Bitcoin Forum

Bitcoin is a technology that makes our life easier. It does not melt in the face of inflation like fiat currencies. It frees us from the bondage of banks, as it allows us to transfer money without the need for third parties. It has great features.

- However, despite being a new technology, it has very high energy consumption. However, everyone would like it to consume less energy.

- Also, it has been known and traded for years but still has very high volatility. With this appearance, it scares new investors. Because everyone expected it to have a more balanced price performance.

- World history is full of wars. Perhaps we are living through one of the best periods in history. But because of us homosapiens, our world is very prone to chaos. Coins that do not have an armed force behind them, such as Bitcoin, may be a little unlucky in this regard.

I think these three problems may not be solved and these three problems may prevent bitcoin from being a reserve currency.

What do you think about the subject? Can you share some enlightening information for me?

There are already companies that keep bitcoin as reserves; in time, banks will also have to adopt this since they can't beat the system and will have to join it.
Check out  (https://blog.bitgo.com/meet-the-30-private-public-companies-with-bitcoin-reserves-totaling-over-55-billion-5d6b9f894109) the list of companies using Bitcoin as reserves; it might be outdated somehow, as I believe companies like Tasla might have sold out some of their Bitcoin reserves.

Surprisingly, some of the companies that on the list is already file bankruptcy like Voyager while Tesla recently announced that they are already sold their Bitcoin holdings.

I think the OP pertain the reserve currency of country that holds by the central bank and not as a reserved balance of a corporate which the list all about.

@OP, The volatility of Bitcoin will always be the problem on this idea. A reserve price shouldn’t volatile or else it will cause havoc in the economy.

Yes. I edited the title to be more clear. Thank you for the help.

There are already companies that use Bitcoin as a stable reserve in the long term, despite all the technical issues that may make such a decision risky. But if viewed in general, it is difficult to believe that Bitcoin can compensate for the rest of the reserves used by the world. And if he is able to replace fiat money, especially the dollar, he will not be able to replace gold, since gold is a precious metal and a store of value. As for the dollar, it will expire if the world decides to end its use as a reserve.

I think it might happen but we need quite a long time because if the FIAT bankers are always provided with their place by the ruling government then the resistance and bad sentiment towards bitcoin will grow. In terms of value there must be something called recognition from one of the parties who has power and thinks that it is important. Just like the dollar and gold, they have always been the country's foreign exchange because the government recognizes the power behind the dollar and is almost like gold because of "assumption & trust".

In terms of energy consumption, price volatility, and sensitivity if chaos occurs it is a very difficult thing to control, in terms of energy it is very likely that we can still develop it and reduce the energy used, but in terms of volatility it will be very vulnerable to security. state finances because bitcoin is very sensitive to bad news.

The volatility makes it not suitable for a global reserve currency. You said it yourself. There is no currency today that is backed by gold which is probably a superpower like the US or China will have to race to that point in backing thier stablecoin with gold to be a global reserve currency. 

A global reserve currency has to be backed by a commodity. There were some influencers discussing this and their poll result was that the Yuan will highly likely be the reserve soon.

High energy consumption is true, but there are lots of other things consuming energy and we, as a human society, are generally consuming more and more energy, so I wouldn't count is as a big disadvantage of Bitcoin per se. As for the high volatility, I disagree that it scares investors, since it's the volatility that gives a chance of making great profits with Bitcoin. Without volatility, Bitcoin wouldn't be of interest to investors, and that's even more true for investors. The third point about not having an army to support Bitcoin evades me a bit, but I suppose an argument could be made out of it based on the global reserve currency belonging to a country that has a strong economy and military force.
I believe that Bitcoin's volatility is an issue for it being a global reserve currency (but not as much as issue to Bitcoin traders and hodlers), and so is the lack of a strong authority that would be perceived as a reliable force that would ensure the stability of the currency. But maybe it's not a problem that Bitcoin isn't a big global reserve currency, as it can be many other things while also having some appeal as something that no government and no country in the world can control.

Bitcoin, in my opinion, is an ideal reserve asset to be placed in the gold and foreign exchange reserves of all countries. 

The fact that he is not associated with any one superpower (for example, the United States or China), in my opinion, is more of an advantage, not a disadvantage. 

Yes, bitcoin is an energy currency and the first cryptocurrency needs a lot of electricity to operate.  But this is also not a disadvantage.  This expenditure of energy makes Bitcoin a unique and valuable asset. 

The central banks of all countries form gold and foreign exchange reserves.  I believe that in the near future, there will be bitcoin (digital gold) in the reserves of central banks. 

Bitcoin is very convenient for external audit because its blockchain is transparent to an external observer.  In fact, it is an ideal reserve asset!  It perfectly solves the problem of lack of trust between different states.

Nope. Problem is that our world is now way past the time of reserve currency. These days no country wants to get into this mess of having a reserve currency because they want to print as much money as possible without any restraint. The reserve currency puts that restraint. So it's not the problem with bitcoin why it can't be a reserve currency but the problem with the currency system itself which will stop bitcoin from becoming so. It cannot even be a global trade currency due to the exchange costs involved to fiat and it's volatility.

But will a currency backed by gold actually become the world reserve currency again? Before the fiat system was put in place central banks kept gold as their reserves, but after WWI and WWII economists realized the US had most of the reserves of gold around the world and the gold standard will be impossible to restore, so they stored the US dollar thinking it was as good as gold, but then during the Vietnam war the US printed a lot of money and this forced them to stop redeeming gold to other countries and finally the fiat system was created, so a very specific set of circumstances needed to happen for the economic system being the way it is, and I do not think they will repeat themselves so the Yuan can reach that status.

Some companies are using it as stable reserve? I must need to check in what sense everyone is talking here when they say “stable”. Most of those companies already got their bank accounts wiped up due to bankruptcy.

Bitcoin is not stable asset. Bitcoin by its very nature is highly unstable or volatile asset. It can’t have fixed price today, tomorrow or anywhere in the near future. It’s supply is getting released slowly however adoption is changing constantly. That can either pump the price but it could also go down if government influences regarding its ban/regulations etc came to effect. Now none of this is fixed and that makes it even dangerous for bitcoin to remain stable in long terms. That’s why it can’t have such Reserve status for sure.

Because it requires POW to remain decentralised, energy consumption will not be less. However LN which is done off the blockchain can be a good way to lessen energy consumption but yet it is not user friendly to all.

It is the same activities of other new investors added to demand and supply including users sentiments and government regulation that keeps the price always in volatile state. A balanced price might never be possible because more people are waiting to take profit from every move Bitcoin makes.

I think if there is an outbreak of war as long as the internet still exists it will even be more safer to own Bitcoin because it will be more accounted for  as each coin is only spent when the private key is known as compared to when the financial institutions get trusted to preserve the same fund.

