Topic: Can Bitcoin truly evolve into super-sovereign currency? (Read 392 times)

Currently there are still many countries that do not know bitcoin and many are banned, our job is to become an ambassador for bitcoin, which is to introduce facts about bitcoin, if global users get bigger then it will definitely become super-sovereign currency.

correct, there's no chance for bitcoin and even other cyrpto currency in the market to become a sovereign currency in the future, because government always against what are the activities can be made with cyrpto currency. and there's a lot of issue and information as well that cannot be considered as safe and reliable asset to become a legal tender. . So don't expect government will allow this thing to happen with bitcoin.. Indeed if it has a chance perhaps it already happened even before in my personal opinion.

for now maybe bitcoin can not be a sovereign currency, because it is still too early, for us to make bitcoin a sovereign currency, because there are still many processes that must be passed by bitcoin, because now there are still many countries that are still against bitcoin. for now let bitcoin be a currency in digital, we can only hope that one day bitcoin can be accepted by a sovereign country..

Bitcoin has a long way to become a world currency. What I want to say is that this thing will succeed. It is only a matter of time, not that Bitcoin may become a world currency.

There are three reasons why Bitcoin cannot become the world's currency.

• Bitcoin does not have a value foundation. If one is not chosen, it may be the power resource needed for Bitcoin mining, but also a kind of energy.
• The violent fluctuations in the price of Bitcoin do not have the properties of the stability of the world currency.
• Bitcoin lacks the support of sovereign currencies. At present, a few small countries, or third world countries, have successively legalized Bitcoin, such as Ukraine and El Salvador.
  

Bitcoin creates a freely flowing and unregulated currency around the world. It uses the Internet to perform traditional currency functions and solves the problem of "transmitting value across time and space". What Bitcoin creates is the essential requirement of the world currency (global trust system, unconditional trust). This is the core. I firmly believe that Bitcoin will succeed.

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Great article to taste the history of this super sovereign currency. Though it's not impossible to achieve, it's going to be a battle when there is an organization that will try to control everyone else. If FED and SEC could just be replaced overnight and let the protocols manage it all, I guess it's going to work. Its currency working on in El Salvador, I hope it will happen in every country there to prosper once and for all.

Looking ahead, if there is a currency that transcends the sovereignty of all countries, I think there should be fewer wars. Some countries are no longer plundered by the US dollar. They can get rid of the restrictions of the US dollar and escape the economic sanctions of the United States.

If such a currency appears, it will be beneficial to all countries except the United States.

The legalization of Bitcoin is the trend of the times, and no one can stop it. Because more and more governments have discovered that no one can control Bitcoin, nor can they tamper with the Bitcoin ledger. Bitcoin is being recognized by more and more ordinary people. In the end, the government can only adapt to the existence of Bitcoin. Maybe Bitcoin will coexist with fiat currency for a long time, but in the ultimate future, Bitcoin will definitely become the foundation of all currencies.

I am not saying that Bitcoin has not yet reached the maximum supply, but that the market value of Bitcoin is not large enough to cover all human economic activities. When the market value of Bitcoin is large enough, its volatility is correspondingly not so large. Just like the current gold price, the fluctuations are relatively small. As you said, the current government's supervision and control policies can well maintain currency exchange rate fluctuations. This is a government intervention. But in the future, in the encrypted world, this kind of intervention will also exist, but it will be realized in the way of community governance. Just as with various DeFi projects, they are building a completely decentralized financial system. This decentralized financial system is slowly replacing the current financial system. At the same time, D
The governance system of eFi projects is also gradually improving, which is a regulatory policy in the crypto world.





Yes, Bitcoin connects us all across cultures more than anything. In my opinion, in order for Bitcoin to truly become a super-sovereign currency and better achieve a balanced distribution, the most important thing is that we must continue to promote the thought behind Bitcoin. Many people now participate in Bitcoin, but only want to make money through Bitcoin and increase their wealth. The vast majority of people do not understand the thought behind Bitcoin. Bitcoin's decentralized thought will build a new way of life. When more and more people recognize the thought of Bitcoin, they will hold Bitcoin for a long time. People who buy Bitcoin purely for profit will sell the Bitcoin in their hands when the profit fits. This realizes the transition from short-term beneficiaries to long-term believers. This achieves a balance of chip distribution to a certain extent. Therefore, it is the best way to continuously promote the thought of Bitcoin and pass the Bitcoin consensus. This is also the purpose of writing these articles, to understand Bitcoin in depth from different angles.

