If bitcoin ever goes mainstream

[ATguy]

In our country, you need banks and other financial institutions to be the gateway in every btc->local currency and vice versa so the banks earn as well.

but if bitcoin reaches the point that is considered and used as money, then you won't need to exchange it to fiat anymore because you use bitcoin directly to buy stuff.

True, this is possible when Bitcoin goes mainstream because the advantage to cut middleman (banks) is obvious. But for this, working offchain sollutions must exist for million of transactions / second. Hard to say whether possible.

[marcus_of_augustus]

You're all still missing the point, wealth is NOT mainstream. In fact, the middle class ('mainstream') has gotten less and less wealthy relatively speaking in recent decades.

[bitgolden]

While bitcoin will eventually go mainstream, i think this will take years and years still considering the increase of countries banning btc.
Notice that marketing a Bitcoin related website targeting common people on facebook will just be a waste as it would take time to explain from what is bitcoin than to what the site offers. people only have less than a minute of focus viewing an ad.

Yes bitcoins will go to mainstream payment around the world but it may take some time, maybe one or two decades. As you mentioned countires banning BTC, can you tell which country has banned BTC?  I never heard of that.

[Yakamoto]

While bitcoin will eventually go mainstream, i think this will take years and years still considering the increase of countries banning btc.
Notice that marketing a Bitcoin related website targeting common people on facebook will just be a waste as it would take time to explain from what is bitcoin than to what the site offers. people only have less than a minute of focus viewing an ad.

Yes bitcoins will go to mainstream payment around the world but it may take some time, maybe one or two decades. As you mentioned countires banning BTC, can you tell which country has banned BTC?  I never heard of that.

It is not always an obvious ban, for some countries it is a de facto ban, but at the same time those bans aren't really listened to. Most countries do not have any bans in place, except for Iceland apparently.

[Trading]

If more people use bitcoin, that will increase demand for it and, therefore, will increase its price, since supply is limited and will be even more in the future. So, being common is good and not bad to its price.

[Amph]

You're all still missing the point, wealth is NOT mainstream. In fact, the middle class ('mainstream') has gotten less and less wealthy relatively speaking in recent decades.

you're saying that the pooer will make the richer even richer, also in the case of bitcoin?

at least they can increase their richness, in the case of bitcoin, where in fiat not so much

[Dr.Osh]

If more people use bitcoin, that will increase demand for it and, therefore, will increase its price, since supply is limited and will be even more in the future. So, being common is good and not bad to its price.

you're right, if bitcoin is common knowledge there are only two possibilities, namely price increases, or decreases. if bitcoin is already known to the public as possible the number will increase, and if the number of possible price increases will fall. but if given limit, bitcoin prices may remain stable and will always go up

[LuffyD.Monkey]

I don't think it will be a total loss for fiat investment, I think there would be a level of equilibrium and both will sustain, I also doubt bitcoin would be the most popular coin for regular non-online transactions.

[Trading]

I just stated the truism about more demand being good to bitcoin because someone above were missing this obvious point.

[nickenburg]

if bitcoin become something common, I think the price will also decrease, because if bitcoin already in the know the people, it will spread very much bitcoin and very easy to get so the price will come in lower 

No you got that totally wrong, because if many people want bitcoin there is not enough for all of them.
So the price will go up and more fiat will be in Bitcoin.
There will be only 21 million Bitcoin available and people will realize that they bought to late!

[crazyearner]

Don't get me wrong here, Bitcoin has been around for a fair few years and still going to be around for many more years but with the ever growing demands for it to keep running its going to need some serious mining power. Are people going to still be mining when we get block reward half in next few months. No doubt am sure a lot of people will be switching off units or mining other coins. Bitcoin need to get some future proof fail safe introduced so that it can sustain itself and does not need much power to keep fast transactions.

