Can Bitcoin become a global currency ? - page 3.

PurpleFrog

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Quote from: bakasabo on August 10, 2022, 03:20:16 AM

Quote from: PurpleFrog on August 10, 2022, 02:55:05 AM

Many research studies show the cryptocurrencies are about to boom in the next years.

A growing number of businesses adopt bitcoin as a payment method, so I do believe we are witnessing a financial revolution.

It is especially important to note that 1/3 of people in the US aged 18-29 in the US have bitcoin and 1/2 of 18-35 years old state they are willing to invest in bitcoin.

Recent studies show that there are 300+ Million crypto users in the world, representing 3,8% of world’s population - https://bitcoincasinowiz.com/blog/cryptocurrency-statistics/

So it's a bit early to say that bitcoin can become a global currency but the crypto adoption is growing each year.

Are these studies real? I mean, how can they have calculated 300+ million crypto users? This means every 25th person on earth is a crypto user (I've googled world population - around 8 billions). If I ask 26 my colleagues, I doubt that there will be a crypto users besides me. I would believe that there are 300 million crypto addresses, but not users. And I would not call a person, that has created a wallet as a user. Because, for example, I've tried smoking a cigarette, when I was much younger and in a company of smokers, but that does not make me a smoker.

P.S. And you have copied a bit wrong info. 3.8% is the percentage of Bitcoin owners from whole worlds population.

I get your idea about users vs wallets. Not sure how they calculated it but there are numerous sources stating this number:

https://blockchain.news/analysis/crypto-users-stand-at-300m-representing-nearly-3.7-percent-the-global-population

https://blog.crypto.com/global-crypto-owners-near-300-million-predicted-to-hit-1-billion-by-the-end-of-2022/ - Crypto.com's analysis

Blockchain.com alone reported 83+ M wallets in August 2022, so I guess these studies are based on exchanges' reports (like Blockchain)

We can never be sure how many are the active users and also 1 user can have many wallets...

Franctoshi

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I do think so and not only gonna serve as global currency but also serve other purposes, However I believe that is where we're heading into right now and in my opinion, that is next main event remaining for Bitcoin where everything will no longer be be priced base on dollar but in Bitcoin. It just a matter of time since they're trying to do away about everything regarding the old monetary system and moving us into different economy which involves digital currency like Bitcoin and Ethereum, therefore in this new world order system I believe Bitcoin is gonna be that global reserve currency to use by everyone around the world.

BlackBaron

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Quote from: reemkey on June 21, 2022, 08:44:42 AM

A wide range of virtual currencies have emerged over the past decade, such as Bitcoin, Lite Coin, PeerCoin, Aurora coin, Dogecoin, and Ripple. The most important of these is Bitcoin.

In fact Bitcoin is currently the most sought after digital currency by many crypto users, there are various purposes for getting Bitcoin, investing, trading, shopping, and many other methods that can be done with Bitcoin.

My consideration is Bitcoin can be a global digital currency to trade, but not a currency like fiat, it is very likely that it can be made.

Smack That Ace

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Quote from: Ziskinberg on August 07, 2022, 08:29:45 AM

Quote from: Smack That Ace on August 07, 2022, 05:57:56 AM

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Uncontrollable and market volatility - are the reason why the government, in some countries had not pushed Bitcoin to become legal and considered a currency. And sometimes, they took this personally. However, even to say that Bitcoin seems to become hopeless to go there and become a global currency, doesn't mean that it was done. Many people still see Bitcoin as a valuable asset in the crypto market and since it was not accepted as currency, people considered this a huge investment which makes Bitcoin become popular.

I still prefer bitcoin as an investment asset rather than a currency. Decentralization can help us store assets more safely, and volatility to generate return on investment.

For the cost per transaction and sometimes delayed confirmation times, making me uncomfortable using it as a means of payment.
Nowadays with the value continuously increasing over time, people will tend to treat bitcoin as an investment rather than a currency.

Minecache

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Quote from: _act_ on June 21, 2022, 08:50:08 AM

Bitcoin is an investment, the reason many people are buying it and the adoption continues.