I'm counting on it.
Countries can't get along on their own. Each country wants to be the top dog, and so they get into all sorts of hubris filled battles that their populaces fear might end in wars by swiping their own nations of resources. War is a battle over resources. Right now, the US is engaged in war in the middle east to maintain the dominance of the petrodollar, which provides resource benefits through the control of energy and the resources that controlling the world's reserve monetary supply brings.

Bitcoin ties us all together across cultures more than anything else. When your economic success in another part
of the world is tied up with my economic success, then we will be less likely to engage in the same negative behaviors.

For humanity to progress, we have to develop a more equitable supernational currency. Bitcoin is the best shot currently.

Bitcoin has a ways to get there before becoming a super-sovereign currency though.
It won't become one as long as there are specific groups that hold more access to the currency
than national powers. If this doesn't change, then national powers will move to other types of
cryptographic currencies -- for those that make this adjustment.

In order for bitcoin to become supernational, the question is:
what mechanisms can or will cause distribution to balance out -- if at all?

it is not impossible for bitcoin to become adopted as a sovereign currency considering.bitcoin is now so popular in a crypto business circle, only bitcoin currently requires recognition from sovereign countries to reach the highest point of bitcoin, don't there is another prohibition of the crypto currency in various countries with this being it it is not impossible that bitcoin will become a sovereign and legal currency to be used as a transaction tool

I'm interested to discuss this gotten out of your note you have made

So do you think that bitcoin volatility is caused because it is yet to get to it maximum supply? Or that because it is in early stages? Sorry I don't think so. For example with Fiat, you see the banks regulate the financial system through the government issuing policies. You can see that an agency is taking responsibility and controls what happens with Fiat, who gets what against how much you request to withdraw. Banks creates limit to the amount an individual can withdraw at a time and for the day, likewise the institutions. Or why do you also think that ATMS limit how much for daily withdrawal, all these are regulation that ensures stability and control but, who controls or regulates how much bitcoin you can transfer to the next wallet? The exchanges are gradually coming into regulation (except that happens successfully) like what binance has done to limit withdrawal from 2btc to 0.06 for incomplete account verification.

I think regulation is part of what can reduce volatility, bitcoin is decentralized and that makes total regulation impossible I think.

That's utter rubbish - probably taken from whatever website you lifted that piece of text from.

The Trade dollar (United States coin) was just one example from the 19th Century that toyed with the idea that a (usually) one ounce coin in bullion metals (usually gold or silver) would be worth the same across borders regardless of the denomination marked on the surface.



Image via pcgs.com

you cant ban bitcoin.. just like a bottle of 1920's beer has no brain or eyes to read the law for a bottle to realise it is banned
what governments can do is ban its citizens from using it.
just like prohibition in 1920's it did not ban beer. it banned people from drinking beer.

governments can control their currency by ensuring people are paid wages in only fiat. and pay taxes in only fiat. thus making fiat dependant on peoples income

this is why bitcoin is no threat to developed countries.
however small undeveloped countries like el salvador that doesnt even have its own fiat. is more free to try new things and detach itself from the dependance on the US dollar.

dont think of it as a binary option. bitcoin to replace all fiat or none
think of it as bitcoin is a second choice. take it or leave it

Yes, Bitcoin will definitely accept increasingly strict government supervision. Because Bitcoin is essentially a weakening of government power. But on the other hand, it is difficult for the government to fundamentally ban Bitcoin. This is determined by the underlying technology of Bitcoin. No single force can control Bitcoin or tamper with the Bitcoin network. Therefore, the ultimate choice must be that the government adapts to the existence of Bitcoin. In this continuous game, Bitcoin has gradually evolved into the super-sovereign currency of human civilization.

If by being accepted by everyone you mean every single person around the globe among the billions humans that exist is going to use bitcoin that is never going to happen, what bitcoin can do is to become big enough and influential enough that it is accepted in the same way that the US dollar is accepted.

