Bitcoin Forum

Everyone on the forum knows what Bitcoin is. We already know that many countries have removed this currency from the ban. I mean, will all the nations of the world use Bitcoin as a currency?How important will it be? It will not go to the good side to the bad side?I want to know the opinion-

No. And this is by no mean a pessimistic view. BTC was the first, but I doubt it will be the last and only. What I mean by this is that BTC is just a stepping stone to a future with crypto. As with FIAT, I doubt we will have one worldwide currency, but an assortment of government-created cryptocurrencies. At the end of the day, BTC is too volatile and lacking of being controlled that the governments would put so much trust in it.

In addition from the above post, Bitcoin doesn't have physical coin everything in crypto are digital.

What do you think about other people who don't know about Bitcoin do you think they will use it or accept it?
I know there is some restaurant who accept BTC but not all people pay with bitcoin it's just an optional.

Look at this, Legality of bitcoin by country or territory (https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory).
There are some countries Bitcoin is legal but the banking ban and its worst most of them are totally banned which is illegal and lucky those countries was implemented legal tender.  Now, if the banking system banning Bitcoin, how could the nation use Bitcoin as one currency.  Probably time will come, those countries that banned Bitcoin will someday realize how it will useful to society, or until such day they will realize that most of their people using it and no one can stop.

The fact is, most cryptos of those enthusiasts realized that keeping Bitcoin to store value is much more important than using this as a currency to pay online.  They are hoarding this and waiting at the right time to gain profit.

It is evident recently that we see some countries lifting their ban which is good for bitcoin but for the whole world using it as a local currency, I don't know if what you mean will be that it will be in printed form like fiat or will be the most used currency. For all nations to use it I will say not visible as we have some countries who are underdeveloped and haven't heard or known about this coin.

Enough as a payment intermediary is more than enough, as for the adoption of other countries, we must be able to have the same understanding as local governments who like the existence of crypto. In our place, although Bitcoin is not a legal payment, its position is very special, the government only places it as a medium of investment and trade.

Bitcoin at its current state is not scalable for worldwide usage. Moreover, Central Banks wouldn't let some random currency to take over in near future (I'm not saying it won't happen at the end) and until then I am 100% sure that there will be not just one but many different currencies and all of them will be equally valid. I see a future with tokenized asset instead of money, tokenized wheat, tokenized butter even tokenized houses that you can exchange 1-1 instead of putting money into the equation.

Money was invented because it was hard for people to trade 1 tonnes of carrots for a horse cart, now we have the technology for that, a facility can provide the storage and issue some amount of tokens for the carrots, that person can then sell those tokens to businesses for goods and other tokens, and businesses can claim those carrots later on.

Some countries may use btc as an option to their already known legal currency, even though some countries may decide to legalise btc I doubt they will have it as the main legal tender, btc is highly volatile which can be a strong point of consideration for many country, an optional currency will be possible but as main currency will be difficult.

I can never see Bitcoin being accepted for use officially alongside any major fiat currency. There may be certain countries who have fairly small economies that accept its use, however that will be the extend of it. Governments want control (via central banks) of their own monetary policies and that becomes impossible if you are using a currency where you cannot expand the supply if it is required. Every country in the world loves being able to depreciate their own currency because it makes any debts owed cheaper to service and allows them to export goods to other countries for cheaper - there is a constant battle between major powers to devalue. Besides all that Bitcoin simply does not have the processing power to cover all the transactions required and there are options that allow for instant settlement which will always be preferred. It has a useful purpose - moving larger amounts.

El Salvador has accepted bitcoin as a legal tender but possible other countries may not accepted that. Also some other countries are working towards accepting bitcoin as a legal form of payment but not as a legal tender. It depends on what the future holds, if the governments see bitcoin as threat, they will regulate it in a way it will not be used more of currencies but this does not change bitcoin at all to be an asset, this is the reason why I like bitcoin.

Let's not fprget fact that, the currencies of the world is a national symbol for the nations that uses it. Bitcoin on it's own can't contest that and despite the fact that, most nations might do what El-Salvador did in the near future, the local currency would still be very functional. Bitcoin would be used when the need applies and when it's most convenient.
Lifting of bans while the rest of the world is hinged on a global adoption is going to be hard. As government always looks towards the adoption of what they can control so, we are likely not to see a crypto or bitcoin enabled world without some really strict regulations from the government and should this be possible, it would defeat some of the bitcoin goals in the long run.

The currency being used by each country has different value when you use it in other countries. It means that not all currency has the same value and it somehow maintains balance towards each nation's economy although third world countries has the lowest value compared to other currencies. Bitcoin, as the world's only currency might be possible someday but there would be a lot of adjustments and innovation needed first so that it would work smoothly and properly regardless of the country. The outcome is still not clear since it is just a theory and there are not much proofs about it yet but maybe we'll know through El Salvador's recent legalization of bitcoin.

We should not expect that every country will follow the path of what El Salvador has taken.
Every country has their own financial approach towards crypto.
Just be grateful if some of them are already considering btc as a legal form of payment.
The adoption that btc has achieved today is I think already more than what Satoshi has envisioned.
Regulation of crypto is not part of it, but as time goes by, we just accept it to further increase its scope of use.

People need a reason to adopt Bitcoin. And this reason should outweigh Bitcoin's flaws or the flaws should become smaller with time. Bitcoin's main's proposition is that it gives the user control over their money, but most people aren't interested in control, especially since it's also a burden, they are fine with outsourcing it to a third party. Inflation is also not a problem for most, because either they don't have enough money to notice it, or they store their wealth in assets. Bitcoin gains a popularity as one of such assets, but it's not becoming significantly more popular as a currency that also serves as a savings asset.

