Is Bitcoin ready for world wide 1 currency? - page 2.

Doan9269

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Quote from: cyriljundos on February 25, 2021, 02:44:30 AM

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.

macson

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Quote from: Frengki_cisco on April 01, 2022, 01:47:19 PM

In fact fiat money is still being used until now, in my opinion, even though corona is associated with humans, they can't hold fiat money, it's just a myth, Bitcoin is a digital currency, but for now there is no country that implements a Bitcoin policy as a means of payment and transactions, so relax Bitcoin will not be a dollar.

Fiat currency is still being used en masse because the government's role in encouraging the use of bitcoin is still minimal. Besides that, education about Bitcoin and other crypto-assets are really not evenly distributed, even in big cities there are still many people who don't understand what bitcoin is even though they are always up to date on social media. Bitcoin is ready to become a global 1 currency when many people already understand what bitcoin is.

Furious 7

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Quote from: marine4u on April 01, 2022, 01:55:32 PM

Bitcoin may not be ready for a change of purpose, the reactions from demand are obvious but I think bitcoin's intrinsic will make the world a better place by their existence and sheltering people in the first fiat war. I think there should be no exception to this and do not expect other needs to wake up. By representing/maintaining parallelism in both ways it can allow.

hmm but you should not rule out the regulation of bitcoin now and the volatility they have today.
Even if what you say makes sense, but again, government regulations and the reason they apply these regulations is because it is very difficult to control bitcoin, I don't think it should be put aside.
it would be impossible if something that is very difficult for the government to regulate they will make it the number one currency in the world

Alisha FR

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if you look at the current development of crypto, bitcoin is indeed very suitable as a world currency. Today's extraordinary developments make many investors believe that their money will be safe with a decentralized system. however, to make bitcoin a world currency takes a lot of time and effort. This is where the weakness is very difficult to overcome. people who don't know crypto or are still primitive is a very big factor for us to implement bitcoin as a world currency.

Smartvirus

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I think the question here is, is centralization ready to give way to decentralisation or are governments of the world ready to give up on the benefits they get from having to control what goes and don't in there nation with fiat currencies? One look at these and yiu cab tell the answer is no. We live in a world we claim to be free but no one is really free. Your freedom is what the government defines it to be and within the context of a constitution.

Bitcoin is freedom and the governments of the world isn't ready to give the citizens of the world that. In regards to the outlined, I doubt bitcoin would ever be a world currency although, it could function alongside fiat as it does now, just with a lot more used cases with regards to direct acceptance by merchants.

yawars20

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Answer of you question is not simple. As the world growling rapidly, many think everything will soon going to be cyberpunk style and soon we see flying cars and other fictional things but in reality about 80% of world is still living in old age.
Wither we are talking about BTC or any other digital currency, we are not yet ready to accept it worldwide because the while world is not yet there what we think.
But there is no denying how far we came after the first release of Bitcoin and how big impact it has on the world economy already.
There are still so many obstacles like and informing peoples what the crypto itself is and then to over come its uncertainty and other factors to fully accept worldwide. We have longways to go and we are doing it slowly.

marine4u

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Bitcoin may not be ready for a change of purpose, the reactions from demand are obvious but I think bitcoin's intrinsic will make the world a better place by their existence and sheltering people in the first fiat war. I think there should be no exception to this and do not expect other needs to wake up. By representing/maintaining parallelism in both ways it can allow.

Frengki_cisco

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Quote from: release on March 05, 2020, 08:35:42 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.

In fact fiat money is still being used until now, in my opinion, even though corona is associated with humans, they can't hold fiat money, it's just a myth, Bitcoin is a digital currency, but for now there is no country that implements a Bitcoin policy as a means of payment and transactions, so relax Bitcoin will not be a dollar.

horrifiedx1

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Quote from: Wong Gendheng on April 01, 2022, 12:28:26 AM

I don't think it's ready, I've read articles about bitcoin owners, even more than 50% of the bitcoin stock is controlled by less than 1% bitcoin holders, this is certainly very dangerous if bitcoin becomes the world #1 currency, while the world population of almost 8 billion is certainly more many don't have bitcoins.

right, of course bitcoin can be monopolized later and the country's economy can be driven by a handful of people. Just imagine with a limited supply of 21 million, while an investor can own more than 1 bitcoin, there will be fewer bitcoins on the market, especially if many make it an investment. of course this will make it difficult for people to get bitcoins which results in higher prices, and this can be used by giant investors today

mildmanneredsuffering

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no absolutely not. We must be honest and fair and protect people from total devastation that cryptos can bring. While a small percent of cryptos do increase in value over long time frames, bitcoin and the other major cryptos are almost guaranteed to decimate holders at least once a week and often several times a week. Bitcoin goes months and days with multiple decimations. NO one can live with that.

