Bitcoin Forum

 US dollar is the world accepted currency and can be used as a medium of exchange.  In the crypto world, Bitcoin is the most popular and the highest accepted currency with greater value. Different countries have permitted bitcoin for transaction and many of them are thinking so and will eventually do so. Its acceptance is gradually increasing day by day. Do you think bitcoin will be the leader of the world’s currency market like US dollar in the future????

Why not, judging from what we have today it will definitely lead, but not until then it will take a little more time for globalization whereby it's adoption would have circulated everywhere and legal adoption would have also increases, as at present, bitcoin is one of the leading currencies in the market and the first digital currency leading as well in the economy, if you look at the 14 years miles of achievements bitcoin had been through you could see more convictions to why it can successful lead the world digital market and economy at large through adoption.

Bitcoin can be an alternative but will not be a replacement. Banks and Government will move heaven and earth to make sure that will never happen hehe. They can make concessions like allowing it to co-exist with their national currency as an investment product or a legal tender but they will never allow it to exceed fiat or their own CBDC if they have one.

Although I think BTC is primed to beat gold in the near future and become one of the top accepted digital currency globally, but it still cant replace the USD to lead the world markets.
Actually, the us dollar moves the entire markets such as gold, btc, stocks, etc. and governments wont let anything replace that. Market pumps and recession everything happens based on the USD.

Bitcoin will certainly remain the leader in decentralized cryptocurrency space, which is all that matter.. Its purpose is not to replace the dominant fiat currencies or compete with them but to serve as alternative when the world/national financial system is failing, becoming oppressive, lawless, tyrannical, etc. Fiat currencies will continue to compete with each other in their own space while Bitcoin will remain dominant in decentralized space.

Nope! I don't see bitcoin dominating the global currency market anytime in future. The world may change focus from USD to EUR or even local currencies, but not bitcoin.

As of now, only one country has adopted bitcoin for all kinds of payments. I don't know what other countries you are referring to.

Bitcoin has created a parallel economy stream and thriving there. It is not meant for mainstream economy for a simple reason - decentralisation!

If you think about it, there are very different metrics to consider here. Dollar is legal tender (accepted as payment directly) only in a handful of countries, and it's not hard to imagine Bitcoin having more users in the near future than dollar has as money. But people also use dollar to save up money if their local fiat is less reliable, and people use Bitcoin often for things other than payments for goods and services (for example, for gambling or trading). Dollar is also the biggest foreign reserve currency used by countries, and I don't see Bitcoin beating dollar in this regard any time soon. Then there's market capitalization (or, for dollar, total supply), daily transaction volume and the amount of transactions. To talk about leading the currency market, we must first determine which factors we take into account and how we compare Bitcoin with the USD.

I would agree with this assessment. Right now Bitcoin is still relatively small on the global scale, especially when compared with top currencies. While I do believe the dollar will be replaced, I think it’s likely it will be replaced by a central bank digital currency, possibly made up of a basket of currencies. There is a chance that the people will reject government and use Bitcoin only, but I’d put the odds of that happening at probably 1%.

My answer to the question in the title is NO.

Your expectations are unnecessarily naive. Name those countries that have allowed btc as for transaction. What other countries will do the same? Is this your expectation or verified information?

I assume that officially btc will not be allowed to be used as a currency for settlements. Perhaps it will be used as an investment tool, like stocks on technology companies.

You made a bad comparison hidden inside your question. Comparing bitcoin with altcoins like you compare USD with other fiat currencies is wrong because unlike altcoins, other fiat currencies are still useful and their nature is pretty much the same as dollar (unlimited supply, not backed by anything and weak). But altcoins are useless and many of them have severe security flaws.

As for your question, I don't think the centralized system is going away any time soon. With it the [centralize] fiat will remain and dominate the world. When these fiats are replaced they are replaced by another fiat.
But bitcoin will continue growing and continue being used on the global scale as a means of payment and a hedge against inflation.

I doubt Bitcoin will get to dominate the Fiat market.  The Fiat market is way too big.  Way too Centralized.  Do you think they will ever let Bitcoin become a majority?

The leading World Currency will continue to be a Centralized one.  Bitcoin may become a national asset and legal tender in countries, but I will never expect it to exceed the size of Fiat markets because at this point I think it is very unrealistic.

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PrivacyG

May be or may be not. There are pros and cons for the use of bitcoin. There are definitely infrastructure based limitations to the bitcoin while making world's currency. Though this topic is discussed many times, the conclusion has always been mixed up. A bitcoin maximalist will always be positive about their answer but a realism one would say its not 100% possible to make it world's currency. With the time we will have bitcoin's adoption but it does not mean it will be throughout the world. Though bitcoin has reach to every corner of the world through internet, it still lacks proper infra (laws, rules, scalability) sort of problems putting it one step behind all the time. Till today the adoption is only 3-4% of the entire population. It's not even 1/10th of 100% which means we are far from the acceptance reality dude.

