Bitcoin is Becoming a Global Currency - page 115.

adibe

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Quote from: Bitcoinbro on May 19, 2016, 09:29:41 AM

The bitcoin will not be a global currency because its just too small and banks will always try to stop this.
I think there is maybe a chance but it will be a very small chance, it first needs to gain popularity.

Yeah, maybe someday all people around the world will accept bitcoin for a global currency. If this happened, it will make bitcoin become popular and the price of bitcoin will increase too.

Bitcoinbro

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The bitcoin will not be a global currency because its just too small and banks will always try to stop this.
I think there is maybe a chance but it will be a very small chance, it first needs to gain popularity.

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Quote from: yayayo on May 19, 2016, 08:41:07 AM

Quote from: deisik on May 18, 2016, 08:07:53 AM

If you mean the US variety, it is a global currency, by any yardstick. The US dollars account for somewhere around 50% of international financial transactions daily. Besides that, the dollar is also the world's prime reserve currency, since approximately two-thirds of the FX reserves across countries are dollars...

If not dollar, then what?

Yuan. Currently the dollar is the most relevant international currency for sure. But its status as reserve and trade currency is slowly but steadily degrading. China, Russia, Iran, South Africa and Brazil are working together to end the dollar regime. I think it will take years, maybe decades, but in the end the US will face tough times, because most of the US wealth stems from the strength of the dollar

You are apparently putting the cart before the horse. It is the dollar that derives its strength from the economic power of the US, not the other way round. The takeaway is that if China grows economically (to be on par with the US), the yuan can become a global currency, but not until then...

Hint, who controls oceans also controls international trade (read imposes its currency), but China is weak militarily

Shibashi Dogemoto

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Quote from: bitcoin-hunter on May 19, 2016, 04:11:30 AM

You can see Bitcoin as a global currency because literately everybody who has access to the internet can make use of it. But not everyone is making use of it so if you look at it that way it is not a global currency but it has the potential to become one.

It surely has an potential to be a global currency in future but at a moment majority of people are not aware about bitcoin and that is creating an major issue.

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Quote from: deisik on May 18, 2016, 08:07:53 AM

If you mean the US variety, it is a global currency, by any yardstick. The US dollars account for somewhere around 50% of international financial transactions daily. Besides that, the dollar is also the world's prime reserve currency, since approximately two-thirds of the FX reserves across countries are dollars...

If not dollar, then what?

Yuan. Currently the dollar is the most relevant international currency for sure. But its status as reserve and trade currency is slowly but steadily degrading. China, Russia, Iran, South Africa and Brazil are working together to end the dollar regime. I think it will take years, maybe decades, but in the end the US will face tough times, because most of the US wealth stems from the strength of the dollar.

Of course, using Bitcoin instead of a national currency for global trade would be the most neutral and most efficient solution. But I think this will not happen in the near future. Bitcoin's emergence as a global currency will not be the result of an official decision. It will be the result of the power of the free market that strives for the best solution.

ya.ya.yo!

BitTraderCute

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Quote from: benjamindees on March 28, 2014, 03:31:21 AM

For the first time, when I look at the offers on LocalBitcoins.com, there are a half-dozen currencies ahead of the US dollar, offering a higher price for Bitcoin than US dollar users.

Euros, South African Rands, New Zealand Dollars, Hong Kong Dollars, Polish Zloty, Malaysian Ringgits.

It is no longer just the US, EU or even China driving adoption. There is a market for Bitcoins in major countries all over the world.

now japan accept bitcoin, new york have BItlicensi to make each big company use bitcoin in legal way, i think someday in future PBB will use bitcoin too Roll Eyes

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You can see Bitcoin as a global currency because literately everybody who has access to the internet can make use of it. But not everyone is making use of it so if you look at it that way it is not a global currency but it has the potential to become one.

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Quote from: goinmerry on May 19, 2016, 01:24:43 AM

Quote from: Corenin on May 17, 2016, 01:49:40 PM

Quote from: BitHodler on May 17, 2016, 01:39:07 PM

Quote from: stromma44 on May 17, 2016, 01:28:45 PM

It can never become a global currency, and bitcoin to be a global currency needs higher user base and market cap which is missing at this stage.

