Can Bitcoin become a global currency ? - page 6.

SirLancelot

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There is a skeptics argue that Bitcoin can only be a tradable commodity and not a world currency due to its volatility. However, some individuals and institutions believe that Bitcoin will eventually become a global currency.

Only a handful of nations, like El Salvador, accept Bitcoin as a legal tender or currency. In some countries, this virtual currency is illegal. Thus, Bitcoin has to prove its usability as a currency and the ability to retain value for it to become a global currency.

What I do not understand with that statement when they say it, is the fact that if it is a commodity, can't I just accept a commodity when I am selling something. Like let's assume that I have 4 cars, and someone has 1 house, we can trade these right? There is no law that says we can't? It's called a barter. Or I have a lot of gold, physical, hold it in your hands gold, and someone has a car, can't I trade these? So, what makes it so special and difficult for bitcoin to be traded like that?

There is a value, it could go up or down just like any other asset, and I can buy a cup of coffee with it, why not do that? Volatility or not, if the seller accepts that, then we can totally do it.

ElmedoRator

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I don't want to overcomplicate the issue, although there will be different interpretations of how people look at this market, especially with BTC, but to think of it as a universal currency is not convincing to some. But, in any case, I don't think it's a major issue because, in my opinion, as awareness of this market grows, many parties will step in and offer altcoins as a solution to this problem, which will boost the market as a whole.

Spack17

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I think it may be in the future. But it's hard to come by anytime soon. Because global currency means that every country in the world recognizes bitcoin. It takes a long time for this to happen. It will be easier to spread once a few countries start using bitcoin on a large scale anyway.

xSkylarx

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I don't think bitcoin can be a global currency in the near future. We haven't reach its maximum supply yet so we can't define what price it will become stable, that is why also we experience this huge volatility. There are still many countries that don't acknowledge bitcoin as a currency. They see it as a threat in the financial system. Countries want it to be regulated but bitcoin will just lose its purpose if that happens.

marahoga112

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The world is moving towards digitization on many fronts. Bitcoin being a digital currency means its use and acceptance could eventually increase. And this is becoming apparent as more merchants accept Bitcoin payments due to their advantages over traditional transactions.
The US dollar has enjoyed the world’s reserve currency status for many years. However, some individuals argue that Bitcoin could eventually take this position in the current and future digital ages. Currently, many individuals and institutions have lost faith in conventional money. Traditional currencies are subject to manipulations by national governments through their central banks.probably bitcoin become worlds currency .

jostorres

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Quote from: Upgrade00 on June 21, 2022, 11:12:12 AM

Quote from: Nrcewker on June 21, 2022, 10:52:56 AM

In order to make it as a global currency, the government has to play an important role. But guess what no government can control or impose any law on Bitcoins.

Bitcoin does not need government approval to be used as a currency globally, and a currency doesn't have to be a legal tender.

There are already so many examples of Bitcoin being used as a currency to purchase goods and services globally, it's not the most adopted as at now, but it certainly is being used.

One cannot simply use bitcoin without the government's approval as that can be illegal and they will get punished for doing so. That is why there are countries that is reported to be crypto friendly because their governments already approved it while there are some countries that banned cryptos.

Cryptos cant be a global currency that way if there are no unity that will happen. That role is enough for the governments and they don't need to control cryptos anymore. btc being a legal tender is optional because people can still use their btc online for purchasing anything but if ever they make it as a legal tender then that is much better. As of now there's only three countries that did that.

ChiBitCTy

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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.

Bitcoin is not an investment, Satoshi clearly stated that in the very beginning. It’s a decentralized currency which, like all other fiat currencies, has become and investment as its able to be traded and has upside potential. Bitcoin at its core is a currency that fast, cheap to use, borderless etc. I think it’s important to always remember inherently it’s not an investment.

wxa7115

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Quote from: stomachgrowls on June 24, 2022, 02:49:06 PM

Quote from: dezoel on June 24, 2022, 02:29:42 PM

It is a global currency? It is not going to be the currency that every nation uses, and we are going to just have to accept the fact that we can't do much about this. If you keep on insisting about bitcoin becoming the currency used everywhere, and fiat being gone, then you are going to be upset until you die and won't see that. However, it is working in all nations, even in nations that "ban" it, people still use it everywhere in secret.

So it is a global one, since it is in every nation, and it is a currency because you can spend it to get something. That is all we can hope for and it is a great deal, I personally love it, and will continue to consider the best currency, better than USD.

