Topic: Bitcoin could win the currency war (Read 931 times)

Anyone who believes that bitcoin will be the standard payment method and fiat will not be needs to open their eyes and see the real world. We are doing fine with crypto and all but the reality is that we are also looking at something that is only an "alternative" to whatever we have right now. It is not going to be a forever deal for us, but it is going to be very important for all of us to keep on fighting to become alternative as well.

Let alone being the standard, we can't even consider ourselves as alternative right now, sure prices of crypto go up all the time and that's fine and dandy but we do not see way too many places accepting bitcoin yet, that's what we need to achieve.

Bitcoin is a real threat today for all fiat in the world, Bitcoin will fix everything....the government will not be able to do much when the majority of people in the world switch to cryptocurrencies that are safer, faster and more efficient. 

The comparison and fight of  Fiat money and cryptocurrency will continue in the future for the time. Nothing can say this time but The future time will prove that which one dominates and win over. But explaining the effect that
cryptocurrency will win the game Because the network of cryptocurrency users is spreading. Its prevalence is increasing rapidly. So there will continue to be healthy competition between Fiat money and cryptocurrency in the future.

It's not about being devious, it's about being able to control what you need to in the economy to respond to economic disasters.  The reason we got off the gold standard was that it wasn't versatile enough to allow the government to create fiscal policies that spur economic growth, and an economy based on bitcoin would suffer the same consequences.  We are undeniably better off as a national economy since we abandoned the gold standard, and it's only amateur economists and crack pots who talk about returning to the gold standard.

So far, I think many people are familiar with bitcoin for investment and trading,
although until now bitcoin has not been legalized as a means of payment but in investing and trading bitcoin is very profitable,
let's see if later bitcoin will be legalized as a means of payment because it's very interesting

for now bitcoin seems to be struggling to get a large community, so that later the government can consider it for the future. but indeed, even though until now bitcoin has not been able to reach as a legal tender, but with its high volatility, bitcoin is used as a commodity, and many people now know him and have even invested

Bitcoin has been showing promising potential over the years. No doubt, it is one of the best coins in the cryptocurrency world. However, bitcoin isn't acknowledged as a currency yet by the majority of the countries in the world. Bitcoin being safe from hyperinflation is one of the greatest reasons why many people have invested and are starting to invest in it. Compared to fiat money that is prone to hyperinflation, bitcoin is a safe haven because the central banks can always print more money base on what the economy needs, meanwhile, bitcoin is limited.

Mass adoption will happen, but it won't be a ticket of assurance that bitcoin will conquer the currency war. The government won't allow such entities (crypto) to overtake the control that they possessed for such a long time. Government is devious. They will not let it happen. Central banks have reigned long before until today. The government will do their ways so that bitcoin will not easily dethrone fiat.

this like back when we use gold and silver as payment. bring this stone if you want to make transaction in market. the different, cryptocurrent base on internet. we can access by phone, and just bring phone.
the adoption already exist, like digital money. and im sure if people already make payment with bitcoin, just peer to peer

If BITCOIN is treated as a currency in all countries, obviously no currency would have a chance, because Bitcoin gains value over time and that value is reflected in USD, Eur or any strong and stable currency.

If people start to see BTC as savings, banks would simply start their problems, because people would withdraw the savings and put it in BTC, it does not matter if BTC falls in price, what matters is that it will recover and begin to multiply that savings .

What would be achieved is that people achieve their Financial freedom, many work hard to do it and cannot achieve it, I think that if BTC is accepted as a global currency it would not compete with any currency, it would have to be equated with BTC / GOLD, it which turns out to be something more real.

Currency war is the use of political power to manipulate currency rates and it goes against the very nature of money.
Money is just an inanimate object, it represents labor and goods.
People buy Bitcoin because they believe in the world's need for Bitcoin, its scarcity, decentralization, and security.
Bitcoin created to circulate and remove the control of banks.  Bitcoin is the people's currencies, it is nothing to do with politics.

between decentralization and centralization of course must support each other, as you mentioned where at certain times we prefer to use centralization, therefore, hopefully the government will soon make regulations that can balance the use of centralization and decentralization

I believe that's both a good thing and a bad thing at the same time. While having a company to go to when there is something wrong is a great thing, having a company to screw you over is also a horrible thing as well. Would I rather have the risk of being decentralized or would I take the comfort of centralization?

I honestly don't know, in some situations I prefer the centralized version because I would be checking if I would be doing something good or not or maybe I would face a trouble I do not know. Whereas I prefer the decentralized because I do not want my money at the hands of someone else, like Paypal for example, I hate paypal, I would rather risk all of my money then use paypal. So that's why it is not 100% correct answer either way.

