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

[Fiasem20]

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 ?

Many countries won’t agree to that term not even USA,but if it happens then it’s fine.The masses would have to learn how to use bitcoin for their day to day transactions.I could remember when there was insufficient cash in my country,people that refused to make payments with their mobile banking apps started learning how to use it,even those sellers that don’t accept transfers started accepting it.That was how everything changed in my country during that period,if it wasn’t transfer then card payments were made available for buyers.So reading this post,it reminded me of the cashless policy,so in my own opinion if bitcoin was the only option to make payments people would learn and adopt to the system.

[Dunamisx]

Not that it is not possible but I think we are still some way far from seeing bitcoin as the only alternative to making payment in the economy, we may just have to take it as it is for now that both bitcoin and Fiat currency you have to exist for the smooth running of the economy until we get to that stage whereby everyone will not afford to miss out on bitcoin opportunity for making payments and other transactions they intend to do after they would  have understand more about the network.

[Marykeller]

This has been in my mine for years back. And my thoughts were if it really happened, the value of bitcoin has to come down so that the price of things would reduce in price and inflation and the transaction would reduce drastically and if those things do not come down there is no way people can use bitcoin to buy things in the local market. Because it has to start with 1 bitcoin to buy a simple goods or services. But with the current price of bitcoin, customers can't use it.

The Bitcoin price can't be reduced so that the price of things becomes affordable. Are you forgetting that someone can buy and send a small amount of Bitcoin(Satoshi) to a recipient Bitcoin address? That's the same way of knowing the price of the product and paying for it with Bitcoin. The same way we do with fiat. If we know the price, we pay for it. The same method will be applied in using Bitcoin as a payment mechanism

[serjent05]

This has been in my mine for years back. And my thoughts were if it really happened, the value of bitcoin has to come down so that the price of things would reduce in price and inflation and the transaction would reduce drastically and if those things do not come down there is no way people can use bitcoin to buy things in the local market. Because it has to start with 1 bitcoin to buy a simple goods or services. But with the current price of bitcoin, customers can't use it.

The price of Bitcoin is independent from the price of other commodities, so Bitcoin doesn't need to be reduced in price to be used as payment option.  Even if Bitcoin reaches $10m  it can still be used to pay for our coffee purchase. 

It is absurd to think that we need to have a payment of 1 whole Bitcoin for a purchase. If that is to be the standard, then why is Bitcoin have a decimal to begin with?  Yes, Bitcoin can be spent in fractions.  Bitcoin has a unit called satoshi, which can be used to pay for smaller bills.  And if ever Satoshi is to big to pay for our small purchases, the Lightning Network has also introduced “Millisatoshi” (1/1000 of a satoshi), although an informal Bitcoin unit, it is available on the Lightning Network.

[r_victory]

Bitcoin is already being used as a form of payment, in my opinion, less than it should be, but its use is already a reality. I think it's impossible for it to become the only form of payment used worldwide; we still have many other forms of value that could be used for the same purpose.

[alastantiger]

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 ?

Since the modern civilization there hasn't been a time when the world has only one currency that is being used by everyone, definitely we are going to have a dominant currency but still they will be other ones that are still being used by others. Why I say this is because I have research from history and I think the same will happen with Bitcoin, Bitcoin won't be a world currency but it can become a dominant currency that is being used by most people and if this time comes then we can see better improvement in our banking system with transaction being fast, transparent and decentralized than what we currently have and I don't think the US will be the state that will start this as they are very very anti Bitcoin right now unlike what the US president promised when he was running for election.

[Fivestar4everMVP]

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 hate to imagine vain things because even you know that it will never be possible for bitcoin to turn out to become the only medium of payment for goods and services around the world, No USA will ever enforce that bitcoin become the only means of payment in their country because USA loves power and they also love their currency, the US dollars as much, the government in the USA can never prioritize any other currency over their own currency, and by any other currency, bitcoin is included.

There is absolutely no need telling or even imagining what a world with bitcoin as the only means of payment for goods and services will be, because like I already said before, this will never happen, as much as we all love bitcoin and wish for great things to happen through it, it's very important we always try as much as possible to be realistic with out thoughts and imaginations.

[test2026]

Bitcoin is already being used as a form of payment, in my opinion, less than it should be, but its use is already a reality. I think it's impossible for it to become the only form of payment used worldwide; we still have many other forms of value that could be used for the same purpose.

I meant national use.

[Awaklara]

I meant national use.

It is still difficult if only Bitcoin is used as a means of payment. It's not difficult to use, but difficult to implement within a country's government system. If it becomes one of the payment alternatives, of course, it is already being used now, although not comprehensively. It would be extraordinary if Bitcoin were used as a legitimate means of payment in most countries around the world. We are waiting for that time, for businesses selling goods and services that accept Bitcoin as a means of payment.

[bitcoindusts]

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 ?

Bitcoin being the only medium of exchange in the world will not only not happen anytime soon but will never happen, IMO.  The hurdle for the realization of Bitcoin being the sole medium of exchange is the government and centralized financial institution.

It is still difficult if only Bitcoin is used as a means of payment. It's not difficult to use, but difficult to implement within a country's government system. If it becomes one of the payment alternatives, of course, it is already being used now, although not comprehensively. It would be extraordinary if Bitcoin were used as a legitimate means of payment in most countries around the world. We are waiting for that time, for businesses selling goods and services that accept Bitcoin as a means of payment.