Some countries have legalize bitcoin as a legal tender, less than 15 countries in the world totally ban bitcoin as of present. If bitcoin is used in other countries of the world and also even so people in the countries that ban bitcoin are still using it, what currency can we call that? Global or local currency?

In my high opinion, the decentralization in bitcoin and its adoption makes it a global currency.

Whether it's banned or not, bitcoin can still be traded worldwide in one way or another. But to my knowledge, world currency is that when accepted and used anywhere in the world, you can find them anywhere in the world where human beings live.

But with bitcoin yet to reach that level, you can't use bitcoin to buy goods in so many parts of the world, not to mention many people still have never used bitcoin.
With decentralization and the need for internet to use, it is very unlikely for bitcoin to become the world currency in the near future.

bakasabo

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Quote from: PurpleFrog on August 10, 2022, 02:55:05 AM

Many research studies show the cryptocurrencies are about to boom in the next years.

A growing number of businesses adopt bitcoin as a payment method, so I do believe we are witnessing a financial revolution.

It is especially important to note that 1/3 of people in the US aged 18-29 in the US have bitcoin and 1/2 of 18-35 years old state they are willing to invest in bitcoin.

Recent studies show that there are 300+ Million crypto users in the world, representing 3,8% of world’s population - https://bitcoincasinowiz.com/blog/cryptocurrency-statistics/

So it's a bit early to say that bitcoin can become a global currency but the crypto adoption is growing each year.

Are these studies real? I mean, how can they have calculated 300+ million crypto users? This means every 25th person on earth is a crypto user (I've googled world population - around 8 billions). If I ask 26 my colleagues, I doubt that there will be a crypto users besides me. I would believe that there are 300 million crypto addresses, but not users. And I would not call a person, that has created a wallet as a user. Because, for example, I've tried smoking a cigarette, when I was much younger and in a company of smokers, but that does not make me a smoker.

P.S. And you have copied a bit wrong info. 3.8% is the percentage of Bitcoin owners from whole worlds population.

PurpleFrog

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Many research studies show the cryptocurrencies are about to boom in the next years.

A growing number of businesses adopt bitcoin as a payment method, so I do believe we are witnessing a financial revolution.

It is especially important to note that 1/3 of people in the US aged 18-29 in the US have bitcoin and 1/2 of 18-35 years old state they are willing to invest in bitcoin.

Recent studies show that there are 300+ Million crypto users in the world, representing 3,8% of world’s population - https://bitcoincasinowiz.com/blog/cryptocurrency-statistics/

So it's a bit early to say that bitcoin can become a global currency but the crypto adoption is growing each year.

jyjkxugh

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If it is possible, I think it is possible, and there may be more digital currencies in the future. It is possible if the country allows it.
Perceptions of Bitcoin may ultimately focus on its global reach and neutrality.

MinoRaiola

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In theory it is possible, in practice it is currently very complicated. It is not because our systems how bitcoin can be used. Strike has recently show that it is very simple and fast. The problem is the person who does not have the courage to pay with bictoin or is afraid to lose bitcoin. Or the country behind it, which is afraid to lose his power power over others or the financial system. Altcoins maybe as a secondary currency. For the euro or dollar, there are also many different ways to move them. By paypal, credit card, skrill, moneygram and many other providers.

dlightag

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Bitcoin is created as online digital assets payment, probably in few years to come Bitcoin maybe a global currency, when nation across the globe accept Bitcoin. Hence the internet keep existing Bitcoin we continue expand sooner or later it maybe adopted as a global money wire transfer in the ecosystem.

Jatiluhung

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to become a global currency I think for now it is impossible. because of its high fluctuation.

but bitcoin one day I believe will be accepted by the global as a legal tender.

but not as currency. so the future of bitcoin is very potential for investment. like gold in the real world. and bitcoin is like gold in the digital world.

Ziskinberg

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Quote from: Smack That Ace on August 07, 2022, 05:57:56 AM

Quote from: ?? on ??

Bitcoin will become a global currency when fiat currency is no more. But since fiat currency is still valuable in any other country. So with what I'm seeing today i have notice that cryptocurrency and Bitcoin will not take over the responsibilities of Fiat currency, i believe agree that bitcoin has it channel of currency but as to control or dominate Fiat kind of currency. If bitcoin should take over fiat what can we be using to buy our needfuls and our demands

Do you think governments will let bitcoin become the world currency to replace fiat?, Will they accept something they cannot control? I'm sure they'll do whatever it takes to prevent that from happening. Bitcoin does not need to replace fiat but it would be nice if it could become a parallel payment method along with fiat and a great alternative depending on need.

