The use of Bitcoin as a local currency! - page 2.

chichigirl

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Quote from: EYC_ONE on August 15, 2021, 09:01:27 AM

Everyone on the forum knows what Bitcoin is. We already know that many countries have removed this currency from the ban. I mean, will all the nations of the world use Bitcoin as a currency?How important will it be? It will not go to the good side to the bad side?I want to know the opinion-

There are chances that in the future, there will be more people that will be using crypto currency because it is more easy and very convenient to use but since the government doesnt have any control in crypto it will definetly not become a currency in the world.

TheGreatPython

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Quote from: EYC_ONE on August 15, 2021, 09:01:27 AM

Everyone on the forum knows what Bitcoin is. We already know that many countries have removed this currency from the ban. I mean, will all the nations of the world use Bitcoin as a currency?How important will it be? It will not go to the good side to the bad side?I want to know the opinion-

The government wants to control bitcoin, but the decentralized nature of bitcoin has made it difficult for them to regulate it. A currency that represents a country is always under the control of the government, but bitcoin won’t subdue to them, there is no way for them to handle it. Bitcoin might just be an internet money that would be used by people who wants to make use of it for their day to day online transactions.

But, for representing every country around the world, I can’t tell you that is possible right now, I don’t deem it possible for now. Finding out what the future holds is quite a difficult thing to do, anything can still happen, so we are not sure.

witcher_sense

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Quote from: Bitcoin Smith on August 25, 2021, 05:10:28 AM

Using bitcoin in our daily life is not going to happen now because you know some countries banned it but in future there's lots of possibilities that we can use as local currency and some don't really know anything about bitcoin or the idea of cryptocurrency so that's also reason and some companies already accepting bitcoin.

The key thing to realize is that despite the fact that many countries declared bitcoin illegal on their territory, it cannot be fully banned. Many people take the risk and use bitcoin in daily transactions because sometimes their life depends on that. If your national currency is broken, it loses its value in the blink of an eye, you have no choice but to keep savings in bitcoin. People living in countries with hyperinflation return to a barter economy, in which the most saleable good becomes money, and is exchanged for commodities. Bitcoin sometimes becomes unofficial local currency because its features make it most desirable on local markets. The true national currency emerges from mutually agreed exchanges completely free of government influence. It exists not because someone forced you to use it, but because it was natural to adopt it.

Bitcoin Smith

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Using bitcoin in our daily life is not going to happen now because you know some countries banned it but in future there's lots of possibilities that we can use as local currency and some don't really know anything about bitcoin or the idea of cryptocurrency so that's also reason and some companies already accepting bitcoin.

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Quote from: Vaskiy on August 23, 2021, 02:48:28 PM

Majority of the countries are free to use it, and no law/framework have been developed for its usage. Maybe those countries can make some positive impact over the rest of the countries that are against the usage of bitcoin. China at present has banned the usage. The illegal market and access is a bad thing that makes government to ban bitcoin. Iran is one such country that gave the access to use, but the mining process through illegal power stealing had made the government take action against the usage. So, the users also at times serve as a reason.

bitcoin faces pros and cons in its use for several countries, China has even become one of the countries that openly prohibits bitcoin to make the bitcoin price crash.
However, several other countries such as El Salvador which legalized the use of bitcoin certainly had a good effect on the development of bitcoin. Bitcoin can be a local currency or as another payment option. The adoption of bitcoin is getting stronger and this proves that bitcoin is not only a speculative asset but can become a local currency although not completely.

ILuckyGuyI

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When it comes to the probability of all the nations in the world to start using Bitcoin as their legal tender, it is not more than a dream I think. I give zero chance for this to happen. Because not all of the governments in the world are leaning towards Bitcoin right now. They just want to regulate it and benefit from it somehow. But because of its volatility, especially developed countries are not intending to accept it like that. They are just happy about the current status of Bitcoin.

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Quote from: EYC_ONE on August 15, 2021, 09:01:27 AM

Everyone on the forum knows what Bitcoin is. We already know that many countries have removed this currency from the ban. I mean, will all the nations of the world use Bitcoin as a currency?How important will it be? It will not go to the good side to the bad side?I want to know the opinion-

Although currently several countries have accepted bitcoin back, I'm not really sure if their government will make bitcoin a legal currency in their country, because bitcoin has several characteristics that cannot be used as a currency, one of which is because bitcoin does not have an underlying assets and bitcoin cannot be regulated like paper currencies in general, which can be regulated by banks to maintain their value stability.

bitzizzix

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The future of bitcoin is still uncertain, but developments that occur in the near future will be a new point for bitcoin and we'll see what happens, and in my opinion the digital currency system or bitcoin is difficult to become a national currency because of the trust and acceptance of conventional currencies still very large and so on.
My assessment of the future of bitcoin and national currencies will go hand in hand without eliminating either one, and bitcoin will remain an alternative payment option that can be used worldwide.

