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Author Topic: Why bitcoin can not become a global currency  (Read 1383 times)
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October 25, 2019, 04:09:51 AM
 #101

I think every digital currency is short of global currency since it's been using everywhere, but in terms of legality then it can't be still global legal currency, I think there are a lot of reasons behind this scene, First of all, Bitcoin is a decentralized currency, it can't be controlled or regulated by any means, So when you have no control on your act then it must be crazy, I think that's the main problem of becoming a global currency, another thing is that Bitcoin is becoming a part of dispute around the world especially for the conventional banking system and fiat money, So they are trying to minimize Bitcoin and pushing the government for not declaring as a legal currency.



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October 25, 2019, 07:27:00 AM
 #102

Hi, Gents,

I think there has to be a way to create a tracking system for bitcoin. Every wallet must contain ids. Otherwise, bitcoin can be always used for money laundering. If you want to launder money, you can find a cash seller everywhere. After bitcoin is bought, noone can prove whose bitcoin it is. I think this is the only think that preventing bitcoin to become a global currency. Do you think it would worth this much if it is trackable. I dont think so. There will be altcoins that work with tracking system and ids. They will become a global currency. Bitcoin? I think never. What do you think?
The strength of bitcoin is being anonymous so when we provide each wallet our ID's then it would be hard for us to remain anonymous. If we provide our id's then we would probably more easier to track but it is also good because it will lessen the crime in the crypto but in the other side we will not become anonymous anymore if this happens.



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October 25, 2019, 07:57:15 AM
 #103

I think this plan was too hard for the legislators to fulfill what's the motive and visions for bitcoin, since those said factors like money laundering and other crimes were their basis for hindering this as global currency. Of course the volatile behavior of bitcoin was the first thing about it, but the awareness of it doesn't stop each individuals to still keep this as an asset due to financial independence. Basically our government system cannot intervene on its systematic approach, due to decentralization of bitcoin which was separated from fiat economy.

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October 25, 2019, 11:26:55 AM
 #104

Many Bitcoin addresses are genarates everyday, and each one is unique and hard to guess who owns it. And this is why bitcoin is what it is today. So if we insist on having a tracking id to find out who owns it maybe many investors will stop investing in bitcoin. And this is definitely going to be controlled by the government that most crypto currency investors don't like.



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October 25, 2019, 12:48:05 PM
 #105

Bitcoin for many - roulette replacement or, speaking financially, it is a great asset for speculation. Buying bitcoins is relatively simple, does not require any special knowledge and trips to investment companies. Cryptocurrencies have very sharp fluctuations, which attracts a lot of “gamblers” to the “game” with the course - those who rather place bets rather than invest. This only increases the fluctuations and makes Bitcoin look like a financial pyramid. But in the Neironix platform, i find a lot of interesting info.

https://neironix.io/
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October 25, 2019, 04:53:56 PM
 #106

in my opinion, why is bitcoin never a global currency, because every country already has its own currency, if you want to put bitcoin in it, of course there is a process that involves the entire country. If this is the case I find it difficult to make bitcoin a global currency ... !!

I think that means Bitcoin as a global currency like a dollar (widely used). This is not yet possible, because global acceptance by all the countries is needed, and this is not possible, because many countries see Bitcoin as a threat to their economy
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October 25, 2019, 04:56:49 PM
 #107

in my opinion, why is bitcoin never a global currency, because every country already has its own currency, if you want to put bitcoin in it, of course there is a process that involves the entire country. If this is the case I find it difficult to make bitcoin a global currency ... !!

