FINALLY ALL MONETARY AUTHORITIES IN THE WORLD WILL ADOPT BITCOIN - page 3.

Wexnident

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Quote from: DoverDoane on April 22, 2021, 08:43:54 AM

This was created because bitcoin was able to guarantee equal trust without intervention so that it was considered fairer and safer.
And in the next 20 years bitcoin will become the single standard means of transaction in the world beyond the role of the US dollar, yuan, yen, euro and others. The creation of a world financial mechanism that is more efficient, easy, safe, equal and reliable.

It's one thing for Bitcoin to be safe, reliable, and transparent as you say, but it's another thing if the governments would adopt (if ever) Bitcoin. Just from what we have now, Government allowing Bitcoin is actually the limit that they could have at it, using it as a replacement for fiat? Doubt that. A coexistence right now (if you could call it one) is probably the only thing we'd ever get since leaders would never allow their power to go over to no one. That's basically asking them to kill their own methods to corruption and whatnot.

zanezane

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Quote from: dothebeats on April 22, 2021, 10:33:16 AM

This is wishful thinking. The goal of fiat is to maintain control over the financial system of the world. Due to its flexibility and being a way easier tool to manipulate depending on the current economic situation, governments would surely like to keep it that way for a long time until a new 'better' system that retains the flexibility of fiat arises. They can't do this in bitcoin, thus making it near impossible for them to adopt it even in the next 100 years. Sure they are warming up to bitcoin and other crypto given the potential of these digital financial tools/assets, but I don't see them integrating it directly on their financial system.

They can't control the onslaught of this adoption, the people can use bitcoin whenever they want and even the government proactively tries to regulate/ban or oppose bitcoin, the only time that they can defeat bitcoin is when they try to suppress the people themselves.

Darker45

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Quote from: DoverDoane on April 22, 2021, 08:43:54 AM

This was created because bitcoin was able to guarantee equal trust without intervention so that it was considered fairer and safer.

And this is also the very reason why Bitcoin is not to the governments' liking. Something that guarantees "equal trust without intervention?" That does not sound nice to the powerful. They may be sidestepped in the process. Although it may sound outstanding to the normal citizens, it definitely sounds threatening to the few who are currently holding the reins of power. Fairness is deemed good only insofar as it is imposed by them. If it's not from them, it's bad.

Surely, the monetary authorities don't like Bitcoin. The only reason why Bitcoin continues to thrive despite the opposition of the monetary authorities is that it cannot be stopped any the authorities.

hulla

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It will be wonderful if all monetary authorities in the world do adopt Bitcoin but we should also be ready for the consequence. The last time I checked, they won't allow Bitcoin to be the standard means of transaction in the world that's one of the reasons they are also against the creation of the Libra coin which I believe is now Diem.
Having said that, it too early to make predictions about what will happen in the next 20years.

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Quote from: DoverDoane on April 22, 2021, 08:43:54 AM

The percentage of bitcoin users is growing all the time in all countries. The monetary authority's concern about the presence of bitcoin has turned into an opportunity for trust. For example, currently more than 35 percent of bitcoin circulation in America and in the next 10 years the percentage of funds invested or converted into bitcoin will be very significant.
This phenomenon will be absorbed by the majority of countries in the world to then take strategic steps through the regulation of their monetary authorities in accommodating the existence of bitcoin. This was created because bitcoin was able to guarantee equal trust without intervention so that it was considered fairer and safer.
And in the next 20 years bitcoin will become the single standard means of transaction in the world beyond the role of the US dollar, yuan, yen, euro and others. The creation of a world financial mechanism that is more efficient, easy, safe, equal and reliable.

Sounds like a daydream to me! Probably because you are ultra bullish about the adoption of bitcoin and I am not! Especially the third point where you have mentioned that bitcoin will become that single standard means of transaction in the world. That seems impossible!

Currently the world trade is dominated by USD. That is a single major currency that is used in every international trade. China is also trying to use Yuan for international trade. So I don't think any of these countries won't let bitcoin take over this space. International trades doesn't work as per our own will. It works as per the laid out norms by respective governments. None of them would want to introduce a currency system which they can't control.

So yes, it sounds like a day dream to me, for a good reason!

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Quote from: Poker Player on April 22, 2021, 11:34:59 AM

Quote from: dothebeats on April 22, 2021, 10:33:16 AM

This is wishful thinking.

This. Also, I think these types of posts are typical of someone who has little Bitcoin. So, he likes to think more about how wonderful the future will be if he keeps holding than the present. Someone on the other hand who is a millionaire today thanks to having been holding for many years, may think about the great future that still remains for Bitcoin but I think he enjoys more the present moment and what is happening now. The institutional adoption is to celebrate it and what happens with the authorities in 20 years we will see, those of us who will still hopefully be alive by then.

