Bitcoin Forum

I feel like even though the price of Bitcoin has been on the down fall I feel like Bitcoin is so close to becoming the worlds leading currency. I can see it, however I feel like it takes some kind of major event for it to get over the hump. I know this sounds messed up, but I feel like another financial crisis would  help out bitcoin make that leap and make people trust the currency more. Another thing is retailers and their acceptance of bitcoins. If Amazon, Walmart, Target etc. started to accept Bitcoin as a valid currency, the currency would become more stable and attractive to consumers. What do you guys think?

Yes it is true and I also think what you think, when the Online store stores can all receive bitcoin as a means of payment I think it will be more stable bitcoin can even rise well.

how can bitcoin be the worlds leading currency, its not even possible to spend it,

people and bitcoin trader still think in us dollar they seek to increase their amount of us dollar thats why they sell bitcoin or buy it.

from that you see that the us dollar is the lead currency.

I also feel like you, though bitcoin prices have fallen but bitcoin prices are still expensive for me, and if bitcoin is widely used in online trading I think bitcoin prices will be better and stable.

Bitcoin is far from a leading global currency. It needs universal acceptance in a single country before it can make the leap into global acceptance. Think about how many countries will accept USD, even though they may have their own local currency.

I don't think that it necessarily needs to shake being compared to the USD or valued in USD as a main point of reference in order to achieve global currency status (most currencies are compared to other currencies and the US $$ is the most recognised at this point in time).

Stability and ease of transaction will be the big check points for global acceptance. As soon as there is no longer a need to transfer Btc immediately into fiat in order to cover operating expenses then it could hold that kind of status. The more accepted it becomes the more accepted it becomes, its a snowball that just needs a big enough push (acceptance at Amazon or something of that stature would be a pretty decent shove). If you are willing to get paid in Btc because you can buy your milk from the supermarket in btc and pay your rent/mortgage in btc then chances are so will your neighbours etc.

In order for it to be used like a currency though it needs to be transferable like a currency at the micro level. If i can give someone 10c in bitcoin and it only costs me 10-11c then that is the point at which it will be in a similar boat as a FIAT currency. That transaction needs to also happen a the pace of any currently accepted electronic transaction (VISA etc).

We are just at that leap of faith point where people are getting on board the bitcoin train and converting into fiat if need be. If the growing rate of acceptance keeps up then maybe soon you will be able to go on holiday and never have to stop in at a bank to change currency. I see it more as a store of value atm (electronic gold) and have not made a single purchase with it because purchasing it has fees, and transferring it has fess, so in the end its not really at a workable transactional currency yet.

I get what you're saying, but I feel like it has huge advantages over the US dollar. It's not centralized, but even though it's not, it has a system of controlling it's inflation through mining speed. I really don't think that we'll get rid of the dollar or other currencies soon, but I think it has the potential to stand equal to the world's strongest monetary systems.

Such an inspiration feeling, that is good and on a more serious note, you're right with your point. As we all know, the price and value of Bitcoin is affected by the supply and demand of the market and the willingness of people to accept it as a medium of exchange. If Amazon, Walmart etc begin to accept BTC as medium of exchange, its demand will surely be on the rise as these platforms holds millions of people. Anyway, it's a gradual journey Bitcoin has to undertake to get there. Bitcoin hitting a global patronage wouldn't happen out of the blue. There is still more effort to put in place and we all have a part to play.

although bitcoin prices have gone down but bitcoin prices are still expensive for me, and if bitcoin is widely used in online trading I think bitcoin prices will be better and stable.

Interesting Perspective, do you think that there might be a way to lower the general transaction prices and make it affordable? I feel like you could technically use it today like PayPal, just safer. What do you think?

Sure, if it was accepted like paypal then it you COULD use it. I think there were operators getting into a space of being a middleman for btc payments by accepting btc and paying retailers fiat but that entirely defeats the purpose by adding friction. I'm not sure on the exact amount of an average transaction atm but i dont think it is quite there even with segwit. The lightning network, by my understanding, is trying to solve this by setting up a single on-chain transaction which would lower the cost over multiple transactions. If your purchasing a car then the %fee isnt going to hurt but if you pay the fee for every bottle of milk it would stack up.

