Topic: Most of us have lived a world of USD dominance, but history changes (Read 701 times)

Well, it is possible if the countries of the world accept it as a currency for exchange, just like what fiat is today. The standard that fiat has and the highly maintained system of fiat cannot be compared to Bitcoin as of now. It will take time, however, if Bitcoin starts getting recognition like fiat.

Acess will change, but this near future may not be soon enough for a lot of people. And priorities may also still not change for a significant part of the developing world. Even with internet and smartphone, it's still not viable with needs, which don't change even with internet/device penetration. The hawala network, which hasn't only survived but thrived in countries with decades of internet use, but where online literacy hasn't caught up (we're still on English, for example) is a reminder of this.

But this will surely change in the nearest future. 5 billion people around the world use internet today, and with half a million new internet users added each day, I think internet access won't be a problem to anyone in 10-12 years. With smartphones the situation is even better.



So, Bitcoin will hardly replace everything, but the wast majority of people will not have difficulties with adopting it.

The dollar is weakening due to the reallocation of power in the world, it is very likely that China and Russia will launch a new currency to reduce dependence on the dominance of the USD. The dollar is strong thanks to the power of the US and if there is a currency of Russia and China, it will also be controlled by those two countries. Bitcoin does not have that ability and it is only supported by the people who use it, which is not enough for it to become a world currency. I also really want bitcoin to be recognized and used all over the world but it is very difficult to see it coming to fruition.

I personally think that payment methods of the future will be cash, credit, and crypto(Bitcoin mostly).

The first generation of money required physical access to it, cash.

The second one, requires centralised control of it, credit.

The third one is decentralized, Bitcoin.

Before the inception of Fiat, there have been other source of  money which was acceptable in the world and they gradually faded away giving room for new generally acceptable currencies. The world is gradually evolving likewise the economy and finance too. Paper money era would soon fade away too giving room for Crypto currency too. From my own point of view, though it would take a little time for Crypto currency to be adopted buy it would definitely be adopted by many nations but the few nations adopting it currently would be ahead of others  and it would drive their economy far much better than others. So there both good and Bitcoin are precious treasures but you would agree with me that both are inline with their dispensation in terms of monetary value. Good which is the first valued physical natural asset is gradually fading away for the new digital asset to come inplay.

In fact, there are some places in the world now where barter is getting renewed interest -- thanks to the failure of more modern modes of money in being inclusive to all kinds of people who need money. For some, Bitcoin may never be viable for a long time either -- not just in deepest parts of the global South where internet penetration isn't great, nor access to personal smart devices, but even in developed countries where people simply have more insular needs.

Bitcoin replacing everything else always sounded a little naive to me.

Actually, maybe not some time if history is something to go on. All of the past reserves/world currencies (Portugal, Spain, Netherlands, UK...) lasted around 100 years or less, and with the US we are currently 102 years in its dominance...but, the world is drastically different than it was with any of the currencies before, so it's hard to say if it will behave the same way and if the US will be able to brake through that. At this point, it doesn't seem it will change anytime soon, so it's interesting to observe.

That's a great picture, imo, because it's informative and simple at the same time.

I just want to add one thing, to clarify for those saying: "Gold is the best form of money" or "World will never get rid of fiat". You know, no one is saying the contrary. Yes, gold is still good as money, and, yes, fiat will always be here. Even barter will not disappear in the future. This picture shows the dominant payment system, not the only one. It important to understand it.

No one can predict what will happen. I am just being optimistic. Hope whatever is being said is true.

The change have taken place with time. Just from the barter system to the evolution of the cryptocurrency. This has happened through a long process of one system overcoming the dominance of the other. In such a way things have taken place. During those days people were looking for the best, and the centralized system have ruined it. Finally it arrived same as the barter system where there is no need of the middle man in a digitized way.

Even if we say that bitcoin has become a mainstream, but seeing it as the next global currency after USD, i think its quite impossible these days. USA will certainly fight for their own official currency, and would even mean to start a battle for the sake of it. And majority of the countries' government have not yet accepted bitcoin, so its hard to say if bitcoin could replace USD in the future. Although there are chances, but the process will definitely be stiff and hard.