Bitcoin as it stands today is being used by a lot of companies back and forth as a reserve currency, so the possibility of it becoming the global reserve currency is high. add to this the fact that it is immutable and is ever-deflating in value which means it's not vulnerable against impermanent loss and inflation, making it a top-tier candidate for being a powerful currency and a reserve currency as well in the future. One thing that just gives it trouble is the fact that not a lot of people are aware of its existence, as well as the fact that there is still some semblance of speculation in its valuation, which could steer people away from it upon finding out. at the end of the day, the more people use and recognize it the more it will penetrate the mainstream. So if you want bitcoin to be used casually by everyone you gotta make the effort of spreading the word.

This could be the situation in the future as many companies already started to work with this,
We know that fiat currency are being controlled by the government and being manipulated, if you hold too much of this the government will always have the control over you. There’s a huge chance for Bitcoin to be one of the global reserve, though my only concern here is that those companies will become whales and that could also affect the cryptomarket, especially when it comes to price manipulation.

There is a possibility but with the high volatility of Bitcoin, only brave CEO who can take the risks will be the ones making it a reserve currency.  Those who have seen how those companies got bankrupt in making Bitcoin a reserve currency during bear market will be dissuaded to use Bitcoin as a reserve currency.

I think Bitcoin is more of an alternative currency than a reserve currency because countries how they see Bitcoin atm will not take a highly volatile currency that can crash anytime as their reserve currency.  For them, stability is way more important that the possible surge in price.

The "can bitcoin become a global reserve currency" discussion has been had many times. It has simply taken other forms.

Some believe governments should regulate and control assets like global reserve currencies.

Others throughout history have said it is a bad idea for politicians to control the money printing machine. They say mints and other critical aspects of monetary policy and the economy should be independently owned and operated to prevent political conflict of interest.

Perhaps in the future global reserve currencies will follow a similar format. Where they do not fall under the direct control of politicians. I certainly would not mind it. I wonder how others would feel.

What you said and asked is a very complicated things since Bitcoin and fiat should coexist and not the other way around. You can't just use crypto currency when there's a war because it might affect the internet connectivity during transaction and fiat on the other hand is a must to some but it's useless when there's a war because all establishment are closed. Therefore, there only way of making things to work is through banks and I don't think the government would like to use Bitcoin as a reserve currency for their emergency since there hasn't any single entities owning Bitcoin and therefore a use of third-party to get involved is a must if they wishes to use Bitcoin just like how banks work.

It is not at all necessary for banks to join and use cryptocurrency if they cannot beat it. The banking system is a part of state power, and states always use such leverage as regulation for undesirable processes. By regulating the circulation of cryptocurrencies, states can practically achieve any effect. Banks use everything from cryptocurrency that is beneficial to them to increase the efficiency of their fiat system, including they, like the state as a whole, use blockchain technology. But they will not use bitcoin or another decentralized cryptocurrency as a reserve currency, as this is not acceptable to strengthen their fiat. Commercial structures, individuals can and do do this, but this will not affect the state banking system in any way.

Bitcoin will hardly topple the dollar or other major central bank-issued currencies, but its technology will change how we conduct payments, banking and other financial transactions. These changes will bring many benefits although there are significant downsides as well.

When you're already writing about it, then at least provide information that will show us how much energy Bitcoin consumes globally? Is it 10%, maybe 5% or less than 1% of the total amount of electricity produced in the world?


If the price of BTC was somehow stable, do you think there would be more investors or traders? It is precisely this volatility that attracts people, because haven't you heard stories about people who became millionaires with a few hundred or thousand dollars invested?


From 1914 to today there have been two world wars, the Vietnam War, the Korean War, Chechnya, Iraq, the Balkans, Afghanistan, Syria, Libya, and now Ukraine. There were many more conflicts that I didn't mention, but I don't understand why you think that the last 100+ years are the "best in history"?


You are living in a big illusion, because the world as it is today will never accept Bitcoin or anything like it as a world reserve currency - nor was Bitcoin intended to become one.

Volatility is the main reason people are still trading and making money from it. So it is unlikely for Bitcoin to just get stable at some point. The price we see now is just a paired amount with dollar in order to easily understand the value of it. But if we keep that on the side, 1 Bitcoin will always be 1 Bitcoin. So it is possible for Bitcoin to become the global reserve currency if we can forget what it's worth by pairing it to other currency and accept it as an individual currency. That way we can truly call it a currency and people will be willing to take is for a reserve asset.

The most significant factor that will deter companies from using bitcoin as a reserve currency is its volatility. I believe that those companies that are already using it as a reserve currency are doing so gladly because they have faith in the currency and the possibility of profiting from it in the future; they are simply following the trend but have a backup plan. Bitcoin will not be their sole reserve currency, but their investment with bitcoin will enable them to sell their services to their customers who are interested in partnering with them.

And at the same time make merchants and other people who do not like will stay away from Bitcoin.  If Bitcoin becomes stable, it is obvious speculators will go away but investors will stay.  Company will take advantage of the stability of Bitcoin price and there is also a possibility of a merchant boom that will accept Bitcoin as a mode of payment. I believe there is always an opportunist in every kind of situation.  Whether Bitcoin is highly volatile or stable, people will adopt it.


I agree Bitcoin is not intended or created to be a reserved currency, to support the statement it is stated in this article[1] that:

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[1] https://www.newscientist.com/definition/bitcoin/#:~:text=What%20is%20the%20purpose%20of,used%20just%20like%20traditional%20currencies.

Yep. People choose Bitcoin for their investment because Bitcoin price is volatile. If Bitcoin price is stable, I doubt people will be interested in Bitcoin for their future assets. So, the volatility in Bitcoin has its own advantage, it attracts people to have and hold it.

By the way, even if Bitcoin price becomes stable, I am not sure it will be a global reserve currency. There are many countries that still don't trust very well on Bitcoin. Some countries even ban Bitcoin because they assume it harms people. As long as there is no trust among the countries, it will be difficult for Bitcoin to be a global reserve currency.

Have you ever thought of bitcoin being a store of value?  A stable cryptocurrency can be one of the best stores of value and being one of the best stores of value, it attracts merchants and other people that intend to save their fortune.  Bitcoin will also be one of the best currencies that merchants can accept as a mode of payment because its value is stable.


If Bitcoin is stable, the government will see it as a good alternative to fiat currency.  It is impossible for Bitcoin to be used as a global reserve because the majority of its coins are not held by a nation but only by a few individuals. 

