Bitcoin as a leading currency?

[farhaan]

There is nothing wrong with bitcoin to be used as a leading currency.Earlier,transactions were made very fast and at very low fee when compared to other payment options.But what has made it difficult to be used is the very high fee and even a week for the transaction to get confirmed.

Already,bitcoin is nowadays getting used as an asset.It was said that bitcoin could not be used for micro payments and now,bitcoin has become not even usable for major payments too.

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[Rinsend]

In all currencies bitcoin is the most popular in all , and it is has the good rate everyday .

which you say is true,
but to force bitcoin into world currency! I think it will be very difficult
because in essence bitcoin still has limits.
because in some areas difficult to get access to the Internet network.
this is the limit that makes it impossible

[JL421]

The economic reach of Bitcoin is an interesting subject of discussion. In the end there will be a maximum of 21.000.000 BTC. BTC is a eight-digit number.
I suppose that a currency can only be leading if it has the possibility ta pay in small amounts, equivalent tot e.g. dollarcent or eurocent. This statement limits the range of BTC, will the satoshi be the future euro/dollarcent?
In that case the maximum money supply wil be BTC 21.000.000,00000000 is e.g. EUR 99.999.999.999.999,99 (by the way: interesting exchange rate).
The money supply in the Eurozone (M3) is over EUR 10.000.000.000.000
So without any constraints, the structure of the BTC satisfies the necessary condition.
Let's inventory the other constraints.

This would be easily possible if the market supply was much larger but sadly over half of the coins have already been mined, therefore making it difficult to be traded with. Btc is increasing in value but the same can't be said for its supply.

[bavian]

Of course, Bitcoin is now the leading currency. And in the near future it will remain the leading currency. I do not see any competitors now.

I think BitcoinCash could be the next competitor with Bitcoin. Looks like people are trying to pump the BCH to the moon.

[won99]

I think bitcoin has stable price in many time. So it was reason why bitcoin as a leading currency. Thanks for bitcoin because I always get many more rewards from bitcoin

[worle1bm]

The economic reach of Bitcoin is an interesting subject of discussion. In the end there will be a maximum of 21.000.000 BTC. BTC is a eight-digit number.
I suppose that a currency can only be leading if it has the possibility ta pay in small amounts, equivalent tot e.g. dollarcent or eurocent. This statement limits the range of BTC, will the satoshi be the future euro/dollarcent?
In that case the maximum money supply wil be BTC 21.000.000,00000000 is e.g. EUR 99.999.999.999.999,99 (by the way: interesting exchange rate).
The money supply in the Eurozone (M3) is over EUR 10.000.000.000.000
So without any constraints, the structure of the BTC satisfies the necessary condition.
Let's inventory the other constraints.

Since its evolution by sathoshi it has come down a long price and development journey and now is at 15000$+ and used by huge masses for several purposes and it is now recognized the leading crypto with a market cap of above $200 billion.Many altcoins came but they cannot withstand its power but some are giving tough competition but still are far behind.The total supply is of 21 million out of which many have been lost permanently but if we talk about its usage in normal life then at current it is not possible because financial agencies prevents this to happen but who knows this currency become a routine part of our lifetime in future replacing all other things.

[Eternu]

I guess that full amount of bitcoins will never be in use. Because from time to time people lose thier wallets or information for it. Also who knows how much was lost in the past. But even with that i think that there are more than enough coins. Bitcoin will never become main world currency, because countries will want their own currency. But that will not stop people from using it all over the world.

[malikusama]

There are two sides of story, Bitcoin has the potential to lead the world currencies but no government will ever want to do so because of its decentralized, anonymous and volatile characteristics. Leading currency should be less volatile than others but bitcoin's volatility is increasing with the increase in price.

And second thing is the possibility of paying bitcoin in small amount (i.e in satoshi) will never be economical due to high transaction fee, even if the transaction fee get lower you will have to pay fee for each an every transaction even for a single satoshi.

[Booted1543]

@OP congratulations, ...

Bitcoin doesn't have inflation, it's like a glass of water, if you fill it with liquid gold then does it still hold the same value as the water?

Reminds me of this...

 So it's more like a glass of liquid gold then?  You lost me.
Would it be possible to illustrate this some other way?  I would like to understand.

 

I think he's saying that it's only worth what people value it as, and that Bitcoin itself is nothing but code.

