Topic: Is Bitcoin ready for world wide 1 currency? - page 12. (Read 2398 times)
Practically Bitcoin is not ready for this one currency because of it nature of operations. You will agree with me that, the price of Bitcoin is not stable therefore can't be guarantee to be world currency. The process of Bitcoin transactions has a long way to go, using a small transaction to buy a small products online, like in the case of $1 or €1, ¥1,£1. These are the huddled the Bitcoin would go through before it will come out strong . lightning Network, Bitcoin.
they are but you still need to use something to transfer money why not google pay then
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.
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.
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.
In my own opinion, even using bitcoin is the solution to solve the problems of making transactions without having physical contact to each other, while there is a pandemic of corona virus in every country. I can say that there countries that are not yet ready to have bitcoin as their main currency because not everybody has their own device to use and to have bitcoin. 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.
Bitcoin is now too narrowly targeted.
During crises and epidemics, physical values dominate, at least cash.
In some countries, you will have to try very hard to buy medicines for bitcoin, and in some it is simply impossible.
In addition, bitcoin has no physical value, only intellectual, this complicates the credibility of it.
For now, it's hard to tell when will we become ready for bitcoin and even bitcoin itself to become our main currency because majority of the people are still not knowledgeable about bitcoin and don't even know how to use it. People are already used to see paper money but if the government itself decides to take part in introducing to the people about digital currencies, then maybe by that time people will start to accept bitcoin as for payment transaction. Bitcoin also needs to improve its performance so that people will be more convenient using it compared to fiat.During crises and epidemics, physical values dominate, at least cash.
In some countries, you will have to try very hard to buy medicines for bitcoin, and in some it is simply impossible.
In addition, bitcoin has no physical value, only intellectual, this complicates the credibility of it.
Bitcoin is now too narrowly targeted.
During crises and epidemics, physical values dominate, at least cash.
In some countries, you will have to try very hard to buy medicines for bitcoin, and in some it is simply impossible.
In addition, bitcoin has no physical value, only intellectual, this complicates the credibility of it.
For now, it's hard to tell when will we become ready for bitcoin and even bitcoin itself to become our main currency because majority of the people are still not knowledgeable about bitcoin and don't even know how to use it. People are already used to see paper money but if the government itself decides to take part in introducing to the people about digital currencies, then maybe by that time people will start to accept bitcoin as for payment transaction. Bitcoin also needs to improve its performance so that people will be more convenient using it compared to fiat. During crises and epidemics, physical values dominate, at least cash.
In some countries, you will have to try very hard to buy medicines for bitcoin, and in some it is simply impossible.
In addition, bitcoin has no physical value, only intellectual, this complicates the credibility of it.
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.
My question is –is Bitcoin the only digital form of payment there is or have you forgotten that there are lots of other methods that are much more recognized? I make use of Bitcoin but I have not been able to use it to purchase anything because there are no places where it’s being accepted. Stores and places I go to are either accepting card payments or PayPal and other similar payment methods like online banking and QR codes scanning methods.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.
These types of payment methods are way more popular and widely accepted than Bitcoin. I even read news that Chinese people are now making use of WeChat Pay. I think we need create more places where Bitcoin will be accepted to draw people’s attention to it.
Bitcoin is not ready for 1 currency worldwide because no country's government will want to replace any currency other than its own currency. And while crypto generally goes for Bitcoin cryptos have not yet received much support in many places and Bitcoin is not used in many countries. With blockchain we can do things for ourselves by investing in Bitcoin but this is not possible globally.
Moreover, bitcoin is not ready since it is not providing enough payment options so people would find it easy enough to use.It is extremely important and our past experience as humans showed that easiness outstands privacy and safety (when it comes to money)
As it has within the past Bitcoin's status is that the same because it was never ready for 1 global currency and nobody can say whether it'll remain within the future. Bitcoin doesn't protect its privacy but supplies it worldwide but depends on its price.
No, to use cryptocurrencies you need a device and access to the Internet, and if in developed countries most people cannot imagine life without these things, then in some countries of Africa, Asia, Latin America, this is often not available.
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.
Its going to be compared the same way we compare things when buying using fiat currency. Like people are going to eventually set a price using bitcoin as relative unit. Its like you buy a cup of coffee from starbucks for few dollars but now you will be buying it for few satoshies where the the amount will be define eventually by the people.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.
But the real question, is bitcoin ready to be used as a global currency replacing fiat?
