Topic: Bitcoin can't become world currency (at least now). (Read 700 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

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!

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.

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 🧑‍🦰

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.

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.

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?

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).

The government knows that if they accept bitcoin as their official currency in their various Nations, it would affect them very well in different dimensions, even though the government would regulate the transaction process and collect tax from the transactions. They can not make money like the way they are making with the fiat currency, they can only tax  the exchange platforms heavily and I return the exchange platforms would charge the customers transaction fees very high and that is when p2p transaction will have it full effect.

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.

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.

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.

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!

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,.

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.

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.

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?

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.

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.

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.

But we need to wonder why people choose to hold bitcoin over using it, and this is simple, people prefer to use their fiat precisely because they know that each day they keep it they lose a little bit of purchasing power.

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.

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.

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.


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.

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.

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.

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 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 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, 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.
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.

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.

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.

For many reasons and circumstances, we can't deny the reality that Bitcoin's adoption as to becoming as a currency is still far. Though we know that some individuals are already using this, yet still, the majority are here solely for Bitcoin investment and have no plan in spending this buying a stuff or paying bills. I couldn't lose hope honestly, but if we talk about being consider as a global currency, I'm afraid it takes several decades to make it happen and come to realization as it was known being an investment, not a currency.

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.

If you consider the percentage of people using Bitcoin to be high I will assume you do not want to face the technical truth about the number of people using Bitcoin in the world because you said yourself that restriction was placed on it and the exact restriction didn't stop some people in China from investing in Bitcoin.
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.

Bitcoin and other cryptocurrencies are still relatively new, and their potential uses and impact on the global financial system are still being explored. While it is possible that some countries may attempt to make Bitcoin their official currency, as El Salvador has done, it is difficult to predict the long-term consequences of such a move.

One potential issue with using Bitcoin as a currency is that it is currently more expensive and slower to use than traditional fiat currencies. This is largely due to the limitations of the blockchain technology that underpins Bitcoin, which can only process a limited number of transactions per second.

Another challenge for Bitcoin is its volatility. While the price of Bitcoin has increased significantly in recent years, it is still subject to significant fluctuations in value, which could make it less attractive as a stable currency.

However, as the text suggests, Bitcoin does have potential uses as an asset and a form of anonymous money. Its decentralized nature and blockchain technology make it appealing to some users who value privacy and security in their transactions. Additionally, the emergence of other cryptocurrencies and blockchain-based technologies is helping to drive innovation and new use cases for digital assets.

Overall, the future of Bitcoin and other cryptocurrencies is still uncertain, and it is difficult to predict how they will ultimately be used and regulated.

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. Bitcoin existence was not intended to surpassed the growth range of fiat currency, rather was invented to create simple and smooth movement of payments of bills online, it's a digital currency that aides in the development of the modern technology era.

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.

Well the point here is that USA is never is favor of bitcoin and will never support it openly. We have seen china resist bitcoin too and they often come up with a statement to ban it. Even China is looking to make its CBDC which shows that all these powers want to have control over the financial system and they just do not want to lose control by making bitcoin the mainstream currency.

Bitcoin is a people/s currency and it is upon us how we boycott these government institutions and insist on using bitcoin for our day-to-day transactions.

This is not all about the World currency but it is, I am not sure what to say about it but my personal feelings are that Bitcoin should need to be Universal Currency as a store of value to achieve the height of its glory until that I can't say anything. This topic has been discussed several times about the valuation of bitcoin, future prediction, store of value, and much which are quite similar to the OP.

The point to notice here is without a globally leading country's support bitcoin can never be a universal currency such as China or USA and if one of them will support it then the other will resist and both countries can never agree on the same decision. From the past developments, we can see that whenever a particular region starts supporting bitcoin the other one resist as previously China was supporting and the US was resisting, and after that things changed China banned Bitcoin completely and the Western world accepted it. Now again Asian market is interested in Bitcoin and other sides of the crypto market and the Western world is brutally resisting its adoption and law enforcement institute are suppressing it.

First, I don't think there are any consequences if a government of any country decides to adopt bitcoin and make it a legal tender for it's citizens.

Secondly, I think you are getting something wrong here, the fact that El Salvador made bitcoin a legal tender does not necessarily mean that it has become their official currency..
They country still have its official fiat currency, they made bitcoin a legal tender to give their citizens a second option, that is if incase you run out of fiat and own some bitcoin, then you can easily pay for goods and services using bitcoin, since it's a legal means of payment for goods and services..
I hope this is clear enough though.

Alternative or what, it doesnt matter as long it do works on how it should be then this is what mattering the most.People shouldnt really be that too unrealistic when it comes on replacing fiat because it
cant really be just possible. We might be seeing that decentralization might really become big in the future or could be a main trend but there's no way that it could replace out fiat no matter what.
Government couldnt really just let these things to pass on because fiat would really be always have the position when it comes to overall everyday transactions.
This is why its better to stick on what we do have now and on possible future.

