Will Bitcoin be accepted as a dominant currency in the future? - page 3.

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Quote from: Blitzboy on October 02, 2023, 03:00:54 AM

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

Well, everyone wants bitcoin to be accepted as a global means of payment for several reasons best known to them but the truth is that, it wouldn't be atleaat for now since most countries haven't gotten the right means to regulate and tax cryptocurrency yet.
Well until cryptocurrency is full accepted, you can still make your payments between the seller and you the buyer by simply asking the seller if they accept bitcoin as you never can tell because there are several bitcoin enthusiasts and holders who do so on a very low key and wouldn't mind accepting it if they trust you.

I believe bitcoin with time maybe in 10 years might be accepted as a global means of payment and I'm also looking forward to that.

Due to a lack of regulation and taxation, not every country is ready to adopt cryptocurrencies. What if Bitcoin's value becomes too unstable for daily transactions as it gains popularity? You can ask retailers if they accept Bitcoin, and many aficionados may agree. However, widespread use may provide obstacles. Imagine how price fluctuations might complicate even the simplest transactions. Its fascinating to imagine Bitcoin's global adoption, which you and others wish for. However, we must confront and resolve these possible difficulties as we move forward. More preparation means a smoother transition.

I believe it is only a matter of time before bitcoin becomes globally accepted and popular, but for it to become a global currency like the USD, I really don't believe that will happen. There are too many shortcomings for bitcoin to become a currency: it will be difficult for the government to recognize a currency that is not controlled by them, price fluctuations are also a problem that needs to be solved when talking about currency, and even fees are also an issue. 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.

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

Well, everyone wants bitcoin to be accepted as a global means of payment for several reasons best known to them but the truth is that, it wouldn't be atleaat for now since most countries haven't gotten the right means to regulate and tax cryptocurrency yet.
Well until cryptocurrency is full accepted, you can still make your payments between the seller and you the buyer by simply asking the seller if they accept bitcoin as you never can tell because there are several bitcoin enthusiasts and holders who do so on a very low key and wouldn't mind accepting it if they trust you.

I believe bitcoin with time maybe in 10 years might be accepted as a global means of payment and I'm also looking forward to that.

Due to a lack of regulation and taxation, not every country is ready to adopt cryptocurrencies. What if Bitcoin's value becomes too unstable for daily transactions as it gains popularity? You can ask retailers if they accept Bitcoin, and many aficionados may agree. However, widespread use may provide obstacles. Imagine how price fluctuations might complicate even the simplest transactions. Its fascinating to imagine Bitcoin's global adoption, which you and others wish for. However, we must confront and resolve these possible difficulties as we move forward. More preparation means a smoother transition.

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

Well, everyone wants bitcoin to be accepted as a global means of payment for several reasons best known to them but the truth is that, it wouldn't be atleaat for now since most countries haven't gotten the right means to regulate and tax cryptocurrency yet.
Well until cryptocurrency is full accepted, you can still make your payments between the seller and you the buyer by simply asking the seller if they accept bitcoin as you never can tell because there are several bitcoin enthusiasts and holders who do so on a very low key and wouldn't mind accepting it if they trust you.

I believe bitcoin with time maybe in 10 years might be accepted as a global means of payment and I'm also looking forward to that.

The government's inability to control it is one of the biggest reasons why they refuse to accept bitcoin as a currency. But I also think that its volatility may also contribute to the barrier that makes it difficult for bitcoin to become a world currency. A currency becomes too volatile compared to other currencies, which makes it very difficult for us to use it for everyday payments. If bitcoin suddenly drops in price, we will have to spend more btc to pay for goods, I think no one will want to do that.

I'd also like to see every store accept bitcoin payments but I doubt that will happen. Bitcoin's volatility is also a limitation when it becomes a currency.

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Well, everyone wants bitcoin to be accepted as a global means of payment for several reasons best known to them but the truth is that, it wouldn't be atleaat for now since most countries haven't gotten the right means to regulate and tax cryptocurrency yet.
Well until cryptocurrency is full accepted, you can still make your payments between the seller and you the buyer by simply asking the seller if they accept bitcoin as you never can tell because there are several bitcoin enthusiasts and holders who do so on a very low key and wouldn't mind accepting it if they trust you.

I believe bitcoin with time maybe in 10 years might be accepted as a global means of payment and I'm also looking forward to that.

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Of course it's hard to tell what happens in the future.
Everything depends so much on global economy. Let there be another crisis like war, another covid like event and so on. This would have a strong negative impact on crypto in my opinion.

But I think it's fair to say that, even though bitcoin gets accepted more and more these days, talking about being a dominant currency is still WAY too early. In my opinion this will never happen but I let people change my mind.

Normal banks are just too strong and have too much influence to just watch and let crypto take over. They rather come up with a competing concept to push bitcoin and crypto out of people's heads.

