If by global, you mean it's an acceptable form of payment wherever you go like the dollar was in some parts of the world, then I look forward to such a period. But if it's in the situation of it being popular and gaining credence, it sure has done that.
But it cannot be used to replace a country's initial fiat cause it's a speculative assets and and it can be limited.
Topic: Can Bitcoin become a global currency ? - page 7. (Read 1439 times)
The conditions for bitcoin to become a global currency are only awareness and trust, there is no need to expect a declaration of legality in each country. This is the same with gold which was recognized as a currency even long before the first constitutional era was formed.
Now you just have to look at the total capitalization of bitcoin and find out if that amount is not enough to call bitcoin a global currency.
Now you just have to look at the total capitalization of bitcoin and find out if that amount is not enough to call bitcoin a global currency.
Users are easily attracted to bitcoin to facilitate hassle-free transactions, so due to the increase and popularity of bitcoin's use day by day, it has now become the global currency. Hopefully Bitcoin will be used all over the world very soon
Bitcoin is widely used globally now but not legally mostly, though compared to fiat currencies
but I really hope it will be just like this I don't want legality to trigger tax on my trades
but I really hope it will be just like this I don't want legality to trigger tax on my trades
One thing we ought to realise is that, a currency as per faith or paper money is a national symbol. Let's not let our interest in bitcoin or cryptocurrencies in general make us forget that. Bitcoin is good but, it can't serve in the capacity of a national currency in such a way that, it would displace fiat money.
Even the nations that have gone far to legalise cryptocurrency is has not totally thrown a way or do away with there indigenous fiat money. I say this with respect to El-Salvador - Colon (Bitcoin) and Central African Republic - Franc (Bitcoin). The integration between the currencies integration best we could get and hope for. That's the capacity for which Bitcoin or cryptos could serve.
Even the nations that have gone far to legalise cryptocurrency is has not totally thrown a way or do away with there indigenous fiat money. I say this with respect to El-Salvador - Colon (Bitcoin) and Central African Republic - Franc (Bitcoin). The integration between the currencies integration best we could get and hope for. That's the capacity for which Bitcoin or cryptos could serve.
I also think Bitcoin is a global currency and not only. It's a tool to make the world way more fair, transparent, etc. All those properties we all know! But I also believe that in the mid/long run, it will at least create it's own consierable parallel economic realm if not completely kill the actual fiat system.
With so many factors, no one can predict anything, but the way things look right now, it seems to me that within maybe 2 generations, we may have a world so sick of the actual system that riots, will be so common, governments falling will be comoon, more and more wars will happen and eventually generations living in that time will be way more educated than what we are now and will acknowledge that Bitcoin can actually be one the very few ways to go! But who knows, right?
With so many factors, no one can predict anything, but the way things look right now, it seems to me that within maybe 2 generations, we may have a world so sick of the actual system that riots, will be so common, governments falling will be comoon, more and more wars will happen and eventually generations living in that time will be way more educated than what we are now and will acknowledge that Bitcoin can actually be one the very few ways to go! But who knows, right?
It's already a currency used globally. Only the difference is the govts' acceptance. Everyone from every corner is using it. Those who are allowed, are legally using it but those who are not, converting it into their local currencies. But yes eagerly awaiting for every country to legalize and allow their citizens use bitcoin. Number of countries who accept bitcoin have increased.
AlthoughnB BTC is a currency, I think most of hae BTC look at it as speculative assets which they trade all the time. Or for some a store of value. Its also a coin to be used for gambling on the internet.
BTC has tke used widely before the government will look into it, control it and regulate before they could decide BTC whether to consider it as global currency. If they can't dont it all, they'll ban it like China did.
BTC has tke used widely before the government will look into it, control it and regulate before they could decide BTC whether to consider it as global currency. If they can't dont it all, they'll ban it like China did.
So the question we can ask : can Bitcoin become a global currency?
check out
Question Recommended for You.check out
1. What percentage of people in your country use Bitcoin as their main transaction.
For example: buy food and secondary needs or buy Property with Bitcoin.
2. What percentage of people in your country know Bitcoin, as well as trust and don't believe in digital currencies like Bitcoin.
From the two questions, you can already judge, is it possible for Bitcoin to be made a global / world currency, it just analyzes one country, let alone the world.
You can't compare the fiat currency used by each country with Bitcoin, I mean, Bitcoin transactions can be used based on internet access, fiat does not require internet, fiat circulation with Bitcoin is also different, Bitcoin 21 million pieces and fiat depending on the needs of each country.
Logically you, can buy 1 tissue, 1 candy, 1 liter of fuel, 1 pack of rice with Bitcoin, how much is the transaction fee for 1 candy and what is the price of other candy, fiat can do it all, what about Bitcoin, think logically, all your answers will be answered, if you try to think, not to mention parents or laymen with internet access.
Bitcoin is global currency because we can use this currency for globally payment . It is not restricted for any kind of country . Every Countrys people can use Bitcoin service and holding it also they can use it for btc acceptable online services . So it is obesly global currency
When topics are created with similar questions "Can Bitcoin become a global currency ?", I have exactly the same thoughts as you. Indeed, bitcoin is already a global currency and what is stopping people from using it? Nothing interferes. For some reason, some are waiting for the official bitcoin adoption, which seems strange to me. Satoshi created bitcoin as a means of payment, independent of the entire banking system, and therefore of any official state institutions. Recognition of bitcoin official government bodies will go somewhat against the ideas of independence and bitcoin freedom. Isn't it so?
