Could Bitcoin be the New King of Currency?

[pecuniavalida]

A lot of economic instability has lead people to believe that hoarding cash is a smart way to protect themselves financially. Earlier this year a bunch of headlines touted that "Cash is King". How can this be true when the government is working towards a cashless society? According to an article written earlier this year, government officials are actively trying to ban cash. Apparently they're trying to stop depositors from being able to withdraw any cash so that everything is done digitally. For the most part, this plan has been in motion for a long time. I think this is why a lot of people have started preferring digital currency, such as Bitcoin, to fiat currency.

However, what I find interesting about this article is that the author suggests having a crypto-currency backed by gold "to solve some of the shortcomings and vulnerabilities of Bitcoin." Would this alternative crypto-currency be more stable than Bitcoin? Or would Bitcoin be more stable since it isn't backed by anything?

[The Arcitect]

There is already a crypto-currency backed up by gold. It is called bitgold. It has been around since a year. But hearing about how they are a fraud has people not trusting in them.

[Daisy14]

Despite the fact that bitcoin is not backed by anything it has been growing for more than ten years now. I do not see the shortcomings he is talking about except that it's anonymous and that depends on which side of the fence you are.

[pecuniavalida]

Interesting. So, are you saying that Bitgold has lost its value because of its credibility? If there was a trustworthy company that carried a crypto-currency backed by gold, would you find it more stable than Bitcoin?

I guess I'm trying to understand the value behind a crypto-currency backed by nothing compared to a crypto-currency backed by a commodity.

[The Arcitect]

Interesting. So, are you saying that Bitgold has lost its value because of its credibility? If there was a trustworthy company that carried a crypto-currency backed by gold, would you find it more stable than Bitcoin?

I guess I'm trying to understand the value behind a crypto-currency backed by nothing compared to a crypto-currency backed by a commodity.

Exactly to the point. It is trying to ride the wave of bitcoin by saying that they can secure your investment with them with gold which is a fallacy.
Everybody on this forum knows that cryptocurrency has no backing expect speculation.
If you want to contribute to it's success you will donate to it's cause by putting blind faith into it.

[martinacar]

Maybe its possible but it would take some time to do this, I think it can but in about 10 years not very soon.
Its also laying about if the bitcoin is getting more popular, most likely it will so it has a good chance.

[calkob]

Bitcoin is here to stary no matter what the scum think

[Kprawn]

Bitcoin is based on gold, and not backed by gold. We have seen recently that there are indications that the gold and silver price has been manipulated and if Bitcoin was backed by gold, it would suffer

the same fate as fiat. The manipulation is not possible in Bitcoin, because it is backed by supply and demand and what the protocol dictates based on public consensus. Bitcoin is the King of Crypto

Currencies and that is all that counts in my books. Governments will do anything to retain their power and Bitcoin threatens that position... 

[Newcoins2020]

Maybe its possible but it would take some time to do this, I think it can but in about 10 years not very soon.
Its also laying about if the bitcoin is getting more popular, most likely it will so it has a good chance.

I also think its possible but I also think its gonna be very hard to do this because we have to keep in mind there are a lot of other currency's a lot bigger.
And this currency's can also stay growing so I honestly do not know what to expect.

[Doms]

Cash is still king but bitcoin is slowly making its presence felt. But I doubt if governments would allow fiat to be replaced anytime soon.

[The Arcitect]

Bitcoin is based on gold, and not backed by gold. We have seen recently that there are indications that the gold and silver price has been manipulated and if Bitcoin was backed by gold, it would suffer

the same fate as fiat. The manipulation is not possible in Bitcoin, because it is backed by supply and demand and what the protocol dictates based on public consensus. Bitcoin is the King of Crypto

Currencies and that is all that counts in my books. Governments will do anything to retain their power and Bitcoin threatens that position... 

Governments have also fear what they don't know about. And if anything threatens to topple that grip of power they will quash it any chance they get.

[CoinsRoyal]

It can be only a king if Bitcoin is getting more popular and also more used but around this time it will be not possible because many people dont even know how to work with Bitcoin.
And the bad thing of Bitcoin is that nobody will know what will happen with the value with Bitcoin so you have only to wait for what will happen.

[HeroCat]

Bitgold is not very popular, does not matter, that it is backed by gold. Bitcoin is much more popular. 

[zodiac3011]

Bitcoin is still under development which still has many many features and updates need implementing so the adoption speed is still not at its best. Could Bitcoin be the New King of currency? Yes. But the point is just not now. It hasn't got its best conditions to be popular enough to become a king. Until the government still treat bitcoin like something illegal, there's no way it will become the king

[Arcteryx]

Bitcoin is king already in my eyes 
There is nothing else like it. It can be made into whatever you want it to be.
Kind of like play-doe but this dough is real money son 

[Viyamore]

The mere fact is bitcoins need more time maybe 10-15 years for that matter to be the king of currency , in some country like on romania my friend told me that their government is ignoring bitcoin , that bitcoins for them is just a stuffs. So that's to long time to go for bitcoin

[The Arcitect]

The mere fact is bitcoins need more time maybe 10-15 years for that matter to be the king of currency , in some country like on romania my friend told me that their government is ignoring bitcoin , that bitcoins for them is just a stuffs. So that's to long time to go for bitcoin

I have heard this too. Governments of countries that see it a mere smoke and mirror hype induced delusion. They just don't bother to acknowledge it and view it as a toy for children to use and don't pay heed to it any further. They will be the ones kicking themselves for doing so 10-15 years from now, as you put it.

[JessicaSe]

The mere fact is bitcoins need more time maybe 10-15 years for that matter to be the king of currency , in some country like on romania my friend told me that their government is ignoring bitcoin , that bitcoins for them is just a stuffs. So that's to long time to go for bitcoin

Bitcoin will be a stronger currency in future but it can never be the king of currency, as everyone knows that dollar is ruling the world at a moment, and will be in future too.

[arwin100]

The mere fact is bitcoins need more time maybe 10-15 years for that matter to be the king of currency , in some country like on romania my friend told me that their government is ignoring bitcoin , that bitcoins for them is just a stuffs. So that's to long time to go for bitcoin

Bitcoin will be a stronger currency in future but it can never be the king of currency, as everyone knows that dollar is ruling the world at a moment, and will be in future too.

Its big no no for bitcoin can be the king of all currency but  bitcoin can be the king of all cryptocurriency  and it is proven as you can see its state now it is in the top and price is so big. But bitcoin can never ever replace dollar because dollar is strong currency that implemented by the most powerfull country in the world.

[Herbert2020]

it is already the king of currencies, bitcoin is being used all over the world by every people with different nationalities equally that is already a lot more than any other currencies could achieve ever.
besides there is always a lot of good benefits of using bitcoin that you can not overlook.