Centralized government always wanted to be in control.  This is the major reason why it will be difficult and actually impossible to be used as a sole means of payment.  Besides country have different preference, and each country wanted to use their own released currency because of they wanted to be in control of their economic finances.

[Youngrebel]

It is still difficult if only Bitcoin is used as a means of payment. It's not difficult to use, but difficult to implement within a country's government system. If it becomes one of the payment alternatives, of course, it is already being used now, although not comprehensively. It would be extraordinary if Bitcoin were used as a legitimate means of payment in most countries around the world. We are waiting for that time, for businesses selling goods and services that accept Bitcoin as a means of payment.

Bitcoin to me it is not actually difficult to use most especially now that wallets and payment system are becoming easier to ascess. The biggest challenge i see here is the economic side, every country has financial structures and rules guiding their currency and banking system.

[Mate2237]

This is a hypothetical situation and can only exist in your imagination, because there will be no day when the world will grow to a point were, one can say that it's only one payment such as Bitcoin can exist. The world is too big for that, there will always be different payments medium because the world is a big place for one one payment medium to have monopoly over.


But if assuming that such a situation happens, then that will make Bitcoin to one increase in value because more people will adopt it which will automatically help in boasting the price of bitcoin.secondly the rate of Bitcoin adoption will increase because there will be more awareness about Bitcoin.

[Synchronice]

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 ?

How will the USA be the first country to enforce Bitcoin payments? Why on earth will the number one economy take such a risk, especially when they have their own dollar, which also is the global currency and the USA has a total control over it? The country that did what you wrote, is El Salvador and you can read many news about that.

In general, world can't function on Bitcoin payments. It's not fast, only a limited number of transactions get confirmed in each block, the payment is also hard for an average citizen (it's not as easy as visa card) and so on. Bitcoin was never designed for the world, it was designed to solve the problem in e-commerce sector.

[Vaskiy]

We knew it. This won't happen forever. Countries have got their own currency which gives control to the government. Leaving that no country will take alternate decisions. Few exceptions, one amongst is the El Salvador. I believe there will be more phone snatchings from old people after the evolutionary change. Not many know how to use, and the same will be used as opportunity by the fellow people. I state this based on a real incident that happened in my society. An old person received ATM card from the bank. He didn't know how to use the card. He seeks for help and a person created ATM pin for him and finally took away good sum of money. So, the real possibility exists only when the entire population is ready to adopt the technology dependent growth.

[Hamza2424]

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 ?

Bro even if we consider it realistically, the scenario has an extremely low probability in the near mid term, but I am not even seeing it in the long term because if Bitcoin becomes a global currency, the first thing would be the increase in transaction fees and congestion on the main network. So those who are spending money regularly would have to move on to the Lightning Network, and their demand could increase, but still the transaction fee would cost them to open the channel with the receiver for the first time. And from a security perspective, it can be a problem for sellers because every time they give a unique address to a buyer, so with LN it could become hard.

Holders would enjoy this scenario more because due to the high demand, price will pump and they could make a lot of profit.

[macson]

I know it will not happen anytime soon may be first enforced in  USA.

How do you know the US will enforce the use of Bitcoin as a means of payment in their country? Because so far, there's no regulation requiring Bitcoin to be legal tender in the US, and I don't think the government and legislature there will allow Bitcoin to become the sole means of payment there.

Even though the US is currently a crypto-friendly country, I don't think they'll go so far as to prioritize Bitcoin --- they'll make the US dollar more widely used for everyday transactions, while Bitcoin itself will remain an alternative.

[ingiltere]

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 ?

There's zero chance of that happening in my opinion. Besides that, I don't think it would even be a good thing. It's good for people to have various alternatives. The whole world doesn't need to use a single currency. This idea is actually terrifying. The fact that Bitcoin is at the heart of the matter doesn't change that reality. It would be a dystopia, a really bad one. I don't think you'd want to live in a world like that either. More choices and more freedom are better for all of us.

[PX-Z]

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 means that bitcoin is fully regulated in that location and probably every merchant and the customer use the same centralized platform or integrated system from different platforms where receiving bitcoin instant payment is possible, just like how internal transfer in any exchange works, no fees and instant. Or lightning transfer evolve and make it more user-friendly.

But only bitcoin payment? That's like a dream to come true which also means government need to throw the cash system in which it won't happen anytime. Government will just adopt  and implement but wont discard its fiat system where they can fully control.

[Franctoshi]

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 don't think this will happen anytime soon where the world will operate or run only Bitcoin payment system without the existence of fiat currency alongside Bitcoin. What I think is Bitcoin will become a payment system digitally like the US dollar, where everyone would store their wealth just as has use it as one their strategic reserve, not to eliminate fiat currency totally. If there's ever gonna be a situation like that, I think it might happen towards the end of this century or after this century where most of the old guy are no longer alive, it'll now be a technology for the younger generation to use.

[TastyChillySauce00]

I highly doubt that will happen, even the world is trying to create so many currencies. One payment medium for all is not really possible but in the case that is happening the price will go up dramatically, there will be a lot sidechains to improve scaling, and lastly everybody will have better freedom to transact. Again, probability is too low for that to happen, the government didn't issue fiat because they want to out of nothing, but because they realized they could control their country economy that way.