Over last few months seen massive delays in some payments I sent out and already looking at other coins going strong and am sure their is going to be at this rate a coin that is going to knock bitcoin out of the race or give it a good run for its money. Bitcoin to go mainstream  hmm never gonna happen unless things are done to make it mainstream and easily adopted by the public without risk and also have much needed security. Theirs a lot now, but more needs to be done making much more user friendly to be adopted by the public to go mainstream like fiat money.

[betohell]

The more the merrier.

For me bitcoin doesn't have to succeed, it already did. The people made bitcoin and the banks got scared big time.

Now it is for them introducing a new scheme

I do not think banks should be scared of bitcoin. This is new business opportunity for them. They can continue banking with bitccoin besides fiat.

of course the banks will be wary of bitcoin. because bitcoin is potential to unseat fiat. so appropriate when the bank became fearful.

[Yakamoto]

The more the merrier.

For me bitcoin doesn't have to succeed, it already did. The people made bitcoin and the banks got scared big time.

Now it is for them introducing a new scheme

I do not think banks should be scared of bitcoin. This is new business opportunity for them. They can continue banking with bitccoin besides fiat.

of course the banks will be wary of bitcoin. because bitcoin is potential to unseat fiat. so appropriate when the bank became fearful.

Bitcoin is a very different system from what is currently being used, and thus it does very well have the potential to become a very powerful economic alternative if it gains enough traction with enough people.

What is needed now if the actual people rallying behind Bitcoin, which I have a feeling would be generated if more people started to use Bitcoin and more news was spread around, in a positive light instead of the negative news recently.

[marcus_of_augustus]

http://www.theguardian.com/business/2016/mar/02/global-super-rich-luxury-goods-yachts-wealth-report-knight-frank

The number of ultra rich – people with $30m (£22m) or more in assets – fell 3% last year. There are now 187,500 with assets in excess of that benchmark, down from from 193,100 in 2014. This was the first decline since the financial crisis. Between them, they controlled $19.3tn in assets, down from $22tn the year before.

The number of dollar millionaires around the globe also fell from 13.6 million in 2014 to 13.3 million last year. Together, they hold assets worth $66tn – more than the value of all global shares added together.

The vast majority of the planet's wealth is concentrated in the hands of roughly 13 million people.

Wealth and monetary goods are not determined by the "mainstream".

[Hirose UK]

It's very hard to say the future .
but i guess bitcoin will be not worse than centralized fiat system 

that's right, even someone can predict the future, it will not be 100%.

I think there's still possibility of bitcoin to go mainstream

[lumeire]

The more the merrier.

For me bitcoin doesn't have to succeed, it already did. The people made bitcoin and the banks got scared big time.

Now it is for them introducing a new scheme

I do not think banks should be scared of bitcoin. This is new business opportunity for them. They can continue banking with bitccoin besides fiat.

of course the banks will be wary of bitcoin. because bitcoin is potential to unseat fiat. so appropriate when the bank became fearful.

Bitcoin will never be able to 'unseat' fiat. Fiat is fiat and btc is btc, one complements the weaknesses of each other. Besides, no nation would use a non-central bank regulated currency for their country.

[susila_bai]

The more the merrier.

For me bitcoin doesn't have to succeed, it already did. The people made bitcoin and the banks got scared big time.

Now it is for them introducing a new scheme

I do not think banks should be scared of bitcoin. This is new business opportunity for them. They can continue banking with bitccoin besides fiat.

nah quite agree,as far as i know bitcoiners need bank account when they'd exchanging their bitcoin to dollars and saving it in their bank account so there's no way bitcoin could make bank scared

This is not the case if you make money and get paid directly in Bitcoin. You can get a business started and accept Bitcoin directly, accept the Bitcoin in your address and not through a layer like Bitpay.. this way no bank will ever know you are working and making money in Bitcoin form. If everyone did this there would be no banks anymore.

In our country, you need banks and other financial institutions to be the gateway in every btc->local currency and vice versa so the banks earn as well.