I don't think what you are saying will happen. I have discussed it so many times. Bitcoin has inherent problem which is it's huge volatility so whenever a government decides to keep bitcoin in reserve it's taking a huge foreign exchange risk which it has to hedge unnecessarily so unless it becomes the local currency of that area too it makes no sense to do foreign trades in this currency which is why it'll never become world currency.

Since it has been in existence for more than ten years, bitcoin has significantly increased in popularity and acceptance as a form of money. Whether it will eventually lead the world currencies is still to be determined. For Bitcoin to dominate the global currency market, a number of criteria, including stability, scalability, acceptance by governments and institutions, security, and regulatory measures, would need to be taken into account. Several issues that Bitcoin and other cryptocurrencies are currently facing in these areas remain to be addressed in the future.

I think there was a similar thread like this in the past but I still want to give my point of view about this. It never come to my senses actually that we will end up seeing bitcoin overtaking the position of US dollar. Because bitcoin is not actually made to become the leading market currency but rather a good alternative as a payment method so that people can use them freely whenever they think it’s more convenient to use bitcoin than fiat. However, maybe in the future when all the countries will support bitcoin, seeing it leading the market will be possible but for now it’s too far from that to happen.

I don’t think bitcoin will be chosen for that position seeing that most of the government are against from the perception of bitcoin. I would rather accept the challenge that it could be a global currency in the future but will never reach to the point of replacing US dollar from leading the world currency market. But nevertheless, maybe in the future it might be possible once the government will become more open-minded and will accept the fact that bitcoin is more useful and beneficial than fiat.

Been asked multiple times and I'd still say no. Bitcoin has a lot of potential to be a good investment because of its volatile market value and the same reason why it won't be a leading currency. Yes, it has advantages over payments; not taxable, anonymity, low fees but faster transaction and such. But it has problems with adoption around the globe.  Even at this point, people are only making use of it for profit purposes and only a few are actually using it with transactions because of many factors such as guilt of losing potential profit in comparison with just holding. And as long as its nature would be the same, I guess same thing would happen in the future.

I think Bitcoin as an alternative currency will not lead the world currency market.  Where do you see an alternative leading the market?  Unless all governments in the world accept Bitcoin as legal tender then by all means, it will beat even the USD or Euro in terms of currency ranking. 

Bitcoin is yet to be acknowledged by many countries, and even ban them because they think that bitcoin is destroying their economy, and or their citizens are being exploited.

As always. Bitcoin was created also to solve the current issues in our financial system. If you take a look and appreciate Bitcoin, you will see how Bitcoin can help us and become financial freedom compare to traditional banks or the financial systems we have right now.
For me, even though Bitcoin will not lead the world currency, Bitcoin is still the best digital currency, Bitcoin is here to stay.

Governments around the world want to ensure that their currency is a currency that is free to move in all forms of local and global market activity every day even though some countries also use digital currencies to invest.
Bitcoin will go hand in hand with the official currencies of each country such as USD and EUR and I can say that Bitcoin cannot lead the world currency market but Bitcoin can be an alternative.

I assure you that bitcoin will never be able to lead the world monetary system. Our world is becoming modern day by day, there is a possibility that fiat will be replaced by digital currency, but it will be government generated money, not bitcoin or altcoins, government will never let that happen. Bitcoin acceptance is on the rise, but it will only stop as an alternative, an optional payment method, it will never be an official world currency.
I think in the future, it is more likely that bitcoin will be more of a gold-like asset than a payment method, even though it can be used for payments.

Well, this one has a good point too. Since we are now heading into a fully digital world, if USD will be replaced, most likely it would still be a centralized digital currency which is still in complete control with the government and central bank. Though bitcoin may also be globally accepted as a currency in the near future, but it  will never lead the world currency market because of its decentralization nature.

Do you really think it's that impossible knowing that Bitcoin's reach is global, while the US Dollar is only for a single (albeit huge and powerful) country? Bitcoin can easily beat the USD in terms of marketcap in the long term.

Recent, I think this is not qualified subject. Because Bitcoin already leader of digital ecosystem industry. we can not wait to see, Bitcoin will be able to rebuild any volatile industry, if they have hold to btc. And Can't wait to see in future, all of LC, industries products, electric bill, gas bill and much more will be approve payment by Bitcoin. Every country will approve Bitcoin. So it's future leader of all industry.

Bitcoin can survive and thrive without government approval, but for it to become a world currency or be used globally, it will depend on the government's decision. The government is not the issuer, nor does it control it, so it is very unlikely for bitcoin to lead the world currency market in the world. Even if bitcoin is judged to be superior to fiat, there is potential to reduce inflation for the economy if using it, but they will never do it because it directly affects their interests.