No doubt bitcoin has long list of pros but where is pros there is cons, like in your first statement, last year btc failed to resist against inflation, no doubts it frees us from going to bank ( but does it really happening) like we are all have no or less options to deposit and withdraw btc/usd pair without banks. Ahh, if you work for someone in exchange of btc that is another discussion.
Countries are run by governments and in each country there are more than one governments each with there own agendas and secrets and they do not want it to be seen by public and hide it. But if bitcoin becomes the global reserve ( currency to store value of money for country) then this will not become private anymore. anyone in the world can check the total reserves and accounts limited details that is holding the reserves of country. countries has many expenditures like (agencies) and that is something on which no one wants to compromise. so overall, nothing is safe in digital world until you or someone within the system do something stupid.
Now coming to your queries.
1. Every sector in the world like industry, production, consumption transportation etc consume high amount of energy, And only literate people care about consuming less energy, Bitcoin no doubt is using high energy for mining but as you may be aware mining of btc is near to an end which will eliminate your first query. And further many platforms are introducing green carbon slogan to eliminate the impact of high energy consumption or at least reduce it.
2. well in case of volatility, some people admire it and some not. because this volatility is the fundamental pillar of crypto from which investors and hodler can make passive income and can become millionaire over time. No doubt it scares traditional fiat users but ones they get familiar with the value of this volatility then they will also admire it. secondly, using btc for Reserves, we can analysis el-salvador country how much it will improve and how it will rise along the rise of bitcoin by riding on the rocket fueled with volatility.
3.Wars, no doubt has great impact on devaluation of currencies. wars not only effect btc but also caused devaluation of many currencies like, in world war 1 Germany printed more notes than reserves thus this causes inflation and devaluation of currency, Syrian currency also devalued in the war as the Vietnam currency devalued in war well there are many other examples. are there too. So overall, war is permanent and its impact is too. But btc has the potential to bear it. but idk maybe it has the potential to bear total electricity blackout in the world when aliens will come. hahah.

overall, btc has outperformed in the previous fuds, wars, pandemic etc and i think above mentioned three reasons might not become a hurdle for it to become reserve entity but governments like the developed one are never going to use it for reserves. only the developing and near to bankrupt countries might touch this plan in near future.

I think bitcoin will be difficult to become a reserve currency as long as there are no strong countries legalizing bitcoin, if a strong country officially legalizes bitcoin then bitcoin will be more secure, there are too many weaknesses in bitcoin but if it is legalized by a strong country there will certainly be many rules, for example price controls on exchanges so that bitcoin is more stable and will not be too volatile as it is today.

This theory makes sense, because most people are interested in Bitcoin solely for the sake of profit, and they are most interested when the price is rising. If the volatility disappeared, the game would change completely, but somehow it doesn't seem to me that it would be positive for Bitcoin in the sense that it would eventually become accepted as a means of payment by more merchants.

They can do this even today by using payment processors that allow them to completely avoid volatility because the customer pays in BTC and they receive FIAT in their bank account. Therefore, I think that from the side of merchants, volatility is not a problem, but the real problem is that globally less than 5% of people are somehow involved in cryptocurrencies, and a very limited percentage uses Bitcoin as a currency.

In other words, the user base is so small that it does not motivate merchants to even think about offering such a payment method.

Exactly. I hate to say this but right now even if we say that lots of users now rely in online payments, there have been a few merchants that are accepting crypto as modes of payment.

Adding the fact that big companies that offer similar services like those small merchants aren't fully convinced on using cryptocurrencies, some countries too didn't implement crypto as a legal tender. If I were a merchant too, I wouldn't risk my startups by doing that. I would instead use my own money to buy crypto as a personal investment.

Crypto right now IMO is still at the early stages like a child ranging from 6-12 years old. Based on what we I can see on my country's economy, it is still not yet ready to adopt crypto, and is still on the stages that our country is slowly adopting to the new norm which greatly revolves around computer.

Maybe, just like how gold can become global reserve asset.

Bitcoin can become global reserve currency but it's just for small portion due to it's high volatility, there's no way Bitcoin will become global reserve currency for 100% because there's will be a country which disagree with this implementation.

A "Strong country" is a debated phrase to make, I believe you you those who have more influence on world economics than others. Now legalizing bitcoin is also an absurd term to use because it was never illegal to use it in most countries, but instead it was in "grey zone" that the government did not want to touch.

Volatility can one aspect but I believe acceptance is also low which is a bigger aspect than volatility. The number of people in a country using bitcoin is abysmally small if surveyed on a global scale, but I would be happy if proven wrong.

With a small userbase I hardly think governments actually want to make a move on bitcoin users. Hence our focus should be on bigger acceptance from no-coiners gradually to increase the userbase and then see how governments respond. Becoming a global reserve currency is a long shot statement to make and will not happen overnight.

It has been debated for a long time and I think that perhaps a few years ago it was seen as more feasible, but now I think that its widespread use as a currency most people believe is not viable. What it is is the best store of value, so it is used and will continue to be used. So I think the OP is partly right on the reserve part but not on the currency part.

Today gold is not a currency, although it was in the past, and the reserve currency is instead the dollar. Bitcoin has emerged as an enhanced digital gold, which I increasingly believe will replace gold as a hedge.

If today we can have USD as the most reserved and globally recognized money, then having another with time is not what we can doubt for because all it requires is time for bitcoin to become the supreme currency everyone will always wanted to use all over the world, as we cannbow see currently that bitcoin is gaining this massive recognition that is irresistible by fiat or government because the world economy is turning into a digital runnings with bitcoin in this present dispensation.

Even people who are not here just for the profit, could end up not caring about it because they would be basically doing something that is lacking the thing that made it worth it. Like for example I am not here just for the profits, I like bitcoin because it is a great currency and I work in the crypto world, there would both be a situation where there are less work available so I would probably be unemployed, but it would also be something I would cash out directly instead of keeping it in bitcoin as well.

So, it is quite important to not mistake bitcoin with anything else, it would be a shame if it was ever a stable thing and lacked the volatility it has today.

No matter how widespread Bitcoin's usage and advantages become, even if the whole world adopts Bitcoin and loves it, it would still be difficult for it to become a global reserve currency due to its volatile nature. I don't think that a country or countries would reserve their money in a currency that can decrease in value at any given time. That would be devastating. I know that it can also grow, but that's a different thing, and we need to see all the possible outcomes.

Bitcoin is not supposed to be used that way anyway, so we should let it be the way it is and let the world leverage it for things that fit its nature and that don't make it lose its integrity at all.

the main goal of satoshi may be that, but to achieve it there are so many problems.
and I don't think the world government or the world bank will stay silent.
I mean if they do accept bitcoin they have to see if it can benefit them otherwise they will continue to put up a fight.

The energy consumption isn't a problem at all, its actually a very good thing and will be of great importance for Bitcoin in the future once people actually start to understand it. Volaitility is just part of anything that trades on an open market and it is still very early in Bitcoin's adoption, volatility will continue to go down over time, and it will be much lower once Bitcoin is more of a mainstream thing in say like 15-20 years. Third point have nothing to say, wars have nothing to do with Bitcoin succeeding or failing, people will want Bitcoin because it is very useful and supply capped.