It takes 60 minutes for a bitcoin transaction to be confirmed.  A centralized payment system like Visa, PayPal, Square, etc. is final in a few seconds.  It is literally several thousand times faster than bitcoin.  The speed is so vastly superior in centralized systems I wonder how you even need an explanation about that.  Also, small transactions are prohibitively expensive in bitcoin.  It's also so obvious it doesn't need further explanation.  Centralized systems are so vastly superior to bitcoin in speed and cost that it's not even debatable.

Don't forget that centralized payment systems have someone to go to if something goes wrong. Also, if you mess up the sending or receiving address in a defi transaction, or put in the wrong gas amount even, the entire payment could be subject to being lost.

we have a difficult time now lets just hold though

Let us face reality and make a positive point towards this, because, if i may as ask, in what function centralized currency is faster or superior than decentralized currency? Secondly you said that fiat is preferable for exchange than decentralized currency.

So i stand to refute the point of exchange, when we say decentralized, automatically we are emphasising on cryptocurrency and directly to Bitcoin, so globally no exchange of any form that can no been done with Bitcoin, except that the environment is adamant or ignorant of digital facility, currently Bitcoin is used for so many exchange's in different countries.

I don't doubt this, on recent when the governor of the central bank of my country, Nigeria was called to answer why the institution placed a ban in crypto-currency in the country, as usual there was a defence from him, -although garbages of how crypto-currency has been the cause if so many crimes, fall or naira the country currency and so many more- but the real reason being the hate for Bitcoin, he also added that the central bank of Nigeria are in place in bringing out their own digital currency for the country, I am certainly not excited about this development, because it can't be decentralized.

Well, point of clarification- I said centralized payment systems are better than bitcoin, and then second point is that because of bitcoin's inherent flaws, cash is a better type of currency.  An example of a centralized payment system is Visa or Square.  The payments are instantaneous, cheap and trustworthy.  Compare this to bitcoin where payments are slow, expensive and trustworthy.  Visa and Square are hands down better payment systems than bitcoin, it's not even a fair competition because bitcoin is so slow and so expensive.

As for my second point, because of how slow and expensive bitcoin is as a currency, cash is far superior to it.  Cash holds a steady value and is far easier to use.  Digital payment systems make up the one shortcoming cash has compared to bitcoin in not being able to be used online.

So those are my two points-  1) centralized payment systems are faster and cheaper than bitcoin, and 2) centralized payment systems make cash a far better medium for exchange.

maybe from our point of view crypto is better than centralized currency, but here the problem is that there are government agencies that must certify if it is used as a means of payment. and they reject it for a number of reasons that may seem implausible to us. but whatever it is the government is the maker of the rules, and we have to do it in order not to break the law

Indeed, this confrontation between the countries is going on right now and sooner or later, someone will lose, and someone will win. The question of where BTC is here also makes us wonder if everything is happening as we see it? Perhaps this is just a cover for something more. More recently, I studied information that said that the US economy is in a very bad state and the printing of new money only makes this system worse. Probably the appearance of BTC was not accidental and there is a possibility that BTC could become a safe haven for finance during the collapse of the dollar system. If so, then BTC is likely to see even more growth and success.

All this points of yours really needs debate, saying that centralized currency is far preferable than decentralized currency, i think these really need more explanation or insights, it's accepted that centralized currency come into existence before digital currency, which digital can be decentralized currency, because looking at the current situation of nature it's obvious that people uses the digital system of payment which might be cryptocurrency and especially Bitcoin, so it's left to individual to decide for a means of payment, so am disputing the fact that fiat currency is superior than crypto, automatically it depends on the environment we found ourselves for transportation, many people currently accepts crypto because they use it for investment within short period.

- Well, maybe the main function that bitcoin owns has been completely hidden and then filled by another function, it was no longer considered a normal currency because the value of people's beliefs stimulated so much growth, it cannot be reduced and stabilized for us to spend, it is also one of the reasons governments are still actively opposed to bitcoin. Bitcoin has jumped into another battle, the currency war has lost all hope due to such problems, now it heads to the most outstanding investment war of the century, wishing to replace gold

There is no country that can own Bitcoin, it’s not possible, so I don’t really see Bitcoin as a currency but a store of value. And if you look at the way that things are going with bitcoin you will see that it is becoming more of a store of value, because most people these days can’t really afford to use it for day to day transactions like they do before, unless you’re sending huge amount of money that you don’t do everyday.

But we do know for sure that Bitcoin is going to be growing and it’s going to reach a level where it will be one of the most valuable assets for anyone to own in the world, so those who have invested in it earlier are sure going to benefit from it, but it can’t be owned by any country, not China and not even the US can own it, it’s meant for the whole world and everyone is free to use it. So whatever kind of economy competition these countries have, it’s all up to them and Bitcoin is not part of it.

Bitcoin is an exceptionally poor currency. It's expensive, it's slow, it doesn't scale... Nothing in the OP post supports the subject of the thread that bitcoin could win the currency war. Bitcoin will have to solve all three of it's major problems to win any type of currency war. Cash is superior in every aspect right now, and centralized payment systems are far superior to a decentralized blockchain system thus far. 

