Bitcoin as a leading currency? - page 2.

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Quote from: Ozero on February 29, 2020, 01:52:52 AM

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 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

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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.

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Quote from: TheUltraElite on February 28, 2020, 04:58:40 AM

Quote from: princesspoppy on February 23, 2020, 09:15:28 PM

Bitcoin has proven its potential over these past few years and we can't deny the fact that no altcoin can ever replace it.

This question should not even come to anyone's mind. Of course altcoins are always secondary to bitcoin and cannot replace it. Why do some people even come under the pretense that the opposite is true? Because of wishful thinking that one day the shitcoin they hold will become big - but that will not happen.

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As for becoming a leading currency, yes, bitcoin has the potential to be one.

This is debatable.

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Many people and countries are already accepting and legalizing bitcoin but, it is still not enough for it to be a leading currency all around the world if it is not totally accepted and recognized by all the government. In order for it to be one of the leading currencies, it should be accepted by all and should be totally adopted.

As easy it is to say it, it is that difficult to create such a system. Governments have shown their reluctance to allow the use of bitcoin for most economic systems and the chances of governments allowing its use is very unlikely. Its acceptance is being improved gradually but slowly.

Yes people do still have the hope for the altcoins about surpassing bitcoin in all aspects but yes indeed it will not happen or we will not get near that. The though of bitcoin being the leading currency is blurry now for bitcoin still has long way to go despite of it's potential for leading currency but the adoption or acceptance of it in the world is superior in number compare to the countries who says no to bitcoin so there is still hope for bitcoin as "leading currency".

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Quote from: OmegaStarScream on May 05, 2017, 09:35:40 AM

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.

In this case, I think it is the right decision to issue new bitcoins instead of the lost coins. But then we will face the question of how to understand that the coins are lost forever? It is possible that they are simply in long-term storage, and are waiting for their goal of 100 thousand dollars.

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Quote from: ololajulo on February 23, 2020, 12:41:21 PM

I consider it the safest investment on the digital phase most especially in term of security from outside hackers. The security still come from its pioneering state and size of adoption that made it difficult. I expect a more adoptive currency use when miners get little to nothing to earn again, though the asset use will still take priority for most investors.

I consider it a safe investment but no the safest.

We all know the risk of investing in Bitcoin, its volatility can be really fatal if you do not have the knowledge and the experience. Another thing is that despite the security of the system, the weaknesses of it are in the user and that could also affect the price since as more hackings happen, more people would be panic selling and there are those that even spread FUDs.

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Quote from: Serious475 on February 24, 2020, 01:24:55 AM

Quote from: princesspoppy on February 23, 2020, 09:15:28 PM

Bitcoin has proven its potential over these past few years and we can't deny the fact that no altcoin can ever replace it. As for becoming a leading currency, yes, bitcoin has the potential to be one. Many people and countries are already accepting and legalizing bitcoin but, it is still not enough for it to be a leading currency all around the world if it is not totally accepted and recognized by all the government. In order for it to be one of the leading currencies, it should be accepted by all and should be totally adopted.

Bitcoin still of the most profitable coin among all others because we all known it takes a lot of time before it gives a good market value and now after the halving of the coin it is now increasing again rapidly and this is a good chance that it will give a good profit today even there is a lot of coins now that growing rapidly still bitcoin is one of the highest market prices. Also, we are looking for a more profit to the bitcoin.

profitability depends on the persons ability and not totally depend on the coin imo even if not bitcoin a good crypto user can squeez alot of profit on any coin he like including the crappy ones because crappy coins can pump at first so as a wise guy , they know how to enter and exist before anything sh8t happens .

not all who picks bitcoin are investors or traders , in short not all wants to profit . and the halving havent started yet but your confidently saying the value will rise ? still no one knows if that perceptions is true .

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Quote from: princesspoppy on February 23, 2020, 09:15:28 PM

Bitcoin has proven its potential over these past few years and we can't deny the fact that no altcoin can ever replace it.

This question should not even come to anyone's mind. Of course altcoins are always secondary to bitcoin and cannot replace it. Why do some people even come under the pretense that the opposite is true? Because of wishful thinking that one day the shitcoin they hold will become big - but that will not happen.

Quote

As for becoming a leading currency, yes, bitcoin has the potential to be one.

This is debatable.

Quote

Many people and countries are already accepting and legalizing bitcoin but, it is still not enough for it to be a leading currency all around the world if it is not totally accepted and recognized by all the government. In order for it to be one of the leading currencies, it should be accepted by all and should be totally adopted.

As easy it is to say it, it is that difficult to create such a system. Governments have shown their reluctance to allow the use of bitcoin for most economic systems and the chances of governments allowing its use is very unlikely. Its acceptance is being improved gradually but slowly.