Why not? Everything is possible in the future, but that doesnt mean it will gonna lead the world currency, though bitcoin is starting to be known and its popularity is at high level, we cant still predict about it., That is beyond words but if we are talking about digital eras and future happenings, then the power of digital currency will gonna improved. However, the fiat money is hard to replace and  regulations about cryptocurrency are still on going on some countries.

I believe that will happen in the future because, as we can see, those big companies that were not supporting it back then are now changing their minds and are the ones who are doing their job promoting it to their client. Also, other payment platforms are adopting it and implementing cryptocurrencies in their services. As we all know, some online payment that we usually used back then now have their own version of exchanges because they don't want to be left behind and don't want to spoil the chance where they can make more money from it. instead of listening to the bank's supporters, they instead do their own research and finally found out that implementing Bitcoin as one of their accepted payments is a good idea. With this kind of scenario going on, we have a high percentage that it will become one of the world currencies in the future if nothing will going to change the cause of the negative impact of some major exchanges.

The potential of Btcoin to become a global currency is very interesting topic of discussion on both print and electronic media. The increasing acceptance of Bitcoin as method of payment by many businesses and individual is very positive sign for it future prospects. On the other hand, Bitcoin is still a relatively new currency, and its value can be very volatile. It also faces regulatory hurdles, that must be overcome before it can be widely adopted as a currency. It remains to be seen how adoption will progress in coming years.

I agree with you. indeed btc is very famous and is the king of crypto coins. but the US dollar will still be irreplaceable, because the US dollar is still needed for the entire market and btc will not be able to replace it.

I will agree with you that bitcoin is gaining wide acceptance, and it is getting bigger and bigger. But to think that it will replace the US dollar or government currency as the main currency in the world, that is unlikely. I think there's not even a chance for that to happen unless the government gets control of bitcoin and can print more bitcoins.

this is why i don't think we will see in our lifetime that btc will surpass the dominance of USD. it may increase its popularity of usage but it won't surpass the USD. people should be grateful the usage of crypto is increasing but aiming to surpass USD, not yet. there are pros and cons of using this currency, and the governments are still on the cons side.

If its already legal and being accepted in every country then its possible though we have to consider its supply as well, this can be very inconvenient and very expensive to some if the supply is limited for the world market. Bitcoin should not aim for this, instead it should remain a crypto currency that gives access to everyone which the fiat money can’t give. I still see USD will be the leader when it comes to currency, they are too strong for that reason.

I agree, as far as I know that USD even though widely use is only a  legal tender to eight countries[1], so I think with the features of Bitcoin, it will eventually beat USD in terms of country that will accept it as a legal tender. It is that Bitcoin economy is still young so we might need a longer time for Bitcoin to start its climb on the ranking of global currencies.

If the market of Bitcoin matures, I also think that it can easily dethrone any top-ranking global currency

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https://www.nationsonline.org/oneworld/currencies.htm#:~:text=The%20US%20Dollar%20is%20the,Palau%2C%20Panama%2C%20and%20Zimbabwe.

Bitcoin needs time to take the lead. People aren't prepared enough to consider it as the primary currency on daily usage. To reach such a level it takes time and countries needs to be supportive. More countries making it legal tender makes way for the bitcoin to take lead of USD. In all means bitcoin is serving the world as an alternate and this needs to change.

Yes it can be done whenn all people know how the technology work, by far people use fiat because it is well known to all people on earth "maybe" and gold. But the global currency is supposed to be gold or fiat backed by real gold. Bitcoin is can be global currency but it will takes time

I don't think the dollar is only for one country, if I'm wrong please correct me, all international commercial transactions today use the dollar as the main currency. During the 2022 crisis, the USD is still considered a safer haven relative to other assets. The possibility of USD being replaced is still there but the probability is too low, and as I said, if it does, it will be another centralized currency and not a decentralized currency.

As for whether bitcoin will beat the USD cap in the long term, let's wait and see because if we compare bitcoin's capitalization to gold or the stock market today. The capitalization of gold is $11 trillion, and the stock market's capitalization is over $70 trillion.

Us doller (USD) is issues by United States of America. And it is a dollar created by the government because of which the world has gained trust in it and everyone believes that it will never be destroyed or scammed and everyone's money will be completely saved that is why it is now used as the number one currency worldwide. Although crypto currency lovers trust and support Bitcoin enough.  But out of 8 billion people worldwide, only 420 million people use cryptocurrency so far. So Bitcoin may one day be used as an alternative to USD but it is hard to say how long it can take.

if later bitcoin is legalized like USD or the whole world has recognized it as a legal currency, then the possibility of becoming like USD will be wide open. but the problem is that most countries have not recognized it, so that more people still do not understand about bitcoin, and it seems that until now there have been no signs to legalize bitcoin for big countries, so it is true that maybe generations after us will happen

