Is Bitcoin ready for world wide 1 currency? - page 10.

Janation

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Quote from: ampu on October 01, 2020, 04:07:09 AM

In terms of liquidity and value, Bitcoin satisfies the conditions of becoming a global currency. But in terms of technical factors besides security, Bitcoin has a slower transaction speed and is not as good for continuous payments as other means of payment. Bitcoin needs to be technically improved in terms of speed and transaction costs.

Liquidity? I don't think so.

Maybe you are in a country where people are exposed to using cryptocurrencies, mainly Bitcoin but it is not always the case. The main reason Bitcoin is not ready to be a "worldwide number one currency" is the acceptability of it. The adoption is slow and people still thinks it is a scam. With low acceptability, means it is not that liquid too.

Coroline

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Quote from: 3meek on October 04, 2020, 12:11:49 PM

The fact is that bitcoin is decentralized and does not have certain control. And the state will never allow what it can't control!
If we add the fact of manipulations of various exchanges and major holders, Bitcoin is not ready to become a world currency at this stage of development!

True. This is actually very risky if in this world only use digital currency which is not more than 21 million. There are billions of people to serve and of course this is not sufficient for everyone in the world.
We need a better improvisation of bitcoin, which can allow the smallest transaction of 1 satoshi and the fee to be paid is 0.1 satoshi. That way people don't need to write a lot of 0s when they want to make transactions. Transaction speed will be very important if the network growth is very fast and covers the whole world

3meek

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God, save BTC!

The fact is that bitcoin is decentralized and does not have certain control. And the state will never allow what it can't control!
If we add the fact of manipulations of various exchanges and major holders, Bitcoin is not ready to become a world currency at this stage of development!

Shasha80

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We as the cryptocurrency community definitely want Bitcoin as a worldwide 1 currency, but we must be able to see the reality.
That until now Bitcoin users are still in the minority, and also the government will never accept Bitcoin as a substitute for fiat.
So it is impossible for Bitcoin to become a worldwide 1 currency. We accept the fact that Bitcoin is currently more effective as
a digital asset.

pokeronlinestatus

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Quote from: ampu on October 01, 2020, 04:07:09 AM

In terms of liquidity and value, Bitcoin satisfies the conditions of becoming a global currency. But in terms of technical factors besides security, Bitcoin has a slower transaction speed and is not as good for continuous payments as other means of payment. Bitcoin needs to be technically improved in terms of speed and transaction costs.

The value isn't stable either which might be considered as the beauty of the bitcoins ecosystem but actually everyone who wish to use bitcoins as a currency wants to actually use them as a stable currency and hence is the need to stable coins so much in the market now days.

Even service providers like Bitrefill have now allowed bitcoins to be liquidated in USD value so that you can deposit BTC and relax that you have USD worth of bitcoins now which won't change their value anytime. I am myself a user of bitrefill and actually this was a major issue that the coins I collect for purchasing certain gift cards change their value and I had to deposit more. But now being in fixed value, I have the peace of mind shopping with them.

Leviathan.007

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Bitcoin is definitely not a currency and some people call is asset and they believe bitcoin was never made to be a currency and it's only for investing, so they call it asset instead of currency. However, to be the most populated currency in the world, that currency needs to have more marketcap and more people using it to make it more populated and have a more stable price and faster transaction with lower transaction fee. By the way, maybe time will solve these problem to make the bitcoin most famous currency in the world.

wiss19

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Quote from: int03h on September 30, 2020, 08:32:49 AM

I'm sure bitcoins were born for international payments, but the creators of bitcoins did not foresee Bitcoin having too many people using and exploiting them. The price of bitcoins has risen many times since they were first traded. It's not feasible to trade thousands of transactions at once, so bitcoin should be more of a stockpile of assets than a regularly traded currency. Bitcoin needs more improvements.

Actually bitcoins have a robust enough mechanism but what lacks is the proper knowledge and awareness about bitcoins because while bitcoins can and should be made a worldwide currency but there still remains facts that people are unaware about. I had a friend who designs and he was scammed by someone as the scammer sent him double spent transaction or something and he after doing all the world got to knew that all the world he did has gone in vain and is very reluctant to accept or deal in bitcoins.

The thing here is that, neither bitcoins nor he is at fault but his lack of awareness and knowledge costed him and this is one of the many problems that happen when the traders/investors don't have enough knowledge of how to use bitcoins and the possible ways of stealing.

n0ne

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I would like to mention one of the thread created years back. In that it has got the comparison between the funds being hold by the banks versus the funds on cryptocurrency exchanges. What we see is a massive difference, and now there might be little changes. This clarifies the requirement of Bitcoin to be the worldwide No.1 currency and the same isn't gonna happen in the near future.

lixer

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Quote from: release on March 05, 2020, 07:35:42 PM

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 can’t remember seeing where it was stated by the devs or the creator of Bitcoin that it was created for the purpose of replacing fiat. People are just the ones who keeps on stressing themselves by coming up with all these narratives on what Bitcoin should become and what it should not, Bitcoin is simply a payment method and moreover there are other payment methods out there that are a huge competition and have also been around before Bitcoin.