Plus one on the point you stated about every country having their own currency.
Probably when there is a world single power, then there will be a one single currency and Bitcoin might be part of it, aside that, Bitcoin can only work in line with every country currency to be functional. That is if it is acceptable in that country.
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October 25, 2019, 05:31:39 PM
 #108

For me, the main reason why bitcoin can't become a global currency because you don't have the identity on your wallet/BTC no KYC means that they can't tell how are you. Also, no one can control Bitcoin, for an example on scamming, e.g., if you are paying something using bitcoin, but after the transaction gets to confirm, you don't get what you paid for. In banks, you can retrieve your money, but in bitcoin, you can't. There are still some reasons why it can be done, especially to the government sector parts. By the way, cryptocurrency is created to become an alternate payment/transaction system. It never aims to become the primary currency. Smiley
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October 26, 2019, 05:31:56 AM
 #109

For me, the main reason why bitcoin can't become a global currency because you don't have the identity on your wallet/BTC no KYC means that they can't tell how are you. Also, no one can control Bitcoin, for an example on scamming, e.g., if you are paying something using bitcoin, but after the transaction gets to confirm, you don't get what you paid for. In banks, you can retrieve your money, but in bitcoin, you can't. There are still some reasons why it can be done, especially to the government sector parts. By the way, cryptocurrency is created to become an alternate payment/transaction system. It never aims to become the primary currency. Smiley
aside from this, we all know that every country has a different value in their currency.
Bitcoin can't make every country to become equal in their economy. Big countries such as US and China won't leave this to happen, they have the biggest economy and they won't agree to become equal with other countries with an economic crisis.

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October 26, 2019, 06:50:57 AM
 #110

For me, the main reason why bitcoin can't become a global currency because you don't have the identity on your wallet/BTC no KYC means that they can't tell how are you. Also, no one can control Bitcoin, for an example on scamming, e.g., if you are paying something using bitcoin, but after the transaction gets to confirm, you don't get what you paid for. In banks, you can retrieve your money, but in bitcoin, you can't. There are still some reasons why it can be done, especially to the government sector parts. By the way, cryptocurrency is created to become an alternate payment/transaction system. It never aims to become the primary currency. Smiley
aside from this, we all know that every country has a different value in their currency.
Bitcoin can't make every country to become equal in their economy. Big countries such as US and China won't leave this to happen, they have the biggest economy and they won't agree to become equal with other countries with an economic crisis.

We can just do it as an alternative option or alternative currency but not as global currency just like you said, countries have different currency and it will be  hard to implement to make it as global currency. If ever one proposes it, it will be a very long deliberation, arguments and many more but still will end as 'no'. 
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October 26, 2019, 09:24:01 AM
 #111

For now, its really difficult to make bitcoin  as global currency. There are many complications like the regulations to be set, knowing the client, the process of social adaptation to its system of exchange, etc. However, there are many who had really adapted it but mostly are still unaware of it. But someday soon I believe it can be as we are going digitally.

 
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October 26, 2019, 10:49:09 AM
 #112

As they say, money laundering has been on our society for a long time so even with or without Bitcoin they will continue to exist. Global adoption will happen if people understand and learn how to use of Bitcoin and for me the governement will play a big role on it because if they support Bitcoin then their citizens can use it feely without any fear and eventually they will see the importance of Bitcoin and benefits they can get.

 
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October 26, 2019, 01:34:11 PM
 #113

There are several factors to consider before thinking the possibility of cryptocurrencies becoming the new global currency in the market.

First, bitcoin (to be specific) cannot be considered as a global currency due to its acceptance among the countries. Others prohibit the utilization of such while some accept it on their transactions.
Second, having a currency that contains a limited supply is subject to inflation in the future. People who own majority of its supply has the potential to manipulate or control the market; and
Third, the application of a digitalized currency cannot be implemented in countries who are living on the underdeveloped state. Their priority revolves around strengthening their economic and political state before considering this kind of change.

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October 26, 2019, 04:05:25 PM
 #114

Hi, Gents,

I think there has to be a way to create a tracking system for bitcoin. Every wallet must contain ids. Otherwise, bitcoin can be always used for money laundering. If you want to launder money, you can find a cash seller everywhere. After bitcoin is bought, noone can prove whose bitcoin it is. I think this is the only think that preventing bitcoin to become a global currency. Do you think it would worth this much if it is trackable. I dont think so. There will be altcoins that work with tracking system and ids. They will become a global currency. Bitcoin? I think never. What do you think?

