Bitcoin becoming the sovereign currency

[BartS]

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 

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.

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[syaripudin]

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 

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.

[Roomshambles]

Your thinking may become a reality in the future, where the local currency will lose its value and will be replaced by a digital currency such as bitcoin. But initially we also still need a reference paper currency such as dollars or euros to determine the value of bitcoin.

[rimueng agam]

It seems impossible if for example bitcoin into the currency of a country because now every country has its own currency and currency used by the country has been very long in use and already all people know the currency and also the currency of a country is the identity of a country .

[magneto]

It seems unlikely right now to see bitcoin all of a sudden overtake fiat in terms of daily usage. I think that there is a chance that this scenario will eventually happen, although currently we're definitely not close to that yet.

But you have to understand that bitcoin is a currency. If people feel like that they want to cash out their bitcoins in order to partake in some other venture, they are welcome to do so. People are already using bitcoin to invest in assets, so it's not like it's going to be any drastic changes here.

I don't really understand where your concern is coming from, honestly. There will always be demand for bitcoin, as a store of value. Not always will people want to invest in things or buy things, and even when they do, the bitcoin just ends up on another person's hands. If you're talking about the fact that once adoption hits its peak, there is no more room to grow, then that could be true to some extent. In that scenario, if it ever happens, I would definitely try to seek to invest in other things with more potential since bitcoin's potential by then would be mostly fulfilled, as in your scenario, fiat is already completely worthless. It's completely hypothetical, though.

[squog]

Bitcoin, much like any other crypto currency, is an investment in itself. But then again, if the question is growth, once BTC achieved a stable value then it always has room to grow. Plus it has many competitors such as a long list of alt coins out there. Projects will be built around it and of course demands for it will increase. Either way, there is always an improvement.

[mOgliE]

It won't happen. Never.
Not because btc isn't a good currency or a legit one. Of course it is.

But simply because dollar/euros/pound/yen or whatever are backed up by humans. Countries. Weapons. Armies.
It's not the case of btc. Btc is supported by nothing. A bit of trust and computing power... That's all.

Don't take everything that glitters for gold. Btc is good but not the graal.

[cloudproject]

some people may getting profit with with it and some are suffer the loss from it, we are hoping that bitcoin can legitmate accepted by the people in this world as an currency payment, so it can take people to exchange it in any of fiat money

[Hirameki]

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 

Right now investing in dollar is not worth it anymore due to inflation. The introduction of bitcoin shows that we can fight inflation by limiting it but we cannot do it in anyway because as the history suggest, it will create chaos in monetary system. Maybe the one that will be gone is the foreign exchange because of cryptocurrency.

[qwertyup23]

If the bitcoin'value gets to the figure of $1 million and overcomes the whole process of gold capitalization then that would be great but let's not run ahead of a boat and see what happens. 

$1m is absurdly unrealistic. If that happens then the demand of Bitcoin is superb that all other altcoins is neglected. Nowadays crypto competitions is high and it is difficult to reach that certain amount you said.

Around a few years back people were thinking that bitcoin never reaches 10K and it will be unrealistic. But bitcoin has surprised everyone in just last one year it went up to 20K. This market is not controlled by any institution or government so anything can happen either it can reach to 1 Million or similarly it can go down as well. As a crypto investor, we should be always ready to receive surprises from this market.

Well expecting surprises might be a good thing but being optimistic all the time calls for being realistic as well. If the value of bitcoin reaches $1 million dollars, the demand for such cryptocurrency would be high and its supply might decrease. Not to mention with that value being that significantly high, investors would actually pull out their investments due to the risk and threat of its value dropping. Its decentralized and high-volatile nature make bitcoin as 'high-risk, high-reward' type of investment wherein you are holding a double-edged sword on your part.

Bitcoin, much like any other crypto currency, is an investment in itself. But then again, if the question is growth, once BTC achieved a stable value then it always has room to grow. Plus it has many competitors such as a long list of alt coins out there. Projects will be built around it and of course demands for it will increase. Either way, there is always an improvement.

Assuming that bitcoin would be regulated in the future and its value would be less-volatile, the number of investors might pull-out their investments. What makes bitcoin as an opportunity to most investors is its volatile price. Some consider this as a short to mid-term investment since its price may skyrocket at any time- which makes this the perfect tool for risk takers.

[KorakPawon]

Your thinking may become a reality in the future, where the local currency will lose its value and will be replaced by a digital currency such as bitcoin. But initially we also still need a reference paper currency such as dollars or euros to determine the value of bitcoin.

it will not be because bitcoin can not be owned by anyone and if you know bitcoin or other digital currencies you can use but you can not have as a patent that bitcoin is your country coin because it is all countries already wearing it.

[1Referee]

Assuming that bitcoin would be regulated in the future and its value would be less-volatile, the number of investors might pull-out their investments. What makes bitcoin as an opportunity to most investors is its volatile price. Some consider this as a short to mid-term investment since its price may skyrocket at any time- which makes this the perfect tool for risk takers.

Bitcoin's volatility is definitely a factor of attraction, but it's actually changing, and will change even more when economical difficulties start knocking on the door, which we aren't all that far away from. Bitcoin is Gold, but then the digital equivalent. It will (and already does) serve as a very easy to access hedge against anything the regular economy exposes you to.

Why would you buy a promise on paper in case of Gold, when you can actually hold billions of Bitcoin without needing to store it elsewhere due to the fact that there is no bulk and whatnot. Buying paper Gold isn't the same as buying actual Gold, and if you buy actual Gold, you need to store it somewhere because you definitely don't want that bulk in your house. It's one of the plenty major advantages Bitcoin has over Gold, and that advantage will translate into capital flowing out of Gold to Bitcoin eventually.