I think there are two changes happening in the world currency markets at the moment. The first is the rise of crypto currencies. For the last few years a lot of investors started to aquire druotos. The second trend is the losing power of the US Dollar as the world dominating currency. This is comes as other countries like China, India, Russia and big oil export countries in the middle east are trying to trade in their own currencies between each other, instead of settling all trade in USD. All these countries would like to see another currency as the world leading trading currency, if possible their own currency. This seems very unrealistic at the moment, why would any country support something else then their own currency. The real question is now would there be a compromise to find a different currency every country would be happy with. Here comes crypto currencies in as the perfect solution, an independent currency that is not controlled by government. The main problem here is that the price for bitcoin is not really stable, as long as there are big price fluctuations it's hard to use bitcoin as the world currency to settle all trade.

To be honest, yes more people are buying Bitcoins and adopting it. But you need to understand the fact that, they are not using it as a currency. Rather they are using it as an asset. They buying the Bitcoins and holding it to yield more and more profits from it. So if you debate regarding the lead of world currency, then it’s completely baseless. Yes I have seen many people using the Bitcoins to do little payments, but majority of the people hold it as an asset. Therefore I don’t think Bitcoins will lead anywhere, if the World’s Currency is considered.

Bitcoin is already used as a legal currency in some countries, but it will take several more years before it is used as a legal currency in all countries around the world.  Then of course Bitcoin will be used as an alternative to USD and I think Bitcoin will be widely used for import and export of various products. But it is doubtful whether we will see it in our generation. Maybe our next generation can see and enjoy it

I do. The USD is nothing more than an empty promise from a debt to the bone nation. At least in the long term. Dominating fiat currencies come and go, analogously with the top nation, in terms of world order. Before the US there was Britain, before that France. Maybe the next is China, who knows, but the US doesn't seem a sustainable nation to me.

Bitcoin is fuck you money. Fuck bureaucracy. Fuck debt. Fuck bailouts. I think people will appreciate this as time goes by.

I think it will be great for us if we can pay gas bills, electric bills and other bills through bitcoin. Because bitcoin is gaining a lot of popularity now. If the bills are introduced through bitcoin then the popularity of bitcoin will increase.  .  Everyone will be encouraged to use Bitcoin then I think we will see that very soon.

No, because Bitcoin is too volatile and the BTC blockchain cannot handle billions of transactions per day. This question has been answered a billion times in the forum already. ;D Just try to find the old forum threads about this topic, instead of creating another useless forum thread.
It's historically proven that the biggest empire in the world has the dominating currency. First it was the British pound in 19th century, and then the US dollar took over after World War 2. Maybe the Chinese yuan will replace the US dollar as a global currency, or maybe not. Who knows. Bitcoin doesn't have a big empire behind it's back. A bunch of small underdeveloped countries are Bitcoin-friendly, but that doesn't mean anything. The big powers must accept BTC as a legal tender, which is close to impossible to happen,

Yes, it's true, bitcoin has actually become a global currency.

Bitcoins can be sent and received anywhere in the world as long as the user has a bitcoin wallet.
Bitcoin ATMs are present in the UK, Europe, US, Asia and Africa.
Bitcoins can be bought from almost anywhere in the world.
And there are already many who use bitcoin, and even continue to grow with their respective goals and also serve as an alternative transaction among bitcoin users which I think will continue.
and bitcoin has been accepted by many countries and big companies including Microsoft, Subway, PayPal and so on.
and it is only a matter of time before Bitcoin is known globally, because we will never know in the future for our next generation, and currently there are still pros and cons, especially its instability.

It has a possibility because some countries already use bitcoin as their legal tender, right? So it is really possible, but the question is when for sure it will take more years or decades, but also keep in mind that bitcoin was not made to replace our current fiat system, hence it was made so that we can transact or send and receive money online that can be easily tracked and has low fees. Due to technology getting better and cashless society getting introduced to us, it is really possible that bitcoin was one that will be used, or if not for sure, it was derived from bitcoin also.

So far, we only have 2 countries that accept bitcoin as legal tender, and those 2 are 3rd world. Even with more countries in the future, there is no chance that bitcoin will be able to lead the world currency market unless the major powers accept it as a legal tender. But that is even more unlikely because the US and China both want their currencies to lead, if bitcoin exceeds that limit, they will find a way to stop it. But you are right, bitcoin is not created to replace the fiat system, it will become an alternative that exists side-by-side with the traditional monetary system.

No.

Just think of it. Will the government of each country allow a currency that they can't control to be the leading currency? I mean US dollar currently is the accepted currency worldwide and that as well is controlled by the FED and the government. Will they allow something like Bitcoin to be the currency of the world if they know that they can't control it.