I don't think that the concept of anonymity is the one that hinders it. I've been buying Bitcoin in convenience stores like 7/11 without any sort of verification or KYC process to take up. I just needed one when I cash out through remittance center, well they're always operating in centralized way anyway so that's not any thing to be surprised of.
Its value is what hinders it the most since it will surely be used by merchants, I am pretty sure of that, and because that value is unstable, they aren't sure of it.
This is why they still allow Bitcoin though it can't reach to a lot of merchants.

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October 26, 2019, 04:15:39 PM
 #115

in my opinion, why is bitcoin never a global currency, because every country already has its own currency, if you want to put bitcoin in it, of course there is a process that involves the entire country. If this is the case I find it difficult to make bitcoin a global currency ... !!
You seriously do not need any country to accept bitcoin to use it as a global currency and all you need is people accepting it as a mode of payment and as long as there are merchants accepting bitcoin you can use it as a global currency, why everyone is thinking about making bitcoin their version of fiat currency. Bitcoin is a global currency simply because you can trade freely without any boundaries and that is what you need to be accepted as a global currency.

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October 26, 2019, 04:25:31 PM
 #116

I think it could be a global currency but the problem is these politician guys are the old school they don't understand this technology and other reason it with Bitcoin they can do any correction. So it is really hard for bitcoin to become a global currency.
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November 04, 2019, 02:56:39 PM
 #117

DIFFERENCE BETWEEN FIAT AND CRYPTO:

•   Fiat Currency is backed by Governments/Countries itself. What determines the value of a currency is the economic health, demand, growth, political stability to name a few, of the respective country. Before 1930, most fiat currencies were backed by gold and silver.

•   Since 1971, U.S. citizens have been able to utilize Federal Reserve Notes as the only form of money that for the first time had no currency with any gold or silver backing. This is where you get the saying that U.S. dollars are backed by the “full faith and credit” of the U.S. Government - quoted in google.com.

•   What backs crypto value is purely supply and demand. The demand creation of a crypto is its sole objective. To create demand, the crypto has to have a purpose. And most purpose commonly promoted is utility. The number of ways you can utilize the said crypto. The more utilization factors the more demand there is for it.

•   There are other ways to substantiate value of a crypto and that is to back the crypto with a 1 to 1 ratio in assets or in USD. Then the question is, how 3,000 crypto currencies in circulation be monetary eco sustainable? Can anyone imagine walking into McDonald and view a chart of 3,000 different pricing? Which also means the crypto is a payment gateway pegging against USD instead of bearing any true characteristic of a currency.

•   A country’s currency is in its own legit form of legal tender, the only currency acceptable under financial sovereigns of a country. People in the world must be made to understand that. Retailers in Thailand cannot put up products price tags in EUROS/USD, it is illegal. It has to be in Thai Baht.

•   It is hardly imaginable for everyone in the world to retail with a Crypto-Currencies at a rate of 7 transactions per second. When mining nodes are reduced due to non-performing mining ratio, mining blocks in the Blockchain will significantly be limited too, rendering delays in transactions while usage increases.

•   In time to come, as trends of crypto picks up, Thailand can issue BAHT COIN or UK the STERLING COIN, exactly what China wishes to do. Digital RMB, but would such crypto currencies be fully decentralized? We all have our answers. Absurd to even think of producing Thai Baht, Pound Sterling or Chinese Yuan at the cost of electricity. It is currencies in digital forms.

KRATSCOIN is not meant for that purpose. In some opinion, apart from utilization, a crypto can be for safekeeping, an entity for keeping money while allowing easy liquidation, at a click of a mobile button, not to mention sending or transferring without the trouble of going to banks, which was the original purpose of Bitcoin to begin with. Therefore, KRATSCOIN would be better termed as Crypto Commodity, sharing similarities as Metal Commodities.

An individual cannot use gold to make a purchase, neither can one eat gold. It can only be kept or invest in for appreciative value over time. Gold is being exampled for its scarcity which reasons for its higher value over its cousin, silver or bronze. Who or what determines the value of gold? Just like any other crypto, demand by humanity. As in all other commodities, it must also be placed in checks by governments. To put in checks, serial numbers are introduced to protect a country’s commodities outflows or illegal exports.

Humanity made Bitcoin a reality. Acceptance by the majority members of the public made Bitcoin to what is it today with the trust they entrusted it with, or is the majority public hopping on the band wagon to make a few quick extra bucks? Whatever the reasons are, the characteristics of Crypto Currencies are only matched by the behavior of Commodities.

SERIALIZED COINS - WHAT IT MEANS FOR THE PUBLIC:
Every currency has its own remarkable name, design and colors. Dollars, Euros, Pound, Tugrik, Peso, Rupee, Rupiah, Dina, Ringgit, Baht and the list carries on. One thing every currency have in common - Serial Numbers.

In any crime, investigators will firstly establish motives and mode of operation, both of which are very likely related to money. So following the money trial is a natural thing to do for investigators/authorities and it has become a common practice. Crimes require funding ie robbers need money to buy guns to carry out its robbing activities. Cutting off financing will reduce criminal activities. That’s the approach governments of the WORLD have adopted for crime fighting.

Perhaps people do not realize this while most do not feel the pinch. Humanity tends to take life for granted until apocalypse happens. Take a minute to visualize the tallest tower in your homeland collapse into a pile of dust with thousands of casualties effecting everything else that comes to mind. Imagine a family member, just 1 is enough, is among those casualties.

• Imagine if monetary system is not in place and drug dealers, among many, roam the earth freely distributing what can be death threatening substance to your kids. What if you are mugged of your inheritance [items left to you by your father] that is beyond retrieval? As for crypto enthusiast, what if your wallet gets hacked as even the mighty Pentagon gets hacked. All the above can go away if the crypto system leaves a trail for hound dogs to sniff out. Money Trail or Serial Codes Trail to be exact.

• Citizens rely on governments and their countries to do what is best for them to lead their daily lives, flourish, advance, improve and strive but at the same time, citizens want to take away the single most important thing deemed crucial in the hierarchy of humanity from governments with additional boastful remarks such as “I transferred $400 million from one corner of the earth to another corner in a single transaction and no governments can do anything about it”.

• In-short, to boast unregulated financial movement is to arrogantly promote crime without realizing it while challenging the world’s monetary authority. Oldest advice in the book teaches us never to pick a fight we can’t win.

• Serial Coded Coins does not take away the financial movement freedom nor does it take away your privacy. It merely provides Authorities the necessary means needed for crime prevention and fighting. It only re-inforce security and safety.
SERIALIZED COINS - WHAT IT MEANS FOR GOVERNMENTS:
• Governments are relentlessly trying to find new ways to keep track of crypto transactions. Crypto Currency Exchanges, just like all other Financial Institutions and Banks, are required to practice the most stringent Know Your Customer (widely known as KYC) process. The KYC is designed to provide governing agencies and authorities with information pertaining to crypto ownerships.

• But no governments can have information on Peer-to-Peer (also known as P2P) transactions unless the government in question launch a full scale Federal Investigation on certain suspected individuals seeking Wallet Developers to unveil the ownership of certain wallet addresses. Do not forget, National and Global Security trumps Privacy Act. Refusal to co-operate under the pretext of Global or National Security will only result in an out-right ban, which is exactly what happened to Blackberry.

• Questions to Governments – What if Wallet Developers or Crypto Exchanges shuts down which can happen for various reasons be it foul-play, sinister or forcefully under threat? What if servers are damaged and ruined? An EMP strike or a simple magnet can make it happen. Information/identities of suspected customers of such addresses shall be lost forever and along with it the Money Trial.

• The most probable way of evading Authorities with crypto assets are developing an e-wallet for own illicit purpose. Since the cost of developing an e-wallet is relatively low in considerable cost to hiding, what can governments do to flush out these ants from the vast networks of tunnels?

• With Serialized Coded Crypto Assets, it doesn’t matter if servers of Exchanges or Wallets are destroyed. The Serial Codes of each token/coin enables governments of every participating country to track both origin and destination by identifying records of each token/coin in wallet address. It can disappear into a cold wallet but emerging some place later yet Authorities can still detail which particular token/coin has at one moment of time been into which wallet, on what day and date.

