Will Bitcoin become the reserve currency of the world?

[Abiky]

Do you think Bitcoin will become the reserve currency of the world sometime in the future? I was wondering about this since Bitcoin is now a widely used cryptocurrency worldwide. Since most altcoins in the market today, are dependent on Bitcoin's price movements, it seems like Bitcoin is the reserve currency of cryptocurrencies.

However, if Bitcoin tends to become more popular each day, it could eventually take the USD's place as the reserve currency of the world. Hence, what are your thoughts about this? Will it happen or not? 

[pooya87]

i don't think so. specially since bitcoin is decentralized and nobody can have control over it because of that. specially if it becomes mass adopted and huge.

Since most altcoins in the market today, are dependent on Bitcoin's price movements, it seems like Bitcoin is the reserve currency of cryptocurrencies.

this part is true but it is because altcoins are designed that way. they were never created to compete with bitcoin but to fuel the pockets of those who own it. and on rare occasions when a coin is actually good i won't make it because the market is controlled by the pumped coins on top.

[avikz]

Do you think Bitcoin will become the reserve currency of the world sometime in the future? I was wondering about this since Bitcoin is now a widely used cryptocurrency worldwide. Since most altcoins in the market today, are dependent on Bitcoin's price movements, it seems like Bitcoin is the reserve currency of cryptocurrencies.

However, if Bitcoin tends to become more popular each day, it could eventually take the USD's place as the reserve currency of the world. Hence, what are your thoughts about this? Will it happen or not?  

Bitcoin is certainly a reserve currency for the altcoins but I don't see it happening for fiat, even in future! Bitcoin is not designed that way to become a reserve currency and our current centralized system would not allow this happen. We should not mix this two economies. Fiat has a separate economy and we must consider cryptos as a parallel economy system which will rule its own kingdom. But when it comes to ruling both economies, centralized banking cartels will have the control on their hand only! They won't let a decentralized currency become so strong that it threatens the existence of current system!

[Tytanowy Janusz]

If bitcoin will hit mass adoption and by lightning network there will be solved scalibility issue I would love to leave from fiat to bitcoin with all my money and just use it. If more and more people will do that than bitcoin price will grow rapidly and other fiat currency value will be close to toilet paper. But will bitcoin become main currency of the world than? You need to remeber that oil/silver/gold/gas and manny others are valuated in dolars. And even if noone will use dolars in real life it will be still up to goverments to change pairs with oil and others. I dont think that US will agree to that cause it could totaly destroy their economy and value of dolar.

[LeGaulois]

It's gonna stay marginal (at some level). At worst it could be used as virtual money for a video game (I don't remember the name: second life ?) At best it will remain a virtual currency used by geeks or by those looking to hide their funds (taxes evasion or other reasons) or on the darknet. that said, (besides that bitcoin needs to have a minimum value of $213,000 to hit to replace the US money supply)

[tweetbit]

In a world we’re politics is controlling the financial system and reserve currency is doomed from its real purpose, but for power. Bitcoin won’t and will not be a currency for such corrupt and unworthy reason. That’s beyond said, any currency made to be on that position has been used badly. USD is in and won’t be replaced in a decade from now, but the possibility of change is big since China’s Yuan is competitive.

[Maymun_lavigne]

Do you think Bitcoin will become the reserve currency of the world sometime in the future? I was wondering about this since Bitcoin is now a widely used cryptocurrency worldwide. Since most altcoins in the market today, are dependent on Bitcoin's price movements, it seems like Bitcoin is the reserve currency of cryptocurrencies.

However, if Bitcoin tends to become more popular each day, it could eventually take the USD's place as the reserve currency of the world. Hence, what are your thoughts about this? Will it happen or not? 

bitcoin has become a reserve currency for altcoins and cryptocurrency, but I don't think bitcoin can ever be a reserve currency for the world. Because bitcoin itself has a fluctuating nature where prices always change very quickly. If bitcoin can replace fiat currency I think the country will have difficulty managing its finances or if that doesn't happen maybe the bitcoin price will be difficult to predict again.

[Tszunami98]

Do you think Bitcoin will become the reserve currency of the world sometime in the future? I was wondering about this since Bitcoin is now a widely used cryptocurrency worldwide. Since most altcoins in the market today, are dependent on Bitcoin's price movements, it seems like Bitcoin is the reserve currency of cryptocurrencies.

However, if Bitcoin tends to become more popular each day, it could eventually take the USD's place as the reserve currency of the world. Hence, what are your thoughts about this? Will it happen or not? 

First of all Bitcoin is NOT a widely used cryptocurrency. Second, why would Bitcoin take USD place?
Bitcoin, as it behaves now it might become a store of value...digital gold as they say. But nothing is certain, people could easily migrate to another digital currency...which they have.