Different countries might've permitted Bitcoin for transaction, but that doesn't mean that it will be the leading currency of the world. Don't jump to conclusions like that just because a few countries tried to permit it or accepted it. No possibilities, no chances, just no, no. It can still be used as an alternative payment though, but will not be a leading currency.

The biggest advantage is that there is no limit on Bitcoin transactions, the only limit is the wallet's rules & regulations.  This is also a disadvantage because it is very easy to do bad things like money laundering. On the other hand, there is a bank specific limitation for USD transactions.  For example in my country a user can endorse a maximum of 12k USD per year on his Debit/Visa card. But Bitcoin doesn't have this problem.  Hopefully our next generation will be able to use these benefits of bitcoins for globally transaction like USD

It is is difficult to predict with certainty that Bitcoin will lead the world currency market in the near future. However, Bitcoin has the potential to address many issues in the current financial system. Bitcoin's unique characteristics, such as its deflationary nature, ability to hedge against inflation, and fast and cheap transactions, make it a promising alternative to current fiat currencies. However, there are many challenges that Bitcoin and other crypto currencies face, including adoption, regulation and security. Therefore, it remains to be seen if Bitcoin will emerge as leader of the world currency market.

I can exclude security from one of your reasons because so far bitcoin has a pretty good security case, in fact I believe that bitcoin is not hackable.

Bitcoin is a good alternative to fiat, but of course bitcoin is not to replace existing payment systems. The fiat system will still exist and may never be replaced, but for something better then bitcoin offers a solution. So definitely I support some of the variables you said, but about security I guess that doesn't include why bitcoin doesn't dominate over fiat in the long term.

People's positive thoughts about Bitcoin are increasing day by day. There are already many countries that have legalized Bitcoin in their countries. Considering the convenience and security of using Bitcoin, many people now choose Bitcoin as their means of transaction. Many countries have recently joined Bitcoin. When Bitcoin is adopted by people all over the world, people will definitely transact with Bitcoin instead of paper money. Maybe Bitcoin can be used as an alternative medium to the US Dollar but I don't think Bitcoin can replace the US Dollar.

To tell you truth, it may take many years minimum a decade or two, for bitcoin to replace the US dollar. There are so many challenges in the crypto world that i don't think it can be a streamlined process for this shift from US dollar to digital currency.

Bitcoin volatility and governments around the world not interested in this transformation are the major hurdles, for bitcoin to become the mainstream currency around the world. 

Paradigm shifts happen faster than you would imagine. We are at the beginning of hyper-inflation stage of the US dollar and this is not something that is just falling due, it has been band-aided over and over again for decades. Two rounds of bailouts (08' and covid) combined with monumental QE (money printing) for over 7 years (started in the EU in 2016, US following shortly after) and now there is really not much stopping it from hitting the fan in a very quick amount of time. It should have happened during covid, though the stimulus and printing combined with economic shut down and distractions allowed another dying breathe. Another decade of the US Dollar? Highly unlikely. I give it 5 years and no more. Even that I think is over-shooting it by a lot.

Whether Bitcoin will lead the world currency market is a matter of speculation and debate. There are many factors that could influence the future of Bitcoin and other cryptocurrencies, including government regulations, security concerns, and competition from other cryptocurrencies. Additionally, the stability and widespread adoption of cryptocurrencies is still in question, which could impact their ability to compete with established fiat currencies. And also the fact that Cryptocurrency is volatile. This is why many will ignore crypto.

Bitcoin is officially legalized in some countries. But when Bitcoin is officially legalized all over the world, Bitcoin can lead the global market. But the popularity of Bitcoin is increasing day by day. There may come a time when people around the world will choose Bitcoin as their top currency for transaction and investing. Bitcoin may be expected to lead the world then. But it may not happen in our era. Maybe in our next generation or the one after that. But I hope one day Bitcoin will lead the world market.

It is necessary to accept the fact that states will not use bitcoin and other decentralized cryptocurrencies as a means of payment at the international level. There are many reasons for this, and above all, because of its high price volatility.
But citizens of different countries can and do use bitcoin as a global currency. The states can no longer interfere with this.

A lot of people already do appreciate it, but there is still the threat that government will significantly undermine its utility, at least in the short and mid term. I guess we will see an interesting push for further adoption when the cryptocurrency industry gains in financial power and political influence. Banks have an incredibly strong lobby and governments and banks protect each other, finance each other for as long as the story can be sold to the public (or the majority of the public). I expect there will be a point where more and more politicians realize that there is more to be gained as a crypto proponent than there is as a fiat banking proponent.

The only way I see a cryptocurrency like Bitcoin ever become the leading currency in global markets is when some of the leading nations control the majority of the crypto industry, then fully legalize it, perhaps even make it legal tender and push adoption so hard that they can then shove it down other nations' throats.

I don't know whether gold reserves can effectively be hidden, but Bitcoin reserves could be hidden. In theory, the US or China could already control the majority of the Bitcoin supply without anyone knowing even vague numbers.

