Topic: Bitcoin as a leading currency? - page 9. (Read 15125 times)
In my opinion, Bitcoin was created for some purposes, and it is used by others. Bitcoin was created for the good purpose of decentralization and circumvention of intermediaries. And now the whole black market and money laundering are based on cryptocurrency. Leading currency? Hardly. Speculative currency - yes.
In order for Bitcoin to become the leading currency, it needs to undergo tight centralization. Such a bitcoin which is now no time will not become the leading currency.
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.
Your arguments do not explain why in this case Bitcoin should be the leading currency. Any decentralized cryptocurrency can not be the leading, the main currency, either within a single state, much less a union of states. No state in the world will ever allow this, because a foreign one is their cryptocurrency and they cannot control it. They have enough of their own currencies in the well-established financial system and they have no additional problems. 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.
Yes, Bitcoin is an irreplaceable major currency. We can see that there are so many alt that came later they disappeared, only Bitcoin has remained standing for the past nine years.
You mean cryptocurrency, certainly. Man, Bitcoin is too young, and the crypto technologies have been constantly developing. Once, the better crypto can come. It may be not Ethereum or some of the other top-alts, just something revolutionary.
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We know bitcoin still leading cryptocurrency but bitcoin is not leading currency because many countries still not accept bitcoin as a new currency and they still think or discuss the regulation. Let us accept the reality about this, and we can continue to follow the bitcoin journey because I think that bitcoin has a big opportunity to be a new currency for every country because bitcoin itself can break the limit of every country and with bitcoin, people will have a new way to make money.
I doubt that many countries are going to accept bitcoin willingly, they know the power they hold to print their currency and it is a power they took away from the people and they are not going to be happy to give it back, but the problem they have is that their economies are facing huge challenges mostly because of their mismanagement of their currencies and they know that if the conditions were fair their currencies will lose to bitcoin so they are trying to find a way to defeat bitcoin and keep their currencies strong.Yes, I think the same as you. The power to print their currency will not stay forever because they need to think about the resources of the material. They need to try to transform something called technology, and they must use the technology to follow the new era which already exists around them. If they don't want to follow the new era which new technology insides, then I am not sure that they can survive in the long-term.
I don't think it's a top currency. I think it only promotes its hidden power when it is a trading tool and an asset to help prevent inflation. That is what investors are interested in. We should not expect and want it to become a currency anymore, I think it is not suitable for that.
Its total supply is very low to serve that.
Its total supply is very low to serve that.
Well, bitcoin is a top currency in term of its value according to the market. Did you ever seen an altcoins here were the price is higher than bitcoin? you won't see any of them dude. But maybe in terms of other usages of the utility token there are some of them that are better than bitcoin, were sometimes there are some altcoins has a higher volume market rather than bitcoin just like for example was XRP if I am not mistaken when it pumped its value recently. Although, I'm not promoting it.
Leading currency? Nope, USD is always the leading currency. But if you mean leading cryptocurrency, Bitcoin is the most deserving because it is the face of cryptocurrency, after all, bitcoin is the safest and most trusted crytocurrency.
Yes, Bitcoin is an irreplaceable major currency. We can see that there are so many alt that came later they disappeared, only Bitcoin has remained standing for the past nine years.
I think the reason why most people keep resemble bitcoin because of its outstanding growth and its platform was acknowledge to lead among all currencies. And I prefer to keep and hold this asset as I believe its growth will continue to progress accommodatingly.
It is so obvious that bitcoin has been the leading currency in the crypto world, others will try to compete but I think it will still continue to lead.
I don't think they are competing with BTC.
We all know how powerful and strong BTC is and it is proven by a lot of dumps in the past but it still making a lot of comebacks. I think they are aiming to be close to that price BTC has but it will never defeat BTC. Also, it is the used and common cryptocurrency of people or investors, if they want to win against that kind of crypto, they need to attract whales.
It is so obvious that bitcoin has been the leading currency in the crypto world, others will try to compete but I think it will still continue to lead.
I don't think it's a top currency. I think it only promotes its hidden power when it is a trading tool and an asset to help prevent inflation. That is what investors are interested in. We should not expect and want it to become a currency anymore, I think it is not suitable for that.
Its total supply is very low to serve that.
Before talking about how the supply is too low to serve as a currency, you must consider that bitcoin also has decimal number and it is called satoshi, even 1 bitcoin could be divided into millions of satoshi, also mbtc and ubtc there's nothing to worry about when it comes to bitcoin's first purpose as a currency, believe it or not bitcoin has been considered as a currency due to the fact that some major platform accepting it as a means of payment. Its total supply is very low to serve that.
