Topic: bitcoin cannot replace currency in the world because price is not stable - page 34. (Read 13345 times)

When i bought BTC last year, i had bought because i could see the world moving to a cashless society, the news & hype around going cashless is massive, to the point Governments at the time started announcing such.

The thing with going cashless is that i think people will start to look for non-Government alternatives, the main reason is due to the wealth destruction most Government's have done to fiat money, other smaller Governments are just sick & tired of having USD paired with own fiat.

And this is where a decentralised blockchain currency could help. BTC or Bitcoin was never meant to be a get rich investment tool, it was marketed as an alternative to fiat currency, and that is still the belief of the main crew who are involved BTC now.

It's early stages for blockchain , but i would think the upcoming fork & heated debate on how to make BTC faster, safer, cheaper will sort the buyers from the liars, the needy from the greedy, and those who trust BTC from the ones who don't.

Right now there is about 12% total China influence on the BTC network that don't even understand or care for what BTC is or does, they only know that you mine it , you make money.

After this upcoming fork, the original BTC coin will be almost 100% backed by the people who want BTC to go on & do better for the world. That's when i think BTC will really take off. Other coins will just go up cos of BTC going up.

All IMO

I don't see this ever happening. Bitcoin is not stable, Financial institutions cannot regulate its activities, sender and receiver can be anonymous etc

There are many other reasons for bitcoin not being able to replace any currency. The price instability is the least of those.

Firstly - the currencies are based by taxes and govs. So bitcoin will not replace them if you can not pay taxes with it and it has not a stamp of approval by the gov.

Secondly - It would be impossible for a bitcoin to have such an enourmous ammount of transactions, that for example are in USD, in the form that it have nowadays. Maybe in the future, with the more diverse blockchain tech.

Actually the price instability makes bitcoin attractive in the role it have. As a fun currency for gamblers, geeks, rebels and libertarians. I know some of us might think that the world of the future will be more liberty based. We can dream about it. And thats it. The world is based on debt, almost slave labour and no savings. Nothing seems like its about to change.

That reason is only for people who don't know information about bitcoin. I understand why they say the currency should be stable because they are scare with risk of losing. for example: why people have a brave to invest their money in dollar because they know USD dollar is strongger than their local currency.

Yes Man.Bitcoin has very good future.Dollars not has very good base.But bitcoin has very base.So their are lot of chances For bitcoin to replace the dollar.Who told bitcoin is not a stable currency. It's a stable currency. Since it's a stable currency many start to inverse their money on bitcoin.

Because I live in Indonesia so the legitimate currency used in Indonesia is rupiah, Bank Indonesia categorizes bitcoin as a virtual commodity (virtual) which can be used as barter tool. Meanwhile, any agency of bitcoin transactions must register with the Ministry of Communication and Information Technology to facilitate the monitoring of bitcoin transactions.
Previously, Bank Indonesia issued a statement that bitcoin or other digital currency can not be used as a legal means of payment. The risks associated with the ownership or use of bitcoin are borne by bitcoin users.
"What Bank Indonesia says is that bitcoin is not prohibited by the government. The government simply says that the risk is borne by every user. Bitcoin is essentially legal in Indonesia. If it is not considered a currency, then the bitcoin arrangement falls in the category of virtual commodities
According to Oscar, bitcoin is basically about the same as gold. Bitcoin can be used as an investment tool and barter tool as well as gold. In fact, Oscar called for the government to impose a tax on bitcoin as a good / commodity to increase state revenues.
The Indonesian Payment System Association (ASPI) under BI will continue to focus on overseeing the potential shifting of the payment system from conventional models to new models. "In the future, this virtual model payment system will grow and people need to know how to use it properly. We continue to discuss with the community of users of virtual payment systems to know the circulation of bitcoins and other virtual tools to be controlled as early as possible,

Any currency may replace dollars when it will be having massive user base. Yes, bitcoin is fluctuating but growing along with strong user base. After some decades we may expect stable prices for bitcoins, if stable prices are the only concern for replacing dollars definitely bitcoin will have that. I mean it has more chances to replace dollars.

Instability of bitcoin prices is indeed one of the considerations. Bitcoin can not be used as world currency. In addition there are many countries that have not recognized bitcoin legally so bitcoin is considered illegal currency because there is no government interference. This is what causes the price of bitcoin can go up to many fold and even can go down as well.

Compared to all currencies around the globe, bitcoin is still young to become a currency. I has to go a lot of process in order to become one. Also, the government wants full control over a currency. But its more favorable to us since we could use bitcoin as money too.

Bitcoin is created by satoshi to free people from banking sectors.It is a decentralized currency uncontrolled by any one.So its quite natural that bitcoin price will not be stable.Thats a great drawback for bitcoin not to be accepted as a primary currency in the world.It would be only accepted as a secondary currency.

I am sure over time, these whole volatility issue will settle and gradually stay within a particular range. The market is still the way it is today as we are still in the intro stage kinda and as people and the global world gets to accept it more, the price gets stable and probably a bit less volatile as it is today.

This is a big truth but I don't think people will accept more and more the Bitcoin if it became stable .
Most of the people who are in my network are involved in Bitcoin because of the fluctuations in the price .
Usually they bought at low rate and sell at high rate , so if the Bitcoin will become stable then you can realise that the many Bitcoin only traders will.lost thier job to make earnings and due to this reason they will move toward new coin which is better and fluctuating more .
Here The Bitcoin can never replace the fiat is also a wrong phrase because in the future everyone will be educated and everyone will understand that how to manage their money more wisely without any risk , so may be in the coming 10-20 years people will adopt the Bitcoin as a second way of payment like fiat .

Bitcoin is another way people can earn some money and also can be a for a long term saving plan, unless the miners take it over and screw it. If that happens Bitcoin will be a thing of the past and another Alt will take it's place at the top position. Bitcoin cannot become a global currency to replace fiat. Governments and central banks are too big to let that happen but it has and will have a great impact on people's lives.

This is the thing on what i strongly believe rather than going with the flow with those people who said that bitcoin would be a mainstream or a world currency without thinkng about its features and disadvantages.I strongly believe that it would just remain as it is.It may progress but wont come into the point that it would surpass world currencies out there. The main reasons are just been mentioned which is price unstability and its a decentralized thing.

It will be stable when the price is higher and more people are using it. Right now we can't get there because we haven't scaled the blocksize as was intended.

in my opinion, the reason bitcoin price still Fluctuate is because still many speculation about bitcoin. and not many county now a days acceppt bitcoin for.
but if all of country accept bitcoin, may be bitcoin price will stable.
because no more issue and speculation about bitcoin

it is already an online/virtual currency. However, you are right - bitcoin is a good investment because it really has a bright future due to many people are using it and loving the convenient and ease of use for online transactions.

Bitcoin will never be a currency because the price is changing and there is a big delay for the transactions.
You can see it as an investissement, at the end you can win or loose money.

Fiat currencies are also volatile - that is why it is called currency as it is like a current that keeps on going and changing.. However, Bitcoin is way more volatile than fiat - that is why it is good for skilled day traders but kinda get some stress and anxiety to ordinary people who are thinking to start trading it

We cannot be so sure about that.

Because the unpredictable prices and not stable, that's what makes investors has their eyes on bitcoin.
It cannot replace real money, yet slow but for sure bitcoin will surely have its own glory days.