Would Bitcoin become The General Currency in the Future? - page 4.

hatshepsut93

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

before it's evolved into electronic money and now crypto currency.

It's actually premature to say that crypto is the next step, because it hasn't replaced fiat money, it's merely an alternative system that tries to do so. History knows many failed attempt to innovate, including innovation of money. For every new step in evolution of money there were many failed attempts. It will take a lot more years to make any conclusions about crypto, but so far it's clearly not replacing fiat.

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Quote from: jeraldskie11 on June 19, 2023, 06:04:39 PM

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

with bitcoin being the leading crypto currency is there a tendency that it would become the generally used currency worldwide?

I believe Bitcoin will be widely used globally in the future. Going back to 2021, investors are investing in cryptocurrencies, and the price has risen. As a result, ordinary people began to take an interest. Since Bitcoin has become popular, some businesses have begun to accept Bitcoin as payment for their goods. I felt it was a good start, but the price rapidly dropped because institutions were selling their Bitcoins. This event, I believe, has an impact on businesses that plan to take Bitcoin as payment. To boost Bitcoin adoption, I believe volatility should be reduced.

Bitcoin will be popular and used globally is almost certain. but as you said, people are getting into bitcoin and using it as an investment asset, there are very few who consider it a currency. And the OP's question was that bitcoin could become the world's common currency, so I really doubt it. moreover, it will all depend on the government, and I don't think the government will agree to a decentralized currency to replace their fiat.

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

with bitcoin being the leading crypto currency is there a tendency that it would become the generally used currency worldwide?

I believe Bitcoin will be widely used globally in the future. Going back to 2021, investors are investing in cryptocurrencies, and the price has risen. As a result, ordinary people began to take an interest. Since Bitcoin has become popular, some businesses have begun to accept Bitcoin as payment for their goods. I felt it was a good start, but the price rapidly dropped because institutions were selling their Bitcoins. This event, I believe, has an impact on businesses that plan to take Bitcoin as payment. To boost Bitcoin adoption, I believe volatility should be reduced.

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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.

The revolution would continue, it's time for the blockchain era, it has also shown the world its benefits as a technology but Bitcoin will not be able to be the world's dependent currency. The general name "Cryptocurrency" would do more though, but the world would ensure more safety and accountability in using it going forward.

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?

El Salvador has shown the world about Bitcoin's legal tender possibility, thanks to them. But do not forget that they are not depending on it alone, they only make it a legal tender. This doesn't stop them from spending their dollar along with it. Also, Bitcoin has a limitation if the world should embrace it, it has a limited supply of 21 million BTC and the world can't fold to solely use a decentralized system. The economy would collapse by virtue of this.

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IMO the chances are very slim that government make Bitcoin a global currency that replaces fiat, it's difficult to mix it up the decentralized and the centralized platform we know there's always a conflict. Traditional currencies, backed by central banks and stable economies, provide a level of stability and trust that Bitcoin has yet to achieve.

I think let's accept the fact that Bitcoin was created to alternate traditional currency not to replace them.
There are too many barriers that Bitcoin has and it's unlikely to become what you wanted OP.

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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.

I agree, whether Bitcoin become a general currency in the future depends on the government's decision. The main turn-off of the government to Bitcoin is its decentralized nature. This simply means no authority from the government which the government wanted to have. Bitcoin is good to be an alternative and the government won't deny that.

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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.

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It has always been alluded by a lot of bitcoin supporters that bitcoin has the potential to be the world's leading currency, but let's face it, bitcoin is far from being a widely-used, high throughput and volume currency. It's designed to be used for transfers here and there, but never in the volume that fiat is currently being used with. I guess, there'd be a time wherein a lot of people will be using bitcoin at the same time, but not the main currency the world uses all at once. It will need an overhaul for bitcoin to be able to handle that much volume without causing too much of a delay between all the transactions.

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Quote from: AML Soap on June 19, 2023, 02:18:24 PM

Would Bitcoin become The General Currency in the Future?

Do we even want BTC to be THE General Currency in the Future?
A Global, One-world currency where all transactions are public and traceable? Is that the best thing for the average person in the future?

Yes, Bitcoin is the solution.

Banking systems with third parties have no privacy, and once your money is in the bank, you are no longer in control of it, and bankers will use our money to make high-interest loans while paying us no or little interest, which is terribly wrong.
That is why Bitcoin was created to give us financial freedom because there are no third parties involved, and we can also profit if we hold them for a long period.