We still cannot jump into conclusions and make statements like that considering the position of bitcoin at the moment. It may look good and it had a great price but still, there are a lot of things needed first before it can win the currency war. It is a decentralized currency so it will be difficult for many countries to tolerate the use of it. Many people might be boastful on bitcoin's position and they have all the reason to do so, but still we should know bitcoin limits for now, it may still change in the future actually.

Bitcoin is indeed a great option for long-term investment and it has proven to be profitable,
from year to year we can see the price of bitcoin is getting up and it's really amazing,
I don't think all countries allow bitcoin to be a means of payment but we'll see what happens in the next few years

With this extraordinary price increase, of course, many people do not underestimate bitcoin anymore, moreover, bitcoin is considered a noble asset that is good for long-term storage. but indeed until now its main function as a currency has not been able to be fulfilled, because there are still many governments that oppose it as a means of payment, but do not prohibit their citizens from owning bitcoin

Why go to a war when we can easily coexist with other currencies plus in any form of war, there will always be a casualty and I don't think that a decentralized platform will be able to do it.

Bitcoin has almost reached all the qualifications to win the currency war except for the acceptance by the government. It still needs more adoption for the world to recognize it as a top currency. However, that could possibly happen soon if people would prefer using it as a mode of payment and lots of huge establishments would adopt it.

Seeing comments about China vs US, as the post was a little convoluted in its purpose, or the title was misleading. Bitcoin can't possibly win the currency war, as it's terrible for that purpose. It may have its place as the original, but there are way better crypto options for a usable currency. Speedy transactions and low transaction fees come to mind immediately as cons for Bitcoin.

Maybe with additional development, but then it's possible that like with the Eth vs Bnb discussion, upgrades to the network may be "too little too late."

When it comes to military, for sure the US has the strongest military there is right now, so I don’t think china is going to be competing in that area. This is not like the old days, and the US keeps on advancing. So, the Chinese is just going to keep trying to up their economy and that’s what they will be doing and the area they can be able to compete. As for Bitcoin, whatever these people are doing is just their own business, one thing I know for sure about Bitcoin is that no matter what it is going to keep on growing big every year, it’s not going to stop growing.

People are now starting to realize that the Bitcoin is the key to financial freedom. And governments around the world cannot stop people from making use of cryptocurrency, that won’t happen, people will still be able to make use of bitcoin even if it’s banned in their countries, that’s the good thing about it.

Government will always choose a currency that they have full control of. And in case with cryptocurrency, they do not have that kind or power. So very low chance that it will be considered the major currency even few years from now. But of course, crypto can always co-exist with central bank's currencies. Local fiat most likely be the main currency, very likely that we will have this in our lifetime. Bitcoin adoption may grow, but it is hard to qualify this to be the major currency, when we talk of global influence.

This is not surprising, because to bet on a currency that you can not have any influence on will never be able to decide any large and strong state. Therefore, I am always very skeptical and distrustful of the thoughts of some people about the emergence of a single world currency, exclusively which all the inhabitants of the planet Earth will use, and especially bitcoin in this role. Institutional investors and large investors can trust cryptocurrencies as much as they want, but they will still operate and pay taxes in fiat currencies, because it is convenient for the state and because the state wants it so.

It doesn't really mean anything. Cryptocurrency has become more interested in terms of its price increase and frequent mention of it in the media. However, states will never switch to using a decentralized cryptocurrency. It is already clear that instead of cryptocurrency, they will use their digitized central bank currencies.
There has always been war and rivalry between the currencies of states and it will continue regardless of the availability of cryptocurrencies. But the states will always have cryptocurrency in the background after their own currency.

- You really know how to joke about this story, how bitcoin won all the trust and love from a country when the mystery about it is still a long list to answer, especially this product does not depend on countries, it is like an independent unknown standing in the gaze of nations, full of hidden sheaths and suppressing cravings from government. A little investment to compete for mutual profits is possible, wanting to put bitcoin on a currency war, perhaps no country in the world wants, profit and control in bitcoin is enough to be a common enemy of other countries

I think bitcoin could win the currency war but if could be happen when one country put their full trust in the crypto currency, and if that situation happen, china might win, because they using higher than other countries however china will compete first to us  to be more dominant  because those countries are more advanced in terms of using high technology.

This is not a war and Bitcoin never competes with fiat or any local currency. People will know that Bitcoin isn't fully established as a currency but most investors are just considering this as a store of value and investment. This just gives us another option, not a thing that it was created for the said purpose to replace fiat.

I don't know why some people wanted Bitcoin to replace fiat money. Or, I'm not sure if they know more about Bitcoin that they are confident enough that this never gives any problem in the future.

The world is still full of love, and love allows us to overcome all difficulties. We must always believe that love exists. We must not only believe in love, but we must also dedicate our love to let others feel the existence of love.

