I think is too early for bitcoin to become worldwide 1 currency.
There are still some country who still look at the bitcoin as a scam currency because them don't have any idea concerning the currency. Gold is still more popular than bitcoin in the world and also older than bitcoin in the areas of investment.
Many countries are still banning bitcoin not to be use in their government,think it will collapse their currency but never know it's a decentralized currency that is not control by the government. Many countries really understand gold which is well legalized most of the country of the world. Many of their citizens are use to gold for investment and also use it to grow their businesses in the country.
Topic: Is Bitcoin ready for world wide 1 currency? - page 8. (Read 2398 times)
Bitcoin could become a global currency if it had better technical improvements. We have 7 billion people in the world and if about 500 million people use Bitcoin regularly enough, the bitcoin network will be delayed for days or months. Other than technical, I don't have any opinion about Bitcoin. It is distributed and liquidated around the world.
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.
bitcoin is always ready to be the main currency in the world but many countries are not prepared for all the major currency bitcoin to make them a lot of countries are afraid of losing their currency and almost half of the country refused bitcoin because the price can not be stable because that state refused 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.
Exactly, it is not ready for worldwide number one currency to be. It needs to push more for getting accepted worldwide first. Then we can think of something big. Still, it is restricted, so can not possible now to be number one. Besides, the EURO zone is also here to dominate and Dollar is also the same in sense. So it may take time to get worldwide acceptance then we can think big.
Maybe because bitcoin has only 21M supply and that will be short when all the people will going to use bitcoin. If the dev can add more bitcoin in their system then that would be a different story. I do not know how bitcoin works but for me since this is created then probably it could be modified and probably the bitcoin dev did. Who knows? Well, I am just giving the benefit of the doubt. We can get played by them. Anyway, we had already a good vibes with bitcoin that really matter. Think about it this way, currency is valued from other assers.
The kilo of bananas you want to buy costs $1 and that's the only reason the dollar has value, because you can use it to buy stuff.... That same kilo of bananas in the UK is 90p... The comparison between fiat currencies to other fiat currencies isn't a new thing by any means.
The idea bitcoin isn't the same is because the banks and rich people thst haven't bought in want you to think that's why it isn't a real currency or could never be one because it keeps being compared to other currencies.
If this didn't happen with other currencies, forex will be in trouble. The issue with bitcoin atm is that it can't scale to the size of fiat yet... But it might be a matter of time until it can.
Exactly, it is not ready for worldwide number one currency to be. It needs to push more for getting accepted worldwide first. Then we can think of something big. Still, it is restricted, so can not possible now to be number one. Besides, the EURO zone is also here to dominate and Dollar is also the same in sense. So it may take time to get worldwide acceptance then we can think big. The kilo of bananas you want to buy costs $1 and that's the only reason the dollar has value, because you can use it to buy stuff.... That same kilo of bananas in the UK is 90p... The comparison between fiat currencies to other fiat currencies isn't a new thing by any means.
The idea bitcoin isn't the same is because the banks and rich people thst haven't bought in want you to think that's why it isn't a real currency or could never be one because it keeps being compared to other currencies.
If this didn't happen with other currencies, forex will be in trouble. The issue with bitcoin atm is that it can't scale to the size of fiat yet... But it might be a matter of time until it can.
Bitcoin was never meant to be a number one worldwide currency. It was created in order to get rid of 3rd parties during payment, that's why it's called p2p. Bitcoin's block size was never meant for massive usage too and the 4mb size of it proves that. It needs a lot of modification and changes in order to meet the criteria of being a number one world wide currency. Also, such movement would take a lot of years and changes in our behaviours, politics and economics. Right now, banks are the strongest institutes and you can't just change it in one day. So, long story short, no, bitcoin isn't ready and was never meant to be ready for that purposes.
It doesn’t seem like bitcoin can be a currency around the world yet. It needs education about bitcoin to all people who don’t know it.
Bitcoin will also need a process before it becomes a world currency. Most people will keep bitcoin only as a valuable asset and for investment.
But I also don’t think so far although nowadays people are afraid to hold fiat money for fear of being infected covid 19,
not that bitcoin should replace it as a means of payment. Because in my country it’s still impossible. The government hasn’t allowed that far.
Bitcoin will also need a process before it becomes a world currency. Most people will keep bitcoin only as a valuable asset and for investment.
But I also don’t think so far although nowadays people are afraid to hold fiat money for fear of being infected covid 19,
not that bitcoin should replace it as a means of payment. Because in my country it’s still impossible. The government hasn’t allowed that far.
Being the currency of the global population is still very far from reality. Right now, only small percentage of population are into crypto. But I don't think we are competing to be the global currency as it may not happen in our lifetime. Fiat will still be the major form of money across the globe. But we should be happy that slowly crypto or bitcoin is recognized in the global arena because of its benefits especially during this pandemic period.
