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Topic: Bitcoin is Becoming a Global Currency - page 81. (Read 226404 times)

legendary
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November 16, 2016, 04:40:49 PM
it is today easier to quickly convert from bitcoin to fiat and back, but as a merchant you still have the issue of pricing the items and book keeping and so on. this is still not to easy, but i think we will get there.

Many exporters (and I guess importers as well) are essentially in the same conditions. For proper accounting and paying taxes they have to convert their export proceeds in foreign currency from that currency into their national currency. They may also have to sell some part of the profits earned to a local central bank or on the currency market. In my opinion, Bitcoin as a means of payment and currency in its own right should be treated accordingly, i.e. as a foreign currency...

Until governments decide to use Bitcoin as a legal tender, of course
true but i still see to things to add. exporters or people who have the problem to deal with multiple currencies have to do it. they would stop doing this if it was not necessary. so convincing somebody, who right now does not have to do this, to do this because of bitcoin is hard.
the other thing is that government are familiar with this process with the big currencies. if you have an unusual currency or bitcoin it is somehow harder for them to deal with it. just for tax purposes they have daily exchange rates you can use and nobody will question this, but with bitcoin you would need to do extra work and prove and document everything. nobody likes extra work.

I certainly understand the pains that a lot of merchants wanting to use Bitcoin along with their local currency might feel. But with or without Bitcoin, they will have to tackle this issue of dealing with foreign currencies sooner or later, and I would say rather sooner than later, especially if they want, for example, to go international. Many online resellers like Amazon are selling their goods all over the planet as payment processing platforms like PayPal commonly and ordinarily handle the conversion of a multitude of currencies...

The world is definitely becoming a tighter place over time
hero member
Activity: 490
Merit: 500
November 16, 2016, 03:51:13 PM
I wouldn't technically consider Bitcoin as a global currency, as it still isn't very widely known. Countries tend to like to have total control of their coin, and since Bitcoin is a P2P currency, their only kind of control is having a huge share of the 21 million coins. I really don't think click hereit will become a global currency, as it is quite an unstable little thing.

I think although bitcoin is not widely used, but I think bitcoin is already used by many people around the world, and I think automatically bitcoin is a global currency #IMO
sr. member
Activity: 280
Merit: 253
November 16, 2016, 03:38:14 PM
it is today easier to quickly convert from bitcoin to fiat and back, but as a merchant you still have the issue of pricing the items and book keeping and so on. this is still not to easy, but i think we will get there.

Many exporters (and I guess importers as well) are essentially in the same conditions. For proper accounting and paying taxes they have to convert their export proceeds in foreign currency from that currency into their national currency. They may also have to sell some part of the profits earned to a local central bank or on the currency market. In my opinion, Bitcoin as a means of payment and currency in its own right should be treated accordingly, i.e. as a foreign currency...

Until governments decide to use Bitcoin as a legal tender, of course
true but i still see to things to add. exporters or people who have the problem to deal with multiple currencies have to do it. they would stop doing this if it was not necessary. so convincing somebody, who right now does not have to do this, to do this because of bitcoin is hard.
the other thing is that government are familiar with this process with the big currencies. if you have an unusual currency or bitcoin it is somehow harder for them to deal with it. just for tax purposes they have daily exchange rates you can use and nobody will question this, but with bitcoin you would need to do extra work and prove and document everything. nobody likes extra work.
legendary
Activity: 3514
Merit: 1280
English ⬄ Russian Translation Services
November 16, 2016, 03:20:42 PM
it is today easier to quickly convert from bitcoin to fiat and back, but as a merchant you still have the issue of pricing the items and book keeping and so on. this is still not to easy, but i think we will get there.

Many exporters (and I guess importers as well) are essentially in the same conditions. For proper accounting and paying taxes they have to convert their export proceeds in foreign currency from that currency into their national currency. They may also have to sell some part of the profits earned to a local central bank or on the currency market. In my opinion, Bitcoin as a means of payment and currency in its own right should be treated accordingly, i.e. as a foreign currency...

Until governments decide to use Bitcoin as a legal tender, of course
sr. member
Activity: 280
Merit: 253
November 16, 2016, 02:38:24 PM
I hope that one day it will become a currency Bitcoin global great and I hope it is used by many people and many countries I believe it will happen in the future. But maybe it will happen for a long time because of limited distribution sangant bitcoin.

