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.
Topic: Is Bitcoin ready for world wide 1 currency? - page 9. (Read 2398 times)
I'm waiting for the second day to confirm my transaction, with the commission I specified 40 sat/byte...
Judging by such results - Bitcoin badly copes with the payment function and the commission is unreasonably expensive!
This is one of the main reasons why Bitcoin cannot yet be the 1st recognized currency in the world.Judging by such results - Bitcoin badly copes with the payment function and the commission is unreasonably expensive!
Bitcoin can provide benefits such as a store of value and more. But it need development to be used by the whole world.
Perhaps in the future solutions will be created to allow Bitcoin to be used by everyone.
I don't think it can become worldwide currency just yet! Because still lots of people are under the poverty line and they don't even have access to phones let alone learning the technology and terms to use blockchain and bitcoin. At first we have to make the society more knowledgeable on technology and only then we can move forward toward a society free of fiat!
I'm waiting for the second day to confirm my transaction, with the commission I specified 40 sat/byte...
Judging by such results - Bitcoin badly copes with the payment function and the commission is unreasonably expensive!
Judging by such results - Bitcoin badly copes with the payment function and the commission is unreasonably expensive!
In terms of liquidity and value, Bitcoin satisfies the conditions of becoming a global currency. But in terms of technical factors besides security, Bitcoin has a slower transaction speed and is not as good for continuous payments as other means of payment. Bitcoin needs to be technically improved in terms of speed and transaction costs.
Liquidity? I don't think so.
Maybe you are in a country where people are exposed to using cryptocurrencies, mainly Bitcoin but it is not always the case. The main reason Bitcoin is not ready to be a "worldwide number one currency" is the acceptability of it. The adoption is slow and people still thinks it is a scam. With low acceptability, means it is not that liquid too.
Overall I think if transaction confirmation time was faster and there was some way to decrease fees per transaction then we might have seen a far more growth than what we are observing now. Most of the people are also worried about the volatility of the bitcoins and drops like one happened in march cause people to think twice before they hold or invest too much.
In my opinion, bitcoin is not ready to become the world's major currency, because its volatility is too high. and many people in the suburbs do not understand bitcoin. Many do not believe in bitcoin because they think it is a scam and a Ponzi business. Currently, bitcoin can only be an investment asset to store their property value. but maybe bitcoin will become the world's major currency in the next few years.
No. Bitcoin cannot replace fiat as the mainstream currency in the world. Despite its great features and the benefits that was given to us especially during this pandemic time, still it can't beat the importance of fiat/physical money that we are using everyday. The good profits it gave us is beyond our expectations as this crisis continue to rage on but its still has a lot to show and prove before we will be able to consider it as the mainstream currency.
I don't believe that bitcoin never can be ready to act as only currency in this world because look at the fee of a transaction now when the mempool gets little clog so how it is going to tackle all the transaction made in this world at a time. But we have thousands of other crypto as well in the market already so some of them can stand still from all those shit coins and better prove themselves to be a crypto for the future.
Bitcoin or cryptocurrency can be a good alternative to fiat, but it cannot be considered as the number 1 currency yet because crypto is not yet fully adapted. The access to crypto is still limited which makes it hard for other people to use it on daily basis. Not to mention the volatility of the price. It is not even used mainly as a currency mainly because people treat it as an investment tool.
Bitcoin has got the universal accessibility, which means it can be exchanged to any of the country's local fiat upon necessity. Every country focus on digital growth, and as a part more number of countries are into the development of their own cryptocurrency. Some has already got launched and available for usage. As it helps with transaction without restrictions to any part of the globe have made it grow slowly.
Not yet because bitcoin is not yet accepted all over the world and not all people know how to use it and Government still didn't accept it because bitcoin is a decentralized digital currency. We can invest on it and we can use it to pay and send money to our loveones using this bitcoin but it is still impossible for bitcoin to become a world wide currency.
I think Bitcoins are ready to be the World Wide Number 1 Currency, unfortunately most countries are not ready. The understanding of and believing in crypto currencies is not enough yet in most countries. Bitcoins are being used by many people all around the world, but the number of people who don't want use any internet currency is still high. Just by looking at my parents I see that lack the undestanding and are too afraid to try something new. They are just to old to go with cryptos. In 10-20 years most countries should be ready to adopt bitcoins as number one currency.
