Topic: Can BTC become the world central currency? - page 5. (Read 1214 times)
I think in the future bitcoin will become the central currency of the world. From the beginning of 2021 until now, the cryptocurrency market has witnessed many fluctuations, with the focus of attention being bitcoin. The bitcoin price continuously broke records, suddenly turned sharply lower and recovered in a short time. Bitcoin is making a big impact globally.
Honestly speaking I don't see bitcoin becoming the global currency because it got so many limitations to why it can't actually be accepted as the world central currency, bitcoin is an alternative currency and also an asset for investment. Bitcoin can be accepted as a means of payments by many big investors and companies and can possibly be abducted in many countries but won't really replace fiat, most government won't even agree on giving up on their country's currency because there got full charge and control of it.
Well, the fact that bitcoin is decentralized and the government can't control it, it will never happen that bitcoin will become the world's central currency. Perhaps bitcoin will become the world's good alternative currency in all local currency because it can be used to send money across the world and it is everywhere. Let us face the fact that bitcoin is good for storing and saving value, people did not intend bitcoin as a payment, they think bitcoin is a form of investment that you have to hold your bitcoin. There are too many factors to consider before bitcoin becomes the bitcoin become the world's central currency.
But as the time goes by, we can expect changes that will be inevitable. I expect that more people will discover about bitcoin not just as a good store of value but also as a good currency that can be a good option to use when people gets sick using fiat. And once this will happen, adoption from its users might be possible even bitcoin banning is still visible.
we certainly can't predict the future accurately, but if we judge in theory bitcoin can't be used as a central currency because bitcoin has several shortcomings that are not feasible if used as a central currency, one of which bitcoin does not have an underlying value then if later investors If you sell bitcoin, the bitcoin will lose its price because there is no party responsible for maintaining that value.
We cant be sure regarding this theme, but I think one of problem can be implementation. Inflation too.
In terms of implementation there is more chances of risk, because to make every country get adopted to the usage of bitcoin/cryptocurrencies isn't an easy thing. As there is limitation in the number of bitcoin available for usage there is very less chance of inflation. Maybe in the next twenty years we can experience the change, as countries have begun to announce bitcoin as legal tender and the first being El Salvador. 
Honestly speaking I don't see bitcoin becoming the global currency because it got so many limitations to why it can't actually be accepted as the world central currency, bitcoin is an alternative currency and also an asset for investment. Bitcoin can be accepted as a means of payments by many big investors and companies and can possibly be abducted in many countries but won't really replace fiat, most government won't even agree on giving up on their country's currency because there got full charge and control of it.
Well, the fact that bitcoin is decentralized and the government can't control it, it will never happen that bitcoin will become the world's central currency. Perhaps bitcoin will become the world's good alternative currency in all local currency because it can be used to send money across the world and it is everywhere. Let us face the fact that bitcoin is good for storing and saving value, people did not intend bitcoin as a payment, they think bitcoin is a form of investment that you have to hold your bitcoin. There are too many factors to consider before bitcoin becomes the bitcoin become the world's central currency.
Honestly speaking I don't see bitcoin becoming the global currency because it got so many limitations to why it can't actually be accepted as the world central currency, bitcoin is an alternative currency and also an asset for investment. Bitcoin can be accepted as a means of payments by many big investors and companies and can possibly be abducted in many countries but won't really replace fiat, most government won't even agree on giving up on their country's currency because there got full charge and control of it.
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.
There are many ways that the world can achieve peace and I don’t think that the currency we are all making use of has anything to do with whether we have peace or not. For us to achieve peace in this world, what we are all going to be needing is understanding and tolerance.I am seeing in the future where BTC will become a unified currency for the whole world.
Having understanding among every ethnic groups, religion, race, etc. is the first thing that is going to help us on our quest of achieving peace all around the world. If you check right now, some of the problems we are having at this time is being caused by religion and race; if you check you will see some people from a different race who lacks understanding, hating on another race. And then you will also see people of a particular religion hating on other religious groups. So we very well need understanding and tolerance, before any other thing.
Whether Bitcoin can become the mainstream currency in the world depends on the number of people who accept Bitcoin as a hard currency, and the number of Bitcoins that can match the development of the economy.
PRobably to the governments around the world because if they see the base currency USD won't be acceptable for trading due to the depreciating value, their trading partners may not see it fit to use. Just like what happened in Zimbabwe, they are adopting USD because the local currency they have loses its value anymore.
