Topic: Bitcoin could one day be a preferred currency for conducting international trade (Read 299 times)

Now Bitcoin is not only used as a digital asset, but it has indeed happened to be used for international trade. In fact, I have bought goods from
abroad using Bitcoin, so this is not new in my opinion. But there is still limited use of Bitcoin as payment, because apart from the number of merchants
who accept Bitcoin payments, it is still small. There are several countries that prohibit using Bitcoin as payment, therefore I hope that in the future
all countries will accept Bitcoin as a payment option.

The future that we are talking about is also being developed on its way into a very revolutionary type of way to further advance our way of life. The occurring pandemic was one of the factors that really pushed every country to create an environment for everyone in which they have to at least learn about technologies and specifically use financial software's that would do their transactions for them. This is really one of the best way to further improve our quality of life and we should support and look for ways to improve it instead of mitigating its effect.

What this mean isn't in totality with your submission becasue the world is still looking at the possibility of Bitcoin be adopted as a currency now to talk about it be an international currency for trade. Still yet, there will be more time for the world to look into this digital currency and formulate something that could be control by the government.

At the moment the said Bitcoin can't be control and with this the world government won't accept this for international trade IMO.

I have been using bitcoin as the only tool for international payments for 2+ yrs but I have never faced a situation to shift over to another currency which could indeed be more or less a clone of bitcoin. LTC for example is a fork or a mere copycat introduced just to prove they are no less than bitcoin but failed in massive adoption. But XMR on the other hand is the only currency which is independent and never relied on bitcoin and had solved various problems which bitcoin faced in 2013. Fast forward to 2018-2020, we are having second layer payment solutions which can bridge the difficulty in daily transactions. If you closely look into the reason for the scalability, you would never move over to another currency once LN becomes mainstream and becomes a must for transactions everywhere.

For instance there were debates on the 10 minute block interval right since satoshi days and it shows that 10 minute should be a mandatory to prevent hard fork and improve decentralization. XMR on the other hand handles the transaction time using dynamic block size and a 2 minute block interval. But there were no reasonable code changes in LTC to prove it is indeed an independent currency.

If we are accepting the 1 MB block size, 21 million coins, 10 minute interval between subsequent blocks, POW and other features devised by satoshi then we need to accept the fact that bitcoin is a currency rather than a speculative asset. While it's true that many people consider bitcoin's volatility is impossible to be used as a currency, we need to understand that we are living in an inflationary world while bitcoin works for a deflationary economy. On the long term, deflationary economy would possibly prevent poverty i.e government print trillions based on the demand and supply model, hence the trillions are devalued over years if demand is reduced but in terms of bitcoin, it would function exactly the opposite. If every one of the bitcoiner possibly try to live in a deflationary economy, i.e spending bitcoin when we need and saving the rest our way of looking towards our current inflationary economy would change.

I am also looking forward to this thing but I don't think that it would be possible for now but maybe in the future, it will be. Some considered bitcoin as their good asset and some considered as nothing cause out of knowledge, If we are going to compare people with knowledge about cryptocurrency to those people who don't know about it then we could say that those who don't know is much bigger and that is only one reason why bitcoin cant still be the standard currency all over the world. We have still not enough knowledge about it.

Just say it's an asset and currency at the same time. The one who use it for cold storage and long term hodls they are just considering the crypto currency or bitcoin as an asset. May be asset of new era, new gold which has just begun it's journey towards the American dream per se!

It has all the characteristics of currency too. You can buy things with it, you can carry it in your digital wallet, and most important it has value based on the investors, users, and demand/supply.

So lets just not argue on this! Asset and Currency equal the bitcoin.  

Not really sure that even bitcoin is safe from the 5-dollar wrench attack when its a military coup and a whole damn country's treasury is at stake. In matters of despotic rulers, bitcoin's role is more important in empowering the individual. Then again, the situation for country's that suffer under careless governments and rulers has far more to do with just finances.

As an example, country's like Congo, Chile or even in the North-East suffer as much from the consumerism of rest of the world than just bad rulers.

