What would happen if everyone would use only bitcoin as main currency?
What do you think?
What do you think?
If bitcoin is the only currency being used in the world the economy will crumble and so does
bitcoin, bitcoin will not be able to handle the burden of millions of transaction happening worldwide
every second(or not every second
).Bitcoin in its current state or near future will not be able to handle the huge(much much larger than it is now) amount of
transactions coming every second.
Given that the minimum transaction size is 547 satoshis or 0.00000547 BTC, there would be a theoretical maximum of 3,839,122,486,289 units of Bitcoin available for spending which probably would not be enough for the world's commercial requirements. Also, the number of transactions per second is limited by the block size and confirmation time to something like 7 transactions per second. I did some math but I'm getting more like 6.5 TPS. This isn't anywhere close to the rate required by world commerce.
I believe this invalidates your question but I will continue:
1) Commerce would cease
2) People worldwide would not be able to obtain the basic requirements of life
3) Rioting and chaos would ensue
4) Zombie apocalypse
I believe this invalidates your question but I will continue:
1) Commerce would cease
2) People worldwide would not be able to obtain the basic requirements of life
3) Rioting and chaos would ensue
4) Zombie apocalypse
Scary if that happens!!!
