Bitcoin Forum

The percentage of bitcoin users is growing all the time in all countries. The monetary authority's concern about the presence of bitcoin has turned into an opportunity for trust. For example, currently more than 35 percent of bitcoin circulation in America and in the next 10 years the percentage of funds invested or converted into bitcoin will be very significant.
 This phenomenon will be absorbed by the majority of countries in the world to then take strategic steps through the regulation of their monetary authorities in accommodating the existence of bitcoin. This was created because bitcoin was able to guarantee equal trust without intervention so that it was considered fairer and safer.
And in the next 20 years bitcoin will become the single standard means of transaction in the world beyond the role of the US dollar, yuan, yen, euro and others. The creation of a world financial mechanism that is more efficient, easy, safe, equal and reliable.

That's pretty much unlikely to happen, Fiat currencies could be at it's low atm, with devaluation, inflation/hyperinflation etc and also a struggling economy due to the pandemic to make things worst, but unfortunately, it's somewhat not possible for Bitcoin to become the only (single) means of carrying out transactions; newcomers to Bitcoin are always pretty much enthusiastic to suggest that, but the reality is that the use of Fiat currencies wouldn't diminish. Bitcoin is currency of control, freedom etc, that makes it slightly different from our regular Fiat currencies, and imo, BTC works pretty fine with Fiat currencies around (when they coexist), even when Bitcoin becomes mainstream, it still would be insufficient to be the "single standard means of transaction".
The thing is, the government do not want any currency they can't control, manipulate and print as much as they want, when they want it, and having said that, Government involvement or accomodation of Bitcoin ultimately results in regulations, which then erode the control and freedom it's users are in the network for.

This is wishful thinking. The goal of fiat is to maintain control over the financial system of the world. Due to its flexibility and being a way easier tool to manipulate depending on the current economic situation, governments would surely like to keep it that way for a long time until a new 'better' system that retains the flexibility of fiat arises. They can't do this in bitcoin, thus making it near impossible for them to adopt it even in the next 100 years. Sure they are warming up to bitcoin and other crypto given the potential of these digital financial tools/assets, but I don't see them integrating it directly on their financial system.

This. Also, I think these types of posts are typical of someone who has little Bitcoin. So, he likes to think more about how wonderful the future will be if he keeps holding than the present. Someone on the other hand who is a millionaire today thanks to having been holding for many years, may think about the great future that still remains for Bitcoin but I think he enjoys more the present moment and what is happening now. The institutional adoption is to celebrate it and what happens with the authorities in 20 years we will see, those of us who will still hopefully be alive by then.

I get that people are excited about what's going on, and that is why there are people who think that bitcoin will one day rule the world, I know many believe that, but the reality is that we are not going to have to deal with that, we have to deal with fiat for far longer, we won't have bitcoin as base currency anywhere in the world.

This means we will have to deal with something that will be basically 90% fiat and 10% crypto in the world if we are lucky, and that is if we are lucky, most probably it will be like 1% crypto and 99% fiat in the world and that is a good thing if it happens, even that is like a goal and not something realistic. Which is why I do not think that world will adopt bitcoin, world will use bitcoin whenever it wants, but will not adopt it as the only thing, at the first front governments will not allow something like that to happen.

Further, institutional adoption has zero interest in it as a currency. It's being spurred by store of value usage. The odds of bitcoin becoming a functional currency when the only major appeal to it is store of value is virtually zero. There are many other cryptos that beat the pants off bitcoin at being an actual currency. Bitcoin is slow, expensive, and can handle very few transactions at scale. Even a joke coin like Doge is better at being a currency than Bitcoin is.

Sounds like a daydream to me! Probably because you are ultra bullish about the adoption of bitcoin and I am not! Especially the third point where you have mentioned that bitcoin will become that single standard means of transaction in the world. That seems impossible!

Currently the world trade is dominated by USD. That is a single major currency that is used in every international trade. China is also trying to use Yuan for international trade. So I don't think any of these countries won't let bitcoin take over this space. International trades doesn't work as per our own will. It works as per the laid out norms by respective governments. None of them would want to introduce a currency system which they can't control. 

So yes, it sounds like a day dream to me, for a good reason!

It will be wonderful if all monetary authorities in the world do adopt Bitcoin but we should also be ready for the consequence. The last time I checked, they won't allow Bitcoin to be the standard means of transaction in the world that's one of the reasons they are also against the creation of the Libra coin which I believe is now Diem.
Having said that, it too early to make predictions about what will happen in the next 20years.