All these bans on cryptocurrencies will be a temporary phenomenon if other states actively allow the use of cryptocurrencies, just a look from the outside at the successful and most importantly profitable use of cryptocurrencies for other states can bring the right understanding to the minds of statesmen By the way, some tax increases were already implied by the election promises of the current American administration, and what sauce it will be packed with for the layman is not the essence of the matter 

Well, isn't shocking it enough? I mean it doesn't need to replace it, it needs to change it just enough to make fiat world realize that if they go on with their regular methods this way, they are going to lose and much more people will turn to crypto. Plus we are now seeing a lot of places starting their own cards, which will allow people to never own fiat at all, with the exchanges cards you will be capable of spending your bitcoin anywhere you go, and those places will be paid with fiat while you pay with bitcoin, thanks to those cards.

The more that gets famous the more people will stay in crypto and not move to fiat and there will be a stage where fiat will be even worse when it was today (which is already very bad) this is why I think it is quite important to realize even if we manage to just change a few things in the fiat world that would be a big win for us.

Saying that bitcoin has a significant impact is a subjective thing to say because in my opinion because bitcoin did shook the foundations of the existing financial institutions but it didn't replace it or anything in that realm, if there really is a war, I think that everything is just getting started, we are just putting everything in place.

My mission is that Bitcoin can win this war, because in this age of technology, Bitcoin can have a very significant impact. He has great power. It is a product of technological development, it is very convenient to use, and it has its own advantages, which cannot be compared with other currencies.

Yeah, I agree with you, if Bitcoin or other alt is implored in banks by the government, the bank will be at lost if bitcoin price goes up, or something hilarious might happen sudden after. Stable coin will certainly not create any chaos among bank and customers, in this way it may seems to be a custodial services offering coins and Fiat at same time. This actually will be awesome but majority will consider going fully into non-custodial cryptos.

On the other hand, we as citizens outside the United States and China can only stand by and hold on to the hope that things will make some concessions. Little by little we are subject to sanctions, a weak country only becomes the foundation of a superpower, where the two countries always feel as gods for all mankind. trade wars, nuclear, gold, petroleum, coal, and even bitcoin are almost trying to be claimed. is there no desire for peace and prosperity? as the leader of a country in the world, he must set a cool example. We who are only developing countries will be victims if a nuclear war occurs. and to make matters worse, are they really going to be held responsible if something untoward happens one day.

Bitcoin needs to temper their emotions, it needs to mediate between those of us outside America and China.

For me, people who thinks that bitcoin, ethereum and other major cryptos as a currency or will replace fiat is just ridiculous. Bitcoin and cryptos are a digital asset that can change their market price any moment just like on stocks. You won't think stocks market to be your currency, right?
But what I see on the future is that the government and banks to make their own crypto. Like importing your fiat into a stablecoin with the same name. This way it won't be as volatile as other crypto such bitcoin and it be the future digital currency that we will all see.

Here in India, there's a lot of FUD that the government is only interested in using Blockchain technology and use it for the digital rupee, but without allowing cryptocurrencies like Bitcoin and Ethereum (and others) join the technology. Stupid people don't even know that testing a bike without tyres is impossible.
I saw Americans too got caught by their Government when their gov said that they will be increasing the tax rates now just because they've been providing "free money" to their public through lots of continuously ongoing stimulus. I still don't understand what gives these Governments a huge level of confidence to trust their traditional banking only over crypto?

There’s no war since bitcoin can’t totally replace fiat money, and now that the government understand the importance of Digital currency, they are making their own digital currency using their fiat money so its hard to say that Bitcoin can really win the war because there’s none at all. Its just that Bitcoin made a better option for us, so its up to the government if they are going to improve the fiat system or not.

The success of your statement lies in the continuous price rise in cryptocurrencies which will not be the case forever. And Bitcoins are a threat to weaker currencies? No, BTC will work as a supportive cryptocurrency for such fiat as the value of that fiat will decrease against crypto in such a way that your held amount will be worth more than what was invested.

There is no reason to believe that Bitcoin will replace fiat,  but rather it will sit along-side the currencies "declared via fiat" in each country.   What Bitcoin WILL DO is serve as a relative basis to measure (as a report card)  the inflation/deflation of each fiat currency, in the same way that Gold serves that purpose today.

A 15% drop in one day a lot, I wasn't aware that the Lira is going down so hard. For countries with a weaker currency Bitcoins are definitely a huge threat. Banning crypto currencies might be a way for governments to try and win the currency war, but this is only short term. In my opion long term there is no way to win the currency war against crypto currencies. The popularity is rising with every new month.

I believe that the crypto (not Bitcoin alone) is winning the hearts of everyone all over the world. And if we talk about BTC only, it's being given very much importance in Google Search as it topped in Turkey while Lira (the currency of Turkey) falls over 15% in a day. I believe that an extremely hard competition for both paper and digital money (in fiat) arose after BTC got such huge recognition from major institutionalists as well as companies.

