The possibility of bitcoin becoming a global currency.

Bushdark

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Quote from: yhiaali3 on July 10, 2023, 12:28:57 PM

Although Bitcoin has advantages that make it superior to any fiat, it is difficult for Bitcoin in its current situation to be a global currency used to pay instead of the dollar for several reasons, including the high fluctuations in price and congestion on the network.

Bitcoin provides the advantages of decentralization and is not linked to any economy, country or entity, but at the same time the unified global currency needs to be stable so that it can be used in international financial transactions.

The big problem is congestion. We have recently seen how crowded the network has become, delays in sending transactions, and high fees. In the case of global adoption, this will be the biggest problem.

I do see Bitcoin as more of an asset than a currency because of it volatility and how frequently one can earn from the market either by trading or investing by holding it for as long as possible as we want. Bitcoin is nit just an asset but a great one that has the capacity of making us very wealthy.

Those who know the secret and how to earn from the Bitcoin market had been earning some crazy amount from the market due to there risky free attempt not minding what the public think about this great cryptocurrency. It is always wise for us to make decisions that will give us some tangible profits in the future even though the gain will not come now that we needed it or are attempted to earn quickly as possible as we want.

It is good when we invest in an asset that will give us good evening in the future making us superior than the people that are after earning immediately in the market. Bitcoin is a good asset and I see it as a great investment if we are able to stay calm and ready to be patient enough to earn well from the market. It will be very difficult for Bitcoin to be used a currency because of the volatility.

rby

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Quote from: Victan22 on June 26, 2023, 12:20:00 AM

With the reality of wealth being amassed through bitcoin overtime by so many individuals globally,i see bitcoin taking over or becoming a global currency.
This for me of course may take time to happen, with the right education in the heart of the old and young old and young which of course is not an easy task but give it time it can be possible.

What is your take on this?

Bitcoin had a bright future and it has the ability to attain mass adoption in the nearest future but not to become global reserve. There are reasons I think that bitcoin may never become the world reserve currency.

Volatility:

A currency that is to be depended on by many countries should be somewhat stable, such that it can easily scale in the forex. If bitcoin in its present form is used in the forex, there would be so much fluctuations in the price of goods.

Control:

A reserve currency needs to be as decentralized as bitcoin. But with the economic conspiracy and battle for control, so many powerful countries will not endorse what they will not control or atleast manipulate.

Privacy:

With blockchain, every bitcoin transactions and holdings is naked. Apart from the world reserve something, I wouldn't even advise that the financial status of my country be known with a click on the internet.

I support mass adoption which would stablize the price a bit and bitcoin will soar the more.

yhiaali3

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Although Bitcoin has advantages that make it superior to any fiat, it is difficult for Bitcoin in its current situation to be a global currency used to pay instead of the dollar for several reasons, including the high fluctuations in price and congestion on the network.

Bitcoin provides the advantages of decentralization and is not linked to any economy, country or entity, but at the same time the unified global currency needs to be stable so that it can be used in international financial transactions.

The big problem is congestion. We have recently seen how crowded the network has become, delays in sending transactions, and high fees. In the case of global adoption, this will be the biggest problem.

joniboini

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Quote from: Zoomic on July 05, 2023, 03:12:34 PM

The government will need money anytime for the running of the economy. If such fund is needed when the bitcoin is in the bear market, it will be disastrous. In the other hand, will government need to wait till bull run before they can start using funds?
The volatility of bitcoin disqualifies it from being a reserve to the government fund.

I can see your point, but isn't that the goal of this study? I doubt they'd go all-in and ignore the risk when volatility hit their assets. They are probably going to measure how much volatility they can take. After that, they can discuss and calculate how much holding can they take assuming the volatility will hit them again. You can also assume the opposite, if they manage to time their exit properly then the holdings might result in a net positive.

Quote from: Who is John Galt? on July 05, 2023, 07:17:03 AM

Yes, we will talk about long-term investment, but the logic, it seems to me, for state funds should be close to that for corporate funds.

Yeah, I can see that. I'm not sure how the study will affect the perception of crypto if some of the government bodies don't really want to learn something new though. Hopefully, they are not as old-fashioned as some government bodies out there.

Zoomic

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Quote from: joniboini on July 05, 2023, 12:26:33 AM

Quote from: Who is John Galt? on July 02, 2023, 11:28:23 AM

Perhaps most governments are not yet ready to take the same step and start using bitcoin to save funds and stabilize their fiat currencies, but it seems to me that it is only a matter of time. And the example of North Carolina will be only one of the first.