And this is also the very reason why Bitcoin is not to the governments' liking. Something that guarantees "equal trust without intervention?" That does not sound nice to the powerful. They may be sidestepped in the process. Although it may sound outstanding to the normal citizens, it definitely sounds threatening to the few who are currently holding the reins of power. Fairness is deemed good only insofar as it is imposed by them. If it's not from them, it's bad.

Surely, the monetary authorities don't like Bitcoin. The only reason why Bitcoin continues to thrive despite the opposition of the monetary authorities is that it cannot be stopped any the authorities.

They can't control the onslaught of this adoption, the people can use bitcoin whenever they want and even the government proactively tries to regulate/ban or oppose bitcoin, the only time that they can defeat bitcoin is when they try to suppress the people themselves.

It's one thing for Bitcoin to be safe, reliable, and transparent as you say, but it's another thing if the governments would adopt (if ever) Bitcoin. Just from what we have now, Government allowing Bitcoin is actually the limit that they could have at it, using it as a replacement for fiat? Doubt that. A coexistence right now (if you could call it one) is probably the only thing we'd ever get since leaders would never allow their power to go over to no one. That's basically asking them to kill their own methods to corruption and whatnot.

Its actually great that the amount of people and not just the Bitcoin within countries is growing internationally but at the same time, as time passes by, countries will continue to adopt Cryptocurrencies into their local businesses. It will still also be a great technology advancement since financial technology would start jumping in into this kind of system and from that point, advancement would just continue to into a better lifestyle for everyone.

That is quite interesting, as soon as bitcoin price is dropping a bit the authorities want to invest them self's. To be honest they probably just realised how much money can be made with bitcoins and want to get a piece of their own. Long term there is no way around bitcoins and it all comes down to at which you were able to buy your coins.

It's pretty interesting with something not happening right now. You used the word "If", we don't need to imagine that scenario happening because it certainly won't. There are many reasons for Bitcoin's difficulty accepting Bitcoin, such as:
The cost is too high and won't be applicable worldwide on a regular basis.

Major nations will accept Bitcoin as assets and will not see them as a replacement for their national currency.

Small countries won't accept Bitcoin's regular presence as they take away a significant amount of revenue from their service provision.

- All the countries who tried banning bitcoins did have to again lift the ban because people did not take it in a good way , many of the countries had brain drain and their most successful People even left the whole country and went to a place which was more crypto friendly. This actually shows us how important cryptos are for the whole economy and the people perse.

I do believe that we have to understand the fact that Governments are slowly understanding that they do not have to feel threatened by the cryptocurrencies but rather they can work together since during the pandemic they are actually earning taxes from crypto gambling sites and it's going well for them.

The only asset which showed a significant growth was indeed bitcoins. ( During the pandemic ofc ) Even right now the newcomers have an amazing investment opportunity! What else do we need ?

As much this will happen eventually, I do not see it happening in the next 20 years  not even in the next 30 - 40 years.
I actually do understand that with the increasing number of people adopting bitcoin and other cryptocurrencies in the world, you'd probably believed it won't be long before it goes all around the world. What you should know, however, is that this looks only so good in theory. Practically, it's not possible in that short period of time.
Bitcoin still has a long way to go in it adoption especially in African countries where there is a high level of illiteracy.  Not many people would adopt bitcoin there.

All? From those that have banned bitcoin a long time ago, like Egypt and Ecuador or Morroco none of them has lifted the ban.


Haha, common, don't tell me that you actually believe this?
You think that thousands of people are fleeing their country because they can't buy bitcoins?
Don't you realize how ridiculous this sounds?


I've been hearing this for years but nobody has actually shown in practice at least one time how the government is actually threatened by a cryptocurrency. Not one single example of how BTC could "sidestep" them in whatever process you're envisioning.
Bitcoin is money, is a tool and nothing else, just because you're avoiding keeping your money in the bank doesn't mean anything in form of threats to an authoritarian regime, you still need to live your life in the real world, they will still be able to tax the shit out of you, to impose regulation, to arrest you, and all the things they do.
We had a thread about how crypto is protecting human rights in Belarus and HK and Myanmar, how did it that end?
As others said, wishful thinking, some really need to keep in touch with reality.