Looking at the current worldwide situation, it must be understood that the circulation of fiat currency or paper currency will disappear in the future. And there will come a time when people will do all their transactions through cryptocurrency. And in this case Bitcoin will definitely be the first and lead. So in my personal opinion Bitcoin has the potential to lead Cryptocurrency instead of fiat currency in future.

Bitcoin is already lead the crypto industry but to taking the the place of Us dollar It is very difficult to say how much time it will take.  But it is not impossible, in the future cryptocurrency will definitely be used as an alternative to the current currency, then Bitcoin will show its strength.

Not only just officially legalization in few countries Bitcoin take as their official legal tender And 5 more countries are expected to join the line. And I think until it becomes legal tender in most countries of the world, it will not be able to compete with the US dollar and it can really get our Next Generations.

It's a recipe for a global world currency lead. Bitcoin is accessible and can be utilized by anyone on an unlimited basis. Bitcoin's economics are far more superior to any other option out there. Bitcoin can also now be considered to be quite mature. After a wave of bank collapses that highlight flaws in the monetary system and validate the original Bitcoin use case (being to escape the banking system) it's almost safe to assume that Bitcoin will reign supreme. It's only a matter of time.

The biggest misunderstanding around cryptos is that if they aren’t doing a great job of replacing USD, then crypto is failing in its mission.
Most of crypto is about replacing the centralized banking system with networks that allow user control versus bank control. Major cryptos, such as BTC and ETH, should be viewed more like internet stocks than currency.
It’s more like you bet on Google if you think there’s going to be high internet traffic; if you short it, it’s that people are going to go back to the post office. But it’s not that BTC or ETH or anything else is trying to replace USD, it’s trying to replace the system of transmitting value.

I would guess that states do not have to, but we also have to realize which nations? I mean central Africa made it a legal tender if I am not wrong, so did El Salvador, so if those two governments ever paid each other for something then they could use bitcoin for the transaction. Obviously it would be very tough for those two nations to have anything in common enough to make a transaction, what are they going to buy from each other, but at the end of the day it's a possibility.

Right now, not many nations made it a legal tender, but if that type of movement grows then we could see nations do send each other bitcoin for payments and that would be a lovely thing.

Until the right time comes, the wait continues. The growth of bitcoin have been happening around, but this to be the superior of monetary system takes time. US dollar for now leads the world currency market for some reason and slowly the currency is losing its power. Surely bitcoin have got the ability to be an alternate, but how far this is possible depends completely on the governments. For now governments won't easily accept bitcoin being the supreme currency as it can't be controlled by them. As said bank collapses will show the monetary system flaws and people will consider bitcoin. More the people's involvement automatically things change with time.

There's a big difference of talking about fiat and crypto they aren't the same and each one of them has its role. Why not accept the fact that Bitcoin can coexist with the existing fiats and I don't think Bitcoin will be ever designated as a world currency because no matter what we think there's always a government that would hinder this to work. They are all pro-bankers or shall I say it's the banks telling them to do it or else there are consequences. Who knows? But I don't believe in Bitcoin as the next world currency, it has a lot of red flags if you think about it. Well both actually have their own pros and cons.

Bitcoin is innovated to fulfill things that the traditional fiat system failed to accomplish. This eventually could coexist with the traditional system and function in an effective manner. Governments have the highest role and very few governments will be in favour of bitcoin whereas the majority doesn't want it for various reasons. For now bitcoin could serve as an alternate to the traditional fiat system. To take the place of fiat isn't possible at the shortest. Maybe in the long run if people all around the world starts using bitcoin, things may change. Even at such situation bitcoin to lead the world currency isn't possible.

I know Bitcoin is getting adopted by many countries worldwide, but let's not get ahead of ourselves. Fiat is and will always be "king", because it's backed by the government. Which means the USD won't be going anywhere as the world's reserve currency anytime soon. Even if it did lose its status as the "reserve currency of the world", it certainly won't be replaced by a decentralized cryptocurrency that's outside the reach of both central banks and governments worldwide.

I'm fine with BTC just the way it is, as long as it proves to be a strong alternative to existing Fiat currencies. What's important is that people can get true financial freedom no matter where they are in the world. Bitcoin is already doing its job pretty well, so there's that. If it stays decentralized, it will be able to last a lifetime. Maybe it will co-exist with Fiat decades into the future? Just my opinion :)

I agree with the statement you made. I believe the reason why we're seeing people bring up this type of discussion is that they never understand the government's concept ruling that decentralized currency will never be allowed to lead or be among the world currency market no matter the potential and the benefit it posed.
This is the exact reason why the government makes sure the movement and the creation of Libra introduced by Facebook were shut down years ago. I am sure if Satoshi Nakamoto didn't my himself invisible the government will have tried every possible means to him do something about Bitcoin based on how they tried to make it obsolete.
Having said that, some Bitcoiner are drifting away from the reason why Satoshi created Bitcoin maybe it is because of their optimism or high enthusiasm for Bitcoin because BTC was created as an alternative, not the main or leading world currency.