Not only that, but it also needs support from governments and that's something that will never happen.

They will not allow Bitcoin to become a main currency at cost of their own local currency.

Exactly, bitcoin will never get support from government as they find it as a competitor to fiat currency and they also know if bitcoin becomes primary currency then they will loose all their control.

Agree with that. As primary country currency is a big "No" for them. But a global online currency it should be. So everyone could conveniently use it and know what currency it will be if they go online.

The governments don't like it because they dont really know how to regulate it so as they can continue to steal just as much from the people that use it.
The banks hate it because it's threatening the very core of their existence
But at the end of the day they can't stop it.
Even governments have to keep up with the times so if people want to use it for Internet shopping then they will find a way to still get their cut.

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Quote from: Corenin on May 17, 2016, 01:49:40 PM

Quote from: BitHodler on May 17, 2016, 01:39:07 PM

Quote from: stromma44 on May 17, 2016, 01:28:45 PM

It can never become a global currency, and bitcoin to be a global currency needs higher user base and market cap which is missing at this stage.

Not only that, but it also needs support from governments and that's something that will never happen.

They will not allow Bitcoin to become a main currency at cost of their own local currency.

Exactly, bitcoin will never get support from government as they find it as a competitor to fiat currency and they also know if bitcoin becomes primary currency then they will loose all their control.

Agree with that. As primary country currency is a big "No" for them. But a global online currency it should be. So everyone could conveniently use it and know what currency it will be if they go online.

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Quote from: bitlancr on May 17, 2016, 08:48:46 AM

No Bitcoin is already a global currency if you count the fact that everybody in the world can make use of it. But not everybody is making use of it so if you look at it that way it is not a global currency but it sure has the potential to become one.

yeah probably every country has bitcoin users so perhaps it could be called as a global currency. but not everyone wears bitcoin. it's just like the dollar. the dollar is the global currency but not everyone uses the dollar.
so actually bitcoin has become a global currency

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Quote from: GamingBro on May 18, 2016, 07:59:43 AM

Quote from: gerXhonza on May 18, 2016, 06:49:35 AM

Bitcoin still needs a time to become a global currency as still there are many people around who have never heard about it, when majority of people will start using bitcoin then only it can be considered as a global currency.

Even dollar with the best reputation is still not a global currency, if bitcoin want to achive this, it will require maybe a 20 or 30 years or something supernaturall will happen.

If you mean the US variety, it is a global currency, by any yardstick. The US dollars account for somewhere around 50% of international financial transactions daily. Besides that, the dollar is also the world's prime reserve currency, since approximately two-thirds of the FX reserves across countries are dollars...

If not dollar, then what?

GamingBro

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Quote from: gerXhonza on May 18, 2016, 06:49:35 AM

Bitcoin still needs a time to become a global currency as still there are many people around who have never heard about it, when majority of people will start using bitcoin then only it can be considered as a global currency.

Even dollar with the best reputation is still not a global currency, if bitcoin want to achive this, it will require maybe a 20 or 30 years or something supernaturall will happen.

gerXhonza

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Bitcoin still needs a time to become a global currency as still there are many people around who have never heard about it, when majority of people will start using bitcoin then only it can be considered as a global currency.

deisik

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Quote from: Amph on May 17, 2016, 05:02:47 AM

at the end is the people who decide what to use, not the government, so good luck to all the government when bitcoin will be big, their fiat will most likely be worthless

In ancient and medieval times people used gold and silver as money. That could be construed as their decision what to use, but since then governments have usurped that "privilege", and now we are using fiat money, whether you like it or not...

In fact, Bitcoin was created by just one individual, so it is not far from monies created by governments in this respect

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If you look now at the hype generated by bitcoin during the last 2 year definintly you would see that bitcoin will be a global currency that will get over fiat around us . but this will be very fast if many country official adapt bitcoin in the government system.

deisik

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Quote from: dsyahputera on May 17, 2016, 05:07:40 AM

With the blockchain system, this secondary currency will be different with the primary currency. The government has authority over their own country, right?