Agreed, it is naive to think governments do not know all the damage they do with their fiat currencies to the people, they use them precisely because it allows them a great control over their population and over the whole economy on itself, bitcoin is not going to change this, even if the whole economy collapses tomorrow and people decided to adopt bitcoin as fast as they could governments can just force you to use their fiat even if you do not want it and they will keep their fiat in power even if they have to use force to get this done.

They have no other options than to accept and allow people to invest and make use of cryptocurrency like Bitcoin. The government are starting to realize that them banning cryptocurrency is not going to be making any impact at all or stop people from making use of cryptocurrencies of their choice. How exactly do they plan on stopping cryptocurrency where people are now going p2p with every move they make. It’s just like Nigeria that banned cryptocurrency, and banned exchanges like Binance and Binance quickly went p2p for their traders that are there. So the government has no choice than to just accept it.

Even how hard the efforts they control it still the widespread still huge thats why other countries are lifting out the ban they implied on bitcoin maybe they shouldn't think about bad about it as it really brings good opportunity to people and I'm really happy to see those countries who adopt bitcoin as well other cryptocurrency since it really helps people to give some opportunity to kill the traditional jobs which have full of discrimination.

thats why, even two decades from now, we will still have our fiat as main means of financial transaction. i dont think btc or any other crypto will dominate the financial area. maybe the adoption will increase but it will just co-exist with fiat. dont think that the govt will fully abandon the use of fiat. thats not gonna happen. just my 2 cents.
and the OP is misleading users by his title thread. a lot of countries are still treating bitcoin as illegal like bolivia, bangladesh and iran. just to name a few.

it will be replaced with digital currency though, it's still considered fiat which they are all developing these days for their CBDC. its very alarming but this is where they are going just as how the Chinese are doing it. the world will test the CBDC of Chine by the time Olympics starts. it's going to be held in China and tourists going there will try it for the first time. if BTC will be adopted and coexist with fiat, there will be possibilities that CBDC will allow its users to trade digital assets like BTC.

Bitcoin will dominate the financial sphere only if states take it under full financial control, and I don't see any real reason for this, because there are already well-established traditional fiat currencies for such purposes. Also, if bitcoin comes under the full financial control of the state, then it will no longer be bitcoin with its some degree of independence from the traditional financial system and bitcoin will no longer be of interest to ordinary people.

I would love to hear it if Bitcoin has been accepted and considered by the main authorities in monetary.  But honestly, I don’t really know that authority exists.  Correct me if I’m wrong.

Each in every country has its own Finance Departments that handle and manage the finances.  But it doesn’t mean they have the decision which assets can be considered for monetary.  It’s still going the be the consumer who would choose.  Even fiat that has been there since couldn’t get to the point of being accepted 100%.  That's really probably impossible.

But if this happens, imagine how successful we would become and a very good idea right there.  :D

Once the word decentralized on Bitcoin exist, I can't consider it government adopt Bitcoin as a monetary interest.

We still have a long way to go towards total global adoption, but the fact that we're getting there is absolutely good news for us bitcoin supporters and believers but with continuous support from us and backing from larger companies, the dream may not be so distant after all. Let's all work on that dream.

I think so too, with how big the population is compared to people who uses bitcoin and cryptocurrenc, we still have a long way to go. I am hopeful too that bitcoin becomes globally adopted but if we want it to be quick, we have to do our part in this adoption by teaching other people about bitcoin and it's benefits, just let them learn and not convert them, let them have the choice.

That is a good idea but thinking if it will really happen is far from reality. Fiat currency still have its use and also government can use the opportunity to take control of fiat currency just like what the government do before. Government may have adopted or accepted bitcoin as another source of payment but still government prefer centralized currency like fiat currency.

^ I do not really think that it is actually good to claim that all of the monetary authorities are now adopting BTC. Well in fact the percentage of BTCA being accepted is somehow at its lower scale yet. I admire your optimism but we are only in ten percent way there. On the other hand, fiat has been working well for decades now and it was only because of the pandemic why it has a massive decrease, economies going down and inflation persists.  Nevertheless, I think it would be better to accept that BTC can get at least ten percent of the market, the one hundred percent acceptance rate is very much impossible not even in fiat and other resources.

Yes, countries are not going to be banning bitcoin, and I believe that some of those that banned will come to a change of mind and lift the ban and allow crypto businesses to come into the country and people will be free to make use of it. Those of them that have banned bitcoin have seen that it is leading them to nowhere.