I totally agree with you. It can never be more true. I believe bitcoin in itself is ready for worldwide number 1 currency. The only limiting factor is the mass adoption of bitcoin in the mainstream world. Several countries do not accept bitcoin as it stands. Although a lot of people are currently involved with bitcoin, there's still much larger percentage that do not use it. Several do not even have access to the internet.
You'd understand this better if you take a study of developing countries especially in Africa and Asia. You'd realized that there are a lot of people who have never been to a school and wouldn't understand what bitcoin is. You should also note that even in developed countries, there is a whole generation that wouldn't even want to hear of bitcoin. Many, there, even consider it illegal.
I think Bitcoins are ready to be the World Wide Number 1 Currency, unfortunately most countries are not ready. The understanding of and believing in crypto currencies is not enough yet in most countries. Bitcoins are being used by many people all around the world, but the number of people who don't want use any internet currency is still high. Just by looking at my parents I see that lack the undestanding and are too afraid to try something new. They are just to old to go with cryptos. In 10-20 years most countries should be ready to adopt bitcoins as number one currency.
If fiat currencies were no longer how would bitcoin be valued...inflation etc? Can't get my head around how it would work.
It would still be quite similar to now which is via value and exchange of goods, dollar is just a system constructed between governments. There wont ever be just 1 currency worldwide as they all have imperfections, the only common value system held globally over years thats been close to universal has been gold traded in exchange for goods. Bitcoin wont cover all traded goods and balance sheets by itself, it will be part of a variety used like now but the percentage of usage will rise most likely.
Bitcoin is not ready for the 1st currency worldwide because bitcoin is not yet supported by the whole world and it will take a long time to become the number one currency in many countries nevertheless it is the first and most important cryptocurrency. Altcoins are trying to copy or improve the original code of bitcoin but so far none of them have been able to replicate the success of bitcoin if the government supports the development of the world there will be a possibility of rising to the top.
BTC is not ready for this not because it is complex/strange/cryptocurrencies are not needed by anyone - this is not the case.
BTC is not ready for this role just because it is too slow. It covers him all the way for a similar role - in contrast to ETH.
I do not dispute that BTC is good as a means of income (although it destroys it) or for storing money for the future (eternal growth).
But for the "world currency", quite different indicators are important - such as the convenience and speed of transactions, the ability to scale and ease of integration into life.
As for me, ETH is much more suitable for such a role in such parameters. However, I never detract from pros of BTC in general.
BTC is not ready for this role just because it is too slow. It covers him all the way for a similar role - in contrast to ETH.
I do not dispute that BTC is good as a means of income (although it destroys it) or for storing money for the future (eternal growth).
But for the "world currency", quite different indicators are important - such as the convenience and speed of transactions, the ability to scale and ease of integration into life.
As for me, ETH is much more suitable for such a role in such parameters. However, I never detract from pros of BTC in general.
currencies, especially the US dollar, will be fine even when experiencing shocks, only its value will decrease and various parties will try to avoid this, because almost all countries have USD currency pairs.
if USD is affected then other currencies will also be affected.
if USD is affected then other currencies will also be affected.
I think with time bitcoin will be see as number one currency in the world. Many countries are still see bitcoin as a scam currency base on what others decentralized currency has done to them in the years pass that still not legalized bitcoin in their country. If all the countries of the world finally legalized bitcoin it will be the number one currency in the world. Many other countries currency loss value during the pandemic but bitcoin value was increasing everyday by day.
Not happening right now. Everything requires some particular quality and quantity to be number one. Bitcoin has several acquaintances and is a famous currency. But then some of its narrowness persists. Bitcoin isn't recognized worldwide and is not allowable. Since there is an identity fluff and the level of scam is high, so there are constraints. So it can be said that Bitcoin is not ready to be the number one currency right now 
. There has a huge possibility of being number one.
. There has a huge possibility of being number one. In terms of liquidity and value, Bitcoin satisfies the conditions of becoming a global currency. But in terms of technical factors besides security, Bitcoin has a slower transaction speed and is not as good for continuous payments as other means of payment. Bitcoin needs to be technically improved in terms of speed and transaction costs.
Liquidity? I don't think so.
Maybe you are in a country where people are exposed to using cryptocurrencies, mainly Bitcoin but it is not always the case. The main reason Bitcoin is not ready to be a "worldwide number one currency" is the acceptability of it. The adoption is slow and people still thinks it is a scam. With low acceptability, means it is not that liquid too.
Jump to: