What would it actually take to make BitCoin the most used currency in the world?

[maydna]

What would need to happen to the global economy to actually make Bitcoin take over in place of National Currency like, USD, CAD or EURO?

So many people on here are banking on this happening one day, many even openly use this as a reason to invest in coins like Monero.
So I ask you, what do you think it would it actually take to make that happen?

WW3? An Asteroid, Alien Invasion?

Bitcoin would only be able to take over the national currencies like USD or EURO if the governments of every country accepts it to get adopted by banks or big companies connected to government directly or indirectly, but that does not seem to be possible because the price of bitcoin is never stable and because of that any company holding any funds in the shape of bitcoin would pick up losses when the price drops a bit and that wont let governments accept it.

first, government accepted bitcoin and make integration with bitcoin, then bank, after this store offline and store online. without government agreement, bitcoin is hard to be accepted as payment as the most used currency in the world. i don't know about paypal, is it accepted by government or not.

after all of this, then we can buy and pay with bitcoin in every place and we can get 

[outatime1]

The only way it can become the most used currency is if it had a large international base. Right now the US dollar has a lot of value internationally. If bitcoin could overtake the US dollar, it could be the most used. I don't think this will happen any time soon.

[Meuh6879]

What would need to happen to the global economy to actually make Bitcoin take over in place of National Currency like, USD, CAD or EURO?

negative interest, lose pensions, war on cash.



Soon in the next decade ...

[BitMaxz]

We can not consider bitcoin to replace fiat or to become the same as fiat in the future.. bitcoin made only for online alternative just like paypal that you can use to buy something goods online. or pay for services.. i think bitcoin will be the same as what is bitcoin right now.

[Gutembergin]

Here is the answer. You guisy ready? Right now the US has the exclusive right to be the official dollar of Oil.

Oil is valued in US dollars and in order to buy it you must first buy US dollars, if that somehow was replaced with Bitcoin. Thats what it would take

[angaper]

I can't see any situation or global condition that might force people to massively adopt bitcoin as their preferred currency. Even in the long run, when most people in the world may access to digital technologies, it is highly likely that a new and improved digital currency might be developed.

[KFCBTC]

I can't see any situation or global condition that might force people to massively adopt bitcoin as their preferred currency. Even in the long run, when most people in the world may access to digital technologies, it is highly likely that a new and improved digital currency might be developed.

Amen!

[KFCBTC]

Here is the answer. You guisy ready? Right now the US has the exclusive right to be the official dollar of Oil.

Oil is valued in US dollars and in order to buy it you must first buy US dollars, if that somehow was replaced with Bitcoin. Thats what it would take

Believe it or not this rambling rant has actually  a lot of truth to it! 

[Aamir1]

I can't see any situation or global condition that might force people to massively adopt bitcoin as their preferred currency. Even in the long run, when most people in the world may access to digital technologies, it is highly likely that a new and improved digital currency might be developed.

People would only adopt bitcoin if the companies or big resources adopts it, and the big companies and resources would only adopt it the government allow them and that does not seem to be happening so soon, so it would surely take time if it is really gonna happen.

[mindrust]

If USA declares bitcoin as a national crypto money, it will be the new USD. More like e-USD. And bitcoin prices would skyrocket after that. You name it, i think like 10k$ or something wouldn't be a surprise.

[Hellacopter]

Well there is a long way before making Bitcoin the most used currencu in the world, Bitcoin should be promoted a lot more , media should talk about it , and also the governments have to support it.

[MingLee]

If USA declares bitcoin as a national crypto money, it will be the new USD. More like e-USD. And bitcoin prices would skyrocket after that. You name it, i think like 10k$ or something wouldn't be a surprise.

There's actually a relatively high chance that there is going to be some sort of e-USD or other similar digitized currency in the near future, assuming that they don't just opt to digitize the USD and not make anything new. The future of money is relatively digitized, and cash will likely be a relative thing of the past, although chances are it will still exist.

[nejibens]

I think if the Bitcoin price increase highly and reach 5000$ or so, may be that's will encourage more people to use it, and with time that's will help surely to make Bitcoin the first used currency worldwide.

