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.

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.

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".


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.

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.

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 to have a film is not surprising. Any film producers can create a film about someone or something. If you don't know yet, there is also music about Bitcoin but again I have the same impression. Maybe ill be more overwhelmed if BTC is legally accepted in each country.

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.

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.

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.

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 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.

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.

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.

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.

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.

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.

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.

When bitcoin reaches greater levels of adoption than it has at present, then it may well be that the idea of ​​having bitcoin as a global reserve currency will grow by itself. So far I have no confidence that bitcoin deserves to be one of them, but of course that could change as bitcoin itself grows. So for now I personally don't support it, even if you make poll for this thread.

Nothing has changed, at least for the next few years, but it really depends on adoption rates and actual use cases. We also need the support of governments around the world to have bitcoin as a global reserve currency.

With unwavering confidence, I will support Bitcoin when it truly projects itself as the global currency. This is an innovative and mind-boggling breakthrough that the Bitcoin community will ever experience. Currently, Bitcoin's role is severely limited and constrained by regulations in each country. However, its demand remains considerably high.

As more people start utilizing Bitcoin as a payment tool, gradual challenges and solutions will arise. I consider this to be natural, as in order to be embraced by the wider population as a more convenient payment method, Bitcoin may undergo slight changes in adoption without altering its core characteristics which makes it unique and different than FIAT.

Perhaps for Bitcoin to arrive at becoming a global reserve currency is still a long way off. Because of course the first thing to pay attention to is that more countries have to accept it as a legal tender option like El Salvador did. And in fact at this time Bitcoin is still far from getting to that stage.

And I think that the volatility that bitcoin has also could be one of the things that makes me feel that it's not suitable to be used as a global reserve currency.

I prefer to choose to make an asset that has a fixed value or at least has a low level of volatility and tends to maintain its value over time. yeah what I mean is gold. even if it's not currency. but it has been a long time actually gold has been used as a medium of exchange or a means of payment in the past. I think that era is likely to repeat itself.

about bitcoin i prefer to see more adoption from more countries to make bitcoin one of legal tender in every country side by side with local currency. because the digital era can no longer be dammed. and even though the government has issued a CBDC, it still won't be enough.

I could support it if not for the fact that regular currencies are not as volatile as bitcoin is. Supposed to say it did become a global reserve currency for some reason, and some whales out there had a power trip to dump the price of bitcoin for some reason, cause we're all degens like that. The repercussions are going to be astronomical especially if it became the currency that the UN and all international governing bodies are to use. Charities will go unfunded, millions of people losing financial support through these institutions, and of course utter economic collapse will come forth.

It's no different with the US currency but at the very least we can safely assume that no green back chaser out there's got nigh-omnipotence over the USD's value, and the government can intervene if profiteering is involved. The same couldn't be said for bitcoin, as it doesn't have that safety net that most fiat has which is government backing.

If I'm a government, I'll not accept bitcoin as a global reserve.
It is not all about security or transparency, a global reserve currency should be somewhat stable and not volatile. It should have a kind of privacy and not what everyone could check on blockchain.
The world is so much centralized and the government doesn't endorse what it cannot control or influence.  Besides bitcoin being a world reserve currency isn't a part of Satoshi vision. Satoshi didn't also create bitcoin for it to replace fiat, rather serve as a substitute.
Bitcoin main ideology is to offer liberty and not to control and dominate.

I think a more interesting question is how could the most powerful countries around the world be forced into that scenario? As it is clear they are never going to do this willingly as the advantages that fiat currencies give them are simply too big to ignore, so I could only see this happening if there was a massive crisis that took over the world and after several attempts the economy still did not recover and they had no other choice to adopt bitcoin hoping for things to get better.

Exactly, unless bitcoin becomes stable, then countries will likely treat it as a reserve currency, otherwise, making bitcoin a reserve currency will be very unlikely, if not impossible. No country would risk using a highly volatile asset as a reserve currency. As proof of this, we can see that countries have hoarded gold more than ever during the last crisis, and it is the most stable asset class. It can be seen how cautious governments are in maintaining national budgets. Not a spread of Fuds, but I am pessimistic that bitcoin could become a reserve currency.

I will, of course. If we are supporting Bitcoin now or even before when it was still an underground online currency criticized by governments and banks, the more we will support it when it becomes a global currency.

It will probably be the only currency that is not fueled by deceit and lies and wars and all kinds of power struggle. It is the only currency that will remain free from the powerful influences and manipulation of the elites and bully countries.

It is transparent and verifiable by anyone. It can't be faked unlike gold reserves.

Although I would say that bitcoin is everything what a pure definition of a global reserved currency.

And then it has it's volatility which might not sit well with the world government and the economies. So as much as we bitcoiners want it to become a global reserved, I doubt that it will just be as easy as that.

Remember that there are a lot of digital money, i.e. central bank digital currency (CBDC), so most likely it there will be one, it will be a consensus CBDC and not bitcoin.

I tend to agree with your conclusion.
IMO, the acceptance of Bitcoin as a global reserve currency would require widespread support and participation from governments worldwide.  But as we can see, not all governments supported Bitcoin just like in the US where there are a lot of regulation processes.  Cooperation and coordination among nations would be necessary to establish the necessary regulatory frameworks and address concerns related to financial stability, security, and compliance.

As per see, it's difficult to predict the future with certainty, but as of now, the challenges and limitations make it less likely for Bitcoin to become a global reserve currency, though we're crypto enthusiasts we know things that are possible will happen.

While the United States might be having it's own issues with the debt ceiling debacle, it is still the most powerful country in the world with the most advanced economy.  Russia is in the middle of a ware, and less powerful than we all once recently thought, and China lies about absolutely everything, and I can't see anyone accepting the Yuan as the worlds reserve currency.

I don't think bitcoin is even close to being able to be considered for the worlds reserve currency.  Maybe sometime down the road, but I think it's going to take a lot more maturing ( faster speeds, lesser fees etc) before it could ever even be remotely considered.

Bitcoin serving as a global reserve currency is idea but I don't think if they world leaders or world super powers like China and America would allow such idea to scale through as government likes total control and would always want to control everything, Making Bitcoin a word reserve currency is definitely something that China and United States will oppose because it a threat to the United States dollar hegemony and China's agenda for their currency to become a world reserve currency, look for instance, China is already working on their digital currency to become the reserve currency which other bricks nations wants to adopt. Bitcoin will serve more like a digital gold and store of value.

As a Bitcoin enthusiast, it's important to acknowledge that while many of us believe Bitcoin has the potential to become a global reserve currency, the reality is that it's highly unlikely to happen. This is primarily due to the fact that Bitcoin is backed by the community and lacks support from a centralized organization.

The high volatility of Bitcoin poses a significant risk when considering it as a global reserve currency. Its price fluctuations can be unpredictable and can lead to unstable economic conditions if widely adopted in that capacity. It's essential to recognize that Bitcoin was not originally created with the intention of serving as a global reserve currency.

Instead, it may be more practical and beneficial to view Bitcoin as a global payment solution rather than a reserve currency. Its decentralized nature and borderless transactions can contribute to seamless and efficient international payments. By focusing on its strengths as a medium of exchange, Bitcoin can play a valuable role in facilitating global transactions and promoting financial inclusivity.

The major problem will be the distribution of Bitcoin, since only a few individual has majority of the coins, the wealth distribution will be imbalance and may put the global economy under these people's hand.  I like the idea but thinking deeply and evaluating things, I won't be supporting BTC to be a global reserve currency .


Being decentralized gives holders the freedom to do anything, it also don't deny whales and other big holders to dictate the movement of Bitcoin and may exploit Bitcoin according to their own plan causing possible global issue regarding Bitcoin as a reserve currency.

