Topic: Bitcoin can't become world currency (at least now). (Read 688 times)
You are probably right Although Bitcoin is already a world currency it cannot be made to be like other physical currencies like USD and Euro because it is virtual and decentralized and also there is not enough Bitcoins in existence to cover the world's totally money according to my research
Hello crypto bros!
Personally, I think that bitcoin won't become a new world currency like USD or EURO, but I think it would be widely accepted and used. But looking at some projects like El Salvador I just keep wondering, are there gonna be countries that will try making bitcoin their official currency and make all transactions using it?
Do you think there gonna be any consequences for that?
Why I think it's highly unlikely:
I think one of the problems is that it will be more expensive for people to use bitcoin than fiat. We can also say that it will create a huge load on the bitcoin network to make all these transactions so it will probably be even more expensive and slower because of that. Also worth mentioning that bitcoin is still pretty volatile and I don't see it becoming more stable in the future. And the whole system will depend on the miners and if there gonna be any problem with them, then the system will suffer. And another thing is that when people will see how volatile bitcoin is, they will try to exchange it to more stable asset that will dump the price of BTC as well.
So as a result, I think that bitcoin will probably stay as an asset and anonymous money. And it's not a bad thing, we need this kind of technology to exist.
Personally, I think that bitcoin won't become a new world currency like USD or EURO, but I think it would be widely accepted and used. But looking at some projects like El Salvador I just keep wondering, are there gonna be countries that will try making bitcoin their official currency and make all transactions using it?
Do you think there gonna be any consequences for that?
Why I think it's highly unlikely:
I think one of the problems is that it will be more expensive for people to use bitcoin than fiat. We can also say that it will create a huge load on the bitcoin network to make all these transactions so it will probably be even more expensive and slower because of that. Also worth mentioning that bitcoin is still pretty volatile and I don't see it becoming more stable in the future. And the whole system will depend on the miners and if there gonna be any problem with them, then the system will suffer. And another thing is that when people will see how volatile bitcoin is, they will try to exchange it to more stable asset that will dump the price of BTC as well.
So as a result, I think that bitcoin will probably stay as an asset and anonymous money. And it's not a bad thing, we need this kind of technology to exist.
That's right, the fact is that in order for bitcoin to become a world currency, two things need to come true:
1) All people had devices on which they could store bitcoins or other cryptocurrencies
2) People should be literate enough to send transactions, keep their wallets safe.
And if the world is ready for the first, because everyone has smartphones. Then everything is bad with the second point. There are few crypto enthusiasts. But, over time, we will only become more and more.
Not only that, those two even fulfilled cannot make Bitcoin become the world currency. Remember apart for users, there are also authority that needs to approve Bitcoin in order to be recognized by global financial institutions. Bitcoin must be approved as a legal tender of the majority of the government in the world in order for it to become world currency which is at the current estate is impossible or not even a chance in the future. So I agree that Bitcoin can't be a world currency now and possibly forever. It can be an alternative though.
Definitely yes, only if the authorities recognize cryptocurrencies as legal, only then can we talk about bitcoin becoming a means of payment.
But, as I wrote above, first cryptocurrencies should become very widespread among the population.
I think that you are quite pessimistic about the future of cryptocurrencies, because more than 15 countries have already legalized cryptocurrencies.
And the most difficult stage was for at least someone to catch up with him. We are already on the rails, and we are moving forward in the right direction!
Hello crypto bros!
Personally, I think that bitcoin won't become a new world currency like USD or EURO, but I think it would be widely accepted and used. But looking at some projects like El Salvador I just keep wondering, are there gonna be countries that will try making bitcoin their official currency and make all transactions using it?
Do you think there gonna be any consequences for that?
Why I think it's highly unlikely:
I think one of the problems is that it will be more expensive for people to use bitcoin than fiat. We can also say that it will create a huge load on the bitcoin network to make all these transactions so it will probably be even more expensive and slower because of that. Also worth mentioning that bitcoin is still pretty volatile and I don't see it becoming more stable in the future. And the whole system will depend on the miners and if there gonna be any problem with them, then the system will suffer. And another thing is that when people will see how volatile bitcoin is, they will try to exchange it to more stable asset that will dump the price of BTC as well.
So as a result, I think that bitcoin will probably stay as an asset and anonymous money. And it's not a bad thing, we need this kind of technology to exist.
Personally, I think that bitcoin won't become a new world currency like USD or EURO, but I think it would be widely accepted and used. But looking at some projects like El Salvador I just keep wondering, are there gonna be countries that will try making bitcoin their official currency and make all transactions using it?