Currently it won't happen and in the future it's difficult to say Bitcoin will be legal in every country as they all have different views on crypto, even though only a few countries banned Bitcoin it'll take time to lift those restrictions. As of now using Bitcoin as a local currency is a bit of a hassle since you have to use exchanges for better spending options. Then again it's still important to have people spend them as a currency it encourages more payment options plus that's one of the main reason to use Bitcoin but we can't blame the others for not doing the same though.

Bitcoin is touted as new in the millennium. From a mathematical program code for a computer system device, Bitcoin then managed to establish itself as a universal currency. Bitcoin qualifies as money because it is durable, rare, shareable, and recognizable. In the end, the most important thing for an award to gain recognition as money is the trust and acceptance of the community. Well, the condition is a general convention. Even people recognize paper, metal, gold, diamonds, mutual funds, stocks and other commodities as wealth as well as a mere convention. transfer of capital and means of accumulation of wealth. Bitcoin has accelerated its amazing function from a technological product solution to an 'idol' of wealth. Not a few people in the world believe that Bitcoin will be a superior and powerful future currency.

There will be countries that are going to totally opposed bitcoin, specially oppressive government because they don't what their population have financial freedom (and any freedom for that matter).


It's too early to say what will be the good and bad effect. But we have seen countries like El Salvador, Japan and even Australia embracing bitcoin as legal tender. And so far, specially the last 2 nations that I mentioned have some bumps along the way, but still bitcoin is being used and government are still allowing it to flourish.

I don't think that is possible at the moment, Bitcoin lacks a lot of flexibility to deal with it on a daily basis as a national currency in addition to its high volatility, if you want to buy a sandwich for example does the seller have to wait several hours to get the price of a sandwich in Bitcoin? This is difficult, in addition, the economically strong countries will not accept to have the same currency that the weak countries use, but it is possible instead for the Bitcoin to be the second monetary currency next to the national currency of all countries, and for the Bitcoin to be accepted as a global currency in the world like the dollar.

If they smell some profits on it, they wouldn't think twice to give it a try. Some countries are just don't really want to get to the point where they implement bitcoins to the public and doubt about it later when the price has fallen in the crypto market. If that is the case, the good thing to do is stay neutral about it and let those companies run on their countries and get some reasonable taxes from them. Of course, they need to warn their people about those scammers who will gonna take advantage of the situations.

Not banning Bitcoin does not mean accepting it as a currency. However, accepting Bitcoin as a currency may not be important to them, I mean from the government's side. Why would they do that? A currency beyond their control is devastating. Bitcoin is highly incompatible with current financial, economic, monetary systems, and even law enforcement policies.

The people may want Bitcoin's features but not the government. However, I guess the general direction is still toward regulating the use of Bitcoin as the demand for it is rising. I hope this will end up on the good side. For now, things are still a bit unstable primarily because regulators and policy-makers are crafting policies on something which has yet to be thoroughly understood.

The popularity of Bitcoin is far from enough, and there is still a long way to go before it becomes a world currency.
Most countries in the world are cautious about Bitcoin, and there are still many countries that oppose the use of Bitcoin. Bitcoin still has a very high threshold, and the government cannot track transactions that manipulate Bitcoin.
And the price of Bitcoin is very prone to large fluctuations, which are very rare in legal tenders, so Bitcoin is not suitable for becoming a world currency.

In my country, it looks like it will only be an asset or like an alternative from the financial side that still sells it to the local currency. When viewed from the overall side, I think it is still a matter of consideration and it is not certain that Bitcoin can become a currency like local currency, maybe only a few or most countries can adopt bitcoin become legalized, of course it depends on the government system of each country.

Bitcoin really gain popularity worldwide especially during pandemic wherein people are staying at home and their attention is on the internet to look for opportunity online and one of that is crypto.

But even the users are increasing and some countries lifted the restrictions they set on bitcoin, it doesnt mean it will be use as currency together with fiat. Using bitcoin in everyday transactions wont be as smooth as we anticipated it to be, you need gadgets and internet (not to mention the fees) to be able to transact and these are some of the hindrance on why it wont be easy.

Nevertheless its a good alternative however it still depends on the stance of the particular country regarding bitcoin.

Many countries in the world allow Bitcoin. And from that countries, you can purchase with Bitcoin where it's acceptable. But don't expect ever we can use Bitcoin like physical money. It's because of a lack of knowledge about Bitcoin. Just ask yourself how much percent of people in your country know about Bitcoin. Of course, there is advantage and disadvantages using Bitcoin during purchase goods. It would be a long story, in simple words, you can use virtual currency in a physical store and you don't need to carry any physical money. The main disadvantage is double-spending, otherwise, you have to wait in the store until getting confirmation and transaction fees are another disadvantage. So only Bitcoin lovers would use Bitcoin to purchase or sell goods lately.

Many countries allowing BTC whereas there are many countries which still have banned the coin.
Now as the coin is getting more recognition and people are using it , so the countries are becoming liberal to allow the coin.
It can’t be treated as a local currency though, but yes it can be used for sure.
The government will use it as a form of barter system, like exchanging the assets.

When you say "We already know that many countries have removed this currency from the ban" was it is ban in all countries before? Only one country has legalized it as a legal tender, El Salvador and even though some countries have not banned it, it is not a legal tender also only that some organizations accept it for payments within that country. It's going to take more adoption even within whichever country before we can really see bitcoin been accepted by most as a currency even though it is not a big deal if they don't IMHO. 

Bitcoin has been used as an example of currency, and more and more countries have begun to support the acceptance of Bitcoin. As the final transaction of currency, both parties must recognize its value in order to complete the exchange. However, some countries still have not lifted the ban on Bitcoin, and the liquidity of Bitcoin is still insufficient. There is no restriction on the circulation of Bitcoin in a small area, but it cannot be used as a universal currency in the end.

They wouldn't, there's a certain pride that these countries have that won't make them consider bitcoin as a local currency, remember that the national currency of a country have some back story as to why they were chosen, some might even say that those banknotes are even their identity. So in conclusion, it's impossible to replace a nation's currency with bitcoin no matter how attractive it is and it's current price is.

I think that it's for the better, doesn't local currency have laws as to why they're there in the first place? Plus, pushing for this one will make things sour between the country that either supports or is neutral towards bitcoin. Probably doing what El Salvador did could be followed but a total replace would seem to be disrespectful.

Every country has a different view of cryptocurrency, and the scope of countries in the world is too large. Many countries have no choice but to adopt Bitcoin. Bitcoin is only used as a payment method. The right to choose is still in the hands of consumers. I think some countries may keep up with El Salvador, but as far as China is concerned, it will not choose to accept cryptocurrencies.

Some countries have accepted Bitcoin as a payment method and use Bitcoin. We can use Bitcoin to make purchases wherever Bitcoin is accepted. Although many countries support Bitcoin and accept Bitcoin as a payment method, this does not mean that it can replace their domestic legal tender. The final choice of the country depends on the national government.

Local currency does have a history of its own why it was chosen to be used as a transaction tool in a country. So Bitcoin, which may be more attractive
and innovative, is unlikely to replace the local currency of a country. Local currency is indeed an identity for a country, and will be maintained to be
the most important means of financial transactions. Even some countries that have legalized Bitcoin, do not think of replacing their local currency
with Bitcoin. Bitcoin will only be an alternative to local currency for payments.

Most governments do not want ANY competition for their local reserve currencies, so they will do anything in their power to squash any competition for their power over local currencies. You have to remember this, governments have full control over the supply of reserve currencies and they have ZERO control over the supply of Bitcoin... so why will they ever want to relinquish that power to a new currency?

This is why you see government regulating Crypto currencies and also defining it as a Commodity. A Commodity are not in a position to compete with their reserve currency.  >:(

That's may be happen but maybe not in my country. In my country there is only one currency that allowed to be used by citizens, it is our national currency. I think this is one of the proof that all citizens should love the country, maybe I can call it nationality. Anyway, holding bitcoin is not prohibited in my country. Need good infrastructures to make it happen.

 
I guess with special agreement the world can use bitcoin as a currency. Bitcoin is a digital currency that came to eliminate poor financial transaction in the world.
It will bring more development to the world economy. It will reduce unemployment in the the world and it will make financial transaction more easy to all citizens in the world, if bitcoin accepted as a currency in the world.

Bitcoin is not and can never be a solution to unemployment but this considers as an alternative currency online which everyone could enjoy unless if it was banned in their place.
Although we wanted to have Bitcoin use offline and can be a part of living, that was still far from going to happen due to slow adoption and local support. In fact, only a few establishments are accepting Bitcoin payment which is hard to adopt when we go offline. Maybe we could think this a decade from now but we are still not sure how this going to happen if the issue of its volatility hasn't changed.

I don't think all countries will use bitcoin as a currency, not because bitcoin is bad or anything, it's just that not all countries are ready for adopting it yet. There are so many countries that lack of internet services in some areas, and of course internet is so important if we want to use bitcoin as a currency. Although there are so many great advantages that bitcoin has, but I think it will be hard. I guess it might be great though, like we all have only one currency, so we shouldn't be confused, or stressed over rates, and other things if we only have one currency. However the implementation won't be that easy.

For countries that doesnt have their own currency I guess they can use Btcoin. El salvador  didnt have their own currency that is why they made BTC as legal tender. It will be hard for countries to abandon their established local currency because its part of their culture already. 

New countries that could gain independence I guess could declare BTC as their currency easily.

Mass adoption is slowly happening. This is a good thing because it will benefit the cryptocurrency community. The users will have more options on what mode of payment they will use. This would also entice new investors along the way. However, bitcoin as a legal payment is still almost impossible to happen unless a particular country has no other choice but to adopt it as their local currency instead of dollar.

In addition, it would be hard for most to adopt because most people are used with traditional mode of payment. For sure, fiat will still remain to be the primary payment for transactions most especially given that cryptocurrency's nature decentralized and volatile. It would be very hard for the government to control, regulate, and monitor it the moment they will accept it as a local currency. They wouldn't just allow a speculative asset such as bitcoin to instantly take over and then they will lose control of the financial aspect of their nation for doing so.

Bitcoin becomes the international currency. This currency is used in the worldwide. We can also named it as a local currency of the world. But the best thing is that it is not a currency of a country. And there is no owner of this currency. Satoshi nakamoto is the founder of this currency. But the concept of this currency is that it is decentralized and anyone can used it from anywhere in the world.

For a country that has its own currency, it seems as if it has sovereignty and by strengthening its own currency, the sense of nationalism seems to be thick. therefore it is indeed difficult to leave the currency itself, and moreover have to equalize the currency for all countries. but it does not rule out the possibility that if it is in accordance with the situation and conditions, it is not impossible that bitcoin will be used later too

As I understand you wonder if Bitcoin is likely to become less volatile in the future. Well, according to some economists, Bitcoin will become less volatile when ETFs on Bitcoin appear. It is said that all assets (for example, gold) become more sustainable when there are ETFs on them.  Some countries have already accepted Bitcoin as the means of payment, so I am sure that it will sweep the globe.

I don’t think this would be possible in the current situation. Although Bitcoin is currently considered a good investment vehicle, it is not yet suitable for day-to-day transactions. Companies and organizations that are using Bitcoin as a medium of the transaction are aware of the future growth of Bitcoin and consider it as an investment. However, the general public, especially those who are not aware of this technology, will not be interested in managing their daily income and expenditure through it. Therefore, in the current situation, it is not possible to use Bitcoin as a local currency at all levels.

