Topic: Will you support bitcoin as Global reserve currency? - page 2. (Read 511 times)

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.

There are some points I see here that makes me doubt if Bitcoin becoming the global reserve currency will be possible. First Bitcoin is decentralized and no reserved currency has been decentralized before. It's always the country in power and has more world dominance that get their currency to be the reserve one that other countries use to do international deals.

Since bitcoin is decentralized, that means no government will be able to regulate it and so nobody will accept it as a reserved currency. It can always been the alternative currency but not as the focus currency for exchange as we're expecting it to be in few years time.

Indeed, it is true that the US Dollar continues to reign supreme in the world of finance. However, is there not a chance for BTC to level up? I appreciate BTC as a highly volatile cryptocurrency, but I have never dismissed the possibility of evolving into something even more valuable, perhaps surpassing the worth of gold, considering its limited supply at present.

There is always room for other currencies to emerge on the scene, even if they do not dominate the global market and instead serve as alternative payment methods. That is not a bad thing either.

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.

Correct. and to get there still have to wait a long time. Unless all of a sudden all countries adopt bitcoin like El salvador. but maybe that won't be enough either. because even countries like El Salvador today still use the dollar as the currency for the biggest transactions there. And there the government is still struggling to educate its people in knowing and understanding bitcoin to increase public interest in using bitcoin. and it turns out that it is not an easy step. so that from this small sample it will certainly be much more difficult for a large scale, namely global adoption.

I understand the issues you raise here, but why do you think that Bitcoin couldn't organically grow into a role of a reserve-like currency outside the system of fiat currencies? Not that it will be declared as such, but that wouldn't even matter. It is more about what central banks hold in order to settle trades without going back and forth between different fiat currencies. Isn't it possible that at some point in the future Bitcoin turns into a global, borderless and cheap settlement layer for large transactions for central banks around the world? This is theory or call it a hypothesis, but it isn't falsified until it is falsified and not verified until it is verified.

21,000,000 * 100,000,000 = 2,100,000,000,000,000 satoshis. I think that is a number large enough to facilitate interbank settlement.

But as I said, it wouldn't be declared as such, but I believe that central banks have no legal obligations as to which currency they use to settle their transactions, do they? This is why the USD could lose its status as central banks go with the flow and if another currency seems to be more promising, they will amass that currency as well.

It is also a fallacy to believe that there can be only one reserve currency because the dollar has been titled that way for so long. There can be many and I don't see many reasons why one day Bitcoin shouldn't be one of them. Actually, it would be a great tool for interbank settlement if it grows large enough in overall market capitalization and liquidity. This is also why it could still become the best investment of today because once central banks change their stance on a currency that a growing share of people around the world start holding and using, imagine the steady growth when central banks build their reserve to not fall behind.

Because of these positive aspects of Bitcoin, Bitcoin in El Salvador has been recognized as a legal document that will help Bitcoin move forward in the future. Bitcoin transaction is a safe transaction system because Bitcoin has no regulator and I think this transaction is relatively safe. If any transaction is to be kept confidential then it is possible to protect 100% privacy of any transaction through Bitcoin. The popularity of Bitcoin is increasing day by day and people are starting to trust this currency. Currently, many large transactions are taking place through this currency and various countries are accepting this currency positively. Bitcoin will become a reserve currency in the future if various countries adopt Bitcoin currency.

Without any doubt I support Bitcoin as a global reserve currency, this is the best option out of all the options that exist today whether fiat or cryptocurrency.

Basically, this is the goal for which Bitcoin was created, according to my personal opinion. A completely neutral decentralized currency that is not linked to any economy, country or institution. This does not make it affected by all the economic influences that global reserve currencies have been affected by throughout history.

It is still early days to accept Bitcoin as a global reserve currency because most governments are rejecting it at the moment, but we will surely see this in the near future.

If we want and support bitcoin to be the global reserve currency, that means we are advocating for it to become centralized because then the majority of bitcoin will be held by governments, so I also do not support this idea.
You are right, there are many ideas about bitcoin, and everyone has different opinions. Meanwhile, we're fine with bitcoin as an investment, an alternative payment method. We don't need to mess things up anymore, let's be content with what we have. As long as bitcoin is with us, not with the government, that's enough for us.

First, what we are talking about is going too far, secondly Bitcoin will or must first become centralized and dominate the world economy before it can finally become a reserve currency but what is equally important is that its value must be stable and it is not owned by Bitcoin so Bitcoin does not fit became the reserve currency. There are so many hopes for Bitcoin to become this and that which sometimes isn't even needed at all, and Bitcoin will always be considered by many governments as a competitor of their Fiat so what Bitcoiners think is never in the minds of governments.

Hypothetically, yes I would support it, but the point is that for a currency to become reserve currency is not a question of support, it is a question of supply and demand, demand above all. The hypothetical future demand for Bitcoin in the international markets would be similar or higher than the demand for the dollar today, and that, if it ever arrives, is still a long way off. The first milestone in that sense will be to surpass the market cap of gold, and that still has quite a few cycles to go.

It is subject to manipulation because there are few people that holds the majority of it.  I prefer Bitcoin as an alternative mode of payment than making it a reserve global currency.  The reason behind is that with few people holding the majority of the coins, it is more susceptible to manipulation and this action may create chaos in the global economy.

I am into Bitcoin but I don't think that Bitcoin is fitted to be a global reserve currency due to its distribution.

The question is how can bitcoin become the global reserve currency? You can rest assured that it will never happen, because of its high volatility, no country will be strong enough to use it for their budget. That would cause their economy to crash if bitcoin lost 80.90% of its value. Small countries on the verge of bankruptcy might take a risk, but larger countries, with stable economies, wouldn't be stupid to do it while we have gold as a global reserve asset.

It seems to me that Bitcoin has a long way to go before being able to be used as a reserve currency for the world. Layer 2 solutions are disasters waiting to happen and actual secure and decentralized scaling solutions like merged mining have gone ignored for years. Some serious changes need to happen to the way developers are looking at the future of Bitcoin for it to have a chance at continued growth rates.

Bitcoin as global reserve currency need more things to be considered. The prime factor is the volatility, which could destroy the country's economy. The ongoing economic situation is at its worst and people are much worried of it. It can be prioritised as a choice of reserve than global reserve. Because the volatility directly hits the common people whereas when it is a choice the governments will hold specific percentage and the same can be utilised when the market is bullish.

The reason behind bitcoin into the world is different. So, there is nothing to be much complicated. Let it be independent and function.

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?

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.

That's not true. When considering Bitcoin as a candidate for a global reserve currency, you need to consider if it's able to at least maintain its value. And the value of Bitcoin can be manipulated. If you can manipulate value - you have influence. If it becomes a reserve currency and, for whatever reason, one or more countries with the largest economies decide to dump it for something else - then its value would take a nose dive.
Creating a reserve currency backed by something tangible, i.e. gold would make much more sense.

Of course, I will support Bitcoin being used as a global reserve currency but there's a feature (decentralization, consensus, etc.) about Bitcoin that technically raises a red flag for the Central Banks and the government which will never give Bitcoin the chance to use as a legal tender in some countries not to talk about being used as a global reserve currency.

No problem if it becomes a global reserve of the people and not by the government because we can take such risk but not with the government. If Bitcoin's price goes down just as we're on a bear market then that's a problem for the banks and the governments that will use it as their reserve. We don't know what actual thing can happen if it becomes a major application for the centralized platforms and governments but for the people, we take each our own risks and we do understand how volatile it was. This is the reason why governments can just adopt it as a reserve currency, they can use it as is but not to that point unless it's a small country that has a few population, maybe that'll work for them.