Even if we go digital still bitcoin cannot replace fiat since government will create its own digital currencies to float up on their economy and most provably bitcoin will be second option again so maybe lets not push to make this things happen since I think if government will see this a threat on their economy maybe they will ban its usage to eliminate the possible competitor.

Bitcoin will not replace real money around the world, it will be difficult how physical money can be replaced with digital money.
We know as an alternative way is the best solution today, even if the value is so high it can make war in the stock market who will be stronger for the many people who will be acquired.
I would like to know how that big adoption is happening to all the other points with some crypto advancements being developed all the time, we will find out how bitcoin will become the most expensive asset in history if it is possible to hit $100k in the future.

That depends on what you mean by Bitcoin winning the currency war, if you’re talking about it becoming the main currency that the world will be using that’s not going to be happening but as for becoming an alternate currency that a lot of people will rely, I believe that’s going to happen and it is already happening as there are so many people who are now making use of Bitcoin to send and receive money, though as of recent it has been an issue as the fees that are required to be paid before a transaction is confirmed has become really high and people are considering different other options. So, right now it’s more of an investment.

On what I am sure about is, regardless of how many people will be adopting bitcoin and whether bitcoin will be winning the currency war or not, I believe bitcoin will remain as one of the prominent payment option for its unique feature which means bitcoin will conquer all finance related wars over the time .

The war is different one.Actually their was a clash between the bitcoin, US dollar and Chinese yuan. Bitcoin made a competition between the currency. Because before this clash only clash was over American dollar and Chinese yuan. Dollar lead the track over a huge period even in the cold war.

There are many arguments for and against this notion. In this war of currency evaluation and devaluation, I do believe that bitcoin will win.
Let's take a look at this, bitcoin has only been here for a little over a decade and it has risen in value from almost nothing to well over $50k. This is as a result of bitcoin's mass adoption over the years. If bitcoin can do this in just these few years, imagine what it would have become in 30 years from now.
The American dollar and the Chinese yuan can only do so little as compared to bitcoin which is a global currency

Bitcoins only are considered as money till they have value on exchanges and there is a way to sell/exchange them for something useful. There won't be a single supporter of bitcoins I can assure you if the price drops and becomes zero suddenly, I know that won't happen ever but just imagine why will people hold coins if they are of no value.

People want to live on crypto because some of them want to avoid and evade tax, which I am not saying is wrong, but that is the reason behind living on crypto. I don't see a difference in having $100 in my bank or $100 in my bitcoin wallet.

Very well said, every coin or asset we buy has speculations whether it can grow or collapse and the recent growth of Bitcoins has something to do with the fear about economic failure being expected after the coronavirus as more money was printed which eventually brings the economy down.

There is both right and wrong statements in both of your approach. Bitcoin is seen as money because it is spent in some places, but it is also seen as money because even if people end up not being able to spend it directly, they just hold it as money on their wallets and when they need to spend it on something that doesn't take bitcoin they exchange it to fiat and spend it that way, but that is not because they do not see it as money but because the place they buy things from do not see it, there are tons of people who would use bitcoin forever and never fiat if that was an option, there are millions of us.

But, there are also people who see it speculative asset as well, just because it is considered by millions as money doesn't change the fact that millions also see it as a way to make money neither, I see it as both of them for example, both money and also a way to make money. For a European buying dollars because dollar may increase in value versus euro could be both money that is spent but also speculative asset as well.

Contrary here on your view that bitcoin isn't use as money by many people but as a speculative asset. I think that isn't correct and many use bitcoin as money and instant payment, otherwise what happens when bitcoin is exchanged for fiat during P2P?

Never and under no circumstances does the state financial system recognize bitcoin as its currency, or currency as such. The very idea of an uncontrolled financial world contradicts the essence of the existence of the state and its financial system, which is its foundation. Bitcoin can be recognized as an asset and even some means of payment, but not a currency! Unless the world will plunge into the chaos of total destruction ... Although then food, fuel, weapons will be valuable

Indeed, uncertainty in the financial sphere is in the air, and many are now wondering on the coffee grounds, and what will happen next. And then there will be something that no one will tell us about. Why? Because it is not beneficial to those who will initiate these changes. As for BTC and cryptocurrencies in general, it also cannot be said for sure that BTC will become the new world currency. Why? It's simple, although BTC has a limited emission and uses blockchain technology, but it is not protected from manipulation, which means it will also not be able to solve a number of financial problems, all the more so, would other countries want to see BTC as a new world currency? At this time, there is no talk about this at all.