The era of digitalization of technology gave birth to Bitcoin as an exciting new currency for the world community. He became an alternative to complete the needs of financial transactions at the global level who crave convenience, efficiency and security.

the country is struggling to strengthen the local currency as a legal medium of exchange, so it is linked to bitcoin and made into a legal medium of exchange I don't think it's possible. if bitcoin is used as a running asset, if the term is economic with the aim of strengthening the country's economy, I think it is possible and many countries have adopted it.

No it will not. As you have mentioned, several countries ban it due to the fact that these countries are afraid of the decentralisation of it. They can't tax nor benefit from using it because BTC's vision is to have an electronic money outside the authority of any central provider. In example, China bans bitcoin because they were afraid that BTC inherent speculative nature threatens their economic stability.

For countries to use Bitcoin as local currency will be a good innovation  will have it's own advantage and disadvantages for people that have no good knowledge in cryptocurrency and how it works. Bitcoin is very volatile and many new adopters might be shocked and depressed on how the valuable of their Bitcoin is falling and rising making it hard to sell back to the market when the need occurs, and it can cause delay for investors waiting for the price to go up to the price when they acquire in order not to make loses.

Bitcoin will be a good idea if it's used as local currency making it more volatility for traders to trade and for short buying and selling. It will reduce the stress of cashing out funds from the bank or going to queue for one to collect is own money

Bitcoin is important for transactions that cannot be traced. It's also important for investment to get  profit , it can also be saved without no stress instead going to the bank

I am not sure why would anyone has to wait for a country to give permission to use them as a currency, everyone in the market is trading irrespective whether your local government announced cryptocurrency as a trading asset. If that is the situation then why would anyone wait for the government to form a legal framework. If you are a merchant start accepting Bitcoin rather than waiting for permission.

That vaguely happens in this current timeline.
We can just all agree that fiat, digital money, and cryptocurrency could all co-exist and use it to pay for everything. Bitcoin as a local currency has a lot of downside, to name a few are volatility, needs to have an e-wallet and internet to do transaction, and not everyone is tech-savvy enough to use Bitcoin in a daily transaction.
If that actually happens, I guess we still need to wait for quite a long time for Bitcoin to be totally globally adapted.

Yeah you are partially right because i noticed that the possibility of making or turning BTC to local currency will be at higher potential, normal fiat has gather firms before the existence of cryptocurrency more especially bitcoin in particular, so using bitcoin purchase our needs in our various domains will not be as easy as we expected because old adults has not acclimatized with uses of fiat currency and is not all countries that legalize the adoption of bitcoin, some countries accept the BTC transactions or exchanges but not every country, so before this view of yours will come in accomplish it will take a period of time.

Already some countries have leaglized the usage of cryptocurrencies. In those countries it is quite a possible thing to gets recognised as a local currency. It is stated bitcoin could eliminate unemployment which is a wrong understanding, It gives transparency and accountability through its better infrastructure. The same doesn't have the potential to overcome unemployment issues.

Unemployment is a social issue that mostly happens out of corruption, which can be solved only by the active plans of governments.

As far as I know I haven't seen the countries that ban bitcoin back down from that decision, aren't you confusing countries that allow bitcoin from the countries that ban bitcoin?


eventually yes, bitcoin is something that is becoming popular with big investors and big companies, governments are driven by big companies and big investors, so eventually every country will use bitcoin as a means of payment, but that doesn't mean that someday bitcoin can replace the local currencies of each country, because this is impossible


the price will go up a lot and people will be able to become a little more independent when using something decentralized


there is no way to have a bad side

so far digital currency or e-money is indeed more common and can be used legally anywhere, depending on the currency of each country. This is also easier to use, many banks already serve e-banking so that transactions can be done easily using only a mobile phone.

whereas crypto currency, doesn't seem to be able to easily replace the country's official currency, it will just be an alternative. in addition to its use which is quite complicated for ordinary people, not everyone is ready for a decentralized system, not everyone is ready to become their own bank.

Bitcoin is completely banned in my country and Bitcoin users cannot use Bitcoin directly. So it is not possible to expect Bitcoin to be legalized in our country as a legal currency. Moreover, the rest of the world accepting Bitcoin as legally. So we can easily guess that bitcoin would be a legalize currency one day.

Bitcoin right now? Not really. Imagine if all countries in the world made bitcoin a legal tender. This means people will starting investing and using it as a currency. This in turn will cause network congestion. And when that happens, you what's going to happen next. I am sure you have seen it. Absurd/insane transaction fee and very long waiting period for just one network confirmation. We need something better to overcome the current issue. If no solution is found, bitcoin can't be used as a regular day to day currency.

The government measures the unemployment rate through real jobs or under government protection, while jobs are carried out by professionals such as investors, bounty players who generally have high incomes, trading players like we do now. many bitcoin adopters are already successful, are they still considered unemployed. Broadly speaking no, so the use of bitcoin as a transaction tool can reduce unemployment.

Countries that accept Bitcoin as a currency are great. But I'm sure they will collect taxes, which is what has to happen. The government can't accept a currency that it can't control and does not get any benefit from bitcoin.

Although it is convenient for people to adopt bitcoin as a currency it may take a long time to use bitcoin as a local currency. Bitcoin has not yet been properly introduced in many countries of the world bitcoin is much more secure for crypto than local currency individuals are able to do everything as they wish the government has no control. For example the way it is doing business now someone is buying and keeping it selling it again when the price goes up but as has happened in the capital market in our country there is also an opportunity for deception due to misunderstanding.

it is certain, taxes are a source of state revenue so that the government seems to always look for a tax field to get state income and later use it for the welfare of the community. Even though it's not legal yet, we are actually already burdened with taxes, which is when it's time to convert to a bank account

not all country are crypto friendly mate.. And we all knows that many people nowadays are still using bitcoin in other ways wherein against the law, reason why some countries keep banning this kind of asset even it has a big advantage than real fiats, and the common problem is when it comes the activities such mining..
Yes there are some adoption in other countries and they really turn bitcoin as a legal tender. But its limited only and there's a boundary how people can use it in public..  But expect soon when there's a bad activities again when it comes to it. for sure those country that accept bitcoin will decide to ban it as well without hesitation.