Uncontrollable and market volatility - are the reason why the government, in some countries had not pushed Bitcoin to become legal and considered a currency. And sometimes, they took this personally. However, even to say that Bitcoin seems to become hopeless to go there and become a global currency, doesn't mean that it was done. Many people still see Bitcoin as a valuable asset in the crypto market and since it was not accepted as currency, people considered this a huge investment which makes Bitcoin become popular.

Smack That Ace

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Quote from: ?? on ??

Bitcoin will become a global currency when fiat currency is no more. But since fiat currency is still valuable in any other country. So with what I'm seeing today i have notice that cryptocurrency and Bitcoin will not take over the responsibilities of Fiat currency, i believe agree that bitcoin has it channel of currency but as to control or dominate Fiat kind of currency. If bitcoin should take over fiat what can we be using to buy our needfuls and our demands

Do you think governments will let bitcoin become the world currency to replace fiat?, Will they accept something they cannot control? I'm sure they'll do whatever it takes to prevent that from happening. Bitcoin does not need to replace fiat but it would be nice if it could become a parallel payment method along with fiat and a great alternative depending on need.

Peanutswar

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The worldwide adoption of the cryptocurrency is now widely spreading there are a lot of establishments, organizations, and corporations that would like to support the use of the cryptocurrency especially the bitcoin and this is a good thing because we are now slowly introducing with the future use of the digital and advance payment. But the problem is the market volatility many organizations don't want it of course anyone want to lose their money in just an hour because of the price dumps. It is good to support the bitcoin and make a still 1:1 price in USD but use the bitcoin as payment.

NicNacCoin

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Quote from: _act_ on June 21, 2022, 08:50:08 AM

Bitcoin is an investment, the reason many people are buying it and the adoption continues.

Some countries have legalize bitcoin as a legal tender, less than 15 countries in the world totally ban bitcoin as of present. If bitcoin is used in other countries of the world and also even so people in the countries that ban bitcoin are still using it, what currency can we call that? Global or local currency?

In my high opinion, the decentralization in bitcoin and its adoption makes it a global currency.

Of course we can consider Bitcoin as a global currency. As it is spread almost all over the world and people are investing enough on it.Currently, people are giving Bitcoin the highest status as an investment. There will come a time where everyone will get popularity of Bitcoin and this Bitcoin will be the highest as an investment keep in place.

molsewid

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Quote from: kasunrandil on August 06, 2022, 11:15:52 AM

ofcourse why not? any reasons to not to be so? bitcoin has all the components which money has. and bitcoin has even better components beyond fiat moeny. decentralization and low fees are major components of them. for now small countries and major companies has adopted bitcoin as a payment solution. is that not a good sign?? in 2010 no one believed on bitcoin. but now millions of people believe on bitcoin. the reason to do so is , people has understood something good signs of bitcoin as better than fiat money. bitcoin wont replace the $ or globle currency today or tommorow. but for sure it will be done eventually.

Yes that could be possible no doubt about it, in order for us to make it happen it should be teach to all ages and to all the school ok your community, so that there will be no person who will get scammed by someone. And people will know that crypto is not the same with mlm. Sooner or later bitcoin will be accepted in many countries, I hope the fee will be lessen as well.

Yamifoud

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Quote from: molsewid on August 06, 2022, 05:23:55 PM

Quote from: kasunrandil on August 06, 2022, 11:15:52 AM

ofcourse why not? any reasons to not to be so? bitcoin has all the components which money has. and bitcoin has even better components beyond fiat moeny. decentralization and low fees are major components of them. for now small countries and major companies has adopted bitcoin as a payment solution. is that not a good sign?? in 2010 no one believed on bitcoin. but now millions of people believe on bitcoin. the reason to do so is , people has understood something good signs of bitcoin as better than fiat money. bitcoin wont replace the $ or globle currency today or tommorow. but for sure it will be done eventually.

