Topic: Can Bitcoin become a global currency ? - page 8. (Read 1444 times)

When you say people all over the world love to invest in Bitcoin this means that people all over the world has supported the adoption of Bitcoin and it can be used as a legal tender but we have not seen the general acceptance yet. The popularity of bitcoin today is as a result of few countries that has accepted it as a means of payment and several countries that are yet to adopt it but her citizen still trade with bitcoin because of the freedom they see it. I believe for bitcoin to become a global currency the government of every country will have to accept bitcoin as a means of payment in each country.

Bitcoin is a currency that people all over the world love to invest in.Bitcoin has gained popularity and legitimacy in almost all countries around the world. Although it is banned in a handful of countries, almost all countries are in favor of it However, in all the countries that have banned it, Bitcoin has been used and invested.Again, some countries are legally signing up to legalize Bitcoin.Then of course we can say that Bitcoin is a global currency.

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.

Bitcoins are treated by the majority people as a digital asset not a currency.
Only few people treat it as a currency and use it to buy their daily required things.
Coming to the OP, then I guess Bitcoins cannot be ever be considered as a global currency.
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.
Thanks to the decentralised nature of the coin, for which no one can rule on it.
So it’s really hard to make it something like a global currency.

although I really want to see the world have one global currency (bitcoin) but I doubt if it will happen, because many aspects can indeed hinder the realization of bitcoin as an international currency, we know all along, if a country is judged to be very strong If you measure the influence of their currency in the world, it is impossible for a country like America and its allies to agree to bitcoin as a world currency because it will have an effect on currencies such as the dollar, euro or pound later, and that's why many of the world's central banks are reject bitcoin adoption all this time because they know the bad risks that will befall them if bitcoin adoption happens globally.

Yes, maybe in the future, and maybe it won't be bitcoin, but it will certainly be cryptocurrency...

Bitcoin is globally used as a cryptocurrency or digital money and since it's virtual money and there is no physical bitcoin you shouldn't call it a currency because it's a cryptocurrency.

And I think in some countries bitcoin is currently banned so it's not yet globally used. Maybe in the future, if bitcoin wasn't banned in all countries.

Bitcoin doesn't really need to be accepted as legal tender like El Salvador did, Bitcoin only need all countries didn't ban it and allow it for anything e.g. hold, buy and sell without any limitations. This will encourage Bitcoin become a global currency when most people know what the purpose behind Bitcoin was created.

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.

Bitcoin is already a global currency.
Is it the most used ? No. Is it largely acceptable ? No, but its adoption is growing.

But if both parts want, it is easy to transfer bitcoin to anyone anywhere in the world.

I don't think bitcoin is competing with other currencies.  It is just an alternative, for people who wants more freedom and don't want to be exposed to governments agendas.

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.

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