Topic: Will Bitcoin become the reserve currency of the world? - page 20. (Read 50449 times)

As for me, bitcoin is quite too far from being the reserve currency of the world but it would be the best digital currency that we could ever have. We are actually using it as a currency and it's being used to transact faster and more convenient so I think it could go beyond being just a reserved currency in the future.

If the question is, would Bitcoin become the reserve currency for fiat? If all people start using Bitcoin then it could be. But I don't think that governments would allow that to happen. During the huge price surge that happened more than a year ago most governments around the world started putting regulations on Bitcoin and some even banned its use.
This wasn't simply because they were trying to protect people from a very volatile asset or to protect against market fluctuations that Bitcoin could create, it was because they worried that they would not have control over the money supply, if more and more people started putting their money into cryptocurrencies.

Bitcoin can actually take on the role that gold had before it was unanimously decided that currencies don't have to be backed by commodities, many decades ago. If used for that purpose, it would have most of the advantages of gold, and almost none of the disadvantages.

I don't think so, because I don't think that our current currencies will be gone eventually. All currencies will remain and bitcoin will also our option to be used when making payment especially online so, I think bitcoin will be an alternative currency.

maybe, anything can be happen.
if all people know and use it im sure of it. every country must support each other although they have different value.
for now, its difficult to be currency, and less people use bitcoin as alternative payment. people still think about income, and government will say that bitcoin is digital asset.

That can be said yes, it's all because we will face a different era in the future. I think the use of digital currencies is a must. the future will definitely be more sophisticated and everything will definitely be digital, just as books at this time have started towards the digital era. let alone a very complex financial system, digitalization is an answer to being able to make transactions far more flexible in the future.

the reason why bitcoin holders hold bitcoin is not because they are reserving it for the future use but because they are using it as an investment tool to be able to earn a profit  . some holds bitcoin but they are using it for paying of for buying stuffs online & offline .   there is no point for us to reserve a crypto because there is alot of other currency out there especially fiats where the banks can print unlimited amounts  .  bitcoin can be rather called an alternative currency of the world  .

We won’t need to take things too far, let dollar remain as reserve currency and bitcoin remain as the most used currency. Being reserve means itbeill be subjected to manipulation at will by some cabals or a kind of centralized system. All reserve serve a purpose which manipulation is one and it is always printed when there is need for it. These are against bitcoin and cryptocurrency rule.

I think its too early to tackle about a reservation for countries currency,but what I’m sure of is bitcoin is a reserve money of every cryptonians specially bitcoiners as we are holding this for future uses,and some of us are reserving those crypto assets for their children’s and love ones.this is enough reason for bitcoin to be called as reserved currency

That's certainly true, mate. There are still areas in the world where the Internet cannot be accessed. As such, Bitcoin cannot be used by people within those areas, since it largely depends on the Internet to work as intended. Recently, it has been announced that offline Bitcoin transactions could be performed by using the goTenna device and the Samourai Wallet. If this becomes highly successful and popular, then Bitcoin could reach areas that lack Internet access.

Even if the Internet would become accessible by the whole world, Bitcoin simply cannot achieve the status of a reserve currency because of many reasons that were mentioned previously. That means, that Fiat currency (like the USD) will still dominate the world, while cryptocurrencies like Bitcoin and Ethereum would only serve their purpose as alternative currencies. Nonetheless, anything could happen as our world is changing in a fast pace. Just my thoughts

I don't think it is going to be the reserve currency of the world. Then it got to be owned by some leading country but it contradicts to the idea of crypto. It does not belong to one owner

No it will never be a reserved coin because it can't be access by anyone. It will be inconvenience for someone who doesn't know what bitcoin is. It might be an alternative but it will not become a reserved coin in the future.

BTC works as a reserve currency for crypto world. But there is still a distinct and uncoressable border between crypto world and fiat currency world. I don't believe that these two worlds will overlap any time soon unless some compromises are made from both sides.

Exactly. Bitcoin suits more as an alternative to fiat rather than a replacement. In this world, I've learned that there's no such thing as a predominant decentralized currency, since governments are always in control of everything. They would do whatever it is in their power to stop decentralized cryptocurrencies from taking over, while centralized money (like USD and EUR) takes the lead. For Bitcoin to become the reserve currency of the world, governments would need to disappear (which is very unlikely) causing FIAT to become non-existent.

However, we all know that's never going to happen, and Bitcoin, as well as, other cryptocurrencies, will continue to live alongside FIAT for many years to come. I believe that Bitcoin is better being the "People's Money" than the "Reserve Currency" of the world. In any case Bitcoin becomes centralized, then there's a high possibility that it'll become the world's reserve currency. Just my opinion

No, it is impossible. Bitcoin is a decentralized platform, government or anyone can not control it, so bitcoin can not become the world's reserve currency. If it becomes the world's reserve currency, bad organizations will easily take advantage of this to carry out their bad activities.

Stablecoins are pegged to the USD. This means, that the reserve currency is the USD instead of a specific stablecoin. As for me, I don't trust stablecoins anymore since they've gone way below the promised value of 1 USD. The term "stablecoin" is just a niche to make believe that it'll never go below the 1 USD mark. But, it's nearly impossible to achieve considering that stablecoins are traded in the free market, where it's prone to either higher or lower prices by their traders.

If at some point in the future, the USD fails, then another currency might take its place as the reserve currency of the world. Considering how many banks and governments worldwide have been researching about blockchain technology, the reserve currency of the future might be issued either on its own blockchain or an already established blockchain. If they take the path of an established blockchain, then they'll choose the XRP Ledger since it's centralized and regulatory compliant.

Then, it could be the USD, EURO, YEN, or YUAN issued on the XRP Ledger for quick settlements around the world at cheap costs. For the reserve currency to be used all around the world, it would need to be implemented into a blockchain network. However, decentralized cryptocurrencies like Bitcoin and Ethereum would never become a reserve currency because of previously stated factors. A centralized cryptocurrrency would better serve a purpose of a reserve currency, and XRP fits the bill nicely. Just my opinion

Why not? As times go by, the world is becoming more technically advanced and digital currency is very logical to use in today's world. Currently, bitcoin cannot be used because of its volatility, but it continues to develop, which means that it can be used as a full-fledged currency.

Bitcoin as a reserve currency? I think only in science fiction. The reserve currency should be based on something tangible like gold or smth. And what is bitcoin is based on? Only on people trust in it.

This makes sense. Governments wouldn't allow a decentralized cryptocurrency such as Bitcoin take over their economic supremacy. All they want is to exercise authority over the supply and issuance of money. As such, Bitcoin in its current state cannot fulfill the requirements to be classified as a reserve currency of the world. If at some point within the future, Bitcoin becomes centralized, then such scenario will happen by then.

Otherwise, the USD would continue to dominate the world as a reserve currency for quite some time. Speaking of centralization, Ripple (XRP) has a better chance of becoming the world's reserve currency than any other popular crypto known to date. It may not be directly XRP itself, but it could be the same USD or EUR issued within the XRP Ledger (obtaining the full benefits of a blockchain). Despite this, what matters is that Bitcoin is the "People's Currency", which will remain that way if it preserves its decentralization. Just my thoughts

That would not be ideal, I think something tangible should be the reserve for many countries, such as gold, petroleum or minerals, but bitcoin was not designed for that, in fact for btc to be successful must be in circulation, the problem of keeping it as store value is what we have so in the first place.

In my opinion, that will not happen, because bitcoin was not created to become a reserve for the world economy. Bitcoin is decentralized and independent. Governments in the world are unlikely to accept bitcoin as part of the real economy. This cannot be combined because this basis is different.