Do you think there gonna be any consequences for that?
Why I think it's highly unlikely:
I think one of the problems is that it will be more expensive for people to use bitcoin than fiat. We can also say that it will create a huge load on the bitcoin network to make all these transactions so it will probably be even more expensive and slower because of that. Also worth mentioning that bitcoin is still pretty volatile and I don't see it becoming more stable in the future. And the whole system will depend on the miners and if there gonna be any problem with them, then the system will suffer. And another thing is that when people will see how volatile bitcoin is, they will try to exchange it to more stable asset that will dump the price of BTC as well.
So as a result, I think that bitcoin will probably stay as an asset and anonymous money. And it's not a bad thing, we need this kind of technology to exist.
That's right, the fact is that in order for bitcoin to become a world currency, two things need to come true:
1) All people had devices on which they could store bitcoins or other cryptocurrencies
2) People should be literate enough to send transactions, keep their wallets safe.
And if the world is ready for the first, because everyone has smartphones. Then everything is bad with the second point. There are few crypto enthusiasts. But, over time, we will only become more and more.
Not only that, those two even fulfilled cannot make Bitcoin become the world currency. Remember apart for users, there are also authority that needs to approve Bitcoin in order to be recognized by global financial institutions. Bitcoin must be approved as a legal tender of the majority of the government in the world in order for it to become world currency which is at the current estate is impossible or not even a chance in the future. So I agree that Bitcoin can't be a world currency now and possibly forever. It can be an alternative though.
Bitcoin doesn't want to be a world currency, maybe it could be used as a "store of value", also, it isn't easy to use it like cash or for micropayment, because TX confirmation is low.
NB: Surely a world currency will be a crypto one within the next 10-20 years, now it is too early. Keep also in mind that a decentralized form of currency can't exist, because central bank like FED or BCE couldn't drug
markets with their quantitative easing.
Also, keep in mind that Bitcoin (like other currencies) is as most used as speculative instrument and not as currency, and this isn't a good thing. Hope in the future in a change of direction.
NB: Surely a world currency will be a crypto one within the next 10-20 years, now it is too early. Keep also in mind that a decentralized form of currency can't exist, because central bank like FED or BCE couldn't drug
markets with their quantitative easing.
Also, keep in mind that Bitcoin (like other currencies) is as most used as speculative instrument and not as currency, and this isn't a good thing. Hope in the future in a change of direction.
Wait a second.....I saw this somewhere already, didn't I? Are my eyes kinda gloomy?....
The creation of Bitcoin never had, in it's criterion, any intentions to overthrow the world's currency....(maybe it does now, but it don't really matter since the adoption is imperative,... if not, then it cannot work that way).
Bitcoin is simply a DIGITAL currency that was made to surpass the stress of unsuccessful trnxs, cashlessness (like the type that happened in Nigeria),.and also to introduce decentralization. I hope that's clear to you??
Sandra 🧑🦰
The creation of Bitcoin never had, in it's criterion, any intentions to overthrow the world's currency....(maybe it does now, but it don't really matter since the adoption is imperative,... if not, then it cannot work that way).
Bitcoin is simply a DIGITAL currency that was made to surpass the stress of unsuccessful trnxs, cashlessness (like the type that happened in Nigeria),.and also to introduce decentralization. I hope that's clear to you??
Sandra 🧑🦰
Bitcoin has the potential to become a world currency, but there are several challenges and obstacles that it needs to overcome before it can achieve that status. Here are some factors to consider., *Volatility *Adoption *Regulations *Infrastructure and Competition.
However; it's possible that Bitcoin could play a more significant role in the global economy in the future.
There are too many challenges for bitcoin to become a global currency, but one good thing about bitcoin today is that it has real use cases. The growing adoption of bitcoin, its increasing demand around the world can give hope that in the future bitcoin will become the currency considered by many world governments.However; it's possible that Bitcoin could play a more significant role in the global economy in the future.
Of course, currently the regulations of many countries have not legalized bitcoin as a currency, but hopefully this will change over time. Now there are a lot of people in different countries who no longer believe in banks, they are looking for bitcoin as an alternative solution, and if at the same time the government is against bitcoin instead of supporting it, then I think the system will only get worse.
Since this is the main reason for which Bitcoin was created and I don't think there should be any issues concerning it becoming the world currency which naturally speaking doesn't look like it.