There must be a new system that does not decimate people EVER let alone every week it ever existed.

I propose a new economic system that is decentralized and cannot decimate users ever.

I have been in crypto from before day 1 and I know it is not a reliable value metric. It is worse in regular and relentless crashing and corruption than wall street. The same kike kunts from nasdaq scam days are knee deep in "press friendly" crypto.

I tell anyone who asks the truth. It crashes a lot, as in every week and often everyday. You are almost guaranteed to lose in the short term. tell people the fact that it is gambling at this point, with many years like the last year where crashes are weekly events not 1 in 10 year events

Wong Gendheng

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I don't think it's ready, I've read articles about bitcoin owners, even more than 50% of the bitcoin stock is controlled by less than 1% bitcoin holders, this is certainly very dangerous if bitcoin becomes the world #1 currency, while the world population of almost 8 billion is certainly more many don't have bitcoins.

milewilda

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Quote from: sniveel on March 07, 2021, 07:21:23 AM

I can't agree with this. Bitcoin is not yet ready for it, it is still good for a certain consumer to have a physical cash on itself,not all people have the enough knowledge towards cryptocurrencies and there are still some countries where they still ban bitcoin to be used in their place.

Totally impossible and always consider out.

1. Regulation issues
2. Adoption in different places in the world
3. Human knowledge about its existence
4. Security/Volatile

We know that Bitcoin is great but on different aspect which no matter how it would do make out some progress or success in the future
but that wont be enough for us to day or presume that it could replace fiat anytime soon or in the future.

Agbe

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Before Bitcoin will become a world number one currency, they have to arrange and provide all the necessary building like banks, ATMs in all communities, and there should be a very strong internet facilities around all the villages in the whole world. When all the devices are put in place then we shall know that they are about to use crypto currency (Bitcoin) to over take the international transactions space.

As it is, we have not seen or noticing any like that. For now, the world is still battling on the adoption of crypto Currencies wether to accept or not to accept it. Even the countries that have accepted or adopted it in their countries to use the currency has not approved it for National use but as an alternative currency.

Before Bitcoin will be used as an international currency, there are procedures which all Countries must follow.

sniveel

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I can't agree with this. Bitcoin is not yet ready for it, it is still good for a certain consumer to have a physical cash on itself,not all people have the enough knowledge towards cryptocurrencies and there are still some countries where they still ban bitcoin to be used in their place.

Mauser

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One way to make bitcoins the world #1 currency would be if could make sure that everybody has access to the Internet and a smart phone. So once everybody has a bitcoins wallet on their phone we could start paying out salaries in bitcoins rather than FIAT. And since most countries would prefer payments in digital form rather than cash they would adapt quickly to the new trend. Unfortunately it might be to hard for the older generations to adapt, so it could take another 10-20 years.

nightxglow

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No, i don't think bitcoin is ready. In fact, even making all countries use the same currency is a hard task already, and even with the pandemic, people still can use digital money in their currency, or do cashless transaction. We don't necessarily need bitcoin for that.
And i'm still wondering that too, if bitcoin will be the only one currency, how can we measure that? what's the comparison? and what can control it? I'm not sure bitcoin can work the same as how fiat works, government may have difficulty to control it as well, so i guess it might never work.

Arkann

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Quote from: Imran232 on February 13, 2021, 02:03:53 PM

For your topic title bitcoin is already a top currency in the world. But for your description we have to think twice. Well, it is not possible to stop paper money. Its little bit tough. But bitcoin could be used for as a mobile financial bank. Like we use paypal. But in our mobile pay service we face sending limit. But in crypto we did not have to face any sending or recieving limit. Plus do not have any hold type problem. If bitcoin allows all countries then it could take place of our own mobile pay. Because people will loved to use limitless service. Thank you.

Perhaps we are talking about a larger-scale use of cryptocurrency in the daily life of a person and in the financial and economic process of each country. It seems to me that solving this problem requires not only government support, but also a more developed infrastructure. In addition, one must take into account the fact that the main focus of the opponents of cryptocurrency, including governments, is the use of cryptocurrency by fraudsters and the inability to protect society from a possible fall in cryptocurrency prices.

Rana590

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Quote from: jasonjm on February 25, 2021, 11:07:50 AM

Bitcoin can never be the mainstream currency of the world. Currently to do so bitcoin has to replace the Dollar and must be accepted across the globe as a currency and payment method. With its limited supply, volatility and speculations it can not become the global currency.

It has some others reason too. Bitcoin is a decentralized currency and government/banks are not able to operate it as their sweet well. The price of Bitcoin is not fix and obviously supply matters here.

jasonjm

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Bitcoin can never be the mainstream currency of the world. Currently to do so bitcoin has to replace the Dollar and must be accepted across the globe as a currency and payment method. With its limited supply, volatility and speculations it can not become the global currency.

cyriljundos

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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,

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