Will Bitcoin become the reserve currency of the world?

[KingScorpio]

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? 

no!

there are many reasons,

bitcoin isnt really standing for the worlds interests, like the us dollar mostly stood for.

bitcoin mostly stands for the interests of its miners and its owners, nothing else.

the world will chose again a nation that works for common worlds interest to make them the world currency,

and the nation will abuse its followers people and workers,

[KingScorpio]

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.

nothing is important about bitcoin being limited, at any moment another limited currency can be created.

[jimmydvd]

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 will still be a currency for cryptocurrency and USD will be a fiat currency because not everyone understands technology so all will be in their respective positions and the transaction will continue. that in my opinion

[Tappertit]

Given the nature of the coins, that the price level does not remain constant, and the prejudice it faces from the governments of some of the countries, it has a narrow possibility of being a reserve currency. It the attitude turns positive by all the countries' government, where they have no problem with it being a decentralized market, then it might happen.

[ballerin and giroud]

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? 

If you mean 'reserve' is an alternative as a money in this world I agreed with you. Until now many people using bitcoin as a payment system in some country and bitcoin used as a money transfer tool for some people who have different country cause very easy unless with money fiat, and those are happened now.

The thing about regulation will hamper bitcoin to take USD place. Each country will prefer to choose USD be compared they chooses bitcoin as reserve/alternative money the legitimate one is used. Bitcoin will become a reserve money just for someone who have used and has known, not for people not for people widely because they will be afraid of government regulations.

[KingScorpio]

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? 

If you mean 'reserve' is an alternative as a money in this world I agreed with you. Until now many people using bitcoin as a payment system in some country and bitcoin used as a money transfer tool for some people who have different country cause very easy unless with money fiat, and those are happened now.

The thing about regulation will hamper bitcoin to take USD place. Each country will prefer to choose USD be compared they chooses bitcoin as reserve/alternative money the legitimate one is used. Bitcoin will become a reserve money just for someone who have used and has known, not for people not for people widely because they will be afraid of government regulations.

this is how this new world will look like, with its huge miner oligarchs

[Abiky]

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.

Perhaps. However, there's nothing stopping Bitcoin from becoming a widely used cryptocurrency worldwide. While centralized currencies will stay ahead of the game, decentralized cryptocurrencies like Bitcoin and Ethereum would prove to become viable alternatives for everyday payments.

Therefore, it's only a matter of time before people decide which currency to use as their primary one.

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.

Yeah. Unfortunately, that seems to be the case with most cryptocurrencies in the market. They're dependent on Bitcoin as a reserve currency, which means that if BTC fails, they might fail too. Even Ethereum seems to depend on Bitcoin, as it's also in a constant decline in value. However, there could exist a possibility of a new altcoin to emerge in the market, which is independent from Bitcoin's value whatsoever. We'll would have to wait and see what happens in a couple of years from now.

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!

You do have a point there, mate. That's very unfortunate but the true reality we're living in our world right now. Centralized fiat currencies will always prevail over any other kind of payment system to date. Even if Bitcoin were to become extremely popular in the mainstream world, fiat currencies would've migrated to their own private blockchains issued by central banks themselves. Therefore, there's a high probability that the US Dollar will remain as the reserve currency for the world in the future, while Bitcoin will remain as the reserve currency of cryptocurrencies. Just my thoughts

[zwiggel]

I think bitcoin can not be the world's reserve currency. Because bitcoin is a virtual currency. Many countries do not accept co-bitcoin and it is prohibited in one country. Anonymity in bitcoin trading makes people doubt the currency is not real.

[levvv]

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 dont think bitcoin will become a reserve currency for now, but in the future it has a possibility.
Many of us still using fiat currency like USD to paying everything in our world. When peoples prefer to use crypto over fiat, that will be the time.

[Vektrum]

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? 

While the idea of using bitcoin as a reserve currency of the world can only be perceived as a joke. The bitcoin, which still has a throughput of only seven transactions per second and the reserve currency of the world, when it is very little used as a currency, and is primarily used as a speculative means of accumulating value, is incompatible concepts.

[forbesmining]

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? 

