Topic: Bitcoin as a leading currency? (Read 15125 times)
Marketplaces called “bitcoin exchanges” allow people to buy or sell bitcoins using different currencies. Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Bitcoin upsurge vary, they ultimately can be narrowed down to three broad factors: accumulation since December 2019, on-chain data indicating a rise in investor activity.
Bitcoin has always been the leading currency on the market irrespective of how much a coin may surge. Bitcoin was able to capitalize the market during its early stages before the creation of other coins hence it has got lot of user-base and its community is also strong and supportive which is one of the main factors required for the survival of a coin on the market.
The maximum amount that will ever be mined is 21 million bitcoin yes, but It's impossible for that amount to be in circulation even when everything is mined because people are losing their bitcoins all the time and they are lost forever.
Bitcoin is unlikely to become a leading currency simply because the banking system won't let it happen. Its unstoppable but won't be the main currency for sure. As for paying using smalls amounts, that's not really where bitcoin strength shows but hopefully with Lightning Network, that would be possible.
21M of bitcoin is enough to circulate even some people lost their bitcoins forever intead it will make the value of bitcoin high as the time goes by. But you are right,bitcoin is impossible to become a leading currency because we have a fiat money issued by the government and back up by the banks. Well,even it won't happen,bitcoin still contribute a big impact and help to our economy. Bitcoin is unlikely to become a leading currency simply because the banking system won't let it happen. Its unstoppable but won't be the main currency for sure. As for paying using smalls amounts, that's not really where bitcoin strength shows but hopefully with Lightning Network, that would be possible.
I think that in a few years Bitcoin may well become the main world currency, but now it is far from the case. In order for Bitcoin to gain popularity around the world, people must perceive cryptocurrency as the main currency, pay for food, services and so on. For this, it is necessary to promote projects supporting cryptocurrency.
Bitcoin is a cryptocurrency created in 2009. Marketplaces called “bitcoin exchanges” allow people to buy or sell bitcoins using different currencies. Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Chaina is Bitcoin is essentially banned in China. All banks and other financial institutions like payment processors are prohibited from transacting or dealing in Bitcoin. Cryptocurrency exchanges are banned.
Bitcoin leads the cryptocurrency market because it has huge market dominance in terms of market capitalization and trading volume. Being the first cryptocurrency alone is not a factor but it has also got large community with great technology behind it. Being the gateway to cryptocurrency, Bitcoin will continue to spearhead the movement of crypto into the new dawn of adoption.
If you said bitcoin is the leading currency in the crypto currency then everyone will be agree, but if you are talking about comparing bitcoin and Dollar or Euro then bitcoin will never defeat them, fiat money is controlled by the government and basically got no limit because they can just create more, while bitcoin got a limit, so there wont be enough for bitcoin to dominate fiat and of course the government will never agree with the idea of bitcoin become a leading currency
agree. so in many countries banks and governments ban bitcoin to protect their interests
bitcoin is held mostly as a speculative vehicle, little used to pay for goods and services. Its value has been unstable, which impedes bitcoin's wider use as a payment medium. One of the most currency the earliest altcoins to be developed and launched after bitcoin, for instance, is accepted by dozens of businesses, per the Litecoin Foundation.
I don't agree with you Roman100! Bitcoin is used more than you think, and yes among everything else people
trade a lot with Bitcoin. I would never say that Bitcoin is held mostly as a speculative vehicle!
We can talk about fluctuations, but look where Bitcoin now, what you think where will it be in next 5 years? And
the same question should can be asked for some other alt-coins, that can have a great future!
bitcoin is held mostly as a speculative vehicle, little used to pay for goods and services. Its value has been unstable, which impedes bitcoin's wider use as a payment medium. One of the most currency the earliest altcoins to be developed and launched after bitcoin, for instance, is accepted by dozens of businesses, per the Litecoin Foundation.
The economic reach of Bitcoin is an interesting subject of discussion. In the end there will be a maximum of 21.000.000 BTC. BTC is a eight-digit number.
I suppose that a currency can only be leading if it has the possibility ta pay in small amounts, equivalent tot e.g. dollarcent or eurocent. This statement limits the range of BTC, will the satoshi be the future euro/dollarcent?
In that case the maximum money supply wil be BTC 21.000.000,00000000 is e.g. EUR 99.999.999.999.999,99 (by the way: interesting exchange rate).
The money supply in the Eurozone (M3) is over EUR 10.000.000.000.000
So without any constraints, the structure of the BTC satisfies the necessary condition.
Let's inventory the other constraints.
and will always lead for the next 10 years more,as this has been proven for more than 10 years now so what more the next same long years?I suppose that a currency can only be leading if it has the possibility ta pay in small amounts, equivalent tot e.g. dollarcent or eurocent. This statement limits the range of BTC, will the satoshi be the future euro/dollarcent?