Yes, I totally agree with you that bitcoin is very close to becoming a normal currency which people are using as a normal currency. I want to see the world to use bitcoin in their daily lives.

I think if a giant like amazon, walmart, the target will make bitcoin more needed and indirectly the level of bitcoin demand will increase

it's true what you say, when all the people and some countries of the world accept the existence of bitcoin and become a legitimate currency, bitcoin prices can be more expensive than today and for the next few months.
this may happen, even if for now only a few countries can accept bitcoin and this seems a bit difficult to do.

bitcoin stopped being on "the down fall" a couple of weeks ago!
and we are not anywhere close to seeing bitcoin as the worlds leading currency, it has the potential for sure but it is far away.

merchants, retailers,... adoption of bitcoin will increase the adoption in general, that is for sure but it won't make bitcoin price stable. the only thing that can make it stable is more trusted exchanges with packed order books instead of current shady/risky ones with thin order books.

Yes bitcoin price fall down but its price is still expensive no one can just buy a bitcoin in just one buying. And bitcoin can't be a price that you can use to buy stuff in the store. Yes it is leading all currency but its on crypto not the real currency like dollar that you can use to buy in store or in the market. Its just my thought.

For me, If I am going to put an analogy to it, I think that bitcoin’s price is viewable on the horizon but still far enough. Although I know what you mean when you say that it is so close yet so far. However, with how bitcoin has been acting uo and how volatile the current structure is I can say that we still need to have a regulations in effect which I think would help bitcoin and the whole of the cryptocurrency market greatly. That said I am waiting for a country to realky integrate bitcoin into them

Bitcoin can’t accept as a regular currency because of its high volatility. Still I am not seeing bitcoin as a major currency it’s more or less like asset or commodity. Even any shares or asset couldn’t find such a huge fluctuation . Bitcoin will be having this fluctuation in future also because of increasing popularity and demand other side only 21 million coins.

Yes it is true because little by little bitcoin is improving it's technology together with the countries slowly knowing more or accepting it's real world use. It is slowly getting mainstream by it's own organic way.  If reasonable regulations could be implemented without altering bitcoin's purpose then we could see it being adapted faster. I like this time of bitcoin's growth and I am happy to be part of history.

I also feel " I know this sounds messed up" Bitcoin is a phenomenal, no doubt but how we exalt it into the apotheosis of world leading currency beats me hallow. How is that going to happen? Bitcoin can't even survive without the Internet. Its workings aren't easily understood by the unlettered and illiterates, even the literate ones struggle to understand how the blockchain tech works. It's a good feeling to have about Bitcoin's position in world currency but an objective critique shows it isn't going to be possible.

Man I wouldn't know what to do with a car like that. My main wheels is a bicycle and I have a scooter for when I step out. With a cup holder for my beer.

A Lambo is the most useless car I can think off.

In fact I was in Singapore and some dude was driving a Ferrari, you can hear it miles away. So he pulls off at the light, gets to second gear, has to stop for the next light. I heard that car go about 5 traffic lights, he never got over second gear. Totally and utterly pointless.

Where I am you can't get over 80km/h in the entire country, just water buffaloes and scooters. So if I ever bought one I'd wall mount it. Just what you have to do if you make it in Crypto's I guess.

It won't be so easy. Fiat currencies have governments backing them, governments have armies at their beck and call. The US government has in the past outlawed the private holding of gold. Similarly, you can expect other governments to use all means at their disposal to prevent an alternate currency from flourishing.

Bitcoin will become the world's leading currency, but it will take some time. In countries like Japan it already is an important currency and more countries will follow. And indeed, many shops are beginning to accept bitcoin as a payment.

Yes I think it will possible to happen but maybe it takes time and this could be the hard things to do because for now there are many countries that still not yet adapting bitcoin and other crypto to their country so it's very hard to implement that project or platform worldwide. But I think maybe after 5-7 years it will be happen, well it's always depends on the market situations and in the government of many countries.

