Will BTC be used as a world currency?? - page 2.

ultrloa

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Quote from: MiF on May 12, 2022, 05:52:10 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.

Yes plus they also have their own currency so for thinking this scenario to happen its really not possible since if digitalization came most provably each country will create their own digital currency and bitcoin will be their alternative if massive adoption will happen to this in future. We can also look up the scenario of USD where this is the strongest currency in the world and most of the country didn't adopt it since they want their own currency to grow.

MiF

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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.

Gyfts

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It could. USD is losing its grip IMO because of how friviously they choose to increase their total money supply without having the economic growth to support it. The foreseeable consequence is a high inflation rate. But inflation isn't alone the primary issue -- the US continues to use sanctions to do their dirty political work which is causing countries to lose their trust in the U.S. to maintain a country's USD assets. Why bother trusting the U.S. with anything if they might freeze billions of your assets on a whim?

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Quote from: jootn2kx on May 11, 2022, 03:59:27 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

Leviathan.007

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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.

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Quote from: ShowOff on May 12, 2022, 11:30:35 AM

Quote from: kryptqnick on May 12, 2022, 07:31:31 AM

I think that, in a way, 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.

I don't think so because its adoption and use as a legal currency is still very limited in many countries. Although some large organizations and several countries legalize it as a legal tender, it does not mean that bitcoin has become the world's currency. Today I think it has become a recognized investment and trading asset in the world, it is not yet a world currency.

I would say bitcoin as a world currency when the percentage of its adoption and use as a legal currency has been recognized by more than 50% of the world's countries, and maybe not now.

of 50% of countries in the world if most developed countries legalize it, it will have a big effect for continued adoption. because they have a big influence in the world economy. but in that direction, I don't think it can be done in the near term, considering that currently the government still maintains their respective currencies using a centralized system which is still considered relevant today.

Cling18

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Quote from: BOAEDAN on May 11, 2022, 10:11:37 PM

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

true as you said it is very difficult to use bitcoin as world currency, because many parties will challenge all that, if we want to force bitcoin to replace world currency, we will definitely face many problems, and of course many countries will challenge bitcoin, I hope such a proposal does not need to be discussed again.

Bitcoin could only be a supporting currency because I'm sure that because of its characteristic as a decentralized currency, the government wouldn't approve or agree with it. Though there are countries that are supporting Bitcoin, there are still things that other countries must consider. It still needs more adoption and people need enlightenment about its purpose.

ShowOff

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Quote from: kryptqnick on May 12, 2022, 07:31:31 AM

I think that, in a way, 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.

I don't think so because its adoption and use as a legal currency is still very limited in many countries. Although some large organizations and several countries legalize it as a legal tender, it does not mean that bitcoin has become the world's currency. Today I think it has become a recognized investment and trading asset in the world, it is not yet a world currency.

I would say bitcoin as a world currency when the percentage of its adoption and use as a legal currency has been recognized by more than 50% of the world's countries, and maybe not now.

Doan9269

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Quote from: BOAEDAN on May 12, 2022, 03:00:53 AM

if I personally think all that will not happen, the government will definitely not give permission to make bitcoin a world currency,

No is not be decieved there's nothing government can do about bitcoin even despite the ongoing bearish move in price because bit cannot be compared with other minor coins that has loosed their value already, they wanted to regulate bitfoin quite alright but it cannot be done because bitcoin isn't in any form compared to shitcoins, while at this present dispensation the onky currency that can withstand this downtrend is bitcoin while other are struggling to maintain a stand.

Quote from: BOAEDAN on May 12, 2022, 03:00:53 AM

btc is already very popular, so let it go hand in hand with fiat, let us both take advantage.

That's exactly what we are talking about that for now it can be both suitably enjoyed together but bitcoin has made a name that has attracted the attention of the world and its not anything strange for people to know or make use of.

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Quote from: BOAEDAN on May 12, 2022, 03:00:53 AM

if I personally think all that will not happen, the government will definitely not give permission to make bitcoin a world currency, even though there are countries that accept bitcoin and make bitcoin a legal currency in their country, but they still use it. fiat currency for their daily needs, btc is already very popular, so let it go hand in hand with fiat, let us both take advantage.

the government can do anything but society still has great power in anything especially if the push for adoption is getting stronger and unstoppable. all things in the future are unpredictable, but the opportunity for bitcoin to become the world's currency is imo very big compared to other currencies that have ever been created.

kryptqnick

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Quote from: Majestic-milf on May 09, 2022, 08:57:28 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/

I think that, in a way, 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.

