Bitcoin Forum

As we all know that bitcoin now are being made as a trading pairs to different fiat money all over the world. And we you go round the world having a good vacation on different countries you do not need to bring more fiat or physical money instead bringing gadgets and connecting to internet is enough to get fiat money after it will be traded to local exchange. In this way there is no need for one to bring more physical money as bitcoin could unify all fiat money around the world as trading pairs.

It's definitely an interesting thought, it's something that I've thought about in the past as well. What if I could just carry a USB stick with my bitcoin wallet instead of cash or even credit cards when travelling around the world?

I think that it's already possible, given that you are willing to convert your BTC to local currency at each of the countries you visit. That's a tiresome process, but it can be done through platforms like Localbitcoins quite easily.

Though, in the future, we may see bitcoin being accepted directly instead of indirectly through having to convert it to fiat first due to the rise in merchant numbers. Even then, however, I wouldn't call it a "unified currency for all fiat currency". It's just an accepted global currency at that point.

Yes it is already possible and yes it could get quite tiresome as suggested above.
It is not yet at the stage where it can compete with the ease of use of card or cash.

There are limited places to spend bitcoin so it has to be sold for cash or traded to
FIAT and transferred to bank account, thats not instant.

At this stage and for the near future it would be best to have cards and cash with
you for instant spending.

I believe bitcoin is the best currency for the world, we don't need permission from the banks to send our money and it can be sent with very little fees.  It will be much easier when everyone transacts in one currency instead of having to convert in between their government's currency.

Back in the days I used to wire money to a wide variety of different countries for business purposes, and the transactions basically looked like this;

My bank €100 + €15 in fees -> Bank X receives €100 + €10 -> Bank Y receives €100 + €5 (converts everyting to USD) ->  Bank Z (destination bank) $130.

It takes several days with how every individual bank has to ask permission to the other bank if it's okay to conduct this transaction. It's faster to fly our money to the receiver.

With Bitcoin you cut all that nonsense out and the other party gets his money near instantly, just takes some minutes to confirm.

We need wallet clients to able to calculate Bitcoin amounts in each and every fiat currency for more usability. Currently mostly all wallet clients are focused on the main fiat currencies, and this has to change. Bitcoin is for everyone and the demand for Bitcoin has never been this country diversified.

That right, Bitcoin does't only have huge potential, but it also can unified currency over the world as you mentioned the reason. However, we need a bitcoin Bank in that case, because we can not withdraw our money anywhere. It is not enough just bringing a gadgets or others devices and connecting to internet. We still need an authority where we can withdraw or money when we  go to other countries.

Bitcoin will not be condisered as unified currency as of the moment because of limited uses outside the cryptocurrency industry. It will be considered as such once banks and many other sectors consider it as a mode of payment for transactions, unless that would happen the position of bitcoin will still stay the same.

maybe it could, but it will take time, the term is like platform migration on a very large scale, you can imagine FIAT with its various pluses and minuses, replaced simultaneously with crypto usage.

Bitcoin is now almost used by people around the world, it becoming a new trend of investment or way to get extra income. It helps many people maintaining and earning their life. As you mentioned that it also unify for all virtual currency world wide. Hopefully, there will be an improvement of crypto where we do not need to go to the bank to withdraw our money, or it can be used for payments and other transactions tool.

I think it's that easy to use a gadget and trade Bitcoin to their local fiat currency in most of the countries because as we all know. There are already regulations that's been approved to stop anti-money laundering. And you have to need to verify your account first to a certain country because not all country uses the same exchanges, if you know what i mean.

This is very true. If all fiat currency could have a trading pair with BTC, it means we shall no longer bother changing our local cash to USD whenever one is travelling to a foreign country.

I believe that bitcoin is the highest currency for the whole world that we should not let us know from banks to send our money and we can send the minimum amount to be paid. This will be faster when multiple transacts in one currency will be more widely used to convert between money to our government.

Um..sure that could happen, but for that people should adopt bitcoin. I would like to spend my bitcoin, but not by carrying my hardware or my pc, but by using my phone. But here's the thing, I could get easily hacked, like its not worth to be honest, there are more negatives than positives which is a big bummer. I do use my bitcoin for buying various things, when I can, but I would refrain from using my bitcoin on vacations, its not required. I can just fiat, and not have any issues, you know?

I was imagining that it really happened, even a billionaire only traveled by carrying only a smartphone.
to pay for food, hotels and others, it will be really cool.

Unfortunately, bitcoin is not going to be something that will be able to unify fiat currencies.

For fiat currencies to come together, there needs to be a world central bank or world government which at the moment is not a thing yet. It might change in the future, but such change comes centrally, since the decisions of governments are entirely out of the control of bitcoin or the bitcoin community itself.

If you're asking the question of whether bitcoin can become a global reserve currency in the future and be used internationally, it already somewhat is. I think adoption growing will help its usability and P2P trading internationally, leading to more convenient transactions. If we see a sufficient market cap and adoption, we may even see institutional investors and potentially governments using bitcoin as a reserve currency, on top of average users using it to transact globally without added fees. It's a definite possibility, and I'd say probability as well.

Yes, that would be very great. This would eliminate the problem of converting one currency to another before making any cross border payments. Also there will be no legal formalities involved in making cross border payments. You can travel all over the world with only Bitcoins wallet with you. But I think lot of work has to be done on Bitcoin in order to be using it as mainstream currency. But this is more of a dream atleast for next 50-60 years because such a thing will remove inequality of income between various countries.

