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Author Topic: Bitcoin becoming the sovereign currency  (Read 389 times)
Noctis Connor
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June 14, 2018, 08:49:09 PM
 #61

think about it a person that invested 50k at the beginning of the previous year and sold at the top could have 1 million dollars.

That's almost impossible to happen. Realistically, if you invest $50,000 in something, you will likely start cashing out profits at the moment you are up 50%. In case you only cash out half, you will likely end up cashing out the rest if the price once again increases with 50%. No one could have ever seen the price increase that much within the same year. In the same way the majority of the early birds have been cashing out their coins throughout the years. Only people who are firmly holding their coins no matter what the value is will be able to book 1000% gains in the long run. It's definitely not as easy as you state it to be. Only a few manage to do that.

In my opinion, Bitcoin is always been the sovereign currency, It used by most people in the world inside the crypto, and it is the currency that is talking by mostly all nationalities in this forum, You can do a lot by using bitcoin, High profit, balanced market and great platform, the product mostly are the worlds next technological advancement.

       
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June 14, 2018, 10:02:12 PM
 #62

I think the possibility of bitcoin being the country's currency is very small because now every country still has its own currency that has been very long applicable in the country and has been very long known by the public, so chances are small they will change their currency.

Of course, any country won't accept the fact that bitcoin could be their legal tender except for Japan. Although bitcoin is treated as money for most of us, still government doesn't want it to consider because its decentralizes and its open for price manipulation. Plus what will happen to the established financial systems like banks in a country? So let's put aside the idea that bitcoin could be main currency. Let it be a investment instrument for most of us, store of value and hope that our own country will accept it so that we can enjoy the fruits of this new technology.

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June 14, 2018, 10:11:49 PM
 #63

I don't understand why people are making statements as if bitcoin will replace fiat. That is not the mere reason why bitcoin was developed. We always relate bitcoin with fiat. So considering what you're saying that fiat will somehow lose its value in the future, what then? I really see no rivalry between bitcoin and fiat. So i feel there is no need to argue things like this
I think it is due to the fact that they(government) were still trying to make more regulations about of the legality of bitcoin. While some are still arguing about of the banks vs cryptocurrency that's why i think this is the main reason that they keep on talking about this all over again.

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June 14, 2018, 10:47:01 PM
 #64

Have you met people who suffered losses from bitcoin investment? I haven’t. But I saw many who achieved profits.
People who suffer loses are usually the FOMO driven people who have weak hands during FUDs. They are either impatient or too sacred about how legit bitcoin is. People in this bracket must be taught to understand blockchain technology and how unstoppable it is before they start investing.
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June 14, 2018, 11:27:59 PM
 #65

Though it have popularity today but I not thinking that it will take over fiat and make it disappear. In fact, there is no such feelings cause wide adoption of bitcoin as becoming currency isn't big enough to have that way, it only happens that people have an options which could they preferred to used in a certain transactions. It could really nice also that bitcoin will officially considered as legit currency in some places and it can be accepted either local or online transactions.

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June 16, 2018, 12:33:42 PM
 #66

What bitcoin has done in the past has proven that it is a legitimate place to hold and build wealth (I always like to think of it as gold). the market is ranging between .5-.8 trillion. Experts all have no doubt it will reach 5 trillion, and a lot of experts even say that it could and maybe even will be worth 1 million dollars one day.

So for the purpose of this topic, lets just assume all this is true and here we are 2 years later and bitcoin is lets say 100k.
Everyone is freaking out because they fear the value of the dollar and other paper currencies will go down.

So there has to be a point in this transformation of worldly currency, that the value of bitcoin begins to overall outweigh the dollar in a way that its not worth holding anymore and should be invested into assets because from then on out holding bitcoin would have the value of a lot of dollars but because of that the dollar wouldn't be worth anything...so then at that point what would the bitcoin value even be based upon?

Do you guys think that (assuming everything i say becomes a reality) that it would get to a point where you'd be better off investing your bitcoins into assets because it has no more room to grow since the US dollar (and other paper currencies) at this point has become almost irrelevant?

