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

[Luke3bird]

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.

Fiat currencies are not increasing, or very little rise because existences of fiat currencies are strongly correlated with total nations and unions in the world. Such entities don't increase or decrease too much over time, but there has been emerge of Central Bank Digital Currencies (CBDCs) and it's a current trend from central banks globally.

In cryptocurrency industry, altcoins are very inflated and abundant with so many new altcoins, tokens created in three latest years.
https://coinmarketcap.com/charts/number-of-cryptocurrencies-tracked/
Click on Total tracked, and All to see that from about 5M in late 2024 to more than 50M now, that's crazy but means many altcoins, tokens are useless.

[Agathamay]

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 ?

lol I guess the world will just end just my guesses
But I don't know why we are pushing this bitcoin this hard and I believe this pressures are also one reason why the government are becoming more scared of the evolution but one thing is certain that one day, just one day maybe not today but bitcoin would be globally accepted as a means of payment and atleast we are already seeing 50% acceptance rate which is a clear sign that we are heading for a global adoptions.

Always remember that bitcoin, a lot of transactions can be easily monitored on the blockchain and this alone would make government agencies not to easily give in because their loots might be traced and it might be difficult to steal as every transaction would have to pass through the blockchain which can be accessed by anyone.
And what I'm trying to say is that, these feature would make global adoption a difficult one but I think a lot of regulations would also be put in place trying to bend the system

[fuguebtc]

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.

We often say, never say never. However, in this case, I am certain that the probability of Bitcoin becoming the sole means of payment globally is zero. There is absolutely no chance of that happening.

Frankly speaking, the world is not short of payment methods, and government have plenty of options. There is no reason for them to choose a currency they do not create and control.


We need to be realistic about this.

[rodskee]

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.

even before bitcoin reached the point of being this valuable, people have already been using bitcoin as a mode of exchange and it’s unlikely to stop. bitcoin is beneficial especially to those who want to make transactions from and to a different country. it’s more seamless than banks. but again, its volatility will prove to be difficult for everyone to adopt.