Can BTC become the world central currency? - page 3.

taufik123

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Quote from: topbitcoin on August 14, 2021, 02:06:09 PM

There are a lot of reason why BTC can't be central currency in world. I mean there are a lot of people who still not reach fiat digital payment yet. And in fiat they still can use traditional way when they give their money directly. Bitcoin need anything that maybe not all people can reach for example internet and device. Maybe will be good if bitcojn and fiat stay together with their own function.

Bitcoin and fiat both have advantages and disadvantages so that Bitcoin will not be separated from Fiat and Bitcoin will never be able to replace Fiat. In the digital era like today, Fiat is even widely available in digital form with faster and more efficient types of transactions using smartphone devices.
Bitcoin is still constrained by fees that are too large, but bitcoin is good every time
transactions will be recorded and will not be deleted by anyone and transparent.

Fiat remains the main currency used by the public and Bitcoin is one of the other options that can be chosen.

Distinctin

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Quote from: qwertyup23 on August 14, 2021, 02:31:04 PM

Short answer: No;
Long answer: Possibly.

The reason is that, in order for BTC to be considered as the world central currency, it is essential and vital that all countries must accept it to be the main legal tender in transactions. In addition, almost all countries must be technological adapted when they implement BTC as the world currency since it requires the connection of the internet in order to have a stable transaction.

However, imagine that the world central currency has a cap of 21 million. This would result to an inflation of its price where people would purchase it at a high price in order to transact.

It might be possible in the future but for now, the chance is very slim. Bitcoin has been getting a lot of restrictions even if there's a lot of countries now who wants to get involve in bitcoin. But the fact that the government personally is not supporting it, then it would be hard for bitcoin to become a world central currency.

And being a currency with high volatility, i don't think it will serve as a world currency if the value is not fixed. Because as far as i know, its volatility will always be there and might only be reduced if the government start controlling it.

qwertyup23

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Short answer: No;
Long answer: Possibly.

The reason is that, in order for BTC to be considered as the world central currency, it is essential and vital that all countries must accept it to be the main legal tender in transactions. In addition, almost all countries must be technological adapted when they implement BTC as the world currency since it requires the connection of the internet in order to have a stable transaction.

However, imagine that the world central currency has a cap of 21 million. This would result to an inflation of its price where people would purchase it at a high price in order to transact.

CLS63

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It's a good question that everyone is curious about a certain answer of it. In my opinion, this is not very possible. Because Bitcoin is a volatile cryptocurrency. Maybe its volatility is getting lower in time (which I don't believe so) but the volatility will never be gone. This is the nature of Bitcoin. It's been like that since it was first released. Governments wouldn't lean towards making it legal tender that easy. For now, there are only some developing countries that are aiming to do so. Developed countries are searching for ways to keep their currency's value and they are developing their own digital currencies at the same time.

topbitcoin

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There are a lot of reason why BTC can't be central currency in world. I mean there are a lot of people who still not reach fiat digital payment yet. And in fiat they still can use traditional way when they give their money directly. Bitcoin need anything that maybe not all people can reach for example internet and device. Maybe will be good if bitcojn and fiat stay together with their own function.

uneng

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I agree with those who say it's not possible to happen. We live in globalized world characterized by centralization of power in fewer hands which are united in factions, organizations and oligarchies in different parts of the world, but all of them connected by the common goal that is to suppress the regional cultures and individual freedom.
Bitcoin as it is right now looks like a threat to these people. For this reason I don't see why they would consider it as a world central currency. It's more interesting for them to create their own crypto currencies as some countries and big techs are already doing right now.

On the other hand, if these globalists are able to hold at least 51% of the bitcoin supply they could subvert the decentralized nature of the crypto currency, turning it into the world central currency. Although it's almost impossible to happen I think the desire does exist and that is why we see a lot of manipulation attempts in the market. They do this to incentive the weak hands to drop their coins, so the whales can keep buying and accumulating more and more coins within time.

nakamura12

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Reason why it won't happen. Not all people know how to use technology but it won't stop other people to use it but world central currency?. That's a big no. How about buying a grocery and that person doesn't have a lot of bitcoin and yet wanted to buy using a small amount of bitcoin and what do you think will happen if the transaction fee is higher than the amount and it will cost you more just buying a grocery or even buying vegetables for cooking later. This is why fiat currency is used for as it also existed a long time.

bakasabo

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"Worlds central currency" ? Really? Wake up from your dream. I think such day will never come, or at least not in our century. When two neighbor countries can not come to an agreement in political and economical question, how can hundred of countries agree to have one central currency? This is simply unreal. And what about pride for a national currency? History? Take US dollar for example. How old it is? It is most popular currency and still not a worlds central currency.

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Quote from: Ebede on May 30, 2021, 04:54:18 AM

At a time when the world is clamouring for peace and unity among the countries of the world- developed and developing.
There is a major limitation, which is the different currencies of the countries. These fiat currencies are controlled by different policies and economic situations of their different countries.
This posses a threat to global financial unity. As many countries are under banked. At the height of these challenges, came a pseudo human called Satoshi, who created what seems like 21st century wonders(bitcoin)

From 2009 till date, bitcoin suffered too many set back, ranging from disbelief to doubt about its future.
But 10 years down the tunnel is a great improvement and acceptance of the first cryptocurrency - bitcoin.
The huge acceptance lead to the creation of several altcoins.

Now many countries are willing to involve in the cryptocurrency world despite some restrictions in some countries because according to an African adage "No one knows the Goose that will lay the golden egg".
I am seeing in the future where BTC will become a unified currency for the whole world.