It could be so, but it's still better than what we have now, meaning countries have no limitations when it comes to printing, so if they want to buy something from you, they can print a billion of their local fiat currency and buy you out. At least to control the markets via bitcoin they'll have to buy it first and when they come in with their huge demand, there may be no bitcoin left to buy at affordable prices.
This is one of the things that worries me about bitcoin adoption. One country could seriously manipulate the price by flooding the exchanges with their unlimited supply of fiat money.

Probably not, the world's governments are very unlikely to use bitcoin as a reserve currency for any reason now and in the next few years. I haven't thought of anything up to that point although bitcoin actually has reasonable criteria for being a global reserve currency. The bitcoin market is still limited and the asset is very risky because of its volatility, but if bitcoin achieves global adoption one day then the idea might be worth considering as it will lower the volatility.

In fact, some argue that bitcoin is not yet suitable for use as a store of value due to its volatility. I haven't thought about it, and to this day I am still too amazed by bitcoin's success in gaining the trust of people all over the world. For me bitcoin is an investment asset as long as the government has not legalized it as legal tender.

There is nothing to deny your words. Because if we think Bitcoin as a reserve currency, there are certain issues that will not be accepted as a reserve currency until those issues are properly resolved. That's why I said it is a matter of time. I agree with the logic how much this network can support when the reserve currency has a lot of volume, it is also a matter of thought. Another thing is that If all the countries do not accept it then it is not possible to have bitcoin as a reserve currency? So it will not be possible to implement without the support of the government. However, the faith increased towards bitcoin by the current generation that is really appreciable. If they come forward, maybe solutions to these problems can be found very quickly.

Well, actually there will be no need of reserve currency if Bitcoin widely adopted by the countries because its already operated all over the world so there is no border restrictions and every country can use Bitcoin to make trade deals with another country and so on. As of now am not sure that Bitcoin can handle all the transaction of this world so better don't put any pressure on it.

Potential factors that would affect - Regulatory concerns, scalability issues, price volatility and the acceptance and adoption of Bitcoin by governments, central banks and financial institutions worldwide.

Also we should not forget that CBDCs could have an impact on the adoption and use of Bitcoin.

A reserve currency is one that has to be considered for its stability, so with bitcoin, I am concerned about its volatility and its suitability as a reserve currency. Governments typically look for currencies with relatively stable purchasing power and little volatility. This stability allows for predictable economic planning and reduces the risk of sudden and disruptive market movements. So with the significant price fluctuations of bitcoin, it is difficult to maintain a stable value for the reserves. So this needs to be developed and discussed carefully, though, because the potential of cryptocurrencies is still growing anyway.

In theory, what you say is correct and of course according to how simple the Bitcoin system works. But in fact, we are talking to millions of different people and state systems. Demand for each country's fiat is the main thing to strengthen the value of its currency. When implementing Bitcoin as a global means of payment, every bank currently has to print with the converted nominal. Because the fiat financial system is already running and has controlled almost 95% of the country's economy with all the textile, food and beverage, and electronic industry companies having an agreement to increase the fiat value of each country, automatically if you want to use Bitcoin, an agreement and a complete overhaul of the payment system are needed.

Well, it will be nice to use a single currency for every country that you visit..and not having to make complex calculations to determine the price of a service or goods, when you want to buy or pay for something.

It will also be nice to use a currency that are not manipulated and favoring only a few 1st world countries. Bitcoin will put everyone on a level playing field and make things so much easier on everyone. 

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.

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.

Bitcoin is gaining global acceptance. By which Bitcoin has been able to gain its trust and reliability. I deserve everything is completed except the support of the governments of various countries. Bitcoin is already working towards that goal. Because El Salvador has already accepted bitcoin. Gradually if different countries start accepting Bitcoin in this way, then Bitcoin can take form as a global currency. Although unofficially, Bitcoin's users are getting the benefits.