As much as I wanted BTC to be considered as a world currency, I find it impossible for the time being due to its needed massive implementation and inflationary nature.

Imagine, you're strolling on the market only to find out that the prices of goods/commodities are also changing day-by-day. When you have a currency in which its value is extremely volatile, this entails a risk on both the consumer and seller on the pricing of goods. In addition, if BTC were t be implemented as a currency, governments of countries would necessarily and absolutely regulate it to death, thereby potentially losing its decentralized nature.

I don't think it's too much about the value of fiat but the simplicity of doing international transactions with Bitcoin.

With fiat there are so many issues and fees when paying internationally

With regards to how the government react to bitcoin and how the people respond to bitcoin, I would also say it’s unlikely to happen for now, but if there will be positive changes in the future, then bitcoin will be realized as a potential global currency. But I don’t easily believe that fiat or USD will lose its value and will be useless in the financial system. Bitcoin may have its own turn, but definitely not for now.

For everyone that gets to see the potentials of bitcoin, we are of course hopeful for bitcoin to be part of the global history, becoming a global currency one of these days. However, the government should learn to see its potentials first and its utility case, and approve it all along. Otherwise, bitcoin will certainly face a lot of struggles and government oppositions just to become a global currency in the future. We know bitcoin will definitely get there, but the process will be very tough and hard for bitcoin.

Didn't realise today (or yesterday?) euro just hit parity with the US dollar. Mindless printing, rate hikes, expanding reserves held by foreign powers (thinking China on its own anyway) and still the dollar finds a way to flick a finger in the general direction of every other would-be fiat.

I've no doubt it'll crash and burn some ways down the road but not in our lifetime, huh.

I am not sure if that is going to happen. Bitcoin is great and solved lots of real world problems but USD will probably be replaced by another FIAT when the time comes. When bitcoin becomes the reserve currency, how is you going to price things with bitcoin?

Let's say you have a house for sale for 1 btc, since bitcoin is deflationary, how is that going to work? It is because today's 1 btc is worth less than tomorrow's one btc. I think we'll just move to the next FIAT and kill it in a decade again.

When referring to the "civilized world", I don't mean everything is perfect there. There's no perfect country, and there can't be, imo. But at least the governments of the Western countries respect rights of their citizens much more than dictatorships. They can forbid you to infect others putting their life in danger, but they won't forbid you to use cryptocurrencies just because "they are afraid of decentralization".

People can get part of their stolen freedoms back if they go out and protest in great numbers. By standing up to the forces of oppression showing strength and aggression, they will back down. But is the majority ready to do that? That's the question.

A few examples of how freedom of choice is respected in the civilized western Europe. My cousin who works for a major cosmetics company in the civilized west wanted to come visit his parents in his home country on the Balkans. His boss said sure, no problem, but the region is considered an unsafe COVID zone. If you get infected, your contract (that was due to expire around that time) won't be extended. Great example of western qualities.

In a different case, a relative of mine refused to take the COVID shot. Every morning before going to work, he had to stand in line for 30-60 minutes to get tested for COVID to bring back a negative text to his employer. Of course, that was only a requirement for those who didn't get the shot even though both vaccinated and unvaccinated individuals can get infected and spread the infection. That's exactly what happened at one time when there was an outbreak in the company he works for and infected individuals from both camps had to be quarantined.

If you know someone unvaccinated who lives in Austria, ask him how much freedom they had during the COVID outbreak. They were threated like pieces of shit. 

I am very fond of Bitcoin and hope that every government in the world accepts it but  I couldn't see Bitcoin as the world's currency.  It can be an alternative as a currency but most governments won't acknowledge Bitcoin.  The government would rather promote its own currency than support Bitcoin to be the world currency.


Women and those you said Minorities issue is different from the issue we are talking in this thread about Bitcoin.  Women and those minorities want equality while this thread wanted/assume Bitcoin to dominate the global currency.  See the difference? 

