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

[test2026]

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 ?

[Furious 7]

Then when that happens the government is just like a display that is not very useful. There is no control that they have, the central bank will also just be an institution that does not have any contribution anymore because we know that currently the central bank always has a role for monetary policy and several other things that have always been their job to maintain economic conditions with their fiat.For bitcoin too this will definitely
In addition, for bitcoin, their volatility will be even greater than now because everything is only focused on bitcoin in the end.ThereforeD

Things like this will never happen for me even though later bitcoin can be an alternative but the point here is an alternative not a substitute let alone eliminate the existing fiat system.
Even if bitcoins become legal tender (if possible) but they are only an option not the only legal tender because for this fiat is still in control.

[Dulen007]

If Bitcoin ever becomes a global means of payment, the biggest shift won’t even be money itself, it’ll be power.
Governments have always had control because they control their currency. They can print more money, manage debt, fund whatever they want, and even rescue failing institutions. Bitcoin changes that completely, and that’s exactly why the people at the top may resist it for the longest time.
Honestly, countries like Nigeria might benefit more from something like that than the already powerful nations. Our currency keeps losing value against the dollar, and we don’t even control the forces behind it. Bitcoin could at least give people another option and reduce that kind of disadvantage.
I don’t think full global adoption will happen anytime soon, at least not in our lifetime. But as a parallel payment system existing beside traditional currencies, that part is already starting to happen.

[Oshosondy]

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 ?

United States can not leave the dollar and enforces bitcoin spending rules. Most countries will not also want bitcoin to be used as legal tenders. There are two countries now that bitcoin has been used as legal tenders but bitcoin is no more a legal tender in such countries anymore. I am referring to El Salvador and Central African Republic.

If bitcoin become a legal tender, do not expect its impact on the countries because it is just used as a currency, but tourism might increase in such countries.

[zasad@]

If this world is limited to a small community in the United States, then this is even possible now. No one still knows exactly who owns the 10 million bitcoins and how many coins are actually lost forever.
It's like asking, what would happen if all of medicine chose chiropractic as the only treatment method?

[test2026]

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 ?

United States can not leave the dollar and enforces bitcoin spending rules. Most countries will not also want bitcoin to be used as legal tenders. There are two countries now that bitcoin has been used as legal tenders but bitcoin is no more a legal tender in such countries anymore. I am referring to El Salvador and Central African Republic.

If bitcoin become a legal tender, do not expect its impact on the countries because it is just used as a currency, but tourism might increase in such countries.

Can you explain about why tourism will increase in such countries ?

[Agbe]

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.

[asriloni]

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 thing that i can tell you using bitcoin in US for the medium of payment is allowed. So you don't need to get an answer about the probability of it to happen caused by it has been going for years. However, Bitcoin is being considered as a commodity instead of legal tender. So it's delutional to think bitcoin to be the onle medium of payment.

That's the reason there will be no change in the society caused by Bitcoin is gonna be co-exist with any fiat money. It's only your imagination to think bitcoin to he the only one caused by no country is keen to replace their fiat money with bitcoin.

[Upgrade00]

Bitcoin is already a payment medium used globally, but there is no scenario where it is the ONLY payment medium used. The situation that to happen are not feasible at all, all fiats and banks will have to be non existent and Bitcoin will need to be scalable enough to handle millions of transactions per second.
It is not possible neither is it necessary for the growth of Bitcoin.

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

The value would not have to reduce, it'll just need to become more divisible.

[Nathrixxx]

I don't think we could have this done anytime sooner, but maybe we can take it as a future expectation to happen when the time comes, but for now I don't see bitcoin appearing as the only medium of payment, while majority of the people still depend on Fiat currency for their daily transactions and business deals, until we get to the stage whereby all everyone fully got equipped with how to use bitcoin for their daily transactions and payment of those and services to the least level, so it is very possible but we still have a long way to go.

[SilverCryptoBullet]

Bitcoin is already a payment medium used globally, but there is no scenario where it is the ONLY payment medium used. The situation that to happen are not feasible at all, all fiats and banks will have to be non existent and Bitcoin will need to be scalable enough to handle millions of transactions per second.
It is not possible neither is it necessary for the growth of Bitcoin.

There is no only thing in this world, from many fiat currencies, diversifying metals, to abundant cryptocurrencies to use by nations, governments, business and people. They have rights and freedom to choose what they want to use and governments in most nations can not force their citizens using ONLY one thing. It's unrealistic and even in nations with severe dictatorships, citizens can still try to find alternatives to what they are forced using by the dictator governments.