It could really happen and i can really feel it. As more and more companies and guess what they are not just a small ones they are a big whales in the marketing industries are trying to adopt this certain currency which we are using called bitcoin.
Big companies know already the potential of bitcoin however due to the price volatility of bitcoin not all industries has a viable business plan using bitcoin, for merchant it is not good as they may lose for big price fluctuation and sometimes could lead to price fall back. They do not want that as they want to be safe.

Actually this is not a big issue anymore. Like the current online wallet that i am using which promotes a fiat currency wallet. So everytime to merchant received their payment then they can directly move their funds into fiat wallet.
it is today easier to quickly convert from bitcoin to fiat and back, but as a merchant you still have the issue of pricing the items and book keeping and so on. this is still not to easy, but i think we will get there.
hero member
Activity: 1246
Merit: 588
November 16, 2016, 11:26:34 AM
I hope that one day it will become a currency Bitcoin global great and I hope it is used by many people and many countries I believe it will happen in the future. But maybe it will happen for a long time because of limited distribution sangant bitcoin.

It could really happen and i can really feel it. As more and more companies and guess what they are not just a small ones they are a big whales in the marketing industries are trying to adopt this certain currency which we are using called bitcoin.
Big companies know already the potential of bitcoin however due to the price volatility of bitcoin not all industries has a viable business plan using bitcoin, for merchant it is not good as they may lose for big price fluctuation and sometimes could lead to price fall back. They do not want that as they want to be safe.

Actually this is not a big issue anymore. Like the current online wallet that i am using which promotes a fiat currency wallet. So everytime to merchant received their payment then they can directly move their funds into fiat wallet.
hero member
Activity: 2170
Merit: 503
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November 16, 2016, 11:19:46 AM
I wouldn't technically consider Bitcoin as a global currency, as it still isn't very widely known. Countries tend to like to have total control of their coin, and since Bitcoin is a P2P currency, their only kind of control is having a huge share of the 21 million coins. I really don't think click hereit will become a global currency, as it is quite an unstable little thing.

well maybe still very difficult to believe for the moment, but bitcoin has the potential to become a global currency. Well, bitcoin might become a global currency for on the internet. the use of very simple and super fast transaction, make a lot of people become very comfortable to use. Well, we just need to wait a few more years until the potential benefits bitcoin
hero member
Activity: 868
Merit: 535
November 16, 2016, 11:09:26 AM
I wouldn't technically consider Bitcoin as a global currency, as it still isn't very widely known. Countries tend to like to have total control of their coin, and since Bitcoin is a P2P currency, their only kind of control is having a huge share of the 21 million coins. I really don't think click hereit will become a global currency, as it is quite an unstable little thing.
legendary
Activity: 3696
Merit: 4343
The hacker spirit breaks any spell
November 16, 2016, 08:44:42 AM
in my opinion, bitcoin unlikely to be a global currency, why? when I saw the article about bitcoin often I find that bitcoin is banned in some countries. it makes it difficult to become a global currency bitcoin. besides that, bitcoin is also famous as the currency used for illegal activities like in deep web and any other. that makes me pessimistic become a global currency bitcoin.

remember phrase from gandhi

"First they ignore you, then they laugh at you, then they fight you, then you win."

we are in phase "fight", victory is near dude.. because if we use bitcoins (all) they dont do NOTHING
sr. member
Activity: 280
Merit: 253
November 16, 2016, 08:43:58 AM
in my opinion, bitcoin unlikely to be a global currency, why? when I saw the article about bitcoin often I find that bitcoin is banned in some countries. it makes it difficult to become a global currency bitcoin. besides that, bitcoin is also famous as the currency used for illegal activities like in deep web and any other. that makes me pessimistic become a global currency bitcoin.
Even if it's ban, the government cannot make it completely ban, we are living online so we know how to bypass so we can still use our bitcoins, and even if there are countries that ban bitcoin still more countries are using bitcoin. Anyway, we do not need the government because we are decentralized.
true but you have to consider this. if many countries ban bitcoin it will become harder and harder. and the price would take a hit i guess. also this would limit the banned countries to online businesses. i hope bitcoin will be more available offline in the future and this would set us back. 
legendary
Activity: 3108
Merit: 1290
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November 16, 2016, 08:39:05 AM
in my opinion, bitcoin unlikely to be a global currency, why? when I saw the article about bitcoin often I find that bitcoin is banned in some countries. it makes it difficult to become a global currency bitcoin. besides that, bitcoin is also famous as the currency used for illegal activities like in deep web and any other. that makes me pessimistic become a global currency bitcoin.
Even if it's ban, the government cannot make it completely ban, we are living online so we know how to bypass so we can still use our bitcoins, and even if there are countries that ban bitcoin still more countries are using bitcoin. Anyway, we do not need the government because we are decentralized.
full member
Activity: 190
Merit: 100
November 16, 2016, 06:06:41 AM
in my opinion, bitcoin unlikely to be a global currency, why? when I saw the article about bitcoin often I find that bitcoin is banned in some countries. it makes it difficult to become a global currency bitcoin. besides that, bitcoin is also famous as the currency used for illegal activities like in deep web and any other. that makes me pessimistic become a global currency bitcoin.
sr. member
Activity: 700
Merit: 251
November 15, 2016, 06:16:41 PM
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.
I think bitcoin is designed to be global currency.  Fiat is really bad to be currency.  Bitcoin is already used by many people in the world,  different country, different culture. But bitcoin circulation is too low so the price being not stable.