[Drixy]

The economic reach of Bitcoin is an interesting subject of discussion. In the end there will be a maximum of 21.000.000 BTC. BTC is a eight-digit number.
I suppose that a currency can only be leading if it has the possibility ta pay in small amounts, equivalent tot e.g. dollarcent or eurocent. This statement limits the range of BTC, will the satoshi be the future euro/dollarcent?
In that case the maximum money supply wil be BTC 21.000.000,00000000 is e.g. EUR 99.999.999.999.999,99 (by the way: interesting exchange rate).
The money supply in the Eurozone (M3) is over EUR 10.000.000.000.000
So without any constraints, the structure of the BTC satisfies the necessary condition.
Let's inventory the other constraints.

First of all it is the main reason why the altcoins such as ETH,WAVES,LITECOIN,DODGECOIN they all exist because of bitcoin they were invented because of Bitcoin. Bitcoin is a master piece no doubt about it.

[Topaz72]

The economic reach of Bitcoin is an interesting subject of discussion. In the end there will be a maximum of 21.000.000 BTC. BTC is a eight-digit number.
I suppose that a currency can only be leading if it has the possibility ta pay in small amounts, equivalent tot e.g. dollarcent or eurocent. This statement limits the range of BTC, will the satoshi be the future euro/dollarcent?
In that case the maximum money supply wil be BTC 21.000.000,00000000 is e.g. EUR 99.999.999.999.999,99 (by the way: interesting exchange rate).
The money supply in the Eurozone (M3) is over EUR 10.000.000.000.000
So without any constraints, the structure of the BTC satisfies the necessary condition.
Let's inventory the other constraints.

Among cryptocurrencies, I agree that it is indeed the leading cryptocurrency but I doubt that it is the leading in general. Bitcoin is not yet recognized in many countries as of this moment. Even if it had the largest market value among any ither currencies, I think it is not yet the strongest or leading. There will be more years to come for that thing to happen.

Yes it’s true that bitcoin is a leading currency because bitcoin is last man standing in market all the people around the world they are joining bitcoin some crypto have left market and some of them have replaced by bitcoin is now one of the favorite currency in market and its price is high than any other currency and very soon bitcoin will be able to end world poverty so bitcoin is only currency which is leading than any other currency.

[Oggy Pogi]

For 9 years we have seen that bitcoin is the leading currency as there are thousands of other alt coins came and went but only bitcoin could withstand this for years and price rose to all time high of 1600+. Near future it could be even more who knows it.

I agree with that, other people think Bitcoin is the leading fiat which is I am not agree with, Bitcoin has a lot of potentials indeed as well as disadvantage which is we are very aware of that. In this platform of course Bitcoin is the leading currency in which its already approaching a million in our country but I guess in dollars its 10-15,000 ,correct me if Im wrong but still this is indeed a huge amount that we can acquire.

[maarx]

The economic reach of Bitcoin is an interesting subject of discussion. In the end there will be a maximum of 21.000.000 BTC. BTC is a eight-digit number.
I suppose that a currency can only be leading if it has the possibility ta pay in small amounts, equivalent tot e.g. dollarcent or eurocent. This statement limits the range of BTC, will the satoshi be the future euro/dollarcent?
In that case the maximum money supply wil be BTC 21.000.000,00000000 is e.g. EUR 99.999.999.999.999,99 (by the way: interesting exchange rate).
The money supply in the Eurozone (M3) is over EUR 10.000.000.000.000
So without any constraints, the structure of the BTC satisfies the necessary condition.
Let's inventory the other constraints.

Thanks for the details. Bitcoins is leading the currency market. Another main things is, a crypto currency is leading the currency market. Very interesting. What it says? Crypto is going to lead the economy market? People will be speaking only about crypto dominant? Where the crypto is leading the economy world to? Every user of bitcoin and other crypto currencies are going to be more wealthy then any other fiat holders down the line? Yes. All these are going to turn as real in coming years. More adaption is going to occur soon. Happy to see it.

[aso118]

The economic reach of Bitcoin is an interesting subject of discussion. In the end there will be a maximum of 21.000.000 BTC. BTC is a eight-digit number.
I suppose that a currency can only be leading if it has the possibility ta pay in small amounts, equivalent tot e.g. dollarcent or eurocent. This statement limits the range of BTC, will the satoshi be the future euro/dollarcent?
In that case the maximum money supply wil be BTC 21.000.000,00000000 is e.g. EUR 99.999.999.999.999,99 (by the way: interesting exchange rate).
The money supply in the Eurozone (M3) is over EUR 10.000.000.000.000
So without any constraints, the structure of the BTC satisfies the necessary condition.
Let's inventory the other constraints.