Assuming the Taproot activation in November reduces the consumption of transaction gas fees significantly, does bitcoin have a scalable solution for usage and even if bitcoin lightning increases the likelihood  significant in terms of transaction performance.  The big problem is that bitcoin's volatility indicators have yet to set a standard for being a local currency, not to mention it's still a matter of strict legitimacy.  This is a real struggle like El Savaldo did.

Bitcoin is the only pressure on the government, whether they will agree to let bitcoin become the sovereign network for traditional fiat.  Lol, we definitely need a scaling solution and framework - the government knows it but they don't really do it.  Sometimes I don't expect bitcoin legalization to replace local fiat.

How much time will it take to solve the perception of the poor, who do not have smartphones, PCs, laptops for daily payment activities, although

Maybe for the part of Gen-Zs and Millenials, but the older gen that are governing the world right now would not be able to catch up with the current technology we have today. I highly doubt that literally "all nations" would use Bitcoin actually. There are just too many political issues that other country encounters, and to be specific in one example, corruption.

For sure some government even see cryptocurrency as a medium of money laundering that is why they implement KYC verification when using custodial wallets, I am pretty sure that everyone wouldn't like to do KYC in every transaction they made.

In my opinion, I don't think Bitcoin can be accepted by the many majority of countries anytime soon. There are many roadblocks that needs to be passed before this can be adopted by many countries. I think it is not even a priority of the majority of countries for them to prioritize making Bitcoin a legal tender in their country as they see one thing that can be a hindrance to overall control and that is the decentralized nature of Bitcoin. Whereas many people want to adopt Bitcoin, governments around the world are not that enthusiastic on that.                                                                                                                                               

The government probably sees it as too much unnecessary work to do and would rather stick to the old traditional way of payment system, perhaps the issue of scalability needs to be address first then other things will follow, the workload will be massive if btc where to be use as local currency, once this has been handled properly the rest minor issue like changing perception of the poor will be easy to handle, once you have a working system it won't take long for people to start adjusting to the new system.

there is a chance for this because countries are unbanning btc . they finaly figured out that btc is not bad but it can do good to thier economy

its important that all countries will adopt btc because this can make the btc price grow bigger and maybe more stable but what important is will now be easy to spend our btc or its use will now be widened than before .
 cant think of any bad effects if btc a country adopts a btc

It is really good to see Bitcoin in different manners of use. As a local currency inclusive. This uniqueness comes with the whole package. What I do not agree with is saying Bitcoin would be the general form of exchange between all countries, I doubt this would happen because I believe no country would want to build it's entire economy on an uncertain platform as Bitcoin.
Bitcoin is already far beyond this age, what I believe should happen in the future is that we adopt it and maximize it to its full potential

Bitcoin in some countries is still prohibited if it is used as a means of transacting goods/services. But this does not rule out the possibility for you to make it an investment tool. Many people have made bitcoin an online investment venue during this pandemic like this. This cryptocurrency can be done anywhere, as long as it is important that your signal supports it, apart from filling your spare time at home, investing in cryptocurrency can also generate income.

If anyone says that they know for sure what is going to happen with bitcoins future, they are completely full of you know what. Personally I don't think that bitcoin will likely ever replace the the dollar, or whatever your currency your country has.  I think that eventually there will be some sort of merging between the two, but this is likely to take some time to say the least.

bitcoin is not approved currency in many countries. El Salvador government a few months ago declared it legal currency. But all of nation or all of the government have not adopt it still now, so that difficult to think it will get recognition as a local currency at overnight. 

Before making btc as a national currency, everyone must be oriented what are the pros and cons. Just try to imagine if someone bought a Bitcoin during ATH and it crash. I think Bitcoin needs to be in 500K so volatility is not that high.

It is not about good or not using Bitcoin as a local currency. However, it is about legal or not.
There are some countries that don't legalize Bitcoin if used as a currency. they may be only legal as a digital asset, not for a curreny. As in Indonesia. We cannot use it for currency. It is illegal

I think it is impossible to turn bitcoin into local currency.  Even if a country that was first legalized in history like El Salvado would not have reduced bitcoin's volatility because bitcoin is now on track to become a store of value as a rare asset without a trace it will becomes the core speculation.  It goes against the basic rule of a currency used in a certain country and not everyone wants to use bitcoin for day-to-day activities.
The government has enough grounds and reasons to intervene
They clearly know it

Well, I try to think of anything that can be used as a currency in the many coins that were created and Bitcoin is really a good way to exchange value. For one Bitcoin is already very valuable that you can sell any precious object and pay it in Bitcoins. The only problems that I see would be the pricing issue. Many pricing problems are risen as to how people, mainly entrepreneurs will be able to fairly price their goods and services in Bitcoin. For me it is still problematic. Knowing that what you priced right now might go up in value a few hours later.

Because of consensus, we believe in Bitcoin. So the value of Bitcoin is getting higher and higher.
Bitcoin is decentralized, and some countries will worry about not being able to control Bitcoin. Ban Bitcoin without believing in Bitcoin. This is the loss of their countries.
It is true that Bitcoin has volatility, and we cannot control its volatility very small. All of us alone cannot change the price of Bitcoin, and cannot change the development of Bitcoin.
Most people still choose to invest in Bitcoin and will not use Bitcoin to pay. No one wants to buy something with 10 dollars today and it will be worth 5 dollars tomorrow.
Therefore, it will take time for Bitcoin to be a global local payment method.

The only problem is that it's probably illegal since an abrupt replacement of currency for transactions might not sound good for the national government since their currency should be the one used since it needs to be circulated.