We are in the dumb usage stage. Within 5 years we will see a completely different market and completely different uses of Bitcoin.

[Kakmakr]

Assuming that bitcoin would be regulated in the future and its value would be less-volatile, the number of investors might pull-out their investments. What makes bitcoin as an opportunity to most investors is its volatile price. Some consider this as a short to mid-term investment since its price may skyrocket at any time- which makes this the perfect tool for risk takers.

Bitcoin's volatility is definitely a factor of attraction, but it's actually changing, and will change even more when economical difficulties start knocking on the door, which we aren't all that far away from. Bitcoin is Gold, but then the digital equivalent. It will (and already does) serve as a very easy to access hedge against anything the regular economy exposes you to.

Why would you buy a promise on paper in case of Gold, when you can actually hold billions of Bitcoin without needing to store it elsewhere due to the fact that there is no bulk and whatnot. Buying paper Gold isn't the same as buying actual Gold, and if you buy actual Gold, you need to store it somewhere because you definitely don't want that bulk in your house. It's one of the plenty major advantages Bitcoin has over Gold, and that advantage will translate into capital flowing out of Gold to Bitcoin eventually.

We are in the dumb usage stage. Within 5 years we will see a completely different market and completely different uses of Bitcoin.

I think you are right about this, once the general public realize what Bitcoin is and how much better it is as a store of value, then 100k per bitcoin would not be that far fetched. Most people are lazy by nature and it takes a financial crisis of some sort to force them to look at other alternatives, like Bitcoin.

I only knew about Cash and Credit cards and when my Credit card details were stolen and used online.. then and only then, I looked for other alternative payment solutions. < I was lucky to stumble onto Bitcoin > 

[alfs75]

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  

will there is nothing wrong of assuming that someday this bitcoin becoming the sovereign currency to the whole world and its leads no1 in the exchange market as crypto than dollar or other fiat currency,therefore its worthy to investing bitcoin now and become a part of cryptocurrency world,because maybe someday all this assuming about bitcoin can lead us into have a great monetary fund into our capital.

[EdenHazard]

Bitcoin prices will always grow but to become the sovereign currency is a very impossible thing to happen. The decentralization system is a factor that makes a country reluctant to adopt and provide for the bitcoin to flourish.

Indeed, bitcoin price is based on the user, but it does not mean that bitcoin users will pay off entirely with bitcoin, there will always be a time when all bitcoin users use fiat currency for a transaction. It is not easy to change the mindset of humans to make bitcoin as a single currency, at a price of 100k (if it happens) the dollar and other currencies will still have the same function.

[Shenzou]

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 

I think that people are slowly realizing how governments are have scammed us over the past decades and how their currencies are just worthless, and they only have values because they said so, and they are realizing how much bitcoin is revolutionary and how much it changes the way we look at money, and i am pretty sure in no time all currencies will become irrelevant and useless, and people will find them selves using bitcoin.

[nebuch]

Have you met people who suffered losses from bitcoin investment? I haven’t. But I saw many who achieved profits.

There were people got lose their bitcoin because they got scammed. Once we are victims it is really hard to on the go into the process of healing. The profit is for everyone but only few that seems are chosen to experience the benefits of bitcoin.

[BartS]

It seems unlikely right now to see bitcoin all of a sudden overtake fiat in terms of daily usage. I think that there is a chance that this scenario will eventually happen, although currently we're definitely not close to that yet.

But you have to understand that bitcoin is a currency. If people feel like that they want to cash out their bitcoins in order to partake in some other venture, they are welcome to do so. People are already using bitcoin to invest in assets, so it's not like it's going to be any drastic changes here.

I don't really understand where your concern is coming from, honestly. There will always be demand for bitcoin, as a store of value. Not always will people want to invest in things or buy things, and even when they do, the bitcoin just ends up on another person's hands. If you're talking about the fact that once adoption hits its peak, there is no more room to grow, then that could be true to some extent. In that scenario, if it ever happens, I would definitely try to seek to invest in other things with more potential since bitcoin's potential by then would be mostly fulfilled, as in your scenario, fiat is already completely worthless. It's completely hypothetical, though.

At some point in the future the potential of bitcoin could be fulfilled but that does not necessarily mean that it will stop growing that will only be possible if bitcoin was the only currency and cryptocurrency used around the world and that is unlikely, but it will come to a point in which bitcoin will reach its maximum market penetration at that point if you are an investor mostly concerned about profits that will be the best moment to sell and do something else with the profits you accumulated over the years.

[darkangel11]

Have you met people who suffered losses from bitcoin investment? I haven’t. But I saw many who achieved profits.

There were people got lose their bitcoin because they got scammed. Once we are victims it is really hard to on the go into the process of healing. The profit is for everyone but only few that seems are chosen to experience the benefits of bitcoin.

This is not a valid point. They lost their investment not because of bitcoin or any of its features. They lost it because they trusted the wrong person and this has nothing to do with BTC. If you sign a paper that grants someone access to your home, it has nothing to do with the real estate industry. You didn't have to be a genius to buy BTC at any point since 2009 and hold it. If you did so, you are now one of those millions of "chosen ones" who at some time in their life held BTC and sold it for a higher price.

[mybtcasset]

Bitcoin is going to become single largest currency world will ever see in the coming future the growth potential is too huge in the coming days