Funny thing would be that bitcoin would not be able to fall, since there would be no currency to measure the price against. So you could only see if there is some kind of inflation / deflation, that would result in less / more goods that could be bought with bitcoin at a specific location. World wide however you would have a on average pretty stable currency.
It can because any currency has a purchasing power also. Even if everything is priced in bitcoins you know if you can buy more cups of coffee in the nearest coffee house than a year ago or less (or the same amount). That's why we know that even anchor currencies are going down in time, because they all are a part of a modern inflationary economy. When bitcoin will become stable enough it is expected that it will slowly grow up in time, so in couple of years you'll be able to get not 1 cup of coffee a month less, but a cup more. Sounds attractive, right?
because when the price falls, the world at large will feel the impact.
Funny thing would be that bitcoin would not be able to fall, since there would be no currency to measure the price against. So you could only see if there is some kind of inflation / deflation, that would result in less / more goods that could be bought with bitcoin at a specific location. World wide however you would have a on average pretty stable currency.
Legalizing bitcoin as an acceptable means of transaction is not a bad idea, but making it the only legalized asset in a country/world at large can destabilize the economy for a long period of time,
because when the price falls, the world at large will feel the impact.
The best option is to allow the bitcoin market compete with the world currencies (e.g dollars, Euro, etc).
because when the price falls, the world at large will feel the impact.
The best option is to allow the bitcoin market compete with the world currencies (e.g dollars, Euro, etc).
Op bitcoin is not competing with any country financial institution. And not also planning to take over a country economy, what bitcoin is doing is to create decentralized exchange system. And in the process of using bitcoin, any country that like to use bitcoin has their official currency can do. And it is not compulsory or mandatory that for everyone to use it. Like what happened in El Salvador is their personal decision and not others. Every government has their own policy that regulate the activities of the citizens. Like my country the government collaborate with the financial institution and ban bitcoin but the citizens are still using it very effectively with the fiat currency they are co-existing in the country.
I don't think bitcoin is going to take over the Fiat currencies and becomes the world currency,.
Well bitcoin as a decentralized payment alternative for everyone who likes it and more precisely on investment will not take over fiat instead and I don't think this is possible anyhow every government will definitely defend their fiat currency until whenever especially with a new economy of course they will not change with bitcoin as their main tool.I don't think bitcoin is going to take over the Fiat currencies and becomes the world currency,.
Even recently the government will launch a CBDC which is still in the development stage but this is based on their fiat so it will not depend on bitcoin and obviously the government certainly wants to compete in its digital currency, it's just that they want to control what has been made like CBDC.
I think you are right, bitcoin will still be an alternative while fiat will still be widely used throughout the world as its economic cycle.
Bitcoin is not here to support the ruling class but to the lower and the poor class who are computer literate that can operate computer and and smartphone and use it to browse the internet very well. Bitcoin is a liberation to the new generational computer expertise.
Op bitcoin is not competing with any country financial institution. And not also planning to take over a country economy, what bitcoin is doing is to create decentralized exchange system. And in the process of using bitcoin, any country that like to use bitcoin has their official currency can do. And it is not compulsory or mandatory that for everyone to use it. Like what happened in El Salvador is their personal decision and not others. Every government has their own policy that regulate the activities of the citizens. Like my country the government collaborate with the financial institution and ban bitcoin but the citizens are still using it very effectively with the fiat currency they are co-existing in the country.
I don't think bitcoin is going to take over the Fiat currencies and becomes the world currency,.
Well bitcoin as a decentralized payment alternative for everyone who likes it and more precisely on investment will not take over fiat instead and I don't think this is possible anyhow every government will definitely defend their fiat currency until whenever especially with a new economy of course they will not change with bitcoin as their main tool.I don't think bitcoin is going to take over the Fiat currencies and becomes the world currency,.
Even recently the government will launch a CBDC which is still in the development stage but this is based on their fiat so it will not depend on bitcoin and obviously the government certainly wants to compete in its digital currency, it's just that they want to control what has been made like CBDC.
I think you are right, bitcoin will still be an alternative while fiat will still be widely used throughout the world as its economic cycle.
Actually the answer is still the same and their goal is also not there so what makes it seem as if they are competing to get it.
I think the reason bitcoin is still there is that it just remains an option, not a core and has to compete there because with bitcoin at least this can also be considered and for options it will forever remain an option.
The situation in El Salvador is currently quite good but this does not mean that bitcoin is the core for payments, they are there, indeed it has been legalized but this returns to options. bitcoin can be used as an alternative for El Salvador to transact and not rely too much on fiat alone.
