Do you think Bitcoin will lead the world currency market?? - page 5.

m2017

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Quote from: Clark Anderson on February 09, 2023, 06:38:27 AM

US dollar is the world accepted currency and can be used as a medium of exchange. In the crypto world, Bitcoin is the most popular and the highest accepted currency with greater value. Different countries have permitted bitcoin for transaction and many of them are thinking so and will eventually do so. Its acceptance is gradually increasing day by day. Do you think bitcoin will be the leader of the world’s currency market like US dollar in the future? Huh

My answer to the question in the title is NO.

Your expectations are unnecessarily naive. Name those countries that have allowed btc as for transaction. What other countries will do the same? Is this your expectation or verified information?

I assume that officially btc will not be allowed to be used as a currency for settlements. Perhaps it will be used as an investment tool, like stocks on technology companies.

OgNasty

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Quote from: Yogee on February 09, 2023, 10:54:43 AM

Bitcoin can be an alternative but will not be a replacement. Banks and Government will move heaven and earth to make sure that will never happen hehe. They can make concessions like allowing it to co-exist with their national currency as an investment product or a legal tender but they will never allow it to exceed fiat or their own CBDC if they have one.

I would agree with this assessment. Right now Bitcoin is still relatively small on the global scale, especially when compared with top currencies. While I do believe the dollar will be replaced, I think it’s likely it will be replaced by a central bank digital currency, possibly made up of a basket of currencies. There is a chance that the people will reject government and use Bitcoin only, but I’d put the odds of that happening at probably 1%.

kryptqnick

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Quote from: Clark Anderson on February 09, 2023, 06:38:27 AM

US dollar is the world accepted currency and can be used as a medium of exchange. In the crypto world, Bitcoin is the most popular and the highest accepted currency with greater value. Different countries have permitted bitcoin for transaction and many of them are thinking so and will eventually do so. Its acceptance is gradually increasing day by day. Do you think bitcoin will be the leader of the world’s currency market like US dollar in the future? Huh

If you think about it, there are very different metrics to consider here. Dollar is legal tender (accepted as payment directly) only in a handful of countries, and it's not hard to imagine Bitcoin having more users in the near future than dollar has as money. But people also use dollar to save up money if their local fiat is less reliable, and people use Bitcoin often for things other than payments for goods and services (for example, for gambling or trading). Dollar is also the biggest foreign reserve currency used by countries, and I don't see Bitcoin beating dollar in this regard any time soon. Then there's market capitalization (or, for dollar, total supply), daily transaction volume and the amount of transactions. To talk about leading the currency market, we must first determine which factors we take into account and how we compare Bitcoin with the USD.

avikz

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Quote from: Clark Anderson on February 09, 2023, 06:38:27 AM

US dollar is the world accepted currency and can be used as a medium of exchange. In the crypto world, Bitcoin is the most popular and the highest accepted currency with greater value. Different countries have permitted bitcoin for transaction and many of them are thinking so and will eventually do so. Its acceptance is gradually increasing day by day. Do you think bitcoin will be the leader of the world’s currency market like US dollar in the future? Huh

Nope! I don't see bitcoin dominating the global currency market anytime in future. The world may change focus from USD to EUR or even local currencies, but not bitcoin.

As of now, only one country has adopted bitcoin for all kinds of payments. I don't know what other countries you are referring to.

Bitcoin has created a parallel economy stream and thriving there. It is not meant for mainstream economy for a simple reason - decentralisation!

Ucy

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Bitcoin will certainly remain the leader in decentralized cryptocurrency space, which is all that matter.. Its purpose is not to replace the dominant fiat currencies or compete with them but to serve as alternative when the world/national financial system is failing, becoming oppressive, lawless, tyrannical, etc. Fiat currencies will continue to compete with each other in their own space while Bitcoin will remain dominant in decentralized space.

Edwardard

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Quote from: Clark Anderson on February 09, 2023, 06:38:27 AM

Do you think bitcoin will be the leader of the world’s currency market like US dollar in the future? Huh

Although I think BTC is primed to beat gold in the near future and become one of the top accepted digital currency globally, but it still cant replace the USD to lead the world markets.
Actually, the us dollar moves the entire markets such as gold, btc, stocks, etc. and governments wont let anything replace that. Market pumps and recession everything happens based on the USD.

Yogee

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Bitcoin can be an alternative but will not be a replacement. Banks and Government will move heaven and earth to make sure that will never happen hehe. They can make concessions like allowing it to co-exist with their national currency as an investment product or a legal tender but they will never allow it to exceed fiat or their own CBDC if they have one.

348Judah

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Why not, judging from what we have today it will definitely lead, but not until then it will take a little more time for globalization whereby it's adoption would have circulated everywhere and legal adoption would have also increases, as at present, bitcoin is one of the leading currencies in the market and the first digital currency leading as well in the economy, if you look at the 14 years miles of achievements bitcoin had been through you could see more convictions to why it can successful lead the world digital market and economy at large through adoption.

Clark Anderson

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US dollar is the world accepted currency and can be used as a medium of exchange. In the crypto world, Bitcoin is the most popular and the highest accepted currency with greater value. Different countries have permitted bitcoin for transaction and many of them are thinking so and will eventually do so. Its acceptance is gradually increasing day by day. Do you think bitcoin will be the leader of the world’s currency market like US dollar in the future? Huh

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