The blockchain system assumes decentralized creation of money, which no government would allow (to be on par or compete with their own currency). Besides, I see no logic in government emitting two different currencies serving the same ends (i.e. facilitating the turnover of goods and services). Wtf?

But nevertheless, welcome Gresham's Law

deisik

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Quote from: Amph on May 17, 2016, 05:02:47 AM

Quote from: deisik on May 17, 2016, 03:53:02 AM

Quote from: dsyahputera on May 17, 2016, 03:39:04 AM

Unfortunately there is no developing country that legalized Bitcoin, although many of its citizens who have benefited from this digital currency. I think it is better for a developing country to create its own digital currency (altcoin) as second currency instead of using Bitcoin, and that means Bitcoin will not be a global currency at all, but the Bitcoin concept can change the financial system of developing countries, IMHO.

And who would emit new money in this currency? If government, how would it be different from the currency they already have?

they should simply embracing bitcoin and stop making their shitty altfiatcoin, that would only bring a few positivity related to proof of integrity if they were to use the blockchain

Unable to stick to rational monetary policies, some countries did exactly that, i.e. dropped their national currencies and switched to the US dollar...

Zimbabwe seems to be the most flashy, fleshy and freshy example as of recent

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Quote from: Corenin on May 17, 2016, 01:49:40 PM

Quote from: BitHodler on May 17, 2016, 01:39:07 PM

Quote from: stromma44 on May 17, 2016, 01:28:45 PM

It can never become a global currency, and bitcoin to be a global currency needs higher user base and market cap which is missing at this stage.

Not only that, but it also needs support from governments and that's something that will never happen.

They will not allow Bitcoin to become a main currency at cost of their own local currency.

Exactly, bitcoin will never get support from government as they find it as a competitor to fiat currency and they also know if bitcoin becomes primary currency then they will loose all their control.

It is actually, we are using the same currency regardless of our respective locations, we need to support the use of it to spread it the the masses to game some trust and to attract adopters on it. This is the best currency because it cannot be affected by inflation as it cannot be controlled by any government due to its decentralization platform.

Corenin

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Quote from: BitHodler on May 17, 2016, 01:39:07 PM

Quote from: stromma44 on May 17, 2016, 01:28:45 PM

It can never become a global currency, and bitcoin to be a global currency needs higher user base and market cap which is missing at this stage.

Not only that, but it also needs support from governments and that's something that will never happen.

They will not allow Bitcoin to become a main currency at cost of their own local currency.

Exactly, bitcoin will never get support from government as they find it as a competitor to fiat currency and they also know if bitcoin becomes primary currency then they will loose all their control.

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Quote from: peta4e on May 17, 2016, 05:06:54 AM

Quote from: FabioDelcatto on May 17, 2016, 03:55:51 AM

Quote from: JessicaSe on May 12, 2016, 10:10:23 AM

Quote from: Pitchblackroom on May 12, 2016, 10:04:23 AM

Bitcoin was a global currency 2-3 years ago when China was starting to adopt it. Russia adopted it a little earlier than that.

However, it does not have any sort of widespread usage except for niche markets.

At a moment bitcoin cannot be treated as an global currency, as majority of the people are not aware about the bitcoin but it can be a global currency in future.

Bitcoin is already a global currency and that is nice because you already can see that Bitcoin is becoming more popular so that is perfect and nice for the people with already Bitcoin.
But it have also to change because the price is still low and that is bad for the most people.

No doubt bitcoin is gaining more popularity but at this stage you cannot consider it as a global currency as market cap of bitcoin is too small and very few people are using it at a moment.

yeah by viewing the market cap I also sometime think that this currency will require a much longer time to become a global currency, but sometimes I think that if bitcoin get stability then there will be nothing to stop it to become a global currency within a shortest time period, as with that people will feel it as more reliable and will not fear while investing/putting their money into bitcoin.

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