Bitcoin made huge leaps in technology by showing us that a transparent and globally unified cryptocurrency is possible by utilizing mass computing power. However the amount in circulation is nowhere near enough for all the regular transactions taking place every day and the network behind it is not as efficient as already existing payment systems like Visa/Mastercard. It definitely has a purpose and is great for moving larger amounts of money around, but it is simply unfeasible to become the primary currency for that reason. Now, it has laid the groundwork and maybe some other cryptocurrency is able to achieve this goal in future - most likely with much larger and flexible supplies (similar to a central banks ability to "print money" which isn't always a bad thing).

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Though crypto is already accepted by most developed countries but the question is can we predict the use of crypto as the central currency? The future for that is possible but it will take a longer while, am not sure in this generation maybe next, but the volatility and fluctuations is the major concern to be considered before it adoption as the world central currency.

haasanjui

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There are many chances that BTC become the world central currency because this is modern world and new modern Currency is introduced. BTC is most valuable coin in digital currency because of its dumping or pumping price. It will be source of payment in future tesla company is part of the success of this coin. We can predict from this success it will be a payment asset in future.

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Quote from: Ebede on May 30, 2021, 04:54:18 AM

...

Now many countries are willing to involve in the cryptocurrency world despite some restrictions in some countries because according to an African adage "No one knows the Goose that will lay the golden egg".
I am seeing in the future where BTC will become a unified currency for the whole world.

very big opportunity for bitcoin to become a unifying future of the world...

as jack Dorsey said in an interview that bitcoin will become a unifier of the world so he focused on developing a lighting network. when many small countries adopt bitcoin as a legal tender, large countries cannot refuse bitcoin adoption.

Maxine4466

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I think Bitcoin can and will certainly become the world central currency. Sure, governments are a huge factor in hindering that from coming true but I believe a state of balance between Bitcoin and governments will be put forward since Bitcoin is irresistible.
I know people don't like USD in dominating the world currency and the inflation followed, sometimes I feel bad about that, too. the only weapon available is Bitcoin. if all people in the globe reach a consensus on Bitcoin, then I'm sure governments have to accept and adapt to Bitcoin.
Satoshi gave us the chance and we must seize on it to end the current system which is unfair and wild. we need to support Bitcoin and make it a consensus.

dupee419

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Just imagine if Bitcoin becomes the world's central currency, looking at Bitcoin's volatility now and looking at Bitcoin's volatility if it becomes the world's central currency, it would be much worse than it is right now, so a lot of people will actually say no, the volatility now is actually high, we can't entrust everything at a currency with this much volatility.

ROSERTY

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In countries and regions with imperfect financial systems, the supply of traditional currency services is insufficient and digital cryptocurrencies like Bitcoin may provide viable alternatives.
Judging from the current development of Bitcoin, it is obvious that more and more people are understanding and understanding Bitcoin. Bitcoin can not only be invested, but also used as currency. But bitcoin will still be restricted by many countries. Although its storage value is obvious, its monetary attributes are likely to be replaced by other digital currencies.And the price of Bitcoin fluctuates too much. Even if the price of Bitcoin tends to stabilize in the future, its deflationary nature will not become a global currency.

verita1

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I don't think bitcoin is ever a central currency. Because each country needs its own currency. Bitcoin should be incorporated as a monetary alternative, we do not have to wait for an idea like OP raises. It is better that bitcoin is independent as always, that we have the opportunity to choose I agree.
If Bitcoin has worked for many of us it is time that more people know how to incorporate it into their monetary resources.
The process has been slow but in my opinion we are on the right track.
The need for new technologies in finance will make bitcoin enter more places around the world.

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Quote from: nurilham on August 13, 2021, 06:26:50 PM

If you mean BTC to be a single world currency, I think the chance is almost impossible. The government doesn't like a decentralized system on BTC, they cannot control the price at all. I am sure the government prefers to stay with fiats than move to BTC. Fiats is easier to use at any place because it doesn't need the network. While BTC requires the network to use it. Not all people want to use digital currency for payment purposes.

Its not almost impossible but rather its totally impossible.There would be no single currency neither it would be fiat or crypto because governments around the world wouldnt really tend to deal with single currency
and we know that there are lots of types of government which wont really be fitting out on a single currency and this is where we do see lots of fiat on specific countries that we do have globally.
Bitcoin does have the potential but it would really be just remaining on the market that is currently serving which is on that total decentralization.

nurilham

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If you mean BTC to be a single world currency, I think the chance is almost impossible. The government doesn't like a decentralized system on BTC, they cannot control the price at all. I am sure the government prefers to stay with fiats than move to BTC. Fiats is easier to use at any place because it doesn't need the network. While BTC requires the network to use it. Not all people want to use digital currency for payment purposes.

JerryKin

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I don't understand why many people are hoping Bitcoin would be a central currency. I don't think it was ever designed to be one and I don't think it would ever be. Except it becomes centralized. meaning it can be influenced by a third party (the government).
The last thing you want is a Bitcoin influenced by the government

The fact that Bitcoin is not serving as a currency is not an imperfection rather its a peculiarity. No one can change this fact.

Ekeleboy

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Yes, I strongly believe that Bitcoin will one day become a world central currency.

When ai speak to several people as regards the Bitcoin white paper that satoshi came up with; I refer to it as the " 9 pages that changed the world's financial system "

Satoshi's initial plan was just for simple transactions.. P2P.
That's all. However, over 12 years we have seen that it's more than just that. It's a financial revolution that is just about to happen.

Consider El Salvador, these guys just pulled a major plug in the whole Blockchain and Crypto Space. There's more and more to come. We just have to embrace Bitcoin wholeheartedly.

My simple thoughts

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