Topic: Bitcoin should be pushed as a dominant global digital currency (Read 498 times)

I believe to force bitcoin to be the only cryptocurrency goes against the principles of bitcoin itself, so it's not executable. People must make use of their free will in order to choose what cryptocurrencies they would like to adopt, invest and use in their lives. If they don't think bitcoin is a good option for them, let them go through this route, taking the consequences for their choices.

But to say the truth, I think you shouldn't worry too much about it, because the main reason why bitcoin slowed down wasn't due to altcoins, rather it was due to the global economical scenario and I would point US economical measures more specifically. Investors haven't stop investing in btc to invest in altcoins. They have stopped investing in btc to invest in traditional markets and economies.

Nothing can be done about that, though, besides patiently waiting for the right time when bitcoin will become bullish again.

The problem in this world now is only about permission and not being allowed by a country to use Bitcoin as a currency that can be used. Some countries still don't legalize Bitcoin, and I don't really know about this, actually Bitcoin is very decentralized but why many countries still don't legalize it maybe there are several factors that influence it.

Until now there is no global currency other than Bitcoin, maybe I don't really observe it about global currencies now, but I only know that there really is no global currency other than Bitcoin. I think I have the same opinion as you.

Even so, I don't know many people who think bitcoin should be a world currency. Some people feel this way, but I believe bitcoin is not really a currency at all. It is an asset created to save people from inflation and provide them with a new technology, while it is a payment option and can be traded using bitcoin. Nevertheless, I'm not going to be surprised if I see more countries accepting bitcoin as a global digital currency in the near future, like El Salvador, where some people are opposed to the idea of counting bitcoin as a global digital currency within their country.

I agree with you, it's a bit rushed, and you deserve to laugh out loud with this statement, because bitcoin is too early to talk about it, because bitcoin is better with its establishment as an investment tool and buying and selling tool in its field, not in the field of business. to become a global asset..

Bitcoin is moving in that direction. At one time when the price of Bitcoin was cheap, many did not appreciate it. Right now many people don't care even though its price has risen so much, but the day will soon come when the financial condition of the whole world will depend not on gold reserves but on Bitcoin reserves. I believe bitcoin will start dominating after several years.

In my opinion, we shouldn't attempt to push Bitcoin to replace fiat currencies now, because we know the governments won't accept that. So it's better to have them run side-by-side for now, BTC being the global one that works in all countries. It's like a PayPal on steroids (payment processor, with its own form of money).

In fact, with so many choices of global digital currencies today, it can provide color and customization for everyone. Since those who like to store the value of assets without wanting to experience losses as well as gains, the choice is very clear, namely stablecoins. But for those who like profits and also understand how the risks are, then choosing a currency like Bitcoin will also not be wrong because Bitcoin is able to provide enormous profits and is still able to restore the amount of asset value that was lost when the decline occurred.

El Salvador haven't pushed anything on the people, because they're given with the option of using USD and bitcoin upon their convenience. The government have focused on the development of technology based currency for the betterment of the country. Right now the country have experienced massive decline in its holding, but they're prepared to hold for the profit in the long term. As said it is difficult for common man to believe and it takes time for them to get used to it.

It could become the global digi currency but with its high volatility I don't think many would want to keep money in such an asset which could easily aid losing hard earned money which is the reality we don't want to face, but going forward I see stable coins getting popular as they store value and can be used anonymously... Which is a win win for many.

I agree with you. I believe some people take time to accept especially new techs. I know of a couple of my buddies I tried introducing Bitcoin to after I eventually got into Crypto properly who didn't want to back then telling me that they don't have that kind of patience then, are also Into Bitcoin investment now. We have seen how some people were condemning the President of El Salvador, Nayib Bukele, saying he forced Bitcoin on his people. People will come around naturally when it is their time to.

