Would Bitcoin become The General Currency in the Future? - page 3.

CryptSafe

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Quote from: Youngkhngdiddy on June 19, 2023, 01:18:44 PM

According to evolution of money, trade was first done with the barter system, then it evolved to commodity money using Gold and it's kind,then into metal coins then paper money, later transactions where done with plastic cards, before it's evolved into electronic money and now crypto currency.
About years ago El Salvador became the first country to adopt Bitcoin as a legal tender and there are speculations that other countries would also adopt it in the nearest future now my question is, with bitcoin being the leading crypto currency is there a tendency that it would become the generally used currency worldwide?

As you have said, money evolved from various forms till this point were we are now. Currently, we are at the digital stage and as time goes on, new discoveries would emanate making some forms obsolete.

Bitcoin is currently the new form of money gaining recognition and according to the whitepaper it is the peoples orientated money whereby no one has control over it. Satoshi invented it and handed it over to the masses to use it as their alternative source of payment which many bought in the idea and since then, millionaires been made, bitcoin is been accepted by nations, businesses etc are thriving on bitcoin and gradually, bitcoin is becoming more popular and stronger.

Agbe

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After El Salvador's adoption of bitcoin there is an another country that has adopted it which is the Central African Republic but the El Salvador's adoption is not popular than the Central African Republic adoption. Since after the adoption of bitcoin by Central African Republic I have not heard any news from them. Bitcoin being the last currency in the world is not possible but it will be almost but it will still be as the alternative measure to the fiat currencies. If bitcoin will be the last currency in the then they have to print the hard copy of the currency because not everyone can use the internet to buy and sell. What about the age and the old group of people. Though that is the highest expectations of the youths in the world but they have to think of others as well.

Sakanwa

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Everyone in the crypto space would wish for this to happen at the moment but there are many challenges that's made this almost impossible to archive even in the future. Bitcoin is a decentralized currency and the government especially (U.S) would not see it'success being used as general currency.
The government won't want a currency beyond their control, cause bitcoin can't be manipulated just like the fiat currency and moreover there are very few people currently that have a good knowledge about bitcoin including the barriers of mining it as well.
Though it's likely to be but there a lots of work to be done before it's accepted globally where as the sole aim of satoshi was it to be used as an alternative to fiat as a means of buying and selling and also to remove third parties that are required to conduct digital monetary transfers, well only time would tell if bitcoin would be the currency of the future.

wxa7115

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Quote from: Youngkhngdiddy on June 19, 2023, 01:18:44 PM

According to evolution of money, trade was first done with the barter system, then it evolved to commodity money using Gold and it's kind,then into metal coins then paper money, later transactions where done with plastic cards, before it's evolved into electronic money and now crypto currency.
About years ago El Salvador became the first country to adopt Bitcoin as a legal tender and there are speculations that other countries would also adopt it in the nearest future now my question is, with bitcoin being the leading crypto currency is there a tendency that it would become the generally used currency worldwide?

It depends on what you mean by a general currency, if you mean the currency governments use as the reserve currency of the world then I do not think this is likely, as governments will do everything in their power to avoid this scenario happening.

However if by general currency you just mean that people will use bitcoin on their everyday lives and that bitcoin will be accepted in a great deal of businesses around the world then I think this is something which may actually happen, it is just that it will take us some time before it does.

GreatArkansas

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Quote from: Youngkhngdiddy on June 19, 2023, 01:18:44 PM

(......)
About years ago El Salvador became the first country to adopt Bitcoin as a legal tender and there are speculations that other countries would also adopt it in the nearest future now my question is, with bitcoin being the leading crypto currency is there a tendency that it would become the generally used currency worldwide?

For me now, it's still difficult to say that Bitcoin will be the "general currency" I can say maybe it will be just an alternative to what we have now because we have a lot of issues right now on Bitcoin, especially the volatility.
About El Salvador, it seems that when they started to accept Bitcoin as a legal tender, it seems it is successful and effective. El Salvador will just need to overcome some obstacles including price volatility and adoption.

crypticj

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No.
I already posted about this here, but if you'll look at Bitcoin sentiment right now, people don't even consider it as a currency anymore. Everyone sees it as an investment and an asset to trade.

Besides, it's obvious that something that is as volatile as bitcoin, just can't belive in general currency. People will never use a currency that can drop 5% a day.

So it looks like that Bitcoin will just keep being an asset.

irhact

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Quote from: Youngkhngdiddy on June 19, 2023, 01:18:44 PM

According to evolution of money, trade was first done with the barter system, then it evolved to commodity money using Gold and it's kind,then into metal coins then paper money, later transactions where done with plastic cards, before it's evolved into electronic money and now crypto currency.
About years ago El Salvador became the first country to adopt Bitcoin as a legal tender and there are speculations that other countries would also adopt it in the nearest future now my question is, with bitcoin being the leading crypto currency is there a tendency that it would become the generally used currency worldwide?