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Quote from: princesspoppy on February 23, 2020, 09:15:28 PM

Bitcoin has proven its potential over these past few years and we can't deny the fact that no altcoin can ever replace it. As for becoming a leading currency, yes, bitcoin has the potential to be one. Many people and countries are already accepting and legalizing bitcoin but, it is still not enough for it to be a leading currency all around the world if it is not totally accepted and recognized by all the government. In order for it to be one of the leading currencies, it should be accepted by all and should be totally adopted.

Bitcoin still of the most profitable coin among all others because we all known it takes a lot of time before it gives a good market value and now after the halving of the coin it is now increasing again rapidly and this is a good chance that it will give a good profit today even there is a lot of coins now that growing rapidly still bitcoin is one of the highest market prices. Also, we are looking for a more profit to the bitcoin.

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Bitcoin has proven its potential over these past few years and we can't deny the fact that no altcoin can ever replace it. As for becoming a leading currency, yes, bitcoin has the potential to be one. Many people and countries are already accepting and legalizing bitcoin but, it is still not enough for it to be a leading currency all around the world if it is not totally accepted and recognized by all the government. In order for it to be one of the leading currencies, it should be accepted by all and should be totally adopted.

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Quote from: FlightyPouch on February 23, 2020, 11:11:38 AM

Quote from: Ronaldcoin2017 on February 18, 2020, 03:41:36 AM

well i think bitcoin is really a leading currency because it is use on so many countries. I believe that this year will be a great year for botcoin, many people believe that bitcoin will be the safest investment, maybe in th enear future many more country will used bitcoin for good.

We never know what may happen all we know is that as the first crypto currency, it will continue to give a profit to its investors and users. It may not be the safest investment, it is still the most expensive crypto currency in the market.

I consider it the safest investment on the digital phase most especially in term of security from outside hackers. The security still come from its pioneering state and size of adoption that made it difficult. I expect a more adoptive currency use when miners get little to nothing to earn again, though the asset use will still take priority for most investors.

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Quote from: Ronaldcoin2017 on February 18, 2020, 03:41:36 AM

well i think bitcoin is really a leading currency because it is use on so many countries. I believe that this year will be a great year for botcoin, many people believe that bitcoin will be the safest investment, maybe in th enear future many more country will used bitcoin for good.

We never know what may happen all we know is that as the first crypto currency, it will continue to give a profit to its investors and users. It may not be the safest investment, it is still the most expensive crypto currency in the market.

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Quote from: Sanugarid on February 21, 2020, 10:33:34 AM

Bitcoin, as the pioneer currency of them all will surely be able to maintain its position at the top as long as people keeps on believing and patronizing it. Bitcoin has already faced lots of trouble way back and we are all aware of that. It is very necessary that we look back at bitcoin's history so that we may know why and how it was able to stay as the leading cryptocurrency. In terms of being an official currency, bitcoin might have a hard time being on the top since not everyone is knowledgeable about it yet.

Undoubtedly it will continue for quite some time until Bitcoin is legalized worldwide and will be used in the status of international cryptocurrency as a means of payment, investment, and as a digital asset. Nevertheless, we must understand that it is Bitcoin that can replace fiat funds and save mankind from the state’s monopoly on creating inflation and devaluing the savings of each person.

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Quote from: cipherer on May 05, 2017, 09:28:46 AM

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.

Bitcoin, as the pioneer currency of them all will surely be able to maintain its position at the top as long as people keeps on believing and patronizing it. Bitcoin has already faced lots of trouble way back and we are all aware of that. It is very necessary that we look back at bitcoin's history so that we may know why and how it was able to stay as the leading cryptocurrency. In terms of being an official currency, bitcoin might have a hard time being on the top since not everyone is knowledgeable about it yet.

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Quote from: Subbir on February 06, 2020, 10:39:21 PM

Quote from: Hilsgort_T on February 02, 2020, 07:53:16 AM

I don't think that bitcoin will become the leading currency. For me, bitcoin is an idea. It will be difficult to use bitcoin in real life. I think stablecoins are more suitable for this.

You are right but i feel it'll not be difficult if you recognize the way to use it properly. Bitcoin is that the first to exchange the market. Many coins have come after Bitcoin but cannot compete with Bitcoin. But hopefully, Bitcoin will still rise through the facility of electricity.

The media always say that crypto mining uses a lot of electricity. I would say, however, that the electricity that is generated is generated either way. Wind turbines sometimes even have to be switched off because there is too much electricity in the network and too much is being produced. Of course, you can say that mining eats a lot of electricity, but the older the world gets and civilization advances, the more electricity is needed at some point, which in turn drives innovation.

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Quote from: Hilsgort_T on February 02, 2020, 07:53:16 AM

I don't think that bitcoin will become the leading currency. For me, bitcoin is an idea. It will be difficult to use bitcoin in real life. I think stablecoins are more suitable for this.