Bitcoin is very uncomfortable to pay for everyday goods... It has a very large commission for such purposes! As for cashless payments, there have long been banking applications or the same PayPal...
It do really have its cons if we do try to look on bigger picture or trying to elaborate on the things which wont really be fitting out on day to day kind of transactions.
Yeah we do prefer on making it on mainstream but it wont fit out on some categories on where fiat would always have the edge or advantage.Also,
would this thing really happen? No. As long government do exist then fiat currencies would remain no matter what.I cant imagine on a world whom do
have only 1 currency is just circulating.We know that currency value do show up on countries supremacy. Am i right?
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 fiat currencies were replaced by bitcoin, the digital coin would become the offical world currency, but it's hard to say how it would be valued as all the countries would be using the same 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.
I believe governments would find a way to have the bitcoins on their hands (confiscating?) and firstly they would start paying public employees wages based on their own calculations and decisions. They would also buy goods from local manufacturers based on their wishes. Then these people would have their own coins to spare too and inject on the domestic economy.
So you can conclude it would be a centralized universal currency ruled by central authorities. Maybe the only difference between our current system and this hypothetical one would be that governments couldn't print money from thin air anymore, like fiat currency.
Also, to manipulate foreigner economies can be much easier through an universal currency.
Maybe that is a good reason a world currency should never exist. It seems it creates only more centralization where there shouldn't be.
This question has been asked 8 months ago and it has also been asked almost everyday but wondering how the adoption makes the answer to this. I supposed to think that everyone has a clear vision towards Bitcoin adoption and becomes a useful currency as intended to be like. We are not closing the possibility to be the number 1 currency worldwide but if we consider a lot of factors that could change such a thing, we can also think that USDT is still likely taking the crown as the number 1 currency in the world.
It's still far as we can continue seeing that USDT still manage to be on top. There lots of considerations which we all need to understand in terms of being the number currency worldwide. But the good catch here, we can still see more adoptions and there are businesses who are also ready and willing to embrace this new currency that's what matter most for now.
Bitcoin is very uncomfortable to pay for everyday goods... It has a very large commission for such purposes! As for cashless payments, there have long been banking applications or the same PayPal...
This question has been asked 8 months ago and it has also been asked almost everyday but wondering how the adoption makes the answer to this. I supposed to think that everyone has a clear vision towards Bitcoin adoption and becomes a useful currency as intended to be like. We are not closing the possibility to be the number 1 currency worldwide but if we consider a lot of factors that could change such a thing, we can also think that USDT is still likely taking the crown as the number 1 currency in the world.
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Bitcoin is very uncomfortable to pay for everyday goods... It has a very large commission for such purposes! As for cashless payments, there have long been banking applications or the same PayPal...It doesn’t seem like bitcoin can be a currency around the world yet. It needs education about bitcoin to all people who don’t know it.
Bitcoin will also need a process before it becomes a world currency. Most people will keep bitcoin only as a valuable asset and for investment.
But I also don’t think so far although nowadays people are afraid to hold fiat money for fear of being infected covid 19,
not that bitcoin should replace it as a means of payment. Because in my country it’s still impossible. The government hasn’t allowed that far.
Bitcoin will also need a process before it becomes a world currency. Most people will keep bitcoin only as a valuable asset and for investment.
But I also don’t think so far although nowadays people are afraid to hold fiat money for fear of being infected covid 19,
not that bitcoin should replace it as a means of payment. Because in my country it’s still impossible. The government hasn’t allowed that far.
Being the currency of the global population is still very far from reality. Right now, only small percentage of population are into crypto. But I don't think we are competing to be the global currency as it may not happen in our lifetime. Fiat will still be the major form of money across the globe. But we should be happy that slowly crypto or bitcoin is recognized in the global arena because of its benefits especially during this pandemic period.
Bitcoin is very uncomfortable to pay for everyday goods... It has a very large commission for such purposes! As for cashless payments, there have long been banking applications or the same PayPal...
The fiat will stay as it is as long as the government and the bankers will support it, the bankers for sure will never let go the fiat and they will do crazy things for the people to continue supporting fiat currencies. In my country, there are now a lot of people who are becoming aware on what are cryptocurrencies especially the bitcoin and ethereum but there is a big problem because there is a misconception when they see it as investment and not a currency that can help them to have better and convenient payment system. There is a bright future for the cashless society but still it will take a very long time for the people to adapt it.
The government will always support its fiat currency, because it prints money itself and is responsible for the functioning of the economy and the well-being of its own citizens, unlike cryptocurrency developers, who may be located in another state and are deeply indifferent to issues of health care, defense, payment of pensions, support of poor citizens ... I sympathize with cryptocurrencies, but against such a simplification of such a complex issue.
Bitcoin will still be bitcoin which is decentralized for the whole world. Centralized currency cannot make bitcoin devalue because dollar is control by the government which the government can decide at anytime to print more money not to make the country currency devalue.