That's interesting news. It seems like they are trying to find out how reliable Bitcoin is compared to gold and other alternatives as a store of wealth against inflation. I hope the result is not skewed or judged by some biases though. It is not that difficult to see that Bitcoin is not the best choice when a bear market happens, so the best-case scenario would be to hold a little bit of their wealth on Bitcoin. I doubt they would take a higher risk regardless of how the result of the study since stability is probably their main consideration to hedge against inflation. At least no in the short term. CMIIW.

The government cannot use bitcoin to save funds. The government knows how to generate funds, thre major battle they are facing is fighting inflation. This can be achieved by implementing strong policies and not to print more fiat or to save in bitcoin.
The government will need money anytime for the running of the economy. If such fund is needed when the bitcoin is in the bear market, it will be disastrous. In the other hand, will government need to wait till bull run before they can start using funds?
The volatility of bitcoin disqualifies it from being a reserve to the government fund.

Who is John Galt?

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Quote from: joniboini on July 05, 2023, 12:26:33 AM

That's interesting news. It seems like they are trying to find out how reliable Bitcoin is compared to gold and other alternatives as a store of wealth against inflation. I hope the result is not skewed or judged by some biases though. It is not that difficult to see that Bitcoin is not the best choice when a bear market happens, so the best-case scenario would be to hold a little bit of their wealth on Bitcoin. I doubt they would take a higher risk regardless of how the result of the study since stability is probably their main consideration to hedge against inflation. At least no in the short term. CMIIW.

Large investment funds, as we know, are interested in bitcoin as one of the tools to further diversify their investments. I see no serious reason for the government of North Carolina to consider the issue in a fundamentally different way. Yes, we will talk about long-term investment, but the logic, it seems to me, for state funds should be close to that for corporate funds.

joniboini

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Quote from: Who is John Galt? on July 02, 2023, 11:28:23 AM

Perhaps most governments are not yet ready to take the same step and start using bitcoin to save funds and stabilize their fiat currencies, but it seems to me that it is only a matter of time. And the example of North Carolina will be only one of the first.

That's interesting news. It seems like they are trying to find out how reliable Bitcoin is compared to gold and other alternatives as a store of wealth against inflation. I hope the result is not skewed or judged by some biases though. It is not that difficult to see that Bitcoin is not the best choice when a bear market happens, so the best-case scenario would be to hold a little bit of their wealth on Bitcoin. I doubt they would take a higher risk regardless of how the result of the study since stability is probably their main consideration to hedge against inflation. At least no in the short term. CMIIW.

Zoomic

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Quote from: Victan22 on June 26, 2023, 12:20:00 AM

With the reality of wealth being amassed through bitcoin overtime by so many individuals globally,i see bitcoin taking over or becoming a global currency.
This for me of course may take time to happen, with the right education in the heart of the old and young old and young which of course is not an easy task but give it time it can be possible.

What is your take on this?

It all depends on your definition of global currency. In that context do you mean that countries will have to abandone their currencies and unanimously adopt bitcoin as the one and indisputable currency? If this is what you meant, I am not seeing it happening.

Besides, the creator of bitcoin didn't propose that bitcoin will become the world indisputable currency. Rather he created bitcoin as an alternative to fiat whose purpose of creation is liberty or freedom.

Fiatless

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Quote from: Who is John Galt? on July 02, 2023, 11:28:23 AM

A few days ago, the North Carolina House of Representatives passed the bill directing North Carolina’s Department of State Treasurer to explore the possibility of holding bitcoin on behalf of the state. (“acquiring, securely storing, insuring, and liquidating [...] virtual currency [...] such as Bitcoin.”) Perhaps most governments are not yet ready to take the same step and start using bitcoin to save funds and stabilize their fiat currencies, but it seems to me that it is only a matter of time. And the example of North Carolina will be only one of the first.

This is good news coming from North Carolina. The bill will have to move to the Senate before it will be sent to the Governor to be vetoed or passed into law. The government of some states in the US is taking a different path from the federal government. Most of these states have zero or no intention to embrace the CBDC of the US Central Bank.

The committee that will be set up to research the viability of investing in Bitcoin should not consider using centralized exchanges to hold this investment. This was the case of some agencies in Canada that invested in FTX and they lost their investment when the exchange went down. The committee should be made up of members that are knowledgeable about the Bitcoin space.

