Bitcoin will be bigger than Facebook

[itsAj]

I highly doubt BTC will have more users than FB>..because FB is used by everyone from kids to teens, adults and aged. And not everyone wants to use BTC

What about the likelihood of bitcoin replacing every currency in the world though?  At that point, even allowances would be given in bitcoin.

It would take a lot for bitcoin to potentially replace any fiat based currency that exists today, let along every fiat based currency. It really would not be able to replace currencies like the dollar, euro, british pound or the yen because their governments are so influential worldwide and would likely not accept anything other then their own local currency for payment of taxes.

But if everyone stopped using the fiat the government's own money would be useless, it wouldn't be accepted by others because nobody would be paid in it.  What do governments use taxes for, police, war, firefighters, infrastructure etc.

So let's say all of these workers are only using bitcoin, well the government can't pay them because they won't take it, it's worthless.  The government is already attempting to impose taxes upon BTC, why wouldn't you think they'll succeed?  Once they do I am pretty sure they won't care what money we use - the problem is the banks themselves who have the control over our government at the moment.

The government has too much influence for this to be possible. In order for a movement like the one you describe to potentially be successful the people demanding to be paid in bitcoin must be willing to work elsewhere if they will not be paid in bitcoin. The problem is that there is little to no demand for this kind of work outside of the government. So these people would not have the skills to work a a job that would pay them for their potential because they would not be able to utilize all their skills.

I don't think it would be a demanding sort of situation where they say up front "PAY US IN BITCOIN." I think it would be much more gradual, something like this.

1. Slowly bitcoin becomes accepted everywhere, much like a credit card.
2. People start to realize bitcoin is easier and safer than credit cards (which at current it isn't easier, but by then it will be)
3. Some businesses start to offer bitcoin as an alternative method of payment (some already have started this)
4. All business offer bitcoin as an alternative choice
5. Slowly fiat as a source of pay is no longer an option at some businesses
6. Eventually once less than 10% of the population is taking their pay in fiat, BTC will become standard pay at all junctures
7. Governments will be paying out in bitcoin because they need to compete to keep a workforce employed.

This change would probably kick off once step 1 was complete, and a company springs up that offers to convert your paycheck to BTC instantly upon arrival but they'll take a cut as the service, this will cause employees to ask their place of business to do it directly since they don't want to pay a 1% fee on every paycheck just to have it in the common currency.

I'm not saying this is likely, but very possible.

Bitcoin will not ever be safer then using credit cards for consumers. Credit cards offer many consumer protections that protect them in the event they get ripped off. Bitcoin does not have this, the fact that bitcoin transactions are not reversible is one of it's selling points. What will get bitcoin to continue to grow is that fact that it is cheaper then credit cards and other payment methods.

I am sure that many companies will probably spring up offering up "bitcoin insurance" which essentially will protect your purchases, much in the same way paypal offers.  They may end up being vile, wretched companies, or they may end up being the best thing ever.  But one way or another I am sure they'll exist sooner or later.

I think the possibility for fraud would be too great. What would prevent someone from signing up for an account, making a purchase and claiming fraud (and then repeating)? It would not be unreasonable for a person's first transaction to be fraudulent, so they could not deny the claim for this reason.

Credit card companies on the other hand have the ability to go after the merchant for any fraudulent charges (regardless if the merchant is responsible or not) as well as attempting to go after the fraudster. 

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[altcoinlady]

not possible. But if in a year facebook will drop its popularity rate then bitcoin will be much bigger. but as long as fb is still working great, there will be no competition.

Agreed....And you dont think facebook admins will not do anything about the future of facebook? They will surely prepare for this...

[bigassboy]

Facebook is too ingrained into peoples minds for this to happen

[SF-Man]

not possible. But if in a year facebook will drop its popularity rate then bitcoin will be much bigger. but as long as fb is still working great, there will be no competition.

Facebook is too ingrained into peoples minds for this to happen

facebook has its own, well paid team to make sure facebook will be there for 100 more years.

[DaveSaldana123]

not possible. But if in a year facebook will drop its popularity rate then bitcoin will be much bigger. but as long as fb is still working great, there will be no competition.

Facebook is too ingrained into peoples minds for this to happen

facebook has its own, well paid team to make sure facebook will be there for 100 more years.

You got that right. Are these people thinking that facebook will just leave just like that? No, we should brace ourselves for a new facebook soon.

[Ayers]

the comparison doesn't make sense, bitcoin is more of a money technology, facebook is another thing all together

[hardleft121]

I don't understand what is the point of comparison between BTC and Facebook. BTC is a currency and Facebook is a social network.

[panju1]

not possible. But if in a year facebook will drop its popularity rate then bitcoin will be much bigger. but as long as fb is still working great, there will be no competition.

Facebook is too ingrained into peoples minds for this to happen

facebook has its own, well paid team to make sure facebook will be there for 100 more years.

Technology companies can go down very quickly....
Nokia is one example.

[Datcracktho]

Bitcoin is beyond "ohh its just this thing, it could be replaced by that thing". Bitcoin is unique, it has 0 competition. This is a revolution.

[csis]

Mp3's will be bigger than Microsoft! 

[ShintoshiBTC]

You are comparing apples and oranges.

[tzortz]

Could not ever thought such a thread would ever exist.

[gamblethis]

Could not ever thought such a thread would ever exist.

Some people cant stop comparing everything to fb.

[pajrinn]

You are comparing apples and oranges.

I dont think so, apples anda orange it's fruits
Bitcoin and Facebook very diferent 
like the sky and the earth 

[Bitcoinpro]

Samsung has half a million employees,

[evoked22]

I am not too sure whether it will be bigger than Facebook in the coming years though I am pretty sure it will be just as popular in terms of an app being preinstalled on your phone, having facilities around to support bitcoin etc...

[jennifer21]

I am not too sure whether it will be bigger than Facebook in the coming years though I am pretty sure it will be just as popular in terms of an app being preinstalled on your phone, having facilities around to support bitcoin etc...

As theyve said, facebook and bitcoin is not on the same page. Maybe you can compare twitter and facebook.

[misscointamer]

Bitcoin is still on its developmental stage while facebook is on its full blown, money making but still upgrading stage. And believe me that is a long way.

[Skrillex]

I also think it will be bigger than any existing social site or network.

[Neotox]

bitcoin and facebook are two different things
bitcoin is a cryptocurrency
and facebook a social website and a company

so comparing bitcoin to facebook makes no sense