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Quote from: BOAEDAN on May 12, 2022, 03:00:53 AM

if I personally think all that will not happen, the government will definitely not give permission to make bitcoin a world currency, even though there are countries that accept bitcoin and make bitcoin a legal currency in their country, but they still use it. fiat currency for their daily needs, btc is already very popular, so let it go hand in hand with fiat, let us both take advantage.

The likelihood that this will happen is very small, you are right. What government are you talking about? About world government? Is there such a thing?

I think that none of the existing governments of strong and developed countries, and not dependent ones with a destroyed economy, like Venezuela or El Salvador, will allow bitcoin to be made official currency of payment. To make BTC a world currency, these countries will have to somehow agree among themselves, and this is practically unlikely, because even on more minor issues they can't reach an understanding. Therefore, I have no hopes that BTC will be used as a world currency (officially and at the legislative level). But there is good news. Bitcoin has long been used as a world currency in any country on the globe unofficially. People from anywhere in the world can use BTC as a currency without the approval or permission of any government. So basically it's already happened.

BOAEDAN

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if I personally think all that will not happen, the government will definitely not give permission to make bitcoin a world currency, even though there are countries that accept bitcoin and make bitcoin a legal currency in their country, but they still use it. fiat currency for their daily needs, btc is already very popular, so let it go hand in hand with fiat, let us both take advantage.

bitgov

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Quote from: Sir Legend on May 12, 2022, 12:17:47 AM

This week became a black history of cryptocurrencies, bitcoin dropped more than 25% and now the price is around $28k, I didn't expect the price to drop significantly and today I heard bad news on many business stations like CNN, CNBC and so on, a source said bitcoin drop looks happy.

This is one important factor that is stopping bitcoin from reaching global adoption. Apart from that another issue is decentralized nature of bitcoin, we saw EU getting united on one current which is euro just because its centralised and still under control of banks. As long as bitcoin is decentralized, the whole world can't accept it.

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Quote from: Sir Legend on May 12, 2022, 12:17:47 AM

This week became a black history of cryptocurrencies, bitcoin dropped more than 25% and now the price is around $28k, I didn't expect the price to drop significantly and today I heard bad news on many business stations like CNN, CNBC and so on, a source said bitcoin drop looks happy.

Yes so far Bitcoin continues to show a downward trend which also affects the altcoin market as well,
it's like unexpected that the price of Bitcoin continues to drop drastically,
let's just follow the progress and hopefully there will be good news

Renampun

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Quote from: Majestic-milf on May 09, 2022, 08:57:28 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/

looking from the future perspective, then I believe Bitcoin will be the perfect unifier for the whole world (one currency)...

Bitcoin has experienced storms and trials several times but everything has been resolved perfectly, and right now the market is bearish, after all this has passed then bullishness will appear. bitcoin is the best and more suitable for unifying than altcoins or fiat.

Sir Legend

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This week became a black history of cryptocurrencies, bitcoin dropped more than 25% and now the price is around $28k, I didn't expect the price to drop significantly and today I heard bad news on many business stations like CNN, CNBC and so on, a source said bitcoin drop looks happy.

lienfaye

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Quote from: Majestic-milf on May 09, 2022, 08:57:28 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??

I cant say its possible because every country has their own fiat, though it can perfectly work as an alternative to it. If ever Bitcoin cant be a world currency, still, there's a progress for the popularity and adoption, just like the countries who set it as legal tender and those countries who dont prohibit the use of Bitcoin. Its a good start to say that in the future many countries might adopt Bitcoin or even legalized the use of it. As long as many people are using Bitcoin as an alternative to fiat then we can say it was serving its purpose.

BOAEDAN

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

true as you said it is very difficult to use bitcoin as world currency, because many parties will challenge all that, if we want to force bitcoin to replace world currency, we will definitely face many problems, and of course many countries will challenge bitcoin, I hope such a proposal does not need to be discussed again.

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