We know bitcoin still leading cryptocurrency but bitcoin is not leading currency because many countries still not accept bitcoin as a new currency and they still think or discuss the regulation. Let us accept the reality about this, and we can continue to follow the bitcoin journey because I think that bitcoin has a big opportunity to be a new currency for every country because bitcoin itself can break the limit of every country and with bitcoin, people will have a new way to make money.
I doubt that many countries are going to accept bitcoin willingly, they know the power they hold to print their currency and it is a power they took away from the people and they are not going to be happy to give it back, but the problem they have is that their economies are facing huge challenges mostly because of their mismanagement of their currencies and they know that if the conditions were fair their currencies will lose to bitcoin so they are trying to find a way to defeat bitcoin and keep their currencies strong.
Yes, Bitcoin is an irreplaceable major currency. We can see that there are so many alt that came later they disappeared, only Bitcoin has remained standing for the past nine years.
I don't think it's a top currency. I think it only promotes its hidden power when it is a trading tool and an asset to help prevent inflation. That is what investors are interested in. We should not expect and want it to become a currency anymore, I think it is not suitable for that.
Its total supply is very low to serve that.
Its total supply is very low to serve that.
We know bitcoin still leading cryptocurrency but bitcoin is not leading currency because many countries still not accept bitcoin as a new currency and they still think or discuss the regulation. Let us accept the reality about this, and we can continue to follow the bitcoin journey because I think that bitcoin has a big opportunity to be a new currency for every country because bitcoin itself can break the limit of every country and with bitcoin, people will have a new way to make money.
I doubt that many countries are going to accept bitcoin willingly, they know the power they hold to print their currency and it is a power they took away from the people and they are not going to be happy to give it back, but the problem they have is that their economies are facing huge challenges mostly because of their mismanagement of their currencies and they know that if the conditions were fair their currencies will lose to bitcoin so they are trying to find a way to defeat bitcoin and keep their currencies strong.instead of destroying Bitcoin, they will try to hold more Bitcoin to get a big advantage.
When inflation happens, they will still get a big profit from holding BTC and then they will continue to grow.
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.
I totally agree with you. Many people say they want Bitcoin to be a common currency in the world, I don't understand why they think so.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.
while supply is limited and its value is always held by whales, meaning that its value will not be stable.
It is really an inconvenience when more than 7 billion people try to get bitcoin to pay. I think bitcoin should only be a tool to balance the inflation of fiat money, it can best perform that function.
Bitcoin has remained the leading cryptocurrency since the inception of the cryptocurrency technology. It has brought great fortune for those who understood its principle and necessity to hold in its early stages. Now, Bitcoin is still spearheading the crypto space to a new dawn of great spectacle as its market price continues to increase gradually each time.
We know bitcoin still leading cryptocurrency but bitcoin is not leading currency because many countries still not accept bitcoin as a new currency and they still think or discuss the regulation. Let us accept the reality about this, and we can continue to follow the bitcoin journey because I think that bitcoin has a big opportunity to be a new currency for every country because bitcoin itself can break the limit of every country and with bitcoin, people will have a new way to make money.
I doubt that many countries are going to accept bitcoin willingly, they know the power they hold to print their currency and it is a power they took away from the people and they are not going to be happy to give it back, but the problem they have is that their economies are facing huge challenges mostly because of their mismanagement of their currencies and they know that if the conditions were fair their currencies will lose to bitcoin so they are trying to find a way to defeat bitcoin and keep their currencies strong. 
Now we are in 2019, did Bitcoin make a step to be a leading cuurency?
What do you mean by that? Bitcoin is the leading crpyto currency in the market and I don't think there would be another crpyto that will surpass bitcoin. It will not make a step since it is already ahead of other altcoins in the market. It is now 2019 and it is still the leading currency despite that fact that it is been a long time since its release. It just proves how strong and patient its users and investors
Obviously, he meant Bitcoin as a currency
Not as a cryptocurrency. So it is not about making a step toward becoming a leading cryptocurrency (as you correctly, noted Bitcoin is already there by and large). It is more about conquering the fiat world. Indeed, it is hard to compete with such currencies like the US dollar or Euro, which are fiat kings in their own right. But there are other, second and third tier fiat currencies, and among those Bitcoin reigns supreme, by and large (again)
There is an argument that may be good for bitcoin, which, if you place it as the leading currency, because all the altcoins depend on bitcoin, you may not have the worldwide adoption yet, but every day many new people begin to Join this technology and begin to believe, to study the market and to give it the importance it should always have.
As cryptocurrency if I think that if it is a leader, because there is no other currency that competes with bitcoin, bitcoin has a history, it has a good student structure.
As cryptocurrency if I think that if it is a leader, because there is no other currency that competes with bitcoin, bitcoin has a history, it has a good student structure.
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