Topic: Is Bitcoin ready for world wide 1 currency? - page 4. (Read 2402 times)

As bitcoin's marketcap will continue to increase, its chances of getting to the number 1 spot will continue to rise.

We can see the ranking here.

https://companiesmarketcap.com/assets-by-market-cap/

Bitcoin is currently at the number 9 spot with 800 billion marketcap, but 2 Trillion can be surpass anytime since it's all of us are investing on bitcoin.
2nd in the spot is Apple, it's a huge company but it's possible to surpass them, I don't know about gold, probably we have a chance but a few percentage only.

I don't think Bitcoin is ready for this kind of responsibility as there a lot of factors that hinder it from replacing Fiat like Bitcoin is not even yet fully accepted in other countries, countries that have limited access to it, too much volatile and more. Perhaps it could be another way of payment though. I partly agree that people are now having doubts about holding money for fear of getting contaminated but it's been already solved by online banking which allows people to process payment without having contact with those paper bills and coins.

That is not the point, we just only use bitcoin as an investment place only, no more than that. Indeed, we can do anything with bitcoin but we have government and they will restrict the utilization of it. Like in my country that can be allowed to use bitcoin as a trading/investing place only no more than that. And I guess, the purpose of the OP's question is can we use bitcoin like money fiat across the world? And I bet the answer is no until whenever. Unless all governments in this world accept and regulate bitcoin as means of payment besides their money fiat. Can you imagine how did this situation come about?

Just because of the reason that people are scared to hold money or paper currency doesn't means that we must use bitcoin in every transactions. There are online banking in which you can enable to make a payment and transfer without holding your paper money with your own hands. Bitcoin will never be ready to be a world wide currency because no matter what happens, bitcoin will be always second to fiat currency and never will be the top 1. If there will be no fiat currency like USD then probably bitcoin will be no value that's very simple.

I think the right question should be "is the world ready to accept bitcoin as number 1 currency". The blockchain network is an incredible piece of technology. My advice is hodl your coins because they are going to be worth a lot in the nearest future

People in the offline world have no idea about Bitcoin. A handful of people online(internet) know about it. Again most people out there like Bitcoin badly coin. Being associated with the internet, it can be said that it is the only coin to rule online. Bitcoin, does not care about any fiat currency or measure, like as Gold.

You're right but I think that's not the basis for bitcoin to become a worldwide currency because not all are using bitcoin. Many people still doesn't know about it and others doesn't know how to use it. Bitcoin is just the king and number one digital currency, and an alternative to fiat.

Bitcoin need not to be ready because this is a material to be use and always in the availabilities .

What you need to asked is the people like us,are we ready to use Bitcoin as single currency?can this be applicable in our daily usage? can Bitcoin be use in all merchants?

the answer is NO,we can't even use this in Groceries in many countries and even in many countries Bitcoin is banned so how will the world use this when this was not even recognized by some governments.

we need more time and education first before the world finally use this but will never happen to be a single currency ,Fiat will remain and many countries will stay that way though they will allow Bitcoin to circulate in their country.

How bitcoin could be #1 currency with so low TPS??

I guess I would partly agree with you. Bitcoin can be used as currency, but not for everyday purchases. Right now Bitcoin network is not ready to be a good payment gateway, because the commissions are too high and the speed is low...

Bitcoin not getting accepted in some other countries is already a huge factor already in Bitcoin to be a worldwide currency.

Bitcoin to be a worldwide currency is just not applicable to it. I can just say that it can be a worldwide alternative currency to be used in case you don't have any fiat on hand but to be on the top currency, I don't think that it will happen.

Asia has done far better then most of the west, partly through experience and far stricter rules some voluntary and some not.    I expect Asia to come out of this far better off because they have had this trouble so often in the past and wearing a mask over your mouth is basic good manners to not spread any illness where in the west often its become poor discipline through misunderstanding.
  There are long lasting changes, we note the increase in distance & likely some will be long term and not every change will be a negative as progression was always going to be a requirement to enabling modern economies.
Traffic congestion has always been some negative and cost to society so I'm glad if less people spend 2 hours commuting a day, it shows inefficiency with productivity lost daily when we can take a new path.   I will always take the basic rule of capitalism as efficiency is what gives money worth with correct distribution making society richer; when we distribute via government, QE and political policies we lose efficiency and ultimately our wealth.

   BTC is best taken as part of the trend to change in the world, not just this year 2020 but does it have a place overall in transition away from the ww2 monetary system which has turned into purely political money and too biased to economies in the west rather then aiding growth in the world and developing in Asia especially.   The basic requirement for a currency imo is stability, the highest order of money is security not wealth.

They'll never be just 1 world currency, I wouldn't believe that description of any standard.   Competitive markets wont have just one solution, so currency I wouldn't expect differently

What he is trying to say is the complete adoption, where sellers will easily accept bitcoin anywhere because bitcoin is accepted anyway. The current status is not on that level yet, sellers are still afraid of the volatility that they might experience a loss, and government are not yet fully clear whether they will support bitcoin or not, and that pose a big risk to the business.

IMO, the time will come, the adoption might be slow but it's steady but it will never come into the point that it will replace fiat.

In General, the introduction of a single world currency looks like a utopia and is not feasible at this stage of human development. It is one thing to talk about the number one currency in the world, which is quite real, and quite another to engage in near-scientific fiction and talk about a single world currency. In addition, even if such ideas are feasible and bitcoin will claim this role, it will really need to make changes to the bitcoin program code and the resulting product will be very different from the current bitcoin that we are all familiar with.

Bitcoin was not created by governments so they are not going to accept it as their money over their fiat money. But butcoin can act as one of the payment modes if government feels that regulations are better than banning it completely.

I don't think Bitcoin alone could ever be enough to be the single currency of the world. While it does go to many decimal places, a fixed supply of 21 million just makes the circulation amount far too small for this purpose. There are many micro transactions that take place that it wouldn't be able to support efficiently and it's easy to forget but not everyone has easy online access available. Bitcoin has shown the possibilities but it feels like another iteration will be required to solve such a problem and even then, maybe people will never accept the idea of a single centralized global currency because it will be bad for economic control needed by governments.

When looking at cryptocurrency in generally it's obvious that bitcoin dominating across the world, and if I said that many people preferred bitcoin more than fiat currency I'm not mistaken due how influential is cryptocurrency especially bitcoin in the world, it's only few countries that haven't adopt bitcoin or legalized it, which I will  can say is uncountable, so based in that aspect I think bitcoin is now a worldwide currency,

If all countries had agreed and already recognized bitcoin, I think bitcoin could become the currency of the world.
But for now the currencies of bitcoin and fiat are still needed. And not all countries also allow people to transact with bitcoin.

The hype of bitcoin was gone due to christmas is near and some of them are needs some financial and those are came from bitcoin to support their daily needs, And yet bitcoin was fail to surpass its own highest price but it was a good run for those who invested already in bitcoin , i couldn't agree more if bitcoin will became a number one currency in the world however lots of countries are still not legal to use bitcoin this could be impossible to happen if bitcoin will become on that someday maybe government will try to control it.

In my opinion, it's not about bitcoin wild or anything, it's about this new concept of bitcoin that cannot be accepted by every country.  Because there will be many problems that the government deems to be very dangerous.  Such as vulnerability to money laundering, hacking, etc.  Even the current government does not want to bother converting bitcoin as a legal medium of exchange in the country.  Because every country has different laws regarding the rules of exchange that are legal in their country.  The point of this lies with the government of each country itself.  Not about bitcoin.