In that case the maximum money supply wil be BTC 21.000.000,00000000 is e.g. EUR 99.999.999.999.999,99 (by the way: interesting exchange rate).
The money supply in the Eurozone (M3) is over EUR 10.000.000.000.000
So without any constraints, the structure of the BTC satisfies the necessary condition.
Let's inventory the other constraints.
Bitcoin can't never be leading currency because bank will never allow that to happened
Haven't you cross the banks statements now whos trying to use blockchain and also others are making their own currencies/so what about the number one crypto that cannot make this possible in future?though there is no assurance but at least will make this some time in 5 years.
Bitcoin can't never be leading currency because bank will never allow that to happened
You are wrong mate because according to CryptoCrunch, bitcoin's price has already outperformed US banking stocks lile Wells Fargo and Jpmorgan, since the start of the year of 2020, which is 35% up YTD. So how could you say that bank will not allow it to happened because it has already begun.
We know that bitcoin hit its highest price ever two years ago. Two years ago today, bitcoin hit its highest price ever, reaching $19k. It was the culmination of an incredible year for the digital currency. Bitcoin cannot be a currency because it has intrinsic value. While some would argue against it, the resources spent to issue new units ensure that, unlike fiat currency, bitcoins cannot be created all crypto thing.
Bitcoin can't never be leading currency because bank will never allow that to happened
Bitcoin have stayed the top* crypto* currency since years . I do think it does reflect a lot that Bitcoins is also helping out other cryptocurrencies too. We are able to use Altcoins section here which is a great deal.
Most trade pairs are actually connected with Bitcoins.
Some altcoins depends on Bitcoins because users are sometimes not able to buy them directly.
It is supporting the whole system , at the same time the price of Bitcoins is undeniably amazing for the traders and investors.
It does offer more opportunities for everyone to work and to sell their services. At the same time the popularity of Bitcoins is comparatively higher , I do think Bitcoins is a safe bet , plus with the volatility traders are able to even involve in Day trading and Holding for the long term .
It is a leading Cryptocurrency.
With respect to Currency I do think it is very localised to the community members .
I would just leave this statement from Google here :
While active bitcoin users are estimated at 5.8 million, PayPal boasts 235 million active users, Mastercard has 35.7 million American users and another 604 million active international users, and Visa accounts for a whopping 336 million American users and another 736 million users globally.
This is self explanatory , users are actually a lot but the application of Bitcoins in terms of Currency have still not been exploited fully .
Applications are limited, government have tightened the restrictions hopefully future will be better.
Most trade pairs are actually connected with Bitcoins.
Some altcoins depends on Bitcoins because users are sometimes not able to buy them directly.
It is supporting the whole system , at the same time the price of Bitcoins is undeniably amazing for the traders and investors.
It does offer more opportunities for everyone to work and to sell their services. At the same time the popularity of Bitcoins is comparatively higher , I do think Bitcoins is a safe bet , plus with the volatility traders are able to even involve in Day trading and Holding for the long term .
It is a leading Cryptocurrency.
With respect to Currency I do think it is very localised to the community members .
I would just leave this statement from Google here :
While active bitcoin users are estimated at 5.8 million, PayPal boasts 235 million active users, Mastercard has 35.7 million American users and another 604 million active international users, and Visa accounts for a whopping 336 million American users and another 736 million users globally.
This is self explanatory , users are actually a lot but the application of Bitcoins in terms of Currency have still not been exploited fully .
Applications are limited, government have tightened the restrictions hopefully future will be better.
All the comparisons are on paper and it's worth nothing. If everyone knows that bitcoin is a currency that can dominate and be worth millions of dollars in the future, so why don't big businesses accept it now? all just illusion of numbers
The answer is simple, while the question has already been discussed at length before
Typically, when people come up with such ideas (just in case, it is always the same idea, give or take), they are putting the cart before the horse. In more concrete terms, businesses are not accepting Bitcoin because consumers are not willing to pay with it, or, as I would say, part with it. Steam (of Valve fame) had been accepting Bitcoin in the past (Microsoft seems to accept it), but later they dropped that payment method, and most likely due to a lack of demand from their users
People are being manipulated by mind billionaires by bitcoin. There is only a game of profit here and no real value here. those who are wise will survive, those who are manipulated will lose all their money.
I'm not sure what you mean by mind billionaires here
Probably, you meant brilliant minds? But no one can stop you from shorting Bitcoin and earning millions if there is no value here. So what are you waiting for? Or should I rather ask, afraid of?
All the comparisons are on paper and it's worth nothing. If everyone knows that bitcoin is a currency that can dominate and be worth millions of dollars in the future, so why don't big businesses accept it now? all just illusion of numbers.
People are being manipulated by mind billionaires by bitcoin. There is only a game of profit here and no real value here. those who are wise will survive, those who are manipulated will lose all their money.