Just a thought i had today and i thought it was interesting and that i'd share with you guys.

P.S. is there anywhere i can change my user? lol  Roll Eyes
It is very unlikely we are going to reach that point, even if the sovereign currencies of all the countries were in a state of crisis governments are not going to give their right to print their own currencies and accept bitcoin, they will lose power if that happened however we do not need recognition of the government if bitcoin becomes the most widely used currency around the world then there is no doubt that bitcoin would have achieved its goal to become a currency you can use without any third party interference.
Exactly! No government will actually want to give the full power to the people and that is the main reason they would rather keep finding ways to make fiat work. However, like you said, even without the government in the show, we have been making use of bitcoin as a currency until recently that it is becoming more of a speculative asset.

As far as I am concerned, even though they would both have to go hand in hand, most people who are smart enough will eventually find out it pays to make use of bitcoin than fiat.

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Argoo
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June 17, 2018, 08:35:15 PM
 #67

Bitcoin can not be a sovereign currency. The word "sovereign" means autonomy, independence and more suits the definition of a "sovereign state". Any crypto currency can not be sovereign. In any case, it depends on its users. It also depends on the other crypto currency, because the market is constantly interacting with different crypto currency between themselves.

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June 19, 2018, 05:40:33 AM
 #68

What bitcoin has done in the past has proven that it is a legitimate place to hold and build wealth (I always like to think of it as gold). the market is ranging between .5-.8 trillion. Experts all have no doubt it will reach 5 trillion, and a lot of experts even say that it could and maybe even will be worth 1 million dollars one day.

So for the purpose of this topic, lets just assume all this is true and here we are 2 years later and bitcoin is lets say 100k.
Everyone is freaking out because they fear the value of the dollar and other paper currencies will go down.

So there has to be a point in this transformation of worldly currency, that the value of bitcoin begins to overall outweigh the dollar in a way that its not worth holding anymore and should be invested into assets because from then on out holding bitcoin would have the value of a lot of dollars but because of that the dollar wouldn't be worth anything...so then at that point what would the bitcoin value even be based upon?

Do you guys think that (assuming everything i say becomes a reality) that it would get to a point where you'd be better off investing your bitcoins into assets because it has no more room to grow since the US dollar (and other paper currencies) at this point has become almost irrelevant?

Just a thought i had today and i thought it was interesting and that i'd share with you guys.

P.S. is there anywhere i can change my user? lol  Roll Eyes
bitcoin as a decentralized crypto currency is certainly one of the factors causing the government to be unwilling to adopt bitcoin as the official currency. so I think to achieve as everything you say would be very difficult. because I think how many investors will invest in bitcoin but in government authorities it is impossible to let fiat currency disappear or not worth at all. so I think the right thing maybe should be between bitcoin and fiat currency should keep running side by side.
That idea of decentralization is something they obviously will find very hard to absorb in their head. Centralization has been a norm for them and giving that up for decentralization is one thing we all know is impossible.

That does not stop bitcoin from still acting as a currency in the long run with its own market and users, but fiat in a way will still remain and we may end up having some co-existence in the long run just as you have said. In that way, everyone is happy.

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June 27, 2018, 09:45:10 AM
 #69

What bitcoin has done in the past has proven that it is a legitimate place to hold and build wealth (I always like to think of it as gold). the market is ranging between .5-.8 trillion. Experts all have no doubt it will reach 5 trillion, and a lot of experts even say that it could and maybe even will be worth 1 million dollars one day.

So for the purpose of this topic, lets just assume all this is true and here we are 2 years later and bitcoin is lets say 100k.
Everyone is freaking out because they fear the value of the dollar and other paper currencies will go down.

So there has to be a point in this transformation of worldly currency, that the value of bitcoin begins to overall outweigh the dollar in a way that its not worth holding anymore and should be invested into assets because from then on out holding bitcoin would have the value of a lot of dollars but because of that the dollar wouldn't be worth anything...so then at that point what would the bitcoin value even be based upon?

