Topic: Will Bitcoin become the reserve currency of the world? - page 26. (Read 50421 times)

Yes, what you say in your opinion is that cryptocurrencies are created as the development of the economic system by using the development of times and technology, one day cryptocurrency will become an alternative currency that is more efficient, practical.

Currently with the coin's statistics, I don't think Bitcoin can become the reserve currency of the world. Presently the coin is a great investment asset and it will take the coin many years to become a mainstream currency.
For that the coin will have to lose its volatile nature and become quite stable as it is needed for a strong economy.
Also, the coin needs to be totally accepted in the financial market among all the financial institutions.
The coin's decentralised nature also poses a threat as due to it, the coin is not bound to any rules and regulations which is need of the market.

‌Maduro government launches crypto-currency Central Bank and legalizes Petro, and Venezuelans beat records on volumes of trades on Localbitcoins
President of Venezuela Nicholas Maduro announced that another financial reform is coming in the country, within the framework of which the Crypto-Central Bank will be launched, and El Potro's currency reserves backed up by oil reserves will soon become the national unit of account. At the same time, against the background of these news, in the Venezuelan market LocalBitcoins recorded another record on the volume of bitco-trades.

I have the courage to assume that in the future it is real. In addition, imagine that the number of bitcoins is limited and there is constant deflation. With all the desire, when Bitcoin becomes a resource of mass use, it will be impossible to eliminate or crush it. This system will be able to support itself.

And what is most interesting is that world leaders know about it. Therefore, a matter of time. I think this will happen, but not quickly. It takes years for everything to fall into place.

It remains for us so far only to observe what is happening ...

Bitcoins are still to centralize to become a truly global reserve currency, the small unknown elite still hold to many bitcoins, most bitcoins owners have less than a whole bitcoins it's very few addresses who controls 50% of all bitcoins.
Bitcoins needs to be better re disputed among a wider crowd than the few people who holds bitcoins now.
In a few years, bitcoins cut be a new digital reserve currency, but we need many millions to hold fraction of a bitcoins and hundreds of thousands of people, to be owners of one or more bitcoins, before bitcoins really become a global reserve currency.

I do not think like that. bitcoin will not be the reserve currency for the future as it is very much fluctuating. But Etherium will get a good stable position in the crypto world.

Looking at the number of governments around the world who are trying to restrict their citizens from trading bitcoin in their countries, I believe it will still take a very long time for bitcoin to stand a chance to become the reserve currency of the world. In my opinion, I think the possibility of bitcoin to become the reserve currency of the world is extremely low.

right, for short term, government is expected to legalize BTC, and make it a reserve currency. because it is impossible to replace fiat currency. after that it is expected that there will be many shops that facilitate payment using BTC

I assume that bitcoin may be a reserve coin of the arena, every month the crypto forex develops and greater people are starting to recognize about it. And already in a few countries you could purchase some things for bitcoin, as an instance: espresso, a car and so on.

It doesn't seem very likely that bitcoin is going to become a reserve currency anytime soon, before that happens bitcoin will need to become a currency, I know that bitcoin is a currency from the very beginning but people are not using it like it, so to begin with we need people to begin to use bitcoin in that way and only then we can think about the possibility of bitcoin becoming a reserve currency.

In the decreasing trend of Bitcoin, that Bitcoin will become the reserve currency of the world is a bit adventure. In an other hand, investing in Bitcoin would
lost a large number of money. Then, it spent a long time recovering capital. If Bitcoin become the reserve currency of the world, it will be extremely adventure.

Agree. Blockchain technology brought by Bitcoin is new to the world. Despite this, it's quite surprising to see how a new technology became popular so fast. Within less than 10 years of Bitcoin's existence, the blockchain industry has improved in many ways that were never thought possible. However, there's still the issue of scalability which would prevent Bitcoin to reach millions of users worldwide. When it scales with the Lightning Network successfully, then Bitcoin would become a global currency for anyone to enjoy.

Still though, I'm starting to doubt whenever Bitcoin will become the reserve currency of the world or not, due to its decentralized design. For it to attract the likes of Banks and Governments worldwide, it would need to become centralized, otherwise it'll be difficult to control or maintain order on it. A cryptocurrency that would fit the bill nicely, would be Ripple (XRP) due to its highly centralized design. It's easily controlled by banks, governments, and the Ripple company itself making it extremely ideal for a reserve currency of the world. It may not be the XRP token directly, but instead a fiat currency issued within the XRP ledger.

As such, the Dollar might remain as the reserve currency of the world, but in a whole new way, as it operates in a distributed ledger which can be easily frozen or manipulated in case there's criminal activity (money laundering). This may take quite some time before it becomes a reality, but one thing for sure is that the world is heading towards everything blockchain, as the reserve currency of the world takes advantage of such technology. Just my opinion

I think there are some reasons why Bitcoin can become the reserve currency of the world. First of all, I saw many nations allowed their residents purchase
by using Bitcoin. A few restaurants let customers pay by using Bitcoin such as Starbucks. Secondly, this currency can deal in the Internet, it will faster and faster. And finally, human can create Bitcoin by mining but for a so long time.

I think that is quite difficult, considering not all countries in the world accept the existence of bitcoin. if the situation reverses then bitcoin is not only a reserve currency, it can even exceed that.

In my opinion, that Bitcoin will become the reserve currency of the world cannot happen.Now, certain nations banned using Bitcoin because if its harm. Moreover, it is only cryptocurrency, BTC can be changed in the Internet which makes hackerseasily steal other's asset. The government is quite difficult to control this status. After all, I don't support this trend.

In my opinion, Bitcoin can become a reserve currency all over the world only when all countries begin to actively use cryptocurrency and blockchain technology. But it will be in very many years. Some countries, such as Ethiopia, where the Internet uses 1% of the population. And when it comes to such countries technological development is unknown.

all possibilities can happen, bitcoin will be an alternative currency from local currency, because in my opinion the resources for making fiat currencies require limited material, and require capital to make a fiat currency

Now Dollar is the global currency. Most of the international transactions are done using dollar. It's not fair. Because United States has control over the currency. Why shouldn't another country play that big role? In my opinion dollar will be finally replaced by another currency. A decentralized currency can be a good option. Bitcoin might be that currency.

But you agree it can happen, right? I also think that it is possible - when Bitcoin is accepted worldwide, it can partly replace some physical money. It might happen in least than 10-15 years.

It can be the reserve value reference for the world but I doubt it can be used as currency any time soon. Micro payments through bitcoin blockchain can be really expensive and also the network congestion in highly demand times like the one we experienced past December 2017 can result in a very slow network. I like bitcoin but it needs to solve it scalability issues first for considering this to happens any time soon