Can BTC become the world central currency? - page 7.

yazher

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Quote from: ILuckyGuyI on May 30, 2021, 05:49:01 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.

It can't reach up to that level because we already know that the reason is the volatility of its market and some important factors that in need of clarifications. nevertheless, it can be one of the top currencies in the world where it can be used as means of payment in any of the leading industries out there and you can see that happening right now. Maybe after some time, there will be lots of development and innovative invention that will push bitcoin as one of the leading currencies in the world.

isaac_clarke22

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

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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.

To be honest, I was one that doubt it back in the days when I also had the misconception of it being a illegal currency and widely used by criminals because of how pseudonymous it is. If I invested one back then, I could have been locked out of my own wallet because I would not care about it in the first place.

About your thoughts in BTC being world central currency, you already answered your own question.
Central !== (DE)centralized.

Questat

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It finds to be a big question and still no concrete answer until today. The risk that merchants are thinking about how to cope with their losses if there is a sudden drop occurs in the future. They are still worried and of higher risk on their part, and that is why they are still in doubt. We have to understand their position as well and even we like that BTC become the world currency, we can do nothing if there is no strong support from the government, merchants, and establishments who will accept Bitcoin's payment.

Velazqe

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I think this is impossible. If Bitcoin is used instead of fiat currency and becomes the only deflation, natural deflation cannot be controlled. It is impossible to overcome the barriers. Trying to confuse the public with such expressions as "Bitcoin can be subdivided infinitely" and "Deflation is better than inflation". It's useless, you will understand if you patiently read books on economics or money and banking.

Alanaz

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I'm not so sure this can happen because it's very clear that btc is volatile and hard to predict, from here on out I'm not sure btc is the central currency let alone the government. they must have thought several times if they wanted to set btc as the central currency.
it's enough as it is now, btc is enough to be an accessible investment material and the central currency remains $ and can't be changed because basically if this kind of thing is changed it will certainly cause chaos.

Leviathan.007

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The simple and short answer is no. Since bitcoin is decentralized it's not going to be accepted by any government as payment method. Actually, the whole point of bitcoin is to be stay anonymous and decentralized so even if somehow some governments accept bitcoin as payment method there will be many conditions such as forcing people to do kcy. I believe bitcoin is going to be stay decentralized like it is and none can change it.

matchi2011

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Quote from: mrongoz22 on June 01, 2021, 11:34:23 AM

it is unlikely that btc will become a world currency, because it is difficult to replace the fiat currency that has been used for centuries, bitcoin will still be bitcoin, will forever be bitcoin, just let btc stay where it is,
make it easier for us to invest,

Facts dictates that even in a changing technology there are many institutions that will keep the system that they've fully understood,
it will be tough for them to switch.

Bitcoin will progress as a means of transactions, be recognized by many either investors or businesses that will adopt the system but
it will stay that way.

Nunoluck

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I see good future of bitcoin. This pandemic increase people awareness about the advantage of bitcoin payment method. I think bitcoin will be more popular and used by many people in the world for online transaction. For now in export-import trading, people still use fiat because they need bank to send necessary documents. But it is not impossible that we can choose to use bitcoin for export-import trading too. Maybe bitcoin will not become the world central currency, but I think it still can become the most popular alternative payment method.

eaLiTy

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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.

You can use BTCitcoin for global transaction and what is stopping you from doing so.

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

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.

When you come up with something that is not heard before which is a decentralized currency you will have your doubts and think how it can be successful and whether any government will stop this from going mainstream and these were the genuine doubts i had when i first started with BTCitcoin and ten years later it is the hottest market.

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

I am seeing in the future where BTC will become a unified currency for the whole world.

It is already a global currency and you do not need anyone's permission to call them a global currency as you can send any amount in BTC without much fuzz from the day BTCitcoin is launched.

mrongoz22

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it is unlikely that btc will become a world currency, because it is difficult to replace the fiat currency that has been used for centuries, bitcoin will still be bitcoin, will forever be bitcoin, just let btc stay where it is,
make it easier for us to invest,

angrynerd88

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It is genuine world can't indeed have one binding together cash,There will fundamentally need to be one single government controlling the complete world, which within the to begin with put isn't possible, and indeed in the event that it's conceivable for there to be fair a single money, at that point there's no way that cash is getting to be a decentralized one like Bitcoin.Bitcoin has worth to rule over the world as king unique currency of the world but the govrnrmrnt positive role help to make it possible.

jesselui

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No. I think the question is wrong. Bitcoin cannot be the currency of the world. But it may be another coin with similar technological features to bitcoin. And this coin will not be affiliated with any state. It will be valid in every country.

