Topic: Could Bitcoin one day become the global reserve currency? - page 3. (Read 772 times)
I think there is a good chance that we could see it become "a" reserve currency, but not the main one. I mean it is obvious that we are talking about more and more nations eventually buying up bitcoin in bulk, its not going to be as high as fiat currencies, the top three would probably be covered already, but it could go into top 20 of most big nations, and that is still a huge huge deal, its a deal that can take us to a million dollars when the day comes. This is why I believe that we shouldn't really be worried about the price of today, because I believe the price of tomorrow will be a lot bigger and that's why I am happily investing today.
Of course you can, the world needs a financial system that is strong and resistant to inflation, if you use 1 or 2 currencies it will certainly make it unfair, but if you use bitcoin it will be fairer and acceptable globally, moreover the bitcoin community continues to increase and according to reports it has reached more than 100 million active users.
Point is whether the big institutions find it useful or not. These decisions are not made by an internet forum member group rather they are done in an international forum where people from different countries come together and put forward their opinions and suggestions. In such a space, bitcoin has a clear disadvantage and a lot of groundwork is needed before this stage in order to put bitcoin at an advantage.What we should do is keep hope and gather more people into the use of crypto in daily lives. Gradually the local governance will take notice and from there we can grow to a bigger forum.
If the number of users continues to increase then bitcoin can become the global reserve currency, even though many countries are still banned cryptocurrencies but the number of communities that continues to grow certainly cannot be stopped so I'm sure if bitcoin can last for another 10 years then the number of users may have been more than 1 billion and deserves to be the global reserve currency.
More precisely not to be a global reserve currency, but to be a currency for additional payment options after fiat. This means that Bitcoin can be used to buy any item needed by everyone if all countries have adopted it as the legal currency for payments. So everyone will find it easy because when someone who doesn't have fiat in his pocket, but he has Bitcoin in his wallet, he doesn't have to bother looking for fiat if he wants to buy something. Just use Bitcoin to complete the purchase when Bitcoin can be used by many people for payment. 
Reserved doesn't mean it always talks about the value of token or money. We're all aware the volatility of the bitcoin which can affect its value from time to time. But it doesn't mean to hold it just to gain profit but to reserved it in a long period of time like a gold where we can see in other banks. In any economic situation having a reserved is a good way to survive such fall of the economic and the market. And also I share to you my experience from my grandma, she always keep old money from the past years some of them is like 30 years old already. But if you ask me how much they worth each? They worth like $200 but back in the day its value only around $1. We choose to reserve it for a long period of time which I could compare to this situation.
I think it has to do with the value because if it isn't then they will use any thing or non-valuable things as a reserved. If you will say it has nothing to do with the volatility, then that's sounds better. Bitcoin is volatile but it can still recover no matter how low it dips and then there are times that it can became stable. If they will only look at this, they will not hesitate to use Bitcoin as a reserve.In fact, Bitcoin can fit better on this position or as a reserve currency because it was a currency but gold is more like an asset. Your grandmas' story was interesting but I think it's different from what we are talking about here.
What she was doing there is more like a hobby of coin collecting but she was lucky that the value of those coins increases instead of depreciating due to the inflation like what happened with the dollar for example. Well, I guess that's because those coins are rare now or considered to be an antique.
Bitcoin is a technology that makes our life easier. It does not melt in the face of inflation like fiat currencies. It frees us from the bondage of banks, as it allows us to transfer money without the need for third parties. It has great features.
- However, despite being a new technology, it has very high energy consumption. However, everyone would like it to consume less energy.
- Also, it has been known and traded for years but still has very high volatility. With this appearance, it scares new investors. Because everyone expected it to have a more balanced price performance.
- World history is full of wars. Perhaps we are living through one of the best periods in history. But because of us homosapiens, our world is very prone to chaos. Coins that do not have an armed force behind them, such as Bitcoin, may be a little unlucky in this regard.
I think these three problems may not be solved and these three problems may prevent bitcoin from being a reserve currency.
What do you think about the subject? Can you share some enlightening information for me?
- However, despite being a new technology, it has very high energy consumption. However, everyone would like it to consume less energy.
- Also, it has been known and traded for years but still has very high volatility. With this appearance, it scares new investors. Because everyone expected it to have a more balanced price performance.
- World history is full of wars. Perhaps we are living through one of the best periods in history. But because of us homosapiens, our world is very prone to chaos. Coins that do not have an armed force behind them, such as Bitcoin, may be a little unlucky in this regard.
I think these three problems may not be solved and these three problems may prevent bitcoin from being a reserve currency.
What do you think about the subject? Can you share some enlightening information for me?
It's highly unlikely Bitcoin or any cryptocurrency could ever achieve this status, not least because the USA gets a lot of perks from hosting this status and would put up an incredible fight before they relinquish it. They're more likely to ban cryptocurrency outright if the idea of this threat were to ever become real, that would naturally prevent it from happening as they are one of the largest and most dynamic economies in the world. There is another issue that is more likely to prevent it from happening - Bitcoin is too inflexible, sure you can go to infinite decimal places, but that kind of defeats the supposed "zero inflation" ability and the transaction ability is simply not fast enough, plus there will be the ever present danger of a 51% attack or other vulnerability.
If the number of users continues to increase then bitcoin can become the global reserve currency, even though many countries are still banned cryptocurrencies but the number of communities that continues to grow certainly cannot be stopped so I'm sure if bitcoin can last for another 10 years then the number of users may have been more than 1 billion and deserves to be the global reserve currency.
Of course you can, the world needs a financial system that is strong and resistant to inflation, if you use 1 or 2 currencies it will certainly make it unfair, but if you use bitcoin it will be fairer and acceptable globally, moreover the bitcoin community continues to increase and according to reports it has reached more than 100 million active users.
Point is whether the big institutions find it useful or not. These decisions are not made by an internet forum member group rather they are done in an international forum where people from different countries come together and put forward their opinions and suggestions. In such a space, bitcoin has a clear disadvantage and a lot of groundwork is needed before this stage in order to put bitcoin at an advantage.What we should do is keep hope and gather more people into the use of crypto in daily lives. Gradually the local governance will take notice and from there we can grow to a bigger forum.
I would say that it is a "reserve currency" for the people, maybe not so much for the governments, that could be the case in this situation. I agree that there are a lot of people who have savings in bitcoin right now and that is definitely a great thing, definitely something to cherish because it means the idea of "peoples money" instead of being America's money or brits or French or German's money, it's global, and that matters a lot.
I personally believe that the best thing to do today would be having some sort of understanding that we could be seeing some governments pick this up and realize people love it and eventually start investing into it a bit.
Yeah, I'd agree that it is for the people including us. We do like the concept of it and it's really actually for the people and that's why this invention is totally getting to the nerve of the governments. Some are just against it but the majority are liking what's with on its value.I personally believe that the best thing to do today would be having some sort of understanding that we could be seeing some governments pick this up and realize people love it and eventually start investing into it a bit.
That just can't be stopped but who knows if we get to see that a big country would announce that they're making bitcoin as their reserve just as par with gold being a reserve. That might be a crazy idea to think now but everything that's happening with bitcoin right now have probably thought by early adopters to be something crazy as well so, who knows then?
Volatility is the main reason why btc will not become the reserve currency of one country or company, even though there are companies that announce this, they already know the worst possibility that they will get, and I don't believe that one company will continue to hold their btc when btc experiences an increase tall one
Bitcoin volatility only occurs when its price is measured in fiat currency.
If one day central banks decide that Bitcoin is the benchmark of money and the measure of the value of all things, then Bitcoin's volatility will no longer be an issue. The continuation of the collapse of the world globalization system and the growing mistrust between different countries can push the Central Banks to such a decision.
If countries endlessly wage economic wars with the use of economic sanctions (including against the national currencies of opponent countries), then such a decision can be made.
The banking system needs stability, and Bitcoin is a deflationary international currency based on the power of a mathematical algorithm, not on the ambitions of individuals or states.
Of course you can, the world needs a financial system that is strong and resistant to inflation, if you use 1 or 2 currencies it will certainly make it unfair, but if you use bitcoin it will be fairer and acceptable globally, moreover the bitcoin community continues to increase and according to reports it has reached more than 100 million active users.
Volatility is the main reason why btc will not become the reserve currency of one country or company, even though there are companies that announce this, they already know the worst possibility that they will get, and I don't believe that one company will continue to hold their btc when btc experiences an increase tall one
Bitcoin is increasingly popular especially when prices rise or are more expensive, there are ideas from many countries to immediately make bitcoin equivalent to fiat so that it can help when there is a large crisis or inflation that is uncontrolled, some countries have officially announced to legalize bitcoin and in my opinion the trend of bitcoin will continue improved
Bitcoin is a technology that makes our life easier. It does not melt in the face of inflation like fiat currencies. It frees us from the bondage of banks, as it allows us to transfer money without the need for third parties. It has great features.