In fiat currency, even the US. dollar can not be the only fiat currency to be used by all nations globally. Even in their native nation the USA, locals still use different fiat currencies.

[arzuo]

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.

If that happens, there will be a huge change in the social system. Every person in the world will be tied to a financial and independent monetary system, where people can easily engage in economic activities, but there is no clear idea of ​​how long this will take.

[m2017]

Suppose there is a situation where the whole world starts using bitcoin as payment medium.

Interesting start. A nightmare for the bitcoin haters.

I know it will not happen anytime soon

And here I almost laughed.

may be first enforced in  USA.

Aren't these the same guys who have the dollar printing press?

What is the probability of this and what changes it will make in the society ?

I think the likelihood of this is close to zero. What changes will occur? I think everything will remain roughly the same: a small circle of people with a lot of money and a large mass of people with very little. Don't be so naive that in a world where only (or) bitcoin exists, everyone will become rich and happy. Bitcoin is not capable of changing the structure of this world.


"How will be the world with payment medium as only bitcoin  ?" - unbalanced (as if that were the case now ), since the majority of ишecщшты is already distributed among a not very large circle of people.

[AprilioMP]

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 ?

But fiat currency is still in use, and it’s not just Bitcoin. If both were to be accepted, then El Salvador has already put this into practice, and I don’t think there would be any obstacles other than the genuine freedom that would be gained. People who make payments using Bitcoin are welcome to do so. Those who want to use fiat currency are also welcome to do so. The United States, on the other hand, cannot abandon the dollar—it is their primary strength in global trade, and there is simply no viable alternative to replace it.

[Sammye3]

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 solves an individual problem, not a general problem. The bank does more than just banking but also provision of loans and other services too. With the use of bitcoin globally, there would be a high risk of fraud and fake transactions which could fall the economy entirely. When the government loses control over monetary policy, the economy crashes and that could affect the country in general.

Bitcoin is a good store of value but cannot replace the bank. They both serve the same purpose, the bank even more; so bitcoin should remain an asset rather than a globally implemented currency.

[Finestream]

Eventually, bitcoin will be globally adopted and would act as an alternative currency, not a legal tender. So there won't still be positive changes that would change the world or the country's government.

But if what you mean is having bitcoin as the world's official currency, then it would change a lot. There will be pros and cons for that, and since bitcoin is highly volatile, it would be a big challenge for the government to deal with that, and deal the people's confusion due to monetary shift.

However, I don't think fiat currency will be lost from the context. Just like El Salvador, people will be given their choice on what to spend, bitcoin or fiat. Its hard to totally eliminate fiat honestly.

[uneng]

There is little to no chances Bitcoin is going to replace fiat currencies as the only mean of medium of exchange. The volatility is just too high to be introduced in global economy for daily negotiations. People seek for stability, and that is why they adopted Dollar as main currency, even though in order to ensure such stability, a lot of manipulation has be done, while inflation eats purchasing power on long run.

[Ruttoshi]

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 not be possible for bitcoin to be the only payment method because the US will kick against it since they want the US dollar to be the world only reserve currency. Anybody that wants to make the dollar weak will be followed up by the US government. Ain't you seeing what Trump is trying to do.

Bitcoin isn't scalable to handle larger transactions, it will choke the network just like we do see when the network is congested due to spamming the network by BRC-20 tokens and RUNE. People is the rural places without internet and andriod phobes cannot use bitcoin

[retreat]

We all hope that Bitcoin will become legal tender, but that's unlikely to happen because governments and banks won't allow another currency to challenge the dominance of their fiat currencies. The United States, in particular, which has benefited greatly from the adoption of the US dollar, won't allow Bitcoin to replace the USD and become a publicly available means of payment.

Currently, regulations in many countries have even positioned Bitcoin more as a commodity than a currency, which limits its use in everyday transactions and prevents it from becoming the primary means of payment that some hope.

[aoluain]

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 ?

So much more things would need to happen well before Bitcoin becomes the No.1 global payment system.
From education to salaries being paid in Bitcoin to merchants accepting it. A simple fact is that not everyone
is willing to go the the extra steps to exchange their FIAT salary into Bitcoin in order to buy coffee and toilet
paper. Or an exchange function built into every banking app _{which really wont happen} in order to
make it SUPER easy for everyone to use.

The general public are really interested in convienience and the general public are lazy when it comes to finance
so Bitcoin would need to be easier or as easy as using FIAT for the general public.