I'm in favor of Bitcoin absolutism but not through usage of brute force. Altcoins exist, they will always exist, and carry value for the same reason Bitcoin carries value. I take a capitalistic approach and say: let there be competition between cryptocurrency and fiat currency and allow for uninterrupted market forces to determine the proper global financial system. Bitcoin will take time to reach solvency; we don't need to push for an elimination or curtailment of altcoins in order to achieve the end goal of mainstream adoption.

And if we're being honest, it's not as if altcoins are the actual constraints of global adoption, it's the government. Bitcoin dominates the market share and is mainstream enough that the average participant in the economy has at least heard about it. I wouldn't be concerned about this average consumer dabbling in whatever rag meme coin happens to be in the spotlight oppose to Bitcoin if they make the crypto dive. Getting them to make the dive first is the current predicament.

If bitcoin were the only digital currency cryptocurrency there would be nothing special, bitcoin has no comparison with other coins. The current cryptocurrency ecosystem continues to develop over time and is supported by increasingly advanced technology.

Bitcoin developers of course also develop bitcoin to make it better and more efficient to use. Regarding the adoption period, it depends on every government policy and the global attention is currently very intense on bitcoin. Some countries have also adopted bitcoin and legalized bitcoin as a means of payment.

Bitcoin remains bitcoin and is still the center of all altcoins.

No, it doesn't need to be pushed, Bitcoin will become a dominant, reserve global digital currency organically and by its own volition.  To force it would feel fake and not genuine.  As it wasn't forced to be where it is today as has achieved and obtained organically the same will also happen in this regard.

The thing is, you are thinking about physical ones, sure if you go to a place to drink a cup of coffee and that place accepts crypto, chances are they take bitcoin for sure. But if we are talking about digitally, like websites, then there are some places that are mainly based on just one token or coin, not common and not the general rule of thumb, but they do exist. Which means that adoption digitally could be hampered by altcoins. Not the really good ones, a place that accepts ETH usually does accept BTC too, but a place that only accepts Tron, could potentially be related to Tron and only take that. Hence, even though its tiny, and its unimportantly small and shouldn't be even discussed (sorry to even bring it up) there are "some" places that doesn't take BTC and accepts some altcoin.

Altcoins are not taking Bitcoin's share of the adoption pie. Cases of altcoin use as a currency are almost non-existent. The reason why Bitcoin is not getting more adopted is because it loses competition against fiat payment systems. They simply have better user experience.

As a Bitcoin advocate, I do believe that Bitcoin will better serve as an alternative and cannot replace traditional currency, as every Bitcoin users need the connection of the bank to exchange they Bitcoin using an exchange.

But then we need some altcoins that are created to achieve specific goals as Bitcoin has some scalability setback that makes it impossible to add to the already existing Bitcoin network, so the need for a layer 2 network to help push the scalability of the cryptocurrency industry to the limelight.

Sounds like forcing btc on people rather than let them discover it themselves.
Btc is such a great tech it doesn't needs to be push on to people, they discover it on their own and love it immediately.
Some government and non government institutions already understand this and have accepted btc. It is better btc get accepted gradually than trying to push it.

Bitcoin is already that right now. Legal or illegal varies, but you can pay with it anywhere in the world if someone on the other side sees Bitcoin as valuable. And that's what you needs. 2 people who see Bitcoin as valuable and want to buy or sell value with it. That's why it doesn't really matter if it's legal everywhere.

But will bitcoin be the only priority option? Developing countries are currently still dominant, especially in Africa and Asia, maybe this article can explain that there are many alternatives to bank payments.
And as long as that status doesn't change then removing the conventional medium of exchange from life will take a while.

Lol! Way too optimistic! Personally I feel bitcoin has a long way to go even before it can be accepted as a legal tender in the major trillion dollar economies of the world. Being a dominant global currency is out of question.

Bitcoin at its current stage with its volatile nature, it simply doesn't qualify to be a global currency. It is qualified as a speculative asset and that's what it is good at. Let traders trade and investors invest. That is what bitcoin is best used at.

I don't know if it will be Bitcoin, but I do believe that a cryptocurrency will be incorporated within our lives quite significantly. I mean, the digital money era is upon us, and depending on how bad the banks mess up that switch over from fiat to digital money, it might push more people to the likes of Bitcoin.

Plus, many people might see that banks aren't needed as much once the physical element has been removed. We'll see. Also, with the recession we've got coming up, you don't know if there's going to be any more bank bail outs or potentially them going under, which could mean people lose money or trust in the banks, or both.

Bitcoin will likely be more adopted, and widely used once block rewards are significantly reduced, or non existent, and therefore volatility has also came down, and is a thing of the past. That's likely when you'll see mass adoption.

I really doubt that we would see BTC becoming a dominant global digital currency that will replace the traditional fiat.

While there may be services/product that can be purchased using BTC, pushing it as a global currency is a bit of a stretch. With adaptation comes regulation especially on the hands of the government. With this in mind, this would also somehow defeat the purpose on why BTC was created in the first place- which is to gain and experience financial freedom.

By becoming a global digital currency, it will most likely be subject to stringent rules and regulations that can potentially destroy its very existence and purpose in the long run.

We love to see Bitcoin adaption definitely. But tell me why the centralized government will accept Bitcoin as a global currency where they can create a centralized cryptocurrency as a global financial system? The government doesn't like to allow another currency that is decentralized that they can't control. Bitcoin moves just with community powers and that's why a few countries and institual investors adopt Bitcoin.

When Bitcoin was the only one and when the market only had a handful of coins, it was all very small, the marketcap was very low, and so was the price and adoption. Altcoins can be seen as competition, but it's not so simple. Most of them have their own things going on, and they also aren't really a competition to Bitcoin. Moreover, tons of people are interested in the crypto market as such, not just in Bitcoin, and you've probably observed that during the bear market, everyone suffers (every or most big coins anyway), whereas during the bull market, they all benefit. So if Bitcoin were the only one, it wouldn't have taken over the total marketcap that currently is occupied by other coins; instead, that marketcap probably just would not have existed. Also, Bitcoin isn't capable of handling all the transactions that would need to be handled if the demand remained the same as now but other coins weren't out there.

It actually has gained worldwide adoption, just not as much widespread as as we want population-wise.

Adoption is a spectrum — it's not adopted or not adopted, but rather how highly adopted is it. Like how we see a lot more adoption in Venezuela and some countries with really bad economic situation. It's just the fact that it's not used by the majority.

Firstly, bitcoin hasn't gained worldwide adoption and it hasn't penetrated the poorest regions as you think. There are millions of people who don't know a thing about bitcoin and don't use it.
You say bitcoin has gained worldwide adoption. If it has, why are different altcoins out there a limitation? The various altcoins are not a limitation to the growth and adoption of bitcoin as bitcoin surpasses them all and uniquely stands out from the rest. Despite that, it has not reached global adoption and use like you think

This is your wallet talking not your belief in Bitcoin.

If you appreciate freedom then the last thing you should advertise for is pushing your opinion and forcing others to follow what you think it's better for them and not giving them the freedom of choice. Are there millions wanting to use fiat instead of crypto, their choice, are then millions buying shiba inu instead of bitcoin, again their choice, the moment you start to force anybody to sue something they don't want it stops becoming the utopia you think it is.

I am as maximalist as it someone can be, despising shitcoins from the bottom of my heart, but forcing just one solution sounds like the struggle between AC and DC, the ICE engine and many others, not even bringing the whole religion's stuff into the picture.
All here are for open source, for freedom, for an alternative to the current system and then we should use only one and not try to anything else?

While LN surely gained some usage from avenues you've mentioned, but I really still wouldn't call it "widely used". Using fast and easy-to-use shitcoins like Tron are still far more adopted in a broader sense.

