Topic: Will Bitcoin be accepted as a dominant currency in the future? (Read 511 times)

But does your national currency increase or decrease by 10%-30% in 1 day? All currency pairs between countries volatility with each other, my country's currency pair against USD also volatility every hour, but that volatility is insignificant compared to bitcoin. And people can also take advantage of that volatility to make profits, which is the forex market we have today. But that doesn't mean volatility between currencies and bitcoin is the same. I have never seen a national currency increase 10% or decrease 30% in one day against the the USD.

Of course, up until now we have been in the market for profit so volatility is extremely necessary, but if we talk about bitcoin becoming a currency, volatility is a barrier.

Sadly understaing Bitcoin won't make Bitcoin a dominant currency in the future.  The current technology of Bitcoin is very limited and is not suited for mass adoption yet.  We can see it when it was bombarded by the ordinal's exploits.  Aside from that the uncertainties of the regulation are another factor.  Many countries are still hesitant to accept Bitcoin and it is not easy for government to just accept a decentralized currency without considering its economic standard.

These articles:
https://www.imf.org/en/Blogs/Articles/2021/07/26/blog-cryptoassets-as-national-currency-a-step-too-far
https://www.brookings.edu/articles/the-brutal-truth-about-bitcoin/

 is probably a good read, they might look like and anti-Bitcoin articles, but it is also good to know the opposite's point of view in order to balance things out and put ourselves (Bitcoin enthusiasts) in check and stay in reality.

I believe bitcoin has already gotten to that the stage your trying to Envisage, except for countries that have placed  restriction on bitcoin if not, there is no place around the globe at the moment that you won’t see people making use of bitcoin or trying to have a conversation around it. If you compare the awareness bitcoin has gathered in last 10, you will realize that bitcoin is the future we are talking about.

Not only TESLA, I heard even Honda the car manufacturing company has started accepting payments in bitcoin too. The list will continue to go on and on endlessly.
Your talking about several countries trying to steer how to regulate the cryptocurrencies, that’s likely impossible because this currencies are decentralized and cannot be controlled by the government, at best they can only put some restrictions here and there, but there restrictions hasn’t changed the growth trajectory of bitcoin so far.

I think that is impossible for btc to become the main currency, since there are a lot of issues yet to be fixed. Some of them are cant be fixed at all. First of all, one of the toughet problems is legal status: even if btc is legal, it's impossible to acept btc as property due to high anonymity level of blockchain-based assets. Secondly, there are some vulnerabilities of decentralised network: data storage and data processing require high-speed network channels, which is,nearly impossible to create without running into massive forkings. Moreover, mining system is very hard to maintain due to high technology level. So, there will surely be many improvements in btc system and adoption  level will surely be rising, but it's impossible for btc to become the dominant currency.

Bitcoin does not need to be a dominant currency, whatever that means, what bitcoin needs is simply for more people to adopt it and use it on their everyday lives, if this can be accomplished then I do not care if in the future the dollar or the euro are the most widely used currencies, bitcoin is an alternative form of money and payment system for those that do not want to be held hostage by the fiat system, and as long as bitcoin can accomplish that goal then I will be happy holding and using my bitcoin.

What do you mean by "dominant currency"? Do you mean "the most used currency in the world"?

IMO, BTC accepted as most used currency in the world is very unlikely to happen in the near future. You need to learn again how the legality of Bitcoin in each country around the world. Also, most people prefer to use Bitcoin as a digital asset nowadays. They know Bitcoin investment offers potential good profits because the value is growing gradually, specifically during the bullish season.

Well, I assume it is not impossible that Bitcoin can be used as a dominant currency in the future but I don't think it will happen in the near future. It should be in the next few years, may be more than 10 years in the future. When there is no ban anymore and the value tends to be more stable, at that time people may feel comfortable to use it as a dominant currency.

Bitcoin is getting big everyday and that doesn't assure with the same being dominant currency. It is developed as a means of transaction source, but the growth hadn't allowed people to use it as a currency. The priority have moved towards investment than currency. For now or in the future, it is really hard to find people using it as a currency. With time the acceptance level have increased, and bitcoin without doubt have been growing good in value.

Another reason, it is really impossible for the governments to consider decentralised network a dominant value trasfer source. Earlier many countries have regulated the usage of bitcoin, but not as a legal tender. Only El Salvador have taken the decision strong and stands successful. Most of the countries won't agree on it.

Truly, bitcoin has gained its popularity over the years. Few years back, I never knew bitcoin existed.  Even when I knew about it, I didn't really see the need to pay attention to it. But now, I know about it , thousands of people all over the world now know too and more are still getting aware. One would ask, why hasn't the government accepted it as a means of payment yet? The answer is simple.

How will the government generate revenue from her citizens if everyone is allowed to use bitcoin?. Direct tax rates will be difficult to determine.  Bribery, corruption, extortion and other financial crimes will be on the increase because the government might not trace this transactions if the perpetrators of these crimes are owners of private coins.

We should not also forget that, out of 100% of people who are owners of bitcoin,  a very good percentage of people do not see bitcoin as a means of exchange or currency, rather as a source of income because of the rewards they get from mining bitcoin. For now, the best the can do is to regulate its usage.