Do you guys think that (assuming everything i say becomes a reality) that it would get to a point where you'd be better off investing your bitcoins into assets because it has no more room to grow since the US dollar (and other paper currencies) at this point has become almost irrelevant?

Just a thought i had today and i thought it was interesting and that i'd share with you guys.

P.S. is there anywhere i can change my user? lol  Roll Eyes
Obviously the day is not away when bitcoin will declared as a sovereign currency of the world. Bitcoin has a very great potential to be very great and has always proved its worth. Who do ever believe in bitcoin, bitcoin has always helped them to recover their poverty, the only thing you need to have that you can consider it as a limitation of bitcoin also that you need to have knowledge of internet only otherwise there is no doubt that bitcoin is becoming the supreme currency globally.

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June 30, 2018, 12:24:07 PM
 #70

What bitcoin has done in the past has proven that it is a legitimate place to hold and build wealth (I always like to think of it as gold). the market is ranging between .5-.8 trillion. Experts all have no doubt it will reach 5 trillion, and a lot of experts even say that it could and maybe even will be worth 1 million dollars one day.

So for the purpose of this topic, lets just assume all this is true and here we are 2 years later and bitcoin is lets say 100k.
Everyone is freaking out because they fear the value of the dollar and other paper currencies will go down.

So there has to be a point in this transformation of worldly currency, that the value of bitcoin begins to overall outweigh the dollar in a way that its not worth holding anymore and should be invested into assets because from then on out holding bitcoin would have the value of a lot of dollars but because of that the dollar wouldn't be worth anything...so then at that point what would the bitcoin value even be based upon?

Do you guys think that (assuming everything i say becomes a reality) that it would get to a point where you'd be better off investing your bitcoins into assets because it has no more room to grow since the US dollar (and other paper currencies) at this point has become almost irrelevant?

Just a thought i had today and i thought it was interesting and that i'd share with you guys.

P.S. is there anywhere i can change my user? lol  Roll Eyes
Man, you just don’t know what you’re saying. Seems like you’re among the lucky winners of 2017 and you’re saying this out of your own greediness. Very good, since you made a lot of profit, have you thought of those that lost their money last year? I lost about 40% of my investment and my friend lost about 50% and there is nothing funny about it.

There are lots of people making profit from Bitcoin, same as there are people who are making loss, in fact those that are making loss are more than those are making profit, but this is all about having patience.
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June 30, 2018, 01:15:36 PM
 #71

Many of the industry experts believe bitcoin will be a world currency in the coming month's bitcoin can be internet most favored currency very soon in next 5 years
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June 30, 2018, 03:17:15 PM
 #72

What bitcoin has done in the past has proven that it is a legitimate place to hold and build wealth (I always like to think of it as gold). the market is ranging between .5-.8 trillion. Experts all have no doubt it will reach 5 trillion, and a lot of experts even say that it could and maybe even will be worth 1 million dollars one day.

So for the purpose of this topic, lets just assume all this is true and here we are 2 years later and bitcoin is lets say 100k.
Everyone is freaking out because they fear the value of the dollar and other paper currencies will go down.

So there has to be a point in this transformation of worldly currency, that the value of bitcoin begins to overall outweigh the dollar in a way that its not worth holding anymore and should be invested into assets because from then on out holding bitcoin would have the value of a lot of dollars but because of that the dollar wouldn't be worth anything...so then at that point what would the bitcoin value even be based upon?

Do you guys think that (assuming everything i say becomes a reality) that it would get to a point where you'd be better off investing your bitcoins into assets because it has no more room to grow since the US dollar (and other paper currencies) at this point has become almost irrelevant?

Just a thought i had today and i thought it was interesting and that i'd share with you guys.

P.S. is there anywhere i can change my user? lol  Roll Eyes

Most of the cryptocurrency analyst are saying that bitcoins might reach $50k dollars before the year ends so keep on holding your coins right now because the market will pump up eventually since the market is in dip.