IMO, I believe that based on what we have seen today, and based on all available data from the market, like the Bitcoin price, the Bitcoin marketcap dominance, the Bitcoin trade volumes, etc. we cannot deny that Bitcoin is indeed a dominant global digital currency, no other cryptocurrency in the market has been done that except the Bitcoin so IMO, it's not needed to give a title because all of the data is very convincing and already proclaim it. 

Yes, Bitcoin has a widely used Layer 2 solution!
I know you are familiar with Lightning Network (a secondary layer to the Bitcoin blockchain), El Salvadorians used that network for faster and cheaper transactions involving Bitcoin in the Chivo app. Not only the El Salvadorians using the Lightning Network but also Cash App and Paxful.

For more reports about the state of the Lightning Network: https://arcane.no/research/reports/the-state-of-lightning-volume-2

Who's to say it was or wasn't the intention of Bitcoin's creation? Bitcoin was described as "A Peer-to-Peer Electronic Cash System" on the Bitcoin whitepaper; it wasn't stated if it should be the primary or just an alternative currency. So logically you just made the same mistake as OP did with your statements.

another misconception of this topic creator..

he thinks bitcoin should become something..
.. yet bitcoin has no legs, arms or voice. its not AI, its not a corporation with PR guys that can get on planes and travel to peoples towns to push for adoption..(well it should be. but core/DCG are becoming defacto corporation of bitcoin)

bitcoin is where all users can and could do their own part individually
if you want bitcoin to become commonly accepted in your town, requires YOU in YOUR town to motivate that push. no angel will fly in for you and make it happen. so if you want it, you need to push for it

It is not a must that we should push Bitcoin as the main currency globally and besides, it was not the intention of creating this. Bitcoin is just an alternative currency next to fiat money, it is not necessary to be on top as being at least a currency in all corners is enough. What we just need is that all countries will recognize the value of Bitcoin in the community and legally consider this as another form of currency that people are welcome to use in all applicable transactions.

Yeah that’s the problem here, it’s not solo and it’s been accompanied by cheaper options these days along with more earning opportunities. Slowly peeps injected the market with p2p, p2e, NFT markets and much more. ICO also started the most attractive trend in the past and thus keeping most of the investors away from the bitcoin or at least it divided the certain amount of money towards them thus keeping bitcoin on slow rate path. If bitcoin would have been slower then yes obviously peeps had no choice and all of them would gone for it.

True. The cheap and speed aspect of other altcoins are very useful(despite a lot of them not being designed for payments specifically) for quick transfers at least for now temporarily, until we get a widely used Layer-2 solution on Bitcoin.

Plus, it's very likely that the general Bitcoin user will also rely on Altcoins for specific needs. For example, as a way of transacting quicker, but with less security or a way of contributing to projects which are testing the boundaries, and new technologies which could potentially either be introduced to Bitcoin once proven or used alongside it on a side chain. I'm only invested in Bitcoin, however I don't disagree that we'll likely need other cryptocurrencies to fill the gap, that Bitcoin either won't ever fill or doesn't want too for the time being.

There's plenty of interesting ideas out there. However, most of the time the execution is rather lacking.

i disagree, it has rather been increasing ever since then, you may say that in terms of being used as legal tender but bitcoin is globally increasing each day in adoption, day by day people key into it uses serving them on many purpose.


internet challenges shouldn't be a barrier again by now especially in areas with challenging internet connectivity, you can now make a bitcoin transaction without internet with an example from the video clip link provided https://twitter.com/DocumentingBTC/status/1562855613998432260?t=j1w9z-RqVImMC3z3F4Onfw&s=19 bitcoin with no internet is successful achieved in some part of the African countries with it's adoption increasing.


if you're a manufacturer, no body can produce a pirate copy of your products exactly as you did, there must be some downfalls, all because they are building on someone's achievements and not developing theirs, altcoins has nothing to hinder bitcoin because bitcoin maintains it standard being the king of cryptocurrency, not only that, it dictate for other crypto their fate regarding price rise and fall, the bitcoin network is a no comparison to other centralized ones.