That's what women could say about their rights 50 years ago, and look at the world now! Same goes for various minorities in the civilized world. Now, I'm not talking about dictatorships and stuff. In those countries things are exactly as you described. But in the Free World people are getting more and more freedoms with time, and if they decide to use Bitcoin as their money, they can do so. Fortunately, countries like Turkmenistan, where government has unlimited power and ordinary people have none, do not belong to the future, so, there's a good chance that BTC will be doing alright soon.

Yes! I'm also very courageous that Bitcoin is the future and surely people will understand its value very soon

People are too optimistic about Bitcoin becoming the world's leading currency one day. I don't see it. "They" won't let it happen. They can be anything you want. The world's leading nations, the elites, the bankers, the financial giants... It's not in their interest for you to be self-dependent and free. You should only think you are by voluntarily giving away your freedoms bit by bit. If you think who cares what they say, you are wrong.

We can't even win the battle against whether or not you want to get the COVID shot or not. Rights guaranteed by the constitution are a joke as the last two years have proven. You have the right to listen to what you are being told and do as we say or be limited and oppressed in the ways we want.     

Governments, especially dictatorships, want their own currencies because at some point they can print enormous amount, exchange this garbage(in the near future, but not yet) for hard currencies, and flee the country before it turns to total chaos. It's their plan B, and I understand them. Why do ordinary people want to have their local currencies, that's what I can't grasp.

That is the biggest problem that is facing us, but also the best thing about bitcoin at the same time. Why? Because it would be insane to think US government, UK government, Russian government and the Chinese government all agreeing on the same thing, hell when it is about literally saving the world they still are up in races and disagree, instead of get together and save the world. This means that we should be doing as well as we can to hope that the public would agree instead.

So, it is hard because governments would never agree, but it would be awesome if all citizens of those nations get together and try to do something that is bitcoin oriented in the economy, spend that instead of the fiat they are told to use.

Bitcoin has really its own potentials that highly qualifies to become a legal currency, but if we think of making it as a global currency, most probably a lot of big countries are still going to oppose its dominance. They would want their own country's official currency instead than to resort in bitcoin which is highly decentralized. However, if by chance bitcoin will be accepted as one, it will be less decentralized as centralization could be the most preferred by all states.

We can always hope for the best of bitcoin and even dream of it as a global currency in the future, but always know that the road to get there will be very tough as it may take a lot of big oppositions and bitcoin attacks before the government will come to accept bitcoin legally. And the fact that the whole states of the nation are going to fight for USD, or to their own official currency, which means that bitcoin will be in a biggest battle if it pushes through as a global currency.

Well, thanks for the information as i only have come to witness the surging of USD the moment i was born. Right then, i only realized that USD is the most powerful currency since it also become the global currency i think even without official title. However, time has changed and that innovations are given more importance right now. And that remarks the rise of bitcoin. USD has been threatened by it and that made us think that bitcoin could be the next global currency because of its high potentials, not yet happening but i guess its bound to get there.

All fiat currencies have a life and there's just a few that survived more than 100 years without a major reset. One of them is GBP, but if you look at Europe most countries went through a death of their national currency. Some even more than once in the last century. Japanese Yen is considered strong, but not many people remember that it had over 20% inflation in 1973 and 74.
The US economy should be able to keep USD from losing its position, but if the government tries to get rid of cash and push CBDC it's going to weaken USD by a lot. We'll see how Russia ends up. Bankrupt or not in 5 years?

Insignificant if you use lightning network. Solutions will be found, but day-to-day transactions is not our biggest problem right now, isn't it?
Governments around the world through their policies are basically taking 10-20% off our income on top of the other taxes due to inflation. That's just the tip of the iceberg though. The centralized financial system is intrinsically broken. I mean it is better than nothing, don't get me wrong, but we have the perfect candidate of a global mainstream currency and store of value that could solve a lot of problems and inequalities.

Calculate how much a transaction would cost to buy ice cream.