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August 05, 2018, 09:58:02 PM
 #73

Though it have popularity today but I not thinking that it will take over fiat and make it disappear. In fact, there is no such feelings cause wide adoption of bitcoin as becoming currency isn't big enough to have that way, it only happens that people have an options which could they preferred to used in a certain transactions. It could really nice also that bitcoin will officially considered as legit currency in some places and it can be accepted either local or online transactions.
It depends on the location and the different regions to apply them to life. At present, ordinary communities of people, the cash is still the main for them. For daily trading it uses the trade of things that are available immediately. Electronic money or bitcoin just to serve online transactions liquidity fast and convenient. It's also available in some places, but it's time to get it right.

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August 05, 2018, 10:11:42 PM
 #74

Many of the industry experts believe bitcoin will be a world currency in the coming month's bitcoin can be internet most favored currency very soon in next 5 years
Honestly i really find this hard to believe.Maybe it depends on the mass adoption of the people in the coming years on how they see cryptocurrencies by that time.Yes cryptos are very profitable but having it replaced fiat currencies is really a big thing that the government won't permit.


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August 06, 2018, 01:32:18 AM
 #75

Currentyly, many peoples investing their money on bitcoin. They believe that bitcoin is more worthed than dollar and many peoples believe its hard to replace dollar as currency because bitcoin not accepted in many country. I am better believe that bitcoin is good investment and it could currency one day when bitcoin mass adoption more wider


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Carreuh
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August 06, 2018, 10:45:55 PM
 #76

If I think it is very bridal, maybe if this bitcoin becomes the country's currency because every country now has its own currency that is not possible to be replaced by this bitcoin currency because this bitcoin currency is still very new and not widely known by the public

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August 06, 2018, 11:59:35 PM
 #77

Bitcoin is becoming a household name on the Internet. It is still growing,gradually but surely. And bitcoin is attracting more and more computer science guys to look to blockchain and explore more about blockchain. As more people know a lot more about bitcoin it is likely to become the currency to store your wealth in.
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August 07, 2018, 12:32:15 AM
 #78

If in Indonesia, it feels rather heavy to replace the medium of exchange for rupiah payments to bitcoin because it collides with the law according to my calculations, it takes a long time.

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August 07, 2018, 02:19:39 AM
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What bitcoin has done in the past has proven that it is a legitimate place to hold and build wealth (I always like to think of it as gold). the market is ranging between .5-.8 trillion. Experts all have no doubt it will reach 5 trillion, and a lot of experts even say that it could and maybe even will be worth 1 million dollars one day.

So for the purpose of this topic, lets just assume all this is true and here we are 2 years later and bitcoin is lets say 100k.
Everyone is freaking out because they fear the value of the dollar and other paper currencies will go down.

So there has to be a point in this transformation of worldly currency, that the value of bitcoin begins to overall outweigh the dollar in a way that its not worth holding anymore and should be invested into assets because from then on out holding bitcoin would have the value of a lot of dollars but because of that the dollar wouldn't be worth anything...so then at that point what would the bitcoin value even be based upon?

Do you guys think that (assuming everything i say becomes a reality) that it would get to a point where you'd be better off investing your bitcoins into assets because it has no more room to grow since the US dollar (and other paper currencies) at this point has become almost irrelevant?

Just a thought i had today and i thought it was interesting and that i'd share with you guys.

P.S. is there anywhere i can change my user? lol  Roll Eyes

Will  all of thia you stated is broaded speculation into the worlds of cryptocurrency,because all of this your assumption is you want a reality happen,and evertyhing would be freaking out in the rise of cryptocurrency with no  uncertainty,thats everthings could be happen according to your vision,but in reality we could know whats is the true happen in the digital currency investment.

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August 15, 2018, 03:34:31 PM
 #80

If I think it is very bridal, maybe if this bitcoin becomes the country's currency because every country now has its own currency that is not possible to be replaced by this bitcoin currency because this bitcoin currency is still very new and not widely known by the public
It is impossible to apply it to national currency because all this time there is its own currency in each country. But if it is a digital currency that unites the world, this "dream" can be realized, given that only a decade of bitcoin has been famous and used throughout the world, especially in countries that have fast internet, and the government accepts bitcoin.
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