Topic: Bitcoin is Becoming a Global Currency - page 153. (Read 226404 times)

You can get an estimate from summing up the volume on different exchanges .
I consider bitcoin to be a global currency already . And there are startups which are working just to get it mainstream. So I expect to hear more good news about it soon

Well I think it is already a global currency as you can move it around the world and across borders instantly, but what we need for it to truly become a global currency is merchants accepting it all around the world. It would be so cool if this happened.

i think bitcoin is still a long way from being the global currency

No, the exact opposite has happened in the prior 2 fed auctions.

It really is great to see isnt it? In my country I am generally paying a little bit extra than market for bitcoins at localbitcoins though I don't mind that much.

Bitcoin is still developping, but the potential is enormous!

the problem is, not everyone accepts and understands this. and most of those who already understand also do not know the direction and do in secret. we separated, just met in a forum like this. we need something more tangible. get it started

today has become a topic of conversation in finance world, bitcoin can be a substitute for fiat currency in circulation today, ease of transaction, and especially is free of tax, which makes it interesting from the bitcoin is the exchange rate against the dollar tends to rise and of course free of taxes.

If I recall correctly we actually get a small dip prior to auctions and then once all the traders' fears are soothed that people won't be massively dumping the coins on the exchanges we actually get a good sized rally.

Anybody know the current volume of BIT?  Is that what's moving the price right now?  Usually we get a crash after the GOVT auctions.

It will be many years before it is used everywhere

Unlike centralized system, everyone should take care of their own coins. If they have serious amount of coins, they can't rely on any third party including hard wallet makers (What if there is a back door? What if the wallet software is hacked? What if the key generated already exists?) So eventually they must learn all the bitcoin core mechanisms by themselves and learn how to protect their private key, that will take years  

I am agreeing with this. Although I do see very high bitcoin prices I don't see a price that is too the moon. The price will not just change by itself, but rather with large scale adoption of major players in fiat as well.

The decline of the dollar, if it happens, will be gradual.
People will have enough opportunities to exit the dollar.

It wouldn't be hard for me to believe it's just artificial inflation from Bitcoin whales that are already in the Bitcoin business. I don't think this is the full case though as this would of been predictable from the get go if people knew BTC were to be so successful. The only thing that worries me is the artificial inflation, in which the price goes up very high and drops (as has happened many, many times before). I don't believe it's possible for Bitcoin to rise and fall in such a volatile fashion when the market stays somewhat stable, at least as stable as a new form of online currency can be. These large rises and drops contribute to the negative view people have on Bitcoin because they will never think it will be a stable form of currency. There's nothing stopping large whales and businesses from  continuing to purchase, horde, and then dump this currency which in turn causes the mass fluctuation. Lately there have been laws passed banning this sort of behavior. Looking back to the Hunt brothers, Bitcoin could suffer the same fate over and over again without any means to stop it. The Hunt brothers horded large amounts of Silver and then sold it all at once, causing the silver market to violently crash (More commonly known as Silver Thursday). You can read more about it here - http://en.wikipedia.org/wiki/Silver_Thursday

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MAYBE Bitcoin will become a global currency in the foreseeable future.  But, perhaps only 0.5% (a guess) of Americans have ever used it in a transaction.  I am the ONLY one I personally know who actually has.

And in Peru (granted a small and not globally important country), BTC is going nowhere fast.  The only BTC group I have ever seen are located in a provincial city, and they never even go to Lima. 

Peru has a ways to go, it is not adopting quickly like Argentina apparently is.  But, Peru's economy and currency are currently pretty stable.  Argentina has a lot of bad things happening now along with a larger IT sector than Peru.  Bad things happening financially gives Argentines motivation to protect their wealth.

[Peru is where our import company is, run by my in-laws down there]

USD will be the biggest loser if Bitcoin gains adoption globally.

Many people hold a small stash of USD along with their local currency since it is useful for travel and widely recognizable, just in case it might be needed.

Though those countries stated in here are not considered as big players in terms of economy, it is still amazing to see that we are gaining adoption all throughout the world. If the users of bitcoin become diverse all over the world, we may see bitcoin as another option for currency other than the US dollar.


Exactly. There as soon as adoption became widespread, people from all over the world will also use bitcoin aside from the majority of the users today, which are quite distributed in the US.

I feel its already a global currency as its the only digital currency which currently allows people to send money without spending more than a penny.

A cryptocurrency implemented by government would be far away from being allowed to call it a cryptocurrency.Just because it wouldn't have any of the positive features which cryptocurrencies have as we know or define it. For instance decentralisation!

If governments implement their own cryptocurrency, would it find acceptance?
We already have electronic transfer in fiat currency. Why would we need government backed cryptocurrency?