Topic: Is Bitcoin ready for world wide 1 currency? (Read 2394 times)
Bitcoin can truly assist you to store the value of resources you're holding at this kind of emergency circumstance but still bitcoin isn't acknowledged in most portion of the world you'll discover difficult time on investing it as crypto as well. If the fiat cash loses its esteem due to crown out break within the close future the esteem of bitcoin will certainly to the moon.Bitcoin has great future,still we are in the early age who missed this stage will have big regret in the future.
I ask this because of the corona virus where people are too scared to hold money.
The issue is that we value btc against the usd and other fiat currencies. If fiat currencies were no longer how would bitcoin be valued...inflation etc? Can't get my head around how it would work.
I think within a short time it will BTC will be the only currency all over the world cause in a wair period we see lots of countries trying to this the main currency and also some county trying to make their own currency so we can see very good something within a short time. The issue is that we value btc against the usd and other fiat currencies. If fiat currencies were no longer how would bitcoin be valued...inflation etc? Can't get my head around how it would work.
If you look at the current cryptocurrencies user data, which reaches 500 million, it doesn't seem ready to be used as global currencies, besides that, many users complain that the current transaction fee is around $12 if you send it from a private wallet, but it can be more than $17 if you use exchanges.
Yes, the main problem that must be solved is the expensive transaction fees,so I think things like that should be addressed immediately before talking about Bitcoin as a global currency,
other than that it's too soon to say Bitcoin is ready for it and I also don't see Bitcoin ready to be used as a global currency
If you look at the current cryptocurrencies user data, which reaches 500 million, it doesn't seem ready to be used as global currencies, besides that, many users complain that the current transaction fee is around $12 if you send it from a private wallet, but it can be more than $17 if you use exchanges.
I think it's still difficult to say bitcoin is ready to be used as a global currency, the thing that has always been a problem is transaction fees are getting more expensive, if users increase 10x from now of course the transaction fee to send $10 can cost $100, this is a big problem and must be resolved immediately so that transaction fees become cheaper or free.
I think it's too early to see Bitcoin become a global currency besides that there are still many problems that need to be fixed,as you said one of the problems and of particular concern is regarding the high transaction fees,
but it will be interesting if it is true that Bitcoin becomes a global currency and let's see later
I think that BTC has always been the number 1 currency worldwide, the fact that countries through their corrupt rulers and bankers do not accept it is something else.
For me, BTC has been so dynamic that they can no longer wage war on it, because the world economies that are believed to be powerful are more fragile than ever, in fact for me the world economy is like a bubble, at any moment it falls and leaves of being in the superiority that they try to show.
For me, the best thing now is to try to buy everything you can in gold and BTC, that is the best way to protect yourself. Many talk about diversification of money, but for me BTC is superior to gold or any other type of investment, but it should be taken into account that diversified investments are the best option.
For me, BTC has been so dynamic that they can no longer wage war on it, because the world economies that are believed to be powerful are more fragile than ever, in fact for me the world economy is like a bubble, at any moment it falls and leaves of being in the superiority that they try to show.
For me, the best thing now is to try to buy everything you can in gold and BTC, that is the best way to protect yourself. Many talk about diversification of money, but for me BTC is superior to gold or any other type of investment, but it should be taken into account that diversified investments are the best option.
I think it's still difficult to say bitcoin is ready to be used as a global currency, the thing that has always been a problem is transaction fees are getting more expensive, if users increase 10x from now of course the transaction fee to send $10 can cost $100, this is a big problem and must be resolved immediately so that transaction fees become cheaper or free.
It is easy to claim that Bitcoin is ready to be only currency, but is the world ready for that? I think not. Countries can not come to an agreement with many things, and the issues with single currency will be unsolvable.
The problem of Bitcoin as a one and only currency is lack of having physical Bitcoin, or cash. There are places where there is no electricity, network. How can people will be able to pay with Bitcoin there? How will they be able to check at the very moment, if buyer has paid? Trust is not a solution.