Bitcoin is a leading Cryptocurrency now so the chance of becoming a leading Worldwide currency is indeed with this coin.
and why stable coin?do you really think they are worth using in future?when decentralize market starts to run the world?

Quote from: travwill on February 06, 2020, 06:02:03 PM

Bitcoin is already a leading cryptocurrency. Its complexity in use is more than offset by its functionality and safety.
Stable coins belong to certain companies that may be closed if they violate the law, that is, they are centralized, which means it adds additional risks if you store your funds in the form of stable coins.

that is why bitcoin still the best currency and will be the leading in future?
and this will continue to Grow every year?risks in stablecoin is indeed and can be controlled against our own will.

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Quote from: xhomerx10 on May 05, 2017, 09:39:22 AM

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Quote from: Subbir on February 06, 2020, 10:39:21 PM

Quote from: Hilsgort_T on February 02, 2020, 07:53:16 AM

I don't think that bitcoin will become the leading currency. For me, bitcoin is an idea. It will be difficult to use bitcoin in real life. I think stablecoins are more suitable for this.

You are right but i feel it'll not be difficult if you recognize the way to use it properly. Bitcoin is that the first to exchange the market. Many coins have come after Bitcoin but cannot compete with Bitcoin. But hopefully, Bitcoin will still rise through the facility of electricity.

Btc is still the most preferred coin among investors and people who want to buy bitcoin. May be in coming years we would have some other coin which maybe close to bitcoin in terms of demand or so but for now one should always have the btc in their portfolio along with some other stable coins which will be individual’s choice.

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Quote from: Assface16678 on February 17, 2020, 10:10:46 AM

Quote from: FlightyPouch on February 16, 2020, 07:15:13 PM

Quote from: julius caesar on February 15, 2020, 07:21:56 AM

Bitcoin will for surely gonna be accepted by so many people soon because we are on this era that we are trying to make everything else hassle free like using digital currency in doing your transactions. Bitcoin is a good example since it really makes our transaction faster than before. It is the most trusted coin that is why the value of other coins out there is dependent on the current value of bitcoin.

Not really dependent but it is somewhat related to the dumps that are happening with the price of bitcoin. In the past when people still believe that every end of the year the price will pump, it did not happen at that year and bitcoin continuously fall. Do you think altcoin will follow? no, it did not in fact ethereum at that time reached its ATH proving that it is not dependent on the movement of bitcoin's price.

Today one of the fastest earn today is with the use of cryptocurrency many people would like to use cryptocurrency because they know the potential of the coin to make more investment. There are a lot of people who want to make the bitcoin is the currency to their country to make payment but today only a few countries accept the use of crypto or bitcoin as payment.

The market price of the bitcoin is going down it is just normal because there are a lot of factors why does the market price goes down. But still, the year 2020 sees a good future to make more earning bitcoin just wait to pump again.

well i think bitcoin is really a leading currency because it is use on so many countries. I believe that this year will be a great year for botcoin, many people believe that bitcoin will be the safest investment, maybe in th enear future many more country will used bitcoin for good.

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Quote from: FlightyPouch on February 16, 2020, 07:15:13 PM

Quote from: julius caesar on February 15, 2020, 07:21:56 AM

Bitcoin will for surely gonna be accepted by so many people soon because we are on this era that we are trying to make everything else hassle free like using digital currency in doing your transactions. Bitcoin is a good example since it really makes our transaction faster than before. It is the most trusted coin that is why the value of other coins out there is dependent on the current value of bitcoin.

Not really dependent but it is somewhat related to the dumps that are happening with the price of bitcoin. In the past when people still believe that every end of the year the price will pump, it did not happen at that year and bitcoin continuously fall. Do you think altcoin will follow? no, it did not in fact ethereum at that time reached its ATH proving that it is not dependent on the movement of bitcoin's price.

Today one of the fastest earn today is with the use of cryptocurrency many people would like to use cryptocurrency because they know the potential of the coin to make more investment. There are a lot of people who want to make the bitcoin is the currency to their country to make payment but today only a few countries accept the use of crypto or bitcoin as payment.

The market price of the bitcoin is going down it is just normal because there are a lot of factors why does the market price goes down. But still, the year 2020 sees a good future to make more earning bitcoin just wait to pump again.

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Quote from: julius caesar on February 15, 2020, 07:21:56 AM

Bitcoin will for surely gonna be accepted by so many people soon because we are on this era that we are trying to make everything else hassle free like using digital currency in doing your transactions. Bitcoin is a good example since it really makes our transaction faster than before. It is the most trusted coin that is why the value of other coins out there is dependent on the current value of bitcoin.

Not really dependent but it is somewhat related to the dumps that are happening with the price of bitcoin. In the past when people still believe that every end of the year the price will pump, it did not happen at that year and bitcoin continuously fall. Do you think altcoin will follow? no, it did not in fact ethereum at that time reached its ATH proving that it is not dependent on the movement of bitcoin's price.

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