>There will be no single event, over time people will simply
not use their local currency any more in favor of BTC.
Slowly, over time, the population will lose trust in fiat
and gain trust in BTC. This may occur over decades or more.
The BTC network processes about 3 transactions per second. Bitcoin advocates will tell you this doesn't matter, or it can be improved with a future fork - which by then why not just make a newly designed protocol/altcoin network entirely ?
(Consider: is what they're telling you based on their current investments that they'll sell off after you've bought in? Now think of what happens when a hedge fund, or other early adopter who has acquired several thousand coins or if there's whales who've traded their way to now own %10 of the coin supply in the network. What happens if they divest and crash the 'value' of this coin 'investment'?)
The great thing about cryptocoins is you can create an improved protocol and if it's better then previous protocols, the users will migrate.
There's a lot of misinformation flying around because people are trying to spam their investments into their cryptocoin service networks which they've bought into (or engineered a marketing pump and dump scam, i.e. premined ICOs like antshares) in hopes that they can later sell at excessively inflated prices because of some arbitrarily limited "supply" which a programmer just typed into the software running their network.
(Consider: is what they're telling you based on their current investments that they'll sell off after you've bought in? Now think of what happens when a hedge fund, or other early adopter who has acquired several thousand coins or if there's whales who've traded their way to now own %10 of the coin supply in the network. What happens if they divest and crash the 'value' of this coin 'investment'?)
The great thing about cryptocoins is you can create an improved protocol and if it's better then previous protocols, the users will migrate.
There's a lot of misinformation flying around because people are trying to spam their investments into their cryptocoin service networks which they've bought into (or engineered a marketing pump and dump scam, i.e. premined ICOs like antshares) in hopes that they can later sell at excessively inflated prices because of some arbitrarily limited "supply" which a programmer just typed into the software running their network.