Currently we see in the media talks that the Chinese yuan will replace the US dollar as the global currency. But here some will support the American dollar and some will support the Chinese Yuan. Everything will continue to heat up. Because there remains a matter of interest. But if Bitcoin can be adopted in this space then it will be accepted by everyone.

Being here in the crypto world is already proof that we support Bitcoin as a global currency. However, we live in a country with a government. So, even if we really want to make that happen, we still have to consider the regulations in our country. If Bitcoin is considered legal, then that's a good sign that we can accept it. However, Bitcoin transactions will have limitations. We cannot fully enjoy what it promises, such as anonymity, because although Bitcoin is decentralized, it cannot surpass the centralized world we live in. Once it becomes regulated, it will undermine decentralization. The only decentralized aspect that will remain is how the blockchain works.

It won't become a Global reserve currency because right now bitcoin is just an asset for investors and it won't be close to being a currency until it won't becomes stable enough for that.

None of the countries will think "Well yes, let's put all our money into bitcoin that can price 10% but it can fall 10% and all in one day"

I don't think necessary for bitcoin become as global reserve currencies because worry one day later bitcoin will be stable price, I like with current bitcoin situation right now have any countries not support for bitcoin become legal currency transaction and give advantage as investor to buy on lower price then selling later on higher price. Possibilities when bitcoin have been as global reserve currencies will make price stable and not opportunity to earn profit trough bitcoin investment.

If bitcoin still has two side about agree or disagree as global currencies always get chance for bitcoin up and down, we can get moment for bitcoin going down to buy back and selling when bitcoin back to higher price again. No chance if bitcoin get stable price by legalizing or become as global reserve currency at the future.

Envision a world where Bitcoin reigns supreme as the universal currency, like a lingua franca but for the dough. Now that'd be really lit! We're cruising through the fiscal landscape, and Bitcoin's at the wheel. We're ditching the beaten paths for the wild and untamed terrain, yet it's all gravy because Bitcoin can handle its business. No need for some puppet master to dictate the route, it's got its own compass embedded in the blockchain. And that, my friend, is seriously fresh!

Security? Check. Transparency? Check. Global acceptance? Big Check! Bitcoin's like the perfect piece in any economic mosaic. The way I see it, Bitcoin's becoming the melody everyone's tuning into. It began with a handful, and now nations are jumping on the bandwagon. Before you know it, we might be grooving in a world marching to the beat of Bitcoin!

I think there's no need to stick to one reserve currency, and many countries could potentially benefit from keeping some of their funds in Bitcoin, kind of like savings. But there's much more to a reserve currency than its stability and reliability. The currencies a country uses as a reserve depends on political relations as well, and the thing with Bitcoin is that it's not affiliated with any state. It's good in a way, but can also be seen as disrespectful by many countries that want their currencies to be used more as reserve currencies.
I think another obstacle for Bitcoin as a global reserve currency is that Bitcoin is treated as property by various countries, which means there are serious tax implications of using it for international trade or something.

Volatility should not be a concern than thought about becuase bitcoin has been increasing and reaching all-time-high. Not once but many times. Bitcoin is a speculative asset and the price can decrease, but in long term the price increase.

Countries do not need to agree to themselves, only what can happen is for a country government to support it. It can grow to the extent of other governments from other countries to support it or not. It is not about agreement

World reserve currency periods:
- Egypt (3150 BC-1200 BC)
- Lydia (1200BC-550BC)
- Achaemenid Empire (550BC-330BC)
- Macedonia (330BC-315BC)
- Seleucid Empire (315BC - 200BC)
- Rome (200 BC-395 AD)
- Byzantine Empire (395-660 & 750-1200)
- Umayyad Caliphate (660-750)
- Florence & Venice (1200-1450)
- Portugal (1450–1530)
- Spain (1530–1640)
- Netherlands (1640–1720)
- France (1720–1815)
- Great Britain (1815–1920)
- United States (1921-2030)
- #bitcoin    (2030-Forever)

Tweet link: https://twitter.com/BTC_for_Freedom/status/1662379031424057344?t=y7tuLC9TH_dD5KrQft6a_w&s=19

The reserving of all the currencies mentioned above started at one time and ended at a certain time. But Bitcoin is one such potential currency that the way its popularity has spread in the world Bitcoin will be the target currency of all billionaires/millionaires in the world in the near future. But its reserve period never ends like other currencies.