Who is John Galt?

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Quote from: joniboini on June 28, 2023, 09:53:55 PM

What exactly is a global currency? Does it mean the government uses them to keep their fiat afloat? I don't see them going that way. At least the majority of the government wouldn't bet on something as risky as Bitcoin as of now. Things might change if we reach the point where the Bitcoin price is stable and rarely move, years away from now.

Personally, as long as I can use Bitcoin to pay for stuff through the internet, that is good enough. It is definitely cheaper and more secure compared to other alternatives that I have right now.

A few days ago, the North Carolina House of Representatives passed the bill directing North Carolina’s Department of State Treasurer to explore the possibility of holding bitcoin on behalf of the state. (“acquiring, securely storing, insuring, and liquidating [...] virtual currency [...] such as Bitcoin.”) Perhaps most governments are not yet ready to take the same step and start using bitcoin to save funds and stabilize their fiat currencies, but it seems to me that it is only a matter of time. And the example of North Carolina will be only one of the first.

YOSHIE

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Quote from: Victan22 on June 26, 2023, 12:20:00 AM

With the reality of wealth being amassed through bitcoin overtime by so many individuals globally,i see bitcoin taking over or becoming a global currency.

What is your take on this?

Bitcoin has been used globally in all countries since it was first created in 2009, according to state or international law Bitcoin cannot be made a world/global currency, it violates the provisions and laws of state currency nationally and internationally.

Bitcoin can only be traded, through services and internet access globally, does not mean that it has to be made into a global currency, the World Bank has special laws regarding money printing and has limits on money that must be printed in each country.
Common reason Bitcoin cannot be made into a global currency is.
1. Bitcoin has no ownership and is not real, I mean untouchable.
2. Bitcoin cannot be printed, like banknotes or cents.

That's a general reason, there are many other reasons why Bitcoin cannot be used as a global currency, another example of money in every country that must be printed, must be approved by several countries and approved by the world / internationally, of course if Bitcoin is made a global currency, it will be against state laws, especially those that are anti-Bitcoin supporters.

hope you can understand, my brief explanation.

Sexylizzy2813

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Quote from: Victan22 on June 26, 2023, 12:20:00 AM

With the reality of wealth being amassed through bitcoin overtime by so many individuals globally,i see bitcoin taking over or becoming a global currency.
This for me of course may take time to happen, with the right education in the heart of the old and young old and young which of course is not an easy task but give it time it can be possible.

What is your take on this?

There's a possibility that Bitcoin will become a global currency some day, but when? No one knows how it will happen or when but the reality is that it won't be that easy. With the false information about Bitcoin that's making individuals to relent on taking a step in making this battle come to reality, is disturbing.
And for various reasons, government won't replace their fiat currencies with Bitcoin, that's where the problem lies and I don't see it happening anytime soon with the way things are at the moment.

Fiatless

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Quote from: Victan22 on June 26, 2023, 12:20:00 AM

With the reality of wealth being amassed through bitcoin overtime by so many individuals globally,i see bitcoin taking over or becoming a global currency.
This for me of course may take time to happen, with the right education in the heart of the old and young old and young which of course is not an easy task but give it time it can be possible.

What is your take on this?

Bitcoin has the potential to be recognized as a legal tender in most of the countries of the world. It could be safely used for both local and international business transactions. But like you said nobody knows when. Bitcoin adoption will be gradual but progressive. Through bitcoin awareness and education, more people will keep ditching centralized platforms and move to areas they have control over. The government will keep fighting to slow its adoption because it will make them lose control of the people but they cannot stop the currency. Currently, we have one country that has declared bitcoin as a legal tender and some others are making friendly policies. Bitcoin adoption will keep growing until many nations sees its importance and follow El Salvador. Bitcoin will be good for developing nations because it will give a transaction alternative that is different from a controlled payment system like SWIFT.

BlackHatCoiner

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Farewell, Leo

It is a global currency already. In almost every country in this world you can find individuals who will accept it as means of payment. What you mean is the global reserve currency, with the corresponded regulations.

My take on this is that we have to focus on the problems Bitcoin has today, so we can celebrate about it tomorrow, because there very much exist problems that if they are not dealt soon, we'll probably never celebrate. Namely, scalability problems.

zasad@

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Quote from: mindrust on June 30, 2023, 01:53:07 AM

Bitcoin is already a global currency. It is not a possibility anymore it is a reality. It doesn’t really matter if country a banned bitcoin… that’s because there are many others have no problems with crypto. Even if they all banned it, people would use bitcoin anyway. You can’t stop the internet. Could they stop torrent services/piracy? No. They are still going strong. They can’t stop bitcoin because of the same reasons. If they want to stop bitcoin they should stop the internet and if they do that the life will stop.

