Topic: Will you support bitcoin as Global reserve currency? (Read 511 times)
Bitcoin's potential as a global payment solution is indeed one of its main strengths. The decentralized nature and ability to facilitate cross-border peer-to-peer transactions can offer advantages in speed, cost, and accessibility over traditional payment systems. Bitcoin's blockchain technology enables secure and transparent transactions, reduces the need for intermediaries, and streamlines cross-border transfers. These characteristics make it attractive to individuals and businesses looking for efficient and cost-effective ways to send and receive payments globally. While Bitcoin's volatility hinders its role as a reserve currency, it does not diminish its potential as a valuable payment solution.
Is there any decentralized currency that has ever become a global reserve currency? That's not possible, I want to stick to the fact that Bitcoin is a good store of value and it's decentralized, that's why it's fit to be a digital gold instead of a global reserve currency.
I don't keep money anywhere else than in my Bitcoin wallet, I have another source of income that I use for living, and that's where I end up spending fiat currency, if there is a way I can buy everything I want with Bitcoin, fiat currency will seize to exists in my world.
I don't keep money anywhere else than in my Bitcoin wallet, I have another source of income that I use for living, and that's where I end up spending fiat currency, if there is a way I can buy everything I want with Bitcoin, fiat currency will seize to exists in my world.
You say it is not possible even though you contradict yourself with your first statement about how there has never been a decentralized currency which has been a global reserve currency. Furthermore, I would add that there has never been decentralized currency before Bitcoin. So I am not sure as to what you are referring to in your example.
I want to see fiat currency cease to exist in everyone's world. That would be the dream, would it not? No more corruptable money, no more intransparent dealings, no more regulated and controllable currency?
Bitcoin will definitely overcome fiat and prove itself as number 1. That is a question of when not if.
I invest in coins that have only recently appeared, because they always have potential. For example, recently invested in the new coin [censored], they have an impressive staking system.
That's a great investment strategy sir. In fact, if you have enough money, I can create as many new tokens just for you as you wish, so you can "invest" in even fresher projects. Just close your eyes and think of unlimited gains and all the "potential".
Do you think that the governments will allow this kind of thing to happen? Do you think that all of the countries around the world will agree that they will let a decentralized asset like Bitcoin to be the Global reserve currency?
Exactly. People who are cheering for that have only profit in mind. Even if the scenario of Bitcoin becoming a global reserve currency was feasible, that would mean that it would be completely co-opted by the governments. There would be no independent developers or miners.
If the knowledge of BTC has filled one's mind and the potential contained in it is judged on a par with strong views, words are no longer the main tool. He will step with steady determination, collecting pieces by pieces towards the dream goal. I see it will be like you said, In the future Bitcoin stands firmly as the world's global reserve currency.
No I won't, because Bitcoin won't ever work out as global reserve currency, the decentralized side of Bitcoin won't allow this to work, if something in the digital space have to work as true global reserve for the world it will be centralized and the government will be the one in total control, are you somehow still dreaming that Bitcoin will be a legalized reserve currency? I gave up on this dream a long time ago when I finally understand that it's impossible, everything about Bitcoin was created to go against the likings of the government and the centralization.
Forget about this dream because it's not possible, the only thing that can make this to be possible is getting Nakamoto arrested and making him surrender to the government, so there for he has to either tamper with the Bitcoin network and make it centralized or something I can't even think about right now.
Forget about this dream because it's not possible, the only thing that can make this to be possible is getting Nakamoto arrested and making him surrender to the government, so there for he has to either tamper with the Bitcoin network and make it centralized or something I can't even think about right now.
Do you think that the governments will allow this kind of thing to happen? Do you think that all of the countries around the world will agree that they will let a decentralized asset like Bitcoin to be the Global reserve currency? Do you think that the US government want this to happen? The government have the power, and they don't want this power go to waste especially when it comes to things like this, so they will disagree with it, and for sure most of the people will disagree with it as well.
The United States will not allow the sovereignty of the USD to collapse. In fact, I am confident that if such a scenario were to occur, many people would be unprepared to anticipate it. The USD is a currency held by a multitude of individuals worldwide.The possibility of Bitcoin becoming a global currency is highly challenging. There is no significant and powerful institution capable of propelling this currency into wider public acceptance. While El Salvador may have legalized it as their national currency, it is impossible for major countries like the US, China, or Russia to follow suit as El Salvador did.
No I will not, and instead of supporting it, I might just wake up after sleeping because this will not happen at all.
It's impossible, and it's unnecessary TBH. How can an asset like Bitcoin can be a global reserve currency? Yes I labeled it as an asset because many sees it as an asset, and not a currency.
Do you think that the governments will allow this kind of thing to happen? Do you think that all of the countries around the world will agree that they will let a decentralized asset like Bitcoin to be the Global reserve currency? Do you think that the US government want this to happen? The government have the power, and they don't want this power go to waste especially when it comes to things like this, so they will disagree with it, and for sure most of the people will disagree with it as well.
I'm a supporter of Bitcoin, and been holding Bitcoin for years, but I don't see it as a global reserve currency nor think about it to happen. I guess let's just stick to what it is right now, and that is Dollar as the global reserve currency.
It's impossible, and it's unnecessary TBH. How can an asset like Bitcoin can be a global reserve currency? Yes I labeled it as an asset because many sees it as an asset, and not a currency.
Do you think that the governments will allow this kind of thing to happen? Do you think that all of the countries around the world will agree that they will let a decentralized asset like Bitcoin to be the Global reserve currency? Do you think that the US government want this to happen? The government have the power, and they don't want this power go to waste especially when it comes to things like this, so they will disagree with it, and for sure most of the people will disagree with it as well.
I'm a supporter of Bitcoin, and been holding Bitcoin for years, but I don't see it as a global reserve currency nor think about it to happen. I guess let's just stick to what it is right now, and that is Dollar as the global reserve currency.
If bitcoin became global reserve currency then it will be awesome for bitcoin community. But it is not possible that I just said it and it happened. To become a global currency, it needs to be legalized in most countries of the world, and if we look at the current situation, many countries have declared it illegal and only a few percent of people in the world know about this cryptocurrency. Moreover, as a global reserve currency, physical assets will be better than virtual assets, in this case gold is the best, which has been used since ancient times.
The legalisation of Bitcoin is not a problem itself. If a country decided that it would be beneficial to hold some of the reserves in bitcoins, they could legalise it overnight (if currently illegal).
There are other obstacles as well. The irreversibility of Bitcoin transactions and controlling private keys is one of them. Public officials are not famous for being responsible with public money, and the view of a private key(s) getting lost or stolen resulting in a significant portion of country's reserves evaporating (which could lead to bankruptcy), is not a risk any sensible politician would be happy accept.
Another obstacle would be control of mining power. If all major countries accepted Bitcoin as a reserve currency - controlling mining power would become of strategic importance, meaning a constant mining arms race to make sure your geopolitical opponents don't achieve the majority of hashing power, putting you in a vulnerable position.
Bitcoin was designed as people's coin and it's just not really suitable to be the reserve currency.
If the world accept it to be use in the world then who I? I will accept it as well. In fact accepting BTC as a global world currency is the best thing ever happened. But the only challenge I have with it is the high fee. Because if a country accept bitcoin as a method of payment. And 80% of the users where relyy on on bitcoin, the fee will affect most of the users. And one of the major thing in the creation of bitcoin is this part in which bitcoin is meant for global use. Bitcoin will be use in all the parts of in the world.
Bitcoin is not widely available globally and is not recognized like gold, Bitcoin is only 10 years old, while gold is thousands of years old. Regarding safety, bitcoin is nothing compared to gold so making it a reserve currency is impossible. Furthermore, no one accepts a volatile asset like bitcoin as a reserve currency that will cause the national economy to collapse if bitcoin fluctuates to an 80% drop in value.
Now that Bitcoin is actually over 13 years old, it has become increasingly well-known globally that even several film producers have also made films about Bitcoin and this has certainly caused Bitcoin to be increasingly recognized by many people around the world. And for gold, I think it is a different asset than Bitcoin, so there is no sector that is more worthy to be compared to Bitcoin, because Bitcoin is unique in that its price is always fluctuating, so it is still worth owning and trading for many people. Whereas gold is just more suitable for storage although there are also many people who trade it at this time.
It's okay if they won't make it a legal tender for now. We can still be able to use our BTC directly if we want to. You're right, Gold is different from BTC. It has a physical appearance and a little bit stable. Gold, other assets and currencies are still being compared to Bitcoin and there is no problem with that. Each of them has pro's and con's, so we shouldn't be bias about BTC.
If bitcoin became global reserve currency then it will be awesome for bitcoin community. But it is not possible that I just said it and it happened. To become a global currency, it needs to be legalized in most countries of the world, and if we look at the current situation, many countries have declared it illegal and only a few percent of people in the world know about this cryptocurrency. Moreover, as a global reserve currency, physical assets will be better than virtual assets, in this case gold is the best, which has been used since ancient times.
It is likely that before things get better and bitcoin becomes more widely accepted around the world then things have to get even worse, I also doubt governments will ever do this as they will oppose it with everything they have, after all one of the most basic movements governments take when their economies are getting out of control is to limit the economic freedoms of their citizens, and under that scenario is obvious they will oppose bitcoin as it will be a way for their population to hide away from their unfair policies. 
Bitcoin is not widely available globally and is not recognized like gold, Bitcoin is only 10 years old, while gold is thousands of years old. Regarding safety, bitcoin is nothing compared to gold so making it a reserve currency is impossible. Furthermore, no one accepts a volatile asset like bitcoin as a reserve currency that will cause the national economy to collapse if bitcoin fluctuates to an 80% drop in value.
Now that Bitcoin is actually over 13 years old, it has become increasingly well-known globally that even several film producers have also made films about Bitcoin and this has certainly caused Bitcoin to be increasingly recognized by many people around the world.
And for gold, I think it is a different asset than Bitcoin, so there is no sector that is more worthy to be compared to Bitcoin, because Bitcoin is unique in that its price is always fluctuating, so it is still worth owning and trading for many people. Whereas gold is just more suitable for storage although there are also many people who trade it at this time.
The filmmakers do not intend to promote bitcoin and help it become more popular, their purpose is to make a profit for themselves. If you notice, filmmakers will often make movies based on true stories because they know it will help them increase their revenue significantly. So I don't think bitcoin being included in the movie will make a huge difference in making it more widespread.
As for the gold vs bitcoin comparison, I think each has its pros and cons. In terms of safety, gold is undeniably safer and more stable than bitcoin, but in terms of returns, gold is clearly far behind bitcoin. Both are worth owning and can also be used for storage and trading.
If bitcoin became global reserve currency then it will be awesome for bitcoin community. But it is not possible that I just said it and it happened. To become a global currency, it needs to be legalized in most countries of the world, and if we look at the current situation, many countries have declared it illegal and only a few percent of people in the world know about this cryptocurrency. Moreover, as a global reserve currency, physical assets will be better than virtual assets, in this case gold is the best, which has been used since ancient times.
Bitcoin is not widely available globally and is not recognized like gold, Bitcoin is only 10 years old, while gold is thousands of years old. Regarding safety, bitcoin is nothing compared to gold so making it a reserve currency is impossible. Furthermore, no one accepts a volatile asset like bitcoin as a reserve currency that will cause the national economy to collapse if bitcoin fluctuates to an 80% drop in value.
Now that Bitcoin is actually over 13 years old, it has become increasingly well-known globally that even several film producers have also made films about Bitcoin and this has certainly caused Bitcoin to be increasingly recognized by many people around the world.
And for gold, I think it is a different asset than Bitcoin, so there is no sector that is more worthy to be compared to Bitcoin, because Bitcoin is unique in that its price is always fluctuating, so it is still worth owning and trading for many people. Whereas gold is just more suitable for storage although there are also many people who trade it at this time.
As of lately we know that Bitcoin is widely criticized as a global reserve currency. Indeed Bitcoin has no intention of replacing any other currencies to take that place. But if the world supports this digital currency to their advantages from the basis of acceptability then it can be used that way. Overall Bitcoin is completely neutral.
It would be nice to see more countries start to adopt bitcoin as a legal tender in their countries. Only when international acceptance of bitcoin grows can we push towards a crypto currency as the number one reserve currency in the world. The main problem is that every country would like to see their currency as the leading currency in the world. Which is exactly why it will take forever to replace the US Dollar, there is no consensus to unite behind one single currency. Which might also be why bitcoin could be the only real alternative. If no country is willing to support other fiat currencies to replace the dollar, we would need to find a currency that is not controlled by one country. In a perfect world bitcoin would be the perfect to be the world's reserve currency.
At the moment, Bitcoin's status as a global reserve currency is uncertain. While it has gained significant popularity and recognition as a decentralized digital asset, several factors complicate its adoption as a global reserve currency. These factors include price volatility, scalability challenges, regulatory concerns, and the need for broader acceptance by governments and financial institutions. While Bitcoin has shown promise as a store of value and a medium of exchange, further development and widespread acceptance would be necessary for it to potentially achieve the status of a global reserve currency in the future.
I will support gold more than bitcoin to be honest. Bitcoin is a very new currency and it has not matured enough to become a global reserve currency. The network is simply not capable of handling such volume. Gold is a much better choice as a reserve currency and it had also earlier used for similar reason.
Why do you prefer to support Gold only? Don't you want to support Satoshi's goal to make BTC as global electric cash (digital currency)?I think BTC deserves to be a global reserve currency, it is already widely spreading around the world. Most people are familiar enough with Bitcoin, it is no longer something new. We must know that Bitcoin is already more than 10 years exists. But it cannot be a single global currency, the world also needs physical currency which can be a second option when people have no ability to use digital currency. I think we can support both BTC and Gold to be global reserve currencies.
The current debt backed economy has started showing its weakness now. Gold is a much better option to replace the current debt backed economy. Not bitcoin.
Do you think BTC can't solve the debt issue? I think both Gold and BTC have the chance to solve it. BTC is volatile now, but the value may be more stable if it can be a global reserve currency.Bitcoin is not widely available globally and is not recognized like gold, Bitcoin is only 10 years old, while gold is thousands of years old. Regarding safety, bitcoin is nothing compared to gold so making it a reserve currency is impossible. Furthermore, no one accepts a volatile asset like bitcoin as a reserve currency that will cause the national economy to collapse if bitcoin fluctuates to an 80% drop in value.
I will support gold more than bitcoin to be honest. Bitcoin is a very new currency and it has not matured enough to become a global reserve currency. The network is simply not capable of handling such volume. Gold is a much better choice as a reserve currency and it had also earlier used for similar reason.
Why do you prefer to support Gold only? Don't you want to support Satoshi's goal to make BTC as global electric cash (digital currency)?I think BTC deserves to be a global reserve currency, it is already widely spreading around the world. Most people are familiar enough with Bitcoin, it is no longer something new. We must know that Bitcoin is already more than 10 years exists. But it cannot be a single global currency, the world also needs physical currency which can be a second option when people have no ability to use digital currency. I think we can support both BTC and Gold to be global reserve currencies.
The current debt backed economy has started showing its weakness now. Gold is a much better option to replace the current debt backed economy. Not bitcoin.
Do you think BTC can't solve the debt issue? I think both Gold and BTC have the chance to solve it. BTC is volatile now, but the value may be more stable if it can be a global reserve currency.
To be a global reserve currency, it needs to be stable and will be largely held by governments. That would make bitcoin less decentralized, and most of it would be in the hands of the government. So I won't support this, I like what we have, bitcoin is volatile, nobody holds it too much, and it's all divided equally. Volatility is what gets people interested in bitcoin, if it becomes a currency, that means it will be stable, and I don't think many people will use it.
let us just stick to the US dollar as the global reserve currency. bitcoin has its own niche in the financial market, so yeah, let's keep it that way. why people are aiming BTC to be the global reserve currency? why not be grateful that it is going mainstream as it is attracting more users?
so nope, not supporting such idea. and yes, do remember, volatility is the reason why many people are still coming into this market. well, the hope of getting high profits is always nice, right?
Although bitcoin was created as a currency, over time, it has become an asset, a perfect investment tool. It has brought us justice when investing seems only for people with a lot of money because investing in gold or real estate requires a decent amount of capital to get started. But with bitcoin, even those with the most difficult lives have a chance to change their lives. It can be said that bitcoin is doing well for us as an investment, so we don't need to turn it into another government asset.
Even the president of El Salvador is using bitcoin as an investment, how can he teach people about bitcoin as a currency? They accept bitcoin as legal tender because they are on the verge of bankruptcy and have no other solution. And bitcoin becoming a global reserve currency will never happen unless governments figure out how to control it. A decentralized, highly volatile asset that will never become a currency or national reserve asset.
The government will not be able to control bitcoin, but it can control the people who own it by asking them to verify.Only by learning can people become more familiar with bitcoin to start using it.
But to become a global reserve currency, it requires the approval of all governments and it's not easy for governments to accept, especially when you see that the price of bitcoin still often rises very high and falls very deeply.
Maybe when the bitcoin price is less volatile and difficult to move the price, the new government wants to use bitcoin as a global reserve currency but I don't know.
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