Thanks for the details. Bitcoins is leading the currency market. Another main things is, a crypto currency is leading the currency market. Very interesting. What it says? Crypto is going to lead the economy market? People will be speaking only about crypto dominant? Where the crypto is leading the economy world to? Every user of bitcoin and other crypto currencies are going to be more wealthy then any other fiat holders down the line? Yes. All these are going to turn as real in coming years. More adaption is going to occur soon. Happy to see it.

What do you mean Bitcoin is leading the currency market? You will have to look at 2 factors - money supply and how much of transactions are denominated in that currency. The US dollar is the leader - no doubt about it. Bitcoin has a long way to go before it gets anywhere close.

[budz0425]

The economic reach of Bitcoin is an interesting subject of discussion. In the end there will be a maximum of 21.000.000 BTC. BTC is a eight-digit number.
I suppose that a currency can only be leading if it has the possibility ta pay in small amounts, equivalent tot e.g. dollarcent or eurocent. This statement limits the range of BTC, will the satoshi be the future euro/dollarcent?
In that case the maximum money supply wil be BTC 21.000.000,00000000 is e.g. EUR 99.999.999.999.999,99 (by the way: interesting exchange rate).
The money supply in the Eurozone (M3) is over EUR 10.000.000.000.000
So without any constraints, the structure of the BTC satisfies the necessary condition.
Let's inventory the other constraints.

Thanks for the details. Bitcoins is leading the currency market. Another main things is, a crypto currency is leading the currency market. Very interesting. What it says? Crypto is going to lead the economy market? People will be speaking only about crypto dominant? Where the crypto is leading the economy world to? Every user of bitcoin and other crypto currencies are going to be more wealthy then any other fiat holders down the line? Yes. All these are going to turn as real in coming years. More adaption is going to occur soon. Happy to see it.

What do you mean Bitcoin is leading the currency market? You will have to look at 2 factors - money supply and how much of transactions are denominated in that currency. The US dollar is the leader - no doubt about it. Bitcoin has a long way to go before it gets anywhere close.

Doesn't bitcoin fit for that? we all know that bitcoin has those factors, high demand with limited supply and although we do have some crypto that was also popular still bitcoin is the number one in the market and its volatility in the price is one the reason why  it is still the number one and most talked crpto of all time.

[SneakyRik]

Many countries only have support for Bitcoin wallets. However, soon this will change, and people can finally choose which coin to buy primarily.

[Hamstead]

We can say that bitcoin is very popular today and it always appeared in social medias. Gaining those leadership to become on top among other currencies is very amazing. But I don't think that it will be on top for long, since the total supply of bitcoin are almost mined in which it could really affect bitcoin's price. And we can't denied that USD is having a huge fund and with unlimited supply, and it was supported by all countries as a global currency unlike bitcoin. Possible that bitcoin will step aside and USD will move forward taking place after bitcoin.  

[julzcoinbit]

Bitcoin is the first and dominant crypto curreny of all time and its value grows rapidly making remarkable moment as of this yera performance. The bitcoin and the blockchain network has helped me a lot as well as those people the same way of living and other users by providing an additional source of income by working on the bitcoin and crypto network, bitcoin has helped to transaction payments via online  throughout the world without relying on any third party situation like the banking system and any governing bodies. I believed by next year that bitcoin will be more popular as well as its value grows much more as the time passes by.

[Gaaara]

We can't say it as a leading currency since it is not widely used for a currency purpose, every transaction fee is so high, for an economic matter a good currency should have been being used by people and it circulates fast. A currency with a transaction fee this high cannot be called as a good currency. Bitcoin maybe a lot better and has a lot features than any other currency but with the transaction fee like this and with the value that don't stop moving I don't think it can ever be a leading currency.

[gredisgold88]

Bitcoin is ultimately deflationary, since in the year 2140, when all bitcoins are mined, the loss of bitcoin continues, because you can't remove the error factor of humans losing passwords, getting their hardware broken and irreparable with the coins in it, be it hard disks, trezors or pendrives, accidents like your house burning with the coins in it including paperwallets... people will keep losing coins.

Some argue this will lead to deflationary spiral. I think this is a non issue, because due the digital nature of bitcoin, it can continue growing as long as there's demand, and if required, we can have more than 8 decimal points to cater for big values per coin while not losing the ability to do micropayments (BTC will be eventually worth millions of dollars, so 1 satoshi will be too high to cater for micropayments, which means we will need more decimal points).

bitcoin will become a legend of cryptocurrency, in the year 2140 bitcoin is a rare currency. ETH possibilities will be a change for bitcoin, eth use has a big impact and shifts bitcoin & altcoin.