The Future of Bitcoin

Bitcoin has been on an upward trend in terms of adoption and price over the years. We've watched its value skyrocket since it first launched, starting off with small investors who helped boost its liquidity. As time passed, more attention came its way, and now even big players are getting in on Bitcoin. It's popping up everywhere, even in places where it's not fully accepted yet. A couple of weeks ago, I posted a global map showing Bitcoin adoption (Source), which gives a good visual of its spread. But let's get back to the main point. I really think the ultimate goal for Bitcoin adoption is for it to become a standard payment option in every country, or at least recognized as a legitimate commodity for investment everywhere. The catch is, not every country is on board yet. A lot of places still have strict regulations limiting Bitcoin's use. Only a few nations have really embraced it. Most are treating it just as a trading commodity, which doesn’t allow for everyday transactions. I feel like this is the big hurdle that’s holding Bitcoin back. If we could get past these restrictions, we’d probably see Bitcoin accepted at every store.

Have all nations around the world ever agreed with each other completely about anything? It's the same with Bitcoin and regulations to support or against Bitcoin in hundreds of nations globally. Don't expect any endgame for Bitcoin when all nations, all governments will support Bitcoin, it's unrealistic hope. Anyone tries to make such call and imagines about such future on media is like trying to mislead the community. I am realistic to know that governments are not the same, they have different governance in their countries, and people as citizens can support or protest Bitcoin, so Bitcoin will continue its growth from technical developments, adoption to its value and price without any endgame.

Did you follow what happened in El Salvador when bitcoin was made a legal tender? It was used for remittance but most people converted the bitcoin to dollar. Only those that want to hold will not convert all their coins but leave some. Bitcoin is for holding, but fiat is very important as people think it has a stable price for some time. It is better how it is today that fiat is existing which will always make people think that holding bitcoin is better. Let them spend the fiat and hold bitcoin, but just spend little part of their bitcoin if necessary.

I understand what you are saying and you are right because most people who keep their money in Bitcoin are just holding. We are yet to get to the point where Bitcoin will be held by people using it for their day-to-day business just like they hold fait and the reason for this is the volatility of Bitcoin. I think this is even the reason most people rather add stablecoins as payment system and even when they accept Bitcoin, they quickly convert to faith to ensure the value is the same to enable them in their planning and running their business.

The endgame of adoption is if it remains centralized and a private asset, there's what someone on this forum said before now about Bitcoiners being careful with what they wish for because when what they are wishing for starts to happen, they wouldn't want it anymore. Look at how most Bitcoiners are enjoying privacy and decentralization in Bitcoin adoption, when government legalise Bitcoin for every payment, that will cause more regulations, strict KYC requirements and the right of use's p2p will be deprived, the situation will be inconvenience for most users.

If the market stay free from manipulation and regulation, and the government not meddling in the Bitcoin's natural process of transaction, then Bitcoin, as intended by the creator, should become a symbol of freedom.  Free from third party control. As Bitcoin becomes popular, the government will try its best to grasp and control the Bitcoin transaction input and output information through the use of centralized exchanges and institution. So for me, I think the endgame of Bitcoin is the government heavily regulating and monitoring the bitcoin transaction through centralized institution that integrate Bitcoin. Despite that, I still believe Bitcoin will stay decentralized, but people, because of convenience, will rather use centralized exchanges that execute P2P tading.

All countries will not accept bitcoin, all store or merchants will not offer bitcoin as a payment option. What matters is that people are able to see bitcoin not just as an investment but as a medium of exchange. Because of it's volatile nature, most stores may not necessarily offer bitcoin payments. They would rather go for something stable like the usdt, so they can retain the value of their money. Right now we can say that bitcoin has out grown it's past adoption rate and it's doing really great. Then we only had small scale investors who buys in, what we have now is bigger and will become even better. As time goes on, other countries would see it as an Hegde against inflation, they would definitely want to see how it could help as regards their economy.. it's just time..

It seems to me that nowadays only a lazy hermit doesn’t know about bitcoin, and many people see it as a way to protect their savings from constant inflation. The fact that we can’t use bitcoin in every store doesn’t mean that people won’t eventually use it that way, most just haven’t adapted to this possibility yet. However, entrepreneurs who are ahead of the curve and offer the option to pay with cryptocurrency may attract more high-quality customers.

I think there will never be an end game, and Bitcoin probably won't replace everyday money or eliminate banks, especially since its main function today is as a store of value, a "safe" and speculative asset. This will certainly continue, even because of its scarcity, and the dream of digital gold will become a reality. Does this mean it can't be used as a form of payment? Not exactly, but as it appreciates, it will be difficult to find someone willing to spend it to use it for this purpose.

