Topic: Bitcoin can't become world currency (at least now). - page 4. (Read 688 times)

I don't want Bitcoin to be like USD that the world will be using everywhere, I want Bitcoin to be people's currency that can never be friendly to any government currency like Central Bank Digital Currency, Bitcoin is decentralized, and only through decentralization will people keep using and accepting Bitcoin, I believe this is why the make Satoshi Nakamoto created Bitcoin, to rescue the people from the government rulings and power.

bitcoins PRICE is volatile but bitcoin has a economic number of value that sits below the markets which is less volatile.
an international currency will always have a speculative PRICE because different countries have different underlying costs..
speculation/volatility can be quietened down very easily by having markets performed certain tasks. EG wall street markets have "circuit breakers" that prevent a price moving by too many percent in one session.

network can handle more then you think. but some dont wont bitcoin to perform all users needs. becasue it does not make profit for greedy middlemen. and so they want to hamper bitcoins network utility to push people into other systems to pay middle men for processing it.

if you live in an area where you cannot buy things with bitcoin. dont see it as a flaw. see it as a opportunity. you can start offering services in your area.
bitcoin is not AI. it neds its users to do things. this includes setting up businesses. you will not see a robot called bitcoin get on a plane, come to your town and set up a business. so if you are waiting for bitcoin to go mainstream in your town. you have not understood who should be doing what in your town.. so if something is lacking in your town. take the opportunity, and provide that thing

regulations are not about the unit or product being controlled/chased. its about the people and businesses. same goes for everything. regulators dont chase drugs, they chase the dealers. alcohol prohibition did not chase the beer. it chased the distillery owners and bar owners

electric cars will use more power then bitcoin. if electric is the new bad. then whats the point in the environmental activists promoting electric cars. dont they know where the power of EV's is coming from.


bitcoin never leaves the bitcoin network.
talking about other networks (which have bad pegging mechanisms) is not talking about scaling bitcoin
there are many subnetworks that have their own pegged units.. heck there are a couple with more pegged value than lightning.. yep lightning is flawed and not popular and wont actually scale due to other liquidity issues..
but the subnetwork units are not bitcoin units. their transfer/payment code/data is not understood by the bitcoin network nor is their unit of measure.. do not confuse the bitcoin network with these other networks.. because its just as bad as pretending a CEX is the bitcoin network.
an onion payment(data thats passed between nodes) is not bitcoin data

Also, when we look at being practical, not on the bitcoin side, for sure, old people are having difficulty using it since they are old and not fun of technology, and the most difficult part is how those people living in remote areas to access it or how they can transact without internet or devices, so there are still a lot of things to talk about it unless we say that all over the world are tech savvy like we are thinking about the future.

What do you talking about? There is no correlation between bitcoin hitting $100k and it becoming the world currency, they have absolutely nothing to do with each other. In my view, bitcoin is already the world currency because there is no national currency that can be transacted across borders as quickly and simply as bitcoin. We can use bitcoin to pay, and transfer money around the world with just a few taps and without the help of an intermediary. Bitcoin is already the world currency, but because the government does not recognize its decentralization.

I think bitcoin was not made to be world currency. as far as I know, bitcoin is made to facilitate transactions anonymously or not, and has a decentralized system. apart from being an alternative means of payment, bitcoin can also be used as an investment. Besides that, from the beginning, I didn't think bitcoin would become a world currency, it was because the system was decentralized, and many countries rejected bitcoin as currency. however, it doesn't really matter, because up until recently, people have even used bitcoins the way they were supposed to.

Bitcoin had huge amount of supporters all around the world now.Bitcoin had huge investors in various countries which includes developing and developed countries.The people with less amount of income also had some amount into the cryptocurrency for their future.In some countries the crypto currency was became a study material now.Because it’s updated technology where people need to get into the crypto industry at the early stage.

The bitcoin was source of most of the exchange to run for their own cryptocurrency.This included binance,Kucoin and many exchanges.If the coin is listed in certain exchange with the pair of bitcoin,it will be traded in the huge amount.Because the brought new crypto currency can be exchange at anytime to bitcoin.Mostly people do this things,when the price of the bitcoin was get into the new pump or new all time high.When the bitcoin reaches 100k,it had a chance to become a world currency.

Blokchain technology and crypto will surely dominate the future world finance in my opinion, don't just talk about Bitcoin because the Bitcoin is just on of many currencies and blokchains, it's true it's the most famous and number 1 crypto but i see the potential in many other blokchains especially new layer 2 and zkevm chains that have super fast and very cheap transactions

Other than what you mentioned, I wouldn't be willing to pay an extra fee for such a small transaction. Not to mention to use bitcoin, we need electricity and the internet, which is too troublesome to use. And with fiat, I've never had such trouble. Bitcoin is not suitable as a world currency, it is suitable as an asset or an alternative.

It will be difficult for countries to just make bitcoins their official currency since they will be unable to make modifications to it. Countries may in the future agree and accept bitcoins but they will never formerly make it their official currency since it was not created by them. Consider this example- Imagine a sovereign country that has no relationship with the United States just deciding to accept the US dollars as their official currency without trying to name it after their country or at least make some modifications to it. What most people into bitcoin are aiming and hoping for is that it gets accepted for use in their country, even if not as the major currency for payment , but as an option.  

