Topic: Do you think Bitcoin will lead the world's current market - page 3. (Read 492 times)
Not by any chance. Bitcoin is not even accepted to most countries which makes this statement blurry. And even if more countries accept it, it is hard to see Bitcoin 'leading' the currencies. Many people or governments are even against its usage or promotion towards their people because doing so will put them at risk of losing because of market price volatility. Unlike with USD perhaps which has a stable market value and is being used across majority of countries. This technology is indeed having advantages in terms of fees and it also promotes faster transactions. But let us accept that Bitcoin and other cryptocurrencies are more beneficial as an asset or type of investment, to its users.
Do you think bitcoin will be the commander of the world’s currency market like the US dollar in destiny?
Do you mean like replacing the gold reserve? US is still conservative about bitcoin although it's not closing its window to it but I think we're far from seeing bitcoin as the world's standard for most currency to all countries.But let's just settle it that bitcoin is in another market and cannot be mixed up with the traditional one. The good thing here is that these countries despite with those conditions, they're able to recognize bitcoin and are no longer ignoring the market and value that it has.
With a trillion dollar market cap and an ever-growing industry, it is quite possible that in the near future, cryptocurrency could play a major role in the world market, especially when global adoption is realized. But for now, it wouldn't be the case because as it stands, cryptocurrencies and bitcoin adjacently is still in its infant state. A lot of improvements within the infrastructure and also within the industry itself must be changed before it could take on the world market. For instance, it's heavy reliance on its deflationary nature makes it not fit for long-term usage, as the developers would have to choose between high value, or more customers. Scams are also rampant in this industry, but so is anywhere else, the problem is that this is debilitating for an industry as recent as the cryptocurrency world.
I do not think that even at a much higher adoption rate, it will not "lead" the worlds market, it will be a good alternative and it will be used by many people but I do not think that it will be leading anything at all.It will probably be something normal and it will probably be used by a lot of people, tens of millions of people already owns or owned bitcoin before, maybe it will reach a billion one day, not number of people who holds it, but at one point ever had it, and if that's reached that would be awesome. But the whole world is using fiat now, and I think it will continue to be like that for a long time and it would not be that easy to stop doing that anytime soon.
With a trillion dollar market cap and an ever-growing industry, it is quite possible that in the near future, cryptocurrency could play a major role in the world market, especially when global adoption is realized. But for now, it wouldn't be the case because as it stands, cryptocurrencies and bitcoin adjacently is still in its infant state. A lot of improvements within the infrastructure and also within the industry itself must be changed before it could take on the world market. For instance, it's heavy reliance on its deflationary nature makes it not fit for long-term usage, as the developers would have to choose between high value, or more customers. Scams are also rampant in this industry, but so is anywhere else, the problem is that this is debilitating for an industry as recent as the cryptocurrency world.
One of the reasons to get you convinced about the role bitcoin is playing in the world is in going towards the rate it has been adopted and how the people has been on the look in finding an alternative through the use of bitcoin in their financial economy, one thing that keeps giving more confidence with bitcoin is the decentralization which is perfectly different from the one being used in fiat currency and other form of commodity assets.
No. Bitcoin will not be at the top when it comes to being the top currency. As was stated here again and again, bitcoin does not fit the criteria of being used on a widescale. First, its supply cannot be controlled and has very limited number that can be produced. Second, it's decentralized; its value lies on it being held by a lot of people around the world. Lastly, it's highly volatile, meaning its price will be an issue if ever it's used in world trades. Perhaps it will be the top dog when it comes to investments and that's it, but not the leading currency that nations can use.
We know the US dollar is the world-accepted banknote and can be used as a medium of trade. In the crypto world, Bitcoin is the most popular and the highest-received currency with incredible value. Different nations have authorized bitcoin for transactions and multiple of them are sentiments. Its approval is slowly expanding day by day. Do you think bitcoin will be the commander of the world’s currency market like the US dollar in destiny?
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