• If the battle of financial crimes can be resolved with a simple Serialize Coded Crypto Asset, the eradication of corruptions, money laundering, unlawful proceeds and terrorism financing will be made possible. Criminals can no longer exploit the genius creation of Sathoshi – Blockchain and Crypto-Currencies.

• Global Security, Anti-Terrorism Financing and Money Laundering could just be excuses granting government agencies the need to have access to financial information in the Monetary System. Nonetheless, it is in the interest of every nation that capital outflow is controlled. Capital Outflow is most frequent when the economy of a country is deteriorating. In the face of an economy meltdown, monetary flow is most needed and yet citizens tend to transfer monies further away illegally from their own country in an act of selfishness. This would not be tolerated by any country. Serial Coded Coin shall prove this attempt futile.

• In most part of Asian Countries, many crypto-currency mining operations are carried out illegally. The legality sits on thin fine line where Authorities can pin only stealing of electricity as a major concern to the respective country. Since most Power Companies belongs to the Country in one way or another, it is financially damaging to Power Producers and Utility Suppliers. Serial Codes can determine if the KRATSCOIN is mined legally or illegally making it difficult for miners or mining farms to mine crypto while avoiding making electricity payments. Will this deterrent disrupt the chain of KRATSCOIN supply? That’s not how Blockchain Tech works.
TAXATIONS - WHAT IT MEANS FOR PUBLIC AND GOVERNMENTS:
• Taxation cannot be imposed on “Illegal & Unlawful Proceeds” instead confiscation is enforced in many countries. Origins or proceeds of Serialized Coded Crypto Assets can be easily identified by the Serial Codes in-conjunction with the Blockchain. This exercise can evidently proof the legitimacy of the aforesaid token/coin. By “Illegal & Unlawful Proceeds” also refers to crypto coins obtained via illegal mining operations.

• Taxation on Crypto Assets are calculated on profits deriving from the sale/disposal of the crypto Assets. If we are small crypto believers, the amount of taxation rendered by Inland Revenue will be insignificant. Why risk Freedom of Life over Freedom of Small Monies. If we are big crypto believers, taxation on Serialized Coded Coins can be considered added security to your assets protection.

• By adopting Serialized Crypto Assets, declaration is made easily possible via proof of token/coin origin via the Blockchain. If the Authorities can know where our crypto assets come from, the Authorities will know where it will disappear to. It is taxation cum insurance in one tiny sum. This added security with freedom feature will encourage self-declarations of crypto assets to Authorities and Agencies.
PRIVACY & ANONIMITY:
• Many may be skeptical of their wealth being tracked and monitored. But in this era of technological advance society, everything we touches has our signature. Banks, iPhones, Samsung Mobiles, Google, Facebook, Whatsapp, WeChat, LINE, Viber, Facebook, Properties, Utilities. Almost everything. It is to this fact that there is a need for Privacy Protection Act.

• As explained before, Crypto Currency Exchange KYC procedures is designed to expose the identity of Crypto Assets ownership. The Blockchain is supposed to serve as a transparent information platform. The question of privacy over Serialized Coded Coins does not exist, it does not make Serialized Coded Coins ownership any less private.

• Ownership of wallet addresses shall always remain anonymous while the only way Authorities can get to it is through Wallet Developers by virtue of Global/National Security Threats or by a Court Order as per the Privacy Protection Act.
SAFETY & SECURITY (CODED CRYPTO VS FIAT + COMMODITIES):
• No human mind can memorize the millions of serial numbers printed on fiat currencies. The records of Serialized Coded Coins will forever be in the Blockchain embedded within each transaction from wallet to wallet.

• Serialized Commodities such as gold can be melted down. Diamonds recrafted. Fiat double printed. But not Serialized Coded Crypto Assets.