It is true, in my country already know that an awful lot of bitcoin and I also plan will introduce it to my friends and my brother also because bitcoin Besides easy to use easy also for possible
Most of developing countries have this problem peoples are not going to avail chance for adopting new technology because mostly its in hands of corrupt peoples but as bitcoin spreading and have very good community in very short period its going to good global currency in near future
legendary
Activity: 1932
Merit: 1000
November 15, 2016, 06:12:41 PM
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.
I think bitcoin is designed to be global currency.  Fiat is really bad to be currency.  Bitcoin is already used by many people in the world,  different country, different culture. But bitcoin circulation is too low so the price being not stable.

It is true, in my country already know that an awful lot of bitcoin and I also plan will introduce it to my friends and my brother also because bitcoin Besides easy to use easy also for possible
sr. member
Activity: 364
Merit: 250
November 15, 2016, 05:51:31 PM
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.
I think bitcoin is designed to be global currency.  Fiat is really bad to be currency.  Bitcoin is already used by many people in the world,  different country, different culture. But bitcoin circulation is too low so the price being not stable.
hero member
Activity: 1190
Merit: 525
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November 15, 2016, 03:49:26 PM
A lot of countries are embracing bitcoin,most less develop countries in Africa are storing their money in bitcoin because their local currency is depreciation against the dollar with time I believe that bitcoin will be a world playet

I thought people in Africa weren't using BTCs, so BTC enthusiasts were trying to make the people there have interest on Crypto-Currencies world. I will check if countries there are really embracing Bitcoins. Many governments in Africa don't like crypto currencies, they don't want to see their people going up prosperous.
legendary
Activity: 3248
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November 15, 2016, 02:49:14 PM
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.
That is cool and that means that people realize the potential of Bitcoin more. However, it doesn't mean that Bitcoin will become a global currency. There are certain obstacles on this way such as relatively slow transactions, finite and not very big amount of btc and 20 000 Satoshi per each transaction.
sr. member
Activity: 343
Merit: 250
November 15, 2016, 01:03:35 PM
A lot of countries are embracing bitcoin,most less develop countries in Africa are storing their money in bitcoin because their local currency is depreciation against the dollar with time I believe that bitcoin will be a world playet
hero member
Activity: 756
Merit: 501
November 15, 2016, 11:52:18 AM
Bitcoin its present at several countries, and we do use bitcoin for several things already. Even without the fiat companies and countries not recognizing yet bitcoin as currency as well payment processor for me bitcoin its global currency already.
legendary
Activity: 3514
Merit: 1280
English ⬄ Russian Translation Services
November 15, 2016, 11:16:39 AM
I dont think its impossible but its some years off yet, even a big trading nation like United Kingdom with its sterling is only held as a small percentage.   They have major centers requiring payment in sterling at least in part, so Bitcoin which can make no demands like this is not held as a reserve asset at all so far.   Some high finance speculative merchant banks might have bitcoin or a bitcoin etf kind of deal , I know some banks are holding shares in gold mines as an asset to trade against.  Famously JP morgan purchased a silver mine but also short sold the live traded price for silver on demand contracts.   Large banks arent yet involved with bitcoin like that, its not global yet

With a few hundred thousand people actively using Bitcoin, I'm not sure if it is going to happen at all. If Bitcoin user base grows exponentially (let's assume that something like that could actually happen), the Bitcoin price would hit the moon very quickly. Bitcoin would then become too expensive and rare. Any institutional investors entering this market would be buying dust pushing the price even higher...

Why would they want that?
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