I doubt that the majority will accept it. If so, it will still be limited in so many ways; not everyone can afford to adopt the technological change, the usage will still be limited. Also, Some government wants to control, but Bitcoin architecture is protected against change. Probably one of the reasons it could be rejected.

The only countries which I see using Bitcoin as a local currency would be under developed countries but these countries cannot afford the fees included when sending Bitcoin and it would be cheaper to use cash or fiat. I do not think Bitcoin is a good use case for local populations.

No it can't be. Bitcoin is only online currency. No one can claim it as their own. It is used all over the world in the same way. The one who owns it is e. It cannot control just one country.

I honestly don't see bitcoin being used as a global currency and i feel like a lot of people have moved away from the idea of bitcoin is a currency overall, and it is only viewed as a valuable asset and a way to earn money, and because of that i think that we will see bitcoin grow more and more and become the number one investment in the world, but i don't believe that all the countries would agree on using it as a legal currency.

only a few countries are adopting bitcoin as a payment, but not as a currency
one thing that is impossible if bitcoin becomes a currency, where as I know bitcoin does not have a physical like fiat, the nature of the price that does not necessarily ,make bitcoin difficult to become a currency

older dont really know enough about bitcoin, you need to explain more and more. when younger know about bitcoin, they will find the best way how to use it, i mean for money.
its hard to use bitcoin as a currency if people know how potential it is.
nation need to create own local currency, just for transaction, not as investation

In my opinion, accepting BTC into use as a payment currency is a pretty good thing, and we are living in a time when BTC technology is the foundation of money technology in this respect. development of all of us, for the benefit of long-term storage with no security problems only you can use it, no tax and you are completely free of your own finances.

If it's officially and recognized by the state for now then it's like impossible. The IMF and the World Bank also seem to have refused to use bitcoin and other crypto as a means of transaction, because they are volatile. But that's right now, I don't know for next year. But if the concept remains volatile it looks like impossible.

I don't think that's possible. Bitcoin is not physical but digital, and not everyone can access digital money because of technological limitations. Moreover, Bitcoin is also very volatile and unstable so it will be difficult to control. Every country that prohibits the use of Bitcoin as a means of payment in their country must have their own reasons that are really important with the policies they make. There must be a strong and basic reason that they have thought through carefully, so changing the policy will definitely be difficult. Bitcoin is more suitable as an investment because the profits are really promising and you can get rich suddenly.

Bitcoin takes over as the world's currency. This currency is accepted all across the world. It can also be referred to as a global local currency. The nicest part is that it is not a national currency. There is no one who owns this currency. The creator of this currency is Satoshi Nakamoto. However, the idea behind this currency is that it is decentralized, which means that anyone can use it from anywhere on the planet.

Really wonder how economy would be if Bitcoin is accepted world wide. As long as Bitcoin is held with each one, yes its going to benefit them. Bitcoin can be used as an asset rather than as currency. This will support the local fiat currency stand on its own value in the market which will not disturb Bitcoin's growth as well. So yes, accepting Bitcoin as an asset would certainly support the economy.  

Presently, the cryptocurrency model is a threat to the modus operandi of the banking system. It is decentralized. However, the scenarios I see for the world use Bitcoin as a currency are:
1)   If the governments of different countries approve of it just like El Salvador.
2)   If merchants worldwide are willing to accept transactions in bitcoin.

Majority of the countries are free to use it, and no law/framework have been developed for its usage. Maybe those countries can make some positive impact over the rest of the countries that are against the usage of bitcoin. China at present has banned the usage. The illegal market and access is a bad thing that makes government to ban bitcoin. Iran is one such country that gave the access to use, but the mining process through illegal power stealing had made the government take action against the usage. So, the users also at times serve as a reason.

Well, no government can "ban" the use Bitcoin. So that never happened.

It's like saying, "hey look we banned decentralized P2P file sharing".  It's not technically feasible, nor is it enforceable.
The most a government can do in that regard, is to scare people by shutting down mining operations and delicense exchanges operating on its soil (just like they shut down Kazaa, eMule or other centralised P2P services & servers, before BitTorrent came along with full decentralization ).

Worst case scenario, a government could ban the possession of Bitcoin, and that would suck.

"When Owning Gold Was Illegal in America: And Why It Could Be Again"
https://www.huffpost.com/entry/when-owning-gold-was-ille_b_10708196
 (https://www.huffpost.com/entry/when-owning-gold-was-ille_b_10708196)

Well! I answer you primarily that "I bet you a satoshi" that here there are users who do not know what bitcoin is, we may be in the most important forum about bitcoin but if we could take a survey and ask that question, many would fail ... in a specific answer .

In that sense, the following answers to your question fall into the area of ​​uncertainty, the variables are very complex to consider, yes! bitcoin has everything to be successful, in fact it is having a lot, although some people only see that "temporary" success when it goes to the moon or they evaluate it for its price.

bitcoin not only has everything as a technological element to be able to break paradigms, as well you say, several countries support it, not many, but with only one country that does it formally it is already a "We are The Champion" but we only have to wait. And be careful, it has a lot of competition, the Russians, the Chinese and some other countries want to displace the dollar, and several of them see bitcoin as competition as well.

So with a little more than 10 years in the life of bitcoin, chances are that the correct answers to your questions will be far from the zero probability that it was years ago.

Not all countries will choose to use Bitcoin as a legal currency to replace traditional financial currencies.
The high volatility of Bitcoin price cannot be used as a daily transaction currency, and the rise and fall of Bitcoin price will affect the original income. The transaction fees for small transactions and the long waiting time for transaction confirmation are inconvenient.
Bitcoin runs on a network system, and transactions must be carried out on the Internet. However, many countries lack Internet services in certain areas, and they do not understand the use of Bitcoin. There are also some countries that explicitly prohibit bitcoin transactions and do not allow the use of bitcoin to pay any fees.