Okay Bitcoin is gaining popularity and blockchain is on the mainstream adoption so in the future we could see that we will have one big nation or one world order, One currency in different countries. This will be happening soon.

What it will take is government making a strong statement on its acceptance, adoption and usage then we are going to see the coin flying once that happens.

Correct me if I'm wrong, but in order for something to be a currency, people actually need to spend it. NOBODY spends btc right now. People just buy it with fiat currency and assume it will increase in value so they can sell it for more fiat currency. Bitcoin is the opposite of a currency in that people do not use it to buy anything and in order to use it in 99.9% of the real world, it must be converted into fiat currency.

No we are not close, Bitcoin is not yet recognized by all countries and sad bad true Bitcoin users are just the minority. Only 1% of the population use Bitcoin. If we want Bitcoin to be number one we need to see a less volatile price, we need to see more entrepreneurs willing to accept Bitcoin as a payment and we need to see more people who not buy Bitcoin because of profit they can gain  but buy because of its usage.

Bitcoin can't become a world currency due to it's limited number , but it can make it easier for cryptocurrencies to get more introduced and adopted in market and companies such as payment methods , in order to get a world currency we need a currency that acts like fiat money and that ain't limited by number and doesn't encounter as much fluctuations as bitcoin does , because regulating prices won't be easy with such a currency .
Many companies have already accepted bitcoin as a payment tool and other countries are already fully using Emoney as their payment method , which is known as "cashless society" , the cryptocurrencies are the future and the sooner we adapt with them the better .

actually it is what many people want, bitcoin will soon be accepted into the first digital money in the world, but for me it is not easy for local authorities to accept and legalize bitcoin, and now there is a government that has legalized bitcoin and making bitcoin to be used to buy goods or something just exist in certain countries,

Indeed.  Gradually,  bitcoin will be known globally. I takes time, but that way bitcoin reach it's position now are technically amazing.  Time will come,  bitcoin would be a leading currency as many investors invested on it, gradually will be number and trusted leading currency.

Bitcoin cannot be known as a global currency as of yet. Even if Bitcoin does indeed grow exponentially, it is not indicative of its status as a currency. Many countries still do not recognise Bitcoin as a legal tender and it is unfair to call something a global currency if it can't be used anywhere. The adoption rate is way too low.

Even if Amazon accepts it, that would just be a single corporations and it doesn't mean everyone would use it.

And also there's government in many country are prohibited to used bitcoin and it will banned it.
But I believe everything's gonna be alright because bitcoin was so profitable and powerful.

Bitcoin is still very far away from being the world's leading currency. It's not close at all, but it will become close if given enough time.

Fiat currencies are still dominating here. As high as the hyped up rallies of 2017 went, there was simply not enough actual usage of bitcoin to say that it was anywhere near being the world's leading currency. And that will not happen, unless adoption increased on a massive scale.

You're right, there needs to be way more than just a bull market for bitcoin to take that leap from being viewed as a speculative asset, to a legitimate global currency. And it's not going to be done overnight.

Retailers accepting bitcoin would indeed help stabilize the price and help push adoption, although these events will not happen overnight. Public awareness and adoption of BTC will increase slowly and gradually.

     Bitcoin is decentralized and impossible to become the worlds leading currency because more countries still not accepting bitcoin and you can't use bitcoin as payment in different store and company. Maybe it will become a leading digital currency which bitcoin already is. It is the king of all crypto. It will rise for sure because it has a highest value and always be valuable because a lot of people still believe and trust bitcoin. No doubt bitcoin will increase soon more than our expectation and speculations.

It is slowly getting mainstream by it's own organic way and Fiat currencies have governments backing them, governments have armies at their beck and call. Time will come,  bitcoin would be a leading currency as many investors invested on it, gradually will be number and trusted leading currency.

