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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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.

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.

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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.

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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, 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

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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, 10:30:35 AM

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

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Quote from: BOAEDAN on May 11, 2022, 09:11:37 PM

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

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.

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

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Quote from: BOAEDAN on May 12, 2022, 02:00:53 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, 02:00:53 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, 02:00:53 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.

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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/

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, 02:00:53 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 11, 2022, 11:17:47 PM

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 11, 2022, 11:17:47 PM

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, 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/

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.

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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??

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, 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

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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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/

Knowing bitcoin has been mainstream nowadays, adopting bitcoin as a world currency is possible. But it will take lot of years before it will happen and maybe by that time, the government has change its concept about bitcoin, and learn to be open minded on what positivity bitcoin could bring. Otherwise, bitcoin will only remain as an asset in most parts of the world.

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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 be an option aside from Fiat money and seriously, we are slowly getting there so its possible that many countries will start to legalized Bitcoin and treat it as a legal tender. Bitcoin continues to rise and prove its importance in the market, many people loves the decentralized system and that makes Bitcoin stand out compare to other currency. We are on a bear market right now but still the adoption is there, so what more when the market rise again for sure they come here and have some BTC.

Fatunad

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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/

Everyone could really have their own opinion and speculation towards bitcoin.Yes, it had been adopted and been make it as a legal tender example is El Salvador but the next country adoption on making it as a legal tender would really be still in question.Lets just took for example on the current downtrend on which this would be the primary in concern of those countries or places whom do really recognize its potential
but of course the risk is really still there which it wont really assure that it would be always ending up on positive approach.

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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.

ajochems

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Already bitcoin was used as the world currency like a dollar.Because people from various countries was using the bitcoin as the mode of the transaction.The world currency means,the same coin is used all over the world.Actually it’s true in the sense of the bitcoin.Even bitcoin was using in the country,where bitcoin was announced as the illegal one.So bitcoin is the World currency.

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Quote from: yawars20 on May 11, 2022, 01:30:43 PM

The ideology of Behind BTC from the start is to make it a digital currency which can be used globally but it doesn't mean that it can be the only choice we had.

for now it is, you may try to suggest USD maybe that's the only most acceptable currency in the world but am telling you bitcoin has gone far beyond that, because USD is tied to a particular country US, bitcoin is global and decentralized, whereas you can't as well afford to go with other cryptocurrencies aside bitcoin because they are not really strong as you've expected and bitcoin is the only cryptocurrency that has been a good source of an investment asset.

Quote from: yawars20 on May 11, 2022, 01:30:43 PM

Basically BTC provides the idea and technology witch can be use to creating new paths for coming technologies.

Bitcoin has the invention of the blockchain technology in which other cryptocurrencies follows, they drop massively whenever bitcoin experience a little dip in price, in a conclusion, we could deduct that base on what's happening, bitcoin is the future of other cryptocurrencies and they all depends on the dictate of what it gives or follow for them to as well make progress.

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The ideology of Behind BTC from the start is to make it a digital currency which can be used globally but it doesn't mean that it can be the only choice we had.
Basically BTC provides the idea and technology witch can be use to creating new paths for coming technologies. But one thing is clear as time progress, sooner or later we can only depends upon digital currency more and BTC already payed a big role to achieve this.

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Quote from: Reid on May 09, 2022, 01:39:50 PM

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.

Bitcoin will only be a world currency if the government sees it, not on how we see it. Otherwise, they will remain an asset for a long time. However, some of the small countries have adopted bitcoin as a legal tender, if they can influence big countries, i guess that will mark the possibility for bitcoin to become a global currency. Bitcoin have become mainstream, so let's see what's the next big thing to happen for bitcoin.

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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/

One thing for sure is that countries are gradually adopting Bitcoin as legal tender. But there's a long road ahead before we can say it'll become a world currency. Knowing that governments are reluctant to abandon the old Fiat system, I'd say this is very unlikely to happen anytime soon. Bitcoin will never be a replacement of Fiat because of the way it was designed. Decentralization goes against governments' desires to control the economy towards their favor.

Since Bitcoin serves more as an alternative than a replacement of Fiat, it's likely we'll see countries making use of both currencies (Fiat and Bitcoin) for their own benefit. Who knows how adoption for Bitcoin will look like in the next 10 years? Just my opinion

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Quote from: Joshapat on May 10, 2022, 09:12:02 AM

At present the Bitcoin community has spread in almost all countries, maybe the thing that is still disturbing is the number of countries that are banned Crypto, in my country now implementing taxes for all withdrawal transactions to banks, but the government says that crypto is still prohibited.

The government is still quite comfortable and confident with its traditional fiat financial system and it is still very difficult to adopt bitcoin as a new, more modern and more secure payment system with a good level of privacy compared to fiat. The same is also happening in my country where every sale (swap crypto to fiat) will be taxed but the government still prohibits crypto to be used as legal tender. Anything might happen in the future, but it might be hard to expect it to happen in the next 10-20 years.

As a crypto community, I don't really care why the government doesn't legalize crypto as a legal tender, but the problem is when the government wants to instigate crypto (generally bitcoin) as an asset that has a negative impact on the country's economy and is used in many illegal action. I don't agree with the last two points because they make absolutely no sense considering by far the most likely to blame is not bitcoin but the people who abuse it.

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Everything is possible, but what matters is the range of possibilities.
As I always say, the bitcoin we know today will not be the same bitcoin is 20 years to come. The foundation will remain blockchain but there's going to be changes in bitcoin. From mining methods to scalability.
Crypto is still in it's early stage and it's making wave already. It's in finance, in sports, in arts etc. This is an evidence that bitcoin will evolve into what we cannot presently imagine.
If bitcoin undergoes these changes and becomes fine and near perfection, it could serve as an alternative currency to many nations. Yet, fiat will continue to exist. Fiat and bitcoin can exist together, and work for the betterment of the people. That will be a true definition of liberty that Satoshi proposed.

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At present the Bitcoin community has spread in almost all countries, maybe the thing that is still disturbing is the number of countries that are banned Crypto, in my country now implementing taxes for all withdrawal transactions to banks, but the government says that crypto is still prohibited.

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I always believe that Bitcoin can be used as an alternative but I don't think it to be used as an official world currency to replace USD. One of the reasons why I don't think it can be used as a world currency is the coin distribution. We all know that only a few hold the majority of Bitcoin and I believe that if ever BTC becomes the world currency, the world economy will be in turmoil. Aside from that developed countries will more likely vouch for their own currency to be used as the world currency than a decentralized cryptocurrency.

Quote from: arwin100 on May 10, 2022, 06:26:20 AM

Its possible but the chances are so slim since if you look at the volatility this one will give huge doubts to the people who use it as well to the government.

I don't even think even a slim chance that Bitcoin will be the world currency replacing USD but just an alternative, it is highly possible.

Quote from: arwin100 on May 10, 2022, 06:26:20 AM

And maybe they will not risk their reserves for bitcoin because its hard to go on good situation if we see bear market season which is already happening. I believe many people are in fear right now and if government do historical study for sure this high risk volatility will be the number one reason why they will not choose bitcoin.

It isn't the bear market or price volatility these governments are warry of but the manipulation of the market/economy by these few Bitcoin whales.

ShowOff

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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/

I didn't dream that bitcoin would become a global currency adopted by all countries in the world, especially regarding legal tenders so I think bitcoin is still quite difficult to expect to become a reality. Will the world change and the rules and regulations will also be friendly to bitcoin? It's possible, but I don't think it will happen verry soon.

We know adoption is growing everywhere and we continue to know that some countries have declared bitcoin as legal tender, but of course it will be very difficult to see 20-30% of countries in the world will adopt bitcoin in the next 10 years as a legal tender. It took a long time to reach that percentage, so I don't think it will happen in the next 10 years.

raidarksword

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It would be a dream for a BTC to become a world currency but it not replace the fiat system we currently using right now. The adoption is strong for bitcoin to be adopted as one of the currency in the future that to be used by all people. Few more years to come I believe that bitcoin will have its thrown for people to adopt and use as a payment system worldwide. Patience is the key to obtain these goals.

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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/

Its possible but the chances are so slim since if you look at the volatility this one will give huge doubts to the people who use it as well to the government. And maybe they will not risk their reserves for bitcoin because its hard to go on good situation if we see bear market season which is already happening. I believe many people are in fear right now and if government do historical study for sure this high risk volatility will be the number one reason why they will not choose bitcoin.

AicecreaME

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The central organization together with the government won't approve it. This is because they don't trust bitcoin and other crypto coin as much as they put their hopes in dollar. Many people still perceive bitcoin to be the nest of majority of illegal activities and therefore, it is tainted in the eyes of many. If majority of the population won't have trust on bitcoin, it is clear that it won't be a world currency. We can only hope and be optimistic about it, but I doubt we'll even get near to it. Not to smash your hope, but I'm just stating the truth here.

In addition, bitcoin transaction requires fees and processing time. If it were to be a world currency, how do you think the blockchain network would accommodate everyone all at the same time? This is one of the major problems regarding bitcoin. During its peak season, the traffic is very evident leading to delayed to cancelled transaction oftentimes.

Before we aspire in this kind of level, let us assure first that there would only be minor inconveniences to the part of those who will also use it. Let's not push it without an organized plan laid down so that people won't be disappointed and feel that we failed them due to incompetent processing.

Wong Gendheng

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Now several countries have officially legalized bitcoin, this makes us worthy of optimism that one day bitcoin can become an international currency, but what I think is a big problem is the transaction fees are very expensive, if it becomes an international currency of course the transaction volume can be 1 million times more bigger than now and how much is the transaction fee?

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Quote from: bustabitsboy on May 10, 2022, 01:54:37 AM

Quote from: Doan9269 on May 09, 2022, 10:10:57 AM

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.

Yes Yes! This is a wonderful invention of mankind. But it does not exclude fiat money. Fiat money cannot be replaced in the near future. The national currency must be backed by something, but this is not the case with bitcoin. As an alternative means of payment, bitcoin is well suited, but not the main one.

Besides that I don't think it will be that easy to replace fiat money,
indeed fiat money seems obsolete but I'm pretty sure it will always be there,
especially when talking about world currencies it will be more difficult to make it happen and we'll see what will happen to Bitcoin

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Quote from: Doan9269 on May 09, 2022, 10:10:57 AM

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.

Yes Yes! This is a wonderful invention of mankind. But it does not exclude fiat money. Fiat money cannot be replaced in the near future. The national currency must be backed by something, but this is not the case with bitcoin. As an alternative means of payment, bitcoin is well suited, but not the main one.

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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.

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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.

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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.

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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.

cabron

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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/

Topic: Will BTC be used as a world currency?? (Read 532 times)