Will Bitcoin be accepted as a dominant currency in the future? - page 2.

Blitzboy

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Quote from: n00ber on October 02, 2023, 08:24:59 AM

Quote from: retreat on October 02, 2023, 07:41:05 AM

The popularity of Bitcoin in the future will most likely increase and there will be more adopters compared to today. However the increasing popularity of Bitcoin will probably be a problem for governments because it will disrupt the distribution of fiat and it is likely that the majority of governments will not allow Bitcoin to become more popular. So I think whether Bitcoin will become the dominant currency in the future is quite unlikely because government regulations are increasingly strict. Moreover, until now most people treat Bitcoin like an investment instrument, so even though the adoption of Bitcoin is increasing it is not because Bitcoin is a currency, but an investment instrument with a good ROI.

Many governments have been accepting bitcoin more, so I don't think governments will find a way to limit its popularity. But I agree with you that they will not allow bitcoin to become popular as a currency, instead they will accept it and treat it as a commodity for us to trade and tax.

The government certainly won't let bitcoin become a currency, but what about investors like us? I also believe that many people are happy for bitcoin to become an investment rather than a currency. So, bitcoin's path to becoming a currency will be very difficult indeed.

In general, you're correct regarding governments. Do they not enjoy having control? They enjoy paying taxes and following the rules. Doesnt Bitcoin disrupt the current quo because it is decentralised? When we, the investors, exchange Bitcoin, they can tax our profits if they regard it as a commodity. They won, so thats a victory, right?

However, even though we can see Bitcoin's potential as a medium of exchange, there is a major issue at hand: Are we, the general public, really willing to spend Bitcoin if its price keeps rising? Imagine using Bitcoin to purchase a pizza today, then realising a year from now that you could have purchased a car with that same Bitcoin! Governments play a role, but so does our mentality. We might be the ones preventing Bitcoin from succeeding as a currency. Isnt that something to consider?

Reatim

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Quote from: Questat on October 02, 2023, 06:17:51 AM

That is still a big question OP but can't just give hope for that because there are people who have been using this already and some businesses who also accept this as a mode of payment. We just need ample time to discover and make people fully trust this system. With slow development, I can't question why some people will say it was a failure because that is really what we saw. However, until Bitcoin still exist and show some progress about accepting this as a mode of payment, we can say that it was not impossible to consider as a dominant currency in the future.

Bitcoin is already dominant at some point (of course to us crypto users lol)

just trust the system guys , We are here in this market because of what we believe and what we trust , also we are here to continues support and promote bitcoin with all our hearts.

let the internet continues to dominate the world and next the crypto .

Abu-Naim

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Quote from: Clark Anderson on September 30, 2023, 10:25:58 AM

is it possible for BTC to be accepted and adopted as a dominant currency in the nearest future".

You will have different opinions regarding this particular question you are asking.However, your question is unpredictable to me, as we all know that when we compare the adoption of bitcoin, the gain in the world wide current is far greater than it was in the early days of bitcoin, so as we are getting more adoption, some nations will start showing concern about people who use bitcoin. But still, even if bitcoin is not accepted as a dominant currency in the future, people will still be using it, which means bitcoin did not fail.

However, it will be hard for bitcoin to overtake the currency people are using. The adoption of bitcoin will only get more popular with a new generation that is quickly accepting it, so you can see that the more people adopt bitcoin currency, the more it will make sense during discussions about this kind of issue.

Sunika

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Quote from: Clark Anderson on September 30, 2023, 10:25:58 AM

It is captivating for us all to witness the evolution of a DDC (decentralized digital currency) that has the ability and potential to change the financial world forever but there is a question that needs to be tabled properly for the purpose of awareness and well preparedness for the future and that is "is it possible for BTC to be accepted and adopted as a dominant currency in the nearest future".

We have all watched how both small scale and large scale businesses have started to accept the idea of bitcoin as a form of payment for good and services. Now the big major companies these days like TESLA for example are making big transactions with bitcoin making btc look viable and acceptable for exchange even in the future and we all know that this is only possible because they find it more easy and secure for their digital transactions with low transaction fee compared to the normal bank transaction system. But then how can we ignore that bitcoins journey towards being dominant means of transactions Is faced with challenges such as concern on price volatility. That aside several countries are still trying to steer how to regulate the cryptocurrencies and these actions can crucially impact the value/utility of BTC, well this is what i think.🤷‍♀️
What is your opinion on this topic?

