Bitcoin as a "Global Unit of Account"? - page 3.

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Quote from: OgNasty on December 21, 2021, 01:36:34 PM

Bitcoin as a global unit of account is an idea so bad that I don’t think it’s reasonable to even imagine such a thing. Think about coupons or sales. How would you even advertise price of anything knowing it could change so drastically from the time someone leaves their house until they get to the store. Nobody would be spending anything. There’s a reason fiat Ponzi schemes work so well. Trash money makes for good spending and high velocity.

Do you think bitcoin would always be as volatile as it is now? I personally do not expect it to be, Bitcoin is still a novel currency and as such the value is still open to speculation as it is going through price discovery.
Imo, the idea is not unrealistic, nothing about bitcoin could have been predicted and who is to say what would happen in the next century.

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It may be possible or not.

If possible, then why?

If the government understood the power of this technology,
If the government finds the solution to its problem, what should the government think the problem is for them?
It needs time, but it will happen as a digital currency. Because the government also understands that the future is tech and bitcoin is the most advanced tech in this world yet.
Because of future demand, governments might accept bitcoin as a digital payment system.
When a country saw that others country accept it and they made progress their youth made progress they might be also approve for this reason because of competition.

If not possible, then why?

First of all, it's a non-authorised problem.
There is no way to track the owner of the balance, and the government is unable to take the taxes.
Because of the blockchain's nature, the government is unable to learn about any money laundering issues or criminal activity payment transactions, which is a major concern for the government.
If anything wrong happens with this technology, the governmentwill have to face the problem with the opposition party.
There has high volatile problem that is why goernment cant get courage to accept it because if normal users invest their and saw the down market which might be problematic.

Thats it . What i am thinkng about this. Others opinion might be different. Thank you

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Quote from: Abiky on December 21, 2021, 12:27:53 PM

Have your ever imagined a world where Bitcoin is the predominant currency for mainstream payments? A world where Fiat no longer exists as people rely on Bitcoin as a global unit of account. That means, people will no longer value things based on Fiat, but rather Bitcoin itself. You would pay for things directly on Bitcoin (for instance 0.000025 BTC for a cup of coffee) without the need to worry about its current exchange rate (or price) relative to Fiat. If that happens, then Bitcoin will "stabilize" effectively proving its use as digital cash. With a country like El Salvador adopting Bitcoin as legal tender, we may be one step closer to "hyperbitcoinization".

Do you think it's possible Bitcoin will become a "global unit of account" in the future? If not, why? What would a world without Fiat really look like? Your input will be greatly appreciated. Thank you.

you and I understand that bitcoin is better in every sense of fiat, and most countries understand this, but they do not want to change today's system of exchange of values, because this will undermine what they have been building for many years, I would not mind paying with bitcoin, most here are for two hands, but large countries are not willing to accept bitcoin.

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Bitcoin as a global unit of account is an idea so bad that I don’t think it’s reasonable to even imagine such a thing. Think about coupons or sales. How would you even advertise price of anything knowing it could change so drastically from the time someone leaves their house until they get to the store. Nobody would be spending anything. There’s a reason fiat Ponzi schemes work so well. Trash money makes for good spending and high velocity.

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Quote from: Abiky on December 21, 2021, 12:27:53 PM

Do you think it's possible Bitcoin will become a "global unit of account" in the future? If not, why?

Yes, It is possible for bitcoin to become a global unit of account in the future if it can become stable. If bitcoin can become stable, there would not be a need to check coin trackers for the current valuation as the price is not volatile, if you bought a coffee with a certain amount of bitcoin today, you will expect to buy it with the exact same amount the next week.

Quote from: Abiky on December 21, 2021, 12:27:53 PM

What would a world without Fiat really look like?

In my opinion, it cannot function. In a completely utopian society, maybe it will be possible, but such does not exist.

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It may or may not, and while some are betting on it, I'd consider Bitcoin to be "successful" regardless if it becomes a predominant unit of account or not; or at least, not the "main" one. It's a lot more likely for merchants pricing stuff in the local currency by default, but having BTC/sats as an alternative currency for pricing; basically the way how some eCommerce sites do it right now.

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Have your ever imagined a world where Bitcoin is the predominant currency for mainstream payments? A world where Fiat no longer exists as people rely on Bitcoin as a global unit of account. That means, people will no longer value things based on Fiat, but rather Bitcoin itself. You would pay for things directly on Bitcoin (for instance 0.000025 BTC for a cup of coffee) without the need to worry about its current exchange rate (or price) relative to Fiat. If that happens, then Bitcoin will "stabilize" effectively proving its use as digital cash. With a country like El Salvador adopting Bitcoin as legal tender, we may be one step closer to "hyperbitcoinization".

Do you think it's possible Bitcoin will become a "global unit of account" in the future? If not, why? What would a world without Fiat really look like? Your input will be greatly appreciated. Thank you.

Topic: Bitcoin as a "Global Unit of Account"? - page 3. (Read 499 times)