Can BTC become the world central currency? - page 6.

Vishnu.Reang

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Quote from: Bilgent on June 04, 2021, 02:11:32 PM

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.

Limited supply is not the issue for the governments and central banks. The real issue here is decentralization. The governments don't like a currency which they can't control. They want a centralized currency, which can be manipulated and controlled. So unless the political system changes in a big way, I don't think that there is a great chance of Bitcoin being accepted on a global scale by the governments. Anyway, Bitcoin doesn't need the governmental support. It is designed in such a way.

Similificator

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The said topic has been talked about so many times in so many different ways and thought builds that I can barely even stop myself from being annoyed by this topic. Clearly the answer is easy with common sense and it obviously is a no. The reasons as to why so are more than the very few reasons as to why bitcoins should become the world central currency. If you go ahead and try to read through the topics related to this, you will be bombarded with a lot of significant ideas and reasoning behind them that would certainly satisfy you. All you have to do is allocate enough time in searching about this topic.

conected

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Quote from: fauzan Ichsan on June 04, 2021, 12:11:51 AM

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

- The currency of a country is the heart and the road connecting the government with the people, besides, it also shows their public presence in the world, they also have sovereignty and personal products, the alternative will become an alarming indicator of the state of their existence, how bitcoin can break those principles and be accepted as an alternative to the nation's currency. The world monetary center still doesn't have enough space and tolerance for bitcoin, bitcoin is just a small topic in the global arena, not updated too much

Freezingel

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A unified currency? It might be a good thing to unite the countries, but unfortunately the implementation won't be that easy. First, if bitcoin is being a world central currency, who has the responsibility to control it? Of course there need someone who are able to control that, or else things will take a bad turn. Inflation might be a really bad problem, unstable economic situation might happen as well since bitcoin price is really volatile, and also unfortunately, even in this world there are still a lot of places that have no internet connection even until now, so it will be hard for bitcoin to be used as unfied currency, at least not for upcoming years.

AakZaki

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Some governments in developed countries have started to legalize Bitcoin but still will never be able to replace Fiat as the main currency. Bitcoin is too volatile with greater risk. Bitcoin can only be an option payment that can be selected or not. Bitcoin or crypto does have more advanced technology and this will also be a very good potential. But still bitcoin will never be able to become the world's central currency no matter what.

mindrust

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Quote from: Ebede on May 30, 2021, 05:54:18 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.

It already is. People accept bitcoin for payments almost everywhere now. If you are waiting for the government approval, don't wait for that because it won't happen. You don't need anybody's permission to send/receive bitcoin because you know it is decentralized. As you said FIAT currencies are controlled, nobody controls bitcoin, yay.

fauzan Ichsan

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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

slaman29

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Quote from: fauzan Ichsan on June 04, 2021, 12:11:51 AM

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

No it doesn't. US dollar is a world currency but it never needed to replace any other currencies. The same when China puts out digital yuan to be a world currency, it won't mean USD will disappear.

I think crypto people overestimated themselves and underestimated fiat when they said crypto would replace world money.

GeorgeJohn

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Quote from: Mr.sprin on June 04, 2021, 12:32:07 AM

It's true that it's impossible for bitcoin to replace fiat money. The proof is that currently many countries prohibit bitcoin, how can bitcoin become the world's central currency?

We have to understand the scenario that Bitcoin is decentralized and fiat is centralized, so people will value the centralized currency because they are feeling it and also seeing it physically, Bitcoin can replace fiat and it's possible because searching around, it's noticeable that adoption of cryptocurrency is getting higher everyday, and instead of people to invest with manual business they are all investing digitally currently, so the evidence is clear that within period of time at least twenty year ahead Bitcoin will eliminate the values of fiat via investment.

Lorence.xD

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Quote from: Mr.sprin on June 04, 2021, 12:32:07 AM

It's true that it's impossible for bitcoin to replace fiat money. The proof is that currently many countries prohibit bitcoin, how can bitcoin become the world's central currency?

Plus there's only a limited amount of bitcoin for it to be used to circulate on a global economy and it has to be really fast, and I don't think that a lot of people are going to be able to access electronic given that there is still poverty all over the world.

