Is Bitcoin ready for world wide 1 currency? - page 11.

abhiseshakana

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Quote from: Mauser on September 29, 2020, 01:40:24 AM

I think Bitcoins are ready to be world currency, but most country are not ready yet. We need more investments into IT infrastructure all around the world to make it work.

Step 1 is to get everyone access to internet. Facebook and SpaceX are already working on it, so it can't be long anymore until everyone has the possibility to go online.

Step 2 is to get everyone the hardware to use cryptos. Chinese mobile phone manufactures are leading in the cheap phone section. Shouldn't be too long anymore until everyone can afford a smartphone.

And the final step would be to increase the knowledge of cryptos all around the world.

So in conclusion bitcoin is not ready to become the world's number 1 currency. The earliest step towards a fully digital economy is that internet access and electricity can be enjoyed by all people in the world without exception. You can imagine without these two things how someone could use their cryptocurrency. In addition, we must remember that bitcoin is outside the existing economic system. For entities called countries, bitcoin is considered a virus.

If we study the history of fiat money, we can find out why the dollar has become the main international currency, because the creator or controller of the world economic system who made it, of course, with a series of tricks and intrigues with the aim of benefiting the controllers of the world economy ("the have" group) and making wealth. Maybe the period of fiat money (physical cash) will end and be replaced with cryptocurrency, but the cryptocurrency that will be used is not bitcoin but that created by the controllers of the global economic system.

Mauser

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Quote from: RealMalatesta on September 28, 2020, 03:11:23 PM

By logic it is totally ready, it could be used as currency all around the world, it is actually used all around the world as well but not by enough people that is the difference, you could go to any nation in the world and I am sure there is at least few people in every nation that deals with crypto.

However the tech is not really ready yet, we are not even at 1% population using it right now and it is already slower and more expensive already, you have to pay 10+ dollars and wait 30+ minutes to get it, which means it is not ready.

In order for tech to be ready we need to have such a huge leap in transactions that it should be 100x cheaper than this and also be under 1 minute as well, otherwise we are not going to beat all other methods of transaction of currency.

I think Bitcoins are ready to be world currency, but most country are not ready yet. We need more investments into IT infrastructure all around the world to make it work.

Step 1 is to get everyone access to internet. Facebook and SpaceX are already working on it, so it can't be long anymore until everyone has the possibility to go online.

Step 2 is to get everyone the hardware to use cryptos. Chinese mobile phone manufactures are leading in the cheap phone section. Shouldn't be too long anymore until everyone can afford a smartphone.

And the final step would be to increase the knowledge of cryptos all around the world.

worldofcoins

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Quote from: RealMalatesta on September 28, 2020, 03:11:23 PM

By logic it is totally ready, it could be used as currency all around the world, it is actually used all around the world as well but not by enough people that is the difference, you could go to any nation in the world and I am sure there is at least few people in every nation that deals with crypto.

However the tech is not really ready yet, we are not even at 1% population using it right now and it is already slower and more expensive already, you have to pay 10+ dollars and wait 30+ minutes to get it, which means it is not ready.

In order for tech to be ready we need to have such a huge leap in transactions that it should be 100x cheaper than this and also be under 1 minute as well, otherwise we are not going to beat all other methods of transaction of currency.

I think it's unthinkable Since each legislature is presently against it.
Bitcoin has many advantages however we ought not to overlook that there are burdens too.
There's no history or exchange record.
You can't see where's your cash went?, that is the reason crooks use it for purchasing unlawful things If it becomes the world wide 1 currency then it will destroy the economy.

RealMalatesta

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By logic it is totally ready, it could be used as currency all around the world, it is actually used all around the world as well but not by enough people that is the difference, you could go to any nation in the world and I am sure there is at least few people in every nation that deals with crypto.

However the tech is not really ready yet, we are not even at 1% population using it right now and it is already slower and more expensive already, you have to pay 10+ dollars and wait 30+ minutes to get it, which means it is not ready.

In order for tech to be ready we need to have such a huge leap in transactions that it should be 100x cheaper than this and also be under 1 minute as well, otherwise we are not going to beat all other methods of transaction of currency.

carter34

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Quote from: Viscore on March 22, 2020, 08:07:36 AM

The question should be, is the world ready to adopt with bitcoin?

This is the right direction to go. Whether the world is ready for it. We know that the use of bitcoin is not easy for people who don't understand it yet because of internet and some more.

Quote from: Viscore on March 22, 2020, 08:07:36 AM

If only people will decide without government intervention, it could easily happen, but then the crypto space will not be the safe from illegal activities and that would destroy the space in the long run.

There is no way that government won't be involved. In fact, government is totally inclusive of cryptocurrency adoption. Or who makes the rules or regulation that will guide, control and binned everybody on it

KeezAZA

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if it doesn't happen no then it will happen very soon

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: shushu9977 on March 21, 2020, 10:06:54 AM

Now a days, everyone's know that taking or receiving money is a harmful and great problem for corono virus. It is great time to use bitcoin as world wide currency.

It that just your own thoughts being projected as everyone's thoughts? Roll Eyes

Accepted that paper money is dangerous now but you cannot expect people who have never used crypto to start using it in a time of crisis. Heck many countries dont even accept it a real currency. Things will get better only after this crisis ends and not during it. But maybe in future times of disasters we will see better usage of bitcoin.

You cant even spell the name of the virus correctly. Do respect the enemy. Roll Eyes

imstillthebest

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Quote from: SUMBI99 on March 25, 2020, 05:48:06 PM

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.