[cellard]

Given past precedents, the USD should collapse in our lifetime (unless you are like 70 years old I guess) and we should see it within a decade or two.



The USD has already had a good long run and it's now on discount time. I don't believe the USD is any different from former attempts, it will not magically last another 100 years... it must burst and it will burst one way or another. It is then that the elites will have to decide if they want to enter another fiat clusterfuck or they want a neutral global asset class like BTC, and I believe BTC will be it, which will make BTC worth $1,000,000 each if you still want to value it in USD (due the debt default which is funnily enough around $21 trillion just like the total amount of 21 million BTC.

It's gonna stay marginal (at some level). At worst it could be used as virtual money for a video game (I don't remember the name: second life ?) At best it will remain a virtual currency used by geeks or by those looking to hide their funds (taxes evasion or other reasons) or on the darknet. that said, (besides that bitcoin needs to have a minimum value of $213,000 to hit to replace the US money supply)

Bitcoin is global. It could be worth $213,000 without necessarily replacing the US money supply, so no problem about that.

[YuginKadoya]

Do you think Bitcoin will become the reserve currency of the world sometime in the future? I was wondering about this since Bitcoin is now a widely used cryptocurrency worldwide. Since most altcoins in the market today, are dependent on Bitcoin's price movements, it seems like Bitcoin is the reserve currency of cryptocurrencies.

However, if Bitcoin tends to become more popular each day, it could eventually take the USD's place as the reserve currency of the world. Hence, what are your thoughts about this? Will it happen or not? 

First of all (b)Bitcoin is NOT a widely used cryptocurrency.(/b) Second, why would Bitcoin take USD place?
Bitcoin, as it behaves now it might become a store of value...digital gold as they say. But nothing is certain, people could easily migrate to another digital currency...which they have.

I think your highlighted statement here are wrong, And Bitcoin is a majority when it comes to mass adoption and we can say that it is the first and only Cryptocurrency that are widely use from different exchange sites, And online wallets, And among all Cryptocurrency they will sure need bitcoin as a base for other coins price,

And lastly taking into consideration that bitcoin can done anything, In my opinion Bitcoin can pose a treat to fiat currency that is why the government and some banks are against it, I really think there is a possibility they can do it, and replacing fiat money, I really think in the near future it can happen.

[gentlemand]

The definition of reserve currency is - https://www.investopedia.com/terms/r/reservecurrency.asp

'A reserve currency is a large quantity of currency maintained by central banks and other major financial institutions to prepare for investments, transactions and international debt obligations, or to influence their domestic exchange rate. A large percentage of commodities, such as gold and oil, are priced in the reserve currency, causing other countries to hold this currency to pay for these goods.'

That being the case I struggle to believe it'll ever be held in large quantities by central banks. The idea of it being wielded to influence their own currencies would be too much to swallow. Financial institutions will be less bothered by the implications.

I think it'll become the reserve of choice for real people around the world. The barriers to obtaining and holding it are accessible to everyone with a bit of effort. It makes more sense to hold it than most piece of shit government currencies.

[Ledy Alise]

As the usage of cryptocurrencies is only increasing, the actual impact of the US Dollar tends to decrease, In case if the implementation of Cryptos will be successful, then this surely will loosen the influence of W Sanctions and the chance to sanction the SWIFT in particular. The use of Blockchain decreases the time and expenses of a single transaction, without the need of using 3rd parties. And as Bitcoin has spread worldwide, offering to substitute the adopted system of dollar, in my opinion, it’s just matter of time.

[hajimasan]

Do you think Bitcoin will become the reserve currency of the world sometime in the future? I was wondering about this since Bitcoin is now a widely used cryptocurrency worldwide. Since most altcoins in the market today, are dependent on Bitcoin's price movements, it seems like Bitcoin is the reserve currency of cryptocurrencies.

However, if Bitcoin tends to become more popular each day, it could eventually take the USD's place as the reserve currency of the world. Hence, what are your thoughts about this? Will it happen or not?  

yesIn actual I can say that we should keep ourself postive over this thing because we are free to do everything in this field with the help of bitcoin and another cryptourrency but still here we are not fully free to use everything .
Here you are right that bitcoin can take place of USD but don't think it in very easy way because it will not be easy for the people to adopt as a universal payment option , because this is bitcoin and it is banned by the government of few countries , so it is not easy for us to make payment with the bitcoin , on the another side USD is not banned anywhere , people are able to use PayPal money Easily in every country using PayPal .
So here it a probability that people will use more and more bitcoin , but it can't be reserve currency of the world at any condition .
But still there are lots of chances are that it will get easily popularity and people will get use as much as possible but not as a reserve currency .