Bitcoin is not ready for 1 currency worldwide because no country's government will want to replace any currency other than its own currency. And while crypto generally goes for Bitcoin cryptos have not yet received much support in many places and Bitcoin is not used in many countries. With blockchain we can do things for ourselves by investing in Bitcoin but this is not possible globally.
Moreover, bitcoin is not ready since it is not providing enough payment options so people would find it easy enough to use.It is extremely important and our past experience as humans showed that easiness outstands privacy and safety (when it comes to money)
Bitcoin is now too narrowly targeted.
During crises and epidemics, physical values dominate, at least cash.
In some countries, you will have to try very hard to buy medicines for bitcoin, and in some it is simply impossible.
In addition, bitcoin has no physical value, only intellectual, this complicates the credibility of it.
During crises and epidemics, physical values dominate, at least cash.
In some countries, you will have to try very hard to buy medicines for bitcoin, and in some it is simply impossible.
In addition, bitcoin has no physical value, only intellectual, this complicates the credibility of it.
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.
My question is –is Bitcoin the only digital form of payment there is or have you forgotten that there are lots of other methods that are much more recognized? I make use of Bitcoin but I have not been able to use it to purchase anything because there are no places where it’s being accepted. Stores and places I go to are either accepting card payments or PayPal and other similar payment methods like online banking and QR codes scanning methods.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.
These types of payment methods are way more popular and widely accepted than Bitcoin. I even read news that Chinese people are now making use of WeChat Pay. I think we need create more places where Bitcoin will be accepted to draw people’s attention to it.
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.
My question is –is Bitcoin the only digital form of payment there is or have you forgotten that there are lots of other methods that are much more recognized? I make use of Bitcoin but I have not been able to use it to purchase anything because there are no places where it’s being accepted. Stores and places I go to are either accepting card payments or PayPal and other similar payment methods like online banking and QR codes scanning methods.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.
These types of payment methods are way more popular and widely accepted than Bitcoin. I even read news that Chinese people are now making use of WeChat Pay. I think we need create more places where Bitcoin will be accepted to draw people’s attention to it.
In my own personal opinion, it will be difficult for bitcoin to become the main currency. To be honest, not everybody in this world has the ability to hold and have their own cryptocurrency because not everyone has the enough money to buy smartphones or computer, so they could uaed cryptocurrency for making transactions.
As far as I have understood and read this will never happen as a 1 currency across the world because each country has their own currency and the stronger nations becomes more stronger when their own currency becomes strong compared to another nation. So no one would like to give away and accept the btc as their national currency which will make them at par as compared to other nations.
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.
As of right now bitcoin is not really ready to become a currency used by the majority of the world, there are still instances in which you need to wait for an hour to get a confirmation and that is not going to be good enough when you want to make a quick transaction like buying something in a grocery store, however I do not know why you have troubles picturing how a world with bitcoin as its main currency will work, instead of valuing things in terms of dollars we will use bitcoin as the currency of reference. 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.
No, it isn't ready for now. The system itself is immature. A significant part of the world population has no idea about what is it and how it works. As a result, they don't trust a "currency with a value comes from thin air". We want Bitcoin to be accepted, then it needs to be popularized.
I agree with you that Bitcoin is not ready for 1 worldwide currency because it is never worth the price The more people invest in Bitcoin, the more its demand will rise and the price will rise and they can be ready for the number one currency. Not just Bitcoin the higher the value of the currency's investment will increase.
It not ready and I'd never think also that Bitcoin could be considered as a currency but just a stored value only.
The use of Bitcoin is not really appreciated by all because of its complexity and it needs the internet to complete the transaction which is something we miss in the other places. If that existed in physical money, maybe there is possibility but unfortunately, there is no such thing in crypto and that all be digital in form.
The use of Bitcoin is not really appreciated by all because of its complexity and it needs the internet to complete the transaction which is something we miss in the other places. If that existed in physical money, maybe there is possibility but unfortunately, there is no such thing in crypto and that all be digital in form.
I'm also not too curious about it because after all, fiat currencies will always be the mainstay in the world even though this corona virus outbreak frightens about storage because of the collapse of the stock market and other economies. Indeed, it is not wrong when we assume bitcoin will be used as a global currency when physical money becomes a concern of the spread of the virus, because by doing more digital transactions it will certainly prevent a wider spread of the virus.
I don't think it's ready yet, maybe wait for another 10 years or more. Even though Bitcoin is 11 years it is still under the verge of development and many more people needs to know first what it is. The elderly needs to know and how to use it, aside from that the people who doesn't use internet, the people that can't read. I guess bitcoin could be a number currency with the help of the new generations, which is by the eway educated people who really do know how this works out.
Jump to: