Will BTC be used as a world currency??

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Quote from: Falconer on May 18, 2022, 01:44:43 PM

Quote from: Furious 7 on May 18, 2022, 12:19:02 PM

Actually I don't really care about world currencies or not but what is certain here is because indeed things like that have to start from the basics first and adoption is enough for now regardless of global currencies I will not really strengthen this because we know that bitcoin is is one of the assets that is quite risky and is sure to be a lot of controversy everywhere when it is used as a global currency.
what I want at this time is only an acknowledgment, while the use is still the same as an alternative, not as a subject

This recognition may not be easy to achieve because the government will still maintain their respective egos. Bitcoin has been recognized by most of the people as a multi-functional currency that can help people to be free from the centralized services of the government financial system. Bitcoin can be used as a means of payment without any recognition from the government even though it is actually an illegal act against the law. It just depends on the agreement between the sender and receiver.

I think the government knows about the consequences, but they are still reluctant to admit that bitcoin's decentralized financial system is still better than their centralized financial system.

From here, we have concluded that how can bitcoin be used as a global currency when recognition alone is quite difficult to do.
Should before discussing whether they can be used as a global currency or not we should think about how bitcoin can be accepted right?
Indeed, in this case there are already a lot of people who support and adopt bitcoin, but if we look at the global comparison, of course, this is only a fraction of the total.

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Quote from: Furious 7 on May 18, 2022, 12:19:02 PM

Actually I don't really care about world currencies or not but what is certain here is because indeed things like that have to start from the basics first and adoption is enough for now regardless of global currencies I will not really strengthen this because we know that bitcoin is is one of the assets that is quite risky and is sure to be a lot of controversy everywhere when it is used as a global currency.
what I want at this time is only an acknowledgment, while the use is still the same as an alternative, not as a subject

This recognition may not be easy to achieve because the government will still maintain their respective egos. Bitcoin has been recognized by most of the people as a multi-functional currency that can help people to be free from the centralized services of the government financial system. Bitcoin can be used as a means of payment without any recognition from the government even though it is actually an illegal act against the law. It just depends on the agreement between the sender and receiver.

I think the government knows about the consequences, but they are still reluctant to admit that bitcoin's decentralized financial system is still better than their centralized financial system.

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Quote from: D ltr on May 18, 2022, 09:42:32 AM

although it is recognized that bitcoin is difficult to become a world currency, because it is unstable and too risky if it happens
if for certain commodity payments I think bitcoin can do it without having to become a global currency

Actually I don't really care about world currencies or not but what is certain here is because indeed things like that have to start from the basics first and adoption is enough for now regardless of global currencies I will not really strengthen this because we know that bitcoin is is one of the assets that is quite risky and is sure to be a lot of controversy everywhere when it is used as a global currency.
what I want at this time is only an acknowledgment, while the use is still the same as an alternative, not as a subject

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Quote from: Nrcewker on May 16, 2022, 01:19:27 AM

BTC cannot be accepted as a world currency.
The main reason for this is that, Bitcoins are decentralised in nature, that is, it cannot be controlled by the government.
For this reason, many governments are not at all showing positive attitude towards Bitcoins.
Rather i have heard many government are planning to launch their own crypto, which they can regulate themselves and can impose tax on it.
Moreover there is no need to accept Bitcoins as a currency, we can use as a digital asset and can sell it whenever we need hard cash.

But if let say it's possible, won't you liked it? Because the tone of your message seems negative about this but I can see there that you liked using btc as an asset, it means you want its value to go up so that you can sell it for more cash but you didn't realized that when btc is accepted as a legal currency or considered as a world wide currency, many people will support it and that makes its value more higher. Well, that sounds like a better deal isn't it? So, let us please be positive about this.

Btc is decentralized but despite this fact, we can see that some governments are still showing an interest with it right now. Being decentralized is in fact the reason why btc is possible to become a worldwide currency because no one owns it. No one would be jealous to the other if let say someone owns it and that makes them to disagree to unite.

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Quote from: Moneyprism on May 09, 2022, 08:26:44 AM

it will be very difficult to use BTC as legal tender globally... The IMF and various parties will certainly not be happy with this, so it is not surprising that recently crypto regulations have been tightened, which will limit the use of crypto in the future

Indirectly bitcoin is using as a legal tender. This war of Russian and Ukraine let some countries know that the values of bitcoin. Because some donations were given to Ukraine with cryptocurrency and bitcoin. So if it is not the fastest means of sending messages of money how will the two countries will sending their bitcoin addresses for for donations. It is soon that bitcoin will become a universal legal tender. And before it will happen it will be using for any kind of buying and selling of business. I believe from what I'm seeing from cryptocurrency that people will accept it as a legal tender

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although it is recognized that bitcoin is difficult to become a world currency, because it is unstable and too risky if it happens
if for certain commodity payments I think bitcoin can do it without having to become a global currency

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Quote from: Abiky on May 18, 2022, 07:06:24 AM

Bitcoin will never be accepted as a world currency by mainstream governments, simply because it's decentralized. But people themselves will use it globally as it lives around the Internet. So even if Bitcoin doesn't become recognized as a global currency by mainstream governments, it's still a "world currency" since the Internet is available almost everywhere. The pioneer cryptocurrency is slowly growing in mainstream adoption, so it should only be a matter of time before it becomes Fiat's biggest contender.

What really matters here is decentralization. As long as Bitcoin is able to remain that way, no one will be able to stop it. Who knows if it's still around with us 50 years from now? Just my thoughts Grin

There is increase in the mainstream adoption which have resulted in two countries making bitcoin the legal tender. Few more countries are into research to find the good out of cryptocurrency adoption. So, there is more positive things happening around the globe relative to the adoption. Same time there are countries keep on restricting the usage of bitcoin through heavy taxation and other forms of regulatory framework.

As said decentralisation is the good about the technology, but governments were completely against it. With time the growth have been taking place. Maybe in the long run we'll get access to use bitcoin directly without the intermediary like bitpay, but this to be the world currency isn't gonna happen.

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Quote from: Nrcewker on May 16, 2022, 01:19:27 AM

It won’t be possible.
Neither in 10 years or 50 years.
BTC cannot be accepted as a world currency.
The main reason for this is that, Bitcoins are decentralised in nature, that is, it cannot be controlled by the government.
For this reason, many governments are not at all showing positive attitude towards Bitcoins.
Rather i have heard many government are planning to launch their own crypto, which they can regulate themselves and can impose tax on it.
Moreover there is no need to accept Bitcoins as a currency, we can use as a digital asset and can sell it whenever we need hard cash.

Bitcoin will never be accepted as a world currency by mainstream governments, simply because it's decentralized. But people themselves will use it globally as it lives around the Internet. So even if Bitcoin doesn't become recognized as a global currency by mainstream governments, it's still a "world currency" since the Internet is available almost everywhere. The pioneer cryptocurrency is slowly growing in mainstream adoption, so it should only be a matter of time before it becomes Fiat's biggest contender.

What really matters here is decentralization. As long as Bitcoin is able to remain that way, no one will be able to stop it. Who knows if it's still around with us 50 years from now? Just my thoughts Grin

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Quote from: Majestic-milf on May 09, 2022, 07:57:28 AM

Citing the cases of El Salvador, Central African Republic, Panama and others who are looking to adopt the currency, is it possible to unite the world by using BTC as a world currency?? In 2018, the then CEO of Twitter, Jack Dorsey, expressed a belief that Bitcoin could be embraced as a world currency in the next 10 years. https://www.prescouter.com/2018/11/will-bitcoin-be-the-worlds-single-currency-in-10-years/

It won’t be possible.
Neither in 10 years or 50 years.
BTC cannot be accepted as a world currency.
The main reason for this is that, Bitcoins are decentralised in nature, that is, it cannot be controlled by the government.
For this reason, many governments are not at all showing positive attitude towards Bitcoins.
Rather i have heard many government are planning to launch their own crypto, which they can regulate themselves and can impose tax on it.
Moreover there is no need to accept Bitcoins as a currency, we can use as a digital asset and can sell it whenever we need hard cash.

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Quote from: Majestic-milf on May 09, 2022, 07:57:28 AM

In 2018, the then CEO of Twitter, Jack Dorsey, expressed a belief that Bitcoin could be embraced as a world currency in the next 10 years.

Ten years seems too quick to me, but anyways if it doesn’t happen in the next ten years as said, it can still happen in twenty, or fifty years and so on. We just don’t know when, although we are not certain about it. But, personally I already see Bitcoin as a global currency. I know some people are waiting for it to replace fiat or for the government to declare that it is a legal tender, but for me it is already a really good currency that anyone can use from anywhere around the world and wouldn’t be limited in any form from making use of it.

Quote from: MiF on May 12, 2022, 04:52:10 PM

I think it is not possible for bitcoin to be use as world currency, because every country or every government from different country has thier own individual sight about crypto some of the government like crypto and some don't use crypto at all so i think it is very hard if we called btc as a world currency for now.

Yup, I also don’t see the possibilities of doing such a thing. It’s going to be a really difficult one because government around the world wouldn’t support the same thing. There would be those of them that are interested and there will also be the ones who are not in for it. But the good thing about bitcoin is that it doesn’t need all these approvals from the government, even in the countries where the government doesn’t accept it, for the fact that it is decentralized, it makes it continue to function no matter what.

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Quote from: Majestic-milf on May 09, 2022, 07:57:28 AM

Citing the cases of El Salvador, Central African Republic, Panama and others who are looking to adopt the currency, is it possible to unite the world by using BTC as a world currency?? In 2018, the then CEO of Twitter, Jack Dorsey, expressed a belief that Bitcoin could be embraced as a world currency in the next 10 years. https://www.prescouter.com/2018/11/will-bitcoin-be-the-worlds-single-currency-in-10-years/

Like what I mentioned to post like these, BTC cannot be considered and used as the world currency even in the far future.

Remember that in order for something to be considered as a world currency, the concurrence of all countries must be generally accepted. In addition, its price must be stable enough to the point that the conversion rates will not prejudice those third-world countries. Given that BTC is inflationary in nature and is very volatile, I doubt that we will see it as a world currency- but I do believe that it may be considered as an alternative currency where we could purchase goods and services using it.

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Quote from: Viscore on May 14, 2022, 04:30:08 PM

Quote from: sunsilk on May 09, 2022, 02:09:42 PM

If it's just about unity, yes that's possible.

But we have to accept the reality that not all countries are going to be friendly with bitcoin. Just like what's with it right now, too bloody on the market and it seems negative to look at and there will be citizens that can't understand how it will work as a currency.

And for those countries that are looking at it as a legal tender, they're all free to adopt it but as we always knew, not everybody is going to be okay and happy with that adoption.

For now, majority of the big countries are still against with bitcoin, so if the same situation will still linger in the future, then we can't expect that bitcoin will be held as a world currency. I agree if the case is for unity, it might be possible, but using it as a global currency, i guess USD will hardly be replace by bitcoin. Despite of the fact that bitcoin has already existed in decade, but when compared to fiat, i think bitcoin is still in its early years and has still its big rooms to grow.

Whether they are in line with recognition, against or neutral and this is the situation we are seeing on particular countries in the whole world which it is really hard to believe that it would really become

the main currency or world currency which if we do consider or look back about on being decentralized then it is already a big problem for most countries or all for them to adopt on considering that

government do really hate something that cant be controlled nor being able to monitor which does simply means its IMPOSSIBLE!

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Quote from: sunsilk on May 09, 2022, 02:09:42 PM

If it's just about unity, yes that's possible.

But we have to accept the reality that not all countries are going to be friendly with bitcoin. Just like what's with it right now, too bloody on the market and it seems negative to look at and there will be citizens that can't understand how it will work as a currency.

And for those countries that are looking at it as a legal tender, they're all free to adopt it but as we always knew, not everybody is going to be okay and happy with that adoption.

For now, majority of the big countries are still against with bitcoin, so if the same situation will still linger in the future, then we can't expect that bitcoin will be held as a world currency. I agree if the case is for unity, it might be possible, but using it as a global currency, i guess USD will hardly be replace by bitcoin. Despite of the fact that bitcoin has already existed in decade, but when compared to fiat, i think bitcoin is still in its early years and has still its big rooms to grow.

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Quote from: kryptqnick on May 12, 2022, 06:31:31 AM

it's already a world currency. That's because it's used and is accepted at least by some organizations all over the world. However, it's sometimes accepted only in a tiny number of places, and there are probably countries where it's not accepted at all by anyone. El Salvador and CAR are currently the only countries, I believe, that actually adopted Bitcoin as legal tender throughout the country. CAR did it very recently, so it's not clear how much adoption there is (but the Internet adoption rate is frighteningly low in that country), and in El Salvador it's not widely used despite efforts of the state. So I think it's not so easy and straightforward, and we might never come it. But I do think that adoption will continue to grow.

World currency as an alternative to whatever fiat that nation is using is a good thing as well. Like yeah nations have dollar as reserve currency and that is understandable, but at the end of the day you need to see what the people of that nation uses. I am pretty sure that wherever you are living, regular people use your nations fiat the most, and crypto as second, not dollars or anything because where will you use dollars?

I believe that we should be considering bitcoin a world currency as well, it is definitely used all around the world, in 190+ nations, and people have a chance to send it to each other all around the world for such a small amount.

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too often said in this forum BTC will become the world currency and the answers and responses from members of this forum are always the same, it's impossible because FIAT is the one who wins where FIAT has a flat value and does not change in 1 unit

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Quote from: Jemzx00 on May 13, 2022, 04:06:22 AM

Quote from: Abiky on May 12, 2022, 01:23:04 PM

Quote from: jootn2kx on May 11, 2022, 02:59:27 PM

Bitcoin is unfit for the role of global currency. Firstly, its potential global adoption will be vehemently resisted due to the environmental concerns associated with PoW mining. Secondly, it's the volatility - the global currency needs to be more or less reliable and not swinging like a baseball bat. Lastly, comprehending prices for some cheap goods in sats with all those zeroes is honestly too hard.

Exactly. The fact that Bitcoin is decentralized, greatly minimizes its ability to be used as a global currency. Countries will be reluctant to abandon Fiat altogether in favor of Bitcoin. What will happen is that both Bitcoin and Fiat will live alongside each other for generations. One thing to remember is that Bitcoin was designed to be an alternative to Fiat (not as a replacement). I'm fine with that as long as decentralization wins in the long run. Who knows what the future holds for this exciting cryptocurrency? Just my opinion

For me, There will be no such thing as a decentralized currency. Which is the reason why I will never think the government will even consider Bitcoin as there currency or an alternative for fiat. I agree that bitcoin and other major crypto will live alongside each other and it will not be considered as alternative or replacement for fiat. However, I have second thoughts for centralized crypto and stable coins which I think may have a chance to be an alternative for Fiat.

could there be mass adoption of bitcoin will it be more stable than it is now, I think if the holders are spread out it might become more stable, and it is possible to use it as a currency, but to go in that direction I think it's still difficult for now, with the system decentralization, the government does not seem to want to be ignored, and for crypto itself it is impossible to turn into a centralized system

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Quote from: Majestic-milf on May 09, 2022, 07:57:28 AM

