Topic: Bitcoin to be international currency - page 69. (Read 94986 times)

It has become a kind of currency, but nowadays, people are tending to hold it or use it as a investment process.
And moreover even if the merchants uses BTC, consumers or common peoples might not transact due to delay in payments plus the increasing high fees.

This is a question that we’ve likely entertained on an individual or otherwise small scale at some point or another. As a civilization, however, it’s not likely we’ve actually sat down and thought through the full results we’d likely face if Bitcoin were accepted on a global scale, and all other forms of finance became obsolete.

For one thing, banks as we know it would be things of the past. We’d say goodbye forever, most likely, the current working methods of entities such as Wells Fargo, Bank of America, Chase Bank and all the other financial powerhouses we still put so much trust and faith in. Furthermore, those secretly advocating for bitcoin and related currencies and using it within a specific realm of privacy would likely feel free to introduce themselves to the world. After all, they wouldn’t necessarily be doing anything wrong, and they wouldn’t be engaged in anything that their friends and neighbors hadn’t heard of, so obviously this creates a whole new side to the table.

In basic terms, one of the great results would be that we would likely receive a little more financial freedom with global bitcoin acceptance and legalization. Finances would likely be stronger, as one bitcoin, despite several drops is still worth over $200 in USD alone. We would also likely witness more ease in the way we use money and how we work in finance in general. With the entire world using the same kind of currency, international business overseas would probably become much simpler than it is right now.

But would there be a downside as well? This is certainly a possibility. It can’t all be lush, green meadows and honey-flavored lollipops. There is a dark side and a light side to every equation. One of the big problems is that bitcoin, despite the security presented through the blockchain, is still susceptible to hacks and vulnerabilities that have been exposed rather heavily in the past through the collapse of Mt. Gox, the attack on Bitstamp early this year, and other similar occasions. Naturally, security and digital strength would likely improve over time and thereby put a damper on events of a criminal nature, but it’s hard to say exactly when and how this would occur.

Furthermore, as digital currencies have become more popular, we have witnessed the rise of things such as the BitLicense and several forms of copycat regulation throughout the United States and other areas. As more limitations are put in place, several businesses are packing up and calling it quits in areas such as New York, the home of Benjamin Lawsky’s dreaded document. Worldwide legalization and acceptance of Bitcoin would label it as a global currency, not simply a national currency, and we would more than likely witness the growth of worldwide regulation in an attempt to keep every country working in the same manner to prevent problems. There would be further limitations put on how we currently handle bitcoin, and businesses would be forced to suck it up and play by the rules. After all, bitcoin would no longer be “new” or “different” or “lonely.” It would classify as “regular” currency. Such action might even lead people to become nostalgic for the money they once used, whether it’s the euro or the yen or anything else, and many might find themselves attempting to use traditional currency in the same way they’re using Bitcoin now.

It already became an international currency because many people around the world are using it no doubt about that although there are certain countries that are not interested or banned the bitcoin.
If the government accept it, the popularity and users will grow and merchants would recognized it as payment method. i think it wont be long until it happen because btc is number one online currency and many are using it not just to buy things but also for investment.

There are countries that shows no interest in bitcoin and there are some that are open for it. We know that North Korea has their own world and doesn't have any interest to collaborate with any other countries. And bitcoin will never become an international currency or it can be because we are using it for shopping online worldwide.

Bitcoin and international currency, because the Internet doesn't have borders. Another thing is that while there is a large distribution of bitcoins among people, but it comes from the fact that it is very difficult to earn bitcoin. Just to change other currencies to bitcoins, people will not.

Yes and i am sure bitcoin will be soon accepted as international currency just like how USD is widely accepted but again it depends on the government of that particular country as well. However most of us are using bitcoin and once almost everyone starts using bitcoin at least 50 % of people then it will be impossible from stopping bitcoin to become international currency and i have seen bitcoin ATM in some western and European countries which mean bitcoins are more welcomes there over their national currency.

to me bitcoin is already an international currency, as the users  of bitcoin are already present everywhere in the world and i do not think that there will be a sing country where the uses of bitcoin will not be present.

Bitcoin already the international currency according to the illegal perspective because a lot of the people around the world have used it on his liffe and various pair into the fiat money on the various exchange site.

I think everyone will like it because of the presence of this thread they would find it helpful to get this information, if bitcoin is as currency crypto international, of course, we in traveling abroad no longer need to exchange money, we can directly click the money sent , simple, easy and safe to use

After the rejection of ETF it indicates its not possible to be considered as an international currency.Are you people blind still believing on bitcoin would be an international currency?Not to be bitter but lets accept the reality,government wont really consider bitcoin because of it decentralized feature,government do really hate it on any angle.

i think there some countries that banning bitcoin mostly when it comes on north korea i think because all the civilians out there are not authorized to use internet. if they used such thing like that it's a crime for them and the punnishment?  it's execution that's why they're not applicable on using bitcoin so it cannot be the international currency. and the government will not agree to lose us dollars because usd giving them a lot of advantages and freebies.

i think the basic steps of making bitcoin to become an international currency... we should be prioritizing to expose the world to the Internet more thereby giving btc an easy platform for people to know about it, as i see it as a cheap form of publication.
Then work on making the bitcoin network more secure,stable and fast if we ever want bitcoins to get the international recognition.

Agree.
I think bitcoin need long time to be international currency. It's need introduced to everyone with never know about internet and how bitcoin working. And majority as I know is more than 50% from population.

Agree with you. Bitcoin can not replace the national currency instantly. At once it will become an alternative way of payment and will exist together with Fiat. And then, maybe, and will supplant Fiat

It will happen infact on some of the places it is already happening. only one thing is old currencies will not be removed entirely from the market because it is present from a long time if it is done it will create havoc moment. lets first it get popular among the young people sooner or later masses may start accepting it but it will take time. It has to be educated among more people so that it becomes the common way of transaction.

We may not consider Bitcoin being an international currency but if we analyze it, Bitcoin is already functioning as one.  See different people in different nation using Bitcoin to pay stuff online?  In my country Bitcoin is considered as currency, so definitely my stance on this is that bitcoin is already an international currency.

I dont think that it will happen in very soon or not possible because to become international currency it has to be in large circulations. Most of them forget that Bitcoin is a good for investment like gold and in some aspects it can be used as online currency but it to become international currency is too small chances. It can become online currency and good for investment

Yes since almost country has an access on using bitcoin, it is just that our choice to use it. I hope one day this international currency be implemented and accept by the government.  How kool will it be when we shall see all nations, one currency and that too is bitcoins.

i admitted that bitcoin today is really famous but it still on the internet because in real life, still not many people is using bitcoin and there are few place that accept bitcoin as the payment. we need to do a lot of thing before we can see bitcoin is available in real life, we need to spreads about bitcoin itself into many place, make small gathering with our friend and we can asked our friends that is new people in bitcoin so they can know bitcoin a lot and they can learn more about bitcoin.

Bitcoin has glaring holes in its usability and security at its present state. Easy to steal, easy to fuck up, we need to do a lot more to make bitcoin a more viable choice for electronic transactions (given how convenient it is to swipe a bank card and type in a pin). Bitcoin will never replace cash (they serve completely different functions). But, given how tiny adoption is right now, and how congested the network can get, it seems the most serious problem bitcoin will face is the scaling issue.