Ideally, given the benefits to all of humanity, bitcoin would be the ideal global reserve currency. But the world is far from ideal. The main problem is whether all countries will be able to agree among themselves on the adoption of btc as a reserve currency. As usual, each country has its own interests and more often than not, they can't agree even on simpler issues. Therefore, I am sure that they will not do without disagreements.

There is one more point. A large part of bitcoin is already concentrated in the hands of whales, which means that if btc is accepted as a global reserve currency, a very large financial power will be concentrated in their hands. Any government is aware of this and will not want to give advantage to the whales. I suppose that this factor will also be one of the deterrents from acceptance.

It's no secret that the dollar is losing its position as a reserve currency, but still continues to dominate. We should not wait, tomorrow all countries will refuse the dollar. This process can drag on for many years to come. Whether bitcoin will move out dollar of this position is hard to say. I think it's more no than yes.

My concern is the volatility of Bitcoin because create a havoc if the reserves value keeps pump and dump since reserves should be stable. Also, Bitcoin price will be pump hard just to convert all the reserve to Bitcoin since it’s not same with fiat that government will just print money and gold with unlimited supply. Bitcoin is scarce, I wonder how far will the government will purchased Bitcoin since it will surely pump the price to the roof while no one might sell their holdings in the future due to the demand.

This is a good idea for us Bitcoin holder but I doubt government will trust decentralized asset with high volatility as reserve.

Bitcoin is decentralized, but government like and prefer what is centralized, what they can be able to easily control by them.
The government have been using their fiat and yet the fiat are secure to them
Government do not consider what is public when their own fiat is more traceable for them.

With time, some government may consider bitcoin as a reserve currency though, but fiat is what the governments will prefer most becuase fiat are centralized and not decentralized like bitcoin which government will not like.

If we are to consider the ways the financial economy is run by the governing authorities, we can see that there are many lapses in form of discrepancies that should be dealt with in terms of fiat currency and it monetary policies, printing them has no limit and also they have the right to influence any change on an international level that affect the acceptance and dominance of their own centralized currency USD, but now that we are in the era of an advanced digital cryptocurrency, people have been seing the indications that bitcoin may walk it way to this dominance stage to join USD and in future to come, we cannot predict if they will both exist together or bitcoin only would have been the most acceptable and recognized dominant currency.


Then maybe it's just the right time now for bitcoin to emerge and stand on top, all because the people don't want a centralized currency dominating anymore.

Won't that mean that the country that's going to have a lot of bitcoin going to be the one that's controlling the global market not to mention that there's going to be a big overhaul on global supply chain because the currency that's used will be bitcoin, not to mention that there's only 20 million bitcoin to go around for the global market. BRICS will be opposing this heavily now that they're also planning to get away from dollar as a reserve currency.

Before the currency can be a reserve currency, it must have enough spread and market capacity that makes countries use it. Bitcoin, in its current state, is not suitable to be that currency because of the small capacity of the market and the possibility of influencing it from external variables. It is also affected by global events, just as most markets interact. almost.
Therefore, after Bitcoin achieves these requirements, it will stand in front of two main challenges, the first is that there is a country ready to adopt Bitcoin, and this means that there is enough demand and supply for the continuity of maintaining market capacity, and the second is the reaction of the United States, as the presence of a competitor to the Federal Reserve means that Loading all countries of the world on the debts of the United States is no longer the same as in the past, and therefore the United States will not stand by and watch as the rug is pulled from under its feet.

