Possibility of Bitcoin replacing USD in Australia

[David Horton]

It is said that there is a possibility of BTC to replace USD and other reserve currencies to become the most dominant currency. I realised that BTC price is not going down anytime soon after I read this.

[Hambahaldjas]

Article url?

[DoublerHunter]

I think even the Australia will be using bitcoin as money, it is still not possible for the dollar there to be replaced because not all the Australians there know bitcoin and they are just starting to figure it out so there is no chance for some replacement and bitcoin is just another currency for their country and it will just help their economy.

[Dudeperfect]

Yes I see bitcoin as the most used currency at least on the international level in next 10 years and considering the growth rate in price as well as in user base, I have no doubt that it will be most valued currency too. While talking about domestic growth (say offline use), I think legal aspects would play a key role in determining the movement of the bitcoin. It is subject matter of separate study to analyse the possible clash of domestic and crypto currencies.

[nightxglow]

Really? How do you know that? reading articles or just a speculation from some people? I don't know whether it's possible or not, since replacing something that has been known and used by everyone with something new and not so many people know and use like bitcoin is quite hard. Does the goverment in Australia already acknowledge bitcoin? If yes then i think the possibility is higher. Moreover if most of the people in australia already use bitcoin to buy something instead of using dollar.

[tosmartak]

Anything is possible but these are just speculations as far as I am concerned. Bitcoin's scarcity and the use of the blockchain are its defining features but it could also be its source of weakness. Nevertheless, the use of bitcoin can transform the global payments arena into an open-source one, which means that its increased adoption can also drive up its value. More and more online merchants and large companies are opening up to the idea of accepting bitcoin payments while clients are also enjoying better transparency, lower costs, and quicker transactions on these. So I won't be surprised if a country decides to adopt it but the chances are minimal most especially for security reasons compared to fiat currencies.

[S4pta]

It is said that there is a possibility of BTC to replace USD and other reserve currencies to become the most dominant currency. I realised that BTC price is not going down anytime soon after I read this.

I think your information is really happening .... but it will not happen anytime soon ... because i have read the news about the popularity of bitcoin in australia that was blocked by the government government ... because bitcoin is just digital that Is not real. . .Thank you ...

[vikkyzenna]

The Global Financial Crisis, uncontrolled volumes of reserve currency (especially the dollar), the creation of a bubble in the bond market of developed countries and the aggravation of political differences between the West and the East created the prerequisites for reviewing the parameters of the dollar-based world financial system. And the grandiose growth of China's economy made him the main candidate for the role of "contender for the title".

[KirillManhattan]

I did not think that it would happen so quickly, I was counting on that it would be a while since people are not adapted to crypto-currencies and I do not think that this is a good idea.