Yes it could be. It is a more convenient transactions and hassle free. crytocurrency can be exchange from any fiat and even you are in a vacation you dont need to go money changing shop just to fall in line and wait for your turn.

You Elaborated it perfectly. My personal assessment is that countries may not adopt it but they will allow it to grow meanwhile i am thinking that it is highly possible that Big economies like Us, Uk, China and Russia may issue their own national crypto currencies.

What you suggest has already been there for many years. Visa and MasterCard are there to help you out. Look, payment cards are like your Bitcoin, with that difference they are more practical and they are way more established, they are universally recognized as well as accepted everywhere (while Bitcoin is not), and you don't need to carry piles of cash with you either. Indeed, having a little of Bitcoin won't hurt you anyway, but so far it is no more than a backup option only. Though I agree, with Bitcoin you don't have to rely on anyone in particular, on neither Visa nor MasterCard

But your mileage may vary

Ths is one of the goals of bitcoin, as to provide more broad and satisfying services and products to its client/customer. I believe that this is possible in the future.

Bitcoin can be used like that if you like but bitcoin is nowhere close to be used like that for the majority of people, if you want to do that then it is way easier right now to use dollars, you can use a credit card that is denominated in dollars and then exchange those dollars for the local currency and have the same experience and it will be way easier to do that exchange due to the popularity of the US dollar.

With a lot of countries going cashless bitcoin becoming a unified digital currency is definitely possible. It will be a lot easier and safer to carry than fiat money or even credit cards and debit cards. Hopefully, more and more establishments will start accepting cryptocurrency as payments as well in the near future.

Yes, I also believe that bitcoin can help as a tool for everyday needs, if I want to go to another country, I also really need it, but we also need the Bank as a medium of exchange, because without banks how would they exchange currencies, if in a country where people need paper money?

Usually bitcoin is sold in USD or EURO, even locally when you exchange, firstly you get bitcoin exchanged in one of them, it depends on which currency has major impact on country's economy. Bitcoin -> USD/EURO -> Local currency. There is no need to bring physical money, have a card like Xapo or debit cards with good terms, can't see any idea in your proposal.
Oh, also if you only hold bitcoin, you don't know how will price change, so better to avoid any unwanted issues.

States and their bodies will never use bitcoin or any other decentralized crypto currency as a single base currency around the world. There are so many reasons. This is a public form of mining bitcoin, which does not have a country of its creation (extraction), that is, for the functionality of bitcoin, in fact, no one answers. Bitcoin is not provided with anything and therefore has very high volatility in the price. It practically can not be controlled by the state. It has absolutely no binding to the economy of any state. For certain individuals or even groups of individuals, bitcoin will always be inaccessible for use for various reasons.

Well it is true that Bitcoin can be use for spending anywhere in the world but it needs more improvement so that it could equal the US Dollar in which it can be use instantly around the world unlike Bitcoin that not all establishments are accepting it and the need for internet is vital on every transaction.

Concerning the comments above, it is difficult to use Bitcoin as "unified currency for all fiat money around the world."
Let's say someone visited Russia. Unless there were a possibility of creating a Russian bank account or Bitcoin ATM, he would not be able to transfer Bitcoin to the local money. "Even if he uses localbitcoin, payment methods will be limited [except cash which is considered dangerous]."
After Bitcoin is legally accepted, things will change dramatically.

That's hilarious. And not that part about Bitcoin not being ready to be used as a "unified currency for all fiat money around the world", which is true but not hilarious, but the part about Russia and someone visiting it being unable to convert their bitcoins to local money, i.e. Russian rubles. There are literally hundreds of exchangers willing to convert your bitcoins, litecoins, or whatever to whatever else including a full spectrum of payment cards starting from Visa and MasterCard and ending with things like AdvCash cards and a whole host of cards issued by local payment systems (like Mir, Yandex.Money, and their likes)

And with these cards you will be able to cash out at any ATM (if you would actually need this)

Unfortunately it can't be. I mean nothing can be but bitcoin definitely can't for sure. First of all lets take a look at why nothing can be global unified money ; because some countries are doing well and some are doing bad and even in euro zone German people hate Greek people because they lose the value of their money and Greek people hate Germans because they feel the economy is not proper because of outside stuff and Germans expect them to fix it.

Now, that we know even euro-zone is troublesome, global unified currency can't be done as you can see. Bitcoin is getting popular barely and when dollars and euros have been here forever and still failing, doubt bitcoin can do that.

Well, it cannot be equal to USD in the logical sense because USD is fiat and centralized. Sure, the idea of seeing it being used all over the world and being a currency more preferred by a lot of citizens of each country could be possible, but we also have to understand that each government will still want to push their fiat and find a way to keep doing that even if it is on the blockchain to at least still make fiat stay relevant, so, i still cannot capture my head on the possibilities of it working out.

Yeah, a time will come when bitcoin will be easily used for payment purposes, and then people will tend to realize how easy things are meant to be without anyone trying to be in control and in this case the government. As a unified currency even though it sounds cool to the ears, I am pretty sure it is something that the government may not really want to allow, but over time, as adoption keeps increasing, real life usage keeps increasing, who can tell?