Bitcoin is the new gold standard of the future

oHnK

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Quote from: bryant.coleman on September 06, 2021, 08:42:25 AM

Compared to that, Bitcoin looks far better.

Prior to 1971, the world monetary system was still using the gold standard so that at that time the economy was still stable because fiat had an underlying asset, namely gold. But after 1972's, the US betrayed the world by printing dollars without any more gold collateral or I call it government money, causing massive inflation throughout the world to this day. It can be seen how the current condition of the fiat value continues to decline without any appreciation. In the 2010s, BTC became one of the most successful public currency representatives to date and proved how appreciative value is. From the start only 1USD to 45K USD.

Kittygalore

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If we follow what the gold standard system is and just replace gold with another thing, it still won't work because it's still the same principle and remember that gold standard was removed because it's ineffective.

Rasa nanas

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Quote from: Sir Legend on August 31, 2021, 11:44:04 PM

Quote from: Spack17 on August 31, 2021, 11:39:08 AM

I don't think that Bitcoin will be able to reach that high level. I mean that it can't be the global currency but we can see it being made legal tender by underdeveloped countries mostly. Because governments of developed countries are already making their digital currencies which are going to be stable rather than a volatile one. Most of the governments of developed countries seem to be against the idea of making Bitcoin their main currency. And I don't think that it will change. We will continue to use Bitcoin as one of the best alternatives in the future.

When developed countries make digital money of course the most important thing is that it is easier to control, bitcoin is decentralized so countries will refuse, bitcoin can continue to shine because of the strong global community and many big companies that continue to develop bitcoin.

expecting bitcoin to become a global currency is too high of an expectation. Bitcoin's decentralized nature and highly volatile price make that hope impossible to achieve. let bitcoin remain an investment tool that has a growing community around the world.

bryant.coleman

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Quote from: jakdanyel on September 06, 2021, 05:26:38 AM

I believe that there are so many people who are hoping to see Bitcoin becoming the global currency. But I must admit that it seems nearly impossible because of its nature. Governments can think of doing such thing only if they can convert Bitcoin into something they would really like. They can't even think of doing this as long as it stays volatile. They would rather using their digital currencies instead of Bitcoin or any other volatile coin.

This is an argument that I have heard a million times ever since I made my first investment with cryptocurrency in 2012. Yes. Bitcoin is more volatile when compared to other currencies. But you need to look at the bigger picture. For the fiat currencies, the purchasing power has been going down with each passing year. And the COVID pandemic and all the stimulus measures have made things worse. The M1 monetary supply for most of the fiat currencies have grown by 100% to 200% during the last 18 months. Compared to that, Bitcoin looks far better.

jakdanyel

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I believe that there are so many people who are hoping to see Bitcoin becoming the global currency. But I must admit that it seems nearly impossible because of its nature. Governments can think of doing such thing only if they can convert Bitcoin into something they would really like. They can't even think of doing this as long as it stays volatile. They would rather using their digital currencies instead of Bitcoin or any other volatile coin.

globalpain

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Quote from: ILuckyGuyI on September 06, 2021, 03:33:06 AM

I don't think that Bitcoin will ever be able to be the global currency in the future. Instead, we will see governments developing their own digital currencies and using them. As they are not going to be volatile, it will be for the benefit of countries also. Most governments don't lean towards making Bitcoin their legal tender because of its high volatility. Bitcoin can be as much valuable as it wants. It won't help about this.

It seems that it is difficult to see Bitcoin can be legalized as a means of payment in every country,
as you said that the high fluctuations that make the government in every country have not legalized,
After all, we won't know what the future development will be, so it's better to just monitor the progress

ILuckyGuyI

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I don't think that Bitcoin will ever be able to be the global currency in the future. Instead, we will see governments developing their own digital currencies and using them. As they are not going to be volatile, it will be for the benefit of countries also. Most governments don't lean towards making Bitcoin their legal tender because of its high volatility. Bitcoin can be as much valuable as it wants. It won't help about this.

kendedese

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Quote from: Victorycoin on August 31, 2021, 10:56:32 PM

Most people are turning to bitcoin investments because the value of bitcoin is higher than gold because longterm investment in bitcoin is much more profitable and its value from gold is much higher you can invest in bitcoin now, then there is a possibility of getting a big return in the near future. Needless to say there is a lot of potential for profit in a short period of time bitcoin is highly volatile. Not a very permanent one investors get higher profits for price changes.

but of course investment should not only focus on one thing, especially if the investment has a very high risk. after getting the profits not a few people who withdraw their money from bitcoin and invest the money in something more tangible (land or gold).

geegaw

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Quote from: globalpain on September 01, 2021, 03:23:37 AM

Quote from: Sir Legend on August 31, 2021, 11:44:04 PM

Quote from: Spack17 on August 31, 2021, 11:39:08 AM

I don't think that Bitcoin will be able to reach that high level. I mean that it can't be the global currency but we can see it being made legal tender by underdeveloped countries mostly. Because governments of developed countries are already making their digital currencies which are going to be stable rather than a volatile one. Most of the governments of developed countries seem to be against the idea of making Bitcoin their main currency. And I don't think that it will change. We will continue to use Bitcoin as one of the best alternatives in the future.

When developed countries make digital money of course the most important thing is that it is easier to control, bitcoin is decentralized so countries will refuse, bitcoin can continue to shine because of the strong global community and many big companies that continue to develop bitcoin.

When compared to previous years, I think the cryptocurrency community itself is solid,
other than that they are also growing of course and this is a good thing,
I'm optimistic that Bitcoin will develop further in the future and we'll see

The previous years were just little sketches for the whole map, erecting solid pillars of ideas about the potential of bitcoin and a new social miracle, as these pillars deepen in ideology as well as form a force in society, bitcoin also naturally becomes a monument to the crypto industry and the online money making system, the future just need to upgrade a few more bricks, new applications will not lack the part of bitcoin. But even more development can't suppress the rules and eliminate government inspection, cannot freely form a standard

globalpain

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Quote from: Sir Legend on August 31, 2021, 11:44:04 PM

Quote from: Spack17 on August 31, 2021, 11:39:08 AM

I don't think that Bitcoin will be able to reach that high level. I mean that it can't be the global currency but we can see it being made legal tender by underdeveloped countries mostly. Because governments of developed countries are already making their digital currencies which are going to be stable rather than a volatile one. Most of the governments of developed countries seem to be against the idea of making Bitcoin their main currency. And I don't think that it will change. We will continue to use Bitcoin as one of the best alternatives in the future.

When developed countries make digital money of course the most important thing is that it is easier to control, bitcoin is decentralized so countries will refuse, bitcoin can continue to shine because of the strong global community and many big companies that continue to develop bitcoin.

When compared to previous years, I think the cryptocurrency community itself is solid,
other than that they are also growing of course and this is a good thing,
I'm optimistic that Bitcoin will develop further in the future and we'll see

Sir Legend

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Quote from: Spack17 on August 31, 2021, 11:39:08 AM

I don't think that Bitcoin will be able to reach that high level. I mean that it can't be the global currency but we can see it being made legal tender by underdeveloped countries mostly. Because governments of developed countries are already making their digital currencies which are going to be stable rather than a volatile one. Most of the governments of developed countries seem to be against the idea of making Bitcoin their main currency. And I don't think that it will change. We will continue to use Bitcoin as one of the best alternatives in the future.

When developed countries make digital money of course the most important thing is that it is easier to control, bitcoin is decentralized so countries will refuse, bitcoin can continue to shine because of the strong global community and many big companies that continue to develop bitcoin.

Victorycoin

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Most people are turning to bitcoin investments because the value of bitcoin is higher than gold because longterm investment in bitcoin is much more profitable and its value from gold is much higher you can invest in bitcoin now, then there is a possibility of getting a big return in the near future. Needless to say there is a lot of potential for profit in a short period of time bitcoin is highly volatile. Not a very permanent one investors get higher profits for price changes.

dezoel

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I understand the super hype around bitcoin and I like it too, however that doesn't mean that you should be able to do something that you never really intent to by just judging how crypto will go up. Giving up gold is not something easy for the world, and yes crypto is great but just because crypto is great that doesn't mean that we should all give up gold.

On the other hand, almost every nation is off gold standard right now and will never be able to go back to it since the world is doing horrible right now with the cash injection constantly and how devalued fiat got and that is why I believe that we should not be doing something risky by comparing bitcoin to gold. Bitcoin is fine, it is a good investment, great payment method and a cool currency and that's about it, we do not need to add any responsibilities on it to make it look better.

blckhawk

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Quote from: Spack17 on August 31, 2021, 11:39:08 AM

I don't think that Bitcoin will be able to reach that high level. I mean that it can't be the global currency but we can see it being made legal tender by underdeveloped countries mostly. Because governments of developed countries are already making their digital currencies which are going to be stable rather than a volatile one. Most of the governments of developed countries seem to be against the idea of making Bitcoin their main currency. And I don't think that it will change. We will continue to use Bitcoin as one of the best alternatives in the future.

Because bitcoin is beyond that, that's why it won't reach that level and just so many people know, gold standard is an unfair monetary system because it's those that have more gold that wins everytime and there's a reason why it was replaced by Bretton Woods and then Bretton Woods became obsolete. Bitcoin is not the gold standard of the future but it's definitely the future.