But, I am not trying to say that they will overshadow Bitcoin and neither will Bitcoin, they are just there to serve the purpose they are meant for, not to replace anything.

qwertyup23

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Quote from: release on March 05, 2020, 07:35:42 PM

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 have said this before and I will say it again, bitcoin cannot be the world wide currency as of today but it may be in the far future. Due to its decentralized nature, bitcoin has high volatility. Combined with its limited supply, its price would be very unstable to be a currency in the market. You also have to consider that not all countries adapt and accept bitcoin in their respective territories fearing of its anonymity factor.

I doubt that bitcoin will become currency now but if there are technological advancements or innovations that could address these issues, then it may happen.

Sapphire915

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NO, not this early. Bitcoin is really helpful and beneficial method of digital payments in cryptocurrency world but we cannot use it in our daily spending especially when buying goods in the market. I do understand how being cautious we are during this strange time and its really necessary to be more extra careful for the sake of our loved ones. As part of our day to day routine, in every move we make, we always used fiat/physical currency for our living. And definitely, this physical notes can accumulate bacteria and viruses. And its really risky to all the people, but despite that, we really need cash/physical currency and it can never be replace in the mainstream world.

0t3p0t

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Quote from: release on March 05, 2020, 07:35:42 PM

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.

If we talk about digital currency, of course yes. No doubt Bitcoin is ready and as of this time it already has earned trust and support from the cryptocurrency community and at the same time been used worldwide as mode of payment. But if in daily basis it is too hard for a digital currency to buy or pay small denomination or amount of goods and services due to high transaction fees. As an investment Bitcoin is a good choice together with those god's money like precious gems and metals. They are best anti crisis and inflation assets we can accumulate these days as a back up.

ampu

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In terms of liquidity and value, Bitcoin satisfies the conditions of becoming a global currency. But in terms of technical factors besides security, Bitcoin has a slower transaction speed and is not as good for continuous payments as other means of payment. Bitcoin needs to be technically improved in terms of speed and transaction costs.

Maroons

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Quote from: Wawa2013 on September 30, 2020, 10:42:01 AM

Even though Bitcoin is ready for a world wide one currency, the government will never approve of it. So in my opinion it is impossible
for Bitcoin to become a world wide currency. Bitcoin is more suitable as a payment alternative, can never replace fiat currency. Moreover,
not all areas have internet and electricity networks, thats why Bitcoin cannot be a world wide currency. Therefore there are still several
obstacles that do not allow Bitcoin to become a world wide currency.

Well yes its capability is fit to have it as a world wide one currency but its characteristics doesn't, people won't easily embrace something that is very volatile and yes take the fact that some people will not be able to have bitcoin if they don't have devices to manage it in the first place and honestly i think fiat will never be replaced for like the next 200 years because were too used to it that once we replaced it with somethinf new even if its better in some ways it will be chaotic and disorganized community but as of now i am pretty happy ad comfortable to what is bitcoins level in our world, it can pays your bills, shopping and food like yeah having it accepted to every stores is much better but i am pretty satisfied to what bitcoin can do for me

cryptosniperjohn

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"Is Bitcoin ready for world wide 1 currency?"
The answer is no

Wawa2013

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Even though Bitcoin is ready for a world wide one currency, the government will never approve of it. So in my opinion it is impossible
for Bitcoin to become a world wide currency. Bitcoin is more suitable as a payment alternative, can never replace fiat currency. Moreover,
not all areas have internet and electricity networks, thats why Bitcoin cannot be a world wide currency. Therefore there are still several
obstacles that do not allow Bitcoin to become a world wide currency.

hahay

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Quote from: int03h on September 30, 2020, 08:32:49 AM

I'm sure bitcoins were born for international payments, but the creators of bitcoins did not foresee Bitcoin having too many people using and exploiting them. The price of bitcoins has risen many times since they were first traded. It's not feasible to trade thousands of transactions at once, so bitcoin should be more of a stockpile of assets than a regularly traded currency. Bitcoin needs more improvements.

Right, but if we look at the name it is a crypto currency, bitcoin should not only be used as an asset because bitcoin itself is very useful and reliable for many transactions in a faster world and of course, with transactions using bitcoin that occur will be increasingly digital and that way, at least using bitcoin is also a campaign to stop the spread of the virus because there is no cash here.

peterpanda

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The demand for Bitcoin is increasing day by day and its price is gradually increasing. At the same time, the growing use of Bitcoin has made our lives easier and faster. So it will one day be on the top list of people’s choices.

iv4n

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I guess it's only a perspective, for some of us bitcoin is already the top world currency/asset! You can do a lot of things with btc, maybe the most interesting is holding for the future and waiting for that incredible price rise, that may happen or not! Most of us believe in that and with more adoption there will be higher demand, that will lead to higher prices, as we said, limited amounts of bitcoins in circulation will help in that!
Scalability is the problem, high fees are not good for anyone except the miners, but that will be solved eventually! And bitcoin is not the only one who needs to take care about high fees, as we see ethereum has the same problems.

int03h

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I'm sure bitcoins were born for international payments, but the creators of bitcoins did not foresee Bitcoin having too many people using and exploiting them. The price of bitcoins has risen many times since they were first traded. It's not feasible to trade thousands of transactions at once, so bitcoin should be more of a stockpile of assets than a regularly traded currency. Bitcoin needs more improvements.

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