- However, despite being a new technology, it has very high energy consumption. However, everyone would like it to consume less energy.
- Also, it has been known and traded for years but still has very high volatility. With this appearance, it scares new investors. Because everyone expected it to have a more balanced price performance.
- World history is full of wars. Perhaps we are living through one of the best periods in history. But because of us homosapiens, our world is very prone to chaos. Coins that do not have an armed force behind them, such as Bitcoin, may be a little unlucky in this regard.
I think these three problems may not be solved and these three problems may prevent bitcoin from being a reserve currency.
What do you think about the subject? Can you share some enlightening information for me?
- However, despite being a new technology, it has very high energy consumption. However, everyone would like it to consume less energy.
- Also, it has been known and traded for years but still has very high volatility. With this appearance, it scares new investors. Because everyone expected it to have a more balanced price performance.
- World history is full of wars. Perhaps we are living through one of the best periods in history. But because of us homosapiens, our world is very prone to chaos. Coins that do not have an armed force behind them, such as Bitcoin, may be a little unlucky in this regard.
I think these three problems may not be solved and these three problems may prevent bitcoin from being a reserve currency.
What do you think about the subject? Can you share some enlightening information for me?
It's highly unlikely Bitcoin or any cryptocurrency could ever achieve this status, not least because the USA gets a lot of perks from hosting this status and would put up an incredible fight before they relinquish it. They're more likely to ban cryptocurrency outright if the idea of this threat were to ever become real, that would naturally prevent it from happening as they are one of the largest and most dynamic economies in the world. There is another issue that is more likely to prevent it from happening - Bitcoin is too inflexible, sure you can go to infinite decimal places, but that kind of defeats the supposed "zero inflation" ability and the transaction ability is simply not fast enough, plus there will be the ever present danger of a 51% attack or other vulnerability.
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Bitcoin is a technology that makes our life easier. It does not melt in the face of inflation like fiat currencies. It frees us from the bondage of banks, as it allows us to transfer money without the need for third parties. It has great features.
- However, despite being a new technology, it has very high energy consumption. However, everyone would like it to consume less energy.
- Also, it has been known and traded for years but still has very high volatility. With this appearance, it scares new investors. Because everyone expected it to have a more balanced price performance.
- World history is full of wars. Perhaps we are living through one of the best periods in history. But because of us homosapiens, our world is very prone to chaos. Coins that do not have an armed force behind them, such as Bitcoin, may be a little unlucky in this regard.
I think these three problems may not be solved and these three problems may prevent bitcoin from being a reserve currency.
What do you think about the subject? Can you share some enlightening information for me?
Well, for what I know about money, it is any accepted means through which the people carry out their day to day transactions, in a sane society, the people are the government, if the entire people of the world should decide to start accepting bitcoin either as a reserve currency or means of transaction, or even both, the so called powers that be would become powerless.- However, despite being a new technology, it has very high energy consumption. However, everyone would like it to consume less energy.
- Also, it has been known and traded for years but still has very high volatility. With this appearance, it scares new investors. Because everyone expected it to have a more balanced price performance.
- World history is full of wars. Perhaps we are living through one of the best periods in history. But because of us homosapiens, our world is very prone to chaos. Coins that do not have an armed force behind them, such as Bitcoin, may be a little unlucky in this regard.
I think these three problems may not be solved and these three problems may prevent bitcoin from being a reserve currency.
What do you think about the subject? Can you share some enlightening information for me?
It is in our hands to make bitcoin become super successful, and it is also in our hands to break bitcoin.
Bitcoin is a technology that makes our life easier. It does not melt in the face of inflation like fiat currencies. It frees us from the bondage of banks, as it allows us to transfer money without the need for third parties. It has great features.
- However, despite being a new technology, it has very high energy consumption. However, everyone would like it to consume less energy.
- Also, it has been known and traded for years but still has very high volatility. With this appearance, it scares new investors. Because everyone expected it to have a more balanced price performance.