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Quote from: EYC_ONE on August 15, 2021, 09:01:27 AM

Everyone on the forum knows what Bitcoin is.

Bitcoin name is the combination of 2 things i.e Bit and Coin
Bit means piece or basic unit of information in computing and digital communications.
A coin is a metal used as currency.
Therefore, Bitcoin is a basic computing information currency and that's why private keys play an important role.

Quote from: EYC_ONE on August 15, 2021, 09:01:27 AM

will all the nations of the world use Bitcoin as a currency?

It is not possible. A country that is communist like China will find it hard to accept Bitcoin as currency.

Quote from: EYC_ONE on August 15, 2021, 09:01:27 AM

How important will it be? It will not go to the good side to the bad side? I want to know the opinion-

Yes, it won't and the government's negative stance towards Bitcoin is the major problem we have, if the government support Bitcoin totally, I'm the Dev will find a total solution to every problem cryptocurrency is facing now.

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If I'm not mistaken, it depends a lot on the region. In some places this is not a problem at all, but in some places it is quite difficult.

There are several bitcoin ATMs and bitcoin-accepting outlets that I've met, I don't know how bitcoin ATMs work, but I think this is a good idea so crypto users are more active and no longer have trouble transacting.

Bitcoin ATM is a good innovation and it is easy to use but the hike charges fees are the major problem people have with the use of Bitcoin ATM and it will be nice if something is done about this in the future.

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Quote from: bounceback on August 24, 2021, 02:38:36 AM

Quote from: EYC_ONE on August 15, 2021, 09:01:27 AM

Everyone on the forum knows what Bitcoin is. We already know that many countries have removed this currency from the ban. I mean, will all the nations of the world use Bitcoin as a currency?How important will it be? It will not go to the good side to the bad side?I want to know the opinion-

Although currently several countries have accepted bitcoin back, I'm not really sure if their government will make bitcoin a legal currency in their country, because bitcoin has several characteristics that cannot be used as a currency, one of which is because bitcoin does not have an underlying assets and bitcoin cannot be regulated like paper currencies in general, which can be regulated by banks to maintain their value stability.

- If we try to hope for a country to turn it into a currency, it's only a few special cases each year but the international agencies will still isolate these special cases, with such an unsatisfied and somewhat disgusted attitude, we can also imagine how the high-level authorities think about bitcoin. I think bitcoin has also formed a neutral environment and it is possible to call the internet world a miniature locality with a full collection of countries as long as they have a need for bitcoin, bitcoin can be exchanged as currency here with other altcoin commodities, another space without extra operations from local governments

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That will never happen until bitcoin is legalized by the laws and regulations based on the constitution of each country. In addition, to use bitcoin as a local currency, it is necessary to prepare many infrastructure devices for the payment process to take place, and before that, there must be many educational courses to raise people's awareness about use and security bitcoin. It's too hard to be feasible

Sayeds56

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Quote from: EYC_ONE on August 15, 2021, 09:01:27 AM

Everyone on the forum knows what Bitcoin is. We already know that many countries have removed this currency from the ban. I mean, will all the nations of the world use Bitcoin as a currency?How important will it be? It will not go to the good side to the bad side?I want to know the opinion-

I think in the distant future it is possible that Bitcoin will be used as Alternative currency to buy goods and services but use of Bitcoin as national currency is not going to happens so soon specially in developed world as their economies are based on diversified souces of income and adopting Bitcoin will rise many issues but some under developed might adopt it becuase their economies are so weak and their main source of income is from overseas Remittance like EL-SALVADOR.

Liamttw

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Not all countries will choose to use Bitcoin as a legal currency to replace traditional financial currencies.
The high volatility of Bitcoin price cannot be used as a daily transaction currency, and the rise and fall of Bitcoin price will affect the original income. The transaction fees for small transactions and the long waiting time for transaction confirmation are inconvenient.
Bitcoin runs on a network system, and transactions must be carried out on the Internet. However, many countries lack Internet services in certain areas, and they do not understand the use of Bitcoin. There are also some countries that explicitly prohibit bitcoin transactions and do not allow the use of bitcoin to pay any fees.

famososMuertos

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... Everyone on the forum knows what Bitcoin is ...