It's rather funny how delusional some people are about the prospects of Bitcoin, it simply does not have the capacity to rival US dollar transactions in many different ways. If any currency has a tiny chance of surpassing the US dollar as the reserve currency of the world, it is likely to be the Euro or Chinese Yuan. Bitcoin does not have the processing power or abilities to be functional on anywhere near the same scale, at least not without involving third party system which defeats the whole point of being decentralized. Not that it's even possible, but in some weird parallel universe where it had a remote chance of happening, it would be banned by US regulators as that country benefits greatly from being the reserve currency, and if America banned it, Europe would follow and it will drop like a stone through a rotten floor.

Hard to counterfeit is a wrong sentence as well. I mean yes maybe you may not do exactly one to one copy, but that is not really the case when you want to live like kings from a fake money is it? That is not going to be something you should be focusing on at all when you want to do an illegal thing. So, what do you do?

First of all, prefer to be not in the USA when you do that, and when you are in a smaller nation, like Latin America, then you could just find small places that would not understand it, and try to cash it out in bulk from those places, hell buy big products and ship it somewhere else and pay with it. There are many methods criminals use, and that is a disgusting way, but it is still possible. Crypto can't be faked at all, impossible.

Right now it is a bit hard to imagine Bitcoins becoming the next world currency because the world is so divided and I am not sure if there would be a consensus all around the world to accept Bitcoins as the new world currency. There are two important aspects for a world currency that might be hard for Bitcoins to achieve. The first one is easier and could happen in a few years, it means that the world currency needs to be accepted all around the world by merchants and people to exchange for goods. For example, if we go to a small store in Africa, or Asia and want to buy some snacks than they need to accept Bitcoins as a form of payment. The only problem is if too many countries ban the use of Bitcoins it will be difficult. The second issue is that countries globally start using Bitcoin as currency to settle trade. All the major commodities would need to be quoted in Bitcoin price rather than USD for it to become the new world currency.

So you think that the future global currency will have unstable value and the transactions will get slower and more expensive for once in a while, due to the blockchain being clogged by too many transactions? Good luck with that.
Imagine having a global currency with a value that is up 5x the first month and down -10x after several months. The global finance would turn into a rollercoaster. I'm a Bitcoin supporter, but all the fantasies about Bitcoin becoming a global reserve currency and just fantasies.
The future global currency needs stable value, fast and affordable transactions and worldwide acceptance by all governments. Bitcoin still isn't accepted by all the governments around the world.

In the same way that every country currently uses their own currency locally, and trade internationally with USD, countries will continue to use their own currencies, but slowly over time more and more countries, specially poor ones, will start to realize that they don't have to use USD to send money internationally(Remittances) paying huge fees through companies like Western Union.

Instead, those countries will start using Bitcoin, with almost no fees, and no need to go to any third party and ask permission. With the popularity of working from home increasing, globalization continuing to expand, and technology becoming pervasive, it is just a matter of time until these countries realize how much money they can save if they use Bitcoin instead of USD.

Those countries will probably be the first layer upon which Bitcoin will establish itself as the new global currency.

At the same time, new applications like Strike for example, will start allowing richer countries to send money overseas with minimum fees by converting local currency to Bitcoin, making a Bitcoin transaction (instantaneous and almost free), and then converting it back to the other country local currency. This is already starting to happen. In the future there will be more countries adopting this, and more companies doing similar things.

This all leads to an ever increasing usage of Bitcoin for international trade. It's just better in every way compared to the legacy financial system. Faster, freer, cheaper, and accessible to anyone.

In a couple of decades it will be so pervasive that people will wonder how we even send money overseas back then.

It would be nice if you’d have laid out some of your reasons for having such a high belief in this. I’m not so sure it’ll ever happen. My personal beliefs are that it’ll always be a sidekick in some sort of way to fiat currency for some time until it takes a turn and gets over some major flaws/issues like expense , transaction totals and speed, which are taking time to build.

I don’t think Bitcoin can dominate fiat. In earlier cases, fiat replaced fiat in dominance. Bitcoin may be used parallel to fiat.

