Bitcoin as a global reserve currency? - page 3.

bittraffic

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Quote from: LeGaulois on December 25, 2019, 02:00:31 PM

Why not?

Since the dollar is no longer backed by gold, central banks no longer have the choice to obey the law of the dollar, they can't even convert their money into gold, since there isn't enough of it anyway. The US has mass printed banknotes without a reserve, keeps half of the international payments in dollars and continues to spread its dictatorship.

The USD purchasing power is failing and will continue over the years. Who wants a currency that worth nothing?

The US debt seems unstoppable and it can only lead to inflation

But now there are many countries trying to get rid of the dollar and its monopoly. We see some examples recently with Iran, France, China,...
What couldn't we do the same, as citizens, with our own currency (Bitcoin or whatever)?

Yep why not. There is nothing more valuable than BTC today which is more rare than gold as well and we all can also acquire. Any government can set up their own mining farm including banks so that they can get as much as they want and release fiat out of these BTC they hold. This is going to be more transparent for the world to see the reserve of every country in the blockchain.

LeGaulois

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Why not?

Since the dollar is no longer backed by gold, central banks no longer have the choice to obey the law of the dollar, they can't even convert their money into gold, since there isn't enough of it anyway. The US has mass printed banknotes without a reserve, keeps half of the international payments in dollars and continues to spread its dictatorship.

The USD purchasing power is failing and will continue over the years. Who wants a currency that worth nothing?

The US debt seems unstoppable and it can only lead to inflation

But now there are many countries trying to get rid of the dollar and its monopoly. We see some examples recently with Iran, France, China,...
What couldn't we do the same, as citizens, with our own currency (Bitcoin or whatever)?

cabron

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Quote from: Asuspawer09 on December 25, 2019, 01:28:26 PM

Quote from: Lee01 on December 24, 2019, 05:28:27 AM

If there would ever be need for a global reserve currency Bitcoin narrative and activities would pop-up, since a soverign-free, algorithm-based alternative would be more stable and trustworthy and perhaps this would be Bitcoin. This goal would soon be actualized especially as Bitcoin is not too volatile and is widely progressing to be used as a universal settlement token for trading, to be used for contracts even between countries, organizations and persons etc.
I believe in the nearest future businesses and sovereign powers will give up their preference for Fiat, and when this happens it would result to Bitcoin earning general global recognition as an international trading currency that embody trustworthy transactions.

I think bitcoin was the best digital currency today when it comes to global we could easily make a transactions in bitcoin easily around the world using our bitcoin wallet I think overtime the bitcoin will surely take over the world with this unique technology, today I honestly think that bitcoin could be a global currency and per country they still going to have its own currency since it is the currency that every country can regulated. Bitcoin was decentralized so I don't these countries could be regulated and control the price of bitcoin so I think it is better like what it is today a global currency or an investment.

A country can regulate BTC when its using the coinbase like technology which we can send BTC to email addresses. But as of now the only we can see are countries releasing digital fiat which is also centralized, who knows what government could do to regulate crypto. But certainly they will need a technology to regulate crypto holders.

Bitcoin will not be a global currency reserve but can be a global currency.

dothebeats

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No country would keep bitcoin as a reserve currency in its current state.

It's highly volatile, susceptible to drastic price changes and manipulation albeit the regulation kept in place to ensure that no such thing would ever happen. Perhaps in the future, one country might take bitcoin as a part of its hybrid reserve currency system but for the meantime it's only an idea worth pondering upon.

Having said that, perhaps some country might start creating their own version of bitcoin to use as a reserve currency or in replacement for their paper and coins which has proved to be costly over time.

Asuspawer09

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Quote from: Lee01 on December 24, 2019, 05:28:27 AM

If there would ever be need for a global reserve currency Bitcoin narrative and activities would pop-up, since a soverign-free, algorithm-based alternative would be more stable and trustworthy and perhaps this would be Bitcoin. This goal would soon be actualized especially as Bitcoin is not too volatile and is widely progressing to be used as a universal settlement token for trading, to be used for contracts even between countries, organizations and persons etc.
I believe in the nearest future businesses and sovereign powers will give up their preference for Fiat, and when this happens it would result to Bitcoin earning general global recognition as an international trading currency that embody trustworthy transactions.