I have bought many items using bitcoin from anyplace, and the best parts is, it's much easier to use than USD and even provides you any fiat can't offer, anonymity. If bitcoin is not called as a world currency now, I don't know what term suits it better. Of course you can't pay everything with bitcoin, but there are always other options that make it possible for you to use it.

I hope so, Bitcoin and crypto in general came to bring a change to the current format of economics, and bring at least an ounce of true ownership and freedom to owners of said assets, Totally different from the corruption of banks and political economic powers that hold control over most of society. Bitcoin is freedom

Bitcoin doesn't need nor banks nor their service, it is a whole processing system and currency at once. Why should we give any mediation work to banks? Just to help them to survive in the time when they don't feel okay? Bank system and bitcoin are based on different ideas and they can coexist for a while but in a distant future just one idea will win IMO as I can hardly imagine how can strong inflationary and deflationary systems work in the same economy at the same time. And I hope that we'll get a new economy with bitcoin.

Yes, people have got different definition for the term world currency. If we take it as anywhere accessible, then bitcoin is a world currency. Rather than the USD and Euro it is easy for bitcoin to be converted to cash and used. Though USD serves as the world reserve currency it can be easily used in very few countries around the world. Even the acceptance is found high for bitcoin in rest of the world where the nation have got their own national currency.

Bitcoin and USD have a similarity and that is both are currencies. They also have differences and that is Bitcoin is decentralized while USD is created by the banks. I think that it will be beneficial for Bitcoin if it has a good relationship with the banks because they can support Bitcoin in any of their services.

This makes Bitcoin adoption grow faster and bigger but don't worry, they still can't control Bitcoin and make it centralized. They only make the people's life easier by connecting the two currencies. Banks already made their own crypto which they can fully control and it was called CBDC. It still runs in the blockchain but it is only centralized.

And that will mean struggles to almost all the users who doesn't have any means to make use of their possessed coins. Fiat will always be there and it has been there for a reason, first is it's backed by the government by the respective countries which is controlled by them and it is widely used for commercial and other purposes. While bitcoin can somehow imitate fiat's use but we shouldn't forget in the first place why bitcoin was created and what is its goal. Surely none of that states that it will lead the currency someday.

Even in the long term, I think bitcoin will still be an alternative solution as a means of payment, not as a primary currency to replace fiat. I agree that the real use cases of bitcoin as a currency are still limited by many different country jurisdictions, but in the future we may see governments start to consider it as a means of payment to some extent. Of course this is possible when the government realizes that bitcoin is starting to dominate as an investment asset that is loved by millions of people in the world.

The most likely initial approach is about possibly paying taxes with bitcoins, in fact I have heard that some countries are starting to adopt it so far.

Yes, it's true that bitcoin was created not to replace the role of fiat currency and not to change people's views on finance, since the adoption of bitcoin has become increasingly popular, making some people think that bitcoin is feasible if used as a mainstream currency because bitcoin fully gives us financial freedom without interference third parties especially bitcoin can make it easier for us when we want to make transactions, whether we want to make payments or cross-border transactions, but I personally don't really expect bitcoin to become the mainstream currency because when that happens, many governments will issue strict regulations against their users.

I have lived this with hyperinflation, it doesn't matter in the end. You simply pay something "equivalent to" the time of transaction. Since its bitcoin, it averages in the end, so those times it went up balance with the times it went down, just like a proper mining pool without the PPS facade (fiat like).

The only people making this argument have lived in countries where their fiat has not crashed overnight, yet. Don't wait for it, once it comes it is too late, again, i lived the experience. You in "nice" countries should opt out of the fiat currency while you still have some wealth. You think the bankruns in the US are a joke? A problem in just a few banks and not the system itself? Think again... Just because you have never experienced it in your life, doesn't mean you won't.

Remember this, when it happens, you will NOT be able to preserve your wealth by moving to some other asset (including bitcoin). You must act NOW before it happens. Don't come crying if you lose all your wealth like many people in hyperinflation economies did in the past for ignoring this advice. Clock is ticking, the USD crashing from a widespread bankrun can only pull down the other fiats and banks, and its a very fragile ponzi scheme, the fractional reserve it can easily fail globally, it hasn't before, but it can. It just takes 10% of money being withdraw at the same time on a global scale, for example, from a panic after learning the USD is crashing...

You give to much trust too your politicians and institutions, don't. It is too late once it happens, remember that.

Depends on your definition of world currency... I've lived and worked in multiple countries and believe me, the dollar isn't as easily used or even sold as one might think. At least, not in the global South.

Now Bitcoin, I could sell it quicker and more easily in any of these countries (and often do). Fits the bill for me.