Imagine banning bitcoin when there is growth and there are lots of cryptocurrency businesses being established and providing jobs for the citizens, that’s not going to lead the country to anywhere, they will be the ones who are losing, since those cryptocurrency companies will move to countries where they are free to operate, and that, still, doesn’t stop people from using cryptocurrency.

The concept is there but the question will be how are these countries planning to regulate the market, will they be taxing higher percentage for the profits earned so that big investors stay away from the market and look elsewhere. Anything is possible and only time will tell where we will reach in the next decade. I am optimistic because i am pro BTCitcoin and i want to see the market flourish and want to see this as a major player in the foreign exchange sector.

I am not sure about it, moreover many countries still do not legalize Bitcoin.
In this case, we can see the chance of this may be about 50%.
However, what we can see right now is about the adoption of blockchain technology, but not specifically for Bitcoin itself.
Many governments may be interested to build their own technology-based blockcahin.

While the massive adoption occurs, the regulations for the use of bitcoin and cryptocurrencies would logically come. We are in the middle of that event, those who adopt it earlier will make the process quick.

Imagine a bit that we are beta tests to use a product. I think so and I feel lucky because I have some experience as well as most of you of a bitcoin and crypto lifestyle.

I don't know where the OP got this news from. But up until now, there are several countries that are totally banning the usage of bitcoin. But on another note, some countries are open-minded with this new technology. Though only a decade old, it has gain the interest ranging from financial institutions to top companies. The adoption is increasing but let us admit a lot are still hesitant to touch this industry.

Maybe he is just trying to predict what is going to happen in 20 years from now on. And I must say it's really a very optimistic prediction, as many of the so called monetary authorities are totally against the values promoted through bitcoin and its adoption. Most probably these authorities will take advantage of the industry, learning the technology, but to develop their own centralized currencies, letting bitcoin aside.

Unfortunately, there is still no reason to rejoice. States, governments and their structural organizations in general are not yet going to use bitcoin in their calculations, and this is hardly worth counting on in the near future. If there are such cases, then they can be considered isolated.
Bitcoin and other decentralized cryptocurrencies are not suitable for states due to their "no-man's" nature, high price volatility and uncontrollability. There is no doubt that they will issue their digitized central bank currencies using blockchain technology. In addition, the higher the price of bitcoin rises, the more states will have a desire to regulate the circulation of cryptocurrency more stringently.

Even though bitcoin has already gained much popularity all over the world, we cannot be certain about its future still. There are still a lot of possibilities that may hinder or may end bitcoin's era but let us hope for the best since we are all patronizing the use of it. For now, we should set ourselves ready on what can happen in the future and spread the word about bitcoin even through little ways like telling a friend or a relative. After all, if bitcoin would make it to that position in the future, I'm certain all the struggles and incapabilities will already be worked on and bitcoin would be flawless enough to be accepted and considered as the single monetary instrument in the world.

So where is the source of this little piece of information or you just decided to dream big and put it in writing?
Are you a time traveller that you already know btc will be the single standard transaction in the world, btc is just 21 million and we have billions of people all over the world, I wonder how this will be distributed.

Correct, and even when they do it they will try to reintroduce their fiat currencies at some point in the future as they cannot deny themselves the benefits they get from their fiat currencies, one example of this is Zimbabwe, the currency of Zimbabwe got so useless the government was forced by their citizens to leave it behind and the economy was recovering with the use of foreign currencies, but the government could not allow this and they reintroduced their fiat causing chaos and yet another collapse on their economy.

Bitcoin adoption is increasing at significant rate with major corporations like MicroStrategy,Tesla, Starbucks, Microsoft accepting and investing in bitcoin but still we need to live in reality that for Bitcoin to become completely mainstream it will require lot of time.At current only 1-2% of population is using Bitcoin for payment method and 3-4% are investing in bitcoin just for high returns.Fiat cannot be replaced so easily as it is legal currency of country,world trade is carried out with fiat and all business operates on fiat.

For Bitcoin to become Mainstream some things need to be corrected like:
1)High transaction fees
2)All the countries need to regulate Bitcoin for use in their jurisdiction.
3)Speed of transaction

So we can say that we are Bitcoin enthusiast but still we need to wait for what @OP is dreaming about so easily.