I think bitcoin was the best digital currency today when it comes to global we could easily make a transactions in bitcoin easily around the world using our bitcoin wallet I think overtime the bitcoin will surely take over the world with this unique technology, today I honestly think that bitcoin could be a global currency and per country they still going to have its own currency since it is the currency that every country can regulated. Bitcoin was decentralized so I don't these countries could be regulated and control the price of bitcoin so I think it is better like what it is today a global currency or an investment.

the rise

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will have an adverse effect if the global reserve currency is not within the speculative reach of central policy and is always in a high level of manipulation, in economic sovereignty this is not justified. Don't forget also about the potential of bitcoin as a currency in the global scope, this will clash with the principle of the existence of fiat just because of uncontrolled BTC circulation.

teosanru

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Quote from: Lee01 on December 24, 2019, 05:28:27 AM

If there would ever be need for a global reserve currency Bitcoin narrative and activities would pop-up, since a soverign-free, algorithm-based alternative would be more stable and trustworthy and perhaps this would be Bitcoin. This goal would soon be actualized especially as Bitcoin is not too volatile and is widely progressing to be used as a universal settlement token for trading, to be used for contracts even between countries, organizations and persons etc.
I believe in the nearest future businesses and sovereign powers will give up their preference for Fiat, and when this happens it would result to Bitcoin earning general global recognition as an international trading currency that embody trustworthy transactions.

But this means that the currency around the world would be limited isn't it? If the currency around the world is limited then how can any economy grow? As it would just mean that one will always profit at loss of the other person. Economy won't be able to survive as things will get cheaper everyday creating a deflationary bubble and thus economy could implode. Moreover considering volatility of bitcoin it's much more problematic as to how things would work in practicality. How can we even think of such an economy without answering these basic questions.

Dart18

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It is still volatile.
It will be a long time before we could see small pumps and dumps to take part.

Bitcoin as a reserve? No. I dont believe that yet.
Just looking at how governments are against on how rich people could hide their money to avoid taxes with the use of bitcoin make them worry so much.
They want that money for them to eat it. Grin

So bitcoin is what for them? A wall for them to suck more money to the people.

The Sceptical Chymist

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Bitcoin isn't worth nearly enough to be any country's reserve currency, much less a reserve currency for multiple countries worldwide.

The USD is worth how much in total? It's in the trillions I think, where as bitcoin's market cap is only in the billions and that's fluctuated wildly in the past 10 years. That volatility alone is reason enough for it to not be a reserve currency, and any country like the US could easily buy all of the circulating bitcoin if they wanted to. That just wouldn't work, though. What would they be cornering the bitcoin market for?

Plus I'm sure the taxpayers would revolt against an idea like that anyway. You need a stable currency and one with enough of it to go around if you're a country and are holding cash in reserve.

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There is no doubt that Bitcoin can easily become a global reserve currency but the only problem which might hinder this is how people understand and know bitcoin. The entire people in both the crypto space and the world have different understanding of what bitcoin is. Some people see bitcoin as a digital currency and others see it as an asset. This misunderstanding about bitcoin will be the only reason to prevent it from becoming a global reserve currency.

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Quote from: Lee01 on December 24, 2019, 05:28:27 AM

If there would ever be need for a global reserve currency Bitcoin narrative and activities would pop-up, since a soverign-free, algorithm-based alternative would be more stable and trustworthy and perhaps this would be Bitcoin. This goal would soon be actualized especially as Bitcoin is not too volatile and is widely progressing to be used as a universal settlement token for trading, to be used for contracts even between countries, organizations and persons etc.
I believe in the nearest future businesses and sovereign powers will give up their preference for Fiat, and when this happens it would result to Bitcoin earning general global recognition as an international trading currency that embody trustworthy transactions.

Sure you could have a world bank handling bitcoin loans/escrow, but forget about fractional reserve practices... One of the reasons for reserves is having collateral when getting in debt. With Austrian economics practices, you would avoid getting in debt in the first place.