[Pap0u]

Bitcoin is in essence a product, and it's value will be derived from market consumption. No one has to use Bitcoin, or have ever decided to use it, the world did fine without. Should we use it, yes, and that is a different story but to drive Bitcoin into a dominant global market position, all it takes is a reason for common use. All it would take is something to begin to get more and more people buying and getting involved in it at an exponential rate, in return that will drive merchants to begin to adopt it and in return businesses and corporations needing to adopt it. Nothing stops say a small little town to just begin to use it, merchants can begin setting up payment acceptment platforms as simple as an iPod running Coinbase app with a merchant account and then people need to simply download a wallet on their phone and load it to begin to use it. Merchants save 4% say on credit card networks fees, in return can say discount product prices incentivizing consumers to begin to adopt and pay with it. All this takes nothing but a simple personal decision. The volatility of Bitcoin doesn't even affect this because usd will be exchanged and then exchanged at market rates for the time of transaction, so no one loses anything unless they just decide to buy and store Bitcoin but that's not what we are talking about. How we light a fire under people's ass now is another question and this is what people are trying to think of

[lotfiuser]

bitcoin cant be number as its limited maybe another coin

[xdrpx]

It would generally take mass adoption to make Bitcoin the most used currency in the world. If several nation's reserve banks decide and realize that Bitcoin has value just like Gold, silver or oil, then as a currency Bitcoin could be used as a currency of exchange by many people. All it takes is some external pressure, Government acceptance and people to believe it has value.

[SmartIphone]

What would need to happen to the global economy to actually make Bitcoin take over in place of National Currency like, USD, CAD or EURO?

So many people on here are banking on this happening one day, many even openly use this as a reason to invest in coins like Monero.
So I ask you, what do you think it would it actually take to make that happen?

WW3? An Asteroid, Alien Invasion?

When bitcoin starts to be controlled by those who control USD/EUR then bitcoin will start to have a different price.
But bitcoin is not designed to be used as an National currency because people have access to the blockchain and all transaction are public which some people don't like this.

[ASHLIUSZ]

What would need to happen to the global economy to actually make Bitcoin take over in place of National Currency like, USD, CAD or EURO?

So many people on here are banking on this happening one day, many even openly use this as a reason to invest in coins like Monero.
So I ask you, what do you think it would it actually take to make that happen?

WW3? An Asteroid, Alien Invasion?

When bitcoin starts to be controlled by those who control USD/EUR then bitcoin will start to have a different price.
But bitcoin is not designed to be used as an National currency because people have access to the blockchain and all transaction are public which some people don't like this.

Bitcoins aren’t printed, like dollars or euros, they’re produced by people and increasingly businesses, running computers all around the world, no single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.

[SmartIphone]

What would need to happen to the global economy to actually make Bitcoin take over in place of National Currency like, USD, CAD or EURO?

So many people on here are banking on this happening one day, many even openly use this as a reason to invest in coins like Monero.
So I ask you, what do you think it would it actually take to make that happen?

WW3? An Asteroid, Alien Invasion?

When bitcoin starts to be controlled by those who control USD/EUR then bitcoin will start to have a different price.
But bitcoin is not designed to be used as an National currency because people have access to the blockchain and all transaction are public which some people don't like this.

Bitcoins aren’t printed, like dollars or euros, they’re produced by people and increasingly businesses, running computers all around the world, no single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.

Because of this bitcoin can't rise rapidly and be used by most of the people or at least a whole country!
Even though the bitcoin price goes high, number of people using it should be increased everytime to be used by a country after a time.

[Herbert2020]

What would need to happen to the global economy to actually make Bitcoin take over in place of National Currency like, USD, CAD or EURO?

So many people on here are banking on this happening one day, many even openly use this as a reason to invest in coins like Monero.
So I ask you, what do you think it would it actually take to make that happen?

WW3? An Asteroid, Alien Invasion?

nothing. i believe nothing will ever take the place of centralized money (fiat) as we know it. bitcoin can become a lot more powerful and adopted than now and there is no doubt about it but it will never replace money that the government controls.

although money in the future that we are talking about may not even be in the form of paper and may be advanced but some attributes of it will never change.