The problem of Bitcoin as a one and only currency is lack of having physical Bitcoin, or cash. There are places where there is no electricity, network. How can people will be able to pay with Bitcoin there? How will they be able to check at the very moment, if buyer has paid? Trust is not a solution.
in my opinion bitcoin is not yet ready to become our main currency, even though bitcoin is the highest value cost about $50000/btc bitcoin still not popular to country that not interested in digital currency and some of those doesn't believe bitcoin exist. i think bitcoin must be advertise to promote to the world and bitcoin block chain should enhance security,
It is by all means, people aren't familiar with bitcoin does not equate to bitcoin lacking the qualifications to be a global currency, what i expect you to say maybe is that it could be a serious challenge for the developing countries where technology is yet to advance and places like that with time, they will improve in development to be able to meet up the global digital standard, should in case you still exercise some doubts about bitcoin, it is a medium of exchange just as USD but in a digital form. The only thing that can hinder for the people to use bitcoin is if its banned by the government. Bitcoin is a medium of exchange but not totally the same as usd that has a limited supply. It is also not centralized, these 2 factors can also affect the possibility of bitcoin to become a world wide currency. Other than a medium of exchange btc is mostly being used as an asset.
To be the currency of the world means that bitcoin has to be approved by all the governments of the world, which is not possible. We all know a lot of countries hate bitcoin because of its decentralization, typically mainland China.
Also, due to scarce supply and fluctuating value, I prefer bitcoin as an alternative means of payment in some cases, to be used as an investment asset rather than a common currency of the world.
in my opinion bitcoin is not yet ready to become our main currency, even though bitcoin is the highest value cost about $50000/btc bitcoin still not popular to country that not interested in digital currency and some of those doesn't believe bitcoin exist. i think bitcoin must be advertise to promote to the world and bitcoin block chain should enhance security,
It is by all means, people aren't familiar with bitcoin does not equate to bitcoin lacking the qualifications to be a global currency, what i expect you to say maybe is that it could be a serious challenge for the developing countries where technology is yet to advance and places like that with time, they will improve in development to be able to meet up the global digital standard, should in case you still exercise some doubts about bitcoin, it is a medium of exchange just as USD but in a digital form. The only thing that can hinder for the people to use bitcoin is if its banned by the government. Bitcoin is a medium of exchange but not totally the same as usd that has a limited supply. It is also not centralized, these 2 factors can also affect the possibility of bitcoin to become a world wide currency. Other than a medium of exchange btc is mostly being used as an asset.
I ask this because of the corona virus where people are too scared to hold money.
The issue is that we value btc against the usd and other fiat currencies. If fiat currencies were no longer how would bitcoin be valued...inflation etc? Can't get my head around how it would work.
The issue is that we value btc against the usd and other fiat currencies. If fiat currencies were no longer how would bitcoin be valued...inflation etc? Can't get my head around how it would work.
Nope. Maybe for the next Corona, that come 10 years from now. Bitcoin is in very early stages of development. Because it made few people super rich is way over hyped.
Bitcoin is leading cryptocurrency and probably will stay so but it will not become leading currency because it can't compete with fiat currencies, at least not yet. Not corona virus or any other threath will change that.
When you look how little percentage of overal population in the world is using Bitcoin then it's everything clear. At the moment Bitcoin doesn't have a chance compared to fiat.
Trust me in 50 years from now or less there will be no government or organisation controlled currency anymore. At least not any that will be meaningfully valued.
It is a necessary condition that the Fiat issue depends on the total real volume of the decentralized world economy, and not on the whim of the local authorities, but these are my fantasies.
