In the end, bitcoin's future as the world's money depends on tech, rules, and what people think. But no matter how it plays out, the blockchain and bitcoin's tech ain't going anywhere—it'll keep shaking up how we see money and value.
In principle, bitcoin was not created to rank first as substitute for fiat, but bitcoin is suitable alternative option for anyone who is concerned about financial privacy and no longer trusts banks. Even if bitcoin is adopted, its future is never known for certain. Regulation and many other things will forever influence the accelerated acceptance of bitcoin as a currency, but it is not impossible for it to be a currency that will find a lot of support when the big banks collapse. 
Topic: Bitcoin can't become world currency (at least now). - page 2. (Read 700 times)
Well, FIAT and cryptocurrencies are completely different. Bitcoin is basically decentralized unlike Euro and USD , they're centralized. Furthermore, the bank or in general the governments will never accept unstable , uncontrollable and untraceable crypto as a legal coin. It means it is too difficult to see bitcoin recognized in all countries neither as a new global currency.
In fact, El Salvador was facing major economic problems and probably, that’s the main reason for accepting bitcoin as a legal coin
To be honest, they took a risk when they made this unexpected decision despite a lot of countries were against it.
In fact, El Salvador was facing major economic problems and probably, that’s the main reason for accepting bitcoin as a legal coin
To be honest, they took a risk when they made this unexpected decision despite a lot of countries were against it.
One problem is the volatility. Unless it is a large economy, I think the risk is too high for smaller countries to suffer from that volatility and they might also be prone to manipulation attacks from other countries. Adoption still needs to grow organically in order for Bitcoin to become less volatile. El Salvador is probably more of a bad example as their timing also was quite bad, but still you would want a currency to have a certain stability. That is why the term digital gold probably fits better. Those who own Bitcoin often don't own it because they plan on spending it shortly after. It's mostly an investment vehicle although that might indeed change over time. For as long as people expect strong value appreciation, they are less keen to use it for daily expenses.
If we were using a hard form of money, whether this was gold, silver or bitcoin, people will have no problem spending it as they will know those three assets are a store of value, so the volatility we encounter on those markets cannot be solely attributed to those assets, but to the economy built upon such an unstable foundation, and if instead we used a better form of money the volatility will decrease to minimal levels, something that was experimented when the gold standard was behind the world economy.
It is not that easy. There is nothing wrong about Bitcoin's volatility. In fact it was its volatility that got people interested. Usually all of us would like to get a true Bitcoin-based economy going. Not solely, but in a sense that prices are denoted in Bitcoin and not in USD or whatever current for that matter.
Especially in the richer areas of this world people don't buy it to use it, they buy it to hold it because it has so much upside potential and as bad as inflation is these days, there are places where it is even worse and people have a more than serious incentive to park their money in Bitcoin (if they can). In some countries it is impossible to save money and to get your hands on precious assets. By now though I guess there are many places in the world where you can actually get Bitcoin and you don't need much of an equipment to store it either.
One question I wonder about is whether monetary policy is per se a bad thing. Sure when it comes to endless QE and money printing as a means to fight other problems, whereas money printing can be a massive problem in and of itself. The monetary policy in Bitcoin is hard-coded, and yet people tend to hold it when an asset is deflationary. However, from an economic point of view lending can be a very important instrument.
And we also have too much trouble going on with exchanges right now who operate the exact same way as banks do. Fractional reserve. That is why they collapse all the time and backing their stable coins is also problematic as you need very sound management abilities to not run into liquidity problems. The one difference is that Coinbase wouldn't be bailed out for running a fractional reserve when they crash, but banks would. Coinbase would just disappear if they can't handle a bank run.
Will bitcoin be the new global dough? It's complicated, bro! Sure, it's got perks over old-school cash, but there are hurdles to jump first.
Problem numero uno: scalability. With more peeps using bitcoin, the network gets jammed, making delays and fees skyrocket. Not cool for countries wanting to adopt it. But hey, there's hope with the Lightning Network to speed things up and slash costs.
Next up: wild price swings. It's tough for peeps and businesses to rely on bitcoin when it's all over the place. But stablecoins tied to regular money might chill things out.
In the end, bitcoin's future as the world's money depends on tech, rules, and what people think. But no matter how it plays out, the blockchain and bitcoin's tech ain't going anywhere—it'll keep shaking up how we see money and value.
Problem numero uno: scalability. With more peeps using bitcoin, the network gets jammed, making delays and fees skyrocket. Not cool for countries wanting to adopt it. But hey, there's hope with the Lightning Network to speed things up and slash costs.
Next up: wild price swings. It's tough for peeps and businesses to rely on bitcoin when it's all over the place. But stablecoins tied to regular money might chill things out.