[royalparade01]

Do you think Bitcoin will become the reserve currency of the world sometime in the future? I was wondering about this since Bitcoin is now a widely used cryptocurrency worldwide. Since most altcoins in the market today, are dependent on Bitcoin's price movements, it seems like Bitcoin is the reserve currency of cryptocurrencies.

However, if Bitcoin tends to become more popular each day, it could eventually take the USD's place as the reserve currency of the world. Hence, what are your thoughts about this? Will it happen or not? 

I  don't know if the bitcoin is become a reserve currency in the world because it is decentralized  cryptocurrency. A reserve currency is a large quantity of currency maintained by central banks and other major financial institutions to prepare for investments, transactions and international debt obligations, or to influence their domestic exchange rate. A large percentage of commodities, such as gold and oil, are priced in the reserve currency, causing other countries to hold this currency to pay for these goods.

[Argoo]

Bitcoin is very poorly used and is used as currency, money, means of payment. Basically it is used as a speculative means of accumulating value. If bitcoin poorly fulfills its the main function of digital money, can it be the reserve currency of the world? This is despite the fact that he still has a throughput of seven transactions per second, when new coins already have a scalability of one million transactions per second. Probably, this question you want to play a trick on the current deplorable bitcoin?

[Finestream]

It is going to globally accepted as a digital currency. But i don't think that it will be the reserve currency because it has volatile nature.

Yes.The fact that it is a decentralized currency and cannot be controlled by the government will always remain.I'm sure the centralized government won't allow that to happen knowing they won't have the full control over bitcoin.But maybe accepting bitcoin and legalized it as a currency will somehow be possible in the next years.

[Thecryptocurrency09]

Do you think Bitcoin will become the reserve currency of the world sometime in the future? I was wondering about this since Bitcoin is now a widely used cryptocurrency worldwide. Since most altcoins in the market today, are dependent on Bitcoin's price movements, it seems like Bitcoin is the reserve currency of cryptocurrencies.

However, if Bitcoin tends to become more popular each day, it could eventually take the USD's place as the reserve currency of the world. Hence, what are your thoughts about this? Will it happen or not? 

I am not quite sure if it is a good thing to reserve bitcoin as a currency. If we are to imagine fiats to be mortal or could possibly reach its end wherein there is no other way to multiply it, so doe bitcoin. I really believe that fiat and bitcoin are better together than fiat or bitcoim alone.

[CottonGuy]

It would totally defeat the purpose why bitcoin is made in the first place. Bitcoin is decentralized in nature and you're talking about centralization. This will never happen even in the future. Maybe there are other centralized crypto that can act as one but not bitcoin.

[batang_bitcoin]

Do you think Bitcoin will become the reserve currency of the world sometime in the future?

Of the world? it's still far from becoming part of it. And many will subject to this idea, we know that bitcoin is decentralize cryptocurrency though it's making its name and becoming popular.

I was wondering about this since Bitcoin is now a widely used cryptocurrency worldwide.

Not because it became widely used worldwide, it can be a reserve currency of the world.

Since most altcoins in the market today, are dependent on Bitcoin's price movements, it seems like Bitcoin is the reserve currency of cryptocurrencies.

For crypto's it can be.

However, if Bitcoin tends to become more popular each day, it could eventually take the USD's place as the reserve currency of the world. Hence, what are your thoughts about this? Will it happen or not? 

I doubt this can happen. We know on how big the opposed people wants to stop bitcoin from making its way to the top.

[Sea_Car]

Do you think Bitcoin will become the reserve currency of the world sometime in the future? I was wondering about this since Bitcoin is now a widely used cryptocurrency worldwide. Since most altcoins in the market today, are dependent on Bitcoin's price movements, it seems like Bitcoin is the reserve currency of cryptocurrencies.

However, if Bitcoin tends to become more popular each day, it could eventually take the USD's place as the reserve currency of the world. Hence, what are your thoughts about this? Will it happen or not? 

Professor of the University of South Carolina and consultant of Bank of Canada  Warren Weber last year published research that answers your question. Despite the fact that almost a year has passed, I think that this research is relevant, interesting and will be useful to many. There are only 30 pages, and it's worth your time. Highly recommend.
He compares the bitcoin to the gold standard. Two main similarities are the lack of control by the authorities and a limited amount of gold and bitcoins. The number of bitocoins is limited to 21 million "coins". "If bitkoyn becomes the world reserve currency, then on its basis central banks will be able to issue their fiat (not having their own value) money, thus, in essence, the gold standard that existed in the world financial system until the early 1970s will return."
In short, the essence of the research (and I fully agree with Professor Weber's conclusions) is that bitcoin could become a reserve currency, but it will not, because the principles of its creation and functioning have completely different goals.