Bitcoin could become the generally acceptable currency since it won't have any restrictions, you can spend it in any countries you travel to without having to exchange it to the countries local currency. Bitcoin is borderless but it'll have a very strong challenge from the government. Government won't make bitcoin a global currency because they can't control it and the governments loves controlling our finances because it give them power over us..

They'll use excuse of Bitcoin been use by criminals to avoid it been globally accepted. The government mightn't openly support Bitcoin but we can make it a globally currency by accepting it in our shops and when every body does that, the government won't have any choice but to accept it too.

worle1bm

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The majority of the governments needs to accept it as legal tender if we have to call it accepted currency which might take long as some may put restrictions on usage while some regulate the usage.But fiat will be more used in that time also along with btc but yes adoption will eventually rise but if we say main mode of payment then it's hard because many treat it as investment not a currency where the usage percentage goes down as compared to currency usage.But anything can happen in future as we are not certain about it.

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Quote from: Ever-young on June 19, 2023, 03:56:09 PM

Exactly... The people might all be willing to accept it but that won't be enough. Some countries will still be a major racist of the Bitcoin which will be among the reasons why Bitcoin could not necessarily be accepted as a global means of exchange between countries.

Fortunately governments doesn't have to embrace Bitcoin for it to succeed. If using bitcoin for physical store payments gets banned, then bitcoin will be some sort of like "underground cypherpunk gold" or something — which is fine by me.

bayu7adi

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In the near future? No, not quite yet. There are still numerous preparations required for Bitcoin or cryptocurrencies to become the currency of the future. So, it may take another 5 to 10 years. But hey, let's wait and see. Time will unveil it all.

The government would not allow such a scenario to unfold; they prefer centralized currency where they hold the reins of control. It is understandable that the government is hesitant to gamble on a currency that is beyond their jurisdiction. This undoubtedly has a significant impact on their economy, as we are all aware that Bitcoin doesn't come without its fair share of drawbacks, rendering mass adoption implausible.

- Volatility: Bitcoin's fluctuating nature poses risks for long-term holding, resulting in potential gains or losses when compared to fiat currencies.

- Transaction fees: Although they may not be expensive presently, who can guarantee that we won't witness another dust attack?

- Transaction speed: With fiat currencies, we can purchase food within seconds, whereas Bitcoin transactions take several minutes. This becomes highly inconvenient when transactions start to pile up.

- Internet dependency: While internet access has become widespread, Bitcoin is heavily reliant on it. In areas with limited internet coverage, Bitcoin would face difficulties.

- Infrastructure requirements: It is unrealistic to expect elderly individuals on the street to utilize electronic data capture (EDC) devices for transactions.

gunhell16

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To other Bitcoin enthusiasts, it is said that the time may come when Bitcoin will become the world currency worldwide, but of course, this remains speculation because there is no strong basis to confirm that this is true.

In addition to that, right now what Bitcoin brings to the countries that recognize, it is that it helps the economy and is also an opportunity for the majority of communities that believe in it.

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Quote from: LogitechMouse on June 19, 2023, 10:27:40 PM

-snip-
What does the word "general" mean? It means all people, or most people. Now how many percent of the people around the world have smartphones? How many percent of the people around the world doesn't have an access to the internet? I mean the point is the accessibility of Bitcoin around the world is low that only those who have smartphones are the ones who can access it. How can a currency be a general currency if not all people can have access to it?

In reality, the current level of accessibility is still lacking, and uneven for every user. some remote areas of the world still do not enjoy proper internet access, even the supporting infrastructure is still lacking and has not even been built.
This will affect how many users or adopters of Bitcoin because it requires an internet network and of course electrical power to turn on the cellphone or device used.

Quote from: LogitechMouse on June 19, 2023, 10:27:40 PM

Another one is the government. Do you think that government will just allow it to happen? No because governments want to use their power to the extent, and that includes even the currencies. IMO, there will always, and always be against this, especially in the government.

Overall, this is still far from happening, and knowing that Bitcoin is still only 13 years in existence, it's too early to think about it TBH.

Of course, the government will not give full space to digital currencies such as Bitcoin to become the main currency for payment.
This is against the government, they must be able to regulate everything while Bitcoin cannot be fully regulated.
Bitcoin is decentralized, no one can change it.

Regulations will be given by each government, different governments will have different regulations.
There are those who strictly prohibit and say bitcoin is illegal and there are those who provide regulations only as commodity assets.

Of course, there will be many obstacles and it is still impossible for Bitcoin to become a common currency in the future.

We must be quite satisfied even though the regulations do not fully support Bitcoin, but at least there are still some gaps for Bitcoin to develop.

Fundamentals Of

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Such tendency always exists. It's mainly because we would love to use a currency that is free. Meaning, free from the poor judgements of whoever has power over it. Bitcoin is that currency. It is under the control of nobody. It is shared by everybody across the globe.

But the problem is that there is also the tendency of those who are in power to take everything into control. That includes the currency. Since Bitcoin is something they can't control, they'd love to use another currency. This is the problem.

So I think there will always be this struggle against each other. At best, Bitcoin will stay as an alternative alongside fiat. I think I'm good with this.

fruktik

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Quote from: Woodie on June 19, 2023, 02:50:45 PM

As much as we want bitcoin and other cryprocurrencies to become the everyday currency, unfortunately fiat is one way our governments use to control inflation or generally the economy and a bit of manipulation here and there...But to say Bitcoin should replace such a monetary system, I think it will take a century for this to happen as this is us saying our governments should give up their control!

Besides , one constraint that wouldn't make bitcoin acceptable world over are the different regulations each country has and not wanting to be controlled by another in the name of looking independent, and apart from this not all countries are up to speed with today's technology and this will need to be taught for users to know how to protect themselves online and the alike.

You forgot that some countries took some risk when they integrated an additional alternative payment / settlement option in the form of crypto projects into their financial system. I don’t know how this “experiment” will end, but it is already in our reality, and not in 100 years or more.
Naturally, none of the "managers" wants to lose control over cash flows, but the modern world dictates its own rules of the game. The time will come when there will be no such systems of government as there are today.

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Before that happens, there must be an agreement between all countries. They have to agree to use Bitcoin as the common currency used worldwide, and people can transact using Bitcoin and fiat.

But it seems that it's still waiting because the countries in the world are still in a position of discussion even though there has been an agreement to use BRICS among several countries that don't want to depend on the dollar anymore. And it is possible to use Bitcoin as a currency that can function as fiat, especially since we know that Bitcoin can cross borders between regions of the country without any problems.

So when people want to transact using Bitcoin, it depends on the price conversion of Bitcoin to fiat in their respective countries. The important thing is that the number of Bitcoins is the same for all countries.

xSkylarx

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Government is very skeptical to bitcoin so for sure it is still a long way ahead for bitcoin if it really replaces the fiat but one thing that I've sure in the future is that it would be cashless future on which paper money or coins are not existing as we are just paying possible using a phone, QR code or somewhat using a card which it is almost the same with bitcoin. As of the moment, it is still difficult to implement the payment system as a ton of governments don't like it and have even banned it.

LogitechMouse

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Theoretically speaking, yes there's a chance that it might be, but what are the chances for it to happen? I'm not saying it's impossible, but the chances are slim to none.
There are 2 factors that might affect this. Accessibility, and Government.

What does the word "general" mean? It means all people, or most people. Now how many percent of the people around the world have smartphones? How many percent of the people around the world doesn't have an access to the internet? I mean the point is the accessibility of Bitcoin around the world is low that only those who have smartphones are the ones who can access it. How can a currency be a general currency if not all people can have access to it?

Another one is the government. Do you think that government will just allow it to happen? No because governments want to use their power to the extent, and that includes even the currencies. IMO, there will always, and always be against this especially in the government.

Overall, this is still far from happening, and knowing that Bitcoin is still only 13 years in existence, it's too early to think about it TBH.

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Quote from: Vaskiy on June 19, 2023, 05:01:42 PM

Not an easy task to get accepted as a general currency all around. It all depends on the governments and the governing authorities around the world. Very few countries have the positive move with cryptocurrency usage and other other needs whereas majority of the nations try to have their own CBDC. The financial system have experienced a big evolution, and we can't expect bitcoin to get the status of usage similar to general currency isn't gonna happen.

Yes, bitcoin can become popular worldwide, and the government will not be able to stop its growth nor prevent people from using it. But for bitcoin to become the world's general currency, the government's consent is required because they are still the rulers of this world. Bitcoin is decentralized, and governments hate it, so I don't think bitcoin will ever become the world's universal currency. But with the rise of bitcoin, it is almost sure that it can become a global asset just like gold.

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This is a big dream but it is difficult to realize at the moment, the adoption of bitcoin as a unified global currency around the world will not appeal to many corrupt political leaders and the chief economists associated with them, because they want to maintain centralization and control.

The adoption of El Salvador and some other poor countries for Bitcoin does not mean anything, because these countries are poor and do not have a significant impact on the global economy, so the adoption of these countries for Bitcoin does not mean that we are heading towards global adoption.

I think this step is very far, as long as the major political forces in the world oppose Bitcoin, led by the United States.

landheer

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bitcoin is a digital currency and there have always been people making payments using bitcoin, but only a few.
and in my opinion now many people are using bitcoin as a future investment asset, I think more people are making bitcoin as an asset rather than making bitcoin as a means of payment, because not all countries and governments agree that btc is used as a legal,
and in my country btc is only used as an asset, and the government prohibits making payments using bitcoin.

so in my opinion no one will know about bitcoin in the future whether it is used as a means of payment general or not.

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