Bitcoin is already a currency and it is the leading cryptocurrency in the market now with huge liquidity and momentum. If some countries decided not to accept Bitcoin as a legal currency that will not be a problem because there are some countries that are already planning to make Bitcoin a legal tender. Things are changing gradually and with time the US dollar may not be the world or universal currency that will be used to make trades and transactions so we don't know the next currency that will dominate the market but with time people are going to see the need to accepting Bitcoin for transactions and payments.

Libra wasn't going to be decentralized at all, especially with Facebook behind it. The new digital cash system was meant to work closely with banks to help provide "banking to the unbanked". It was easy enough to shut down the project due to its centralized nature. But I can't say the same about decentralized cryptocurrencies such as Bitcoin and Ethereum. While a decentralized cryptocurrency will never be accepted by mainstream governments as the leading world currency, it will certainly reduce Fiat's dominance by a large margin.

There will be more pressure against decentralized cryptocurrencies as they go against what was establish in the first place. I'm fine with Bitcoin just the way it is, as long as it remains decentralized and censorship-resistant. Who knows if Bitcoin lives for centuries? Just my opinion :)

It is tough to expect the destiny of Bitcoin or another cryptocurrency with certainty. While Bitcoin and different cryptocurrencies have received good sized interest and recognition in latest years, they're nevertheless now no longer as broadly widespread as conventional fiat currencies.

One of the principle demanding situations going through Bitcoin and different cryptocurrencies is their volatility. The cost of those currencies can differ extensively over brief intervals of time, which makes them much less appropriate to be used in regular transactions wherein human beings commonly need to understand the precise cost of the products or offerings they're purchasing.

In addition, there are nevertheless a few technical and regulatory problems that want to be addressed earlier than cryptocurrencies may be broadly used as a substitute for fiat currencies. For example, the infrastructure for accepting and the use of cryptocurrencies as a shape of price isn't always but as evolved as it's far for conventional fiat currencies.

It's hard to say with any certainty what the future holds for Bitcoin and its acceptance as a global currency. While the digital currency has come a long way since its creation a decade ago, it still faces a lot of obstacles and questions around regulation, security, and adoption. At this point, it is difficult to say whether Bitcoin will be the leader of the world's currency market, but it certainly has the potential to become a major player in the global economy.

Thats right, Libra was a scam no other than basically all alt coins. Facebook wanted to trick uninformed people to buy the coins to weaken the crypto market and also to look innovative to get investors to buy more stocks. I am very glad that it failed but at the same time libra was so bad, that the failing also did not surprise me at all  :D

I think Bitcoin's market cap will always stay very high as it's very cool method of wealth transfer, its also currency which has no limits, no national control etc. This is why I think people will never stop demanding Bitcoin. If option was given and Bitcoin was regulated I would rather use Bitcoin instead of USD because i don't wanna pay huge amounts of money to banks that sell USD to me in very high rates compared to real markets. Bitcoin can become one world's top 3 currencies with USD and Euro in my opinion.

No. I think bitcoin will just become a part of the system and the economy will react to it as a whole. But I don't think it will "lead" the market. But the fact that it will be a huge and important thing for the markets and economy is great too.

But I think we still have a long way to go before that. It's hard to predict how fast adoption will go up but it's clear that we need to wait until bitcoin will come back to at least 50k.

I have not doubt about that OP. Bitcoin definitely will outperform the United States Dollar in the nearest future and as a store of value the demand for bitcoin would increase thereby making it the digital gold it is called and referred to. With respect to adoption, currently not many nation's have adopted bitcoin as a legal tender in their various locality but I strongly believe they are aware of the bitcoin movement and ate likely doing examination on it while some are just afraid of implementing it so as not to expose their corrupt act and system for which they have been doing. It's is pertinent to note that bitcoin is for transparency and accountability so therefore, any body coming for bitcoin must come with clean hands and this is just the reason why most nation's are yet to adopt bitcoin so as their corrupt practices would not be exposed.

Yes, Libra is not going to be decentralized. Thank you for pointing that out. I just forgot to analyze what I mean when I was talking about the government's stance on cryptocurrency.

I don't know about Ethereum but for Bitcoin, if the government have the power to shut it down I think they would have done that. meanwhile, they can still manipulate the mining of Bitcoin.

Based on my understanding. I don't see the reduction of the fiat currency dominance is the reason why the government won't accept decentralized crypto as mainstream. They just don't like the currency not solely controlled by them

I think not. I mean I have no doubts about bitcoin that it could dominate the whole market someday because that is totally possible given the factors that we're experiencing in the previous years and since bitcoin is created, it became a new hope to the people to hedge themselves from the over-increasing inflation that has been destroying lives year by year. But regarding to your question OP, bitcoin isn't created to become a leader of the world's currency nor replace any existing fiats especially like dollar.