We are all waiting for this, there are even many of us on whos looking for this to happen 12 years ago but we knew that this  will happen but not this soon, instead will took long time because of so much pressure from Opposing countries and those who wanted to have a big piece of cake from the profits of this market.
Hopefully this will come either next halving or the following years from that.

yes i heard it a lot about world USD dominance but after the war between Russia and Ukraine we can see the USD dominance lose it thrown we can took example of Russia that world need pay their oil and gas on Rubbel and I heard in asia that china want to do same in asia region only using their country money to do trade.

bitcoin also good choice too but the price volatility is become bad for world we need something stable

Every time a dominant currency is replaced, there is a war which means before BTC replaces USD, there could be a great WW3 also. And then a new world order again. Well at least this is what the pattern shows.

I'm however very skeptical about BTC becoming dominant around the world as world currency, countries are already having their own CBDC and usually its the country that has the strongest economy that becomes dominant and most probably its Yuan.

There's no need for a country to stop using their own currency to adopt a global currency.

Back in the day many countries had their own currencies but used the Spanish real for international trade.

Same with the British Pound, and today with the USD.

Over time we will see a continuous shift towards more and more digital economies, and the obvious choice to make transactions in a digital world is to use Bitcoin.

Every country will continue to have their own currency, but global trade will be done mostly with Bitcoin.

No matter how many centuries pass, there is no way countries like the USA and Africans, and Russia and China and so many others stop using their local currencies to use bitcoin, but what can and will happen is that all countries in the world will be using their local currencies + bitoin, this can and will happen, but saying that countries will stop using their currencies to use bitcoin will not happen. bitcoin is something very new and all countries in the world already know bitcoin and I think that even in the country that is far away there is someone from that country who has bitcoin so it is already a victory, what else do people want?

We don't need to compete with USD dominance, because it will be long before even the mass population will identify bitcoin as just another digital currency to use. And yes, right now, most are holding or buying bitcoin for the purpose of investments and thinking that someday they will earn good profits. But we are seeing that more and more people are joining the crypto market. Maybe, down the road, we will see more merchants accepting bitcoin or other top alts as regular payment method and people are willing to spend their crypto for day to day purchases.

When more digitisation happens the world will move towards cryptocurrency. As of now there is no good understanding about cryptocurrency among the common people. People consider it a money making tool than a currency that is more powerful than the traditional fiat because of the technology upon which this has been innovated.

To have a competence against the USD dominance is not an easy thing. Countries won't agree on this, because this can make them powerless. Hope the next generation which is completely gonna move on technology will adopt to it. Same as that happened with Spanish Rial, later with British pound and now with the USD.

From my and probably most of my colleagues' perspective this is the obvious move the world needs to make towards a better future. The world has flourished while banknotes were properly backed up by Gold. The turmoil began when they started leveraging the Gold reserves at unsustainable ratios.

Hopefully now that we're living in a digital world transparency will give us the signal if any government is going overboard with their reserves. (I'm supposing this in the event Bitcoin is held only as a national reserve and CBDCs or fiat currencies will continue to be used as 'transactional currency').

If you think that the world's leading countries will accept Bitcoin as the world's reserve currency, then you are living in a great delusion - no country will give up its national currency, especially not countries like the US, China, Russia, the UK or Japan. Maybe something in that direction will happen in 100 or 200 years when the way people think today changes, but in the short term everyone will continue to fight for their national interests by protecting their currency in all possible ways.

Despite the fact that many predict the end of USD dominance, I have been listening to it all my life and I think I will listen to the same things for the rest of my life - and not much will change in this regard.

I would like to understand the concept of scarcity as regards to bitcoin. Early days of bitcoin we believed that bitcoin will definitely be scarce due to its fixed supply. I am sure that the scarcity time is yet to come. We can't comfortably say that bitcoin is scarce right now. If I have fiat, I can get relatively large amount of bitcoin as I want, especially now that it is cheap. So, what is the basis for the scarcity because we can only say a product is scarce if you can't see it to buy even when you have money or the price of it is very high.

Maybe it's hard to counterfeit today, but technological development does not stand still, and there's a chance that in the near future very few things will be left that are "hard to counterfeit". Then things like BTC will rule the world, things that are  impossible to counterfeit.

I would not hope that the dollar will cease to be a global reserve currency anytime soon. Some economists predict that sooner or later the dollar will lose its position, but this is unlikely to happen so soon and it is even less likely that bitcoin will take its place.