Mr.sprin

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It's true that it's impossible for bitcoin to replace fiat money. The proof is that currently many countries prohibit bitcoin, how can bitcoin become the world's central currency?

wendy sy

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The probability is 50%. First, the US dollar has withdrawn from the world currency status by 100%, and no other mainstream legal currency can be replaced. Second, the world returns to the gold standard. Third, gold and Bitcoin each have a 50% probability of becoming world currencies. The problem with gold is that all countries have serious debts, and no one dares to promise gold exchange, otherwise exports will be destroyed and debt will burst. The problem with Bitcoin is that the basic ecological construction is not sound. But apart from these two, nothing else works, such as carbon emissions, petrocoins.

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Quote from: ILuckyGuyI on May 30, 2021, 06:49:01 AM

My answer is simple. No, it can't. None of the governments would be eager to use a completely volatile currency. And they are right to think like that also. Why would I want to risk my economy in the end? Bitcoin is already a very good alternative option and it should stay like that.

yes it is like that, with a very uncertain price it will be very difficult for the government to make bitcoin central. and I think that if bitcoin is made the central currency of the world, it will only destroy the global economy because of bitcoin's fluctuating volatility.
I really like the way you think about bitcoin being used as an alternative option because that's the only task because if it's more than possible when bitcoin goes up it's okay but just imagine if bitcoin is used as the world's central money and what happens is bitcoin decreases? how many countries should get inflation because of it

DarkDays

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Can BTC become central to the world currency? I think not, and this has to do with the fact that the blockchain in fact any blockchain is not ready for the mass traffic that it will encounter daily. The network is also not efficient enough and getting regular people to understand why their banks are now run by smart chains is not going to be an easy thing.

worle1bm

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Quote from: Ebede on May 30, 2021, 05:54:18 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.

Being optimistic about btc growth as crypto enthusiast is good but daydreaming is also not good because you are talking about Bitcoin replacing fiat completely and would centeral government's allow this to happen anytime? What would be the fun of banks and government control over these decentalized currencies? And the main thing how would you circulate 21 million coins globally for each person use to exchange for commodities like fiat?There are certain other factors which cannot be neglected like fees and some other for which btc cannot be used as centeral currency.But it's adoption and use will increase over time.

datguyian

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It can become a guard currency on a global level in the sense that this governments which abuse their own currency and shut down gateways to buy other fiats must expect their own citizens to flee into Bitcoin, because that can't be stopped.

udidrone

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Fiat, government will do anything to protect it. And for adoption, central currency almost impossible because fiat will always be used by people both who know or don't know about digital era. That is why will need really much work for bitcoin to be central currency. But, although for investment, people already satisfied with it.

Nrcewker

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Quote from: virtualdn on May 30, 2021, 07:01:09 AM

Hopefully not, because BTC is not centralized and I hope it will always remain this way. This should always remain the people's coin (not that dumb Dogecoin as genius clown Musk says to his sheep).

Yeah i agree with you completely.
People should to know at first that BTC is a crypto asset not a currency, so it can’t be actually considered as a primary central currency.
Moreover it is also decentralised that is cannot be controlled by any government, so typically OP’s discussion is worthless.
Eager to hear from other people about the same and will entertain all the ideas and thoughts.

Taskford

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Quote from: sapnu on June 03, 2021, 11:18:39 AM

It is just too impossible from happening right now considering that the most of the government in different countries are against it. We cannot blame them actually, bitcoin is a decentralized currency and they are not gaining anything from it at all. A lot of adjustments would be needed first before it happens and we all know how backed-up fiat currencies are by the government itself. Bitcoin might be a lot more better than it but the government still holds the rule on what is allowed and what should be declared as a central currency.

You should not believe easily that most of the country against with bitcoin since there are no supporting claims in legal matters that can confirm this, The only one I see is fuds nothing less nothing more.

But also its impossible for bitcoin to became a global currency since the law itself will dis allow this to happen and USA government doesn't want that to happen since there economy might get affected if bitcoin overcomes thr US fiat.

sapnu

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It is just too impossible from happening right now considering that the most of the government in different countries are against it. We cannot blame them actually, bitcoin is a decentralized currency and they are not gaining anything from it at all. A lot of adjustments would be needed first before it happens and we all know how backed-up fiat currencies are by the government itself. Bitcoin might be a lot more better than it but the government still holds the rule on what is allowed and what should be declared as a central currency.

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