Interesting question. I read today about Bitcoin Paper currency. Do you know anything about this? But to address your question. governments are threatened by crypto but still have purchased large sums. I think if world economic and certain political issues create the perfect storm, we could see Bitcoin accepted as a dominant currency.

bayu7adi

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Mass adoption is indeed possible, but there are significant limits to how far-reaching it can be. Bitcoin can certainly find utility in some major enterprises, but claiming the top spot globally is a formidable aspiration. The adoption by select companies will undoubtedly bolster Bitcoin's value. However, as long as a few entities wield substantial control over Bitcoin's supply, market sentiment will continue to influence its price.

I prefer to emphasize the positive side, where we anticipate a surge in Bitcoin transactions and an ever-expanding base of supporters, contributing to the continued growth of Bitcoin.

Casdinyard

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It isaccepted as a dominant current now, why wait in the future?

Whatever bitcoin has right now it will eventually gather in the near future if not regain once lost, that includes a high valuation and with it the regard and acclaim that most people who will invest on your coin may carry. Bitcoin as it is today while primarily recognized as a cryptocurrency project or a store of value asset is still regarded to by many as a bona fide currencies, with other countries even accepting it as a currency instead of an asset, so I don’t think the question has to be will bitcoin be a dominant currency in the future. I thinkthe question has to be whether bitcoin will be a prominent store of value asset in the industry

BitcoinsGreat

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Quote from: _act_ on September 30, 2023, 10:47:09 AM

Tesla accepted bitcoin in the past, but it is no more accepting bitcoin again for now. But there are many companies and sites that are accepting bitcoin through payment processor.

Usually, the companies who will accept Bitcoin will continue to accept Bitcoin until there is any change in the laws of the country or any valid reasons.

As far as Tesla is concerned, that was a manipulative move by Elon Musk as he wanted to pump dump the coins at that moment and it was easy for him as he is an influencer and a big business owner. You never know if Tesla will start accepting Dogecoin anytime in future, we never know.

Leave alone Tesla, other companies who accept bitcoins are more serious about keeping the bitcoin adoption/acceptance forever.

Aikidoka

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Quote from: retreat on October 02, 2023, 07:41:05 AM

The popularity of Bitcoin in the future will most likely increase and there will be more adopters compared to today. However the increasing popularity of Bitcoin will probably be a problem for governments because it will disrupt the distribution of fiat and it is likely that the majority of governments will not allow Bitcoin to become more popular. So I think whether Bitcoin will become the dominant currency in the future is quite unlikely because government regulations are increasingly strict. Moreover, until now most people treat Bitcoin like an investment instrument, so even though the adoption of Bitcoin is increasing it is not because Bitcoin is a currency, but an investment instrument with a good ROI.

Yes, that's correct. Governments may not welcome the dominance of Bitcoin in the future because it would lead to a large number of people using Bitcoin instead of their local currency, which is not advantageous for the country. They definitely don't trust Bitcoin as we do, so it would be quite hard for this scenario to happened, although it's not impossible.

I believe that Bitcoin adoption would be insane in the future and the community will grow a lot as Bitcoin's price increases once again and reaches a new peak imho.

Yatsan

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Nope, would be hard to believe especially if we’d base on its present ‘standing’ to people. Also with the future, it is hard to see that Bitcoin will be someday a dominant currency given that countries and governments won’t afford to not put tax in every transaction given that it is decentralized in nature. It is more likely to just co-exist with dominant fiat such as USD. Also, it might not be the goal of this technology in the first place. Bitcoin could be an alternative of payment but for it to become official across countries. But as long as we are not seeing wide acceptance of cryptocurrency then things would be hard to develop on its end.

