Bitcoin becoming the sovereign currency

[mackenzied]

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

Blockchain technology will certainly be used extensively in all areas of human life. That's for sure. However, Bitcoin is not. Bitcoin is just a currency for this technology. It was bad but I was forced to negate the effect of Bitcoin.

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[darewaller]

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.

Well, no one knows how the future is going to be playing out, but judging by how things have been and how things are now, I am not certain there would ever be any possibility of that happening at all. As days go by, I believe with the government not having much say or control over bitcoin, it would be accepted in a way but as a means of payment and not to replace fiat.

We all know bitcoin is not going to spread around, as there would be some who would still prefer the traditional system they have been used to and some due to limitations when it comes to internet facilities and some other things, may find it hard to even make use of.

[keycellko]

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

[pellor mas]

I think about other hypothetical situations but the fact is Bitcoin does not let anyone down so far and those who buy it for a low price sell it at a higher price generates huge profits.

[giarised]

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.

Yeah many investors putted their money just for making more and more money and not to use their holding, while the creation of bitcoin was not for making money but to use one currency in the whole world. When the people treat bitcoin just as a currency and never calculate with their local currency the use of bitcoin will increase and the investment cap will grow more.

[BartS]

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.

Correct, while making money with bitcoin may seem to be a very complex activity at the end it can be resumed as just hold until the price is higher than the price at what you bought, a person that did not know anything about bitcoin but that was persistent and patient enough could be rich by now if that person invested a big enough capital just in the last year, 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.

[richardsNY]

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.

[aeternus]

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 

If at some point bitcoin becomes so valuable that it displaces the fiat currencies as a point of reference then bitcoin itself will be the point of reference and other things will be valued in bitcoin instead of bitcoin being valued in dollars, I know this may sound strange in a world where everything is valued in dollars but that can change.

[BTCforJoe]

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.

Not necessarily... A few of my friends' investments into Bitcoin has been to divest their original investment amount once the price has doubled. I started recommending and suggesting investing into Bitcoin to these friends when the price was around $250-500USD. So once the price doubled, they took out their original investments and let the rest ride (upon my suggestion). I'm normally not one to offer financial advice when it comes to Bitcoin, but these friends are now Bitcoin millionaires.

In their eyes, they've doubled up on their investment within a year, and still have millions in their crypto portfolios. I guess timing was perfect for them, and chances are that this won't be possible again in today's cryptoconomy, but I just wanted to relay these experiences to "disprove" your statement lol

[senin]

I do not think that bitcoin in the near future can rise in price to one hundred thousand dollars. So far this is not realistic, and I do not know whether it will be good for him or for the whole country. If bitcoin rises to this value, then the risk of investing in it will increase substantially. Then at any moment there can be panic because of negative information and bitcoin after that can fall in price to the level of its practical depreciation. That is, a significant increase in the price of bitcoin can bring about its depreciation. This will greatly damage the popularity of the entire crypto currency.

[perfect999]

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.

Well, no one knows how the future is going to be playing out, but judging by how things have been and how things are now, I am not certain there would ever be any possibility of that happening at all. As days go by, I believe with the government not having much say or control over bitcoin, it would be accepted in a way but as a means of payment and not to replace fiat.

We all know bitcoin is not going to spread around, as there would be some who would still prefer the traditional system they have been used to and some due to limitations when it comes to internet facilities and some other things, may find it hard to even make use of.

You can’t be just so pessimistic. Time has changed now and if you make a comparison of bitcoin with bitcoin of 2009 and around, you would be seeing a comprehensive difference. The reason behind this much gap is performance of bitcoin. Plus the love of people for bitcoin have increased and now they want more bitcoin in their lives. They want to make their lives amazing.

[orayorayan2]

bitcoin as the country's currency is very far from the possibility. because bitcoin does not have an official institution to create a law on the subject. bitcoin too independent does not meet the standard laden as the country's currency

[patarfweefwee]

You have to keep in mind that our goal is not to make the price of crypto currency higher, but ultimately to make the price more stable and less volatile to actually achieve adoption by businesses. I'm pretty sure when this happens  BTC's price will be lower although very much stabler than it is now. Right now, yes it is better off investing short term on BTC.

[JPage]

Bitcoin is the best way to get extra money without spending your time at the office. All you need is to study the technology, learn information about bitcoin market and make an investment.

[justdimin]

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 .

No country will even want to jeopardize the idea of centralization and leave it all up for decentralization to rule. I am not sure how that is going to play out, but I want to believe it is something that may not play out at all.

Bitcoin is a store of value and that is what I believe it is going to keep being whereas even as a store of value it still serves as currency but let us not forget that even though it is accessible to everyone, not everyone will find it easy to access and that makes two community in the long run with one being a fiat community and the other being a crypto community.

[zakariajaki]

my personal views related to the opinion above I agree and justify it, by looking at facts in the field as data, 100% I am not sanctioned that sebanarnya world crypto has started to open our view of modernization both technological and even asset including mindset, and very likely when the assets of crypto, bitcoin and altcoin are of general concern when they can compete even more than the dollar, and it is very and necessary to be considered more profoundly both from economic to cultural analysis, and we must be prepared for that, precisely in the resurrection of our crypto more mature with the economy because crypto becomes privacy and invidual wealth that is not bound by anything including government and bank regulation, and I think the government should support and create comfortable conditions, hopefully useful and successful for all of us

[Sergio444]

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

I have met a lot including myself. Its not because of anything but because of market instability. The market is really poor that the value of my coin has depreciated since the day i bought it as at the price of 10k till now. I am really worried even though i calculated all the risk involved. The loss i will incur will be very great if i should sell out.

[Carreuh]

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.

[Magiklair]

The finance ministers and heads of central banks of the 20 countries prepared a draft regulatory document that states that the crypto currency "does not have any signs of sovereign currencies" and should be regarded as an asset

[ttking]

If the public's confidence in the sovereign currency disappears, the state expects hyperinflation. In this case, the value of national money primarily falls in relation to the value of liquid goods, such as gold or foreign currency, for example, the US dollar