bitcoin cannot replace currency in the world because price is not stable

[bohr]

Bitcoin is a long way from becoming a currency you can live your life in. You also only have 7 transactions a second. But that doesn't mean Bitcoin isn't immensely valuable as a medium-term and long-term store of value

Honestly it is true that bitcoin cannot replace currency in the world because price is not stable just like the exchanges money to other country. I believe that eventhough bitcoin price is not stable it would not be a currency in the world.

The best thing is that bitcoin does not have to replace the currencies of the world, it just needs to be an alternative for those that do not want to deal with the banks and all of their rules and regulations, they impose those rules only to benefit themselves, bitcoin on the other hand benefits the people, and that is why even if adoption has been slow it is going to keep growing as more people see the light and adopt bitcoin in order to benefit themselves and not the banks.

[Marry Finch]

Bitcoin can not replace the fiat currency because not all bitcoin operations can be used. In addition, it also can not replace currency due to its digital virtual nature and the duration of transactions. It's just impossible.

[HashFace]

Unfortunately, it's true.   You can't quote prices or services in Bitcoin because it changes, sometimes by the hour.  About the only thing a business owner can do is quote prices in dollars, and state that you'll accept the Bitcoin equlivalent at the time of sale.  Does anyone ever see the price of Bitcoin settling and stabilizing to the point that you can post or advertise prices in Bitcoin?  I don't.  It's like gold ... People buy and hold and invest in gold, but no one prices their products in ounces of gold.

[aoihs00]

Yes, people will think that they were crazy to choose bitcoin as primary currency. Well, that might be reason why bitcoin is just an asset which is being used to gain profits with those up and down movements of bitcoin writhing short period of period of time. That is the quality of bitcoin which attracted true investors in first place and they started creating assets for themselves and earned millions over it.


The bitcoin should be looked at in the similar way only. It can never become currency of nation or world which people keep speaking about. Thee is not sufficient circulation which can feed all the population on the earth so that's the another pint one should jot down apart from the fluctuations.

[TheBTCAlex]

Definitely true. If, for some reason, due to the volatility of BTC, it drops down and suffers a huge loss in market value, it might cause the economy that is using BTC as their primary currency to stagger and become bankrupt. Due to the price volatility, their currency will become too unstable and its value will vary widely, every few minutes. They might be able to buy some huge stuff and the next minute, their money might just be next to worthless.

Also, that is not the only reason why BTC won't replace any world currency, due to its decentralized nature, governments won't be able to control and track our transactions, like they maybe doing with other forms of payment that currently exist.

[lucifochrome]

Bitcoin is still in its early stage hence the volatility. It cannot replace the currency of the world since its still on the process of getting there but maybe in the future where people are more digitally inclined in terms of currency then bitcoin might replace the money that we know today.

[jostorres]

Volatility is just one obstacle but I don't think that Bitcoin was created with the purpose to replace the currencies, especialy not to become the currency of one particular state. But there is no actual need for that and Bitcoin will probably never be a currency that will build the traditional financial system but it could perfectly work as paralell one.

Only fools dream of Bitcoin being a replacement for traditional currencies. All of them are meant to stay and work together, and be there for you whenever you need them. Bitcoin is part of the currencies we call “virtual”, and can also be regarded as a stock.

[chesegrinder]

bitcoin will not ready to be a currency as for now as we down have global adoption, compare to dollar that exist before you and i born it has been establish by our ancestors and great man during their time they stabilize it and make it one of the global currency unlike bitcoin it will under-go more updates, innovaion,changes and regulation to make it a currency. Its like your fighting a professional boxer to a 11 year old dancer. But right now im making bitcoin as an asset and investment but sometimes i use it to buy stuff online.

[jagdeepjd]

bitcoin cannot replace currency in the world because price is not stable.

currency should be more stable.

you may reply me. currency is not stable also but you should think  

USD currency price is up and down 1-2% in 1 month.

bitcoin price is up and down 20% in 1 month.

what will people think if they just change USD to bitcoin then their money down 10% in 10 minutes?

bitcoin can become stock but cannot become currency

bitcoin is not yet globally accepted once it will be accepted then we will not see much of these  fuds which temporarily pulls the price down and up again making it more volatile .
ps: this is my thinking opinion may differ for you

[ahmad21]

Yes you are right but only for this point of time. Bitcoin is not stable because more and more people are joining the network of cryptocurreny while dollar has already been established and is used by almost the same number of people every year. Moreover bitcoin has a limited supply due to which its price will always rise while dollar has infinite supply so its price will always fall. If you think that it has grown in past one year even then you are wrong if we consider inflation along with it. So I would say yes bitcoin is too far to replace currency but yes it do has that potential of becoming one.