For now of course not, the biggest problem when we use bitcoin is the transaction fees are getting more expensive, if people can buy donuts for $ 10 with cash then there is no charge, but if we want to pay with bitcoin then it takes $ 25 which consists of $ 10 donuts and $15 transaction fee.
youll be lucky if bitcoin isnt shut down globally and all the bigshots executed at this point. fucking god damned evey cfucking day it dreops
cheer up bud, it's not as bad as you think it is.
for you. MY family is dead and or kidnapped.
youll be lucky if bitcoin isnt shut down globally and all the bigshots executed at this point. fucking god damned evey cfucking day it dreops
cheer up bud, it's not as bad as you think it is.
youll be lucky if bitcoin isnt shut down globally and all the bigshots executed at this point. fucking god damned evey cfucking day it dreops
Currency is only a currency when it gives value. If the USD cannot afford any goods or services, that means it is valueless and it will cease to be a currency. Likewise bitcoin, bitcoin is a currency because it has value, but it's value is not mainly on direct purchasing power because of slow adoption. The btc has value because it can be exchanged to fiat. The value of bitcoin is because fiat exists and there will never be a time that btc will be the only currency. There will never be a time that any fiat will be the only currency. But what will happen is that bitcoin will be the highest capped currency and gives users some privacy which fiat cannot give.
Very well said , Bitcoin can only be the number 1 in cryptocurrencies but in the world that fiat is very useful than Bitcoin. Like as you said fiat is mainly use for goods and many things that we want. We know that this two are different uses in different places. We just earn cryptocurrency for exchanging to fiat and use in anything. World's need fiat for capitalization and Bitcoin needs people to be a useful too.
Holding large amounts of money is a fear for some people. Those who understand that inflation will occur every year that passes will make the money they buy lower in value. The only best way is to invest in crypto platforms or stocks. Fiat has not been replaced until now and talking about loss is very unlikely, especially since using bitcoin as the main medium of exchange is difficult to implement in all regions of the world. We must know that some people still live primitively, they are still lagging behind in technology. So it is still very difficult to be able to complete an exchange using bitcoin in a short time.
Many people who are exposed to such fears start investing in cryptocurrencies and they develop a new fear. When bitcoin goes into a deep correction, dropping in price by 30-50% in a few months, people may panic and sell all their assets and put everything back into fiat, thinking that they have saved at least some of their savings.
This all happens because of poor understanding of the behavior of such volatile asset as bitcoin. But as practice shows, even if bitcoin will fall in price during 2-3 years, eventually it will grow and will bring profit from initial savings and, correspondingly, will save the value of your initial assets.
Young investors before and after the purchase need to study bitcoin more and not depend on market sentiment.
Currency is only a currency when it gives value. If the USD cannot afford any goods or services, that means it is valueless and it will cease to be a currency. Likewise bitcoin, bitcoin is a currency because it has value, but it's value is not mainly on direct purchasing power because of slow adoption. The btc has value because it can be exchanged to fiat. The value of bitcoin is because fiat exists and there will never be a time that btc will be the only currency. There will never be a time that any fiat will be the only currency. But what will happen is that bitcoin will be the highest capped currency and gives users some privacy which fiat cannot give.
Holding large amounts of money is a fear for some people. Those who understand that inflation will occur every year that passes will make the money they buy lower in value. The only best way is to invest in crypto platforms or stocks. Fiat has not been replaced until now and talking about loss is very unlikely, especially since using bitcoin as the main medium of exchange is difficult to implement in all regions of the world. We must know that some people still live primitively, they are still lagging behind in technology. So it is still very difficult to be able to complete an exchange using bitcoin in a short time.
in my opinion bitcoin is not yet ready to become our main currency, even though bitcoin is the highest value cost about $50000/btc bitcoin still not popular to country that not interested in digital currency and some of those doesn't believe bitcoin exist. i think bitcoin must be advertise to promote to the world and bitcoin block chain should enhance security,
It is by all means, people aren't familiar with bitcoin does not equate to bitcoin lacking the qualifications to be a global currency, what i expect you to say maybe is that it could be a serious challenge for the developing countries where technology is yet to advance and places like that with time, they will improve in development to be able to meet up the global digital standard, should in case you still exercise some doubts about bitcoin, it is a medium of exchange just as USD but in a digital form.
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