I think in the distant future it is  possible that Bitcoin will be used as Alternative currency to buy goods and services but use of Bitcoin as national currency is not going to happens so soon specially in developed world as their economies are based on diversified souces of income and adopting Bitcoin will rise many issues but some under developed might adopt it becuase their economies are so weak and their main source of income is from overseas Remittance like EL-SALVADOR.

That will never happen until bitcoin is legalized by the laws and regulations based on the constitution of each country.  In addition, to use bitcoin as a local currency, it is necessary to prepare many infrastructure devices for the payment process to take place, and before that, there must be many educational courses to raise people's awareness about use and security bitcoin.  It's too hard to be feasible

- If we try to hope for a country to turn it into a currency, it's only a few special cases each year but the international agencies will still isolate these special cases, with such an unsatisfied and somewhat disgusted attitude, we can also imagine how the high-level authorities think about bitcoin. I think bitcoin has also formed a neutral environment and it is possible to call the internet world a miniature locality with a full collection of countries as long as they have a need for bitcoin, bitcoin can be exchanged as currency here with other altcoin commodities, another space without extra operations from local governments

Bitcoin name is the combination of 2 things i.e Bit and Coin
Bit means piece or basic unit of information in computing and digital communications.
A coin is a metal used as currency.
Therefore, Bitcoin is a basic computing information currency and that's why private keys play an important role.

It is not possible. A country that is communist like China will find it hard to accept Bitcoin as currency.

Yes, it won't and the government's negative stance towards Bitcoin is the major problem we have, if the government support Bitcoin totally, I'm the Dev will find a total solution to every problem cryptocurrency is facing now.


Bitcoin ATM is a good innovation and it is easy to use but the hike charges fees are the major problem people have with the use of Bitcoin ATM and it will be nice if something is done about this in the future.

The future of bitcoin is still uncertain, but developments that occur in the near future will be a new point for bitcoin and we'll see what happens, and in my opinion the digital currency system or bitcoin is difficult to become a national currency because of the trust and acceptance of conventional currencies still very large and so on.
My assessment of the future of bitcoin and national currencies will go hand in hand without eliminating either one, and bitcoin will remain an alternative payment option that can be used worldwide.

When it comes to the probability of all the nations in the world to start using Bitcoin as their legal tender, it is not more than a dream I think. I give zero chance for this to happen. Because not all of the governments in the world are leaning towards Bitcoin right now. They just want to regulate it and benefit from it somehow. But because of its volatility, especially developed countries are not intending to accept it like that. They are just happy about the current status of Bitcoin.

bitcoin faces pros and cons in its use for several countries, China has even become one of the countries that openly prohibits bitcoin to make the bitcoin price crash.
However, several other countries such as El Salvador which legalized the use of bitcoin certainly had a good effect on the development of bitcoin. Bitcoin can be a local currency or as another payment option. The adoption of bitcoin is getting stronger and this proves that bitcoin is not only a speculative asset but can become a local currency although not completely.

Using bitcoin in our daily life is not going to happen now because you know some countries banned it but in future there's lots of possibilities that we can use as local currency and some don't really know anything about bitcoin or the idea of cryptocurrency so that's also reason and some companies already accepting bitcoin.

The key thing to realize is that despite the fact that many countries declared bitcoin illegal on their territory, it cannot be fully banned. Many people take the risk and use bitcoin in daily transactions because sometimes their life depends on that. If your national currency is broken, it loses its value in the blink of an eye, you have no choice but to keep savings in bitcoin. People living in countries with hyperinflation return to a barter economy, in which the most saleable good becomes money, and is exchanged for commodities. Bitcoin sometimes becomes unofficial local currency because its features make it most desirable on local markets. The true national currency emerges from mutually agreed exchanges completely free of government influence. It exists not because someone forced you to use it, but because it was natural to adopt it.

The government wants to control bitcoin, but the decentralized nature of bitcoin has made it difficult for them to regulate it. A currency that represents a country is always under the control of the government, but bitcoin won’t subdue to them, there is no way for them to handle it. Bitcoin might just be an internet money that would be used by people who wants to make use of it for their day to day online transactions.

But, for representing every country around the world, I can’t tell you that is possible right now, I don’t deem it possible for now. Finding out what the future holds is quite a difficult thing to do, anything can still happen, so we are not sure.

There are chances that in the future, there will be more people that will be using crypto currency because it is more easy and very convenient to use but since the government doesnt have any control in crypto it will definetly not become a currency in the world.

Only a small fraction of this forum's populace really knows the nitty-gritty of Bitcoin. Most treat it as an asset just like stocks and bonds. The struggles of Bitcoin adoption don't end with lifting the ban. Spreading awareness is the most difficult challenge it has to overcome. In almost every country, the majority of lawmakers and leaders are from the old generations. From where I'm from, lawmakers know very little about Bitcoin, or cryptocurrency in general, so no one is forward-thinking enough to pass laws meant to advance the adoption process. If anything, the laws they make add more restrictions than pathways. We need younger and more open-minded lawmakers and leaders. But seeing more countries joining the rank is progress, indeed.  

The whole world can never use Bitcoin as a local currency. There are different governments in different Countries. They all act differently because they are controlled by different mindsets and have different motives. Adoption will surely continue. It'll definitely go far but not to that extent you just described.

That's true, there are different types of countries and they have their own monetary policies but they can't challenge the BTC. The BTC will be the  Jiant in the future financial world. Willingly or Unwillingly, Every government in the world will be accepting BTC

Fortunatelly bitcoin exists so it became a safe heaven for people in poor countries. Bitcoin gives people hope and many make an extra effort to save money, because it's finally worthful to do it after some many decades dealing with weak national currencies which keeps changing along the years. Since the number of zeros doesn't fit the currency anymore, new economical plans are needed from times to times, so a new name is created, the zeros are reseted, people exchange their funds into the new official one and this cycle of inflation never ceases. A life like that has no perspectives of anything.