As a result, we believe that Bitcoin will gain global recognition and be accepted globally for the benefit of our society.

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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 has the potential to be the main currency of the world because it is unique but it still has some limitations. The inconstant nature of its price will discourage people from using it for buying and selling. If the price becomes less volatile in the future people might consider using it more. Another problem will be the technological barrier. Most people don't have access to the internet or Android phones in some developing countries. They might not have access to the Bitcoin network without these technological tools.

Unfavorable government policy will also hamper the spread of the use of Bitcoin as a currency. More countries are getting friendlier with bitcoin but most developed nations are totally against the coin. Some have gone to the extent of banning it because it will limit thier economic control. A high rate of illiteracy and religious belief will impede Bitcoin acceptance and use. Most people will never stop using fiat because it is easier to use. Others might not use it because they feel their religion forbids it. I conclude by saying that Bitcoin and fiat will always exist together for now until the world gets matures for the use of Bitcoin.

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I like to be skeptical about this actual thought of bitcoin being the world currency but only time can tell this, the way I see it I think its just simply an evolution that will take place in the financial sector of the world, like you said the world has evolved so greatly from using different means of money and bitcoin to be used in a general way is still possible in some way but it will take very long but I believe it will surely happen one day.

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It seems you're referring to Bitcoin as a potential global currency. However, I believe that a decentralized cryptocurrency with high volatility would face challenges in becoming a widely accepted global currency. While many people appreciate Bitcoin for its potential and the freedom it offers, I personally find it unrealistic to support its adoption as a global currency. One of the reasons is that Bitcoin's decentralized nature makes it difficult for any government to exert control over it, which can raise concerns for regulatory authorities.

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Quote from: mk4 on June 19, 2023, 02:01:56 PM

If you're asking if there's a chance — then theoretically of course there is. It's just the question of will governments allow it to be a dominant currency of their respective countries.

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.

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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 cryptocurrency is there a tendency that it would become the generally used currency worldwide?

The big question is, will Bitcoin ever become a global currency?

The answer is rather (NO) because countries around the world will not allow a decentralized currency to become the dominant currency and if you want to base your argument on the evolution and transformation of money, to say bitcoin will gain global adoption then it may lead to a lot of frustrations since most countries are already developing their own CBDC to compete with other cryptocurrencies like Bitcoin.

Bitcoin is just fine playing the role of an alternative currency, and only a small percentage of people know about Bitcoin.

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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?

Anyone can speculate, even I can speculate things but the question should be, is it realistic? Although El Salvador had adopted Bitcoin as legal tender, are they using it for commerce? I think no, I think El Salvador acquire Bitcoin as an investment and not to use as currency.

Bitcoin is great as an alternative mode of payment. Let us be contented as that since government will not accept Bitcoin as their main currency. They can make it as legal tender or mode of payment but the government always has limitation for BTC.

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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.

According to the evolution of money since inception, another currency may soon replace cryptocurrencies. Because the world is continually growing, there is a chance that another currency will emerge after cryptocurrencies.

Quote

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 has the potential to become the most widely used money in the world, but this is dependent on each country's adoption. Not every country will want to utilize it and make it a global currency. Country leaders like to have influence over the currencies that are used in their countries. There's a chance it'll happen, but there's a much better chance it won't.

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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.

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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

Next was Central African Republic and then the rest are most likely will just let it as neutral.

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

now my question is, with bitcoin being the leading crypto currency is there a tendency that it would become the generally used currency worldwide?

If legally speaking, there is a chance but can't you see that it's massively being used globally as you've made this thread? Bitcoin was already used as a payment for many countries and how much even more being used a store of value and being held as an investment by the majority. So going to legally speaking, it's highly volatile and if a government makes the use of it then there could be some precautionary measures on their end to be implemented.

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This week alone this would be possible be the fifth or more time I would be seeing this type of question here on the forum. The future is important but if we think too much about the future and neglect the present then I am sorry to say that there won't be any future to start with.

I think the idea of a general currency has for long had it negative effect on the world economy, we have seen the UD dollar hold that position even if it's not the highest value currency in terms of exchange price rate.

I think we need a new standard world currency and it must be neutral, not under the control of any government and Bitcoin fits perfectly into this role. I hope it happens.

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Would Bitcoin become The General Currency in the Future?

Do we even want BTC to be THE General Currency in the Future?
A Global, One-world currency where all transactions are public and traceable? Is that the best thing for the average person in the future?

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