Topic: can bitcoin govern the whole world? - page 20. (Read 1944 times)

In fact, government digital currencies could herald a new era of centralization, posing serious questions about privacy and the viability of true cryptocurrencies like bitcoin.

Well bitcoin is already dominating the world and so i don't think there is going to be a particular time when it is going to be declared to be ruling the world because it is already and the crave  for it all over the world is a good testament of this fact.

The ways other currency will have was overthrown or got fade, with time and more new technology another digital currency might still rule the world which will be better off the bitcoin we seeing now..

At one time, gold could conquer the world as a form of store of value, then came USD. The dollar became a more convenient form of mutual settlement, and then it was digitized, making cash-free payments. In order to beatkoin won their euro and the dollar of competitors, there must be a lot of stars. For example, the cue ball should become an official means of payment in countries and giants (US, EU). Then, the big Fiat giants should lose the trust of people.

well it depends upon the situation, but i think that bitcoin can govern the world because of it's expensive price.

Hi,

Bitcoin has no country limitations and knowns no frontier.

Though, the situation of crypto (how spreaded, how used, etc) is widely different from one country to another. In most Western countries, I think bitcoin is rather seen as an interesting new tool, potentially for making money... but not as a necessary "thing". Whereas in some poor countries, the population need bitcoin as a source of income.

So that's the first point: we are far from knowing an homogeneous situation worldwide.

Then, governments and institutions are trying to deal with it but their way of handling crypto can highly vary! On top of that, the price of bitcoin can be completely erratic and there aren't technical tools allowing people to use bitcoin for daily uses..

All this make the situation quite complex. I personnally hope that one day cryptos can be used anywhere, for anything. For the moment, though, it's not true... 

Yes. But it depends on how our government will use bitcoin properly and safely. And on how they will handle it

Governing the whole world is a little bit too much for bitcoin, bitocin was not made for that. We are the one who will govern the whole world and bitcoin will just help us to develop and to make this society even more better. But yeah I agree, bitcoin's share would be larger than fiat, what is going to happen in the future is that bitcoin would be the primary currency and fiat would be just a secondary.

I don't see the future yet of bitcoin becoming a currency even just a single country.

First, price is very unstable and economy will be very hard to maintain due to prices change almost every hour.
Second, transaction are made virtually and can be easily use for corruption.
Third, changing currency is very hard to adapt or might be impossible already.
Fourth, years of study is needed just to know how to maintain and manage bitcoin.
Fifth, Government cannot hold every existing bitcoin.


I can still go on but we always know that it is impossible. Let's just be happy that bitcoin is here and not let others to ruin it.

Bitcoin as a world currency to replace all currencies? Yes, definitely possible. Likely? No. It will be one of many, like now, including fiat, but bitcoin’s share will get larger.

It is possible to occur, but if only the whole world accept and allow bitcoin to be used.
currently, there are still many countries that doesn't allow bitcoin to be used by their peoples.

This would be extremely unlikely to happen because there is a limit to how many transactions can happen at the same time. We can increase the limit for the blockchain but there will still be a limit and that limit is unlikely to allow 8 billion people usage. If that happens, transactions will not clear or they may clear but with a very high transaction fee, rendering it useless for most transactions.

Bitcoin can govern the whole world.

If more countries start adopting bitcoin and everyone uses bitcoin then bitcoin will be used everywherere and it will govern the whole world.

Well, I don't think that bitcoin can govern the whole word. It needs to consider a lot of things before it can influence the whole world. Also, a lot of countries didn't even have any idea about what bitcoin is. It haven't reach every corners of the world and I think it will take a long run before that happens. People needs to be educated about what bitcoin is.

You make a lot of valid points and I completely agree with you here. It is completely true that bitcoin governing the entire world seems like an impossible scenario and something which I would not like due to the fact that it is an extremely volatile currency at the moment. Instead, I feel bitcoin and the popular cryptocurrencies like Ethereum, Litecoin, Neo etc will help serve the world as alternative payment methods rather than replace FIAT completely since everyone relies on FIAT due to its stability in the long run. This scenario seems completely plausible.

I do not think that it would be convenient, people who are accustomed to cash will always, if only strongly implement the Internet currency system, but it is every person must have the Internet at hand, which not everyone can afford.

In my opinion and in my own perspective this would be impossible (But we're not sure what will happen) The government will not let his/her country be conquered by a foreign or new currency there's a lot of things may happen if the government will use the bitcoin as their own currency the list below are 'SOME' that may happen.
 
1. The government will fall down because it's own currency has no value. The value of the countries currency will reflect their country.
2. Can't be used by everyone because of the needed requirements such as internet, gadget.
3. Needs internet in order to make transaction or to have an access to your wallet.
4. Unlike the paper money (Fiat) Bitcoins can't be used offline.
5. The deep web or blackmarket may become powerful because of the bitcoins ability to transact anonymously.
6. The price is not stable, every minute, seconds the price changes and it would be a lot of complications when you're about to pay and the price drops. (Hassle right?)
7. Many people are lack of knowledge about cryptocurrency and would find cryptocurrency a very hard way.

Actually there's a lot of things may happen if bitcoin will conquer or govern the world and some of the government already see it that's why they ban bitcoin.

Some of the solution I think they can do is to make a new cryptocurrency that's only accessible to their country or can be used to trade just like what fiat. What do you think?

No argument here, bitcoin have had an extremely huge impact to the rest of the world in terms of transactions, business, and taxation.
It has impact on both the community and the government. So yes it is a powerful digital currency, but I don't think this alone should govern the world.
I mean,  influence to the world is good enough but it should not govern it.
There are many areas around the globe that have no access to internet connection.

It is imposible for bitcoin to govern the whole world. Because many countries nowadays banned bitcoin. And some countries starts their war against cryptocurrency.

I think bitcoin can`t as long as the government does not support bitcoin and as we know government always support cash and some country`s government ban bitcoin and other cryptos.