Can bitcoin be pushed from where it is to where it is?

Is bitcoin a digital currency? Yes
Is bitcoin used all over the world? Yes, even in China.
Bitcoin is also decentralized. Difficult for centralized authorities to control.

I do not see any other currency that should be regarded as global currency than bitcoin.

im a bitcoin maximalist/realist. i dislike all the overpromising utopian dream salespitches. its far better to speak about whats actually happening so that people can actually be really aware of the real world so that people can actually know where we are and what needs to be done..

bitcoin wont become/achieve a "one world currency" that takes over and replaces all fiat. . otherwise it just becomes just as bad as dollar..
it should always be considered the open gated easily accessed currency for people who want a second choice, instead of being stuck with fiat.
it should be the hedge against fiat.
..
anyways
el salvador was hyped up

firstly not everyone kept the $30 of crypto after the offer.
stats say that only 14% of businesses seen any bitcoin transactions and only 3% seen benefit of accepting bitcoin

this was mainly due to the el salv governments wallet, using a backbone value transfer based on LN which fell into alot of bottlenecks(liquidity issues) receiver wallets not being online to accept, and also failed routes.

since january el salv shifted from LN back bone to a custodial service to do -inhouse transfers of balance within their exchange. and el salvador is tryint to do a new relaunch to drum up utility again

el salvador only has 2300 bitcoin. so under $100m, which is not even a blip on daily market volume activity let alone a years worth.
..
..
what would push bitcoin into larger yield utility is when ETF bitcoins become mainstream where pension funds are investing $thousands per employee into bitcoin allotments, for hundreds of millions of people

..
i feel we have yet to see bitcoins utility be a common daily use thing in el salvador for majority of population as the first launch using LN was such a failure, people are going to be reluctant to simply try again within a couple months of that. and it will take time for them to look passed the failure of LN and then learn to give it another go on atleast a custodial system balance of something that doesnt have payment delays/bottlenecks/failed payments.

but the actual bitcoin (my key my coin) network wont see millions of new UTXO's in the next month. it will take time

Altcoins that are trying to beat Bitcoin in the currency/SoV category is so 2016. 99% of altcoins today that has at least a small number of following are either smart contract chains, or pseudo-equity. Not much projects are trying to beat Bitcoin at it's game for a while now. I'm saying this as someone who actively follows the altcoin space despite being a Bitcoin maximalistmostly-malist.

^I don't even think it's fair/accurate to compared bitcoin to other cryptocurrencies today. Bitcoin and the broader cryptocurrencies are in different categories functionality-wise and usecase-wise, the only similarity is both using blockchains.

The rate of Bitcoin adoption has been slowed down since last year when two countries made Bitcoin a legal currency within their jurisdictions and also mandated all payment and financial institutions to make Bitcoin a payment option within the agencies.

The major constraints to Bitcoin global adoption!
Bitcoin has gained global adoption and penetration reaching even the unbanked and poorer regions without the presence of modern technologies and facilities, but with just the Internet Bitcoin can reach them and onboard them into the global financial system.
But despite this, there have been limitations as to how far-reaching Bitcoin should have gotten and this limitation is traced to the presence of so many altcoins that seek to undermine the relevance factors that Bitcoin presents to gain global attention we have thousands of cryptocurrencies in the market and all of them are just copy cat of Bitcoin to gain popularity and also cashing out on the gullible minds.
If only Bitcoin exist as the sole digital currency the speed of adoption will be made faster and there will be less distraction in the entire crypto space and less bad image that are resulting from the operation of so many altcoins scams giving the entire young growing cryptocurrency industry bad spot on the limelight.
BITCOIN: should be pushed to the global limelight with verifiable track records.

Check the Bitcoin adoption rate in various countries and regions.
https://triple-a.io/win-new-customers-insights-into-cryptocurrency-adoption-across-europe-and-america/