In the end, bitcoin's future as the world's money depends on tech, rules, and what people think. But no matter how it plays out, the blockchain and bitcoin's tech ain't going anywhere—it'll keep shaking up how we see money and value.
Well, FIAT and cryptocurrencies are completely different. Bitcoin is basically decentralized unlike Euro and USD , they're centralized. Furthermore, the bank or in general the governments will never accept unstable , uncontrollable and untraceable crypto as a legal coin. It means it is too difficult to see bitcoin recognized in all countries neither as a new global currency.
In fact, El Salvador was facing major economic problems and probably, that’s the main reason for accepting bitcoin as a legal coin
To be honest, they took a risk when they made this unexpected decision despite a lot of countries were against it.
In fact, El Salvador was facing major economic problems and probably, that’s the main reason for accepting bitcoin as a legal coin
To be honest, they took a risk when they made this unexpected decision despite a lot of countries were against it.
One problem is the volatility. Unless it is a large economy, I think the risk is too high for smaller countries to suffer from that volatility and they might also be prone to manipulation attacks from other countries. Adoption still needs to grow organically in order for Bitcoin to become less volatile. El Salvador is probably more of a bad example as their timing also was quite bad, but still you would want a currency to have a certain stability. That is why the term digital gold probably fits better. Those who own Bitcoin often don't own it because they plan on spending it shortly after. It's mostly an investment vehicle although that might indeed change over time. For as long as people expect strong value appreciation, they are less keen to use it for daily expenses.
If we were using a hard form of money, whether this was gold, silver or bitcoin, people will have no problem spending it as they will know those three assets are a store of value, so the volatility we encounter on those markets cannot be solely attributed to those assets, but to the economy built upon such an unstable foundation, and if instead we used a better form of money the volatility will decrease to minimal levels, something that was experimented when the gold standard was behind the world economy.
Well, FIAT and cryptocurrencies are completely different. Bitcoin is basically decentralized unlike Euro and USD , they're centralized. Furthermore, the bank or in general the governments will never accept unstable , uncontrollable and untraceable crypto as a legal coin. It means it is too difficult to see bitcoin recognized in all countries neither as a new global currency.
In fact, El Salvador was facing major economic problems and probably, that’s the main reason for accepting bitcoin as a legal coin
To be honest, they took a risk when they made this unexpected decision despite a lot of countries were against it.
In fact, El Salvador was facing major economic problems and probably, that’s the main reason for accepting bitcoin as a legal coin
To be honest, they took a risk when they made this unexpected decision despite a lot of countries were against it.
One problem is the volatility. Unless it is a large economy, I think the risk is too high for smaller countries to suffer from that volatility and they might also be prone to manipulation attacks from other countries. Adoption still needs to grow organically in order for Bitcoin to become less volatile. El Salvador is probably more of a bad example as their timing also was quite bad, but still you would want a currency to have a certain stability. That is why the term digital gold probably fits better. Those who own Bitcoin often don't own it because they plan on spending it shortly after. It's mostly an investment vehicle although that might indeed change over time. For as long as people expect strong value appreciation, they are less keen to use it for daily expenses.
We'll never know. If the government will find some solutions on how they fix the current problems in traditional finance or in the fiat, maybe it won't.
But what I can see is Bitcoin will be just an alternative, acting digital currency which is an alternative to our currencies right now.
With this, people will just have their freedom what they want to use as currency.
But what I can see is Bitcoin will be just an alternative, acting digital currency which is an alternative to our currencies right now.
With this, people will just have their freedom what they want to use as currency.
Yes, that's true Bitcoin offers users a decentralized, anonymous, and independent means of payment, outside the control of governments and traditional financial institutions. It has gained significant popularity and adoption in recent years, particularly among those who value privacy and autonomy.
I think Bitcoin offers users more freedom in their choice of currency, it faces several challenges and limitations. One of the significant concerns with Bitcoin is its association with illegal activities, such as money laundering and the purchase of illegal goods and services.
I think Bitcoin will remain unchanged. Its application and demand will only increase. One cannot be an opponent of anyone. It can be thought of as more advanced but cannot be thought of as a substitute for fiat currency. Although Bitcoin is more reliable than fiat currency but both are different by position.
Bitcoin and fiat currency serve different purposes and exist in different systems. While Bitcoin is a decentralized digital currency that operates outside of government and financial institution control, fiat currency is the traditional form of currency that is backed by governments and is widely accepted as a medium of exchange.
While it is true that Bitcoin's application and demand are likely to increase, it is not necessarily the case that it will remain unchanged. Bitcoin is a rapidly evolving technology, and its development and adoption will likely bring changes to its functionality and application.