Has Tesla and some other multinational companies not been accepting Bitcoin as payment option for their services? That's nothing new again as it's already in place. However, being an international currency doesn't still mean every country will be comfortable using it. You know, I was taken aback when I discovered that even the British pounds sterling isn't an internationally accepted currency as against the widely accepted US dollar. Nonetheless, companies accepting Bitcoin on a large scale will further legitimize the crypto industry. I'm all for anything that gives Bitcoin a boost. That's all.

Im not sure that btc fees will make it a good tool for international payments. There are other reliable, fast and cheap coins on the market. LTC, for example.

I believe not only for international trade, but also as a censorship-resistant Store of Value for Forbes 500 Companies, Government Treasuries, especially for third-world countries. Few understand the importance/implications of this. It balances power from the “haves”, to the “have nots”.

https://www.reuters.com/article/idUSKCN2AW2MD?il=0&utm_source=reddit.com

It will be preferred because currently is it untouchable when it comes to taxes which is a good thing for international trades, the prices of products shipped will be lower. Not to mention that businesses would want this kind of thing in order to pay less taxes.

A problem of  international trade has always been the difference in currency. World economist are driving at a solution which involves a single currency accepted worldwide, bitcoin could be that currency. But first, before it can achieve such, it's price valiue has to meet a stable point.

It seems Citibank is predicting the past. The truth of the matter is that this is not something that could happen one day in the future. This is already happening right at this very moment. This has already happened years before.

It may not be as popular or mainstream but it is currently happening. It is not big news because it doesn't involve a lot of people. But to those who are regularly into cross-country remittances, never mind if they don't involve millions, this is already a preferred currency. I heavily relied into Bitcoin myself as an expat years ago.

Bitcoin is an assets to some people but not am assets to some people, because not everybody invest in cryptocurrency especially bitcoin, because only people that know Bitcoin as an assets is people who knows the rudiments of bitcoin for longtime, currency advert are backsliding because of the level of castigation people talk about cryptocurrency, most especially in all these countries that their government restrict cryptocurrency transaction's via countries currently, so I think with such measure people will not like to invest with Bitcoin again.

Looking forward to this feature that can be work and I hope the biggest institution will use this. There's nothing way to lessen the fee, if the fee is the problem, how this digital currency becomes international trade if the purpose of others is to keep this and treat it as a valuable asset the way they earned profit.

There could be an evolution of this project anytime soon and at that time it could be bitcoin is globally used as a currency, but now, I don't see any potential that it will happen then as an asset where you store the value.

Well, this fact is pretty obvious. Bitcoin enables its users to make almost instant transfer from one part of the world to the other with insignificant fees. Especially when you're making transactions worth millions of dollars, a few bucks in fees is basically nothing.

The average joe is benefiting from this feature as well. Some might argue that the transaction fee on Bitcoin is sometimes too big for normal day-to-day transaction, but we all know that seldom happens. Though, I am confident that Ligthning network will solve this issue.

Bitcoin can indeed be good as means of payment for international transactions because they are especially costly and take a lot of time when processed by banks in the form of fiat. Even with the currently high fees, it can be beneficial to make transactions in BTC when they cost, say, $1k or more, and it would be especially beneficial for big financial deals. However, the article unnecessarily says that Bitcoin will either become used for international trade or the price will collapse. Both can happen at the same time, or neither of these things might become the case.

Sure, it's possible that one day it's going to be used the way described in the article but for that to happen countries would have to create legal frameworks and treat bitcoin transactions as binding.
I feel like the most common use of bitcoin will be holding followed by a high value transfers made by the private sector (companies and wealthy individuals). Nobody is going to use bitcoin to buy a pizza but it's going to be your first choice when you decide to buy a private jet or an island.

First of all nowadays Bitcoin is the most preferable already for lots of people. In future may not everyone will choose Bitcoin for international trade, it is hard to say exactly, because lots of factors and things may appear or chsnge, but definitely the biggest amount of trading volume will be in Bitcoin.

While most people are viewing Bitcoin as a store of a value, Citi has elaborated on how Bitcoin's technology still has great potential and how it has great influence. Bitcoin can very well inspire new business models emerging in the blockchain. More and more companies are utilizing the blockchain technology and digital assets. Blockchain development is becoming a more in-demand skill. The report made by Citi is entitled "Bitcoin: At the tipping point" which is very fitting as I view crypto to be on the brink of major breakthrough especially with all these continuous development and institutional adoption.