Some people do hold fiat too, we might do well to remember that. Although the intent isn’t because it serves as some asset which is the case with Bitcoin but, that too is dependent on the country you are from. Some individuals within developing countries prioritize holding currencies that is relatively higher and more stable than theirs as a way to hedge against inflation. However, we would say some point get to the point where Bitcoin would be accepted by most for a means of exchange. It would take a little more time and discovery by the public.

lol we all thought Dollar was ending, seems we were wrong. Its Bitcoin end game and the forum itself now admits Dollar is back baby. I for one support our new Green overlords. This reminds me of Gresham's law in some part, people spend the most usable depreciating currency first.  It is true people tend to store or horde the Bitcoin in hope of appreciation just like true silver dollar coins tend to disappear into someones collection not get spent.  Maybe  USD has that ironic advantage.   Also note any reference to 'most people', your average worker isn't rich they are just surviving and paying bills.  Most bills offline will be dollar served so that aspect is most relevant in general population.

Your view on final plan for Bitcoin highlights its change from risky bet to key part of global money system.  You are right in pointing out that its first use case as spread out cash is its best part, but I should add that many buyers now believe rules will be needed to get global cash flow needed for your suitcase free future. In my opinion, future won't be death of paper money, but Bitcoin as third party judge of the banking system. In any case, you are right with Strategic Bitcoin Reserve being set up in US and thousands of other people buying it, final plan of Bitcoin as sign of money freedom and globally accepted item is near.

Let's say all countries eventually accept Bitcoin as a legal means of global transaction, the question is, is a limited supply sufficient? I still see Bitcoin as an alternative and would never adopt it as a means of transaction like fiat currency. El Salvador also implemented Bitcoin as a legal means of transaction in their country, but recently they have begun to change their stance. Bitcoin can indeed be a symbol of freedom, but with regulations in each country, it seems difficult to implement globally. The ultimate goal is never known for certain, although we agree that Bitcoin offers a solution for everyone involved. A limited supply with simultaneous use worldwide is how this will be overcome and is it possible to achieve the same level of stability as fiat currency if globally bitcoin is accepted equally by every country..

Is this the end, or is this just the beginning? Adoption shouldn't be limited to just payment. As the business sector evolves, so too should the function of valuable assets. To use another analogy, suppose this is the "end of gold" as it was originally intended as a means of payment. In fact, many business ideas and regulations are now leading to gold being adopted by central banks and institutions as a reserve currency, and retailers are now using it as jewelry.

Yeah, global adoption sounds good, but it’s not that simple. Bitcoin will probably stay more as an alternative, and people already use it in different ways, even on platforms like bitcoinbetting.

There is no end game or final destination for Bitcoin or its development. It is a totally fluid journey. The Bitcoin network will follow the most popular trail and this is the case even after the last halving reward for miners after the next 100 years. Global adoption or world currency are not prerequisites to Bitcoins success, if it happens - fine, but I suspect for many if it never happens it wont be the downfall of the network. Look at the gains already achieved when Bitcoin is still a niche, maybe thats the key - that its not mainstream?

The global financial system is ever evolving; there is no endgame. Bitcoin, as part of the system, will also face regulatory changes in different countries. There might never be a global consensus on the use of Bitcoin. You want to be free, but the government wants control. They want to collect taxes and control how you use your hard-earned money. The government makes the rules. For now, they will always use the instrument of the law to push their control and surveillance agenda. The governemnt dont care about your feelings of injustice. Their focus is to achieve their agenda. You would have to discover ways to free yourself from the government's manipulation. We can achieve that by avoiding centralised platforms and using Bitcoin in its natural design.

The Volatility of Bitcoin won't make this happen, people won't want to accept Bitcoin in their stores just for buying and selling reasons, unless the Volatility isn't present anymore. Those businesses that are accepting Bitcoin have no problem with Bitcoin and it's Volatility because they always want to be holders too, some businesses are intentionally storing their profits in Bitcoin for long term, to get bigger gains in future. If your business is suppose to earn you $10,000 in a year as profit but you are the type that believes in long term holding Bitcoin, this income can turn to $20,000 or more.

You meant about legality of Bitcoin in different nations while people always can use Bitcoin if they want because Bitcoin is a decentralized blockchain, and with non custodial wallets, they already have their own bitcoin banks so that they're free to receive or broadcast their Bitcoin transactions. Nobody can freeze bitcoins in non custodial wallets of the others so people can use Bitcoin easily and differently. It's only matter of regulations will challenge people with different legal allowance or consequence if in their nations Bitcoin is accepted or not accepted legally. Examples https://newhedge.io/terminal/bitcoin/legality-map https://complyadvantage.com/insights/cryptocurrency-regulations-around-world/

Bitcoin as an alternative means doesn’t mean it cannot be used as payment method, it can still be used as an alternative payment method too and this the sole purpose of bitcoin. It is not a must that it will be used by all for every transaction but can be used for alternative transactions like; people use it for cross border transactions where fiat system is actually more of an hassle of changing from one fiat currency to another. Then there is the fiat which can then be used for local transactions. This is what I know about bitcoin been used as alternative for payment method. As for the limited supply yes it’s certainly not widely available or spread but with the growing value of bitcoin as the price increases, Satoshi it’s sub unit is also going to increase in value too much means more supply. In fact I feel like bitcoin hoarding which I also do is actually part of the reason why we will have bitcoin bee limited