So none of those problems prevent bitcoin at all. The first two just have bad optics at the moment, but mining is very good for society so when bitcoin education spreads people will finally start to not only accept mining is important for bitcoin but they will actually support it for mining's big benefits to society, and volatility will continue going down over time so people will stop freaking out about volatility, especially once they've been holding through one market cycle so that they are always in profit because volatility matters much less when you're in profit no matter what the price does.


Yes, I think it is inevitable that Bitcoin becomes the world's reserve currency. It's a farrrrrr stronger currency than the USD or any national currency. And because it doesn't belong to a single country every other country in the world is going to prefer it over the currency of a single country (like USD) being the reserve currency. It's just a matter of time. Adoption needs to spread much more and people, including politicians and bankers need to become educated on Bitcoin and view it as a normal and good thing, instead of as a scary, new, risky, confusing thing. It'll take many years, it'll take decades, but eventually Bitcoin is almost certain to be the world's reserve currency. I would expect by 2050 most nations will be holding a supply of Bitcoin in reserve.

Of course you can, the number of bitcoin users continues to increase and the decentralized system brought by bitcoin has proven successful, only in about 10 years it already has hundreds of millions of users, if one day it becomes the global reserve currency then the world economy will be stronger and there will be no chaos because of the currency war.

But do not you think that if bitcoin was so widely used and adopted then its volatility will decrease significantly? Bitcoin can still grow in price because the amount of people that use bitcoin is small compared to the whole population of the world, so the potential for growth is huge, but once that goes away and the number of people yet to adopt bitcoin diminishes then I do not see why some countries may decide to have some bitcoin on their reserves.

If you look at it in more depth, the presence of Bitcoin, which has been more than 10 years, is not only meant to be a currency, but also more than just a currency and is expected to be very suitable for other things such as long-term investments. And for what has happened to Bitcoin, it is really proof that Bitcoin is very suitable for long-term investments and is also suitable to be a currency.

The success of Bitcoin cannot be denied by anyone now because of various events that have occurred in this world and this can affect the price of Bitcoin due to panic from users who try to release Bitcoin at a certain time. Things like that only make Bitcoin experience a decrease in price without making Bitcoin die, because Bitcoin can still develop in difficult world conditions and can still experience price increases when world conditions are getting better.

I believe that bitcoin or another cryptocurrency with the same degree of reliability could well become a global reserve currency. Bitcoin has transparency, limited issuance, and other valuable features that a global reserve currency should have

All these kinds of questions has been asked previously,  bitcoin is a that is above ten years after establishment,  so therefore I believe that bitcoin is developing,  so in future time  it's when we will know if bitcoin will be global currency,  right now nobody will predict accurately because any answers that says that bitcoin will develop more is base on that the person assumptions,  so theirs no theory or proof that portray when or bitcoin will be a global currency at given point in time

If bitcoin is recognized by most governments and is not too volatile, then I believe bitcoin can become the global reserve currency and will be chosen by governments. But for now and in the near future, that won't happen, bitcoin is still a risky and volatile asset, so no country will venture to choose bitcoin as their national reserve budget. Bitcoin is still more of a speculative asset than a currency or method of payment, and I don't think that can easily change. It will take a long time to change what is happening with bitcoin, I estimate up to 90% of people see bitcoin as speculation rather than currency.

I also think that Bitcoin acting as the world's reserve currency is a good concept because of its popularity, usage, and desirability as an investment, even though its applicability at the time is debatable. Other members also mentioned that some countries are now moving forward, but I still believe it is too early to draw any conclusions.

In my opinion regarded The idea of Bitcoin becoming a global reserve currency has been debated among economists and cryptocurrency enthusiasts alike. While it is difficult to predict the future of any currency, there are several factors that could potentially make Bitcoin the perfect fit for this role.

One of the advantages of Bitcoin is that it is decentralized, meaning it is not subject to the same government control as traditional fiat currency. This could make it more resistant to inflation and political influence. Additionally, the limited supply of Bitcoin, with a maximum of 21 million Bitcoins ever created, could make it a more stable store of value in the long term.

However, there are also challenges to making Bitcoin a global reserve currency. One of the biggest challenges is its current volatility, which makes it difficult to use as a stable unit of account. In addition, the relatively slow transaction processing time and high fees make it less practical for everyday use compared to other currencies.

Without legal recognition from the state, of course, bitcoin can already be said to be a global currency, now the community is growing and making bitcoin more and more popular so that when we want to pay with bitcoin, many understand, with communities spread in almost all countries, I'm sure one day bitcoin can be global reserve currency.

As a legal tender? I doubt it, the thing about making it as a global reserve is not something achievable at this moment or even in the near future.

Number one reason alone:

* Volatility

There is no immediate fix on that one and even if we manage to convince users, do you think the state will? It is indeed noticeable that crypto is in the rapid state of evolution and we could feel the changes that it offers, but it's not convincing enough to consider it to be treated as global reserve currency, though it is still unclear, in the meantime it is still considered a dream that seems impossible to become reality.

Being a reserve is another separate topic but there's no question that it's a global currency right now or should we say, a global cryptocurrency that's being used widely. Since there have been a couple of countries that have announced their adoption of bitcoin as a legal tender, maybe the next development that will come from them is to see them start putting up bitcoins for their reserve funds. We have no idea if that's already part of their roadmap or if they're already planning about it. But to see bitcoin going to that position is one of the most exciting things that shall be part of bitcoin's development. We're already on the better part of it for which the taboo that it has been believed for so many years that it's only good as a digital currency on the dark and illegal marketplaces is about to break that thought for most people.

It takes a long way to make bitcoin a global reserve currency, of course it needs official recognition from many countries so that bitcoin's position is getting stronger, the biggest problem with bitcoin is very high fluctuations, a few days ago the price rose by more than 19% but bitcoin has also dropped more than 20% in a day, these considerations certainly make the government prevent the use of bitcoin.

In my opinion, bitcoin can be used as a reserve currency on this earth, even as we have heard that there are currently companies that keep bitcoin as a company reserve fund, and I think this is normal, because the fluctuation in the value of bitcoin will not have an impact on the company because only the reserve value is stored in the form of BITCOIN.

The demand for Bitcoin always increases, and I believe that every year, thousands of new users around the world invest in Bitcoin for the first time in their lives. If the value of Bitcoin remains where it is (already known for its volatility, which is also the reason for the profit people get from it), then in the future it can become a reserve currency, because most people already understand the purpose of Bitcoin (and there is great adoption), but some still fear the price instability. From my observation, I noticed that there are two kinds of Bitcoin investors: those that panic when the price is dumping and those who don't panic because they understand that volatility is a major character of Bitcoin and that even if the price falls, after some time it will still go up.

While Bitcoin could theoretically become the world's reserve currency, it is highly unlikely due to its volatility, limited supply, regulatory challenges, and lack of infrastructure. Reserve currencies like the US dollar and the euro are preferred for their stability and widespread adoption, and central banks are unlikely to abandon them in favor of a relatively new and untested currency like Bitcoin. While Bitcoin may continue to disrupt traditional financial systems, it is unlikely to replace established reserve currencies anytime soon.

Bitcoin is not going to become global reserve currency for one reason, I think the most obvious reason right now is that governments do not fully support bitcoin as a currency or means of payment. So far the government or relevant institutions do not hold large amount of bitcoin, hence bitcoin will not become a foreign reserve. After all, governments cannot control bitcoin, that is another reason why bitcoin will not become global reserve currency.

I'm not sure volatility is the most compelling reason why bitcoin can't be global reserve currency, but bitcoin's decentralization is the main reason why it can't be global reserve currency.

No I don't think so, some countries will accept bitcoin wholeheartedly but many won't, because bitcoin will forever remain a threat to the government and Fiat currencY, this is going to be a very long battle and we still can't say how it's going to end.

Sincerely, I don't see Bitcoin becoming a global currency. How can that even be possible when there are so many hiccups and hurdles against it. There are poor nations that are still grasping with electricity challenges till date, include internet issues with it too. Even in years to come, these nations are not likely to have these basic amenities. We can't use Bitcoin without those two – electricity and the internet.

Come to think of it, despite how popular and influential the British Pounds is it's still not a global currency.

I would say that it is a "reserve currency" for the people, maybe not so much for the governments, that could be the case in this situation. I agree that there are a lot of people who have savings in bitcoin right now and that is definitely a great thing, definitely something to cherish because it means the idea of "peoples money" instead of being America's money or brits or French or German's money, it's global, and that matters a lot.

I personally believe that the best thing to do today would be having some sort of understanding that we could be seeing some governments pick this up and realize people love it and eventually start investing into it a bit.

No doubt about this. This can happen after some years as some company as already accept it as a reserve currency. If this is fully achieved, it will be a great boom in the crypto space.

It's probably true that for Bitcoin to become a reserve currency, it will have to be more stable which isn't something that can happen since it's the nature of cryptocurrencies like Bitcoin to be volatile. So it's basically not made to be a reserve currency unless a country or a company doesn't care about the volatility and still uses it to reserve their funds.

The main downside for it is that the funds reserved in Bitcoin can lose significant value over time, though it can also gain value the negative impact is more powerful when it comes to the reserves of a whole country.

Bitcoin can never be global currency, I don’t really know about other countries but it won’t happen in my country, you can’t visit markets and you will expect to pay with bitcoin, most of the market people don’t even know about bitcoin and they don’t even have mobile phones which you can use to connect to internet services, so those people won’t be able to accept bitcoin as payment methods.

It's highly unlikely Bitcoin or any cryptocurrency could ever achieve this status, not least because the USA gets a lot of perks from hosting this status and would put up an incredible fight before they relinquish it. They're more likely to ban cryptocurrency outright if the idea of this threat were to ever become real, that would naturally prevent it from happening as they are one of the largest and most dynamic economies in the world. There is another issue that is more likely to prevent it from happening - Bitcoin is too inflexible, sure you can go to infinite decimal places, but that kind of defeats the supposed "zero inflation" ability and the transaction ability is simply not fast enough, plus there will be the ever present danger of a 51% attack or other vulnerability.

Well, for what I know about money, it is any accepted means through which the people carry out their day to day transactions, in a sane society, the people are the government, if the entire people of the world should decide to start accepting bitcoin either as a reserve currency or means of transaction, or even both, the so called powers that be would become powerless.
It is in our hands to make bitcoin become super successful, and it is also in our hands to break bitcoin.

Instability alone is in contrast with the concept of a currency reserve. Anything which market price is changing from time to time, is a no-no for savings or reserve as termed in this topic. If it is reserve, you are not seeking for profit potential but rather, security of funds and stability if not upward market price movement. But as long as there is risk of a downfall with its price, then that is already something to consider not to. Zero inflation? it won't be aided that way. With regards to transactions, there are many rooms for improvement because right now, transactions ruch through numerous chains in order to be sent which makes it slow. But as this industry is expanding over years, such feat would be solved afterwards. It is just volatility of this asset which is the bottomline.

Bitcoin is increasingly popular especially when prices rise or are more expensive, there are ideas from many countries to immediately make bitcoin equivalent to fiat so that it can help when there is a large crisis or inflation that is uncontrolled, some countries have officially announced to legalize bitcoin and in my opinion the trend of bitcoin will continue improved

Volatility is the main reason why btc will not become the reserve currency of one country or company, even though there are companies that announce this, they already know the worst possibility that they will get, and I don't believe that one company will continue to hold their btc when btc experiences an increase tall one

Of course you can, the world needs a financial system that is strong and resistant to inflation, if you use 1 or 2 currencies it will certainly make it unfair, but if you use bitcoin it will be fairer and acceptable globally, moreover the bitcoin community continues to increase and according to reports it has reached more than 100 million active users.

Bitcoin volatility only occurs when its price is measured in fiat currency. 

If one day central banks decide that Bitcoin is the benchmark of money and the measure of the value of all things, then Bitcoin's volatility will no longer be an issue.  The continuation of the collapse of the world globalization system and the growing mistrust between different countries can push the Central Banks to such a decision. 

If countries endlessly wage economic wars with the use of economic sanctions (including against the national currencies of opponent countries), then such a decision can be made. 

The banking system needs stability, and Bitcoin is a deflationary international currency based on the power of a mathematical algorithm, not on the ambitions of individuals or states.

Yeah, I'd agree that it is for the people including us. We do like the concept of it and it's really actually for the people and that's why this invention is totally getting to the nerve of the governments. Some are just against it but the majority are liking what's with on its value.
That just can't be stopped but who knows if we get to see that a big country would announce that they're making bitcoin as their reserve just as par with gold being a reserve. That might be a crazy idea to think now but everything that's happening with bitcoin right now have probably thought by early adopters to be something crazy as well so, who knows then?

Point is whether the big institutions find it useful or not. These decisions are not made by an internet forum member group rather they are done in an international forum where people from different countries come together and put forward their opinions and suggestions. In such a space, bitcoin has a clear disadvantage and a lot of groundwork is needed before this stage in order to put bitcoin at an advantage.

What we should do is keep hope and gather more people into the use of crypto in daily lives. Gradually the local governance will take notice and from there we can grow to a bigger forum.

If the number of users continues to increase then bitcoin can become the global reserve currency, even though many countries are still banned cryptocurrencies but the number of communities that continues to grow certainly cannot be stopped so I'm sure if bitcoin can last for another 10 years then the number of users may have been more than 1 billion and deserves to be the global reserve currency.

Reserved doesn't mean it always talks about the value of token or money. We're all aware the volatility of the bitcoin which can affect its value from time to time. But it doesn't mean to hold it just to gain profit but to reserved it in a long period of time like a gold where we can see in other banks. In any economic situation having a reserved is a good way to survive such fall of the economic and the market. And also I share to you my experience from my grandma, she always keep old money from the past years some of them is like 30 years old already. But if you ask me how much they worth each? They worth like $200 but back in the day its value only around $1. We choose to reserve it for a long period of time which I could compare to this situation.

