Topic: The Growth of cryptocurrency over foreign currency. (Read 333 times)

different philosophies between bitcoin and governance are sure to set a high and formidable barrier.
but that doesn't mean it won't be penetrated, the government also can't continue to use a monotonous philosophy to advance its country, surely sooner or later the government of every country that hasn't adopted bitcoin, will switch to a decentralized bitcoin philosophy system.
the residents would definitely agree with that.

Well, unfortunately, I don't think government agencies will adopt bitcoin so easily without continuing to put up a fight, this is because bitcoin is a direct opposition to them and their ethics/plans, those who are in power want to remain in power, they want to remain in control, and adopting bitcoin will automatically seize that power and control from them, this is because bitcoin is a decentralization currency and runs on a decentralized blockchain, it can't be controlled even by the government themselves, this is why bitcoin has not become a globally accepted currency by now.

But the fortunate thing is that, bitcoin is here to stay, they can't stop it, they've tried many times but have not succeeded, and neither will they ever succeed, bitcoin will one day, become a global currency like the US dollar, but the only thing is that, it will take a bit of time..

You should never tell someone what to do with their own money in crypto world. You can show them the benefits and if they are smart enough to understand the potential, they will invest on their own.
And about the post being here, it's the bitcoin forum man. Everyone in here is somewhat connected to cryptocurrency. If you really want people to join the crypto community, then spread these words where people don't have any knowledge about it. Interact to people in a manner that those who haven't heard about crypto can learn about it and get interested.
Here's small advice for you. Tell people to always do their own research after explaining something and for you, never trust anyone on the internet before verifying that they are legit.

You may encourage someone, but if they don't have proper knowledge about either trading or investment. It's a total loss and in the end they will blame you. So teach them the basic of crypto first, then move to the next step.
For example, if you have done your own research and analysis on price movements, then you can give them a hint on which way the market would move. If they can make some profits, only then they will be more interested to stick to crypto.

I do agree that we are not going to end up with a 10-20 year period where nothing happens that easily. We are going to keep having these problems and if we know that the problems will come, maybe we shouldn't be this shocked when it happens and try to find a solution. Governments should find a way to put some money aside for these type of things, it would allow them to be a lot more ready when it happens.

We already know it's going to happen anyway, and depending on the size of the nation, shouldn't it be something government get ready for with some small tiny extra tax and help everyone out when it happens? I know people hate taxes because it goes on spending at wrong places, but if spent correctly, it would be great.

bitcoin and crypto are increasing every year, many people in various countries are investing in bitcoin and crypto.
it must be the government's consideration, what should be done and what appropriate action should be taken.
the choice is to ban bitcoin in the country, or adopt bitcoin legally.
Of course, governments also have long thoughts about what to do for their countries, and it is very likely that in the future there will be many countries that will start adopting bitcoin and crypto.

Developed countries and developing countries are of course very aware of the presence of cryptocurrencies in society. And all government parties also always hold meetings when they want to make a decision to implement new things into the country so that it will not be easy for the government to ignore or throw away their own national currency just like that. Because it relates to state rules and regulations from the country itself, so it needs more mature thought before changing anything that has been running for a long time in the country.

The presence of crypto is certainly not a bad thing for all countries and people, because crypto is here to be an option that can make it easier for everyone in terms of payments. So that crypto can be placed as the second option after the national currency or vice versa without sacrificing anything that has been used by the state for a long time. And this certainly won't make it difficult for the government to change its rules or regulations regarding crypto approval as payment even though crypto cannot be controlled directly by the state.

Whatever happens to the national and world currencies of states, states will never switch to using bitcoin and other decentralized cryptocurrencies instead of their national money. All that a cryptocurrency can count on is a joint circulation with the national currency of states under the external control of these states.
Problems with economic recession and high inflation occur periodically and almost regularly. And this has both negative and positive aspects for the global economy. But these circumstances have never been reasons to switch to a currency that states themselves cannot control.

The truth is that only small countries, countries that are at a stalemate, accept bitcoin as a currency because they have no other solution to revive the economy, bitcoin is the last solution they can. As for the great powers, they have no reason to accept bitcoin or any new currency when they have a stable and sustainable economy. Like rich people, they don't need bitcoin and still live comfortably without it, while poorer people see bitcoin as the only means of becoming rich.

Recognizing bitcoin as legal tender even by the most powerful countries could still possible but in order for this to happen the economic situation will need to get many times worse than what we are going through right now.

At minimum things will need to get as bad as the great depression, but even then there is no way to assure this will happen, but at least the chances to see it will be higher, because at that time governments will be more open to try alternatives with their economies collapsing around them.

Governments have recognized Bitcoin as currency only in 2 or 3 countries in the world. It's never going to happen in large scale because governments feel threatened by Bitcoin's potential of decentralizing finances, while also fearing the volatility of the digital currency, which could potentially damage the countries' economies and stability, becoming easy targets for enemy nations. You can expect only minor countries which are is weak financial conditions to adopt BTC as legal tender, not the shark ones.

Well if it ever got to the point that the government overhauled their currency and adopted crypto, the existing currency was probably already worthless to begin with. The Zimbabwean dollar hyperinflating to the point of no return already displaced citizens out of any reasonable purchasing power so they were essentially starting at zero to begin with. Can't have a sustainable economy with a hyperinflating currency -- they would have been wise to switch to crypto (of course back in 07 during the peak of the inflation crisis crypto didn't exist, but the principle applies to hyperinflating currencies now).