- World history is full of wars. Perhaps we are living through one of the best periods in history. But because of us homosapiens, our world is very prone to chaos. Coins that do not have an armed force behind them, such as Bitcoin, may be a little unlucky in this regard.
I think these three problems may not be solved and these three problems may prevent bitcoin from being a reserve currency.
What do you think about the subject? Can you share some enlightening information for me?
- However, despite being a new technology, it has very high energy consumption. However, everyone would like it to consume less energy.
- Also, it has been known and traded for years but still has very high volatility. With this appearance, it scares new investors. Because everyone expected it to have a more balanced price performance.
- World history is full of wars. Perhaps we are living through one of the best periods in history. But because of us homosapiens, our world is very prone to chaos. Coins that do not have an armed force behind them, such as Bitcoin, may be a little unlucky in this regard.
I think these three problems may not be solved and these three problems may prevent bitcoin from being a reserve currency.
What do you think about the subject? Can you share some enlightening information for me?
It's highly unlikely Bitcoin or any cryptocurrency could ever achieve this status, not least because the USA gets a lot of perks from hosting this status and would put up an incredible fight before they relinquish it. They're more likely to ban cryptocurrency outright if the idea of this threat were to ever become real, that would naturally prevent it from happening as they are one of the largest and most dynamic economies in the world. There is another issue that is more likely to prevent it from happening - Bitcoin is too inflexible, sure you can go to infinite decimal places, but that kind of defeats the supposed "zero inflation" ability and the transaction ability is simply not fast enough, plus there will be the ever present danger of a 51% attack or other vulnerability.
Bitcoin can never be global currency, I don’t really know about other countries but it won’t happen in my country, you can’t visit markets and you will expect to pay with bitcoin, most of the market people don’t even know about bitcoin and they don’t even have mobile phones which you can use to connect to internet services, so those people won’t be able to accept bitcoin as payment methods.
It takes a long way to make bitcoin a global reserve currency, of course it needs official recognition from many countries so that bitcoin's position is getting stronger, the biggest problem with bitcoin is very high fluctuations, a few days ago the price rose by more than 19% but bitcoin has also dropped more than 20% in a day, these considerations certainly make the government prevent the use of bitcoin.
It's probably true that for Bitcoin to become a reserve currency, it will have to be more stable which isn't something that can happen since it's the nature of cryptocurrencies like Bitcoin to be volatile. So it's basically not made to be a reserve currency unless a country or a company doesn't care about the volatility and still uses it to reserve their funds.The main downside for it is that the funds reserved in Bitcoin can lose significant value over time, though it can also gain value the negative impact is more powerful when it comes to the reserves of a whole country.
No doubt about this. This can happen after some years as some company as already accept it as a reserve currency. If this is fully achieved, it will be a great boom in the crypto space.
Being a reserve is another separate topic but there's no question that it's a global currency right now or should we say, a global cryptocurrency that's being used widely. Since there have been a couple of countries that have announced their adoption of bitcoin as a legal tender, maybe the next development that will come from them is to see them start putting up bitcoins for their reserve funds. We have no idea if that's already part of their roadmap or if they're already planning about it. But to see bitcoin going to that position is one of the most exciting things that shall be part of bitcoin's development. We're already on the better part of it for which the taboo that it has been believed for so many years that it's only good as a digital currency on the dark and illegal marketplaces is about to break that thought for most people.
I would say that it is a "reserve currency" for the people, maybe not so much for the governments, that could be the case in this situation. I agree that there are a lot of people who have savings in bitcoin right now and that is definitely a great thing, definitely something to cherish because it means the idea of "peoples money" instead of being America's money or brits or French or German's money, it's global, and that matters a lot.I personally believe that the best thing to do today would be having some sort of understanding that we could be seeing some governments pick this up and realize people love it and eventually start investing into it a bit.
I think these three problems may not be solved and these three problems may prevent bitcoin from being a reserve currency.
What do you think about the subject? Can you share some enlightening information for me?
Sincerely, I don't see Bitcoin becoming a global currency. How can that even be possible when there are so many hiccups and hurdles against it. There are poor nations that are still grasping with electricity challenges till date, include internet issues with it too. Even in years to come, these nations are not likely to have these basic amenities. We can't use Bitcoin without those two – electricity and the internet.What do you think about the subject? Can you share some enlightening information for me?
Come to think of it, despite how popular and influential the British Pounds is it's still not a global currency.
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