kryptqnick

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Bitcoin is a dominant cryptocurrency and will remain this way. If you mean compared to fiat, there are probably different ways of making an evaluation of which currency is currently dominant. If it's by global reserves, that's the USD, and I don't think Bitcoin can beat the USD in this regard. But being a currency of global reserves doesn't mean being widely used by the population. If it's by the number of people who use a currency as their main currency, the USD has 350 million people, whereas I think it's safe to assume the Chinese Yuan is used by way more people thanks to the sheer population of China. That reminds me of another criterion, the volume of cross-border transactions, where Yuan and the USD fight for the first place.
There are technically no cross-border Bitcoin payments because there are no borders, so it can't win based on that. Beating 1 billion Chinese Yuan users is also unlikely any time soon.

serjent05

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Quote from: dothebeats on October 02, 2023, 08:11:58 AM

Is it possible? Yes it, especially with how things are currently going. However, I wouldn't still be surprised if it doesn't happen. Although there are relatively changes that causes DDC to move forward, it is hard to say that it Bitcoin will soon be accepted as a dominant currency in the future as there a lot of factors that should be considered before that happens. While it is true that more and more countries are legalizing Bitcoin, we should remember that there are still a lot more who are either agaist it or doesn't have a complete stand regarding it.

Perhaps it is more possible to state that Bitcoin will soon be accepted by more countries as more businesses and establishments accepts it for their transactions.

If we are talking about the possibilities then I also agree that there is a possibility for Bitcoin to be accepted but I think the possibility is slim. One of the major reason is that each country had their own underlying agenda to push their own national currency to dominate so Bitcoin since it is decentralized in nature have no central authority to push this kind of thing. I always think that Bitcoin can be a dominant alternate currency but have a very slim to no chance of being the dominant currency because the government exists.

n00ber

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Quote from: retreat on October 02, 2023, 07:41:05 AM

The popularity of Bitcoin in the future will most likely increase and there will be more adopters compared to today. However the increasing popularity of Bitcoin will probably be a problem for governments because it will disrupt the distribution of fiat and it is likely that the majority of governments will not allow Bitcoin to become more popular. So I think whether Bitcoin will become the dominant currency in the future is quite unlikely because government regulations are increasingly strict. Moreover, until now most people treat Bitcoin like an investment instrument, so even though the adoption of Bitcoin is increasing it is not because Bitcoin is a currency, but an investment instrument with a good ROI.

Many governments have been accepting bitcoin more, so I don't think governments will find a way to limit its popularity. But I agree with you that they will not allow bitcoin to become popular as a currency, instead they will accept it and treat it as a commodity for us to trade and tax.

The government certainly won't let bitcoin become a currency, but what about investors like us? I also believe that many people are happy for bitcoin to become an investment rather than a currency. So, bitcoin's path to becoming a currency will be very difficult indeed.

dothebeats

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Is it possible? Yes it, especially with how things are currently going. However, I wouldn't still be surprised if it doesn't happen. Although there are relatively changes that causes DDC to move forward, it is hard to say that it Bitcoin will soon be accepted as a dominant currency in the future as there a lot of factors that should be considered before that happens. While it is true that more and more countries are legalizing Bitcoin, we should remember that there are still a lot more who are either agaist it or doesn't have a complete stand regarding it.

Perhaps it is more possible to state that Bitcoin will soon be accepted by more countries as more businesses and establishments accepts it for their transactions.

Woodie

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Quote from: Clark Anderson on September 30, 2023, 10:25:58 AM

It is captivating for us all to witness the evolution of a DDC (decentralized digital currency) that has the ability and potential to change the financial world forever but there is a question that needs to be tabled properly for the purpose of awareness and well preparedness for the future and that is "is it possible for BTC to be accepted and adopted as a dominant currency in the nearest future".

Dominant currency means oppressing one other currency and because this gets political to some extent, I don't think we have anybody brave enough to adopt BTC to the high table...unless an economy is collapsing and the government is looking for the next big thing which can come in form of cryptocurrencies (BTC) to help save the economy and continue with trade that can stimulate productivity.

Quote from: Clark Anderson on September 30, 2023, 10:25:58 AM

That aside several countries are still trying to steer how to regulate the cryptocurrencies and these actions can crucially impact the value/utility of BTC, well this is what i think.🤷‍♀️
What is your opinion on this topic?

