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.

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?

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 .

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.

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.
 

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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)

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Not even a remote chance that could even be possible. Lets face it, we are going to have something that is "alternative" to currencies that we use, that's what it is right now and that's what it will stay in the future as well. The moment it becomes bigger than some of the more important nations, we are going to see all those nations banning it to make sure that they can take away a little from that power. Bitcoin being banned from stronger and stronger nations when they want to protect their own fiat, will end up getting lower and lower amount of users. This is why it would never get to a point where it would be the dominant currency, no nation would let that happen.

I don't know, no one can predict the future, but I think that in the near future or in the next few years Bitcoin is unlikely to become a dominant currency or the main currency used in the continuity of the economic system of several countries, because even now there are still many countries that There are no clear rules or regulations regarding the acceptance of crypto itself.
It is possible that some countries will only try to recognize and regulate and make Bitcoin only an investment asset or a commodity instrument but will not make Bitcoin their main currency, because for now if the government only uses Bitcoin as a currency the main thing is that it is the same as destroying the financial system that they have built and that will definitely cause many problems which will ultimately cause chaos in the country.
Moreover, Satoshi's goal in creating Bitcoin was not to make Bitcoin the main currency in the world, but Satoshi created Bitcoin to provide an alternative in a decentralized financial system and not depend on third parties, right?.

Bitcoin can be a dominant alternative currency but not a dominant main one.  I think the government still has the say in choosing which would be the next dominant currency in the future.  Bitcoin may be very popular back then but the fact that it is decentralized limits its popularity, especially to the government that wanted control over everything. 

So I never imaging BTC to be the main dominant currency in the future.

There are many factors other than Volatility,Economic issue such as currency flow,purchasing regulations. as many as there values to Bitcoin and crytocurrency, i believe it poses a poverty risk on developing countries yet to be fully evaluated.individuals withing these regoins are either too under informed to manage digital resources effectively or easy victims to fraud. any until there is a clear government regulation and means of Legal monitor and documentation for all transaction withing digital space. Bitcoin and cryto-currencies alike is less likey to attain such heights.

Nah, even with 2nd layer solutions, Bitcoin is not ready to replace major fiat currencies.
Inflation is high but is slowly going down in the majority of countries, that's why they increased the interest rates. The best I can hope for is that all the recent financial events will open the eyes of a lot of people to how fragile and flawed the monetary system is and that they'll start looking for alternative ways to store their wealth - and maybe some of them will go for Bitcoin.

Can't get accurate predictable in the future with bitcoin potential will be accept as dominance currency or not, actually depend on parliament of one country dominance by young or old people, usually with old people have bad innovative and they won't accept bitcoin as payment currency but difference if parliament in one country dominance by young people has chance to see bitcoin will dominance as currency payment in the future. Beside have conflict of interest with United State and countries have bilateral relations will difficult to accept bitcoin as payment currency transaction to make their dollar keep stable and use as all transaction payment for import and export.
To make bitcoin an acceptable payment currency transaction need to change of regulation with several country viewed with bitcoin, not understood well how advantage when adapting bitcoin as legal payment currency and get chance with bitcoin dominance as currency payment in the future.

Actually I don't really like connecting tesla and bitcoin because in the end we know what the owner of tesla (Elon) wants to aim for in this case but back to the context of whether bitcoin will eventually be accepted or not in the future I think we are still difficult to say with confidence that it can happen, it's just that with the development of bitcoin which is increasingly being recognised, it is not wrong for the future of bitcoin to be more recognised than now because this also refers to today where they are more recognised than in the past few years so it would be very reasonable to still believe that the future of bitcoin will be more recognised and adopted as legal tender.

As it is now, Bitcoin is already being adopted and used for transactions in some countries like El Salvador for instance. The case most countries have with it is that of regulating its activity and until this can be achieved successfully, it is still being observed to understand its potential risks and rewards and how best to make gains from investment in it.
If BTC gets to be sometime accepted as a dominant currency in the future, then it would by then be a universal currency.
BTC will be accepted as a dominant currency in the future from the way I see it and from facts of its service delivery and implementation.

With the rate at which the traditional currency of most countries is dwindling! it is not impossible. Thanks to the high rate of inflation, most fiat currencies are literally worthless so to speak. Mine top the chart or worthless currency 
Am very much convinced that btc will take the mantle of leadership in the future. 

Bitcoin is still growing both in people awareness and acceptance globally. Although there is pressure from different countries, more people are gradually adopting it as days go by. We are still in the early stage of bitcoin. l think with serious strive from users, both companies and individuals, more will continue to be gotten , possibly its dominance depending on how things worked out.

The possibilities are there but let it be known that even though it doesn't happen, that doesn't mean Bitcoin has failed because it was never the intention of Satoshi for Bitcoin to become a dominant currency. It was launched as an alternative to fiats and Bitcoin been adopted globally and been used for payment will achieved that goal. Bitcoin is still very young so we shouldn't be expecting it to achieve the dominant currency status any time soon. It'll take decades for that to happen but Bitcoin been recognize globally as a currency is imminent.


As Bitcoin gains more popularity and adoption, the volatility of the price will be reduced. It won't be completely stable but it won't be as volatile as it is currently. Also no currency is stable when they're trading against each other which is something we do when we buy or sell Bitcoin. 1 BTC will always be 1 BTC just as 1 $USD is 1 $USD. Currently Bitcoin value is been represented in fiats that's why we're seeing volatility in the price but when we start to value things in stats (Satoshi) there won't be volatility again. Instead of buying something for $10 worth of Bitcoin, we'll now be buying things in mbtc, stats or BTC without fiat value attachment.

Because of this, other nations view bitcoin as the currency of the future of digital innovation. We also know that many nations desire to control Bitcoin, but they are unable to do so due to its decentralized nature. BTC also poses a danger to the financial institutions of the central bank and the government due to its decentralized nature.

As a result, other nations are enforcing regulations on other centralized exchanges, but in reality, they still have no control over the cryptocurrency holdings of traders. Perhaps the only restriction is the KYC procedure that the exchange's user clients must complete.

It could be cheaper, but you're talking about big companies, while your imagination is any company scale must accept Bitcoin because its easy, secure and low fee. This is wrong because if you send small amount of Bitcoin, you need to pay fee, while using debit card or cash will not charge any fee.

Bitcoin could be accepted by many companies, but it's not a good choice to be used for regular/daily transaction. Why I need to spend more fee when I have a free option?

It not easy to predict this, we do not know what the future will be, but more companies will accept bitcoin for making payment. Just that before bitcoin can become a dominant currency, the government needs to adopt it, but which they are not ready to do. Bitcoin does not depend on the government and it may be the dominant currency, but I do not think there can be a currency that will dominate USD for a long time.

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.

I don't know what will happen in the near future. But Bitcoin is much more popular today than it was back in 2015. Slowly but surely, people will understand the usage of Bitcoin. The new generations are getting interested in it. As long as it spreads worldwide, the government also minimizes its usage. But, due to it's nature, people love it.

It will continue to spread as long as people care about their privacy. Bitcoin does not have to be a dominant currency. If countries regulate Bitcoin usage, there is no point in using Bitcoin anymore.

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?