Well, FIAT and cryptocurrencies are completely different. Bitcoin is basically decentralized unlike Euro and USD , they're centralized. Furthermore, the bank or in general the governments will never accept unstable , uncontrollable and untraceable crypto as a legal coin. It means it is too difficult to see bitcoin recognized in all countries neither as a new global currency.
In fact, El Salvador was facing major economic problems and probably, that’s the main reason for accepting bitcoin as a legal coin
To be honest, they took a risk when they made this unexpected decision despite a lot of countries were against it.
In fact, El Salvador was facing major economic problems and probably, that’s the main reason for accepting bitcoin as a legal coin
To be honest, they took a risk when they made this unexpected decision despite a lot of countries were against it.
It is premature to consider Bitcoin as a global currency, as it lacks a regulatory body to facilitate its adoption. Its success currently hinges on the support of the community and institutional investors, without the backing of a centralized government. Such entities are inclined to promote their own currency and are unlikely to endorse Bitcoin as a world currency. Nevertheless, it would be a significant development if governments worldwide were to recognize Bitcoin as a legal currency, enabling its use for global transactions, even if it does not become the dominant currency.
yes, it will probably be the support that makes the bitcoin price even higher. however, even without that, currently, bitcoin is quite successful in its development. Bitcoin does not need to be a world currency because basically, bitcoin is not made for that. Besides that, I think if the government supports bitcoin, then it's possible that the price of bitcoin won't be natural anymore. bitcoin has a purely decentralized system, if the government also starts to use bitcoin, and makes bitcoin a world currency, then there will be positive and negative impacts. yeah, but it looks like it's still a very long way to go until the government accepts bitcoin and replaces USD. bitcoin will never become a global currency because bitcoin was created not to replace money currently in effect in the world such as USD and EURO, bitcoin will still be crypto and develop according to its function as an asset not as a currency,
and too soon you draw conclusions with your statement, there are many changes and possibilities from btc itself as long as btc is not recognized by the government it is very difficult to make bitcoin a global currency even though the whole world already knows what it is and the benefits that btc provides
It is in this regard that this issue should be considered from the point of view of states and their governments, as well as using the points of view of ordinary citizens. States and their governments will not use bitcoin or any other cryptocurrency as a global currency for international payments. But people are already using cryptocurrency as a global currency thanks to the internet and its decentralized nature. We can now send bitcoin anywhere on our planet to another person to his wallet and any third parties cannot interfere with this. and too soon you draw conclusions with your statement, there are many changes and possibilities from btc itself as long as btc is not recognized by the government it is very difficult to make bitcoin a global currency even though the whole world already knows what it is and the benefits that btc provides
Bitcoin wasn't even made to replace other currencies, or better still, become one of them after sometime... It was made as a different, digitally-contrived method of payment, even as the case might be a little better than the initial idea currently.
Bitcoin is a global currency already, can you prove that otherwise?? .. let's say, 60-80% of people are crypto enthusiast globally. Everyone has legal access to carrying out either the BUYING and selling processes so that should simply infer Bitcoin as being globally acceptable. If yours was about making it a medium of exchange, then that's gonna be aich slower process for the future.
Bitcoin is a global currency already, can you prove that otherwise?? .. let's say, 60-80% of people are crypto enthusiast globally. Everyone has legal access to carrying out either the BUYING and selling processes so that should simply infer Bitcoin as being globally acceptable. If yours was about making it a medium of exchange, then that's gonna be aich slower process for the future.
bitcoin will never become a global currency because bitcoin was created not to replace money currently in effect in the world such as USD and EURO, bitcoin will still be crypto and develop according to its function as an asset not as a currency,
and too soon you draw conclusions with your statement, there are many changes and possibilities from btc itself as long as btc is not recognized by the government it is very difficult to make bitcoin a global currency even though the whole world already knows what it is and the benefits that btc provides
and too soon you draw conclusions with your statement, there are many changes and possibilities from btc itself as long as btc is not recognized by the government it is very difficult to make bitcoin a global currency even though the whole world already knows what it is and the benefits that btc provides
It is premature to consider Bitcoin as a global currency, as it lacks a regulatory body to facilitate its adoption. Its success currently hinges on the support of the community and institutional investors, without the backing of a centralized government. Such entities are inclined to promote their own currency and are unlikely to endorse Bitcoin as a world currency. Nevertheless, it would be a significant development if governments worldwide were to recognize Bitcoin as a legal currency, enabling its use for global transactions, even if it does not become the dominant currency.
There's too many socio-policital forces fighting bitcoin and as you can see they are trying all their best to bring it down. We must first be able to defeat them before we by a slight chance bring up the topic of it going to be a world currency.