Since bitcoin is not determined with the government's right now I think that everything is possible, even the fact that bitcoin is still young and is already having so much opportunities around here with us.

[Rooster101]

To become a reserve currency of the world, it need an approval of the majority of the countries and global financial institutions and businesses. Bitcoin is not yet majority accepted as one of the legal currencies so it is not possible for the leading cryptocurrency to become a global reserve currency. It is more likely to continue to use as an alternative currency because it is designed that way. The volatile nature of bitcoin will also prevent countries from using it as a reserve currency because it is not a stable form of currency.

[dutchkay]

Becoming a world currency that's a huge one. There are certain factors to be considered before flagging off a currency. The Government can't flag off what they don't have control over it. Now bitcoin is decentralized but cannot be traced. Don't get me wrong, your transactions are visible but a name and a face is not attached to it. So chances of using it for fraud are on the high side and if that cannot be controlled then it can't become the world currency. But widespread adoption is going to happen because it solves the need of remittance.

[Bitcoinislife09]

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 guess being accepted by some countries, we can assume that cryptocurrency will be part of currency circulating the market in the future. Well I guess it won't replace USD since it is the main currency being use already. It will be hard for bitcoin to overtake USD. Though maybe bitcoin will at least compete with the USD. As of now, I believe Bitcoin is only accepted in fewer but known countries and so it should focus first to be acknowledge worlwide.

[vagsun]

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? 

Definitely NO, I agree that bitcoin is now a widely used crypto currency, but this doesn't mean that it will become the reserve currency of the world. There are possibilities that btc will become the reserve currency in crypto market, but in real market bitcoin can never take the place of USD. Moreover Bitcoin is completely decentralised, thatswhy it can never become the reserve currency of the world.

[Mia Wallace]

Bitcoin is one of the major crypto currency with the strong net work systems .It has the specific features which are enables to the global investors to attract bitcoin for their various usage.Bitcoin is revolutionized  the global economy in various aspects such as a good media for the transactions, as an investment tool, good for the day trading,, for the on line shopping, also suitable for the service bill payments etc. Due to its wide usage it become a reserve currency for the global usage.

[BillieCrypt]

Some cryptocurrency can be used as a world reserve because there is a need to change existing situation. It should be understood that now many bitcoins are owned by a few people. That's why no state will agree to use it as a reserve, because most of the bitcoins are controlled by unknown people.

[Abiky]

Becoming a world currency that's a huge one. There are certain factors to be considered before flagging off a currency. The Government can't flag off what they don't have control over it. Now bitcoin is decentralized but cannot be traced. Don't get me wrong, your transactions are visible but a name and a face is not attached to it. So chances of using it for fraud are on the high side and if that cannot be controlled then it can't become the world currency. But widespread adoption is going to happen because it solves the need of remittance.

That's certainly true, mate. However, that doesn't stop Bitcoin from becoming an extremely popular cryptocurrency in the future. Perhaps, Bitcoin will retain its status as the reserve cryptocurrency of cryptocurrencies for years to come. I believe that for a world currency to become successful, it needs to be highly regulated and controlled by governments worldwide. Only then, a single & unified currency, will bring transparency to any transaction made around the world via the use of a distributed ledger.

It could be the US Dollar as it is today, or simply another currency backed by the government will take over. The most important thing is that Bitcoin is independent from any central authority or government, making it a global currency for anyone to enjoy.

The only possibility that exists for Bitcoin to become the reserve currency of the world, is that if the same becomes completely centralized and controlled by governments worldwide. Only then, Bitcoin can be easily regulated and tracked, reducing illegal activity on the same. Nevertheless, it's not bad to dream of a world backed by a reserve cryptocurrency someday. Just my thoughts

[biskitop]

it could be, as a backup to conduct transactions in various countries, when there is inflation or deflation in the country. bitcoin will be an alternative for transactions, because inflation and deflation do not affect the price of bitcoin.

[bloodyvio]

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 think it's 50:50
maybe yes maybe no
bitcoin has the value to transfer money anywhere
but to become a reserve currency of the world i think bitcoin can't
because bitcoin is not scalable
i can't imagine people all over the world having to queue for transaction confirmation
7 to 16 transactions per second are not enough for worldwide adoption