Even if you live in a  non-touristic zone you can pay with dollars as most people know about the UU dollar and that you can easily exchange it for products and services everywhere, this is the goal of bitcoin and it is one that I think can be reached even with bitcoin at its current state.

bitcoin is currently trying to shift out of the "digital cash for the unbanked"
meaning away from anyone able to use it freely/cheaply

to be come a reserve currency asset for institutions to use as gateways to their own currency
where their own currency is pegged to bitcoin

it wont become a world replacement of fiat reserve.
but a secondary international option(choice) away from fiat reserve

the only issue is that these sidechain/subchains altnets with pegs to bitcoin. are at the moment showing signs of centralisation to big players at the expense/loss of the little guys
(little guys just wanting to buy pizza are finding its expensive on bitcoin and a 3 fold annoyance on the sidechains/altnets suggesting to be the solution to pizza price transacting)

that said
we could see an era where say paypal and starbucks become the bank2.0 with their own sidechain/altnet pegged/bridged to bitcoin reserves(locked funds) to compete side by side with fiat.

and yes even some countries could make their own sidechain/altnet pegs to bitcoin. as their digital fiat
(these are small under developed countries)

but bitcoin will never fully dispose of all world fiat reserves
the main developed countries(US/UK/EUROPE/AUSTRALIA) want full control of all aspects of their currency

Revolution it is, the only reason for me to invest in Bitcoin is become rich in small amount of time or the other way-being extremely poor because of losing. It ain't created to be a super sovereign currency. I mean how could that be possible when it is so volatile you can barely feel your moneys worth in just hours it it crashes. This is a game changer and all people who are involved are somewhat players, win or lose, well that's why think it is.

Bitcoin is a currency created by satoshi that has a decentralized nature with the aim of being used as an alternative currency to fiat and other mean of payment. Bitcoin is still possible to be regulated by the government of a country even though in the end many existing rule will only hinder its growth and development among the wider community. The government want tight control, we want freedom and the two are always at odds.

As you might think, bitcoin can become a sovereign currency if government around the world unite and support bitcoin. Meanwhile, until now government in many countries are still reluctant to legalize it as a legal tender due to price fluctuation and other reason. Regulation will block all ideas about the bitcoin revolution as a sovereign currency because government will continue to block it.

Definitely an interesting read. Bitcoin might evolve into a super-sovereign currency, but I think the draconic upcoming regulations will be like a blockage of its real potential. Here is where the problems usually come up: when humans think grass shouldn't be green in the US but blue instead. Once a country doesn't agree with something, especially when it comes to systems that put them under "danger" of loss of control, they'll try to enforce rules other countries don't agree with. And since Bitcoin lives on its own, all by itself with no need of change of rules, there will always be a problem with Bitcoin's evolution.

In any case, from the current position and the current stage of cryptocurrency development, a super sovereign cryptocurrency, which you have in mind, is completely impossible. Cryptocurrency with its decentralization and high price volatility will not be able to take a leading position in the global financial system. The states and their governments will not even allow it, if it is even possible in principle. In my opinion, cryptocurrency can exist well with fiat, which can complement each other's capabilities. She should not claim more, otherwise states will be forced to restrict her circulation.

These will be resolved sooner or later, just like popularizing electric lights, time will resolve.


In the past two years, the world has become more and more tolerant of Bitcoin, rather than just saying that it is a Ponzi scheme.
As the institution buys in, it will spread the bargaining chip. From a few whales to a flock of whales.

Thank you for your article for allowing me to fully understand the story of the super-sovereign currency. I think this is a good expectation. As for when it will be realized, it seems a long way to go. I firmly believe that but I choose to reserve my opinion. I do not have the high theoretical level of yours.

Why do we need a super-sovereign currency?

• The further demand of economic globalization, but in the face of the US dollar-based SWIFT settlement system, people feel that there is no freedom and it is completely controlled by the United States.
• The risk of sovereign currency is that once the country’s economy collapses, the value of the sovereign currency will quickly clear to zero. This kind of thing happens especially in some underdeveloped countries with abundant resources, and at least they don't have much right to speak in international trade. Take Zimbabwe, for example. The actual value of one trillion yuan is less than 10 U.S. dollars.

Why is super-sovereign currency difficult to achieve?