Yes that could be possible no doubt about it, in order for us to make it happen it should be teach to all ages and to all the school ok your community, so that there will be no person who will get scammed by someone. And people will know that crypto is not the same with mlm. Sooner or later bitcoin will be accepted in many countries, I hope the fee will be lessen as well.

Will probably take another decade or even more before witnessing such change and considering Bitcoin as a legal tender globally. I'd see this become acceptable to the community provided that the government will give their support as well. But as they are not yet ready for this adoption and still have doubts in their mind, this never happens, yet the idea remains, however, the purpose of being a currency might be taking too long before it proceeds.
Honestly, I was just having fun making this as an investment.

jaberwock

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Quote from: 8rch7 on August 05, 2022, 02:40:34 AM

Quote from: adzino on August 05, 2022, 01:46:28 AM

Isn't it already a global currency since Bitcoin has no borders? You can send from one end of the world to the other end within few seconds without any problems. No third-party involvement that would slow down the process. The only problem is few countries "banned" the usage of crypto currencies, but I am pretty much sure as more people starts to adopt bitcoin, those countries will be forced to lift the ban or else they will be lagging behind.

Bitcoin is now very popular even almost all people have entered the world of bitcoin and have entered the world of crypto, in fact almost all countries have invested in bitcoin, but I don't dare say bitcoin will become a global currency, because I personally think it is very difficult to replace the world currency Even if that happens, it is certain that the government will oppose this provision.

Being a global currency and removing all the fiat ones are not the same stuff. You could have your fiat at your national stuff and could keep on using that, but when it comes to global payments bitcoin could be the thing you use from one nation to another. This is not the case right now and I get it, people still use dollars a lot, paypal is still getting a ton of attention.

However, we have to see that people are starting to use bitcoin and other coins to move money around globally. It means that it is going to take a while before we could end up with something amazing, and it could happen anytime now, people could start to use crypto more than they use fiat on their international deals.

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Quote from: KaliLinux on August 05, 2022, 12:50:45 AM

Quote from: Oceat on June 21, 2022, 05:59:18 PM

Quote from: coupable on June 21, 2022, 05:50:04 PM

Quote from: reemkey on June 21, 2022, 08:44:42 AM

Can Bitcoin become a global currency ?

It depends on what exactly you mean by the word global. If you mean that it is a global currency used by everyone, then it has been since it was launched, but this cannot in any way cancel out the rest of the classic currencies such as the dollar and the ruble.

This has been asked a thousand times before but the thing is who would do that when we all have our own local currency? Maybe it will be a global currency if a country would accept Bitcoin as a means of payment just like what happened in Venezuela. But the problem is most country leaders wouldn't want that to happen because they think different and they value their own local currency which is widely used by most citizens so it's all in a debate if you want to still ask that question even after a hundred years or so.

Speaking of local currencies, those are not even accepted all over the world except for a few. If you want to go to another region in the world, you will have to change your currency for theirs and Bitcoin falls in that category too for those that understand Bitcoin while others will accept it regardless of your location in the world also like the few Fiats you can spend around the world. Bitcoin might not need global Government approval for it to be labeled as a Global currency. I believe this has been stressed enough and if this is what is needed to confirm Bitcoin to be a currency then it might not be cos I don't see that happening and don't think it's important anyways.

As long as the global economy is governed by economies that rely on fiat money as the main medium of exchange, Bitcoin will not be able to get rid of the dependency on those currencies even if it is circulated. Currently, there are a few countries that have adopted Bitcoin as an officially recognized currency, but at the same time they cannot abandon their local currency and the other currencies in which they manage their international affairs.
This relationship will remain in place and will not change until major economies adopt Bitcoin, which will push it to more stability in its price .

kasunrandil

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ofcourse why not? any reasons to not to be so? bitcoin has all the components which money has. and bitcoin has even better components beyond fiat moeny. decentralization and low fees are major components of them. for now small countries and major companies has adopted bitcoin as a payment solution. is that not a good sign?? in 2010 no one believed on bitcoin. but now millions of people believe on bitcoin. the reason to do so is , people has understood something good signs of bitcoin as better than fiat money. bitcoin wont replace the $ or globle currency today or tommorow. but for sure it will be done eventually.

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