Citing the cases of El Salvador, Central African Republic, Panama and others who are looking to adopt the currency, is it possible to unite the world by using BTC as a world currency?? In 2018, the then CEO of Twitter, Jack Dorsey, expressed a belief that Bitcoin could be embraced as a world currency in the next 10 years. https://www.prescouter.com/2018/11/will-bitcoin-be-the-worlds-single-currency-in-10-years/

It will actually be hard for the entire world to embrace BTC and even make it the world currency. Although many countries has embrace BTC and accept it as means of exchange, while many countries did not embrace it due to one or two reasons. Even if it will be made the world digital currency it will take some decades not just a decade because the entire world needs more knowledge about BTC and cryptocurrency in general before making that decision.

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Quote from: Abiky on May 12, 2022, 01:23:04 PM

Quote from: jootn2kx on May 11, 2022, 02:59:27 PM

Bitcoin is unfit for the role of global currency. Firstly, its potential global adoption will be vehemently resisted due to the environmental concerns associated with PoW mining. Secondly, it's the volatility - the global currency needs to be more or less reliable and not swinging like a baseball bat. Lastly, comprehending prices for some cheap goods in sats with all those zeroes is honestly too hard.

Exactly. The fact that Bitcoin is decentralized, greatly minimizes its ability to be used as a global currency. Countries will be reluctant to abandon Fiat altogether in favor of Bitcoin. What will happen is that both Bitcoin and Fiat will live alongside each other for generations. One thing to remember is that Bitcoin was designed to be an alternative to Fiat (not as a replacement). I'm fine with that as long as decentralization wins in the long run. Who knows what the future holds for this exciting cryptocurrency? Just my opinion

For me, There will be no such thing as a decentralized currency. Which is the reason why I will never think the government will even consider Bitcoin as there currency or an alternative for fiat. I agree that bitcoin and other major crypto will live alongside each other and it will not be considered as alternative or replacement for fiat. However, I have second thoughts for centralized crypto and stable coins which I think may have a chance to be an alternative for Fiat.

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Quote from: Majestic-milf on May 09, 2022, 07:57:28 AM

Citing the cases of El Salvador, Central African Republic, Panama and others who are looking to adopt the currency, is it possible to unite the world by using BTC as a world currency?? In 2018, the then CEO of Twitter, Jack Dorsey, expressed a belief that Bitcoin could be embraced as a world currency in the next 10 years. https://www.prescouter.com/2018/11/will-bitcoin-be-the-worlds-single-currency-in-10-years/

It depends on what you mean by a world currency, if you mean that bitcoin could be used as a reserve currency in the same way the dollar is being used now I think that could take a lot of time and it could never happen, to me the most realistic scenario is that we could use bitcoin alongside fiat and buy whatever we want almost everywhere, and while such a scenario is more realistic I also think it is going to take a lot of time, as right now the main use of bitcoin is as a speculative asset.

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Quote from: Leviathan.007 on May 12, 2022, 12:36:14 PM

There are already lots of topics about bitcoin being the next generation of the currencies or bitcoin acting as the world currency, some people are thinking the fiat and traditional currency will be replaced by bitcoin and other cryptocurrencies but in my own idea they are wrong because nothing can be replaced with another thing, bitcoin and fiat both got some benefits. At least in this time and with the current situation, bitcoin is not ready to be the world currency. Still you can buy stuff from anywhere by spending your bitcoin and other cryptocurrencies if the provider accepts the bitcoin and cryptocurrency payments, but the world is not ready yet to use bitcoin as a world currency and bitcoin is also not ready for it.

it's true as you said bitcoin will never be able to replace the world's currency, although there have been several countries that have legalized bitcoin and accepted bitcoin as a legal currency, but they still stick to fiat currency, because bitcoin and fiat essentially need one another. with each other, it can be said that bitcoin and fiat can coexist with their own system, we should think about the development of bitcoin in the future, not to speculate on replacing world currencies, because the idea is still very early to discuss.

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