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Quote from: jasonjm on September 30, 2023, 11:25:33 PM

Bitcoin is the future, but it is very early to predict that at some point in the future, Bitcoin will be a dominant currency. More people see Bitcoin as a form of investment/ asset at the moment. With every passing day, the popularity of Bitcoin is increasing. Look at the BTC's popularity and adoption ten years ago and compare it with today's value. In the next ten years, I think a common man (middle class) can not afford even a fraction of Bitcoin.

I think governments will not accept Bitcoin as a currency because of regularity issues and volatility. Many other factors also play an important role in this development, such as institutional investors, businesses accepting Bitcoin as payment, performance in global emergencies, and general public perception of Bitcoin. Some people think that Bitcoin will achieve this feat in the future, while some remain sceptical. Let's see how the events unfold in the future toward the acceptance of Bitcoin as a mainstream payment option.

Banks and fiat currencies are considered the most effective tools governments use to control and manage us. If the government accepts bitcoin as a currency, it would mean that the role of banks and fiat currencies would cease to exist and they would thereby lose their ability to control their people. So I really don't think bitcoin will be legalized as a currency by the government and it will be the dominant currency in the future.

Volatility is not what they fear when talking about bitcoin, but decentralization is what they fear when talking about bitcoin. In my opinion, as long as they don't find a way to control bitcoin, they will never accept it as currency.

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Bitcoin was seems to be the best sample for the fiat.USD was the current fiat which was used as the currency resources as well.So the long waited thing was the bitcoin can be used as the future currency and many people opinion was the same.But for this,the process need some time for the execution.If all the countries accept the bitcoin as the legal one,in a decade the possibility of the bitcoin to replace the USD and become the dominant currency as like the USD among the various country in this world.

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For me, there is a big chance that governments around the world will use only one currency, and I think Bitcoin is a good choice since it's decentralized. But this might not be happened in the near future because the implementation is not that easy.

Currently, there are still many people who do not accept Bitcoin as a payment because its price is very volatile but we have seen that Bitcoin is making progress in this regard. So when the time comes when the price of Bitcoin is not so volatile, surely they will have no reason not to use it in their daily life.

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I think the first question before ' Will Bitcoin be accepted as a dominant currency in the future?' should be, 'Will Bitcoin still exist when people finally adopt decentralized currency as dominant currency?'.

Don't get me wrong, I didn't mean Bitcoin that will be gone soon, even I believe Bitcoin will outlive most of us. But I think there is still a very long time for people to actually will adopt decentralized currency, and by that time, the technology will be far more advanced, and I think there will be much more sophisticated Decentralized Cryptocurrency. Could be 4th / 5th generation of Bitcoin or maybe another cryptocurrency, but I think most of us will be dead before that happened.

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I bet is high time we look away from discussing the topic of Bitcoin becoming a global currency in the centralized financial systems, the government won't allow that to happen because they won't be in control of the flow of money as they do with the fiat currencies.

Bitcoin is already performing at its best and for that, we should take Bitcoin as the global alternative currency that offers us true freedom from third-party control of the transaction and limitless fund movement with bitcoin.

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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?

No one can say accurate answer here since bitcoin adoption will always depend on the decision of government around the world. If they can see something beneficial upon their acceptance on bitcoin maybe there's little chances that it will happen. But we also need to consider that they have their own fiat and for sure they will not set aside that since this is can be called as their identity. Maybe bitcoin might became their second or third option currency to be used but I don't really convince for now that it can be a dominant currency on global market. Let's just enjoy the benefits of bitcoin as of the moment and for now lets set not prioritize those unrealistic thinking since it will just add up some stress to us debating on any unsure conditions.

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Quote from: Out of mind on September 30, 2023, 11:23:19 PM

It's hard to say how much Bitcoin will improve in the future, but the popularity of Bitcoin has increased 2/3x now compared to the past. Nowadays, people are getting to know about Bitcoin and they understand the use of Bitcoin. The new generation is giving more importance to Bitcoin now they have adopted Bitcoin as a necessary system in their life. Bitcoin is currently gaining the most popularity in the world, that's why people are more interested and like Bitcoin. Moreover, people use Bitcoin to keep their transaction location private, Bitcoin basically gives the most importance to an individual's privacy. And if Bitcoin can be controlled by a country's government, it will lose importance and lose popularity, and then nobody will use Bitcoin. That is why no government can regulate the use of Bitcoin, which is why people love Bitcoin and the privacy of Bitcoin is important.

Maybe that's the reason why the government can't legalize Bitcoin and accept Bitcoin as currency because there will be quite a lot of negative things happening that can't be controlled.
However, the popularity of Bitcoin which has increased drastically in recent times cannot be separated from people's choices in investing or trading, so this popularity and the interest of many people cannot be used as a reason or possibility that Bitcoin can be accepted as a global currency.