Well, when we talk about Bitcoin we could say that it is practically already a global currency (Global Digital Currency) and a large number of people around the world use it. Now, if you mean the acceptance of this in the world, well... there are already some countries that have already adopted it as current legal tender.
reaching the point of implementing ATMs to withdraw funds through Bitcoin and not to mention that there are already different crypto cafes, well-known brands, companies that accept this form of payment and even gas stations... little by little more countries are beginning to adopt this technology, which it clearly has the ability to be more widely adopted by people, so it is not tied to a central bank or a specific country.
reaching the point of implementing ATMs to withdraw funds through Bitcoin and not to mention that there are already different crypto cafes, well-known brands, companies that accept this form of payment and even gas stations... little by little more countries are beginning to adopt this technology, which it clearly has the ability to be more widely adopted by people, so it is not tied to a central bank or a specific country.
can Bitcoin become a global currency?
check out https://roz-key.blogspot.com/2022/05/the-digital-agenda-of-virtual.html
check out https://roz-key.blogspot.com/2022/05/the-digital-agenda-of-virtual.html
Bitcoin is already a global currency. Anyone in the world can transact with it. It doesn't need approval by any government to operate because it is driven by people's demand. It may not the most used, or the most popular but it is indeed in the category of global currency.
Thus, the Bitcoin system depends essentially on the voluntary acceptance of participants. It is transferred only between speculative investors i.e. neither the government nor a financial institution controls its ecosystem.
This is another positive trait of Bitcoin economics. Everything isn't controlled by any government. Another reason why many freedom lovers are attracted to this kind of cryptocurrency called Bitcoin.
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. People who are in some way involved in Bitcoin mostly consider it an investment because they don't really have a place to spend it even if they want to, or paying with it is too complicated for them.
If we take into account all this, and that from 2009 until today more than 5% of people in the world are not interested in Bitcoin, and that many influential people are very negative about Bitcoin - how can we expect to talk about a globally accepted currency in a world where more than 40% of people don't even have internet access?
Bitcoin is for people who are open-minded and not slaves to the system, and how many such people do you know around you?
If we take into account all this, and that from 2009 until today more than 5% of people in the world are not interested in Bitcoin, and that many influential people are very negative about Bitcoin - how can we expect to talk about a globally accepted currency in a world where more than 40% of people don't even have internet access?
Bitcoin is for people who are open-minded and not slaves to the system, and how many such people do you know around you?
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.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.Of course, there are proactive attempts by central powers to control this scenario before it occurs, such as the issuance of CBDC or the Chinese yuan, which will take an electronic form in parallel with its nature as a coin and paper. But of course, all attempts remain limited.
Bitcoin have the feature of getting changed to any traditional fiat through exchanges. This itself gives it the status of being an universal currency. The problem arises with the level of adoption as a currency, majority of the people around prioritise bitcoin as an investment than currency. Apart from being an investment and currency it has got different uses. The adoption is stagnant over specific region, and this needs to get widened. Only then we can state things happening around as real adoption of bitcoin.
We will surely see this happen at some point because the world needs to be unified and global, global currency is logical and right now the best candidate is bitcoin which I think now bitcoin has become a global currency. As a small example, we are all here from different countries and use it, although it is still not fully accepted as a transaction tool and only an investment, but in the future there is a possibility.
and centrally controlled currencies cannot work for the whole world as the interests of different groups will clash while decentralized currencies like bitcoin have proven themselves and work on a global level.
and centrally controlled currencies cannot work for the whole world as the interests of different groups will clash while decentralized currencies like bitcoin have proven themselves and work on a global level.
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
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
Bitcoin by it's very nature is a global currency, so it's a bit of a weird question to ask. Do you really mean, can Bitcoin become the reserve currency of the world and displace US dollars? No, would be the simple answer. It does not have the capacity to support the amount of transactions and is unlikely to ever do so. Maybe another crypto will come along in future, even Satoshi would not be so naive to think that it cannot be improved upon greatly - it was a test bed for this pioneering technology and we should always seek out the next innovation. It may continue to hold a place in the world similar to gold, however it needs to shake out some of the volatility first and find a more regular purpose.
Obviously it can. L1 might be a bit difficult because of confirmation times and transaction fees; however, it's already forcing banks to evolve because of how Bitcoin works (no 9-5 wire transfers, cross-border payments, no chargebacks).
Once more L2 solutions pop up or even centralized apps (venmo, cash app, paypal), BTC can be the backbone for lot of payments.
Once more L2 solutions pop up or even centralized apps (venmo, cash app, paypal), BTC can be the backbone for lot of payments.
If you see now that everyone is aware of and using Bitcoin to exchange, pay, and many things to do with Bitcoin, it shows that Bitcoin has actually gone global. It's just that in the context of legal payments we obviously don't fully see it except in El Salvador. High volatility is also a form in which Bitcoin gives us more freedom.
As a simple example in this forum you can see the signature campaigns of users from different countries being paid in Bitcoin. That's what we have done and included in one example that Bitcoin as a global currency payment.
As a simple example in this forum you can see the signature campaigns of users from different countries being paid in Bitcoin. That's what we have done and included in one example that Bitcoin as a global currency payment.
I'm a big BTC supporter but I'm not keen on seeing it as a global currency. The whole idea of a single global currency is not very appealing to me, I think variety is good even when talking about money. I'd rather see BTC as an alternative for the fiat, not controlled by the governments.
Jump to: