Will Bitcoin become the reserve currency of the world?

[felicita]

Bitcoin is not really here to beat to USD or any other FIAt .
But its a very impressive alternative. And it goes peer to peer what makes it favorite for some people.



kind regards

[Abiky]

name The “People's Currency” is really more suited to bitcoin.Let's now imagine for 1 minute that there is no Fiat money in the world.No government in the .world will dream of the greatness of their country and the value of their money.And if this is so, then no country will have a “military doctrine,” that is, there will be no wars.Is it necessary for the quiet life of all mankind.Bitcoin will give everyone the opportunity to understand that we all live on the same planet and under the same sun.With the help of the Internet, people have become closer to each other. The next stage will be Bitcoin. And this will not be the reserve currency but the main and only one.

Under severe circumstances, Bitcoin would become the number one currency choice for anyone around the world to transact with. However, if fiat currencies like the US Dollar remain dominant in our world, then I see no reason why Bitcoin should become the only currency for anything in life. Bitcoin is better suited as an alternative currency for times of need. Considering that it's decentralized, no single entity controls it. Which means that if Bitcoin remains as is, it could be well-suited as a cryptocurrency for emergencies or simply as a store of value.

Over time, Bitcoin might become the world's most popular medium of exchange. Thanks to the Blockchain's inception with Bitcoin, traditional fiat currencies (USD, EUR, etc) may shift to their own private blockchains backed by various governments worldwide. As such, even if Bitcoin could not become the reserve currency of the world, it would effectively achieve said purpose in another way (such as a fiat currency using blockchain tech). Based on this, Bitcoin would be part of our daily lives either directly or indirectly. Just my thoughts

[blocklancer8]

In my opinion, that will not happen, because bitcoin was not created to become a reserve for the world economy. Bitcoin is decentralized and independent. Governments in the world are unlikely to accept bitcoin as part of the real economy. This cannot be combined because this basis is different.

[irenegaming]

That would not be ideal, I think something tangible should be the reserve for many countries, such as gold, petroleum or minerals, but bitcoin was not designed for that, in fact for btc to be successful must be in circulation, the problem of keeping it as store value is what we have so in the first place.

[Abiky]

In my opinion, that will not happen, because bitcoin was not created to become a reserve for the world economy. Bitcoin is decentralized and independent. Governments in the world are unlikely to accept bitcoin as part of the real economy. This cannot be combined because this basis is different.

This makes sense. Governments wouldn't allow a decentralized cryptocurrency such as Bitcoin take over their economic supremacy. All they want is to exercise authority over the supply and issuance of money. As such, Bitcoin in its current state cannot fulfill the requirements to be classified as a reserve currency of the world. If at some point within the future, Bitcoin becomes centralized, then such scenario will happen by then.

Otherwise, the USD would continue to dominate the world as a reserve currency for quite some time. Speaking of centralization, Ripple (XRP) has a better chance of becoming the world's reserve currency than any other popular crypto known to date. It may not be directly XRP itself, but it could be the same USD or EUR issued within the XRP Ledger (obtaining the full benefits of a blockchain). Despite this, what matters is that Bitcoin is the "People's Currency", which will remain that way if it preserves its decentralization. Just my thoughts

[sikkan]

Bitcoin as a reserve currency? I think only in science fiction. The reserve currency should be based on something tangible like gold or smth. And what is bitcoin is based on? Only on people trust in it.

[Pyr3x]

Why not? As times go by, the world is becoming more technically advanced and digital currency is very logical to use in today's world. Currently, bitcoin cannot be used because of its volatility, but it continues to develop, which means that it can be used as a full-fledged currency.

[Abiky]

hmmm, I don't think so. I don't think Bitcoin will become the world's reserve currency, but I think that USDT or TUSD will be the world's reserve currency. USDT and TUSD have proven their price stability when the market is bearish like now, therefore I feel that one of the two coins is suitable to be the world's reserve currency...

Stablecoins are pegged to the USD. This means, that the reserve currency is the USD instead of a specific stablecoin. As for me, I don't trust stablecoins anymore since they've gone way below the promised value of 1 USD. The term "stablecoin" is just a niche to make believe that it'll never go below the 1 USD mark. But, it's nearly impossible to achieve considering that stablecoins are traded in the free market, where it's prone to either higher or lower prices by their traders.

If at some point in the future, the USD fails, then another currency might take its place as the reserve currency of the world. Considering how many banks and governments worldwide have been researching about blockchain technology, the reserve currency of the future might be issued either on its own blockchain or an already established blockchain. If they take the path of an established blockchain, then they'll choose the XRP Ledger since it's centralized and regulatory compliant.

Then, it could be the USD, EURO, YEN, or YUAN issued on the XRP Ledger for quick settlements around the world at cheap costs. For the reserve currency to be used all around the world, it would need to be implemented into a blockchain network. However, decentralized cryptocurrencies like Bitcoin and Ethereum would never become a reserve currency because of previously stated factors. A centralized cryptocurrrency would better serve a purpose of a reserve currency, and XRP fits the bill nicely. Just my opinion

[tranquangvinh]

No, it is impossible. Bitcoin is a decentralized platform, government or anyone can not control it, so bitcoin can not become the world's reserve currency. If it becomes the world's reserve currency, bad organizations will easily take advantage of this to carry out their bad activities.

[Abiky]

The road is long. Well, Bitcoin is at least on the road. There are so many countries in the world where Bitcoin can be used as a mode of payment. That is good enough already considering the level of power and influence of the banks and the governments. At least it was able to put up a good fight. But then if you ask whether it will be replacing USD anytime soon, I don't think so. For now, it is enough that Bitcoin is a better alternative currency of USD, a more efficient one.

Exactly. Bitcoin suits more as an alternative to fiat rather than a replacement. In this world, I've learned that there's no such thing as a predominant decentralized currency, since governments are always in control of everything. They would do whatever it is in their power to stop decentralized cryptocurrencies from taking over, while centralized money (like USD and EUR) takes the lead. For Bitcoin to become the reserve currency of the world, governments would need to disappear (which is very unlikely) causing FIAT to become non-existent.

However, we all know that's never going to happen, and Bitcoin, as well as, other cryptocurrencies, will continue to live alongside FIAT for many years to come. I believe that Bitcoin is better being the "People's Money" than the "Reserve Currency" of the world. In any case Bitcoin becomes centralized, then there's a high possibility that it'll become the world's reserve currency. Just my opinion

[Somsak-90]

BTC works as a reserve currency for crypto world. But there is still a distinct and uncoressable border between crypto world and fiat currency world. I don't believe that these two worlds will overlap any time soon unless some compromises are made from both sides.

[wolfgang56]

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 it will never be a reserved coin because it can't be access by anyone. It will be inconvenience for someone who doesn't know what bitcoin is. It might be an alternative but it will not become a reserved coin in the future.

[ngocbkcse]

I don't think it is going to be the reserve currency of the world. Then it got to be owned by some leading country but it contradicts to the idea of crypto. It does not belong to one owner

[Abiky]

No it will never be a reserved coin because it can't be access by anyone. It will be inconvenience for someone who doesn't know what bitcoin is. It might be an alternative but it will not become a reserved coin in the future.

That's certainly true, mate. There are still areas in the world where the Internet cannot be accessed. As such, Bitcoin cannot be used by people within those areas, since it largely depends on the Internet to work as intended. Recently, it has been announced that offline Bitcoin transactions could be performed by using the goTenna device and the Samourai Wallet. If this becomes highly successful and popular, then Bitcoin could reach areas that lack Internet access.

Even if the Internet would become accessible by the whole world, Bitcoin simply cannot achieve the status of a reserve currency because of many reasons that were mentioned previously. That means, that Fiat currency (like the USD) will still dominate the world, while cryptocurrencies like Bitcoin and Ethereum would only serve their purpose as alternative currencies. Nonetheless, anything could happen as our world is changing in a fast pace. Just my thoughts

[Siren]

I think its too early to tackle about a reservation for countries currency,but what I’m sure of is bitcoin is a reserve money of every cryptonians specially bitcoiners as we are holding this for future uses,and some of us are reserving those crypto assets for their children’s and love ones.this is enough reason for bitcoin to be called as reserved currency

[Teawhalee]

We won’t need to take things too far, let dollar remain as reserve currency and bitcoin remain as the most used currency. Being reserve means itbeill be subjected to manipulation at will by some cabals or a kind of centralized system. All reserve serve a purpose which manipulation is one and it is always printed when there is need for it. These are against bitcoin and cryptocurrency rule.

[shesheboy]

what I’m sure of is bitcoin is a reserve money of every cryptonians specially bitcoiners as we are holding this for future uses,and some of us are reserving those crypto assets for their children’s and love ones.this is enough reason for bitcoin to be called as reserved currency

the reason why bitcoin holders hold bitcoin is not because they are reserving it for the future use but because they are using it as an investment tool to be able to earn a profit  . some holds bitcoin but they are using it for paying of for buying stuffs online & offline .   there is no point for us to reserve a crypto because there is alot of other currency out there especially fiats where the banks can print unlimited amounts  .  bitcoin can be rather called an alternative currency of the world  .

[iqlimasyadiqa]

Do you think that today's market will be accepted as it is? Because, while BTC's acceptance is difficult, BTC's becoming as reserve money in the future is like imagining.

That can be said yes, it's all because we will face a different era in the future. I think the use of digital currencies is a must. the future will definitely be more sophisticated and everything will definitely be digital, just as books at this time have started towards the digital era. let alone a very complex financial system, digitalization is an answer to being able to make transactions far more flexible in the future.

[dimox]

maybe, anything can be happen.
if all people know and use it im sure of it. every country must support each other although they have different value.
for now, its difficult to be currency, and less people use bitcoin as alternative payment. people still think about income, and government will say that bitcoin is digital asset.

[eann014]

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 think so, because I don't think that our current currencies will be gone eventually. All currencies will remain and bitcoin will also our option to be used when making payment especially online so, I think bitcoin will be an alternative currency.