I understand the desire of many here to see the adoption of bitcoin at the state level, but this is likely to remain a pipe dream of bitcoin-maximalists. I personally have big doubts about this, because at this stage bitcoin only interferes with governments (to control the financial flows of their citizens), which means that they will not use what directly interferes with them and is not profitable.


Force, primarily economic. In general, I believe that the issue of backed by is rather a matter of faith. Faith in people in this or that paper, for example, like the dollar.

It is too early to take into discussion of bitcoin being the global reserve currency. Even now it hasn't gained the required acceptance level to be considered as a currency. With time there is continued growth in terms of usage and acceptance.

First of all we need to understand for what reason the Spanish real, British pound usage as a reserve/world currency got away from usage. With those is the dollar's present situation can be compared. If that's happening then we can think of bitcoin taking the position of bitcoin. For now such situation haven't existed.

Many of us would like that, but I doubt that bitcoin will be widely used as a currency in the future. The most valuable thing about bitcoin is the 21 million cap and diminishing supply with halvings. That makes it more valuable as time goes on.

I think bitcoin will be used to store wealth rather than for day-to-day payments, although the two forms will coexist, as they already do today.

As I remember from what I saw during my life usd was always the first and main currency in the world, being the main currency depends on many factors and I think of them is having a stable economy, during the last years comparing to many other countries in the world the USA had stable economic system buy with a high inflation rate with can be a negative point, because of that many other countries like china are fights to have their own currency as the main world currency. bu regardless of that bitcoin can be a new competitor for them because of bringing new technology and a transparent system, which can be possible in the new a few years.

Bitcoin has a very long way ahead before even be considerate as a normal currency, let alone being THE world currency. First of all we need to have way less volatility and also a better distribution since there are few people with tons of bitcoins, that's not ideal. For sure it'll be interesting to see what is going to happen within the next 20 years.

The US government and its economy(largest economy on god's green earth   )

US dollar has the same characteristic and value, which gold had after World War 2(when everyone was broke, and all the currency had to be backed by gold). Hard to counterfeit, fungible,verifiable, etc
A more apt version of gold in this modern era

Over the last decade, Bitcoin has catapulted into the spotlight as most popular, global cryptocurrency with billions of dollars of value. And, its mass adoption have worried many government regulators that it could destabilize national currencies or even replace the US dollar eventually. Even though some governments, such as China, have banned the trading of Bitcoins, others have been intrigued by this unprecedented innovation and are exploring ways to regulate it. However, although Bitcoin has tremendous growth potential, its volatility and relatively low mainstream adoption make it unsuitable to serve as a world reserve currency. This trend question of whether a digital currency can replace the USD remains open, but according to prominent economists, this is not likely.

heres the expectation

stage 1. print a trillion dolars and spend it knowing it has to hand back $1.X trillion in 10 years

stage 2. if $1trill is 500bill loaves of bread now.. inflate currency so its only 100bill loaves of bread

stage 3. create a CBDC which convers $1 to 0.1CBDB USD
so each $10 (1 loaf of bread) is 1CBDC USD

then stick to the termsheet of the 'print'(QE)
hand them $1.X of native $$ bank notes which are worth only 1X0bil loaves of bread. and not 5X0billl loaves

thus end of story results in having value to make things for equivalent value of 500billion loaves of bread but only have to pay back 1x0 bil loaves of bread..

and thats how when inflation happens people should not hold onto dollars and instead buy things or use a low rate fixed loan to buy things.
its why banks put interest up to tempt small poor people awy from taking advantage of the cheap value

What do you think the dollar is backed by?

I’ve been talking about the US losing reserve currency stats for 20 years now. I’ll admit though, it finally feels like the time is upon us. I’m sure Americans are in for a severe shock as our way of life is massively altered. I don’t think people grasp just how much of an advantage we’ve had as a result of the dollar’s status. When you think about how hard inflation is hitting people now, losing reserve currency status could send America into a depression.

bitcoin wont replace the institutional reserves of the world government collective..
its just an open option for random people to choose

however china's GDP increased due to covid threatening throwing US off the top spot which is why US done the QE to add in fresh printed money to bump up the GDP to stay at top.