Bitcoin is ubiquitous and powered by cryptocurrency companies, P2P merchants, and exchanges. It can be said that Bitcoin has very good liquidity even on centralized exchanges and P2P exchanges.
Regardless of the future, for now, Bitcoin-related transactions have taken place all over the world.
After the US dollar, the Bitcoin coin is the next most liquid currency that we can expect over the next few years.

I don't think all could come up with that idea. In my own opinion, not all can adopt to what's happening with cryptocurrency and not all can transact using one. Not all governments agreed the use of crypto in the country and not all know about it. Poor countries will always rely on p2p transactions using local currency for them to survive and would never use money for gadgets just to have those cashless transactions.

I doubt the authenticity of the statement. Being single standard means of transaction is something unimaginable and hard to carry of, especially when bitcoin has a problem with network stagnancy and the higher fees transactions. Moreover, right now, the majority of bitcoin users only see it as an investment tool that has a high percentage of hedging against the dollar. In the future, I only see that bitcoin will become a sort of asset which is more reliable than gold or any other physical investment tool

Perhaps we will be able to see new development in the bitcoin system which makes it powerful enough to replace the current fiat system. But right now, I have to admit that bitcoin main purpose is to passively generate income for whomever invest

as long as the Bitcoin supply remains and it is still deferred for large holders of bitcoins. however, the system for distributing bitcoin in the wallet will be completely unknown. and as the world's currency, we don't know the rules for holding limits on the amount of bitcoin per user.

I don't think it would take 20 years to happen; I mean probably in next 10 years itself it may happen because technologies will be adopted more quicker than we could imagine. Already most government started realizing the benefits of using bitcoin in their momentary system but at the same time they might need some system for regulating bitcoins so that they will not lose tax revenues and other powers.

This is something that we are going to enjoy just because of blockchain technology and its inner layer of distributed ledger concepts. Certainly this is the face of future world finance and transactions.

replace? I do not think so. Bitcoin will only become an alternative alternative payment, which is interested in many people. We know that every country in this world is sovereign and can manage its economy including regulating the use of currencies. It is economic sovereignty, while Bitcoin cannot be fully controlled, that's why I say Bitcoin will only be alternative.

It is enough if it become world reserve currency. It does not need to replace national currencies. Just a currency in which all international trade is made and which central banks store in their treasuries.

The scenario that you are presenting is simply too positive for my tastes, it could happen but in my opinion governments are not going to like to lose the power fiat currencies give to them and the surveillance powers they get out of it.

It is way more likely they will resist with laws and regulations and if things get ugly we may see many governments banning bitcoin, and then only once bitcoin beats all of those hurdles then we could see governments giving up and finally accepting bitcoin and the fact that it will not disappear no matter what they do.

It always takes the majority of other countries to wait and see what the United States is going to do first, and that goes for just about anything, from laws and policies, to the adopting of westernized technology. Whenever the U.S puts up a fuss about something, or makes a major decision that involves adopting something new,  you'd best believe that the other nations will follow suit and wait to see how the scenario plays out. Being that crypto adoption is healthy within the U.S, Others nations are slowly becoming more laxed as well towards cryptocurrency adoption and related services.
  Let's not forget that this is still the wild west frontier as far as regulation goes, but order is slowly taking place. Go crypto!  ;D

Trust in bitcoin continues to grow and the involvement of institutional investor can guarantee bitcoin's future. If the government of a country is forever being tough on the legality of existing bitcoin, I don't think it will have a big impact on bitcoin. Adoption may still be hampered by it, but the government can't prevent the trust of these bitcoin users from growing. I am sure, for the following years bitcoin regulation will weaken even more when there are many countries that support its existence.

The leadership of the United States is not what it used to be, it is true that in the past many countries waited until the United States gave an indication of what it wanted to do in order to follow suit, but this is not the case anymore, there are now simply too many actors that are working against the interests of the United States that if we saw a negative posture coming from the United States I'm pretty sure that many of its opponents will decide to do exactly the opposite because they see in bitcoin a way to weaken the dollar.

This is especially true when it comes to China which has been doing everything that they can to weaken the dollar and even if they do not like bitcoin themselves they may think they have in it a valuable ally to achieve such a purpose.

it can be seen today, where even though there is no full support from the government, many investors believe in bitcoin so that the government cannot inhibit it, even more and more stock markets are opening trading for cryptocurrency