Time will tell that BITCOIN is a self stand currency which holds value and can be used in different markets buying staff although we have a way to go until it accepted worldwide no need to rush

agreed. why rush when the acceptance of btc is still continues to happen ?

in no time , btc are now going to be worlds first digital currency and the acceptance is rather sped up now , now that people are now avoiding close contact with fiats and other physical form of paying .

time will tell indeed , and this time has come that people realized the worth of digital currencues such as btc . they could have ask thier self that why they reject btc before when btc is infact pretty useful .

SUMBI99

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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.

Time will tell that BITCOIN is a self stand currency which holds value and can be used in different markets buying staff although we have a way to go until it accepted worldwide no need to rush

tbterryboy

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Everyone thinks like bitcoin is not top 3 in many places already. What you guys are not realizing that, if you live in Europe you use euro, you may also use dollars in some places, but bitcoin is following them, you don't use Chinese yuan in Europe when you are spending somewhere, take a look at what companies accepts in Europe, you will see that it is mainly euro and maybe dollars, following that is bitcoin. Maybe we are not top 3, maybe we are top 10, but there are not that many currencies you can use there.

Same goes for almost all nations, you can use their fiat, dollar, and maybe one or two other ones but bitcoin follows that. Plus it is global and when you want to send money from one place to another bitcoin is still top 10, when you want to do it under 100 dollars it is definitely top 5.

Viscore

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Live with peace and enjoy life!

The question should be, is the world ready to adopt with bitcoin?

Everyone knows bitcoin has a fixed supply, so it's easy to determine how to use it, for bitcoin to be globally accepted, big businesses should adopt with bitcoin but it will not be easy as not all countries are pro bitcoin, so that alone could be a problem.

If only people will decide without government intervention, it could easily happen, but then the crypto space will not be the safe from illegal activities and that would destroy the space in the long run.

so98nn

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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 dont see any issues regarding fiat holding (!)

I mean half of the population (practically) doesnt even know that bitcoin exists considering the developing countries where people are not much bothered about world over internet.

There are surely many reasons for the same and list is big.

Just because Covid-19 situation burst open out of nowhere doesnt mean bitcoin is safe place to keep your money.

Economy is not recent, its not novel, its been there since thousands of years by means of different modes of payment (from stones, gold to vegetables!!!)

Many incidences did happen in the past bringing down the economy and freaking out people but it never collapsed it completely. I guess thats enough justification as to why it wont affect people this time also.

bits4books

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Crypto is not a religion but i like it

Can you answer the question - how will fiat disappear?
If the entire fiat will disappear it will be impossible to use btc as a world currency for a very simple reasons
1) the vast majority of people will want at least a little tangible equivalent value - even if it will be shells or beautiful stones
2) btc is extremely unstable and TPS is too low to make btc a worldwide currency
3) some people still don’t know how to use even simple credit card and you are talking about crypto

shushu9977

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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.

Now a days, everyone's know that taking or receiving money is a harmful and great problem for corono virus. It is great time to use bitcoin as world wide currency.

conected

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Quote from: cotton ball on March 21, 2020, 04:10:14 AM

I think bitcoin is not ready to be wide first currency in the world because many countries not accepted bitcoin as their payment transaction, give bad effect how bitcoin to be first currency payment without get legal first from many countries, bitcoin have publish their way how advantage using bitcoin as currency payment.

- I do not think so, it is really ready in nature and in theory, even many of us have used bitcoin as a currency to use, to buy and sell, even exchange here but in terms of the laws of countries and the world, bitcoin is a name that is rarely considered too much for it to become a legal currency because of the nature that people talk a lot about bitcoin, in the eyes of the government, that would be an encroachment on their control. Perhaps bitcoin will forever be ready only for a world of technology and the internet, it is not ready for the real world

TheGreatPython

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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.

The way I see Bitcoin is quite different from the way most people see it. I don’t see Bitcoin as a replacement for fiat, I just see it in a way that fiat is here to say – like the US is not going to leave their US Dollar to start making use of Bitcoin as their main currency.

Bitcoin is going to be another means for people to access a cheaper and fast transaction, a currency that would be used to send money around the world which would be unlike the means we currently have. Countries might even have their cryptocurrency, a digital form of their main currency and as time goes on the Blockchain will become more advanced.

Polar91

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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.

Although the scenario you're giving isn't tangible at this point, it's still possible in the near future. If ever that happens, Bitcoin will defenitely soar very high (law of suplly and deman). Another reason is that it's gradually decreasing its suplly; the tendency is that its price go higher. On the other hand, some people will still appreciate altcoins specially those who are fan of stable coins.

arrmia11

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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 think on my own opinion if the corona virus will not stop spreading the fiat currencies will be no longer have a value, and the crypto currency will be valuable against the fiat currencies because just like you said the people that still affected by the corona virus are scared of holding money.

cotton ball

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I think bitcoin is not ready to be wide first currency in the world because many countries not accepted bitcoin as their payment transaction, give bad effect how bitcoin to be first currency payment without get legal first from many countries, bitcoin have publish their way how advantage using bitcoin as currency payment.

FlightyPouch

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Quote from: Renampun on March 20, 2020, 02:31:17 PM

there are still many technological gaps between countries...
Bitcoin won't be able to become a world currency for now because the infrastructure that supports it for use in all countries is inadequate, there are still many people who don't have electricity in various regions.

Well, bitcoin will never be the main currency of the world, I don't think a country would even do that. The obvious reasons are that it is decentralized, government would have a hard time controlling that currency and while we're at it, there is also the volatility and the anonymity it offers. The government are always against this kind of feature, letting their people hide using crypto currency.

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