People are being manipulated by mind billionaires by bitcoin. There is only a game of profit here and no real value here. those who are wise will survive, those who are manipulated will lose all their money.
For now it is still fiat as a leading currency, because bitcoin users are less than fiat. Therefore a promotion is needed against bitcoin,
so that its popularity increases. If bitcoin popularity is increasing, bitcoin is very likely ca be leading currency. Especially now that it
really needs digital currency to prevent the spread of the corona virus. And bitcoin can be a solution, plus the limited amount of bitcoin
is only 21 million. So I am very sure in the future bitcoin can certainly be a leading currency, and can defeat fiat.
so that its popularity increases. If bitcoin popularity is increasing, bitcoin is very likely ca be leading currency. Especially now that it
really needs digital currency to prevent the spread of the corona virus. And bitcoin can be a solution, plus the limited amount of bitcoin
is only 21 million. So I am very sure in the future bitcoin can certainly be a leading currency, and can defeat fiat.
To discuss the proposed topic, you must first clarify what is meant by the name "leading currency." If you look from the point of view of states, then they will never give up their national money and will not use bitcoin or another decentralized cryptocurrency instead. Also, states will not heavily use decentralized cryptocurrency. Now many of them are working on the issue of their national stable coin and it will be used by states instead of a decentralized cryptocurrency.
Even from the point of view of people, not everything is so simple. A certain part will switch to the use of cryptocurrency, some will not use it at all. However, the predominant use of cryptocurrency, including bitcoin, and therefore the use of it as a leading currency, is possible only by citizens.
Even from the point of view of people, not everything is so simple. A certain part will switch to the use of cryptocurrency, some will not use it at all. However, the predominant use of cryptocurrency, including bitcoin, and therefore the use of it as a leading currency, is possible only by citizens.
I agree on that. There must be a certain clarification regarding the topic title because it might lead people into confusion or misinterpretation due to the reason that we are having digital currency which is the cryptocurrency and the other one is in terms of paper money or fiat. If this will be clarified that Bitcoin to be coined or considered as the "Leading Currency" in terms of cryptocurrency industry, then there is no doubt that Bitcoin is really the leading currency for the reason that it is leading on popularity, usage, demand and other elements needed to support the claim. But if we will be talking about Bitcoin to be the "Leading Currency" above all the existing currency, then there might be certain complications because different states or countries worldwide have their own currency that they would consider to user rather than Bitcoin because even if Bitcoin is well-known, still a lot don't know about it and have not yet get into adapt the usage of it.
To discuss the proposed topic, you must first clarify what is meant by the name "leading currency." If you look from the point of view of states, then they will never give up their national money and will not use bitcoin or another decentralized cryptocurrency instead. Also, states will not heavily use decentralized cryptocurrency. Now many of them are working on the issue of their national stable coin and it will be used by states instead of a decentralized cryptocurrency.
Even from the point of view of people, not everything is so simple. A certain part will switch to the use of cryptocurrency, some will not use it at all. However, the predominant use of cryptocurrency, including bitcoin, and therefore the use of it as a leading currency, is possible only by citizens.
It is difficult to make Bitcoin a "Leading Currency" because many countries do not legalize Cryptocurrency because there are legal rules that govern it. Bitcoin is only suitable as digital gold or a valuable asset as an investment. Especially if later many countries will create their stablecoin then I am sure they will not use Bitcoin. Even from the point of view of people, not everything is so simple. A certain part will switch to the use of cryptocurrency, some will not use it at all. However, the predominant use of cryptocurrency, including bitcoin, and therefore the use of it as a leading currency, is possible only by citizens.
To discuss the proposed topic, you must first clarify what is meant by the name "leading currency." If you look from the point of view of states, then they will never give up their national money and will not use bitcoin or another decentralized cryptocurrency instead. Also, states will not heavily use decentralized cryptocurrency. Now many of them are working on the issue of their national stable coin and it will be used by states instead of a decentralized cryptocurrency.
Even from the point of view of people, not everything is so simple. A certain part will switch to the use of cryptocurrency, some will not use it at all. However, the predominant use of cryptocurrency, including bitcoin, and therefore the use of it as a leading currency, is possible only by citizens.
Even from the point of view of people, not everything is so simple. A certain part will switch to the use of cryptocurrency, some will not use it at all. However, the predominant use of cryptocurrency, including bitcoin, and therefore the use of it as a leading currency, is possible only by citizens.
It feels like we'll see huge amount of payment options and there will be plenty of cryptos there.
Perhaps bitcoin can be the most used among other cryptos, but thats it
I agree with you because it will depend on our investment If we invest in Bitcoin if its demand rises prices will rise and Bitcoin is at the top of everything. The crypto market will improve a lot and I think everyone will use decentralized cryptocurrency from centralized cryptocurrency.
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