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Bitcoin is the future, but it is very early to predict that at some point in the future, Bitcoin will be a dominant currency. More people see Bitcoin as a form of investment/ asset at the moment. With every passing day, the popularity of Bitcoin is increasing. Look at the BTC's popularity and adoption ten years ago and compare it with today's value. In the next ten years, I think a common man (middle class) can not afford even a fraction of Bitcoin.

I think governments will not accept Bitcoin as a currency because of regularity issues and volatility. Many other factors also play an important role in this development, such as institutional investors, businesses accepting Bitcoin as payment, performance in global emergencies, and general public perception of Bitcoin. Some people think that Bitcoin will achieve this feat in the future, while some remain sceptical. Let's see how the events unfold in the future toward the acceptance of Bitcoin as a mainstream payment option.

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It's hard to say how much Bitcoin will improve in the future, but the popularity of Bitcoin has increased 2/3x now compared to the past. Nowadays, people are getting to know about Bitcoin and they understand the use of Bitcoin. The new generation is giving more importance to Bitcoin now they have adopted Bitcoin as a necessary system in their life. Bitcoin is currently gaining the most popularity in the world, that's why people are more interested and like Bitcoin. Moreover, people use Bitcoin to keep their transaction location private, Bitcoin basically gives the most importance to an individual's privacy. And if Bitcoin can be controlled by a country's government, it will lose importance and lose popularity, and then nobody will use Bitcoin. That is why no government can regulate the use of Bitcoin, which is why people love Bitcoin and the privacy of Bitcoin is important.

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There is now a big possibility for Bitcoin to be an internationally accepted currency for business, trading and inter-border transactions. And let's not forget that Bitcoin can also be an international reserve just like what USA Dollar is doing right now. Of course, along the way, there will always be negative people popular and not who will try to derail Bitcoin on its big potential but eventfully when people will decide that they are choosing Bitcoin all the rest including big financial institutions are to join the party and get some slice of the possible profit - and we are slowly witnessing this happening today like the interest of many big banks and the applications of BTC-ETFs.

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Already we've got a traditional payment system that is being followed universally. Apart from that every country have got its financial policies and process which is under the control of the government. Bitcoin by development is termed as an alternate to the present day's payment system. The traditional system doesn't give the fulfillment as our funds were under the control of third party who make big money out of it.

Slowly the acceptance level of bitcoin and other cryptocurrencies have increased around the world. Particularly on small stores and for services. If we calculate the active list of these stores and service providers, it would be very low compared to the fiat usage. Bitcoin to be the dominant currency could be possible, if every country prefer it legal and allow its usage. More important thing is the people's mentality change, for now it is preferred much as an investment than currency. This needs to change and based on the growth taking place with bitcoin it is really hard to be seen with common people.

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It is difficult to conclude because right now the government won't accept it or legalize it meaning it is difficult to be the dominant currency in the future but we see right now that there are a couple of countries legalizing it as well as big companies that are starting to accept it which means there is a higher chance that in the future we will see everywhere that Bitcoin is accepted by merchantS but for the government that is really a big question.

Year by year adoption and ownership of Bitcoin are increasing so if this continues then that would likely happen in the future.

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Why would governments allow it to happen? Fiat currency and financial system help them control economy. If everyone switched to Bitcoin things would be harder, it would be harder to control international trade, to collect taxes, to monitor money streams and so on. And I'm sure governments have all the power to stop Bitcoin from becoming dominant, but they don't even need to use it now, because Bitcoin is not moving too fast in that direction. So far Bitcoin is only an investment for most people, and investment that the government can tax.

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Forget about TESLA adopting it as a payment and buying large amounts of Bitcoin, that only happened in the past and then Elon Musk didn't continue it.
We know how it went, at the beginning it may have given a great response but when TESLA started selling bitcoin it became an instant crash.

If you want to see a truly sustainable adoption look at El Salvador,
the country is fully adopting Bitcoin and will even create a Bitcoin Island that is all based on Bitcoin.

Making Bitcoin the dominant or fully accepted currency in a country will be a difficult challenge.
Each government has its own regulations and governments do not like currencies that cannot be fully controlled like Bitcoin.

It's also about high volatility with a greater risk of price fluctuations.
So it's a tough decision for governments to make Bitcoin the dominant currency.

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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?

I'm not sure bitcoin could actually become "the dominant currency", I see it more as a very good alternative to the other currencies. I'm not even sure how governments could react in case bitcoin actually starts to become too popular, especially countries like the USA and China. Anyway we are very far away from any kind of mass adoption, many things could change if/when big companies like Amazon, Apple, etc, will start accepting BTC.

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