So you realized that there is an open secret of a scalability problem which occupies the minds of different developers. Second layer like LN is one of decisions was found (IMO not the best decision, but is can help for a while), there are some other as well. So right, bitcoin can't work the same way as popular payment-processing systems like Visa or Mastercard right now, but it is a matter of time and finding some new solution, and I'm sure developers will find some brilliant decision in the nearest future. It doesn't mean we should hurry with that but we should not worry too much as well.

especially knowing very well that most countries are bordered around democracy, honestly it's really difficult to make such decisions because politics is at the center of the action.. though making it legal tender is very much possible but many countries fear that it could negatively affect the performance of their local currency and most central banks won't endorse it.

Of course other countries will jump on the bitcoin buss as some economies are failing and will be out looking for a solution.


Consequences: looking back at the history of countries that have adopted bitcoin, most of their local currencies went under the bus and the only way to revive money spending was to use foreign currencies like the US dollar and bitcoin which was seen in Zimbabwe and Venezuela, but adopting a new currency means trashing/displacing your own currency for another but I don't it makes it any easy to bring back a new one after you try the like of bitcoin.


Devs have brought is the lightning network but honestly its not practical and the fact that "ordinary" transactions arent confirmed in real time this makes it difficult to adopt btc entirely though better alternative for these dying currencies.


Agreed, volatility makes it difficult to make bitcoin an everyday currency but a user can lock in its value by exchanging it for a stablecoin to  counter this, btw volatility works in two ways your portfolio could go positive or minus when markets are volatile so it is really not a bad thing tbh

Bitcoin will always stay peoples money, even if it is accepted everywhere, since it can only be controlled by democratic vote. So central banks can not enforce their stupid rules that are mostly of political nature, even if they would adopt bitcoin. This is the beauty of the system and can not be changed. Still we would need much larger block size to fit more transactions, in order to have a functunal main stream payment option.

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.

Bitcoin is a store of value, so far better than Gold. Has Gold replaced fiat currency? No. Has it vanished? No. Then think of Bitcoin as the same. Why it has to be the currency of the world, and why will it replace fiat currencies? Fiat currencies will be there forever, maybe in the current form or maybe in another form. Fiat/centralized currency will be there all the time.

There will be a lot of countries following El Salvador because they will have no other way since the financial system is in crisis.

Bitcoin doesn’t need to be the World Reserve Currency to change the world. The US is doing a great job of devaluing the $ & making their fiscal policy a complete joke. The FED is ruining lives with mindless money printing which causes unprecedented inflation. To be honest, bitcoin would be a great World Reserve Currency as it’s transparent, has a fixed supply & is decentralised unlike the $.

Bitcoin won’t be the World Reserve Currency for now, it definitely has the possibility to in the future though. Just as we once lived on a gold standard, we can in the future live on a bitcoin standard. It will not be in the immediate future though.

Just keep stackin’ sats & let the fiat banking system collapse. Prepare for change!

Compared to a few years ago, the progress of bitcoins nowadays is really amazing and it will continue to more adaptation in some big companies all around the world because they see a bright future in it and they don't want to be the last hands to reach it that's why they're not even doubting when it comes to its legitimacy because they already know that those who are hostile against it are not telling the truth rather they just don't want to make bitcoins popular because it will ruin their businesses and they will do anything to stop its spreads to the world but as we can see they are failing big time and bitcoin is going strong even though they hated it so much.

anything can be a currency. couples trade sex for birthday gifts. neighbours trade beer for loaning lawnmowers. you name it anything can be currency

bitcoin is a currency. and its international.. thus its already a world currency.

as for being a world legal tender "money" which countries endorse and allow for purchase of all goods in all merchants. that is a different thing

merchants can decide for themselves if they want to accept any form of currency. but to have laws then entice and require merchants to accept a certain currency. will be limited to countries with no real self sovereign currency of their own. whom want to escape the controls of another countries dominance

EG in africa USD and euro dominate many african countries more than their native currency. so some countries may want to escape the dominance that puts their native economics at risk

i doubt large western/developed countries like the EU or US will stop having their own currency and using bitcoin as a replacement. so no bitcoin wont REPLACE USD
but people are still free to use bitcoin as a second CHOICE. and thats the purpose of bitcoin. to hedge against fiat, not replace it

The official payment currency in El Salvador is the US dollar and has been for more than 20 years, and even though Bitcoin is declared as legal tender, the percentage of people who use it in this way is very low. Legal tender does not mean that people will start using something, although many like you think that everyone pays for everything with Bitcoin in El Salvador.


It's been a long time since someone could call Bitcoin anonymous, and given that it uses a public ledger and that most users are verified on various CEXs, all those companies and various state agencies that use various tools can very easily detect who stands from which BTC addresses.