I think the reason bitcoin is still there is that it just remains an option, not a core and has to compete there because with bitcoin at least this can also be considered and for options it will forever remain an option.
The situation in El Salvador is currently quite good but this does not mean that bitcoin is the core for payments, they are there, indeed it has been legalized but this returns to options. bitcoin can be used as an alternative for El Salvador to transact and not rely too much on fiat alone.
For bitcoin to become a global currency, there has to be some central point of control where everything about it is being regulated, for local currencies every country has their federal or central bank, for the entire planet we have the IMF or something I don't really know lmao. But yeah if you're looking to have the coin be a bona fide "global currency", we have to take the regulation path, which I doubt any of you bitcoin fanatics would really love to be a part of.
As of the moment, the coin is pretty much a global currency, just without the global recognition. It could bridge entire continents, fund people from anywhere in the world, be able to purchase anything granted you have to swap it for USDs, but in essence, it's a global currency now! No other changes needed!
As of the moment, the coin is pretty much a global currency, just without the global recognition. It could bridge entire continents, fund people from anywhere in the world, be able to purchase anything granted you have to swap it for USDs, but in essence, it's a global currency now! No other changes needed!
Hello crypto bros!
Personally, I think that bitcoin won't become a new world currency like USD or EURO, but I think it would be widely accepted and used. But looking at some projects like El Salvador I just keep wondering, are there gonna be countries that will try making bitcoin their official currency and make all transactions using it?
Do you think there gonna be any consequences for that?
Why I think it's highly unlikely:
I think one of the problems is that it will be more expensive for people to use bitcoin than fiat. We can also say that it will create a huge load on the bitcoin network to make all these transactions so it will probably be even more expensive and slower because of that. Also worth mentioning that bitcoin is still pretty volatile and I don't see it becoming more stable in the future. And the whole system will depend on the miners and if there gonna be any problem with them, then the system will suffer. And another thing is that when people will see how volatile bitcoin is, they will try to exchange it to more stable asset that will dump the price of BTC as well.
So as a result, I think that bitcoin will probably stay as an asset and anonymous money. And it's not a bad thing, we need this kind of technology to exist.
Op bitcoin is not competing with any country financial institution. And not also planning to take over a country economy, what bitcoin is doing is to create decentralized exchange system. And in the process of using bitcoin, any country that like to use bitcoin has their official currency can do. And it is not compulsory or mandatory that for everyone to use it. Like what happened in El Salvador is their personal decision and not others. Every government has their own policy that regulate the activities of the citizens. Like my country the government collaborate with the financial institution and ban bitcoin but the citizens are still using it very effectively with the fiat currency they are co-existing in the country.Personally, I think that bitcoin won't become a new world currency like USD or EURO, but I think it would be widely accepted and used. But looking at some projects like El Salvador I just keep wondering, are there gonna be countries that will try making bitcoin their official currency and make all transactions using it?
Do you think there gonna be any consequences for that?
Why I think it's highly unlikely:
I think one of the problems is that it will be more expensive for people to use bitcoin than fiat. We can also say that it will create a huge load on the bitcoin network to make all these transactions so it will probably be even more expensive and slower because of that. Also worth mentioning that bitcoin is still pretty volatile and I don't see it becoming more stable in the future. And the whole system will depend on the miners and if there gonna be any problem with them, then the system will suffer. And another thing is that when people will see how volatile bitcoin is, they will try to exchange it to more stable asset that will dump the price of BTC as well.
So as a result, I think that bitcoin will probably stay as an asset and anonymous money. And it's not a bad thing, we need this kind of technology to exist.
I don't think bitcoin is going to take over the Fiat currencies and becomes the world currency,.
And the whole system will depend on the miners and if there gonna be any problem with them, then the system will suffer. And another thing is that when people will see how volatile bitcoin is, they will try to exchange it to more stable asset that will dump the price of BTC as well.
I guess we have already talked about this before. All the bitcoin will be mined by the year 2140. At least according to this source.
So at a point in the future, we can pretty much see somewhat stability in BTC price. And the thing about world currency. It is already considered one. Not a legal tender, maybe, but it will be widely accepted across the world. Hell, it is already accepted in many countries as a legal payment method.
Source : Google
So in very short time, we will be able to see more and more countries joining hands to legalize bitcoin in their system. So in order to make that use easy, people will come up with new technology and develop existing ones to a whole new level. By that we won't have to face many problems that you have mentioned.
