its implementation. Maybe, many people are still unfamiliar with Bitcoin and not ready for the shift, but I am confident, that the next few generations will be ready to accept Bitcoin as a means of payment, or legal tender.

By the way, I saw a news report about the El Salvadorans rejection of Bitcoin adoption as legal tender a few years ago, and this is what I meant by "some people who don't know Bitcoin, or aren't ready for the change". If they hadn't rejected Bitcoin at the time, and if they had held onto Bitcoin, I am sure they would be making a profit now, as the price of Bitcoin was still below its current level. I am sure those protesting at the time regretted their actions, seeing the price of Bitcoin today.

They are just people who are out of date, because they don't know what they are protesting about, and what they are protesting about is actually the solution for them (in terms of usefulness, and benefits), namely "BITCOIN".

Reference : dw.com - El Salvador's Bitcoin adoption met with suspicion (You will see the mistake of the people of El Salvador who opposed Bitcoin at that time, even though their government wanted to advance their country economy with this policy, but the people rejected this progress, it was truly a shame).