Further, institutional adoption has zero interest in it as a currency. It's being spurred by store of value usage. The odds of bitcoin becoming a functional currency when the only major appeal to it is store of value is virtually zero. There are many other cryptos that beat the pants off bitcoin at being an actual currency. Bitcoin is slow, expensive, and can handle very few transactions at scale. Even a joke coin like Doge is better at being a currency than Bitcoin is.

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I get that people are excited about what's going on, and that is why there are people who think that bitcoin will one day rule the world, I know many believe that, but the reality is that we are not going to have to deal with that, we have to deal with fiat for far longer, we won't have bitcoin as base currency anywhere in the world.

This means we will have to deal with something that will be basically 90% fiat and 10% crypto in the world if we are lucky, and that is if we are lucky, most probably it will be like 1% crypto and 99% fiat in the world and that is a good thing if it happens, even that is like a goal and not something realistic. Which is why I do not think that world will adopt bitcoin, world will use bitcoin whenever it wants, but will not adopt it as the only thing, at the first front governments will not allow something like that to happen.

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Quote from: dothebeats on April 22, 2021, 10:33:16 AM

This is wishful thinking.

This. Also, I think these types of posts are typical of someone who has little Bitcoin. So, he likes to think more about how wonderful the future will be if he keeps holding than the present. Someone on the other hand who is a millionaire today thanks to having been holding for many years, may think about the great future that still remains for Bitcoin but I think he enjoys more the present moment and what is happening now. The institutional adoption is to celebrate it and what happens with the authorities in 20 years we will see, those of us who will still hopefully be alive by then.

dothebeats

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This is wishful thinking. The goal of fiat is to maintain control over the financial system of the world. Due to its flexibility and being a way easier tool to manipulate depending on the current economic situation, governments would surely like to keep it that way for a long time until a new 'better' system that retains the flexibility of fiat arises. They can't do this in bitcoin, thus making it near impossible for them to adopt it even in the next 100 years. Sure they are warming up to bitcoin and other crypto given the potential of these digital financial tools/assets, but I don't see them integrating it directly on their financial system.

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Quote from: DoverDoane on April 22, 2021, 08:43:54 AM

And in the next 20 years bitcoin will become the single standard means of transaction in the world beyond the role of the US dollar, yuan, yen, euro and others.

That's pretty much unlikely to happen, Fiat currencies could be at it's low atm, with devaluation, inflation/hyperinflation etc and also a struggling economy due to the pandemic to make things worst, but unfortunately, it's somewhat not possible for Bitcoin to become the only (single) means of carrying out transactions; newcomers to Bitcoin are always pretty much enthusiastic to suggest that, but the reality is that the use of Fiat currencies wouldn't diminish. Bitcoin is currency of control, freedom etc, that makes it slightly different from our regular Fiat currencies, and imo, BTC works pretty fine with Fiat currencies around (when they coexist), even when Bitcoin becomes mainstream, it still would be insufficient to be the "single standard means of transaction".

Quote from: DoverDoane on April 22, 2021, 08:43:54 AM

This phenomenon will be absorbed by the majority of countries in the world to then take strategic steps through the regulation of their monetary authorities in accommodating the existence of bitcoin. This was created because bitcoin was able to guarantee equal trust without intervention so that it was considered fairer and safer.

The thing is, the government do not want any currency they can't control, manipulate and print as much as they want, when they want it, and having said that, Government involvement or accomodation of Bitcoin ultimately results in regulations, which then erode the control and freedom it's users are in the network for.

DoverDoane

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The percentage of bitcoin users is growing all the time in all countries. The monetary authority's concern about the presence of bitcoin has turned into an opportunity for trust. For example, currently more than 35 percent of bitcoin circulation in America and in the next 10 years the percentage of funds invested or converted into bitcoin will be very significant.
This phenomenon will be absorbed by the majority of countries in the world to then take strategic steps through the regulation of their monetary authorities in accommodating the existence of bitcoin. This was created because bitcoin was able to guarantee equal trust without intervention so that it was considered fairer and safer.
And in the next 20 years bitcoin will become the single standard means of transaction in the world beyond the role of the US dollar, yuan, yen, euro and others. The creation of a world financial mechanism that is more efficient, easy, safe, equal and reliable.

Topic: FINALLY ALL MONETARY AUTHORITIES IN THE WORLD WILL ADOPT BITCOIN - page 3. (Read 421 times)