Topic: Would Bitcoin become The General Currency in the Future? - page 2. (Read 592 times)

Your skepticism is valid. Breakthroughs like Bitcoin often face initial resistance. However, Bitcoin's mission is to provide an alternative to traditional currencies, not replace them. Yes, worldwide acceptance seems a high peak. But arent we already scaling? With nations and businesses acknowledging Bitcoin, its widespread adoption is foreseeable. Indeed, Bitcoin's fluctuation and regulatory hurdles warrant attention. But they're not unbeatable obstacles. As crypto markets mature and regulations solidify, expect increased stability. As for the existing financial structure, transformation is a given. Maybe not soon, but eventually. Bitcoin is in no hurry. It's here for the marathon. Keep cool and HODL on!

We can only hope for bitcoin to be broadly recognized worldwide without displacing fiat as the dominant form of money in the future. If it were to occur, the government that I am aware of would fiercely oppose it. Because to them, Bitcoin's status as a global medium of exchange amounts to a theft of their authority, the creation of new money in circulation, money laundering, and currency price manipulation. They know that they have no control over bitcoin, thus they won't agree to such a thing for bitcoin to be a global reality.

Let Bitcoin continue to function as the alternative payment method we know it as, nothing more, than hoping the impossible to happen in the future.

Bitcoin would not become the general currency in the future if you ask my. My opinion on this as I have always stated is that bitcoin has a higher probability of being a reserve currency than a general currency. Bitcoin is will still in the future be used as an asset or investment vehicle, rather than a mainstream currency. But since no one can see the future, bitcoin's growing user base, which could reach 100 million or more may increase the probability of it becoming a widely used currency. Another factor that may improve this probability is when  transaction fees becomes lower and  lightning network addresses the volatility and scalability issues of Bitcoin, making it more viable as a currency.

Define me "general". It's already the dominant Internet currency. If you meant "global reserve currency", then time will tell. If Bitcoin continues maturating as it currency does, and fiat currencies continue collapsing one after the other, then yeah. That's a reasonable guess.

I'm not sure that bitcoin will become a general currency globally considering that Satoshi created bitcoin not for that, but as a digital currency that complements the current financial system. moreover, it seems that the government will not allow this to happen, because it will certainly threaten the existence of the fiat currency they have.

Regulation and government are not the only things that could possibly stop Bitcoin from becoming a global currency—I mean, an entire country's currency. To me, it was never built to ever serve that purpose. In as much as the 21,000,000 limited supply was a result of it being limited and scarce to reach everyone out their 1 Bitcoin to one person in an entire population, That same feature is another thing that could also be considered one of the reasons why Bitcoin could never be a country's currency.

Bitcoin is too small to serve such purpose it will never be enough for everyone to use it at same time. The higher increase in demand for it will definitely put it at a price where the majority of people might not be able to get their hands on it, and most people will not want to release the one that they are holding, which will make it relatively scarce in the market.

And remember, Bitcoin is not just any country's local currency that doesn't have a limit, so its government can just wake up and increase its supply. The supply is fixed, and it can't be increased, at least to the level of my knowledge.

For now I'm skeptical about Bitcoin being able to replace it as the world's currency and I think it's a natural thing. Even though Bitcoin has experienced very good growth from year to year but there are several considerations that need to be taken before we can predict whether Bitcoin will become a world currency in the future.

One of the things that might be taken into consideration is that there must be adoption of bitcoin as a whole to replace the world's currency. Even though now there are several companies and even countries like (El Salvador) have started accepting Bitcoin as a form of payment, there are still big challenges in encouraging the adoption of bitcoin among the world community that must be considered as well as issues such as price volatility and of course regulation in every country. country is still a separate obstacle that must be overcome.

Besides that, there are also other issues that must be considered, the world's financial system has been running with conventional currency, this has been around for decades now. Replacing the Bitcoin currency as the world currency will definitely involve complex changes and of course take a very long time. Therefore, I think that in the near future it is unlikely that bitcoin can replace the world's currency, but it is also possible that bitcoin can replace the world's currency along with technological developments in the future.

We can't say actually about the future of Digital Currency like Bitcoin. Because to be a general currency Bitcoin needs to be legalized by every government and mass adoption needed.
But practically almost every governments are against of it. As it's decentralized so no one can stop using Bitcoin. So it needs pretty much time to be a general currency in the future and it's uncertain too.
But I think most of the governments will be against Bitcoin because government will lose controls, problem with tax regulations and funding for crimes.

Even becoming a currency, a payment method is difficult, becoming a general currency of the world is even more impossible. Indeed, given bitcoin's volatility, I find it more suited as an investment asset than a currency. Not to mention, it is a decentralized asset, so governments would never accept a currency they cannot control as the world's general currency. I don't know if the future will change, but based on what's happening, I don't think bitcoin will be the currency.

If you asking a possibility, the answer is always yes because Bitcoin can be used to store a value or currency and no one can hack Bitcoin.

But the possibility is very low because the government can't 100% control all of Bitcoin and there are still many countries ban Bitcoin. Only few countries are accepting Bitcoin as a currency, so it's still a long path for Bitcoin to become the global reserve currency.

No i don’t think that. Because bitcoin is father of all cryptocurrency. All cryptocurrency created following Bitcoin. Bitcoin is top of all cryptocurrency. It’s Technology is different from others. And it created it position to the moon. It is quite impossible bitcoin will general cryptocurrency. Bitcoin is Leading currency so it always lead  others cryptocurrency. Some general cryptocurrency made by some Company and some people and they control it But bitcoin is fully decentralised and no anyone controlling it. And it never possible to control by any people or any government. So many country and their government don't approve Bitcoin. In the last i tell that there has no possibility to be a general cryptocurrency for Bitcoin. It always be a Leading cryptocurrency there has no confusion.

Bitcoin is a popular digital currency out there and until now we all believed in Bitcoin, Personally, I can see a lot of potential in Bitcoin to become a future currency, I mean it runs on the internet and a lot of transactions these days are already done online, also there are a lot of advantages on using online transaction and it avoids a lot of problems of fiat money.

Still, even though there are a lot of advantages to Bitcoin I don't really think it made to become the general currency around the world, I mean I don't think there will be a currency that the world can use or are we even going to use just one currency in the future? I think not. For me, Bitcoin is a great cryptocurrency but because of its nature, having a volatile market price I don't recall thinking it's going to be capable of becoming a currency that we use daily on our transactions I mean there are a lot of problems on that, I think it is the best for investment and only for investment at this point, surely when we used it on a transaction or in a business that one taking the Bitcoin is investing already since he's not really going to sell the Bitcoin the time the transaction was made.

It will not and let's keep it that way as long as there are governments trying to put into stop into Bitcoin. See how every KYC out there becomes like a pain in the ass just for the sake of compliance to the authority that regulates the usage of crypto? Yeah imagine if almost every single method of being able to use Bitcoin out there now requires KYC and you're not allowed to do P2P or else it's jail time.

It's going to be co existing for sure with fiat money just like how bank cards do.

There were plenty of threads about this back in 2017 about replacing fiat money so surely people already knew the answer that time.

the potential is there, as some countries have also accepted bitcoin as a payment alternative, so i think with the development of time, bitcoin may have a chance to become a recognized currency.
It's just that, the current fact still makes bitcoin more likely to lead to investment than money. besides that, quite a lot of countries prohibit bitcoin as a payment alternative because bitcoin does not have a centralized system. Whereas we know that if the system is not centralized, it is difficult for the government to accept it, and the government has many reasons why they cannot accept the concept of decentralization.

I doubt Bitcoin will be like THE currency for the world. In that I don't think it will ever displace national currencies and become the one currency for humanity. Simply because govts/central banks are not going to give up the immense control and power that a national fiat currency gives them. All fiat currencies will continue to lose value, and some might eventually collapse, some nations may eventually collapse due to the burden of an avalanche of debt, and some of these may choose to go with Bitcoin after that happens, but I don't ever see a time when all the govts in the world abandon national currencies for Bitcoin.


Much more likely Bitcoin is the world's alternate currency. People will use Bitcoin alongside their national currencies, sometimes spending bitcoin something spending fiat, usually saving in Bitcoin of course though, but still saving a basic emergency fund in fiat just due to bitcoin's volatility, even though the volatility will eventually be fairly low once bitcoin is mature and global adoption has been reached. Some places may almost exclusively use Bitcoin, but I expect this to not be the norm.

Besides, in terms of utility for people, fiat currencies (or their stablecoin counterparts) have the important utility of remaining relatively stable. Certainly more stable than Bitcoin ever will since it is not tightly controlled and manipulated by a central bank to remain relatively stable. The world needs relatively stable (though inflationary) currencies, and so the world will continue to use these currencies. But what that world doesn't provide is a hard non-controlled currency which humanity also needs, and that is where Bitcoin comes in. At full adoption, I'd say the highest Bitcoin could reach is something close to 50% usage/ownership compared to all national currencies combined, as the highly used alternative currency for humanity, but I don't see it ever reaching 100% use.

Bitcoin doesn't need to be the general currency for the whole world in the future all I want is the survival of Bitcoin and the overlook of the government on the digital currency to make it more acceptable by the masses in the future.

Enough of the centralized entities and the government trying to control Bitcoin they should start planning to accept Bitcoin and also gave the people the go-ahead signal that Bitcoin is not a dangerous digital currency because I believe that majority of people are waiting for the government to give them the okay sign before they can start investing in something like Bitcoin.

Now that the ETF looks like something that could work out, maybe the way people look at Bitcoin will be different soon.

Bitcoin have stayed up to 13 years since it's created so I believe that will have something like domination when it last up to 50-100 years, in another comment where respond to a similar discussion like this, I made my suggestion to be clear and understanding that Bitcoin can't take over traditional currency and I gave my reasons there, why I said so is that Bitcoin have not gotten enough backyard across the nations because Bitcoin is battling for some certain things that you don't know well.

Day by day the use of money will decrease. Now almost everyone is trusting online exchange. Bitcoin is the most popular currency online. We all know that Bitcoin is not legalized in any country yet. Bitcoin is a platform that is very easy to transact online. You don't have to wait in line like a bank. If Bitcoin is legalized in all countries, its use will spread very quickly to everyone, the effect of which country can't predict. When Bitcoin is launched, everyone will do transactions through Bitcoin. Bitcoin payment system everywhere. If there is then everyone will pay in Bitcoin. Bitcoin is still the number one currency. I think that in the future Bitcoin will take over the whole world if it is legalized. But I am still worried about whether Bitcoin will be legalized.

But even EL Salvador's adoption of Bitcoin the world already let Bitcoin being used in many countries though there are no formal adoption like what that country did,
what I mean here is that Bitcoin already dominating the online money system (at least in some part of the world) and with that we can see the potential of being the main currency if the world continue its acceptance and the discrimination and the FUD will stopped , government only need to accept the fact that crypto is the currency of the future.

Bitcoin as a new form of currency have gained acceptance in some part of the world. This means there is no legal support from all the countries. To achieve legality from all the country will take lot many time. It have got adopted as their currency in El Salvador. They're bold enough to make the decision. Every country won't do it. Compared to the past now people were able to spend bitcoin directly. Over time the transition will happen when governments start understanding the real potential behind bitcoin.