The cryptocurrency market cap is minuscule compared to the world economy. Societies also haven't widely known and comprehended what cryptocurrency actually is. Indeed it does not close the possibility of it being implemented in everyday things but the probability is extremely unlikely.

The world works mostly in a centralized way, so, who would sacrifice the tool of the economy into the hands of many that work in a decentralized way? Some countries have "pride" in their own currency, it is absurd to let others define it. Also, the barrier to entry into the cryptocurrency world is still somewhat difficult, specifically for the non-techies. Speaking about the awareness itself it is doubtful that crypto is being vastly adopted.

If that is going to happen, then we can say that the government had lost its grip to stop the spread of Bitcoin and rather accept it.
But no, I don't see such instances, the government will never lose fiat money on its hands since this is the only currency that it can control. Might it happen that they will support Bitcoin but not to the extent that they will stop the use of fiat money as this will remain available in the market. We can't leave that expectation as I really think that the government will have to find a way in order to control the growth of crypto as they preferred to recommend banks than this.

Before that happened, we saw that many people were starting to try to get into bitcoin and use it as a new investment. Until the time when bitcoin is adopted massively, we will see the growth of the adoption process will increase over time and the number of bitcoin users will also increase. But many governments still have not decided to use bitcoin even though they have allowed their citizens to use it. But that will not stop the mass adoption from growing because people are now seeing crypto as a new source to make money.

Abandoning local fiat for Bitcoin is very risky (because of extreme volatility and how that will affect the instability of consumer prices), something most won't do because of that. It makes sense only when your currency is really collapsing or you don't have your own fiat currency and instead depend on someone else's. Also, I'd say you need a very poor economy to be willing to risk as much. But Bitcoin can coexist with fiat and be partially recognized or adopted for certain purposes even by the governments, as Hispo mentioned already.

The expression of OP is not professional, no economist would subscribe to this as though cryptocurrency is the world's saver, No. There are a lot of investment sectors that have been earned from before people know cryptocurrency, and I am sure that other new ones might still be formulated in the future, so it's not new, and there are still alternatives to give the government or anyone money.

What is mostly awkward with the OP's expression is that countries should rely on crypto in place of fiat, which is out of it. Crypto will never survive without fiat, and whether anyone likes it or not, Bitcoin price will never be reliable as fiat. This does still not stop anyone or the government from investing in it, but not so much depend on it.

I think that's only thought by new investors who haven't known Bitcoin for a long time, so they still feel doubtful about the potential and future of Bitcoin. But for investors who have known Bitcoin for a long time, I think they will never hesitate to place their investment in Bitcoin and of course they will always be patient waiting for the price of Bitcoin to improve in the market. So you also have to be able to distinguish the level of investors who know Bitcoin because there are also investors who prefer to invest but not in Bitcoin.

If these people realize how long other investment has been in existence then they'll realize that they're not late yet investing in Bitcoin instead they're very early. They mightn't be among the very first users that believe in the currency but they won't be late either because Bitcoin has alot of potentially to be among the top assets in years to come.

The country adopting Bitcoin are those undergoing some financial difficulties and I don't think other countries will go in the same direction until results of these countries adopting Bitcoin has come out to be positive to those countries that have done so.

Despite Bitcoin's usefulness as a medium of exchange, its use is nevertheless held back by a variety of problems. There are still a lot of countries that haven't warmed up to bitcoin, and some of those that have have banned or severely limited bitcoin use. Because of this, individuals and businesses have a hard time fully benefiting from bitcoin and other cryptocurrencies. Bitcoin and other digital currencies face significant skepticism regarding their eventual viability. They worry that a lack of oversight and regulation may lead to fraud and other problems. Governments are wary of Bitcoin because of its anonymity, which they fear may make it a tool for money laundering or the funding of illegal activity.

Despite these problems, many experts remain optimistic about bitcoin and other cryptocurrencies. Those who hold this view argue that the advent of digital currencies will fundamentally alter our relationship to and understanding of monetary systems. As time goes on and more people become aware of bitcoin's benefits, it's possible that additional nations will adopt it as legal cash. Bear in mind, though, that it will take some time for cryptocurrencies like bitcoin to gain mainstream adoption. Before governments and the public can fully accept this new technology, some training and adjustment time will be necessary. The most productive use of your time till then is to learn as much as you can on your own about bitcoin and other cryptocurrencies. Because of this, purchasers need to be on high alert

My country was one of those that tried to create their own crypto currency, but it was a project doomed to fail since the beginning, since the people in power here are too authoritarian to even consider to give some actual decentralization to the population. In the end, our project of national cryptocurrency was centralized and does not serve any purpose beyond stealing people's money, by taking advantage of the low liquidity of it in the open market.

People who get paid with those coins are forced to sell them at discount in order to get some real money for them.

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.

I personally doubt government agencies would adopt Bitcoin in general, perhaps they could use Bitcoin or Monero in order to finance some of their undercover operations, but in general, since those agencies are an arm of a centralized system then it would not make much sense for them to encourage their self-destruction.

Each sovereign nation (in most of the cases) stands to protect their FIAT and it is unlikely that will change in the near future.

As a trend indead Bitcoin has really show it's potential value, as in case of society currently are about to change which will automatically make both investors and government agencies to change their currency into Bitcoin inorder to safe guard their money it is a note that there are every probability that in time to come cryptocurrency will be officially adopted so I encourage everyone to go into cryptocurrency either in terms of trading or investment.