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Author Topic: Bitcoin could be use as unified currency for all fiat money around the world?  (Read 157 times)
indayburakday012
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September 06, 2018, 01:37:05 PM
 #1

As we all know that bitcoin now are being made as a trading pairs to different fiat money all over the world. And we you go round the world having a good vacation on different countries you do not need to bring more fiat or physical money instead bringing gadgets and connecting to internet is enough to get fiat money after it will be traded to local exchange. In this way there is no need for one to bring more physical money as bitcoin could unify all fiat money around the world as trading pairs.
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September 06, 2018, 08:31:03 PM
 #2

As we all know that bitcoin now are being made as a trading pairs to different fiat money all over the world. And we you go round the world having a good vacation on different countries you do not need to bring more fiat or physical money instead bringing gadgets and connecting to internet is enough to get fiat money after it will be traded to local exchange. In this way there is no need for one to bring more physical money as bitcoin could unify all fiat money around the world as trading pairs.

It's definitely an interesting thought, it's something that I've thought about in the past as well. What if I could just carry a USB stick with my bitcoin wallet instead of cash or even credit cards when travelling around the world?

I think that it's already possible, given that you are willing to convert your BTC to local currency at each of the countries you visit. That's a tiresome process, but it can be done through platforms like Localbitcoins quite easily.

Though, in the future, we may see bitcoin being accepted directly instead of indirectly through having to convert it to fiat first due to the rise in merchant numbers. Even then, however, I wouldn't call it a "unified currency for all fiat currency". It's just an accepted global currency at that point.

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September 06, 2018, 08:44:25 PM
 #3

Yes it is already possible and yes it could get quite tiresome as suggested above.
It is not yet at the stage where it can compete with the ease of use of card or cash.

There are limited places to spend bitcoin so it has to be sold for cash or traded to
FIAT and transferred to bank account, thats not instant.

At this stage and for the near future it would be best to have cards and cash with
you for instant spending.

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September 06, 2018, 08:59:04 PM
 #4

I believe bitcoin is the best currency for the world, we don't need permission from the banks to send our money and it can be sent with very little fees.  It will be much easier when everyone transacts in one currency instead of having to convert in between their government's currency.

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September 06, 2018, 09:13:58 PM
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Back in the days I used to wire money to a wide variety of different countries for business purposes, and the transactions basically looked like this;

My bank €100 + €15 in fees -> Bank X receives €100 + €10 -> Bank Y receives €100 + €5 (converts everyting to USD) ->  Bank Z (destination bank) $130.

It takes several days with how every individual bank has to ask permission to the other bank if it's okay to conduct this transaction. It's faster to fly our money to the receiver.

With Bitcoin you cut all that nonsense out and the other party gets his money near instantly, just takes some minutes to confirm.

We need wallet clients to able to calculate Bitcoin amounts in each and every fiat currency for more usability. Currently mostly all wallet clients are focused on the main fiat currencies, and this has to change. Bitcoin is for everyone and the demand for Bitcoin has never been this country diversified.

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September 06, 2018, 09:35:15 PM
 #6

As we all know that bitcoin now are being made as a trading pairs to different fiat money all over the world. And we you go round the world having a good vacation on different countries you do not need to bring more fiat or physical money instead bringing gadgets and connecting to internet is enough to get fiat money after it will be traded to local exchange. In this way there is no need for one to bring more physical money as bitcoin could unify all fiat money around the world as trading pairs.

That right, Bitcoin does't only have huge potential, but it also can unified currency over the world as you mentioned the reason. However, we need a bitcoin Bank in that case, because we can not withdraw our money anywhere. It is not enough just bringing a gadgets or others devices and connecting to internet. We still need an authority where we can withdraw or money when we  go to other countries.

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lunaelucemauram
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September 06, 2018, 09:37:31 PM
 #7

Bitcoin will not be condisered as unified currency as of the moment because of limited uses outside the cryptocurrency industry. It will be considered as such once banks and many other sectors consider it as a mode of payment for transactions, unless that would happen the position of bitcoin will still stay the same.
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September 06, 2018, 10:52:03 PM
 #8

It really happen already OP still i think we can use this worldwide but for me use cryptocurrency for investment then fiat to travel all over the world so they different or use it in different ways another thing the transaction here can works for long like 1 day if your not luck or the fees have problem like ETH this year so better to have fiat currency already,Moreover here in our country we have bank with fiat currency wallet,bitcoin wallet and eth wallet so we can use easily that everytime we need money

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September 06, 2018, 11:41:54 PM
 #9

As we all know that bitcoin now are being made as a trading pairs to different fiat money all over the world. And we you go round the world having a good vacation on different countries you do not need to bring more fiat or physical money instead bringing gadgets and connecting to internet is enough to get fiat money after it will be traded to local exchange. In this way there is no need for one to bring more physical money as bitcoin could unify all fiat money around the world as trading pairs.

maybe it could, but it will take time, the term is like platform migration on a very large scale, you can imagine FIAT with its various pluses and minuses, replaced simultaneously with crypto usage.

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September 06, 2018, 11:51:40 PM
 #10

Bitcoin is now almost used by people around the world, it becoming a new trend of investment or way to get extra income. It helps many people maintaining and earning their life. As you mentioned that it also unify for all virtual currency world wide. Hopefully, there will be an improvement of crypto where we do not need to go to the bank to withdraw our money, or it can be used for payments and other transactions tool.

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September 06, 2018, 11:59:10 PM
 #11

As we all know that bitcoin now are being made as a trading pairs to different fiat money all over the world. And we you go round the world having a good vacation on different countries you do not need to bring more fiat or physical money instead bringing gadgets and connecting to internet is enough to get fiat money after it will be traded to local exchange. In this way there is no need for one to bring more physical money as bitcoin could unify all fiat money around the world as trading pairs.
I think it's that easy to use a gadget and trade Bitcoin to their local fiat currency in most of the countries because as we all know. There are already regulations that's been approved to stop anti-money laundering. And you have to need to verify your account first to a certain country because not all country uses the same exchanges, if you know what i mean.
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September 07, 2018, 12:12:02 AM
 #12

As we all know that bitcoin now are being made as a trading pairs to different fiat money all over the world. And we you go round the world having a good vacation on different countries you do not need to bring more fiat or physical money instead bringing gadgets and connecting to internet is enough to get fiat money after it will be traded to local exchange. In this way there is no need for one to bring more physical money as bitcoin could unify all fiat money around the world as trading pairs.
This is very true. If all fiat currency could have a trading pair with BTC, it means we shall no longer bother changing our local cash to USD whenever one is travelling to a foreign country.
ronics
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September 07, 2018, 12:25:33 AM
 #13

I believe that bitcoin is the highest currency for the whole world that we should not let us know from banks to send our money and we can send the minimum amount to be paid. This will be faster when multiple transacts in one currency will be more widely used to convert between money to our government.
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September 07, 2018, 12:45:21 AM
 #14

As we all know that bitcoin now are being made as a trading pairs to different fiat money all over the world. And we you go round the world having a good vacation on different countries you do not need to bring more fiat or physical money instead bringing gadgets and connecting to internet is enough to get fiat money after it will be traded to local exchange. In this way there is no need for one to bring more physical money as bitcoin could unify all fiat money around the world as trading pairs.
Um..sure that could happen, but for that people should adopt bitcoin. I would like to spend my bitcoin, but not by carrying my hardware or my pc, but by using my phone. But here's the thing, I could get easily hacked, like its not worth to be honest, there are more negatives than positives which is a big bummer. I do use my bitcoin for buying various things, when I can, but I would refrain from using my bitcoin on vacations, its not required. I can just fiat, and not have any issues, you know?