We do have different Nations
We do have different Government
We do have different jurisdiction
We do have different economy
We do have different fiat

There's no way that it could end up on a single point and on talking about Bitcoin to become a global currency.
It is really just too far of for the said criteria and i dont know on why some are really that too optimistic on something which isnt realistic to happen.
They could rather both co-exist and you shouldnt really be thinking this way because its even impossible to happen even in my dreams.

It is important that people get used to bitcoin and fiat coexisting parallel to each other, those which are the most enthusiastic about bitcoin imagine a world in which bitcoin is the only form of money but this is not realistic.

Even if we got into a massive crisis that destroyed the confidence that people have in the fiat system, and killed all the fiat currencies around the world at the same time, eventually people will forget the lesson they will learn and fiat will appear again, so it is better to hold more realistic goals for bitcoin so we are not disappointed when those goals are not reached.

isaac_clarke22

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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.

Like bitmover mentioned, it is technically a global currency now. We're not just seeing it being used that much since either people are doing it behind the scene or just the media does not give a crap about crypto at all that is why it is not really a hot topic in the news nor the public.
Some merchants are not used to volatility that is why you do not see a lot of popular merchants use those as an alternative payment methods.

stomachgrowls

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Quote from: dezoel on June 24, 2022, 02:29:42 PM

It is a global currency? It is not going to be the currency that every nation uses, and we are going to just have to accept the fact that we can't do much about this. If you keep on insisting about bitcoin becoming the currency used everywhere, and fiat being gone, then you are going to be upset until you die and won't see that. However, it is working in all nations, even in nations that "ban" it, people still use it everywhere in secret.

So it is a global one, since it is in every nation, and it is a currency because you can spend it to get something. That is all we can hope for and it is a great deal, I personally love it, and will continue to consider the best currency, better than USD.

We do have different Nations
We do have different Government
We do have different jurisdiction
We do have different economy
We do have different fiat

There's no way that it could end up on a single point and on talking about Bitcoin to become a global currency.
It is really just too far of for the said criteria and i dont know on why some are really that too optimistic on something which isnt realistic to happen.
They could rather both co-exist and you shouldnt really be thinking this way because its even impossible to happen even in my dreams.

dezoel

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It is a global currency? It is not going to be the currency that every nation uses, and we are going to just have to accept the fact that we can't do much about this. If you keep on insisting about bitcoin becoming the currency used everywhere, and fiat being gone, then you are going to be upset until you die and won't see that. However, it is working in all nations, even in nations that "ban" it, people still use it everywhere in secret.

So it is a global one, since it is in every nation, and it is a currency because you can spend it to get something. That is all we can hope for and it is a great deal, I personally love it, and will continue to consider the best currency, better than USD.

Abiky

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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, this article allows to analyze the functionalities of Bitcoin as a new world currency, as well as its characteristics which can hinder its use as a medium of exchange, unit of account and store of value by comparing Bitcoin to standard currencies.

Since its introduction in 2009, Bitcoin has also been characterized by a significant increase in the number of transactions and market capitalization, which exceeded 5 billion US dollars in 2015.

This leads to extreme price volatility of Bitcoin against currencies. standards. In order to understand the reasons for such price fluctuation, the authors try to identify the factors of Bitcoin price formation.

Ciaian, Rajcaniova and Kancs (2016) analyze time series using daily data for the period 2009-2014. They suggest that Bitcoin's attractiveness indicators and supply and demand function are the most powerful drivers of Bitcoin prices.

On the other hand, macro-financial developments do not determine the price of Bitcoin in the long term. Thus, the authors find that Bitcoin price fluctuations are associated with speculative investment decisions.

According to what proceeds, Bitcoin will not be able to compete with standard currencies. So the question we can ask : can Bitcoin become a global currency?
check out https://roz-key.blogspot.com/2022/05/the-digital-agenda-of-virtual.html

If you mean Bitcoin becoming the world's currency endorsed by mainstream governments, then your answer is no. But if you mean Bitcoin being used anywhere in the world, then your answer would be yes. The Internet is everything Bitcoin needs to reach people worldwide. Even if governments don't adopt it as their official currency, people can still get access to Bitcoin with an Internet connection. This makes Bitcoin the global cryptocurrency for all.