I think it has to do with the value because if it isn't then they will use any thing or non-valuable things as a reserved. If you will say it has nothing to do with the volatility, then that's sounds better. Bitcoin is volatile but it can still recover no matter how low it dips and then there are times that it can became stable. If they will only look at this, they will not hesitate to use Bitcoin as a reserve.

In fact, Bitcoin can fit better on this position or as a reserve currency because it was a currency but gold is more like an asset. Your grandmas' story was interesting but I think it's different from what we are talking about here.

What she was doing there is more like a hobby of coin collecting but she was lucky that the value of those coins increases instead of depreciating due to the inflation like what happened with the dollar for example. Well, I guess that's because those coins are rare now or considered to be an antique.

More precisely not to be a global reserve currency, but to be a currency for additional payment options after fiat. This means that Bitcoin can be used to buy any item needed by everyone if all countries have adopted it as the legal currency for payments. So everyone will find it easy because when someone who doesn't have fiat in his pocket, but he has Bitcoin in his wallet, he doesn't have to bother looking for fiat if he wants to buy something. Just use Bitcoin to complete the purchase when Bitcoin can be used by many people for payment.

One of the main disadvantages is that there is no one that is willing to speak on bitcoin’s behalf, the US has no problem promoting and even forcing the use of the US dollar around the world, but when it comes to bitcoin due to its decentralized nature there is no one there which is talking positively about it, and since at those conferences and reunions is where the big decisions are taken then we can assume that there is still a long way to go before bitcoin could be used as a reserve currency around the world.

I think there is a good chance that we could see it become "a" reserve currency, but not the main one. I mean it is obvious that we are talking about more and more nations eventually buying up bitcoin in bulk, its not going to be as high as fiat currencies, the top three would probably be covered already, but it could go into top 20 of most big nations, and that is still a huge huge deal, its a deal that can take us to a million dollars when the day comes. This is why I believe that we shouldn't really be worried about the price of today, because I believe the price of tomorrow will be a lot bigger and that's why I am happily investing today.

A reserve currency doesn't have to have government endorsement. USD is the current reserve currency -- and the U.S. has plenty of adversaries that forcefully hold the currency for the sake of participating in the global economy. China, Russia, etc. would love nothing more than to not rely on the United States currency system in order to trade which is why USD is being dumped out of currency reserves at record rates due to high inflation and overzealous sanctions. It's within the interest of countries to adopt a decentralized asset that isn't prone to the typical political manipulation that USD is subject to.

Gold solves the issue but for logistical reasons, it isn't feasible to conduct bilateral transactions through gold. Crypto fits the bill quite well.

The third party of crypto currency or blockchain technology is the miners they handle the role to legatimize transactions of bitcoin and ensuring their validity. They process the computational work in network to break the tie every node. Miners transmit a block to the network after win the PoW (proof of network). you can see this scheme as an ilustratio.
https://i.ibb.co/4VYrnH9/image.png (https://ibb.co/CHMG3fN)

energy consumption of bitcoin is not always profligate. it depends on how the electricity is produced, almost majority of developed country use environmentally friendly power plant.
Af of August 2022, i found the data that says the total global electricity usage of the crypto assets were between 120 billion kilowatt-hours and 240 billion kilowatt-hours. This amount is huge enough for electricity usage per year. But we should compare this number to the total of annual global electricity usage. global electricity usage of the crypto assets is equivalent to 0.4% to 0.9% of annual global electricity usage. so your statement that says bitcoin has very high energy consumption is not really true.

You can learn more about this from this reference =
FACT SHEET: Climate and Energy Implications of Crypto-Assets (https://www.whitehouse.gov/ostp/news-updates/2022/09/08/fact-sheet-climate-and-energy-implications-of-crypto-assets-in-the-united-states/#:~:text=As%20of%20August%202022%2C%20published,such%20as%20Argentina%20or%20Australia.)

In my opinion, the strongest candidate to become the global reserve currency is bitcoin. Currently, there are many countries that oppose the use of USD because it is considered detrimental. This can be an entry point for using bitcoin.

Let's wait to see if a country will soon appear that uses official bitcoin and is equivalent to the legal currency.

Even if crypto fits the bill very well as per the criteria mentioned, what about volatility? Don't you think that could be an issue for countries that would show interest in using it as their reserve currency and using it as payment for global trades? What would happen if the price falls significantly just like it did in the past? How would the countries behave in a situation like that?

I believe this is one of the reasons why Bitcoin will probably fail as a reserve currency unless every country accepts the fact that they will face a loss of monetary value every time the price falls.

True bitcoin does not have a single spokesperson and it was intended to be like that, rather the people are its spokesperson. This is tough to handle on a global stage where every country is trying to squeeze it in their own needs and nuances. While bitcoin has a long way to go these conferences and all dont help much because they are focussing more on altcoins and newly launched shitcoins and doing expositions for them. They have reduced in frequency but they havent yielded much for the bitcoin community.

Exchanges and casinos know that bitcoin is the main asset for them so they do their part, gradually there should be more traction in sector, lets be hopeful and keep gathering more.

I like this topic  ;) ;) ;) The idea of Bitcoin becoming a global reserve currency is appealing, but there are significant challenges that must be overcome for that to happen. Bitcoin's high energy consumption and volatility, as well as the lack of support from governments or military forces, make it a risky choice for many.

Additionally, the dominance of existing fiat currencies and the political and economic challenges of creating a new global reserve currency make it a difficult proposition. However, the growing popularity and adoption of Bitcoin, as well as the potential for technological advances, means that it cannot be completely discounted as a potential global reserve currency in the future.

My answer to your question is No. In my own opinion, there is no way that bitcoin will be allowed to become the global reserve currency anytime soon.
the World Bank, The governments of countries, and the IMF, will not consent to it. They want something that they can control, manipulate and regulate and bitcoin doesn't fall into any of these categories.
What I can say is that it may become the reserve currency of some countries just El Salvador(I believe some other countries with failing economies will join soon) but not the world.
Countries like China, Russia, Brazil are already in talks to ditch the USD and create their own and bitcoin isn't on the table, so I don't think we will see bitcoin being a reserve currency anytime soon.

If we could achieve this far from the general adoption given on bitcoin then within a couple of years to come bitcoin could have gone beyond the imagination of the people especially government, by then they would have no option than to follow the desire of the people for a decentralized network, there's no uncertainty in this because bitcoin has already emerged a successful currency worth international standard and everyone want to use it.