I think that Even if Bitcoin goes Mainstream Bank will exist because they will also start to accept Bitcoin Technology and they will start their work with Bitcoin in all section just like what they were doing with fiat currency. But for that first the whole world should accept the Bitcoin.

[Rotator]

Don't get me wrong here, Bitcoin has been around for a fair few years and still going to be around for many more years but with the ever growing demands for it to keep running its going to need some serious mining power. Are people going to still be mining when we get block reward half in next few months. No doubt am sure a lot of people will be switching off units or mining other coins. Bitcoin need to get some future proof fail safe introduced so that it can sustain itself and does not need much power to keep fast transactions.

Over last few months seen massive delays in some payments I sent out and already looking at other coins going strong and am sure their is going to be at this rate a coin that is going to knock bitcoin out of the race or give it a good run for its money. Bitcoin to go mainstream  hmm never gonna happen unless things are done to make it mainstream and easily adopted by the public without risk and also have much needed security. Theirs a lot now, but more needs to be done making much more user friendly to be adopted by the public to go mainstream like fiat money.

Where do you see solution?
If people shot down their miner gear because it is not profitable, we could face problems.

Maybe new "asic chip" can solve this problem.
http://www.coindesk.com/bitfury-completion-16nm-bitcoin-mining-asic/
But this is constant race with time.

[talkbitcoin]

The more the merrier.

For me bitcoin doesn't have to succeed, it already did. The people made bitcoin and the banks got scared big time.

Now it is for them introducing a new scheme

I do not think banks should be scared of bitcoin. This is new business opportunity for them. They can continue banking with bitccoin besides fiat.

nah quite agree,as far as i know bitcoiners need bank account when they'd exchanging their bitcoin to dollars and saving it in their bank account so there's no way bitcoin could make bank scared

This is not the case if you make money and get paid directly in Bitcoin. You can get a business started and accept Bitcoin directly, accept the Bitcoin in your address and not through a layer like Bitpay.. this way no bank will ever know you are working and making money in Bitcoin form. If everyone did this there would be no banks anymore.

In our country, you need banks and other financial institutions to be the gateway in every btc->local currency and vice versa so the banks earn as well.

I think that Even if Bitcoin goes Mainstream Bank will exist because they will also start to accept Bitcoin Technology and they will start their work with Bitcoin in all section just like what they were doing with fiat currency. But for that first the whole world should accept the Bitcoin.

banks are not going to be easy to get rid of. they are a part of everybody's financial life and besides they are not without benefits. like all the profit they give on our deposits, the loans,... and in the future i don't see this change.

[JAyThaRevo]

The more the merrier.

For me bitcoin doesn't have to succeed, it already did. The people made bitcoin and the banks got scared big time.

Now it is for them introducing a new scheme

I do not think banks should be scared of bitcoin. This is new business opportunity for them. They can continue banking with bitccoin besides fiat.

nah quite agree,as far as i know bitcoiners need bank account when they'd exchanging their bitcoin to dollars and saving it in their bank account so there's no way bitcoin could make bank scared

This is not the case if you make money and get paid directly in Bitcoin. You can get a business started and accept Bitcoin directly, accept the Bitcoin in your address and not through a layer like Bitpay.. this way no bank will ever know you are working and making money in Bitcoin form. If everyone did this there would be no banks anymore.

In our country, you need banks and other financial institutions to be the gateway in every btc->local currency and vice versa so the banks earn as well.

I think that Even if Bitcoin goes Mainstream Bank will exist because they will also start to accept Bitcoin Technology and they will start their work with Bitcoin in all section just like what they were doing with fiat currency. But for that first the whole world should accept the Bitcoin.

banks are not going to be easy to get rid of. they are a part of everybody's financial life and besides they are not without benefits. like all the profit they give on our deposits, the loans,... and in the future i don't see this change.

yes, banks will never disappear as they holds the support from the people and people have more faith in banks, So I think even if bitcoin gets on mainstream, banks will also show their presence.