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ajuelnah akun
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September 07, 2018, 12:47:02 AM
 #15

I was imagining that it really happened, even a billionaire only traveled by carrying only a smartphone.
to pay for food, hotels and others, it will be really cool.
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September 11, 2018, 08:39:13 PM
 #16

As we all know that bitcoin now are being made as a trading pairs to different fiat money all over the world. And we you go round the world having a good vacation on different countries you do not need to bring more fiat or physical money instead bringing gadgets and connecting to internet is enough to get fiat money after it will be traded to local exchange. In this way there is no need for one to bring more physical money as bitcoin could unify all fiat money around the world as trading pairs.

Unfortunately, bitcoin is not going to be something that will be able to unify fiat currencies.

For fiat currencies to come together, there needs to be a world central bank or world government which at the moment is not a thing yet. It might change in the future, but such change comes centrally, since the decisions of governments are entirely out of the control of bitcoin or the bitcoin community itself.

If you're asking the question of whether bitcoin can become a global reserve currency in the future and be used internationally, it already somewhat is. I think adoption growing will help its usability and P2P trading internationally, leading to more convenient transactions. If we see a sufficient market cap and adoption, we may even see institutional investors and potentially governments using bitcoin as a reserve currency, on top of average users using it to transact globally without added fees. It's a definite possibility, and I'd say probability as well.

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September 12, 2018, 11:46:16 AM
 #17

Yes, that would be very great. This would eliminate the problem of converting one currency to another before making any cross border payments. Also there will be no legal formalities involved in making cross border payments. You can travel all over the world with only Bitcoins wallet with you. But I think lot of work has to be done on Bitcoin in order to be using it as mainstream currency. But this is more of a dream atleast for next 50-60 years because such a thing will remove inequality of income between various countries.
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September 12, 2018, 02:15:23 PM
 #18

Yes it could be. It is a more convenient transactions and hassle free. crytocurrency can be exchange from any fiat and even you are in a vacation you dont need to go money changing shop just to fall in line and wait for your turn.

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September 12, 2018, 02:20:40 PM
 #19

As we all know that bitcoin now are being made as a trading pairs to different fiat money all over the world. And we you go round the world having a good vacation on different countries you do not need to bring more fiat or physical money instead bringing gadgets and connecting to internet is enough to get fiat money after it will be traded to local exchange. In this way there is no need for one to bring more physical money as bitcoin could unify all fiat money around the world as trading pairs.

It's definitely an interesting thought, it's something that I've thought about in the past as well. What if I could just carry a USB stick with my bitcoin wallet instead of cash or even credit cards when travelling around the world?

I think that it's already possible, given that you are willing to convert your BTC to local currency at each of the countries you visit. That's a tiresome process, but it can be done through platforms like Localbitcoins quite easily.

Though, in the future, we may see bitcoin being accepted directly instead of indirectly through having to convert it to fiat first due to the rise in merchant numbers. Even then, however, I wouldn't call it a "unified currency for all fiat currency". It's just an accepted global currency at that point.

You Elaborated it perfectly. My personal assessment is that countries may not adopt it but they will allow it to grow meanwhile i am thinking that it is highly possible that Big economies like Us, Uk, China and Russia may issue their own national crypto currencies.
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September 12, 2018, 02:30:45 PM
 #20

As we all know that bitcoin now are being made as a trading pairs to different fiat money all over the world. And we you go round the world having a good vacation on different countries you do not need to bring more fiat or physical money instead bringing gadgets and connecting to internet is enough to get fiat money after it will be traded to local exchange. In this way there is no need for one to bring more physical money as bitcoin could unify all fiat money around the world as trading pairs.

What you suggest has already been there for many years. Visa and MasterCard are there to help you out. Look, payment cards are like your Bitcoin, with that difference they are more practical and they are way more established, they are universally recognized as well as accepted everywhere (while Bitcoin is not), and you don't need to carry piles of cash with you either. Indeed, having a little of Bitcoin won't hurt you anyway, but so far it is no more than a backup option only. Though I agree, with Bitcoin you don't have to rely on anyone in particular, on neither Visa nor MasterCard

But your mileage may vary
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