Topic: Will Bitcoin become the reserve currency of the world? - page 34. (Read 50449 times)

While the idea of using bitcoin as a reserve currency of the world can only be perceived as a joke. The bitcoin, which still has a throughput of only seven transactions per second and the reserve currency of the world, when it is very little used as a currency, and is primarily used as a speculative means of accumulating value, is incompatible concepts.

I dont think bitcoin will become a reserve currency for now, but in the future it has a possibility.
Many of us still using fiat currency like USD to paying everything in our world. When peoples prefer to use crypto over fiat, that will be the time.

I think so but not yet. Perhaps in a few decades from now. Virtual world is in the works and is continuously being developed thus, if that becomes successful, there will not be a need for a physical currency anymore and all transactions will just be done online with bitcoin or cryptocurrencies being the main currency and reserve in the world

I think bitcoin can not be the world's reserve currency. Because bitcoin is a virtual currency. Many countries do not accept co-bitcoin and it is prohibited in one country. Anonymity in bitcoin trading makes people doubt the currency is not real.

According to British experts, Bitcoin will become the sixth largest reserve currency in the world in 15 years. By 2030, Bitcoin will become the world's sixth largest reserve currency, which will be used as much as the Swiss franc or the Australian dollar. Currently, banks and financial institutions have invested a record $ 1 billion in Bitcoin companies. It is expected that in the next two years, another $ 1 billion will be financed by the world's leading financial institutions in this promising virtual currency technology.

Perhaps. However, there's nothing stopping Bitcoin from becoming a widely used cryptocurrency worldwide. While centralized currencies will stay ahead of the game, decentralized cryptocurrencies like Bitcoin and Ethereum would prove to become viable alternatives for everyday payments.

Therefore, it's only a matter of time before people decide which currency to use as their primary one.



Yeah. Unfortunately, that seems to be the case with most cryptocurrencies in the market. They're dependent on Bitcoin as a reserve currency, which means that if BTC fails, they might fail too. Even Ethereum seems to depend on Bitcoin, as it's also in a constant decline in value. However, there could exist a possibility of a new altcoin to emerge in the market, which is independent from Bitcoin's value whatsoever. We'll would have to wait and see what happens in a couple of years from now.



You do have a point there, mate. That's very unfortunate but the true reality we're living in our world right now. Centralized fiat currencies will always prevail over any other kind of payment system to date. Even if Bitcoin were to become extremely popular in the mainstream world, fiat currencies would've migrated to their own private blockchains issued by central banks themselves. Therefore, there's a high probability that the US Dollar will remain as the reserve currency for the world in the future, while Bitcoin will remain as the reserve currency of cryptocurrencies. Just my thoughts

Bitcoin is a revolutionary currency released in 2008 by a developer named Satoshi Nakamoto. It is a "decentralized" technical currency, with no central bank or control system, Bitcoin's traffic flow is based on a network of users. It is the people who have the financial incentive to make sure the transactions are done, stored and kept safe. It can completely become a reserve currency

this is how this new world will look like, with its huge miner oligarchs

unless strong and stable countries start accepting Bitcoin as a legal currency, Bitcoin will remain as the alternative or people's favorite crypto. Bitcoin can be used as a Reserve if all the countries officially recognize it as a "Currency".

If you mean 'reserve' is an alternative as a money in this world I agreed with you. Until now many people using bitcoin as a payment system in some country and bitcoin used as a money transfer tool for some people who have different country cause very easy unless with money fiat, and those are happened now.

The thing about regulation will hamper bitcoin to take USD place. Each country will prefer to choose USD be compared they chooses bitcoin as reserve/alternative money the legitimate one is used. Bitcoin will become a reserve money just for someone who have used and has known, not for people not for people widely because they will be afraid of government regulations.

Given the nature of the coins, that the price level does not remain constant, and the prejudice it faces from the governments of some of the countries, it has a narrow possibility of being a reserve currency. It the attitude turns positive by all the countries' government, where they have no problem with it being a decentralized market, then it might happen.

According to financial institution which focuses on facilitating mergers and acquisitions in the technology sector, has said that bitcoin could become the sixth largest reserve currency by 2030. But for it to be as a reserve currency it need  to surpass the market cap and consumer base of reserve currencies, it would need to evolve and ultimately solve its scaling issues. Currently, many holders are considering bitcoin as a long-term investment, rather than as a currency. To compete with reserve currencies, global mainstream adoption of bitcoin must increase at a rapid rate to the point that bitcoin is used more as a digital currency, rather than as a speculative investment tool

bitcoin will still be a currency for cryptocurrency and USD will be a fiat currency because not everyone understands technology so all will be in their respective positions and the transaction will continue. that in my opinion

Yes, I think it will happen but not now. At present, the world is not ready for such global changes. First people need to understand what bitcoin is.

nothing is important about bitcoin being limited, at any moment another limited currency can be created.

Well, actually there's a biggest chances that it can be the alternative currency to fiat currency in the future like mostly think and believe but there are the facts that no one can predict exactly what will be happen in the future. People has only a speculations and predictions so no assurance to have but for sure nothing is impossible in this world therefore all of the things can be happens in it's perfect time.

no!

there are many reasons,

bitcoin isnt really standing for the worlds interests, like the us dollar mostly stood for.

bitcoin mostly stands for the interests of its miners and its owners, nothing else.

the world will chose again a nation that works for common worlds interest to make them the world currency,

and the nation will abuse its followers people and workers,

Professor of the University of South Carolina and consultant of Bank of Canada  Warren Weber last year published research that answers your question. Despite the fact that almost a year has passed, I think that this research is relevant, interesting and will be useful to many. There are only 30 pages, and it's worth your time. Highly recommend.
He compares the bitcoin to the gold standard. Two main similarities are the lack of control by the authorities and a limited amount of gold and bitcoins. The number of bitocoins is limited to 21 million "coins". "If bitkoyn becomes the world reserve currency, then on its basis central banks will be able to issue their fiat (not having their own value) money, thus, in essence, the gold standard that existed in the world financial system until the early 1970s will return."
In short, the essence of the research (and I fully agree with Professor Weber's conclusions) is that bitcoin could become a reserve currency, but it will not, because the principles of its creation and functioning have completely different goals.

Of the world? it's still far from becoming part of it. And many will subject to this idea, we know that bitcoin is decentralize cryptocurrency though it's making its name and becoming popular.
Not because it became widely used worldwide, it can be a reserve currency of the world.
For crypto's it can be.
I doubt this can happen. We know on how big the opposed people wants to stop bitcoin from making its way to the top.

According to my opinion , bitcoin will not be the world's reserve currency in the world but Bitcoin or cryptocurrency will be the world's alternative currency. For this that  we can send it anywhere without obstacles and without distress from one place to another place  .