Bitcoin is already a global currency and as a matter of fact, Bitcoin is the first global currency since Bitcoin is decentralized and can be sent and received anywhere around the world and can be spent through mutual friends as p2p, this has given Bitcoin the chance to be the currency without third-party control.

Unlike other currencies such as USD and the rest of. What have you because no country will allow a decentralized currency to become the only legal tender, even El Salvador has Bitcoin as a legal tender alongside the traditional currency which is USD.

I can't imagine buying small thing with btc because it will kind of confusing using numbers like 0,0000001 btc to buy ice cream

Why BTC would become a stable coin like USD and EURO, I know countries tend to choose a currency that would be less volatile and has a better future which BTC lacks but the idea of comparing them with USD and EURO is scary like the volatility of BTC is what that attracts people.
Yeah, I admit that the Blockchain of BTC can process a maximum of 7 transactions in one second and there is more than 7 million population in EL-Salvador (taken as an example). If all of that citizens make a transaction then it would take around 10 days to process those transactions. Which is not reliable. So yes BTC needs upgradation before making it a currency of reserve.
Yeah, one more thing is pump and dump schemes are not only applicable to BTC (which i just came to know about few days back by making a topic of Is Bitcoin truly free of Pump and Dump Schemes? USD and Euro which are used as reserves for countries are also prey to these P&D schemes. so overall, your points are legit, and honestly very bitter truth about the adoption of BTC as Reserve currency.

Indeed, there are some people that thought bitcoin could replace FIAT. But as have you pointed out it just doesn't make sense or is plausible. Bitcoins are best as an alternative currency. Though there few notes that I'd like to point out from yours. It is expected that bitcoin as of now has volatile prices, but in the future, there is a chance when the market cap grows bigger, the volatility will reduce. And lastly, bitcoin with how it operates right now is a pseudonymous currency, it is not purely anonymous money.

It is a world currency because of the features it offers, but an unofficial world currency recognized only by bitcoin investors like us, not by governments. I really don't care about this because today bitcoin is considered an asset, an investment rather than a currency. Given its volatility as well as its ability to generate profits, not too many people will want to use it as a currency.

One can't buy goods or services directly for USD or EURO in most of the world, so in this sense, they aren't global currencies and Bitcoin is pretty similar to them. If you mean a global reserve currency, then yes, Bitcoin is lagging behind. I think states try to keep their reserves in a currency they deem stable, and there's also a political aspect to it of trusting and having partnerships with certain countries and having a mutual currency for international payments.
As for practical aspects of global adoption of Bitcoin as money, then without centralized solutions that aren't really transferring funds on-chain the load of transactions seems to be a huge challenge to me. We've seen it several times how high the fees can jump and how long transactions can take when suddenly the pool is full of transactions. So Bitcoin can become more used, but there are real limitations to it, especially if we don't count off-chain solutions.

I think Bitcoin has the potential to change the world's financial system an dbecome its currency. Tho it has a lot of thing to work on first and concerns to address, its unique features make it attractive to both the rich people and ordinary people.


I think decentralization of bitcoin makes it attractive to people who do not like government controlling their assets and this is something that we have to look after. Bitcoin has the potential but at the time it is governed, I don't think that it'll be the same bitcoin.

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 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.

I don't even see it in the future. This seems to be impossible given how powerful fiatisnd also, being the only currency to be used, I doubt, is the goal of this industry. One reason why this is impossible is because taxes play a role to every countries' economy. Another is lack of stability with the market price of not only Bitcoin, because its market value is dependent with the demand. Thus, using it on a daily basis won't promote equality or stability with the transaction.

Imagine buying a meal for 5 bucks worth of Bitcoin then its market value fall in an instant, therefore you'd be needing bigger amount than what was supposed to. Then afterwards, the price again increased. Won't you feel bad? Same thing with businesses who'd accept such mode of payment, will it be good for their business? Downsides are there. People could make use of this technology in many ways but for all countries to rely on this, is a punch to the moon.

The adoption is slowly increasing and people are using it to make payments but if we say about global adoption and being used as currency everywhere then it's not happening anytime soon because do you think big nations like US who are presenting environmental issues will treat it as legal tender? Even the answer is negative the Bitcoin adoption curve has seen huge rise and many countries will follow El Salvador path.If we say about fees then layer 2 Solutions like LN will more be in use rather then making direct transactions for faster and cheap transactions.So it will not be big issues.

Bitcoin doesn't need to be a global currency like Dollar. Bitcoin isn't the same as Dollar because Dollar is the currency of US and all of the countries just agreed for it to be the world's accepted currency. As for Bitcoin, it might not been accepted globally because only few are using it still, but people can just use it.

TBH, any item or thing that has value can be traded for whatever it is as long as both parties agreed to it. You can exchange your house and lot into a Lamborghini car. You can exchange you 100-year old jar into Bitcoin if both agrees. I mean Bitcoin doesn't need to be a world currency, but it will be used as an alternative way of buying things either online or in person (whenever you buy). I'm not expecting this kind of thing to happen as well.