[davinchi]

bitcoin is still new and growing thus compared to other currencies, it is not so physical to be able to use in day to day payment methods. Due to its fluctuation over a period of time, you can see how it levels today currency in which you can compare it to stocks same reason explains why it is not available for today's actual transaction. so many room for improvement. bitcoin is growing as fast as ever.

Who mentioned something about replacing world currencies with Bitcoin? No matter how much powerful or whatever reasons may make you think Bitcoin is taking the place of regular currencies, you should know that it’s not possible and will never happen.

[zoolz]

In the old days of bitcoin there would be 20% difference within the hour not within the month so as you can see with time bitcoin is becoming less volatile. As new features are added to bitcoin to combat volatility it will without a doubt have better results.

[macchiato]

The title itself summarized the subject. Bitcoin isn't stable and the currency changes over time making it not a reliable currency in physical markets.

[triads]

In the old days of bitcoin there would be 20% difference within the hour not within the month so as you can see with time bitcoin is becoming less volatile. As new features are added to bitcoin to combat volatility it will without a doubt have better results.

Yup, overall volatility is actually decreasing. This is the natural evolution
of any new market. Greater bid-ask depth in the various exchanges naturally stabilizes
the price. The volatility level in 5 or 10 years will be nothing like it is today.

[AlienSeeker]

Precisely! I agree that it cannot be a currency, yet this is just an investment. Hence, when talking here in the digital world, this is our currency. Bitcoin's price is not that stable to think that in the physical world it will be a currency.

[shoeshineBro]

If bitcoin is not a currency, then what is it?
It can't be a stock since it represents nothing.
If bitcoin is a stock, then it is literally a pyramid scheme as its only purpose is to sell to a "greater fool"

[bohr]

Unfortunately, it's true.   You can't quote prices or services in Bitcoin because it changes, sometimes by the hour.  About the only thing a business owner can do is quote prices in dollars, and state that you'll accept the Bitcoin equlivalent at the time of sale.  Does anyone ever see the price of Bitcoin settling and stabilizing to the point that you can post or advertise prices in Bitcoin?  I don't.  It's like gold ... People buy and hold and invest in gold, but no one prices their products in ounces of gold.

That is only true because fiat has become the dominant currency of the world, you need to look at history, for thousands of years prices were given in gold, the issue is that people are no longer used to do this, if bitcoin does in fact become the most dominant currency then you will see the fiat currencies moving like crazy and bitcoin will be the currency that is stable.

[Eugenar]

bitcoin cannot replace currency in the world because price is not stable.

currency should be more stable.

you may reply me. currency is not stable also but you should think  

USD currency price is up and down 1-2% in 1 month.

bitcoin price is up and down 20% in 1 month.

what will people think if they just change USD to bitcoin then their money down 10% in 10 minutes?

bitcoin can become stock but cannot become currency

That's a sad truth as of this moment. A currency needs to have a stagnant market value while Bitcoin is volatile. But maybe in the future its market value will be more stable than it is now because it is having a high demand and if the demand is continuous, its market value won't fall. But besides, Bitcoin is still young. There are lots of things that are possible to happen in the future, in favor with Bitcoin.

[futile-resistance]

In the old days of bitcoin there would be 20% difference within the hour not within the month so as you can see with time bitcoin is becoming less volatile. As new features are added to bitcoin to combat volatility it will without a doubt have better results.

Yup, overall volatility is actually decreasing. This is the natural evolution
of any new market. Greater bid-ask depth in the various exchanges naturally stabilizes
the price. The volatility level in 5 or 10 years will be nothing like it is today.

That is true. These dump and pump in price is just because bitcoin and all other crypto coins are new in this world and indeed it will take them some time before they really become stable in price. As it is a new technology, the buying and selling is actually very unstable due to lack of trust. With time, panic selling out will also decrease.

[youdacapt]

Unfortunately, it's true.   You can't quote prices or services in Bitcoin because it changes, sometimes by the hour.  About the only thing a business owner can do is quote prices in dollars, and state that you'll accept the Bitcoin equlivalent at the time of sale.  Does anyone ever see the price of Bitcoin settling and stabilizing to the point that you can post or advertise prices in Bitcoin?  I don't.  It's like gold ... People buy and hold and invest in gold, but no one prices their products in ounces of gold.

That is only true because fiat has become the dominant currency of the world, you need to look at history, for thousands of years prices were given in gold, the issue is that people are no longer used to do this, if bitcoin does in fact become the most dominant currency then you will see the fiat currencies moving like crazy and bitcoin will be the currency that is stable.

Bitcoin is unstable because it is not acquired by anyone, so the price can be played by anyone without being controlled, I think it is an actual free market, but it is not appropriate for it to be tied to official regulation, we need to look further where bitcoin has the potential to escape control in terms of price and security.