I think we are forgetting here one thing, the market cap/ GDP / Countries income is all because of years of hard work that each government put in their which made it possible to that level. The whole thing is all about how country's economic model is working. It takes into consideration from small stuff like electricity bills, grocery buy-sell, big IT companies Taxes to Military expense and to International Business and welfare! This and every bit of country's operation takes it all to make up it's GDP. I guess bitcoin is dual nature thing: An asset + Currency. It's decentralised and it won't contribute to specific country's GDP and also no country will be able to benefit from it unless and until they accrue taxes from it! Which won't happen or else it will compromise the decentralised nature of the same.
I think there is no war. Bitcoin is bigger thing and it's future that we are living in the present!

It is not about regular fight anymore, nations do not go to war with guns anymore honestly, there are few instances of that by USA because they are spending so much money on military and that needs to be emptied somewhere, otherwise it is going to get bigger and bigger and then what? So, they go use it somewhere, basically think of it like USA letting of some steam to relax, they are a bit weird like that and they could attack anyone.

However aside from them everyone talks with their money, as long as nations think they are all dealing fairly, they will not attack anyone, you think China and USA are in a bad relation? Check how much they trade with each other and you will see that it is not like that it is just a political show. But, I agree that bitcoin will be an alternative to any coin, it will not be the main one but it will always be alternative to all of them.

Obviously speaking, when we are seeing that bitcoin's adoption and progression is really happening, bitcoin have already won the war.

There are a lot of investors who are already engaging on it and trusting its capability to become the best cryptocurrency in the market.

It is all of us who won it, it is all of us who should be glad that we are seeing bitcoin to achieve more milestones in the generation.

Price speculation in bitcoin is not a huge problem but it can really affect our investment in some part.

Depends on winning in what way, because currently Bitcoin value is far above other currencies. When viewed from this, Bitcoin should have won
the currency war. But if what is meant is to replace the USD which is currently the strongest fiat, it remains to be seen in a very long time.
Indeed, today with several institutions starting to invest in Bitcoin, the popularity of Bitcoin has increased greatly. But that doesn't mean Bitcoin
can replace fiat. I don't want Bitcoin to win the war with another currency, I prefer Bitcoin to make peace with another currency.  Because it is more
ideal if Bitcoin can coexist with fiat.

There obviously is although probably not as strong as the competition between certain fiat currencies. And it reverberates in the strong demand for businesses to accept Bitcoin payment, in the continuous development toward reducing fees and confirmation time, even in the repulsion of certain governments' declaration that Bitcoin is illegal, and so on on.

But I agree that there's a very limited number of people who are using Bitcoin as a currency. However, it is not because it is not designed to be so but because of certain hindrances, which are not all unpleasant since one of the primary reasons why Bitcoin is not spent is that its price is fast appreciating. Nevertheless, Satoshi designed it to be a cash system, so I guess it was meant to be used as digital money.

I don't think there is a war. What I do believe is that there is a supremacist struggle to be leaders in technology between the US and China.
The future of the global technology industry will depend on the government policies of these countries, Europe, Japan, Korea, Taiwan, and other advanced nations.
Bitcoin could provide a great contribution to technologies due to the vision of large investors for the digital asset.

What's my entire assessment here is only the exaggerating information that came from mainstream media, but the reality between China and US was really in a cool behavior. All the rich people is behind the dominance they're arguing with, just depends on their financial power. But it doesn't mean all over war, because what we're combating right now is the inflation of fiat currency in every country.
Bitcoin has no price regulation, and it's price increases according to the demand coming from investors. There's no competition between bitcoin and fiat currency, they're classification is entirely different with each other.

No one can not reach the Bitcoin place. Bitcoin is future currency and it king of all coin. Bitcoin is any time to hit the price. So people will be wait for the price up and hold the long time. Bitcoin is model of the all coin. So Bitcoin is any where to reach and time to use the bitcoin. It helpful to future growth. Bitcoin is will be win the currency war.

The fiat will be deflating over time as we have witnessed how the value of USD has fell in comparison with the past due to rising inflation. Moreover the government printing new notes is contributing worse to the economy like US passing billion dollar stimulus bill to print new notes.Your wealth will decrease overtime if you are holding fiat but on the other hand if you are holding Bitcoin and other altcoins like Ethereum your net profits and wealth will grow in the future as prices will rise.So it is decentalized currency which can end price wars between countries making them more powerful.

sure even I heard opinion bitcoin is only for rich people it's not so far looks whenever we have dip you have to buy

BTC can sit side by side with the currency that will dominate just as how it does today where USD and BTC can be paired. if China's CNY can somehow rise over USD, BTC will still be alongside.  BTC will still not replace any fiat even when there is a dominating power. i don't think there will even be a war if they intend to, they could have done so when China had yet not established an air defense zone in the south China sea.

I'm not sure about the accuracy of your information your provided here but in my own idea this topic is already discussed topic and many people believe bitcoin already won the economic currency war. However, I can't be sure about the comparing because comparing the fiat currencies and bitcoin can be a wrong comparison. Between all the fiat currencies none of them got limited total supply and these are not borderless while bitcoin in a famous crypto asset available for trading in all over the world. Generally, in my own idea comparing assets to currencies is a wrong comparison.