Spack17

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I don't think that Bitcoin will be able to reach that high level. I mean that it can't be the global currency but we can see it being made legal tender by underdeveloped countries mostly. Because governments of developed countries are already making their digital currencies which are going to be stable rather than a volatile one. Most of the governments of developed countries seem to be against the idea of making Bitcoin their main currency. And I don't think that it will change. We will continue to use Bitcoin as one of the best alternatives in the future.

MKings

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Currently, Bitcoin cannot meet the gold standard. There are also fluctuations.
Bitcoin is now just a method of payment or investment.
In the future, when the price of Bitcoin stabilizes, it can replace gold as the new gold standard.

jaberwock

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Quote from: iv4n on August 30, 2021, 07:11:38 AM

Day by day, but still we need to be patient! Big things don't come overnight, so I guess we need a lot more time for full adoption, that will happen eventually, in my humble opinion. I also think that any reasonable prediction for this to happen must be +10 years from now! It's not like it's impossible to happen earlier, at least we in crypto are used to surprises! Bitcoin had many obstacles, and I think we will see bigger ones in the future, maybe organized by more countries and banking institutions! When we survive that Bitcoin will have an easy journey to the top!

In crypto there are times when big things happen overnight. I remember making 10% during my sleep way too many times, literally went to sleep and woke up 10% richer, which is how you become wealthy if you have money, I do not have too much money so my 10% was like 500 bucks but it is still an awesome feeling. I think that banks and governments will not be against crypto all that much, they will see this as arms race and they will want to get their people involved in crypto as much as possible and tax people with crypto and hold as much crypto as possible.

Let's think of USA vs China, right now China is acting like they hate Bitcoin and ban so many things, but if asked to China if they would prefer USA government have 5+ million bitcoins, would they prefer that? I am sure that they would prefer to have that much bitcoin themselves instead of USA. So I believe there will be legit help from governments to push us into crypto more.

Qikiye

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The popularity of Bitcoin is growing as a review from that point of view shows that there is nothing equal to Bitcoin. Bitcoin is considered the gold opposite of future generations.

oHnK

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Quote from: barbara44 on August 30, 2021, 06:46:23 AM

Quote from: AndySt on August 27, 2021, 07:59:17 PM

Investing in bitcoin and using bitcoin as a gold standard are slightly different things. It is one thing when individual citizens are engaged in these investments and how the state treats this, and it is quite another thing when the state can use bitcoin in its reserves on an equal basis or even instead of gold. Here there are a lot of nuances, both the availability of a legislative and regulatory framework, and the readiness of the state structures themselves for this. Nevertheless, the use of gold in the economy is worth many thousands of years and already quite well-developed mechanisms, which can not be said about bitcoin. Therefore, we can talk about investments as much as we want, but the gold standard at this point in time is unlikely to be threatened by anything.

Well, we have few things that are closer to it right now. First of all El Salvador accepts bitcoin as legal tender, which means that they may have bitcoin on their reserves as well since people would be able to pay taxes with it since it is legal tender, that is number one.

Secondly Miami mayor has said many times that they are willing to pay salaries in bitcoin, which requires them to have bitcoin, not really reserves thing but at least it is a government official, and bitcoin in the same sentence.

Thirdly we have many hedge funds and similar places that move from cash to bitcoin for their reserves, makes sense because until they find a better investment idea, they get to keep that in bitcoin as well. So long story short we are talking about a road map here, it is getting there, nations could soon have bitcoin reserves for in their treasury and doesn't look like it is too far away neither.

I agree with you, but not all governments in this world will legalize bitcoin because of the ego of each country's government. They are aware that Bitcoin has a very large opportunity to be a solution to economic conditions that continue to be eroded by inflation. So that by securing their authority as regulators, they argue that by introducing CBDCs to the public, the attachments are guaranteed to be safer. There are no underlying assets in each country's currency other than the guarantee of the central bank. What's the use of collateral if you save without making a profit.

iv4n

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Quote from: xwshamim on August 28, 2021, 08:15:22 AM

Yes more people is adopting bitcoin day by day its impact on the world is huge now whoever have a wish to earn or increase his investment goes for bitcoin. Big companies in the world have also done they same they just keep buying it

Day by day, but still we need to be patient! Big things don't come overnight, so I guess we need a lot more time for full adoption, that will happen eventually, in my humble opinion. I also think that any reasonable prediction for this to happen must be +10 years from now! It's not like it's impossible to happen earlier, at least we in crypto are used to surprises! Bitcoin had many obstacles, and I think we will see bigger ones in the future, maybe organized by more countries and banking institutions! When we survive that Bitcoin will have an easy journey to the top!

Topic: Bitcoin is the new gold standard of the future (Read 818 times)