Of course in addition, or rather than, gold reserves, countries can also buy bitcoin if they wish. Its just another asset on the market, at least for that intent and purpose. If you take it into a world level, i fear those that control this reserve would have too much power, and its not really needed, especially now that we would be abandoning fractional reserve practices and can instead start using our own savings.

Sovereign powers and business can only embrace Bitcoin when they study and understand Austrian economics. Until then, they will always fight it because they fear deflation over the misleading dominant school of Chicago dogmas in the economy.

ashmodeus

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Quote from: Lee01 on December 24, 2019, 05:28:27 AM

If there would ever be need for a global reserve currency Bitcoin narrative and activities would pop-up, since a soverign-free, algorithm-based alternative would be more stable and trustworthy and perhaps this would be Bitcoin. This goal would soon be actualized especially as Bitcoin is not too volatile and is widely progressing to be used as a universal settlement token for trading, to be used for contracts even between countries, organizations and persons etc.
I believe in the nearest future businesses and sovereign powers will give up their preference for Fiat, and when this happens it would result to Bitcoin earning general global recognition as an international trading currency that embody trustworthy transactions.

so it will be centralized ?
oh well whatever , nowadays , people using bitcoin required KYC from exchange to take to personal wallet.
and i am sure , to take a place like global recognition , it will be fully KYC for who joining it.

Maotezi

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I hope it will not be a disruptive currency, I hope it will be the currency of the world, it will most likely happen but maybe not with bitcoin, but with some internet money. In Sweden, this system is slowly being introduced, people are changing their money for internet money, which can only be good, it's easier and less hassle about paper money.

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I believe that Bitcoin is the perfect candidate for the global reserve currency or better said for a universal accepted currency in all countries of the world as it is decentralized and the supply is so limited. In my opinion in the event of this happening the Bitcoin price will have already touched incredible "heights" sort to say. And by incredible I'm referring to millions of dolllars/unit, but at that moment I suppose we won't value things based on dollars or any fiat currencies anymore.

aardvark15

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I agree that Bitcoin is gradually becoming accepted as a legitimate store of value, like a digital gold. The world is seeing that it is secure and outperforms all other investments. I think it will not only retain its value over time but it will continue to gain in value.

Darooghe

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Bitcoin will not become the global reserve currency as long as the powers that be still have a say in the financial system. In addition, there is no possible way bitcoin could handle the nominal of any significant percentage of world trade. to get anywhere close to this, the nominal value of a single bitcoin would have to be in the hundreds of millions of dollars. that would raise the value of the block reward to astonishing levels, and would require that mining costs would have to rise to accommodate.

Wintersoldier

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I don't know if did is just me who think of this because for me, the thoughts OP provided about bitcoin being used around the world as a means for investment and transactions business by business is already done true. We all know that the simple ICO we just think of being small projects are somewhat big actually. The fact is because we didn't see their site and company but it is considerably a large business with serious transactions so with bitcoin, it is already implemented.

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The world's reserve currency right now is usd. Even other currency are having a hard time compete with usd. So bitcoin being the global reserve currency is quite far from reality. Even other countries won't agree with that. It's more realistic to think that bitcoin can be an alternative currency for other countries, but not as a global reserve.

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Quote from: Darker45 on December 24, 2019, 05:48:30 AM

I completely agree but only if you take away the reserve. Bitcoin as a global currency. Why does it have to be the reserve currency when it has all the necessary features for a transparent, borderless, and decentralized global currency? And which currency should be the main one? I reckon it will be the US Dollar or the Euro or the Yen? Why does it have to be them when they are lacking in all of the aspects mentioned?

Yeah you're right on point, it's convincing enough that Bitcoin deserves it all not being a global reserved currency but the global currency itself... kudos

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Bitcoin will never be a global reserve currency, and is cannot be controlled by governments or the elite. It will become a global store of wealth, and one of a range of assets that can be used as securities. Watch out for fireworks when the banks start to rehypothecate when Bitcoin is in a portfolio. The volatility will cause havoc when they get things wrong.

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