Indeed. I think that blockchain itself as a technology will come out on top for sure. China's push for a digital CNY is just the first step in this process.

But question is whether or not it'll be the decentralised forces that win or centralised, and it is really hard to tell right now.

BTC's adoption as a store of value is increasing on the grassroots level which is really promising. But central entities' influence can simply not be ignored either. As Ray Dalio mentioned, it'll be a matter of time before the CNY becomes the global reserve currency. Whether or not BTC is able to topple this fiat paradigm will rely on a few key upcoming years.

When speculating on who will become the dominant economic power between USA and China, one should keep the Bitcoin argument away. Bitcoin's dominance has nothing to do with these geo-political issues and it cannot be an alternative in a world where China overtakes the USA.

China just doesn't have the goodwill, soft-power status that USA has enjoyed for several years. This is mainly also due to American people being a force for good in the rest of the world through generations. Whether as volunteers or wealthy philanthropists. The Chinese on the other hand are a bunch of profit-seeking zombies who will sell synthetic babies if that is where the profits are.

The two just don't compare. For anybody that disagrees, I recommend watching the interaction between Elon Musk and Jack Ma of Alibaba. It is hard not to distinguish the sheer difference in their visions and intellectual honesty. While Jack sounds like the typical businessman bullshitting his way through with quotable quotes, Musk is the smart, honest one thinking about real problems. The Chinese people have a lot to do before the world can find them trustworthy of a spot amongst the best of humanity.

Law definitely plays a role as to why it won't win in this war but I think that is just one part of the problem. I think that in economic perspective, bitcoin isn't viable as a means of currency because right now the network that is supporting bitcoin is having a hard time catering the transaction passing through which results in network congestion which means that the receiver has to wait for days to receive the payment.

It won't show any signs even in the foreseeable future, the population is steadily growing and I don't think that even after the last block is mined at year 2140, bitcoin won't be enough for it to circulate around the world considering by that time we might hit a 10 billion population mark. The only way to win these currency war that everyone is pertaining is not to participate in it but instead at the least coexist with the current system.

The USA and China might be competing,but they are also actively trading with each other.
It's true that Bitcoin benefited from the insane money printing around the world,but the money printing wasn't caused by the US/China conflict.I don't believe that Bitcoin is going to be the main winner of this conflict.
Probably the Federal Reserve System and the People's Bank of China will finally create CBDC and force their citizens to use them,while trying everything they can to throw Bitcoin under the bus.

I have to disagree. As such there is no competition between fiat currency and cryptocurrency. Nowadays hardly anyone is using Bitcoin as a currency. Most of them are using it as a form of speculative investment asset, or as a store of value. Bitcoin is not actually designed for usage as a currency, which can do instant payments. Regardless of the fee, the average time required for new blocks is 10 minutes and that means that instant payments are not possible with Bitcoin.

I think Bitcoin is not actually involved in the currency war that you are talking about.

There are two currency wars right now. There is that fiat currency war in which the Renminbi is trying to take the global spot of the USD, the Pound Sterling trying to rise and rise against the Euro, and so on and so forth. There is also that currency war in which cryptocurrencies which is, of course, represented by Bitcoin taking up fiat currency as one.

The former, Bitcoin cares not. As regards the latter, everybody knows fiat is a huge underdog.

The internet is the most influential invention of the 20th century and has and will completely define the 21st Century. There is no way in hell that the world's superpowers would purposely hinder the internet and technological advancement to disrupt bitcoin. The entire fiat system runs off the internet so it would be the technological equivalent of kneecapping one's self. Central Banks are moving toward central bank digital currency and the internet is fundamental to their administration so this sentiment is really off base.

Bitcoin could definitely triumph over the currency wars itself, but it's greatest defining factor could also become its biggest downfall. I'm talking about its intangibility and hoe it heavily depends in energy to exist. Most would agree that without the internet, bitcoin wouldn't have the higher ground. So nations could basically initiate a world war that could heavily impede technologixal advancement, with the inclusion of the internet to destabilize its value and put the power scepter back to fiat, as easy as that.

During World War II the majority of the civilized world was bombed back to the stone age. With the exception of two nations: russia and the united states. This set the stage for the remaining economically viable states, USSR and USA, profiting handsomely from european and asian reconstruction efforts. Which would later culminate in the space race and cold war.

It is worth mentioning european and asian nations being recipients of reconstruction loans gave both soviets and americans considerable leverage. A neglected observation which applies to the current day world. Deficits have creditors and debtors. Who they are and why it matters.