Glad bitcoin has already changed this reality for those who risked adopting it.

Some of the factors you mentioned do make it difficult for Bitcoin to become a national currency, especially since the government cannot control
Bitcoin. This is clearly a big barrier that makes Bitcoin difficult to accept as a national currency. Moreover, many people are still comfortable using
fiat for daily transactions. Since the beginning Bitcoin was created as an alternative payment, not to replace fiat. After all I do want Bitcoin and fiat
co-exist, so both can complement each other and make financial transactions more convenient.

I do believe that bitcoin or cryptocurrency will be one of the circulating finances in the world economy but the thought that it would going to replace the fiat's existence I think this one is quite impossible. But for sure if bitcoin will become a legal tender in a certain country the government for sure will going to impose a tax. But for now we all know that bitcoin or cryptocurrency was still struggling to become legalize in many countries and other countries just banned it but still good to know that other countries were open to legalize crypto like El Salvador.

Its a struggle for cryptocurrencies to be used widely but it will exist with new developments with CBDC.  The crypto.wallets we are using today I'm sure will have functionality where they all can coexist just as digital fiat and Bitcoin today that we can move funds in every chains.

Maybe this time its just BTC that had been used by a country as legal tender, maybe one day other tokens too like Eth.

Bitcoin cannot be used as the legal tender of various countries. Its high price volatility is not suitable for daily trading, and it is now more suitable for investment to obtain high profits.

The decentralization of Bitcoin is not controlled by any third party, and the government will not suddenly accept currencies that they cannot control and cannot obtain revenue.

In the future, all countries may support Bitcoin. It will take a while.
There are still many countries that do not understand Bitcoin and do not support Bitcoin. These will take time.
Some countries previously banned Bitcoin and later agreed to use Bitcoin. I believe other countries that ban Bitcoin will do the same.
Time can verify everything.

the use of bitcoin as a local currency,, sounds very interesting but we must realize for now there are still people out there who don't understand bitcoin, some even don't know what bitcoin is, so in my opinion before we use bitcoin as the main currency , it would be nice if we introduce everyone first, and teach them how to play in bitcoin, and teach them about how to buy using bitcoin, after everyone knows about bitcoin after that we make a plan to use bitcoin as the main currency, that's the opinion I..

I really agree with your opinion, because your opinion is very reasonable in my opinion, we must realize that there are still many people out there who don't understand bitcoin, let alone use bitcoin as the main currency, just to play bitcoin they don't know, according to I'm still too early if for now we use bitcoin as the main currency, preferably before we use bitcoin as the main currency, it would be nice if we assign everyone in this forum to jump into the field, to teach them to use currency in digital. .

Interesting in your opinion, I don't think there is a need to step down if the rules are legal, don't collide with regulations, they will automatically follow, banking has now started virtual payments with the term e-money, so people will easily understand what bitcoin transactions are, bitcoin as  one of the initial foundations of the birth of e-money

Bitcoin has already became a legal tender in El Salvador but i don't think this will be possible in my country as most of the people are still used to fiat and i don't think if they know bitcoin already or still ignorant about it. But it would be interesting though having bitcoin as a local currency as it would finally be used according to its purpose and not just as a pure investment.

However, the government might oppose to this proposal as they also think bitcoin as a big scam. And that bitcoin is illegal. So even if we are eager to use bitcoin as a local currency, it will not be possible yet knowing there's still a need for mass education on bitcoin. Things might change in the future hopefully.

I don't think Bitcoin can be taken to be a world wide used currency. Most government of some countries takes Bitcoin to be a threat to their economy, and on the other hand, others finds it to be the next big thing for the future of technology.
Bitcoin's unique nature is not being under control of anyone or government, and the price has gone so volatile that it is no more controllable. The single thing that will work well with the crypto world and the government is for the countries to have their own coins, making it some must have coin as a crypto holder. Otherwise, it's a no way thing for the government to have a hold over Bitcoin.

I too can agree with you on this matter.
Many countries still doing debate on whether to accept Bitcoin as a currency or not.
They are treating Bitcoins as Gold, they thinking Cryptos are assets.
So as like in old days you are trading gold for items , same will happen now also.
For this reason many countries still not accepting BTC as a local currency.

Technological developments continue to increase, the growth is very fast. Likewise in terms of finance, now is the digital era.  Buying and selling has been done online a lot, and Bitcoin is the solution for all of that. 
Indeed, for now there are still many who oppose Bitcoin, but one day those who oppose Bitcoin will definitely accept it.  Because Bitcoin will actually be used as a means of local and global payments.

It was really a good indication of global adaptation to some other countries who lift the ban for BTC or cryptocurrency as a whole but I think its impossible for BTC to be a local currency since the government wont even allow it. Maybe they will allow it but not to the extent of treating it as their own local currency.

People all over the world are already using Bitcoin as a currency, that was it's very purpose from day one. If you mean will all countries start to accept Bitcoin alongside their normal currency, as we see with El Salvador, it is highly unlikely. El Salvador is a rather unique case, as they use the US Dollar as their regular currency and had nothing to lose by setting up a second official currency. Most countries around the world prefer having their own currency because it allows the government and/or central bank much more control over their economic policy - if they convince other countries to accept it for debts, then they can print money and effectively inflate away the debt that they owe. This is what we see regularly happening in the US and China who try to devalue their currencies and subsequently their debts.

I think you are missing a very important detail: BTC is intangible.

With this in mind, imagine having to transact everything digitally- this would put underdeveloped and developing countries at a prejudice since most do not even have access to basic education and food. This would put developed countries at the pedestal (makes them richer) and poor countries poorer! Though the idea may be implemented, I do not see it happening in the near future.