Yes I agree with it is a big help and chance for the bitcoin to known to others. It will make nore people to be intrested to join bitcoin. It is like promoting bitcoin and by that many people will recognize all about bitcoin.

I was sure of it. however bitcoin state I am now convinced that bitcoin will become the global currency that the world will recognize
although fiat currencies will never be replaced by crypto currency

It could happen Dude, because in my own country there are some markets that accept payment by using Bitcoin although still a little. But I'm sure bitcoin will be accepted throughout the world following the increasingly modern and all-digital era.
I'm not sure bitcoin is the official currency of a country, but I believe bitcoin will be the world's digital money that will be used all over the world. Hopefully

Bitcoin has a long way to go to become a global currency.

If you will be the currency compared with classical currency, the former will not be able to leave the network exists, although modern currency is increasingly digital, but as the notes of the currency symbol, at least in the short term will not die. No matter how the token pattern of money changes, it must be backed by national credit and even force.

So what bitcoin needs is more trust to be accepted by more people.

I agree. As soon as Bitcoin will become the number one currency in the world, the price is expected to stabilize. It is good that some leasing business establishments are already accepting Bitcoin as the mode of payment. This will definitely become a model that the other business establishments will follow. I have read another thread here that Bitcoin is already the 6th top currency in the world. That is not too far from number 1. So we are already going there.   

I am not an expert, and I do not study economics, but I can tell you that the world economy at present is very stable because of the previous economic crises. The world suite has solutions that will not happen again. Bitcoin can hardly be used as a payment solution if it does not remove criminals trying to use it for illegal transactions and countries banned from Bitcoin have to remove the ban on it.

It would be amazing if more online vendors started accepting Bitcoin or another coin / token as an official online currency. I have read of several ICOs hoping to implement contactless payment options and integration with third-party payment services. Should these projects launch successfully, it would be a game changer for crypto currencies in general.

I feel like though the price of Bitcoin has fallen down I feel like Bitcoin is very close to becoming the world's major currency.

bitcoin is very difficult if you want to set as the world currency. Moreover, there are still many rejections of bitcoin from different countries and this will make the bitcoin can be hard getting into a range of countries. that's probably one reason the basis for bitcoin it will not become a world currency.

I think that  bitcoin is not ready for now to become a currency that will be use worldwide due to restrictions from other countries where it had been ban from other countries. Another factor that bitcoin may not be considered this time as a world currency is due to it's volatility where prices of bitcoin is not yet stable.

I think, Bitcoin has now become one of the most important currencies in the world, as long as Bitcoin investors do not totally give up Bitcoin investment in bulk or Bitcoin is not completely banned all over the world. Future developments and improvements in the Bitcoinde system will help Bitcoin be considered a payment option.

I agree with you, bitcoin will have a good future, but to spread bitcoin to the world, we have to make a big socialization event in every country about bitcoin.

we want to straighten out the public's understanding of bitcoin, so they become aware that bitcoin has more benefits. there is no FOMO and no doubt in the public eye, we will change bad mindset them about bitcoin.

It has been foreseen that digital currencies will be the basis of economic wealth and stability in the future in lieu of gold and oil. Now we cannot absolutely confirm the accuracy of this prediction due to some current market situations. All I can say is that anything is possible. So I wouldn't be surprised if Bitcoin will indeed be the top currency in the future.

I believed also that sooner or later bitcoin would be legal in the type of transaction, as a matter of fact there are some big companies who already accepted bitcoins, and i can say that they are the leading model for the better future of bitcoin.

Actually, the use of Bitcoin in almost 70 countries is legal and to name a few these are Norway, Poland, Singapore, Slovenia, South Korea, Spain, Switzerland, Sweden, Turkey, United Kingdom, United States, Australia, Belgium, Brazil, Canada, Colombia, Croatia, Czech Republic, Cyprus, Denmark, France, Germany, Hong Kong, Israel, Italy, Japan, Ukraine, New Zealand etc. Being legal in those countries people used it in any type of transactions, e.g. trading, shopping, exchanges, etc. However, for Bitcoin to become the world's leading currency I have no idea.