Cryptocurrency

[lablab03]

For me crypto currencies has no potential to replace fiat due to some reason which is it has no stable value and it can be use to scam people in different ways. And in fact that is the specific reason also why there are some country that didn't want to regulate in crypto. So perhaps crypto currencies will stay as a transparent money in the future.

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[Fasunathan]

Can cryptocurrency become universal means of exchange. I mean can it be a global legal tender like the physical money

It can be the mode of payment universally in the future but not now because the acceptance of cryptocurrency is not yet world wide. Some countries are more worried of it's volatility and stability, that's why they are hesitant in adapting to it.

[zarados]

Can cryptocurrency become universal means of exchange. I mean can it be a global legal tender like the physical money

the world must think how to make everything into paperless, and it can not be done instantly, it certainly takes a long stage and process. Whether it starts from the point, and finance, it is like that the world ahead. We are going into the age of digitalization. Very lucky if we can still live to see it happen, all transactions, work, and others are in the hand of the device that is currently called a smartphone and who knows what will appear in the future.

[Ryan Tirta Permana]

Can cryptocurrency become universal means of exchange. I mean can it be a global legal tender like the physical money

To be legal it must be approved in all countries so in my opinion very difficult and almost impossible, we know for yourself that there are some countries that ban cryptocurrency and now many countries have not approved bitcoin or cryptocurrency in made legal payment.

[Fantastic33]

Its possible but it must be first accepted and legallized by the government worldwide for it to happen. Even though cryptos are already used in transactions, there are still some countries who do not use cryptos as a medium of exchange while some countries already banned its exchange and trading activities due to financial risk. But if the government will consider and embrace the blockchain technology and the other benefits that crypto can brought us, then i think it can be used worldwide, but will take a lot a time.

[boynegro]

It's question confuse me. How cryptocurrency (digital) can be physical money?

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[waskaplung]

It's question confuse me. How cryptocurrency (digital) can be physical money?

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[donpepot]

It's question confuse me. How cryptocurrency (digital) can be physical money?

A cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets.

[South Park]

Can cryptocurrency become universal means of exchange. I mean can it be a global legal tender like the physical money

Bitcoin will never become a global legal tender, but do not get discouraged you can already use bitcoin all over the world despite that in many countries bitcoin is not even a currency, that is the great thing about bitcoin we do not need permission from anyone to use it so even if bitcoin never gets recognized as legal tender we can use it as such, what we really need is not permission by governments but adoption.

Well one thing is we can never know if it can be used for worldwide exchange. You're right about the fact that it's already being used now in many ways but there may come a time, when all the regulations are laid out and most countries see the good in bitcoin, when it will overtake fiat as the main currency available. Again we'll never know

The possibility is there you are right but the reason I do not think it is going to happen is because governments will do everything to avoid that and because people are really dumb, if people were not that uninterested we will not have the current system we have with fiat that can be printed in an infinite amount, so when you put those factors together it seems really unlikely bitcoin will become the dominant currency.

[PrimeauxETH]

For that idea to be successfull we need each and every one of this world live on internet and now do you think that is gonna happen?

[Nerman]

We do not a country to make it a legal tender. What we need is more crypto currency user.

Imagine if 50% of the worlds population use Bitcoin/Ethereum most likely retailers and wholesalers will accept Bitcoin/Ethereum. If stores accept crypto then other people will also accepts it until basically everyone will accepts it.

[diva.man]

The Venezuelan government issued the "oil coin", which became the world's first legal digital currency.

The republic of the Marshall islands (the island nation of the central Pacific) plans to issue its own crypto currency as a formal legal tender.

The republic of kazakhstan also said it wanted to enter the cryptocurrency market and launch its own legal digital currency.

[blue_nexus15]

The Venezuelan government issued the "oil coin", which became the world's first legal digital currency.

The republic of the Marshall islands (the island nation of the central Pacific) plans to issue its own crypto currency as a formal legal tender.

The republic of kazakhstan also said it wanted to enter the cryptocurrency market and launch its own legal digital currency.

These are the nations leading in the cryptocurrency rationalization in life. I believe that this is really the right decision of these countries. Taking advantage of the great advantages of cryptocurrency in financial and monetary management is a very precise thing that these countries are adopting. The cryptocurrency market will grow significantly in the next few years.

[South Park]

We do not a country to make it a legal tender. What we need is more crypto currency user.

Imagine if 50% of the worlds population use Bitcoin/Ethereum most likely retailers and wholesalers will accept Bitcoin/Ethereum. If stores accept crypto then other people will also accepts it until basically everyone will accepts it.

We do not need that big of adoption, look at the US dollar, the percentage that represents the US population is very small and yet the US dollar is accepted everywhere since the US is a very powerful country, as long as enough people adopt bitcoin and their economic power is big then we will begin to see bitcoin being accepted around the world.

[lovepale]

There is a big possibility on that coz cryptocurrency is ongoing to the whole world. Turning the world upside down at the present and in the coming days in years and more years to come. There is no percentage of doubt that it will achieve in the future if the growth and popularity of crypto increase and travel from one place to another. World wide acceptance of crypto is not hard for the people to embrace it coz they feel satisfied and comfortable than the way of fiat. I think it is more better than fiat if the people treat it as normal.

[stellgod]

Currently bitcoin payment systems are being used all over the world. A simple google search can yield companies already into accepting bitcoin as a mode of payment. So it is not far out there but I have to say, it is quite slow in getting there. Especially with the high fees and slow confirmations.

How can you say this? Bitcoins are not reached everywhere. Rather this is the only one problem that we are facing now for bitcoins. Developing teams are continuously thinking and working on it but as the hurdles are so much, a lot of bans all over the world, thus this process is getting so vibrated. We can’t provide much promotion to bitcoins, but hope for the best.

[vidprab5]

The second comment on this post already answered everything you need to know, and the answer No. Bitcoin can’t be used as a legal tender for exchange. It can be manipulated, it can be forked and lots of other things. So the answer you seek for is No.

[paulo1210]

Cryptocurrency based from its meaning a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. The goal of this guide is to teach beginners about blockchain and digital currencies. Transactions are recorded on a digital public ledger. Transactions and the ledger are encrypted using cryptography

[Janademir4]

Crypto currency can never replace government currency in a country, but this can be used as a means of payment that does not have to use cash, but using digital currency.

[staywoke081]

Can cryptocurrency become universal means of exchange. I mean can it be a global legal tender like the physical money

Agree, it just will take some time for people to learn about the tech as well so we can simplify the tech for the average person. Once these barriers get knocked down, I see mass adoption on the horizon.