What I am trying to say here is that the global reserve currency must be centralized, because what will protect it is not people's trust, but military power, and this means that we may need a global war to change these concepts.

I don't support it because if it becomes a global reserve currency like a new standard, Bitcoin standard. If Bitcoin standard is accepted and used by central banks, they will do strict regulations on Bitcoin.

I don't like the scenario for Bitcoin but I know more regulations will come. I am ready to see more regulations but it's my feeling that I don't like Bitcoin global reserve currency.

The Bitcoin Standard (The decentralized alternative to central banking).

This is the advantage that is been played and would be enjoyed if bitcoin is used as a reserve. Its lack of centra authority will make countries be equal. If we look at the mode of dedollarization, countries aren’t moving towards another countries currency like the yuan because it will still have same problem like the dollar which a country dominance or political power over others. Rather reserves are been diversified into different assets. Some countries like the BRICS association are still suggesting the creation of another currency as an international currency or reserve but this still will be controlled one way or the other.


This are quite great advantages that bitcoin possesses to be a reserve currency coupled with the fact that it is a store of value that hedges against inflation. Although I would love a global adoption of it and possibly it being a legal tender. But its volatility is still a problem for it to be used as global reserve. There’s nothing bad if it is used but all reserve shouldn’t be in bitcoin but rather diversified into various stores of value, because of the volatility.

This is needless my friend. I don't simply know where this question and comparison is even coming from, Bitcoin is decentralized, no world power would assent to that. Besides, perhaps you don't know what the "world reserve" is and what's meant to serve. If you do, then you must have known that Bitcoin can't fit into that as it has a limited supply of 21 million BTC.

The world would need far more than that for reserve.

The limited supply can't even be enough for the masses not to talk of the countries, that's even if they turn a blind eye to price stability and newness.

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.

International trade or exchange requires a universal currency as a reserve currency. Because the powerful countries try to influence it in various ways due to economic and political issues. The dominant global currency changes over time. As we have seen in the past many currencies functioned as global reserve currencies. We knew about some world reserve currencies which were dominate the world as reserve currencies.



The Dutch Guilder[/url] (15th and 16th centuries)

The Spanish Escudo (17th century)

The British Pound Sterling (19th century)

The Euro (2nd Global Currency)

The US Dollar[/b]

The US dollar has been followed as the international reserve currency since World War II to till today. But with the change of time, the world is losing confidence in this dollar due to various reasons. As a result, there is a possibility for another change world reserve currency in the future. But in this case I think Bitcoin as a global currency which will be certainly acceptable.

If Bitcoin is considered a neutral global currency it will gain universal acceptance. By which no country will have any authority. No one can influence that currency. Global trade, transactions will be done very securely and in a short time.

Bitcoin is a decentralized digital currency operated through a peer-to-peer network and has gained widespread acceptance in the global economy today and will continue to do so in the future. Although we know that there are many issues involved in being a reserve currency, considering the benefits of Bitcoin, if it can be taken to such a level, the world can greatly benefit from it. We can expect Bitcoin to be a global reserve currency in the future as it has been researched in recent times.

Advantages of Bitcoin being a global reserve currency

# Bitcoin is decentralized, Bitcoin has no regulatory body. As a result, no country's government or central bank will have any authority. Moreover, no powerful country in the world can influence it in any way.
# It is the best in terms of security. Bitcoin uses advanced cryptographic algorithms to keep its transactions secure and fraud-free, making it completely safe to use.
# All transactions are recorded in a ledger through a public blockchain, creating an environment of transparency and accountability.
# In the present time, Bitcoin has gained wide acceptance all over the world. Big companies are holding Bitcoin as their savings and the government of the country is also implementing various projects and strategies including payment in Bitcoin. We know that El Salvador has recognized BTC as legal tender. Such an initiative by the government of the foremost country certainly points to Bitcoin becoming a global reserve currency in the near future.

Source