The main reason why Bitcoin created is to make a transaction over the internet. It was not created to replace fiat currency. Bitcoin is impossible to be use as global currency because government won't agree with that. One of the reasons is that Bitcoin is volatile, it's normal to people think that it's not a strong currency even though this coin has less volatility among the other cryptocurrencies. The other one is because a threat of using to illegal activities. We have to accept that it is the bad side of crypto but we have to put in our mind that even fiat can be used to illegal activities also. Bitcoin are not widely accepted, and only have a very small group of merchants in some country. So if the time will come that Bitcoin will be accepted widely, there might be a chance to be called as world currency.
Hello crypto bros!
Personally, I think that bitcoin won't become a new world currency like USD or EURO, but I think it would be widely accepted and used. But looking at some projects like El Salvador I just keep wondering, are there gonna be countries that will try making bitcoin their official currency and make all transactions using it?
Do you think there gonna be any consequences for that?
Why I think it's highly unlikely:
I think one of the problems is that it will be more expensive for people to use bitcoin than fiat. We can also say that it will create a huge load on the bitcoin network to make all these transactions so it will probably be even more expensive and slower because of that. Also worth mentioning that bitcoin is still pretty volatile and I don't see it becoming more stable in the future. And the whole system will depend on the miners and if there gonna be any problem with them, then the system will suffer. And another thing is that when people will see how volatile bitcoin is, they will try to exchange it to more stable asset that will dump the price of BTC as well.
So as a result, I think that bitcoin will probably stay as an asset and anonymous money. And it's not a bad thing, we need this kind of technology to exist.
Personally, I think that bitcoin won't become a new world currency like USD or EURO, but I think it would be widely accepted and used. But looking at some projects like El Salvador I just keep wondering, are there gonna be countries that will try making bitcoin their official currency and make all transactions using it?
Do you think there gonna be any consequences for that?
Why I think it's highly unlikely:
I think one of the problems is that it will be more expensive for people to use bitcoin than fiat. We can also say that it will create a huge load on the bitcoin network to make all these transactions so it will probably be even more expensive and slower because of that. Also worth mentioning that bitcoin is still pretty volatile and I don't see it becoming more stable in the future. And the whole system will depend on the miners and if there gonna be any problem with them, then the system will suffer. And another thing is that when people will see how volatile bitcoin is, they will try to exchange it to more stable asset that will dump the price of BTC as well.
So as a result, I think that bitcoin will probably stay as an asset and anonymous money. And it's not a bad thing, we need this kind of technology to exist.
That's right, the fact is that in order for bitcoin to become a world currency, two things need to come true:
1) All people had devices on which they could store bitcoins or other cryptocurrencies
2) People should be literate enough to send transactions, keep their wallets safe.
And if the world is ready for the first, because everyone has smartphones. Then everything is bad with the second point. There are few crypto enthusiasts. But, over time, we will only become more and more.
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However, from an economic point of view lending can be a very important instrument.
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However, from an economic point of view lending can be a very important instrument.
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Yes, and bitcoin is a part of a deflationary economy which will work some other way. We are at the point of fundamental changing of economy: everything is transforming. AI, robotization, automation, — human work is needed less and less. We as a species get more free time without losing in the quality of life. Finance should change with all other economy as well. I'm not sure how all this will be in the future, but it will change not depending on if we want it or not. Yes, some tools of modern finance are good and important, and they played their roles, but everything is changing and we'll get some new useful tools in the future. It will not happen suddenly or very fast, but day by day, and someday in the future there'll will be a new type of economy, based on some of decisions appearing now. And why shouldn't bitcoin become the global currency in that new economy?
There is no doubt that Bitcoin is currently one of the best digital currencies in the world. But if we compare Bitcoin with USD or Euro then we will be wrong in that comparison. Because USD or Euro are recognized digital currencies but Bitcoin is only a digital currency. USD and Bitcoin are two different currencies so if we compare the two we will be wrong.
However, the way Bitcoin's popularity is increasing and people are liking its benefits, it can be said that Bitcoin will soon become one of the most widely recognized currencies in the world.
I'd Bitcoin did not become the world currency so what should we be expecting. I know there are huge coins that will be coming to play soon and if Bitcoin did not become part of them, it will be a woe for the whole cryptocurrency. Bitcoin has greater influence in the market and if we push out our focus from Bitcoin, the market may crumbles to nothing. However, the way Bitcoin's popularity is increasing and people are liking its benefits, it can be said that Bitcoin will soon become one of the most widely recognized currencies in the world.
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