Topic: The Growth of cryptocurrency over foreign currency. - page 2. (Read 340 times)

we can never be sure about the future of crypto. but let us embrace what is happening right now. who would have thought that btc will grow this much today? so we can also pose a question about its existence in the future. as of the moment, the adoption is still increasing. so the likelihood of expanding its scope of use is already there. but don't forget that a new tech may possibly halt these developments.

Some investors are thinking that they are late in the investment concerning bitcoin or crypto but the answer is the investment in bitcoin is suppose to encourage more people because bitcoin is barely a new asset that is lucrative for those who will invest and understand to wait for the next halving for their investment to rise.

The growth that has occurred in recent years cannot be considered a measure of what will happen in the future because we are still in the early days of this technology, which has not been around for about 20 years.
So, this growth will continue to decline in the coming years, and the fluctuations will be less, and then we can be certain whether this growth will continue, or there will be stability, as happened with gold.

I don't think it's fair to compare fiat's valuation over cryptocurrencies. For one, cryptocurrencies are being used not only as transaction material, but also as a store of value. So most of its valuation will depend on the fact that it is scarce. On the other hand, fiat is made to be spent and circulated, which is why more will be printed over time, effectively diminishing its value. This rolls down to the next reason why it's not fair to compare the two. Fiat is inflationary. Meaning its value will diminish over time due to economic struggles, overprinting, the whole shebang, whilst cryptocurrencies, at least most of them, will remain deflationary. Wherein some of them like bitcoin. are halving their total circulating supplies over time to preserve and pump its value. Fiats do not have this type of feature and it doesn't need it either, because it is meant to be spent, not to be saved.

Yeah as professor oak said, " There is a time and place for everything " xd. But, if there will be people or countries that will adopt BTC then I believe there will also be people or countries who will abandon it for some reasons. BTC to be the main currency is not likely and if it's possible then why El Salvador and the other one who made BTC a legal tender, still had their own local currency and they still use it? That's because BTC can't handle anything but it mainly works if there are electricity and internet.

You can't stop the excitement of the people because the adoption of BTC is truly inevitable. Even if not a legal tender, simply adopting it is still a big thing.

Considering how they even try to implement KYC regulations and it is sometimes pain in the ass to deal with especially when someone behind it is just really slow to respond. I had no doubt about your 2nd sentence though. I am not surprised if there would be a news of a government official caught buying Bitcoin here in my country, though I am not sure for some undercover operations (dealing with drug dealers maybe?) since usually they are all documented in TV.

I even recall the news back then that there are countries trying to make their own crypto, not sure what happened though.

Bitcoin grows 20%, recovering 5k after dropping 40k and everyone goes nuts with these predictions.

What government and what investors are massively switching their currency to bitcoin?
Just think for a second if we would have such a massive change, wouldn't the price be at least at January 2022 levels when we were at double the current numbers? If they would be buying this much it would have been already refected on the markets? One little pump and everyone things that something radical has changed and suddenly we're going to switch from dollars or euros to bitcoin.Chill!


Yeah because from February 21, 2022, Bitcoin has gone up from 39k to 20k right now! War so so good for bitcoin!
Let's see if you have a new war over in Taiwan (god forbid it actually happens, just hypothetically) what's your bet on the price, 10k or 100k?

There is no growth when there is an economic downturn, how many of those do we need to go through to finally acknowledge it?
Look when gold started gaining value, it wasn't until late November that we finally had good news about inflation and the economy in general, during the crisis in March and October after an initial pump it went down from 2k to 1.6k, hitting 10% lower than before the war! Adjust it against inflation and it's even worse!

It is called betting the future of a country on something that is speculative despite the potentials.
Governments want to control their economy and for them to do that they need to be able to issue bonds and control interest rates. Very likely that CBDCs will boom much later.
No government will want any cryptocurrency to grow more than its currency and that is why they are passing laws to make crypto illegal.

Are you trying to say that cryptocurrency has more prospective of value over fiat, yes! The citizens of those countries that you refer to their currency as foreign currency are buying and exchanging their fiat to have more cryptocurrency, so we can actually say that cryptocurrency is growing to have more value over fiat be it local or foreign. The government and some of these people will not openly declare this, but in their hearts they know the truth that the fiat is failing.

It is also important to state that bitcoin is not the solution to the economic problems of nations. In fact, for bitcoin to succeed in any nation there should be some level of economic development. Adopting bitcoin as a legal tender thinking that it would miraculously solve the economic problems of any nation is daydreaming.   

Every government would always want to control the affairs of its people. They want to ensure that the financial or monetary sector of the nation is under their control. Bitcoin might not give them the privilege of making putting people in financial prison. Bitcoin would make people free from the financial manipulation of the central banks of most nations. So I don't think they would ever accept making become the national currency. They would keep sponsoring negative information about bitcoin because they want to discourage people from using it.

It is clear that they might not be able to stop bitcoin adoption among their citizens, but they would do everything possible to regulate the industry. But the truth is that bitcoin might coexist with fiat for a very long time.  