US wont want to lose the top spot even it if means inflating the dollar and then tweaking the FOREX rate of yuan to look like china is less each time.

these next 5 years will be interesting though.

in the end it wont matter if its UK, US china or some syndicate of numerous nations using a whole new metric.
bitcoin wil remain as a extra option away from that game

The Cryptovator don't you think it is the opposite of what you said that is happening, take China and U.S.A as examples, these two countries have the best economies in the world, these are the countries and other developed ones too that are either banning bitcoin, bitcoin mining or severely regulating it. And it only makes sense like that for them, developed countries are trying to dominate the world by improving their fiat and economy, and accepting an alternative might not help them.

But look at underdeveloped countries like El Salvador and CAR, these countries already have a bad economy and they aren't really in any competition with any other country, so they can look for alternatives like bitcoin and see if they can make something out of it. El Salvador have invested heavily in bitcoin and are expecting to make profits in the long run for the benefit of their economy, this is something that a first world country like China, U.S.A, Britain etc, will never do.

Bitcoin has the ability to dominate other currencies but like you rightly pointed out; it will take a very long time. Yes one of its biggest challenge is government regulations or interference. But another big challenge would be infrastructural deficit in developing nations. Most countries lack access to internet and other basic facilities that facilitates the adoption and transactions of Bitcoin. Illiteracy and poverty would be another impediment that would slow down the dominance of Bitcoin. Fiat is very easy to handle which makes it more acceptable to less educated people but Bitcoin transactions would scare some of them away. Most people in developing nations cannot even two balanced meal per day, how would such persons afford to buy a smartphone?

I'm just wondering - what to expect from the world if things are decided by bombs, tanks and planes? This is a very stupid world that destroys itself from the inside.

Accepting btc and legalize it as world currency is totally different. At this point, the major reason why btc is not yet adopted as a global currency is the government constant rejection, and I believe this also why the developing countries are not warming up to the idea. Government have huge influence on actions of people people over their. And perhaps majority don't understand btc enough to ignore most of the things they are being told. With developed countries, the story is totally different.

Not really looking forward for it to happen, because once it does you know things are already looking dire for the rest of the world. Countries shifting to bitcoin means something bad has happened economically that pushed us to convert to bitcoin as our main currency. I'm not a fan of fiat, but us having a standard to work with means everything is working as intended, although the system really needs some tweaks in order to not get those huge blows every so often that causes the whole world economy to collapse. I'm very much okay with bitcoin existing side by side with fiat, but if bitcoin is the only option that remains, then you know that everything else failed for our economies.

Due to the decentralized nature of Bitcoin, it's not been accepted as a global currency. The developed country already realized and accept Bitcoin. But most developing and poor countries do not allow to use it. But they allow USD everywhere. Likely still they don't know the potentiality of Bitcoin or still observing. Once Bitcoin will be accepted officially by every country then we may say it's the first cryptocurrency accepted as a global currency and 4th world currency. We have to wait longer for that.

Maybe it's not in our generation but yes, it will come.  We have signs from everywhere telling us how fiat is failing, and fast! Mostly due to the bigger printing machines and our corrupt and greed governments, elite personel, the richest, etc! But Bitcoin will fix this, sooner or later!

The misleading inflation we are being told, the reasons for this same inflation, the wars we see ongoing everywhere around the globe, all the lies in every country that polititians spit out... All that will have to come to an end eventually. History has shown to us what happens. The so called economic cycles repeat themselves over time!

That's not really a bold statement Empires rise and fall and changes are expected, but no change was swift nor was it sudden, but rather gradual. And even if the US and the dollar dominance is in decline, it's nowhere near it's end.

Naa, Bitcoin can never be a world currency. Due to one simple fact: It's backed by nothing.

In a globalized economy we only have/had one World currency : USD (and not three or four). It will be almost impossible to replace USD in the current scenario. This would require significant restructuring of the global financial system and by the time it happens, bitcoin will probably be dust.