This part of advantage of bitcoin over fiat is a major plus but regarding to inflation I think it may not be direct or always but also remember when the price of bitcoin is down then it can be affected or is affected by inflation since the value of 0.005 btc during a bull time is not same value when price is low. So the fluctuation of bitcoin to many can be argued as inflation. If you look at the experience of the bitcoin investment of El Salvador, that is an example of drop in value compared to the price it was invested on. Therefore using bitcoin as a reserve is still debatable.

Another trouble or obstacle Bitcoin has before even been considered to be a reserve currency worldwide is the fact there are very powerful interests around the status of a currency (FIAT) turning into Reserve Currency.

Naturally, the States which have that advantage would not like to have more competition in that regard, because having a near monopoly in the reserve of value around the world is very advantageous.

How would the United States react if oil producing countries started to accept only Bitcoin for their energy, instead USD?
How would Europe  react if Chine only accepted Bitcoin instead EUR for their electronics and raw materials?

Obviously, it is a struggle of power.

High volatility?!?

I agree that Bitcoin has high volatility but I don't think it is a big problem because some traders prefer Bitcoin because they like high volatility. But, of course, I admit that most people are worried about this. However, I think that the high volatility problem will be completely resolved with the completion of the mass adaptation. As more people own and trade Bitcoin, the trading volume will grow and the high volatility will give way to a calmer flow. We need to be a little more patient in this regard, because I think we are witnessing an early period in the history of Bitcoin.

The thing that has been a problem with bitcoin until now and at any time is high volatility, of course the state will be worried if it makes it a reserve money for fear of a crash, of course if it officially becomes a reserve of state money it can go bankrupt and speculators can use it to play with a country's profit or loss.

maybe the goal is to create bitcoin, one of the factors, in my opinion, but it takes a very long time, there are still many people out there who don't believe in bitcoin, but with the weakening of the dollar and its inflation, the right solution is bitcoin, I think and some countries have accepted cryptocurrency payments as a medium of exchange, for example, the country of El Salvador.
This is just my point of view, what do you think?

Since Bitcoin is not under anyone's control, even though it is an investment asset, governments will not decide to make Bitcoin the global reserve currency. It is completely impossible. However, it may become widely used worldwide and be used as an alternative method of Bitcoin payment everywhere.  But it will take many more years to start globally.  But it can by no means be become the global reserve currency. it is totally impossible

The most difficult thing to unify the world financial system is that all countries want to make their currency a global currency, of course it will be a long and tiring journey to make bitcoin as a reserve currency, in my opinion if the bitcoin community gets stronger then without official approval from the state it will automatically bitcoin can be a reserve currency.

That true, Bitcoin has many advantages as a currency, such as decentralization and resistance to inflation but there are still challenges to overcome before it can become a global reserve currency. Its high energy consumption and volatility are concerns that need to be addressed, and it lacks the backing of a government or military force. Ultimately, time will tell whether Bitcoin can overcome these obstacles and achieve its potential as a truly global currency.

that's what prevents bitcoin as a global currency, I think there will always be flaws in a system and security.
that gap is made to maintain it, like soap that cleans 99% of germs, the remaining 1% is left so that the product can still be used and purchased, that's what I mean.

Nahhh, I don't think so. If it's happens then we can there will be taxes and monitoring system for transaction.Because everyone will do crimes using btc transaction. Just my idea  :-[

Besides we need to wonder if it is actually needed for bitcoin to reach that position, after all more than anything what I would want is for bitcoin to be accepted at enough businesses around the world that I can walk in almost any store and buy what I want with my bitcoin, if bitcoin could reach that stage of adoption then whether it became a global reserve currency for the governments will not matter at all, as at that point we will be able to use our bitcoin as freely as we want.

The basic thing that makes many people don't want to use bitcoin for international transactions or to become a reserve currency is because the price of bitcoin is very volatile, companies will be confused about offering products or services to consumers at bitcoin prices, for example today there is a deal and the next day the price drops so there will be a cancel the deal.

Bitcoin is like the Mona Lisa of tech, so dope with its unique features, but you make some valid points about its limitations.

Energy consumption is a real concern with Bitcoin mining, but there are efforts underway to make it more energy-efficient. It's like, we gotta reduce that carbon footprint, man!

The price of Bitcoin is like a rollercoaster ride, up and down all the time, but as adoption grows, maybe it'll start to chill out. But let's be real, some level of volatility is just part of the game.

I feel ya on the lack of a military force to protect Bitcoin, but it's decentralized, so it's already more resilient to attacks than traditional currencies. And, as more people get on board with Bitcoin, it's likely we'll see more resources dedicated to its protection.

Brace yourself, a massive crash is on the horizon. We could even be looking at a full-blown depression. The Fed's gonna have to start printing fake money like it's going out of style. And by 2025, gold is gonna be worth five grand, silver at 500 bones, and Bitcoin? Half a mil, baby! Why, you ask? 'Cause the US dollar's a fraud and nobody's gonna trust it no more. Gold and silver are the real deal, and Bitcoin is the people's currency. Stay safe out there.

The reasons you say do sound logical, but what about a country like El Salvador that has adopted Bitcoin and accepts Bitcoin as payment? Likewise with the Central African Republic, which has also followed in the footsteps of El Salvador in terms of adopting Bitcoin and also accepting Bitcoin as a payment, which has taken into account fluctuations and risks in a more mature manner. And this over time will surely be followed by large companies so that Bitcoin will be widely accepted in this world when the parties of the company can fully understand Bitcoin. The following are some of the major companies that have Accepted Bitcoin as Payment, based on sources from 99bitcoins.com (https://99bitcoins.com/bitcoin/who-accepts/)

• Microsoft
• AT&T
• Burger King
• KFC
• Overstock
• subway
• Twitch
• Pizza Hut
• Miami Dolphins
• Dallas Mavericks
• Virgin Galactic
• Norwegian Air
• Namecheap
• CheapAir
• Gyft
• New Egg
• The Internet Archives
• The Pirate Bay
• 4Chan
• Mega.nz
• Amazon (not directly)
• ExpressVPN
• Benfica
• Quiznos
• AMC

For bitcoin to one day become the world's reserve currency, it must first become low volatility. You have to admit, when you buy something for $100 and it costs $80 a minute later, it is not very pleasant. But when bitcoin becomes low volatility, will it be interesting to traders?

True, the issue of volatility is an important consideration for anyone, as long as it is still high volatility means that the risk of bitcoin is very high, in March it has risen more than 20% in a day or in 2022 it has dropped more than 15% a day, this scares anyone who wants to invest in large number.

That is makes that Bitcoin will never become a global currency. For majority, Bitcoin is something that is gonna make them rich, financial instrument, easy money and etc. When Bitcoin becomes low volatility, people wont be able to earn from trading/hold as much as they used to. They will search and switch to something more profitable to deal with. Without former popularity, Bitcoin would disappear. Only enthusiasts (and there are few of them) will use Bitcoin because of its anonymity.