• Should an accessory system be added into the KRATSCOIN Blockchain, allowing reports on criminal activity be made within the Blockchain, notifying all ledgers of certain stolen Serial Coded Coins, enabling WARNINGS and forbidding next transaction of that particular Serial Coded Coin, wouldn’t this function enhance protection. A theft deterrent function which can never be achieved with physical gold, diamonds or fiat.
KRATSCOIN SUMMARY:
• Most crypto currencies have not reach a level of security alert for governments. This could be the only reason why a possible ban has not been discussed. China and India has begun efforts to control or ban crypto currencies in their quest to combat capital outflow, writer’s personal opinion. The EU has stopped Libra from implementation. “A company cannot be allowed Authoring Power for issuance of currencies” quoted the governments. KRATSCOIN is fully decentralized with no ownership nor control by any country, company or individual. Once again, the beauty of Bitcoin decentralization concept prevails.

• “There is no such thing as a world currency. However, since World War II, the dominant or reserve currency of the world has been the U.S. dollar” quoted in google.com.

• Most countries have “Foreign Reserves” as backing to a country’s fiat currency. It is a mean of “back up” attempt should all factors above mentioned leading to the value of their currencies collapse. Then what will happen if the Country of the Foreign Reserves collapse?

• Serial Coded KRATSCOIN belongs to no one, no country, no company and therefore theoretically shall not be effected by politics, war or global economy meltdown yet everyone, every country and every government is able to benefit from KRATSCOIN.


"Quoted by"
https://lintangnews.com/ada-kratscoin-ini-bedanya-dengan-bitcoin/
https://0xzx.com/201910111244312902.html
https://news.tokocrypto.com/tag/kratscoin-ktc/
http://bbs.tianya.cn/post-lookout-836105-1.shtml
https://zhuanlan.zhihu.com/p/84844615
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November 04, 2019, 03:52:09 PM
 #118

in my opinion, why is bitcoin never a global currency, because every country already has its own currency, if you want to put bitcoin in it, of course there is a process that involves the entire country. If this is the case I find it difficult to make bitcoin a global currency ... !!

Added to that, not all countries are in favor in cryptocurrency, yes they might want crypto, but just means as payment solution, alternative money transfer for fast remitting or money, can be a form of investment but not as a global currency, although I would love too, still we know that it can't happen as of the moment.
I can say that bitcoin can be our global currency if we adopt the technology that is using bitcoin as payment so fast because not all country is not that rich, and also not all people really know bitcoin is. So we should spread more of it so that many people will use it or even buy it, tell them how bitcoin beneficial to everyone, and how it is helpful to any transaction we are making. If we can adopt the technology so easy, it can actually happen, but I think it is not gonna happen if the government dont want it to happen because they are regulating it since if we use bitcoin they cannot get some taxes. But maybe they can if they make some law about it. It is actually hard to say.
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November 04, 2019, 04:34:51 PM
 #119

I wish that Bitcoin price would never lose suddenly lots of value and so be less volatile. Then I think Bitcoin would be a candidate to be a global currency for sure. But that is not the nature of Bitcoin and so it is a far possibility that Bitcoin to be the local currency of all countries.

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November 04, 2019, 11:59:35 PM
 #120

in my opinion, why is bitcoin never a global currency, because every country already has its own currency, if you want to put bitcoin in it, of course there is a process that involves the entire country. If this is the case I find it difficult to make bitcoin a global currency ... !!

Added to that, not all countries are in favor in cryptocurrency, yes they might want crypto, but just means as payment solution, alternative money transfer for fast remitting or money, can be a form of investment but not as a global currency, although I would love too, still we know that it can't happen as of the moment.
I can say that bitcoin can be our global currency if we adopt the technology that is using bitcoin as payment so fast because not all country is not that rich, and also not all people really know bitcoin is. So we should spread more of it so that many people will use it or even buy it, tell them how bitcoin beneficial to everyone, and how it is helpful to any transaction we are making. If we can adopt the technology so easy, it can actually happen, but I think it is not gonna happen if the government dont want it to happen because they are regulating it since if we use bitcoin they cannot get some taxes. But maybe they can if they make some law about it. It is actually hard to say.
For Bitcoin to be accepted as a global currency it needs regulations. The bitcoin price volatility is freaking the people out and the governments as well. therefore for bitcoin to be accepted as a global currency the high price volatility must be contained.

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