Sanugarid

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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.

I think it's not possible for BTC to become the world's central currency and the answer is simple, the government won't allow something that they can't regulate or out of their hand. No matter how many countries get involved in BTC and cryptocurrency as a whole, its impossible for them to accept it as their main currency and it will affect their economy as well.

xenon131

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

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Overtly, I don't understand what is "the world central currency". World doesn't have central body so it can not have the central currency. But if you mean "a world reserve currency" then the short answer is 'No". IMO, BTC would be perfect for this role if it wasn’t for one thing - its fixed supply that might not meet the world demand.

Kittygalore

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Quote from: ?? on ??

Per my opinion it is hard to become. Banks and economy and every economy big fish want to have control of money flow. I am wrong maybe, we will see.

You aren't wrong about banks and the string pullers wanting to control the flow of money, that's basically the fundamental that banks are build upon and elites have been raised to. Also, the difficult part is that bitcoin becoming the global currency is pretty difficult since there isn't a lot of bitcoin to go around and if it were to happen, lost coins will increase.

clippers

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It is difficult, although Bitcoin will not disappear because of bans by governments. But it is also difficult to develop a currency that can be used all over the world.

In fact, the biggest difficulty preventing Bitcoin from becoming an international currency is not price fluctuations or limited quantities, but the high cost of learning. Learning how to use US dollars in daily life has become a habit of people, but learning to understand and use Bitcoin will be much more difficult.

Ebede

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Quote from: fiulpro on May 30, 2021, 12:59:45 PM

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

Then we have to think about : Usage
Are mobile phones available everywhere? Internet? Will everyone be able to use them ? no.

The only reason so as why fiat is so popular is because it is indeed something very easy to use and convenient.

If say about usage, the world is evolving. At the rate at which technology is taking over the world, in the future you will likely see internet everywhere and even everyone will use a mobile phone, whether by self or by proxy.

However, I have seen your apt points, maybe I was too optimistic about bitcoin.
Noted: The creator of Bitcoin.

Dread Pirate Roberts

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

I am seeing in the future where BTC will become a unified currency for the whole world.

For becoming most popular digital payment it might be possible. but for main currency i dont think so. every country had regulation, economic system and law as logical example just imagine if transcation fee on bitcoin implement on real life transaction. bitcoin is comodity . digital asset . investment option . digital currency just it.

Ebede

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Quote from: Vishnu.Reang on May 30, 2021, 08:37:35 AM

Quote from: ?? on ??

The real reason is that Bitcoin is protected against inflation, unlike the fiat currencies. And this pose a problem for the governments, as they can't print money in unlimited quantities (and then steal most of it). And this is the reason why they removed the gold standard many years back.

So, you meant that the real or major reason BTC cannot be adopted as Unified Digital Currency is because governments cannot control it or create it(either in excess or shortage) for the regulation of the economy.
If this be the case, it therefore means it will help the economy to attain some kind of stability or am I understanding differently?
However I also saw your point of selfish interest of the leaders.

kaggie

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Yes, of course it will be.

The irony of bitcoin is that it goes up because with each cycle of FOMO, more people and companies FOMO into it. It eventually will capture everyone. FOMO creates FOMO.

Perhaps never as a regular transactional currency, but this might have been intended. As bitcoin increases in value, it will decrease in volatility because it will require increasing funds to change its limits. The current limitation of bitcoin is that is not directly tied to any physical asset, yet as its price increases (due to the greed of governments who inflate their currencies,) it will be tied to increasing markets.

Also, because governments can't agree among themselves, even within themselves. And the beauty of bitcoin is that every country has electricity, and mining automatically adjusts to the amount of computers available, so there is no upper nor lower limitation on the number of computers needed to verify the chain.

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