Maybe Yuan can?

Why not think of it this way, Bitcoin is already a world currency because Bitcoin is the currency of the Internet, and since there are two worlds linked together which are the physical world and the Internet world which are connected and have given birth to the global village called the Internet. Bitcoin being the modern world currency, The old traditional world gave birth to those currencies such as USD and pounds but time has moved beyond that and attention has shifted to a more realistic and statistical/digitalized currency which is Bitcoin. let's just take it this way the industrial age gave birth to the traditional financial system, and the Internet gave birth to blockchain/Bitcoin. So specifically speaking Bitcoin does not need further acceptance than what it has witnessed already and there is no need for further validation. The future will just get used to the fact that we only have one currency which is Bitcoin which gives them control over their financial life and the freedom to use their money whichever way they want without a third party, Being able to send and receive money via the Internet without the bank.

The greatest thing to have ever occurred in the history of bitcoin since its creation will be that. Countries like China do not truly appreciate the USD enough to rely on it or hold it in high esteem as a reserve currency. Because of the nature of cryptocurrencies like bitcoin—which defy institutional control—China also outlawed them. They would have preferred to adopt it, but their opposition to its nature prevents that.

Countries like china and Russia have for long wanted to create a well oiled parallel economic system against USD.  I think bitcoin seems to be a good alternative. Why there is a consensus in many countries that bitcoin will be a great alternative, as it is safe, digital and fully transferable. Thus it can in future become accepted future currency.

While Crypto will have a future as an investment, thinking BTC
with it's limited transaction capacity, limited supply, can match the transaction capacity or liquidity of the US$, is borderline nutjob.

While btc is supported by basically nothing of value,
the US$ is backed by the US government, which can at any time seize assets even crypto, to back their greenbacks.

In addition the excess capital that has helped btc achieve such high value verses the US$ is almost over.
IE: The US Baby boomers are retiring and converting all assets even crypto into stable investments such as the US$ and Tbills.
So expect a continuing drop of all markets , including stocks / crypto as the result of the change in demographics.
Short term btc PoW miners will suffer the most , as the free capital that has been keeping them afloat thru the crypto winters is drying up fast,
meaning more btc sold directly to the markets lowering the price of BTC.
Watch the price of BTC fall every month, and the value of US$ increase ,
in large part because of the baby boomers and the inflation of food and energy which is priced in US$.

While all fiat currencies collapse, the odds are the US$ demise will be many many many years after the PoW BTC dies.

Not a popular btc cult opinion, but an opinion rooted in the reality we actually live in.  
 
  

I would guess that bitcoin will probably not have that type of power, because those three currencies mainly became the world currency because of the power behind it, not because of the currency itself being valuable. Spain had that type of army and navy, then british had that type of navy and army and peak capitalism by conquering everywhere. Nowadays USA has the same thing, they go attack and kill people all around the world and they force the whole world to use it "or else" and thats about it. So bitcoin doesn't have that, would it be the first one to actually become a big currency, a world wide dominance, by just the volunteerily used by the people? Maybe, not impossible but it is quite unlikely and I would bet against that.

If you look at the evolution of digital currencies, Bitcoin is the only right candidate for future finance. In this case, I'm pretty sure that fiat is losing value due to non-renewable inflation. But will the world's governments and central banks hand that power into decentralized hands? leave it running unattended? that's where I still can't be 100% for the next 5 to 10 years. Meanwhile, Bitcoin is becoming increasingly scarce and its limited supply is increasingly demonstrating the resilience of its value that cannot be ignored.

I'm also hopeful of Bitcoin becoming the world chief reserve currency, and being used for majority of international trades, but it's improbable that it would be the next one, if at all it's going to reach that status as lots of government politics goes into that.

There is likely to be at least one more currency which would topple USD as the global currency in the next century before Bitcoin would be globally accepted.

Before the USD was accepted as the world currency, there used to be the British Pound as the main currency.

And before that, the Spanish Real.

Those are the latest 3 world currencies. We're about to enter the fourth one, Bitcoin.

It will take some time, but it will happen.