Topic: Will Bitcoin become the reserve currency of the world? - page 21. (Read 50421 times)

Under severe circumstances, Bitcoin would become the number one currency choice for anyone around the world to transact with. However, if fiat currencies like the US Dollar remain dominant in our world, then I see no reason why Bitcoin should become the only currency for anything in life. Bitcoin is better suited as an alternative currency for times of need. Considering that it's decentralized, no single entity controls it. Which means that if Bitcoin remains as is, it could be well-suited as a cryptocurrency for emergencies or simply as a store of value.

Over time, Bitcoin might become the world's most popular medium of exchange. Thanks to the Blockchain's inception with Bitcoin, traditional fiat currencies (USD, EUR, etc) may shift to their own private blockchains backed by various governments worldwide. As such, even if Bitcoin could not become the reserve currency of the world, it would effectively achieve said purpose in another way (such as a fiat currency using blockchain tech). Based on this, Bitcoin would be part of our daily lives either directly or indirectly. Just my thoughts

Bitcoin is not really here to beat to USD or any other FIAt .
But its a very impressive alternative. And it goes peer to peer what makes it favorite for some people.



kind regards

Only that time when the government declared it as a legal currency and most of the people start dealing with it otherwise it is not possible.

Reserve currency is the generally accepted currency in the world, which is used to create a reserve of funds in the central banks of other countries for the purpose of international settlements. Initially, the reserve currency was the British pound sterling, which played a major role in international payments. Together with the pound sterling, the US dollar gradually began to be used as an international payment and reserve currency, which soon became dominant.
The euro is the second reserve currency in use.
If we dig deeper, we can see that over time, the role of the reserve currency was occupied by different monetary systems. Now also several monetary systems are claiming this role.
Monetary relations are constantly evolving and becoming more perfect. Now in this area came electronic money. Therefore, sooner or later the time will come when an electronic reserve currency will be needed. I think that Bitcoin may well take this place.

There is only one reserve currency in the world and that is gold. This has been the case for the past hundreds (or even thousands) of years. A relatively new entrant like Bitcoin has no chance in breaking this monopoly.

In our world politics controls the financial system and the reserve currency is destined for its true purpose.

Bitcoin is an electronic asset and which is a modern form of economy with strong net work systems connected with the modern technology Since the bitcoin is linked with the modern technology the huge majority of the common people are inaccessible to it. Bitcoins features are attractive to the global investors and hence its popularity is wide spreading all over the world.Bitcoins market capital and its daily traded volumes are very high comparing to the other alt coins.So very shortly bitcoin become the reserve currency of the world.

name The “People's Currency” is really more suited to bitcoin.Let's now imagine for 1 minute that there is no Fiat money in the world.No government in the .world will dream of the greatness of their country and the value of their money.And if this is so, then no country will have a “military doctrine,” that is, there will be no wars.Is it necessary for the quiet life of all mankind.Bitcoin will give everyone the opportunity to understand that we all live on the same planet and under the same sun.With the help of the Internet, people have become closer to each other. The next stage will be Bitcoin. And this will not be the reserve currency but the main and only one.

Good points. Based on this, Bitcoin could never become the reserve currency of the world. Its highly decentralized design, and open nature, makes it terrible as a world currency for the manipulation of banks and governments worldwide. While this is true, I do believe that Bitcoin will better fit its purpose as the People's Money in the future. Of course, it has its limitations, but over time, it's hoped that the pioneer cryptocurrency would improve in many ways, making it much easier to access it anywhere in the world.

One thing for sure is that the clock is ticking, which means that sooner or later, traditional fiat currencies (such as the USD) will transition into a blockchain of their own. The US Dollar has long obtained the trust of people worldwide, and that's why it’s been the reserve currency of the world for quite some time. Becoming a digital currency with its own blockchain backed by the US Government's Federal Reserve, would bring the US Dollar many benefits such as transparency, eco-friendliness, and more. As such, it should only be a matter of time before this becomes a reality since after all, Blockchain tech is posed to improve into a scalable and secure system for the masses.

Nonetheless, what matters most is that decentralized cryptocurrencies such as Bitcoin or Ethereum, have remained as viable alternatives towards Fiat. In any case fiat fails, then decentralized cryptos would become the number one choice for many individuals across the globe. Just my opinion

I think bitcoin will be a reserve currency or alternative currency, because bitcoin is increasingly popular and is likely to be accepted by many as a payment method.

I guess not and there are valid reason behind it and the most important reason is the governments of many country still not accepting it on the other hand make it illegal.

I hope so as imo the supply is good for economic sense (or do I have a good sense about it). But comparing to gold that the supply is yet unknown plus the difficulty to trace and mine, bet on the one that is finite and measurable.

I think bitcoin cannot become the reserved currency of the world as long as all countries or most countries in the world don't accept it yet. It needs the agreement of many countries to be a reserved currency.
It will be hard to happen since these factors:
1. Bitcoin has limited number
2. The price is unstable and volatile
3. It's decentralized
4. Every country has different exchange rates of national currency
5. Bitcoin has been widespread with various anonymous holders
  

Well ... in fact, in principle, this is probably possible. However, only in a rather distant future. Now there are too many countries against such an outcome of events. Therefore, I personally think this is extremely unlikely.

Probably. However, there's a slight possibility that Fiat currencies will continue to exist within the future. Given how difficult it is to stop decentralized cryptocurrencies such as Bitcoin or Ethereum, governments would still support Fiat over crypto. Traditional fiat currencies would simply shift towards a blockchain system (either public or private) for the masses to use. The benefits of this would be greater transparency, eco-friendliness (no need to print paper money which is harmful to the environment), and convenience (by not having to carry cold-hard cash at all).

As such, I believe that a centralized fiat currency has better chances of becoming the world's reserve currency than Bitcoin. Right now, the US Dollar has the lead, but everything could change anytime soon. No matter what fiat currency it'll be, one thing for sure, is that the economy will become fully digitized within the future.

Nonetheless, it's best to name Bitcoin as the “People's Currency” rather than the “World's Reserve Currency”. If it remains decentralized, then it'll remain with that title for many years to come. However, if it doesn't, then the chances of becoming the world's reserve currency would be greater than before. Just my opinion

No, Bitcoin or any other decentralized cryptocurrency can never become a reserve world currency. It will be used primarily by individuals, that is, individuals and as a means of payment between individuals and legal entities. It is unlikely that states and their bodies will use bitcoin in international relations and in their domestic activities. There are many reasons and the most basic among them is the decentralized nature of Bitcoin and its high price volatility.

Yes, I believe BitCoin will become the main currency of the world. This is more useful for citizens, that is, inevitably something.
People try to survive, they want to do it from the shortest path.
If a people is rich, other people will not have to be poor with bitcoin.

I disagree. Bitcoin can not perform the role of a reserve currency for the reason that its cost depends on many factors. This makes it unreliable, at least for now.

I see with the growing number of users this makes Bitcoin Bitcoin as good deals as an alternative to money.
 so in most parts of the world became a mainstay in the Bitcoin coin a good exchange to run and get a lot of welcome from everyone.

It has been foretold that a cashless economy or society will emerge. The US$ and majority or all of the world's known legal currencies will seize to exist. Bitcoin may be decentralized and that the government may not have any or full control over it, but I'm pretty sure they'll find a way to identify who owns BTC and then try to manipulate these people or even worse, force them to give up their holdings. This may be far into the future, but it is the most probable thing I see will happen.