There are many observations and illustrations which could be drawn concerning the relationship between the US and china. Facets of capitalism were adopted to avoid the economic stagnation and eventual self destruction which characterized the soviet union. But it could be accurate to say china still suffers from circumstances identical to that which plagued the soviet union due to the CCP's insistence on owning and controlling everything within china's borders. Negative sentiments towards bitcoin from china's leaders could be one prime example of it. China embracing bitcoin could create jobs and boost the countries economy. Yet chinese leaders prioritize control over success, which could be one reason they might never surpass the united states.

it is true, making bitcoin the main currency is the method that will be determined by many people. even a country that has become bitcoin neutral in its own country, leaving it without ban will end in battle and the closure of access to the exchange routes. Even in times of pandemic governments are spending their money at will, we can still keep bitcoin as an asset that can save all economies from the collapse of the devaluation system.

Bitcoin is no doubt one of the best assets to invest but it does not show any sign to become the next main currency. No government will let such a phenomenon take over their control over the monetary system. Even though bitcoin can get mass adoption from the people, without acceptance from the government, it can not make any big impact on the currency war

Literally when fiat stated to fall the price of Bitcoin will increase in terms of fiat value and also most the fiat started to fall due to the economic crash that is why they even wanted to make their own tokens before people moving towards decentralization.

Your statistics here could be wrong about the percentage of people knowing about bitcoin, you never gave any source. In my opinion, bitcoin has not won any war not until a real war combat like the third world war if bitcoin was used as an escaping route for payment of war artilleries, arsenals and other war facilitators above fiat , then we can discuss bitcoin winning the war but at this time bitcoin is far from that. The percentage quoter knowing about bitcoin could still be very minimal, traditional system is still not displaced.

I don't know why people think about this way while in reality bitcoins cannot overcome any fiat currencies around the world since first bitcoin has no legal laws that allows it to use on government financial system as well bitcoin still questionable due to some shady activity in relation on how this one used. And even if we go digital most provably each country will create their legal digital currency and bitcoin will just an option.

I'm not thinking negative about this possibilities but in reality this currency winning war is almost impossible to win by bitcoin without law supporting it.

How will bitcoin take the US economy? Bitcoin isn't exclusive to US so they won't be getting a lot of bitcoin in circulation. What is more believable is that the US is going to use bitcoin as a reserve asset as opposed to switching the currency that they are using, and switching is going to be expensive and if they are going to do it in a crash then they are just digging the grave even deeper. They won't stop printing fiat because they know that bankers are going to save the economy like how they do back in the day.

Isnt the value of Bitcoin already surpassed all the currency in the world?
The only thing to make it become true is to use Bitcoin as a really currency, as a payment processor in the world.
The adoption is on progress and i believe the time will come soon.

There’s a strong debate with this topic and since the USD value has been decreasing over the past months, many believes that Bitcoin will take over and take its place. Fiat money has an unlimited supply that it makes more weak compare to Bitcoin with limited supply.

Even if we believe on this things, I don’t think government will stop printing fiat money because that is already part of our culture and the government knows its importance and of course, they can’t get money through cryptocurrency so they have no choice but to remain on the old system of fiat money.

When it comes to price speculation then it would be a limitless talks because we know into its true potential when it comes to those new ath's that we can possibly seen.
When it comes to war thing then i dont recognized in between fiat currencies even though crypto did really get some recognition but doesnt mean that it did win completely.
It would just remain as an alternative and wouldnt really become the mainstream ones this is why i dont see the point on why they do always clash out these things.
Fiat cant be replaced and crypto would be always a second option.Period.

We are hearing such arguments from quite some time now where people are speculating whether bitcoin can become the preferred currency system for the world or not! But currency circulation is a sovereign function and it would remain that way only unless the world sees a nuke war.

Bitcoin can very well become a great investment asset for the governments the way they invest in gold today. We have already seen corporates jumping into this crypto bandwagon. But if you are talking about replacing the current financial system, that's not gonna happen!

So I see your argument as a speculation. You can also consider my argument as a speculation. But I don't really see bitcoin becoming a mainstream currency system!

During world war I and II, the European nations ended up in debt and lost their preeminent colonial power both in terms of economy an military power.


source

In our times we are now seeing China and the USA competing for the world economic dominance. USA seems to be the incumbent while China is showing growths averaging 6% a year and its GDP seems to be nearing that of the USA. While possibly not as strong in military terms, the nuclear deterrent guarantees that a return to a "shameful century" won't be back anytime soon.

Just have a look at the economic side of the argument:



While there is not an open war, there is a fight for dominance that is being fought with trade agreements, currency devaluations, sanctions and diplomacy (soft and hard). COVID has been a useful tool for all governments to print money at will, with the backing of the economic elites that own real stocks in much larger proportion than cash.

I see that bitcoin will benefit immediately (already doing so) from a tailwind of irresponsible money printing, but more than that, I see it benefiting from the silent economic wars in which even the theoretical winners may end in a sea of debt that, once again, will be paid printing monopoly money.

Ray Dalio phrases the opportunity: “And you have a situation when there is a rising power challenging an existing power, there is competition, and there is a risk of war. And so how they deal with each other, whether there is a greater good or whether they are fighting with each other, is the defining moment.”