By the way if China, Russia, South Africa are looking to create their own currency for trade what makes us thing they would by any means consider Bitcoin. I do not want bitcoin to become the world's currency, I want it to co=exist with other currencies. That's how it should be and not the other way around.
Yes, that just shows the importance of bitcoin.Even in the midst of processes driven by geopolitics and conflicts of war, bitcoin meets demand and value for its strength.By the way if China, Russia, South Africa are looking to create their own currency for trade what makes us thing they would by any means consider Bitcoin. I do not want bitcoin to become the world's currency, I want it to co=exist with other currencies. That's how it should be and not the other way around.
A lot of pressure is on bitcoin as the government has been trying to do that, they know for sure that it can't control bitcoin so they have tried to do a lot of related FUD processes but bitcoin still shows its presence horizontal and strong. Bitcoin is more deserving of being accepted as an existing store of value than a world currency. It is possible that over time the demand and perception of the free market will change but for now I think bitcoin is representing the power of sovereign free money.
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.
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.
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.
Won't deny anything you are saying here. People that say bitcoin will replace fiat currencies very soon, are actually being delusional. And most of them say it because they are holding crypto currencies and they want the price to go up as soon as possible. Its those same people they will eventually end up selling their coins and enjoy their profit in fiat currency. Right now it's hard to imagine any crypto currency replacing fiat currencies within few years. The volatility and other flaws/limitation make it a tough to replace fait currency and traditional banking system. As for El Salvador's experiment in making bitcoin legal tender, it's too early to tell how things are going to be in the future. 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.
...
By the way if China, Russia, South Africa are looking to create their own currency for trade what makes us thing they would by any means consider Bitcoin.
...
By the way if China, Russia, South Africa are looking to create their own currency for trade what makes us thing they would by any means consider Bitcoin.
...
They won't. But is it needed? Don't hurry, there will be many changes in bitcoin and world economy before bitcoin will be ready to become a world currency. And even then it will not be the only currency because it is not corresponding to bitcoins decentralized nature. But it can become respected and trusted enough to be main currency and thus world currency. If to try to force this there could be problems and counteraction and we don't need it. So keep calm and do what we should do.
We have too many high hopes about bitcoin and it will do us a whole lot of good if we can tone it down a bit so as not to get disappointed.
There's too many socio-policital forces fighting bitcoin and as you can see they are trying all their best to bring it down. We must first be able to defeat them before we by a slight chance bring up the topic of it going to be a world currency.
By the way if China, Russia, South Africa are looking to create their own currency for trade what makes us thing they would by any means consider Bitcoin. I do not want bitcoin to become the world's currency, I want it to co=exist with other currencies. That's how it should be and not the other way around.
There's too many socio-policital forces fighting bitcoin and as you can see they are trying all their best to bring it down. We must first be able to defeat them before we by a slight chance bring up the topic of it going to be a world currency.
By the way if China, Russia, South Africa are looking to create their own currency for trade what makes us thing they would by any means consider Bitcoin. I do not want bitcoin to become the world's currency, I want it to co=exist with other currencies. That's how it should be and not the other way around.
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 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.
Why would Bitcoin need to become like USD or EURO while in reality it was created to be the exact opposite and to become an alternative mode of payment or store of money where no one can see or control the financial holdings or finances of anyone using it? Fiat currencies are centralized and under the full control of authorities of different countries and organizations. Bitcoin isn't one of them, it never was nor ever will be.So it's probably better if we don't compare a decentralized cryptocurrency with traditional centralized currencies or even try to put it among them because it is different by all means and that's what it was created to be.
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Bitcoin was never created to become a world currency but it was created to serve as an alternative especially like now that the banking institution is in crisis and the government barely safe them because they still replicate the exact strategy that led to the economic and banking system crisis.
Nevertheless, we can't be sure if Bitcoin will be widely accepted or used since the percentage of people that use Bitcoin now is still low, and if Bitcoin is widely accepted or used that has to do with the government's stance.
The percentage of people using bitocoin is high, but the restrictions placed on it have kept some part of the world ignorant of the project because they feels that it's harmful and might cause the instability of the economic ratio within a country, some nations embrace it because they already seen the roadmap of cryptocurrency and it's a legit way to ease enormous earnings. [snip]Nevertheless, we can't be sure if Bitcoin will be widely accepted or used since the percentage of people that use Bitcoin now is still low, and if Bitcoin is widely accepted or used that has to do with the government's stance.
Most investors don't believe in a roadmap and what they believe in is the historical performance of Bitcoin which the reality aspect of it causes a certain project may have a good roadmap and may not thrive in the next few years.
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