No one thought money would be accessible to anyone around the world, yet here we are. With built-in deflation, and a censorship-resistant network, the pioneer cryptocurrency will last a lifetime. Who knows if Bitcoin is still around with us even after governments launch their own digital currencies to the public? Just my thoughts Grin

Awwal08

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In my opinion, Bitcoin can become a global currency because Dubai is a well-known country that people love to visit. Bitcoin is a recognized coin throughout the world. If Dubai is willing to accept bitcoin as payment for travel. Everyone wants to go to Dubai, so there is hope.

mia_houston

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Quote from: Plaguedeath on June 23, 2022, 09:04:09 AM

Quote from: RashidulIR on June 23, 2022, 08:52:37 AM

If you look closely, you will see that Bitcoin has already begun to take its place as a global currency. In many countries of the world, people are now using Bitcoin to sell their daily necessities. With that in mind, it is safe to say that gradually we will see Bitcoin as a global currency.

Many countries?
I knew it's only 2 countries e.g. El Salvador and Central Republic Africa which accept is as legal tender, while few other countries only legal and friendly with Bitcoin, but not all business accept Bitcoin payment. It's still not many, but at least we're going to get mass adoption.

Bitcoin could become a global payment instrument if bitcoin experienced mass adoption as did El Salvador, but if bitcoin is still being debated and opposed by many countries as it is today, of course it will be difficult to realize bitcoin as a global currency, it seems bitcoin is still it takes a lot of time to be accepted by many countries today, especially with the current condition of bitcoin, of course it will still cause fear for countries to fully adopt bitcoin, in my opinion, the failure or success of El Salvador after adopting bitcoin is certainly an example for a goverment before deciding to adopt or ban bitcoin in their country.

Gyfts

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Quote from: Lucius on June 22, 2022, 08:06:21 AM

The OP is just trying to promote its blog with a question that doesn’t really make too much sense for those who know how the world works.

Probably. But the question is still important. The major financial institutions that run the global economy certainly view Bitcoin as a threat to the fundamentals of their institutions. Is there doubt in people's mind that Bitcoin could be a global currency? Sure there is. We should dispel the myths.

IMO Bitcoin could become a global currency if the traditional reserve currencies fail. USD currently serves as the world's currency reserve, but with high inflation some countries are electing to increase their share of Yuan. Of course, China's economy is not doing well either, so where might countries go to fill up their currency reserves? Hopefully they might choose a decentralized currency that is independent of politics, ie. Bitcoin.

I see that as the only possible avenue. There is no incentive for countries to come together and ditch their own currency in favor of a common shared currency. The only way for this to happen would be if they (central banks of major developed countries) were force to.

D ltr

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bitcoin can only be digital, it can't be global because I don't think fiat can be replaced by bitcoin.
because the main reason is that only part of the country knows what btc

Plaguedeath

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Quote from: RashidulIR on June 23, 2022, 08:52:37 AM

If you look closely, you will see that Bitcoin has already begun to take its place as a global currency. In many countries of the world, people are now using Bitcoin to sell their daily necessities. With that in mind, it is safe to say that gradually we will see Bitcoin as a global currency.

Many countries?
I knew it's only 2 countries e.g. El Salvador and Central Republic Africa which accept is as legal tender, while few other countries only legal and friendly with Bitcoin, but not all business accept Bitcoin payment. It's still not many, but at least we're going to get mass adoption.

RashidulIR

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

According to what proceeds, Bitcoin will not be able to compete with standard currencies. So the question we can ask : can Bitcoin become a global currency?
check out https://roz-key.blogspot.com/2022/05/the-digital-agenda-of-virtual.html

If you look closely, you will see that Bitcoin has already begun to take its place as a global currency. In many countries of the world, people are now using Bitcoin to sell their daily necessities. With that in mind, it is safe to say that gradually we will see Bitcoin as a global currency.

DapanasFruit

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I would consider Bitcoin to be the most global cryptocurrency as of press time but as to it becoming like the preferred global currency in the or replacing the US Dollar which is good for international commerce transactions we still need to be patient because before getting there can be taking so many years...that is if we will really get there. In the first place, the very high volatility of BTC is killing any chance to make it to that level and remember that without this volatility I don't think there can be a very popular BTC today. As of now, there is nothing very attractive incentive for people and countries to be using Bitcoin as a global currency going forward from just media publicity.

Jatiluhung

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actually bitcoin has become a digital currency globally. although of course it will not be able to replace ordinary fiat money. Or maybe it's very unlikely. but we do not know in the future with everything that requires and requires more practical than fiat namely digital money. then it's possible.

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