• Bitcoin is very difficult to anchor value. For many sovereign countries, some hope that Bitcoin will anchor diamonds, some hope that they will anchor oil, and some hope that they will anchor graphene. , It is difficult to unify opinions.
• Bitcoin is currently experiencing huge volatility, and the price cannot stabilize. After 20 years, we cannot accurately predict it. I also hope that the price will stabilize.
• Currently, the SWIFT settlement system is used globally. The United States does not allow Bitcoin to become a super-unsovereign currency, because the United States, as an emptied country, is completely supported by a financial virtual economy. Without the real economy, the United States has become accustomed to plundering the world's resources through the tide of the dollar.
• It is difficult for super-sovereign currencies to form a unified global consensus. Bitcoin needs time and more tolerance.For example, the Keynes plan mentioned in the OP article.
• Countries with large resources, powerful military countries, underdeveloped countries, countries with different ideologies, countries with different religions, etc., it is difficult to balance sovereign countries and interest groups, and it is difficult to formulate a plan that can satisfy the interests of all parties. And many countries are very unfriendly to Bitcoin.
• Bitcoin is still very young. The first step is the support of major powers. I hope Bitcoin can get the absolute support of Wall Street alligators and giant whales, because in the 1960s, the International Monetary Fund launched the super-sovereign currency SDR , But it is difficult to get the support of the United States, which has a veto in the IMF. So if you want to solve this problem, you still have to look at the attitude of the United States.

I have read several articles by the author. OP is definitely a hidden novice. OP has posted so many articles in a short time. If it can be more accessible and understandable, it will be more friendly to our novices. Thank you for your contribution, thank you.

I believe that something like that is not possible since at the end of the day if we truly want it to be accepted by everyone and at the same time to be widespread then we have to solve some issues, some issues like :
Lack of education
Lack of internet availability
Lack of even smart phones in various locations
Restrictions
Volatility
Dependence on whales
These are the one's that I could think from the top of my head but at the end we need years to evolve bitcoins, to update it because there is not only competitors in the crypto world now but at the same time it's not lenient.

Thank you for your reply. I also understand that making Bitcoin a truly super-sovereign currency is a long process. The existing mainstream fiat currencies will try to prevent this. This is why the existing government rejects Bitcoin. However, I believe that the day when Bitcoin becomes a super-sovereign currency will come sooner or later. This is determined by the progress of science and technology and the laws of social evolution. No one can stop it.

It's a great opinion, I'm glad to hear about it, I also want to share what Belfort said, I consider him to be a financial genius despite, obviously he has an opinion about BTC and cryptocurrencies, but he says that if he was fully regulated could completely disappear everything related to pump and dump:

‘Wolf of Wall Street’ J. Belfort: Bitcoin would thrive under strict crypto regulations


Source: https://finbold.com/wolf-of-wall-street-j-belfort-bitcoin-would-thrive-under-strict-crypto-regulations/

Although I have my doubts, I think that BTC will be prosperous without the need for regulations, since regulations are somehow synonymous with control and that is not in Satoshi's philosophy or what BTC was made for.

Maybe there will be certain groups of countries that will make bitcoin as super sovereign currency. Perhaps they will form and bond together to push bitcoin globally. But for sure it will be opposed by top countries, Dollar, Yuan will still be the standard to be used by global trades. They will argue against it as we all know that bitcoin is volatile and unstable and we only have limited supply. Bitcoin can grow tremendously, no doubt about it, but pushing to be a super sovereign currency? I highly doubt it for now.

Although bitcoin is unlikely to be super-sovereign for all countries it could be used for some e.g. El Salvador. Soon Venezuela, Lebanon, countries in Africa, and others may adopt bitcoin due to hyperinflation so the idea of super-sovereign might actually happen (for them)

That's interesting! Super sovereign currency can actually bring a standardization in world trade. But if I think from the perspective of bitcoin or whether it has the chance of becoming a super-sovereign currency  or not, I see only negative!

Apologies for not sounding positive here but there are two main reasons why we wouldn't see bitcoin as a super-sovereign currency ever.

1. No central issuer
2. Extremely volatile

No matter how much technical and theoretical attributes bitcoin has to become a super-sovereign currency, no government will ever accept a currency system to dominate the world trade which is decentralized in nature.

Money is a "promise to pay" instrument and must have an issuer to fulfil the promise. So as per the definition of money, bitcoin doesn't fall under a category of money!