During the pandemic bitcoin show other cryptocurrencies with time it will be the king of all currency in the world. When others cryptocurrencies where reducing bitcoin was increasing to show with time it will beore popular than any currency.
During the pandemic bitcoin show other cryptocurrencies with time it will be the king of all currency in the world. When others cryptocurrencies where reducing bitcoin was increasing to show with time it will beore popular than any currency.
Even bitcoin is already known all over the world. Many people still find bitcoin as a fraud or a scam investment due to illegal activities that is being broadcast in news and online articles, that is why bitcoin is not ready to be a worldwide number one currency, and other countries had banned bitcoin.
That is how they show bitcoins to be a illegal currency but the truth is that bitcoins have such a robust mechanism that even hackers trust it for getting payment from their victims. Imagine why hackers don't ask for any other kind of payment when they hack a particular company or network? That is because they know that only bitcoins is one currency that cannot be reversed and only possible payment method that does not rely on centralization. I know bitcoins are being used for many illegal purposes but that is only because of the robust mechanism not because someone made bitcoins for this purpose.Bitcoins might not be ready for a single currency worldwide because if that happens then whales who still store big amount of coins can swing the whole economy of the world which is a dangerous prospect.
It doesn’t seem like bitcoin can be a currency around the world yet. It needs education about bitcoin to all people who don’t know it.
Bitcoin will also need a process before it becomes a world currency. Most people will keep bitcoin only as a valuable asset and for investment.
But I also don’t think so far although nowadays people are afraid to hold fiat money for fear of being infected covid 19,
not that bitcoin should replace it as a means of payment. Because in my country it’s still impossible. The government hasn’t allowed that far.
Bitcoin will also need a process before it becomes a world currency. Most people will keep bitcoin only as a valuable asset and for investment.
But I also don’t think so far although nowadays people are afraid to hold fiat money for fear of being infected covid 19,
not that bitcoin should replace it as a means of payment. Because in my country it’s still impossible. The government hasn’t allowed that far.
Being the currency of the global population is still very far from reality. Right now, only small percentage of population are into crypto. But I don't think we are competing to be the global currency as it may not happen in our lifetime. Fiat will still be the major form of money across the globe. But we should be happy that slowly crypto or bitcoin is recognized in the global arena because of its benefits especially during this pandemic period.
It doesn’t seem like bitcoin can be a currency around the world yet. It needs education about bitcoin to all people who don’t know it.
Bitcoin will also need a process before it becomes a world currency. Most people will keep bitcoin only as a valuable asset and for investment.
But I also don’t think so far although nowadays people are afraid to hold fiat money for fear of being infected covid 19,
not that bitcoin should replace it as a means of payment. Because in my country it’s still impossible. The government hasn’t allowed that far.
Bitcoin will also need a process before it becomes a world currency. Most people will keep bitcoin only as a valuable asset and for investment.
But I also don’t think so far although nowadays people are afraid to hold fiat money for fear of being infected covid 19,
not that bitcoin should replace it as a means of payment. Because in my country it’s still impossible. The government hasn’t allowed that far.
Being the currency of the global population is still very far from reality. Right now, only small percentage of population are into crypto. But I don't think we are competing to be the global currency as it may not happen in our lifetime. Fiat will still be the major form of money across the globe. But we should be happy that slowly crypto or bitcoin is recognized in the global arena because of its benefits especially during this pandemic period.
It doesn’t seem like bitcoin can be a currency around the world yet. It needs education about bitcoin to all people who don’t know it.
Bitcoin will also need a process before it becomes a world currency. Most people will keep bitcoin only as a valuable asset and for investment.
But I also don’t think so far although nowadays people are afraid to hold fiat money for fear of being infected covid 19,
not that bitcoin should replace it as a means of payment. Because in my country it’s still impossible. The government hasn’t allowed that far.
Bitcoin will also need a process before it becomes a world currency. Most people will keep bitcoin only as a valuable asset and for investment.
But I also don’t think so far although nowadays people are afraid to hold fiat money for fear of being infected covid 19,
not that bitcoin should replace it as a means of payment. Because in my country it’s still impossible. The government hasn’t allowed that far.
There are many reasons why Bitcoin can't replace fiat currencies and some are volatility and limited supply. Also, so far we have very low acceptance and don't forget that some people don't even have electricity and they can only dream on internet.
But I don't even think that Bitcoin should take the role of fiat and when we look at cryptocurrencies world Bitcoin already is number one and it will stay so.
Fiat has a pretty high fluctuation rate as well and a limited supply at that matter. What I really believe is the reason why the public wouldn't want bitcoin be a currency is the fsct that it benefits a lot of people from being an asset for investment. If we wanna set it as a currency, we have to drop its value to an amount that evryone can own atleast 1 or 2 of them at any given time. Which is clearly not gonna taste well for investors like us. But I don't even think that Bitcoin should take the role of fiat and when we look at cryptocurrencies world Bitcoin already is number one and it will stay so.
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