There will be a time for everything and the same goes for bitcoin's adoption. But to say that it's most likely going to be the main currency of a country, I doubt that. El Salvador and Central African Republic has already made it as a legal tender but that doesn't mean that we should be overexcited, overextend and overexcited with what's happening. Most countries are still in swaying of adopting it and it's very unlikely that they're going to adopt it as their legal tender. But even if they don't, having it as a legal alternate payment method is enough.

Understand this, no government agency will change their currency to Bitcoin because they never want Bitcoin to make their national currency to be obsolete and that's the reason why some of them see Bitcoin as a threat while some of them are planning to create CBDC. Although we have some of them that invested in Bitcoin.
Yes, in time to come cryptocurrency will be officially adopted but that will happen if regulation is welcome, and from what I read the SEC is already making a plan for it ever since the issue of Terra Luna and FTX happened.

I’m not sure what is your basis here but you said go for the crypto currencies and that’s what we need truly. So anyways I would add that just buying crypto isn’t enough. We have to educate the surrounding people so that they can be on boarded for the better tomorrow of own banking system. If they are not into crypto then they are missing out whole new universe of banking system. The ownership has to be taught and in the current era only bitcoin is such asset which can fulfils this need really. So Yup, adopt it yourself and let others know what are they missing!

Apologies but this sounds delusional. Over foreign currency? Never, i guess. If this technology will be emphasized the least thing to happen is co-existence between cryptocurrencies and digital fiat. This industry indeed has  continuous nd progressive groth over the past years. But I guess such thing as a price increse would be an enough reason for governments to trust this industry in an instant if they won't even be able to track every transaction. Plus with the risk that would be exposed of, for norml citizens. It is either people are still not ready for total adoption or individuals won't be ready even in the future because of differences with every perspective bout this technology.

No matter how much growth crypto experience over fiat, the fact remains that it's still not a preferable currency for nationwide use because buying and selling isn't the only domestic use of currencies. You also have lending, credits, and investments among other things. Bitcoin does all of this, but how can you control its supply in the market if there is an overflow of it when you cannot really change its specifications at all?

Price and value alone of one thing isn't enough reason for people to use it as a currency. It has to be something more than that unfortunately. And even though bitcoin and crypto posted huge gains over the past decade, you can't really do much about them but use it for buying, selling, and speculation.

I highly doubt that its the whole internet that's going to be disrupted by any natural disaster. It will impact the very place it is, but when you move to just another town next door you are going to end up getting all your money anyway. The trouble here is investing into bitcoin is still nowhere near investing into dollars for my nation, its getting there bit by bit but its still far away because one goes up constantly, even on bad days when dollar devalues, our Lira devalues even more hence dollar goes up, whereas Bitcoin could drop significantly. Thats the issue and rarely could be fixed or figured out.

I think to a certain degree, natural disasters and wars set the stage for which stores of value retain the highest degrees of reliability and durability.

Bitcoin can be complimented by technologies like starlink which provide a satellite uplink that can allow for financial transactions in the event of internet service going down and an electrical blackout occurring. If an earthquake or hurricane shuts down businesses and the economy grinds to a halt. To a point where local internet ISPs go down and electricity is out. Backup generators and affordable satellite uplinks like starlink could still allow for business transactions to occur. I think that is the standard to aim for. As well as the robustness that digital technologies will need to better compete with paper money.

While precious metals like gold and silver are often touted by doomsday preppers as being the currency of exchange in a post apocalyptic future. There has never been a scenario where society has reverted back to gold or silver standards in the event of war or natural disaster. The overwhelming majority of people would not have the slightest clue as to what a fair exchange rate for precious metals resembles, or how to identify legitimate gold bars from counterfeit ones. The infrastructure and knowledge base necessary for a reversion back to precious metals as tokens of financial exchange, no longer exists.

It is possible that digital forms of exchange as well as paper money are our only options.

Government changing their currency to bitcoin? That's one way to totally send a huge majority of their people deeper into poverty and definitely one effective way for the people to not vote for them again. It's like expecting Apple to be selling their iPhones running Android OS.

Mass adoption hasn't happened as a whole because people haven't realized the potential benefits of crypto for them so they haven't started investing in crypto. Instead of investing in crypto, they invest in new projects that don't know if they will thrive in the future or will disappear after the project is launched. It seems that they don't see the benefits that bitcoin can provide them, so they haven't used it as their investment. But after this, they will flock to invest and use bitcoin, especially after they see an increase in the price of bitcoin which will increase. Mass adoption is bound to happen and will happen in the future so we should just wait and help spread it in society.

The growth is not yet overwhelming to take the shine away from fiat because alot of people still storing fiat, investing in real life of course with fiat. People need to be on the internet space for them to invest with cryptocurrency so for now we still have to keep creating that scam free atmosphere with cryptocurrency and that will allay the fear of the growing population of cryptocurrency.