Let's just say cryptocurrencies are still young and new to most users out there...
for now people are still trying to get their heads around and once an understanding is there regulation and general adoption will easily follow as users learn of the benefits.

retreat

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The popularity of Bitcoin in the future will most likely increase and there will be more adopters compared to today. However the increasing popularity of Bitcoin will probably be a problem for governments because it will disrupt the distribution of fiat and it is likely that the majority of governments will not allow Bitcoin to become more popular. So I think whether Bitcoin will become the dominant currency in the future is quite unlikely because government regulations are increasingly strict. Moreover, until now most people treat Bitcoin like an investment instrument, so even though the adoption of Bitcoin is increasing it is not because Bitcoin is a currency, but an investment instrument with a good ROI.

Questat

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That is still a big question OP but can't just give hope for that because there are people who have been using this already and some businesses who also accept this as a mode of payment. We just need ample time to discover and make people fully trust this system. With slow development, I can't question why some people will say it was a failure because that is really what we saw. However, until Bitcoin still exist and show some progress about accepting this as a mode of payment, we can say that it was not impossible to consider as a dominant currency in the future.

Bitcoin_people

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It is difficult to predict what Bitcoin will go to in the future, but we can be sure that many more big companies will adopt Bitcoin in the future. In order for Bitcoin to be accepted as a dominant currency, the government must first accept Bitcoin, but many governments are not ready to do this. Bitcoin will not be a dominant currency because it does not depend on and cannot be controlled by any country's government.

Yamane_Keto

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Quote from: Clark Anderson on September 30, 2023, 10:25:58 AM

It is captivating for us all to witness the evolution of a DDC (decentralized digital currency) that has the ability and potential to change the financial world forever but there is a question that needs to be tabled properly for the purpose of awareness and well preparedness for the future and that is "is it possible for BTC to be accepted and adopted as a dominant currency in the nearest future".

Accepted by whom? There are countries that have adopted Bitcoin as a legal currency and countries that have banned Bitcoin. If we say that you are talking about global adoption, what is the criterion that will determine this? Is it the number of individuals who use Bitcoin, the number of transactions per day, the price increase, or what?

The definition of adoption of Bitcoin will determine when this will happen. My definition of it is payment directly with Bitcoin, the presence of wide options for spending, and the ease of converting Bitcoin into cash in almost every country in the world. If this happens, then I will say that there is global adoption of Bitcoin, which may take a few years, up to 2040.
It is the first time to see this term DDC (decentralized digital currency)

lombok

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If BTC is accepted and adopted I can say YES. However, to become dominant I can't be sure, maybe because not everyone will accept and use BTC. In fact, there are still many countries that still legalize BTC as a legal means of payment. Plus there will be big competition for BTC to become legal tender, namely CBDC. We have often heard rumors of CBDC and perhaps many countries will release CBDC.

However, this does not rule out the possibility when it comes to the future. What is clear is that this is still a period of growth for Bitcoin and Crypto, there will be many developments and milestones that will be achieved in the future.

Obari

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Quote from: Minecache on October 02, 2023, 02:57:06 AM

Quote from: Obari on October 02, 2023, 01:37:29 AM

~snip~

A currency becomes too volatile compared to other currencies, which makes it very difficult for us to use it for everyday payments.

Not only bitcoin is volatile because judging from the current rate of fluctuations on my nations currency, then I would also say that country's currency is also very volatile yet its been used on a daily bases and one might say that the volatility in my local currency isn't obvious but I'm sure those who use it in importation are already crying from the devaluation as compared to the us dollar.

One major reason why people are still very committed to bitcoin in general is the volatile nature because it where all the profits as well as the losses lies and if you take away its volatility then I'm not sure if most persons would still stick it to.

Quote from: legendbtc on October 02, 2023, 03:26:41 AM

I wouldn't want to spend another penny just to pay for a cup of coffee or a loaf of bread, whereas if I use fiat there are absolutely no additional transaction fees and confirmation times. I'm not negative, but to become a currency, bitcoin still has a lot of work to do.

You're not being negative bro because I also talked about this sometime ago and maybe, you might not look at the fee from.the dollar price but rather try converting it to your local currency and I've once paid about $3 for a transaction and that was over 2k in my local currency and you'll agree that it wouldn't right paying $1 as a fee for what you could easily trade and pay in fiat without no fee.

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