This question must be considered in relation to citizens, as well as in relation to states and their governments. States and their governments will certainly not use bitcoin or any other decentralized cryptocurrency as a global currency for international payments. And citizens of any country can already use bitcoin as an international currency, since there are no barriers to conducting transactions with it anywhere on our planet.

1. Don't call us crypto bros, that's a negative term used towards people who shill shitcoins at people. It's an insult.

2. Most countries will not make Bitcoin their official currency. No one should ever expect that.

3. Bitcoin volatility will of course continue going down over time. It will never be stable because it trades in an open market (but national currencies aren't stable either). A lot of the stability of national currencies is that they are the unit of account so they are the base unit. Anyway Bitcoin volatility will go down a huge amount over time but it will always be more volatile than national currencies because it is not manipulated by politicans/bankers to be fairly stable and also it is unlikely to ever be the unit of account by itself so it will always be viewed as being worth x amount of fiat. That's fine.

4. Bitcoin depending on miners is not a problem. They are competing for economic incentives in a brilliantly designed system. There is no problem there.

5. Bitcoin and fiat will coexist. National currencies will continue to be national currencies. Bitcoin will grow into the world's currency - the alternative to national currencies but for the entire world. Bitcoin started as a speculative asset, it is now starting to move into a long term store of value / savings currency, it will eventually be able to be a shorter term savings currency as well as a spendable currency. This is the natural transition of good money that grows organically. This is Bitcoin's path. It'll take decades, but it'll get there. It is on its way to becoming the world currency, but that doesn't mean national manipulated "stable" fiat currencies won't continue to exist. Bitcoin will just be the alternative world currency to them.

In short you're saying Bitcoin can't become world currency because it's high volatility, expensive. and high fees transactions.

First, high volatility is the main reason why many people tend to use Bitcoin to store a wealth rather than as a currency, because many people hard to spend Bitcoin during bear market.

Second, the high Bitcoin price has nothing to do to use it as a currency, you can buy in fraction and if the price is expensive, you can take advantage over it because Bitcoin price tend to increase in the long term.

Third, high fees transactions already solved with lightning network.

bitcoin becoming a world currency is indeed a distant expectation, it is not impossible but the government in every country will not remain silent in responding to something like this. every country has its own currency that they are proud of, and that currency is sure to survive in that country. what about bitcoin, bitcoin will still be great as it is today, bitcoin will still be the king of the world's digital currency. in my opinion it is more appropriate for bitcoin, bitcoin can help people anywhere in any country without the need for any permits.

You are right. Bitcoin is not in the same league as the Dollar or the Euro and that’s not necessarily a bad thing. Bitcoin is a boutique currency and even though every person on earth won’t be using it, there will always be some demand for it because there will always be some people who would want to use bitcoin. Replacing the USD or Gold, these are childish targets for btc. Bitcoin is not gold and it certainly isn’t the USD. It is different than both and something completely unique.

First, Bitcoin will not become a currency like USD or EURO, or any other traditional currency. Bitcoin remains Bitcoin with volatile characteristics and cannot be regulated by anyone. Even the government will not be able to stem bitcoin, they can only provide regulations on the use of bitcoin but not completely.

ElSalvador is just one example of a country that accepts Bitcoins as legal tender, but on the other hand ElSalvador's currency also functions.
Bitcoin is now a legal optional payment and El Salvadorans can choose to use Bitcoin or not.

Secondly, in this thread you are focusing more on the negative point of view about bitcoin. Bitcoin does have high volatility and that is a risk that must be considered. Some other countries that do not give bitcoin full legality are still thinking about that risk. The Bitcoin network will not suffer as long as bitcoin users increase, of course bitcoin miners will also increase even though in some developed countries bitcoin mining is prohibited.

Bitcoin remains a decentralized anonymous asset, it cannot be regulated by anyone.
Can be a new era of payment in the future and can be a solution to the current payment problem.

We'll never know. If the government will find some solutions on how they fix the current problem 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.

Becoming a world or global currency is not a mission of Bitcoin. Do you see is the US. dollar used globally, everywhere by all people on Earth?

It is not and won't be. There will be countries that accept US. dollar and there will be nations don't accept it. There are people use it but there are others don't use it. Reasons are many such as geopolitics ideological differences and others.

Firstly, -1 for calling us crypto bros. We aren't twats who shill altcoins to every soul we come across. Don't feed this terrible meme or expand its reach to people who advocate Bitcoin.

Secondly, government will never deem Bitcoin as the global/world currency. The people will. Technically, Bitcoin as already the world currency because it is accessible by anyone, there are no viable restrictions stopping people from using it and its value derives from trading in more than one jurisdiction.

Bitcoin does not need to become like USD or Euro or Pounds, because they are completely centralized, but bitcoin is decentralized. Bitcoin did not become like them but yet you can send it to any person in the world that gives you his bitcoin address, should a world currency be more than that?

I see bitcoin as a 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.