Anyway bitcoin is already widely known in the world and hundreds of thousands of people use it everyday. A currency like that can’t be a local currency. Bitcoin achieved this mission easily imo.

No one likes my predictions, but Bitcoin can still serve as a means of payment because it is impossible to block the exchange of bitcoin for fiat. CBDC is launched in all countries, but here is interesting news

IMF working on global central bank digital currency platform
https://www.msn.com/en-us/money/markets/imf-working-on-global-central-bank-digital-currency-platform/ar-AA1cL1Az
"CBDCs should not be fragmented national propositions... To have more efficient and fairer transactions we need systems that connect countries: we need interoperability," Georgieva told a conference attended by African central banks in Rabat, Morocco.
"For this reason at the IMF, we are working on the concept of a global CBDC platform," she said.

Bitcoin can work when there are gateways to exchange for other currencies, CBDC can close those gates to all but a select few.

mindrust

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Bitcoin is already a global currency. It is not a possibility anymore it is a reality. It doesn’t really matter if country a banned bitcoin… that’s because there are many others have no problems with crypto. Even if they all banned it, people would use bitcoin anyway. You can’t stop the internet. Could they stop torrent services/piracy? No. They are still going strong. They can’t stop bitcoin because of the same reasons. If they want to stop bitcoin they should stop the internet and if they do that the life will stop.

Anyway bitcoin is already widely known in the world and hundreds of thousands of people use it everyday. A currency like that can’t be a local currency. Bitcoin achieved this mission easily imo.

dansus021

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if that really happen it would be great but I dont think bitcoin becoming a global currency maybe world still using bank but with blockchain technology like CBDC it is still highly possible.
Bitcoin as an asset would be very possible since blackrock and some investment company start make Bitcoin ETF or second thought maybe bitcoin accepted alongside with fiat like on El-Salvador

but first thing first crypto law should be finished first rather than case like sec against binance would exist in future

Gozie51

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Because there is no one unifying fiat currency, the emergence of bitcoin as a unifying currency may all be imaginary. The global economy need a measure of direction and so likewise the financial system.

Quote from: Bushdark on June 29, 2023, 07:22:09 PM

Even the Chinese yuan can not still stand to replace the USD unless something crucial is done about it. Bitcoin is very volatile so it does not fit in to be accepted as a global currency because it is going to result in big losessand could crumble the economy of any nation of the price falls drastically.

To add to your point on the volatility of bitcoin, at the investment of El Salvador adopting bitcoin as a legal tender, they are still shoving on this volatility. Bitcoin has the tendency of bursting an economy 200% or far more in riches just like it does to an individual wallet during volatility and bull and after that retracement come which can equally bring you back to the starting point or further down. This is a bane on bitcoin, it is a tradable.

Bushdark

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Quote from: Victan22 on June 26, 2023, 12:20:00 AM

With the reality of wealth being amassed through bitcoin overtime by so many individuals globally,i see bitcoin taking over or becoming a global currency.
This for me of course may take time to happen, with the right education in the heart of the old and young old and young which of course is not an easy task but give it time it can be possible.

What is your take on this?

This is not a determinant in determining what currency should be a global one. Even though Bitcoin is many a lot of people wealthy and rich, there would have to be a concemsus between countries of the world whether Bitcoin could fit in as a currency that could be use for global transactions. This is one of the problems the BRICS are facing because they do not have a currency that can stand replacing the USD when we talk about transactions.

Even the Chinese yuan can not still stand to replace the USD unless something crucial is done about it. Bitcoin is very volatile so it does not fit in to be accepted as a global currency because it is going to result in big losessand could crumble the economy of any nation of the price falls drastically.

noorman0

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Whether you realize it or not, bitcoin has become a global payment instrument since Laszlo bought the 2 pizzas with the possibility that people in other parts of the world have done the same thing.
What people most hope for is that the transaction becomes legally valid even though there is actually no difference in terms of satisfaction. Until now the status of bitcoin as a global currency falls into 3 categories: illegal, unregulated, legal.

Topic: The possibility of bitcoin becoming a global currency. (Read 254 times)