For tye aspects of awareness bitcoin has a ground and nobody campaign about bitcoin again but the goodness of bitcoin is what is making bitcoin to be quite right and continues to move well, theirs something we need to understand in cryptocurrency and the things we need to understand is that, is not everyone that will invest in bitcoin and make profit but the aspect countries accepting bitcoin for use of payment, it can be done individually base what you understand in cryptocurrency and basically bitcoin, because is something that will gradually take over the world if the existence of it's technology prolong to more fifty years, so many countries is afraid of adopting bitcoin as a legal tender because of the first mindset when bitcoin was introduced in 2009, so it's only a wise nation who comprehend the important of bitcoin can as well embrace bitcoin as a financial support

In fact, it is true that the hype of Bitcoin is much higher in modern times than it was in the early days when Bitcoin was known as an anonymous one. Meaning, when Bitcoin adoption was very few. In the current era, many people have adopted Bitcoin; even some countries have made Bitcoin a legal tender. And now it is possible to accept Bitcoin as the dominant currency in the future, but the current reaction of the governments of different countries has created hurdles for the public in Bitcoin adoption through restrictions, etc. But I think that in the future, Bitcoin will definitely be accepted as the dominant currency the world will recognize. Because the foundation of Bitcoin has been built on the basis of these qualities, which is the best solution to solve the financial crisis with a reliable status standard or to make it easy to understand.

As far as I heard from major experts, Tesla's acceptance of Bitcoin as payment was a plan to manipulate the market. In which his aim was to pump or dump the market by taking profit margins. Why is it obvious that Elon Mask is the owner of a large asset, which will have an impact on the market? In addition to Tesla, many companies have also accepted Bitcoin as a payment, including Starbucks, Shopify, Subway Gyft, AT&T, and Newegg.com, and this is also a better decision for the digital generation. Besides, it possesses the qualities of a better value store, a profit-getter, and an immutable one.

Satoshi initially developed Bitcoins for a decentralised form of payment. But people now a days treating Bitcoins as    a high valued digital asset. All thanks to the limited supply of the coin. People knows the value of Bitcoins and they also know that the price will go up in order to fulfil the demand of investors in future. Hence many traders are avoiding to spend the Bitcoins. They are treating Bitcoins as digital gold and holding for life. So i don’t think Bitcoins will be used as currency again.

I do not expect some centralized entity to recognize an autonomous assets as currency. It's unlikely that all country in the world will agree upon this and will use bitcoin for international trade. They will never allow it. However bitcoin could be used in P2P transactions even cross-border payments if the world came up with an simple solution for on-ramping and off-ramping bitcoin on a large scale. Currently most of the P2P transactions are small-scale, and large transactions have been conducted by exchanges and holders who aren't interested in using BTC for international trade.

I don't dare to speculate about this because in my opinion, even though BTC is very popular, it will not become the dominant currency, where each country has its own rules in financial matters and they insist on holding their fiat,
The inflation problem will definitely end eventually and return to normal

Bitcoin is getting big  everyday and getting more awareness,  I think as the day counts more people will like to introduce bitcoin to their business,  now that in most countries their traditional currency is depreciating. Bitcoin can be considered as a good option for payment. Bitcoin is doing well as a currency,  it's has good chances of people accepting more because as the day goes people get to understand it the more, it is possible to be as a dominant currency in the future. Bitcoin has good money quality,  this what people in the world are looking for.

To be honest, we humans are very selfish, and no one is willing to sacrifice their own interests for others for the good of the community. I always see people saying that they really want bitcoin to be a currency and that they are ready to use bitcoin as an alternative to fiat so that it is recognized as a currency. Everyone talks well, but no one sacrifices their bitcoins to become a pioneer in using bitcoin as a currency. People only know to hold and wait for the price to increase to make a profit, but they always encourage others to consider bitcoin as currency. That's why I think we ourselves are the big barrier to becoming a currency.

People need to be educated about money
When everyone understands what money is, they will understand bitcoin

I can speculate that Bitcoin has all the qualities to do that, not being a Bitcoin fanatic but I just want to acknowledge the fact that the features and problems it is solving bring positive value much more than the problem for which it is so often criticized.

We have been and are continuing to accompany the development of Bitcoin, as I remember in the past, people knew very little about it and always labeled it with criminal activities, but up to now the truth is Many things have been replaced. The acceptance of individuals, groups, companies, corporations, governments, the universe   ... scientific and technological developments will make bitcoin more and more active in this life.

What's intriguing about this situation? Banks and governments indeed wield significant influence over Bitcoin, turning it into something not to be dismissed or shunned. Simply ignoring it and refraining from adoption would only heighten the community's reliance on private sector adoption. While that isn't necessarily bad, I believe it could be even more beneficial if government entities could optimize the utility of Bitcoin's existence, thus potentially accelerating adoption.

Mass adoption becomes more plausible when there is a growth in public trust. Government decisions could potentially cultivate this sense of trust within the public, enabling them to become more acquainted with Bitcoin.

Bitcoin is a currency but we don't know if it will continue to be accepted as a dominant currency in the future. But it has many features that can make it effective in the long run bitcoin is the most popular currency in the crypto world. Those who support trading in cryptocurrency claim that bitcoin will be the currency of the future and people will do financial transactions online in this digital currency. But it will be interesting to see how the market evolves if more central banks do not explore and adopt the technology in the event that governments do not legalize bitcoin. Digital currencies provide some volatility but a reliable positive trend in the long run.

Bitcoin now a days is going to be more usable coin,  and if some countries use it as their currency would not be a bad choice,  the countries which obtain bitcoin mostly considers the best countries and economically these are strong countries. Bitcoin is far better to store and to make it more and more for our young generation,  and also with having these we should give our young generation more information about the trading,  so in the future they can gain a lot of profit from these bitcoins. The mostly countries are considered successful because they care for their young generation future. And I can say than young generation is the  back bone of a country.