Well! I answer you primarily that "I bet you a satoshi" that here there are users who do not know what bitcoin is, we may be in the most important forum about bitcoin but if we could take a survey and ask that question, many would fail ... in a specific answer .

In that sense, the following answers to your question fall into the area of uncertainty, the variables are very complex to consider, yes! bitcoin has everything to be successful, in fact it is having a lot, although some people only see that "temporary" success when it goes to the moon or they evaluate it for its price.

bitcoin not only has everything as a technological element to be able to break paradigms, as well you say, several countries support it, not many, but with only one country that does it formally it is already a "We are The Champion" but we only have to wait. And be careful, it has a lot of competition, the Russians, the Chinese and some other countries want to displace the dollar, and several of them see bitcoin as competition as well.

So with a little more than 10 years in the life of bitcoin, chances are that the correct answers to your questions will be far from the zero probability that it was years ago.

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Quote from: EYC_ONE on August 15, 2021, 09:01:27 AM

Everyone on the forum knows what Bitcoin is. We already know that many countries have removed this currency from the ban. I mean, will all the nations of the world use Bitcoin as a currency?How important will it be? It will not go to the good side to the bad side?I want to know the opinion-

Well, no government can "ban" the use Bitcoin. So that never happened.

It's like saying, "hey look we banned decentralized P2P file sharing". It's not technically feasible, nor is it enforceable.
The most a government can do in that regard, is to scare people by shutting down mining operations and delicense exchanges operating on its soil (just like they shut down Kazaa, eMule or other centralised P2P services & servers, before BitTorrent came along with full decentralization ).

Worst case scenario, a government could ban the possession of Bitcoin, and that would suck.

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Joshapat

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Quote from: carrigan on August 23, 2021, 08:53:31 AM

I don't think that's possible. Bitcoin is not physical but digital, and not everyone can access digital money because of technological limitations. Moreover, Bitcoin is also very volatile and unstable so it will be difficult to control. Every country that prohibits the use of Bitcoin as a means of payment in their country must have their own reasons that are really important with the policies they make. There must be a strong and basic reason that they have thought through carefully, so changing the policy will definitely be difficult. Bitcoin is more suitable as an investment because the profits are really promising and you can get rich suddenly.

This is the consideration of economic and financial experts why bitcoin will not be able to become a currency, of course it is strange if we pay during transactions with bitcoin but because the price drops then we have to pay more quantity and the balance is not enough then it fails, the advantage of the currency is stable and this does not exist in bitcoin and decentralization.

Vaskiy

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Majority of the countries are free to use it, and no law/framework have been developed for its usage. Maybe those countries can make some positive impact over the rest of the countries that are against the usage of bitcoin. China at present has banned the usage. The illegal market and access is a bad thing that makes government to ban bitcoin. Iran is one such country that gave the access to use, but the mining process through illegal power stealing had made the government take action against the usage. So, the users also at times serve as a reason.

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Quote from: EYC_ONE on August 15, 2021, 09:01:27 AM

Everyone on the forum knows what Bitcoin is. We already know that many countries have removed this currency from the ban. I mean, will all the nations of the world use Bitcoin as a currency?How important will it be? It will not go to the good side to the bad side?I want to know the opinion-

Presently, the cryptocurrency model is a threat to the modus operandi of the banking system. It is decentralized. However, the scenarios I see for the world use Bitcoin as a currency are:
1) If the governments of different countries approve of it just like El Salvador.
2) If merchants worldwide are willing to accept transactions in bitcoin.

ReiMomo

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Really wonder how economy would be if Bitcoin is accepted world wide. As long as Bitcoin is held with each one, yes its going to benefit them. Bitcoin can be used as an asset rather than as currency. This will support the local fiat currency stand on its own value in the market which will not disturb Bitcoin's growth as well. So yes, accepting Bitcoin as an asset would certainly support the economy.

Ruvi2000sew

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Bitcoin takes over as the world's currency. This currency is accepted all across the world. It can also be referred to as a global local currency. The nicest part is that it is not a national currency. There is no one who owns this currency. The creator of this currency is Satoshi Nakamoto. However, the idea behind this currency is that it is decentralized, which means that anyone can use it from anywhere on the planet.

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