Will BTC be used as a world currency?? - page 4.

Duzter

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Quote from: Synchronice on May 09, 2022, 06:08:54 PM

Not directly bitcoin but probably an alternative of bitcoin, another cryptocurrency, a new one that doesn't exist at the moment, may be used as a world currency. But this is so hard task, how can we decide the rate of 1 WC (World Currency) for USD, Rouble, Euro, GBP? If we should value it at USD, then it loses sense, it's not a world currency anymore but a property of a particular country.

Gold is unique in this case because of its history.

Based on gold value the world currency can be evaluated. Do you think this is good for any economy. Because we'll have the money distribution based on the same pattern of gold holding. This is almost similar to the ongoing process in which gold is kept as the backing for currency printing. Maybe connected to the technology this could make some positive move. With time we'll get the answer.

Wakate

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It is not all about using Bitcoin as the world currency, the question is about if Bitcoin total market supply can be enough if it is adopted. Bitcoin total market supply is just 23 million and I don't think it could round each users without being inflated.
I think more countries are going to adoption Bitcoin more and it will be a big challenge if it can not circulate across the numbers of users.m around the world. It is a matter of time for more person to see great value in it.

Synchronice

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The war between Russia and Ukraine clearly showed that countries don't want to face the sanctions that Russia faces and that's happening because of the centralization. It has its pros in situations like this war but in reality, no one wants other countries to decide their fate, even if these countries are their friends.

Not directly bitcoin but probably an alternative of bitcoin, another cryptocurrency, a new one that doesn't exist at the moment, may be used as a world currency. But this is so hard task, how can we decide the rate of 1 WC (World Currency) for USD, Rouble, Euro, GBP? If we should value it at USD, then it loses sense, it's not a world currency anymore but a property of a particular country.

Gold is unique in this case because of its history.

Vaskiy

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Already it is a world currency in one form, because it is possible to be changed to any of the world currency with ease than the USD. The same as a world currency (common currency) for everyone isn't going to happen soon/later. Countries won't agree for it, and it affects the sovereignty of their national currency. Another thing, countries are now into creating their own CBDC which is also a reason why it won't happen.

24Kt

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Quote from: el kaka22 on May 09, 2022, 05:02:45 PM

Of course not. There is no reason why it should be used instead of fiat, if fiat exists there is a main reason for it. Nations represent their economical power with their fiat, it is not just so that you could spend money, if there weren't any reasons for nations to separate them from each other, we would already have one single currency everywhere around the world, it would be so much easier, everyone around the world would be able to trade so easily with each other without a trouble.

However, governments and nations need to extort some power into currencies, and with bitcoin becoming a world currency it would be a trouble for nations. It's a good alternative to fiat though.

Fiat will still remain the major currency that will be used because we should not forget that financial institutions are still relying on their fiat system, which is a centralized one. Just like you said also, their own fiat system represents their economical power in the world market. Let us just be grateful that bitcoin adoption is growing worldwide. We don't need to aim for BTC to become the main currency because for me, that's too much to ask for a digital currency which is just more than a decade old. And the main concern here is BTC is decentralized, which makes it difficult for any government to get a hold of its actual movements.

el kaka22

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Of course not. There is no reason why it should be used instead of fiat, if fiat exists there is a main reason for it. Nations represent their economical power with their fiat, it is not just so that you could spend money, if there weren't any reasons for nations to separate them from each other, we would already have one single currency everywhere around the world, it would be so much easier, everyone around the world would be able to trade so easily with each other without a trouble.

However, governments and nations need to extort some power into currencies, and with bitcoin becoming a world currency it would be a trouble for nations. It's a good alternative to fiat though.

Pomogator

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It is possible for such a long period of time that something will change and many countries will accept cryptocurrency. But now it is impossible. This will start to work if countries start investing their assets in parallel in cryptocurrency, and constant volatility repels them.

sunsilk

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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.

m2017

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Quote from: avikz on May 09, 2022, 12:51:55 PM

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/

Not at all! These are very small countries with Similar smaller contribution ti the world GDP. What they are doing, is for their own benefits and the world doesn't follow their footsteps. So having bitcoin as a world currency, is not possible.

For such small and economically weak countries, there is not much difference in using dollar or bitcoin, since their own local currencies are subject to significant inflation. Therefore, they choose bitcoin, since from a standpoint of profit this is a better solution. It has nothing to do with world currency and I think it's too early to talk about it.

Quote from: avikz on May 09, 2022, 12:51:55 PM

But yes, if suddenly US adopts bitcoin as a legal tender and remove dollars from their economy (won't happen), then bitcoin has a chance of becoming world currency. Otherwise it's impossible!

I consider what you said as the most likely thing that could happen in the future, and I also tend to believe that bitcoin will never become a world currency. Not because bitcoin is bad for that or anything like that, but because I assume that BTC will serve a different role in the future than being used as the world's currency.

Zilon

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Bitcoin can only achieve minor adoption from countries who feel the can legalize Bitcoin for reasons best known to them. But as a one world currency I don't see that I any near future. It might be achievable in future centuries if the world still has it's existence else the possibility of having this high hopes come alive is very slim. Fiat might continue to lead the world financial system until forever

Reid

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It might stay as an asset for a very long time. I'd suggest you swallow that truth first and just be surprised in happiness if ever Bitcoin will come the world's currency. It had been battling to exist in this world while others are trying to erase it, perhaps we should start with that.
Not that I doubt Bitcoin's capability of being adopted by small countries but it is the human mind that I doubt to accept it.
The belief about a physical money is still clinging to the brains of the people. Traditional way of trading money for food or other things with the use of a paper, plastic or a metal. That cannot be easily erased.

YOSHIE

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What @Jack Dorsey's said, is just a prediction, maybe, for example, will, if.

Sometimes journalists need something viral for their news and articles that they want to publish, obviously it's not @Jack Dorsey's who speaks directly, but @Tom Alford who publishes the article.

What has been said by @Jack Dorsey's, has been said by other people, shouldn't people like @Jack Dorsey's joke and tell jokes about Bitcoin/crypto, do they have to say something serious 24 hours while they are talking, they humans are not immune from wrong and wrong words.

The bottom line: the world does not want to hold on to elements that are not imaginary, they believe more in reality, remember Bitcoin is not owned by anyone but Bitcoin is used and needed by anyone, Bitcoin is peer-to-peer and cannot be controlled, who is responsible if Bitcoin is hacked after being made the world's single currency, so those words are all nothing and doesn't change Bitcoin in any other form, Bitcoin is Bitcoin, nothing, that's weird.

avikz

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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/

Not at all! These are very small countries with Similar smaller contribution ti the world GDP. What they are doing, is for their own benefits and the world doesn't follow their footsteps. So having bitcoin as a world currency, is not possible.

But yes, if suddenly US adopts bitcoin as a legal tender and remove dollars from their economy (won't happen), then bitcoin has a chance of becoming world currency. Otherwise it's impossible!

DrBeer

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I understand that the conversation is not about the ephemeral "universal currency", but about replacing the dollar, for example, as the main unit of international payments. Let's assume that they took and replaced the dollar, which is backed by the economy, the army and the US printing press, and bitcoin, which is not backed by anything or anyone. Today Bitcoin is worth $33,500, and more recently - $60,000+. Answer - such a "quasi currency", with such jumps in value, can be a global means of calculating and estimating the cost of goods / resources? This will be the answer to your question.

Doan9269

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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??

Very possible, when you come to the understanding that bitcoin is a digital decentralized currency which means that it is not tied to a particular region, country or nation, everyone can make the use of bitcoin in performing their daily transactions, making of payment as it is a currency that does not follow the fiat currency pattern, it does not devalue against another currency, its a global and acceptable means for making payments and a good asset for a store of value, its now anonymous to cap it all, the world as a whole already is familiar with the word bitcoin, it is the world most searched word on google, many people across the globe key into making transactions, payment amd investment in bitcoin, and its building a strong resistive power in the economy considering the market capitalization amd volume.

fiulpro

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When the war gets worse and god forbid , Putin decides to use the nuclear weapons ( which he says he does not intended to but he also said he does not intend to invade as well) I do think at the end of the day the world will be in a chaos and even if this does not happen we are also seeing a lot of mutations, new virus affecting liver, new case of monkey pox in the UK, we seemed to have opened up some kind of Pandora's box and therefore I do think that bitcoins will be the one thing that might provide stability to the people and not just the government, there are plenty of reasons to believe how things won't go right and at that time the economic system will fail temporarily, we do need a backup.

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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

There will always be a resistance before the adoption. When toilet first come out, people are also resisting in not using it, they prefer to shit everywhere.

The adoption is here, they'd have to fight it over and over until they finally quit and governments adopt it too. IMF will be mad but what can they do? The countries making BTC as legal tender will increase whether they like it or not. That article is old was published way back Nov 2018.

Moneyprism

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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

maikrothaman

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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 can't be. If it will be a world currency, how many transactions can fit into a block? Depending on how many can fit, if we can't fit all current transactions in a few blocks, how will we adjust them in the future, assuming Bitcoin becomes the world currency? i.e. it can process its current transactions, but what about 100,000 more per block? If they're limited and it can't fit to 100,000 per block, this is one way to "fix" this, as there's no way the world will stick to an extremely low number. If the transactions keep overflowing the blocks, it will only lead to a huge backlog that can never be made up.

Majestic-milf

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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/

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