In 1944, at the Bretton Woods Conference, Keynes, an eminent economist, proposed Keynes Plan, applying bancor as the unit in settlement and accounting among different currencies. It is the first time in the history of human currency that the concept of super-sovereign currency appeared, offering a rudiment for world currency. Although the plan had been discarded, it showed a feasible solution to our world currency system.

As far as I'm concerned, the growing influence of Bitcoin in the world's financial and economic structure has been strengthening its global consensus, Bitcoin will ultimately become a kind of super-sovereign currency that affects the world order. That is determined by not only the characteristics of Bitcoin itself, but the trend that human society is bound to turn fairer.

So what is sovereign currency and super-sovereign currency?

Sovereign currency is guaranteed by credit of its government. That is what we called legal tender whose value risks going zero the instant the country's economy collapses.

Super-sovereign currency is a reserve currency with a stable value standard, decoupled from the sovereignty of all countries yet accepted by all of them. It exceeds all national sovereignty and is not restricted by any single sovereignty. Only this kind of currency can effectively serve as international settlement tool, which is inevitable in economic globalization and global integration.

The concept of super-sovereign currency has been around for a long time. As I said earlier, Keynes advocated the overthrow of the international monetary system anchored by sovereign currencies. However, the story of super-sovereign currency is even longer since gold and silver belong to currencies beyond sovereignty. Both gold standard and silver standard can be regarded as monetary systems anchoring the super-sovereign currency. In fact, in the past 500 years of business history in human civilization, the international monetary system has already chosen super-sovereign currency from the beginning when globalized market was set, rendering gold and silver the anchor of world economy even when sovereign currency is the global currency.

As I said earlier, the last half century is the most unreasonable years in currency history of human society in that the issuance of global currency has no constraints with no precious metal value as the support, laying a fatal danger for the entire world economic order and leaving various economic crises and financial disasters in our society.

Whenever a financial crisis breaks out, human civilization will once again face an ancient and unresolved problem, that is, what kind of international reserve currency can truly maintain global financial stability, promote the healthy development of the world economy and build a steady and harmonious world. In history, silver standard, gold standard, the gold exchange standard, Bretton Woods monetary system and Keynes Plan are all arrangements to deal with that problem. However, to this day, it has not been resolved but festered due to the internal defect of the current international monetary system. It was not until 2009 that Satoshi Nakamoto created Bitcoin and gave the ultimate solution to that ancient headache. Bitcoin can well work as the super-sovereign currency of human society and as the anchor of international economy and trade.

Theoretically, the following basic characteristics are required for an international reserve currency to truly anchor the world economy.

1. Clear issuance rule and orderly supply;
2. Flexible and timely adjustment to total supply according to specific needs;
3. Its regulation must go beyond the economic condition and interest of any single country.

At present, employing the sovereign credit currency of a single country as an international reserve currency is a rare case in history, as I mentioned, it's rather unreasonable. Human society must creatively reform and improve the existing international currency system to fundamentally maintain global economic and financial stability. In my opinion, Bitcoin is the best option.

1. The issuance of Bitcoin is controlled by algorithm, tamper-proof and fair to all participants. No cheat is allowed;
2. No single force can control Bitcoin, and the release and operation of Bitcoin is completely decentralized;
3. The launch of Bitcoin belongs to POW mechanism, which requires mining machines and electricity;
4. The difficulty of Bitcoin mining can alter automatically conforming with the changes in hashrate;
5. The total amount of Bitcoin is limited, effectively avoiding over-issuance and inflation.

These are the most basic features of Bitcoin. It owns some characteristics of gold and advantages that gold does not have and is the best choice for super-sovereign currency. Maybe someone would say that the price of Bitcoin is very volatile, not suitable to be the international reserve and settlement currency. As I see it, this counts on the current stage of Bitcoin. It is still in the earliest stage of Bitcoin's development, far from reaching global consensus. In one to two decades, when the price of Bitcoin reaches 1 million or even 10 million dollars, the overall market value of Bitcoin can completely cover the economic behavior of the entire world, then its price will tend to be stable. At that time, a new currency system centered on Bitcoin will be formally established. That is the necessity for human civilization to forge ahead and on one can resist.

I firmly believe that Bitcoin will truly become a super-sovereign currency in the next ten to twenty years, anchoring the economic and financial order of human society. What do you think?