The bitcoin price can't be balance because is not a stablecoin, all cryptocurrency doesn't have a stable price or being balanced. The only coin that balance in price is only stablecoins such as BUSD, USDT and USDC, DAI. Besides its a principle that governs the bitcoin progression by moving sideways that has resulted with the decrease and increase in price to completes the trading circle of being volatile.

But if bitcoin can't be balanced in price or never stable, then bitcoin will never be able to become the currency of the world. Instead, Bitcoin will be a commodity or asset like gold whose value rises and falls with demand. The currency still has volatility but is low volatility, and if bitcoin continues to remain highly volatile, it is only good for trading, and not suitable as a currency. But that doesn't make any sense either because people are also treating bitcoin as an asset rather than a currency.

Why not, bitcoin can be the most reserved digital currency just as it is already now, and with time also becomes the global most recognized currency, being volatile doesn't mean that bitcoin can make you loose your entire asset, the same vein you have in loosing little part of it is the same as the one you get from making profits from it as well, take a look as at now and you will discover that bitcoin is the only leading digital form of currency both in crypto and fiat.

The volatility of bitcoin is not as higher as that in past and now bitcoin is very higher in cost. I think that people are still interested in investment in bitcoin and they avoid its higher energy consumption.

Bitcoin is the only currency which enhances the abilities of users to increase value of their cash and use as a payment method so there are still a large number of crypto users who use bitcoin as a reserve currency. Most of the companies prefer bitcoin and one cannot denied the benefits of bitcoin.

I am not saying bitcoin is not a currency, bitcoin can still be used to pay for and exchange goods, it is still considered a currency. But this is just a seller and buyer agreement, not recognized by the government, if you don't need government approval, then I agree with what you are saying.

As far as my understanding, the currency must be stable and not too volatile because it is used to measure other assets' value. While the volatility of bitcoin happens for hours, even minutes, how can we use them to measure the value of other assets? That's also why many people don't see bitcoin as a saving but just an investment. Since no savings have a constantly changing value, it can lose 50% or increase 50% in the short term.

Yes people are still interested in Bitcoin and I don't think it volatility would allow people to consider it to be used as a global currency. We still need to take a look at the quantity if it would be enough to circulate since there is only 21 million available. For a current whether digital or fiat to be a global currency, it must be stable and has value.

People would never want to put there money in a global currency where the value of there money would be changing value everyday. Bitcoin would be available for investment as we can see now that people are really interested holding Bitcoin for profitability.

It can be assumed that the volatility of the price of Bitcoin is due to the fact that this price has not reached a certain (high enough) level.  When the price of Bitcoin reaches a certain level (for example, $1,000,000 or $2,000,000), then the rise in the price of Bitcoin will stop. 

By this time, Bitcoin will be officially recognized as a reserve asset (it will become part of the gold and foreign exchange reserves of the Central Banks of all countries).  The more Bitcoins a country has, the stronger its national digital currency (CBDC) is, respectively.  At the same time, the first cryptocurrency will not be used for everyday calculations. 

This is hindered by technical limitations that are specific to the Bitcoin blockchain (in particular, low network bandwidth).

When talking about Bitcoin becoming a global reserve currency, there are definitely some things that we mush consider. Like, you said, it uses a lot of energy right now, but people are already working on making it more sustainable, such as using renewable energies. And yeah, it's pretty volatile which stops it from becoming the global reserve currency, but as more people start using it, the price might get more stable over time. Another thing you mentioned is that it has no "military backing". Isn't it a good thing? If bitcoin did have such backing or influence, it wouldn't be decentralized anymore.

but it does not make Bitcoin to become a global reserve currency.  All it needs is the approval of major countries to be a reserved currency.  If no one of these major powers thinks Bitcoin is worthy of being a reserve currency then Bitcoin will never be.  After all finance is under the grasp of financial institutions and Bitcoin needs their approval which is somehow at its current state is impossible. 

But the future ahead is unknown so I am not putting a period in my statement, so I am saying, if in the future Bitcoin gets the recognition of the majority of the countries then it is possible to become a global reserve currency but impossible if not.

What determines the future of Bitcoin is the number of users, if the number of users reaches at least 25% of the world's population, it is certain that the world will immediately make Bitcoin as the most important asset equivalent to other commodities such as gold, silver, oil and others, and of course when the number of users The greater the more it will automatically make price fluctuations also small.

Problems why bitcoin will not become an international reserve currency:
1. Not the possibility of additional emission
2. Lack of "responsible" for its provision
3. Close to point 2 - bitcoin, sorry, but there is no real value, and collateral, like the dollar, or even the same yuan.
4. At the state level, instruments that they cannot influence and fully manage, and, if necessary, manipulate, will never be used.
5. The distribution of bitcoin in the world is not very even, unlike currencies that can be easily converted (local to dollars and vice versa), as a result, the leading countries of the world that do not have state reserves of bitcoin simply will not accept such a financial instrument

If an asset will become a global reserve currency, I'd rather pick Gold or even silver than Bitcoin.

In short, there is little to no chance that an asset will be a global reserve currency. Government wants to control the printing of money, and that's why Nixon shock happened in 1971. Also the fact that it's volatile is another reason why Bitcoin isn't a suitable candidate for it to be a global reserve currency.

I feel that there are some people are thinking way too far especially with regards to Bitcoin. Bitcoin as a global reserve currency, Bitcoin to replace fiat etc. etc. but always think that Bitcoin is still exists for only 13 years, and to think like this? There's nothing wrong, but it's almost impossible for it to happen.

Maybe let's just be happy for the fact that Bitcoin right now is being accepted by different establishments, and businesses.

The number of Bitcoin users is a significant one but almost everyone also uses fiat currency and keep Bitcoin as a store fo value or investment, not for direct spending. The situation is not that it can be either fiat or bitcoin and that goes with the democracy. Point is that hoping for a global outlook is good but that does not need the opinion of people, rather of some beurecrats sitting in AC rooms.

Hence we should strive to increase the use of Bitcoin on our own before the governments make their move instead of cribbing about it. This can be difficult on an individual scale.

Right the bitcoin has a lot of benefits no third parties or banks need for money transfer and many others but there are also certain issues that could prevent it from becoming a reserve currency. The high energy consumption of Bitcoin mining, which exacerbates environmental problems amd the price volatility of Bitcoin, which can be scary for new investors, and the absence of a centralised authority or armed force pose stability challenges for Bitcoin. But the efforts are being made to identify solutions, and as Bitcoin develops  it may succeed in overcoming these obstacles and ultimately reach its potential as a global reserve currency of word.

I completely disagree with your statement. Bitcoin consumes that energy undeniable, but to say that bitcoin mining worsens the environment is not true. The amount of energy used to mine bitcoin is nothing compared to the energy consumption of other industries. Moreover, bitcoin is creating value and benefits for us, and society, so it is completely appropriate to consume energy. We live in a world of technology, and energy use is happening in all our activities, even at our dinner table, so would you call it a waste?