There is nothing like leader in the market because market exploration is any project's ultimate goal. Since bitcoin entered the market early and has a high trading volume, it is the only cryptocurrency that now dominates the market. It comes in first place on the list, followed by Ethereum. Bitcoin is a leading effort in the field and its existence does not stand for others; rather, it is intended for everyday transactions. Fiat money differs from cryptocurrency because it is supported by governments as a generally recognized form of payment.

The cryptography technology makes Bitcoin transactions tamper-proof. The built that nobody can reverse or alter the details of a Bitcoin transaction upon its validation and addition to the blockchain. Such traits make more individuals and institutions trust and love Bitcoin. So basically for me, with its growing adoption, it might likely lead but that however would take years. Matter of fact, it might not happen even in this generation.

Bitcoin will be the leading cryptocurrency of the decentralized Blockchain world, but it will never replace Fiat because of the way it was designed. This shouldn't be a reason of concern, as long as Bitcoin does the job it's supposed to do (which is to bring financial freedom to the world). It's been going strong for nearly 14 years now, so I'm certain it will last a lifetime.

Maybe someday world governments will add Bitcoin to their reserves just like they've been doing with Gold today? If that happens, BTC will "explode" in market prices. As long as you don't invest more than what you can't afford to lose, there should be nothing to worry about. Just my thoughts ;D

bitcoin is now in the middle of the road to get closer to the peak of its success.
the name bitcoin is now worldwide, many of the richest people in the world are investing in bitcoin, and there are already countries that make bitcoin a currency, for example, like el Salvador.

if you look there now bitcoin continues to increase in terms of investors and in terms of support.
maybe in the next 10 or 15 years bitcoin can be even more advanced than now.

I don't see the reason why there is a need for leadership in currency world when the service is what we need from those? I mean even whatever coins this is either currency in fiat or crypto , but as long as this brings help and usage in the people? it doesn't matter who will be i use.
bitcoin or dollar ? it doesn't matter as long as i can use to pay bills and bring me some good return in the future.

I think Bitcoin will replace US dollar in few years. As the demand of Bitcoin is increasing day by day and Bitcoin will be used as an alternative to current currency in few years. It will take about 5 to 7 years I guess.  But if Bitcoin can take the place of US dollar, I can't estimate how many times the price of Bitcoin will increase. I am looking forward to when I can pay all my daily expenses with Bitcoin.

Defiantly, cryptocurrency is ruling the market. I find crypto is the safest currency because neither you loose it nor anyone will robe it! Also cryptocurrency payment getaways charges the lowest fees on transaction so people will save more. I find it so attractive and Bitcoin is the top cryptocurrency so it is very obvious that Bitcoin will lead the world currency market.

Why Not? We Know Crypto Currency Is World Of Biggest Currencies And All Coin Of Mother That's Name Of Bitcoin. Without Bitcoin Crypto Currency Market Is Not Valuable BECAUSE First Need To Mother's And Than Thinking About Son's. And I Thinking Crypto Currency Bitcoin Next Generation Leading Market At Crypto Currency. Like Now Many People’s Are Using Bank Account,Paypal,Skrill,Neteller Etc. There Will Come A Time When Everyone Will Use Bitcoin.

But at the moment you are not using bitcoin for payment, at the moment you are using the dollar to pay, right? So for you there is a difference than to pay for goods and services. And you most likely use bitcoin now as an investment, because you expect it to rise in price in the future and you will make a profit. Therefore, there is always a difference, especially since now we do not have the opportunity to pay in bitcoin wherever we need it, so we will need some time for adoption.

This is also what I used to think, bitcoin will become an asset like gold and will be the choice in the budget reserves of countries. But even if that happens, it will never be able to replace fiat, the government will never let that happen. Given the speed of the world, it is certain that the fiat system will be upgraded, but it will still be a centralized and government-run system. There can't be a decentralized asset like bitcoin that can replace existing fiat.

Governments always want control/power over the mainstream economy, so they will reject Bitcoin in every way possible. Of course, that doesn't mean they won't add BTC to their balance sheet like they've been doing with Gold a long time ago. What it means is that governments won't let BTC replace Fiat for their own convenience. This shouldn't be a reason of concern, especially when BTC is decentralized. You can't replace centralization with decentralization or vice-versa.

I'm fine with Bitcoin just the way it is, as long as people achieve true financial freedom. In the future, BTC will live alongside existing Fiat currencies and even precious metals for generations. People will get to decide which currency/asset to use depending on their needs. Who knows if almost everyone in the world gets to "own" some Bitcoin in the future? Just my thoughts ;D