If nothing seems to be better to use and other countries will refuse Yuan or EURO, they may agree to use BTC. possibilities are high because they are not making laws and regulations to cryptocurrency. BTC could become the world reserve currency.
Bitcoin is losing when we think of the probability of something like this to happen. Because it is volatile. This could be the main reason that prevents it from reaching that high level.
Whether Bitcoin can become the mainstream currency in the world depends on the number of people who accept Bitcoin as a hard currency, and the number of Bitcoins that can match the development of the economy.
to become a world currency, means replacing fiat currency. I think this is very difficult, we know that until now the government has not legalized it, maybe there are many considerations and calculating the advantages and disadvantages of BTC. and I think it is very difficult to equalize between poor, developing and developed countries
I guess thinking that BTC can be possibly become the world central currency is too early, I mean the world isn't adopting bitcoin yet or even appreciating the presence of cryptocurrency in the world market. But I believe that this is possible but if it would be happen I guess but it would take time until every nation in the world agrees to use this as world central currency. But at the same time I guess bitcoin could be adopted as world central currency when it comes to trading industry of each nation but not as the circulating currency in a certain nation, not until all of the people in a certain country has good internet connection and a gadget or tools to use in dealing with bitcoin then it would be possible.
It isn't just too early, it is impossible. The government wanted control and Bitcoin just do the opposite. They can be adopted by several countries, yes, but to be a central currency is a big no. Instead of using Bitcoin as a central currency, this government will just create a new blockchain-based currency that they have full control.
to become a world currency, means replacing fiat currency. I think this is very difficult, we know that until now the government has not legalized it, maybe there are many considerations and calculating the advantages and disadvantages of BTC. and I think it is very difficult to equalize between poor, developing and developed countries
I guess thinking that BTC can be possibly become the world central currency is too early, I mean the world isn't adopting bitcoin yet or even appreciating the presence of cryptocurrency in the world market. But I believe that this is possible but if it would be happen I guess but it would take time until every nation in the world agrees to use this as world central currency. But at the same time I guess bitcoin could be adopted as world central currency when it comes to trading industry of each nation but not as the circulating currency in a certain nation, not until all of the people in a certain country has good internet connection and a gadget or tools to use in dealing with bitcoin then it would be possible.
No it couldn't the government wouldn't let it happen simple as that.
How could a decentralized currency be the central currency of the world?
As much as I dream or want it to happen we need to face reality and know that it is impossible even for a country.
How could a decentralized currency be the central currency of the world?
As much as I dream or want it to happen we need to face reality and know that it is impossible even for a country.
World central currency? Nah, I don't think so. I give no chance for a government to condone this. They wouldn't like to use a volatile currency. And some governments (like China) think that it could be the end of us if we make Bitcoin as the world central currency. Their reason is that Bitcoin has a limited max supply.
It actually can if the governments give green light to this. But they won't which I'm sure of. They wouldn't like their digital currency to lose huge amount of importance and value. I don't expect to see this happening in any big country especially.
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.
Based on current situation, it really is not going to happen. If it does happen, be prepared to pay absurd fees for transacting anything. Look at how crazy the fees are when the network is underload. Now imagine the whole world using bitcoin at once. You will have to pay insane fees to get your transaction included in a block. Something has to be done about this. We need a proper solution that won't comprise the current protocols and security measures bitcoin has taken. Or else bitcoin is always going to be a store of value. Not a regular currency that can be used for day to day transaction. 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.
But why only BTC???
Is this so powerful and stable that you say that? We are empowering this coin! So? We can reroute
) we can say like this
Is this so powerful and stable that you say that? We are empowering this coin! So? We can reroute
) we can say like this
I don't think it's possible for Bitcoin to become a global central currency, because every country has its own regulations, especially when it comes to the use of existing local currencies. most governments are certainly worried that if Bitcoin is free to use for transaction purposes, it is likely that most people will switch to using Bitcoin. Moreover, foreign tourists will feel free to use Bitcoin if government policies are able to relax the rules that have been put in place
I really agree with this if the governments of various countries that are now rejecting bitcoin, can return to accepting bitcoin with a positive and open mind.. hope bitcoin can become a payment center that can be recognized by all countries... apart from the bad side for a country, because there are still many countries whose representatives of the government are not responsible for corruption and money laundering with bitcoin so as not to be detected.
It will be a currency that will be used by most of the population but it will not be a central currency. People need to understand that governments will not support a decentralized currency. They don't have control over this. Governments still think BTC is just a bubble and it will be burst sooner or later.
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