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Author Topic: Why bitcoin can not become a global currency  (Read 1383 times)
Tylev
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November 20, 2019, 08:40:09 PM
 #141

There are several reasons why any decentralized cryptocurrency cannot become a world currency. States and their banks need certain guarantees that the means of payment used will not depreciate sharply. A decentralized cryptocurrency, including bitcoin, just can not give any guarantee to participants in financial relations. For any state, bitcoin is alien, not backed by the authority and obligations of any state. Well, an important role is played by large price volatility and very low possible state control over financial flows in cryptocurrency.

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November 22, 2019, 12:29:43 AM
 #142

Hola buen día, encontré esta nota y me pareció interesante el porque RUSIA se opone a que la criptomoneda sea utilizada como una manera de sustituir a la moneda global:


La gobernadora del Banco Central de Rusia, Elvira Sajipzádovna Nabiúllina, expresó este jueves su oposición al uso de las criptomonedas dentro del sistema financiero ruso.

Durante su comparecencia ante la cámara baja de la Asamblea Federal de Rusia, Duma Estatal, Nabiúllina dijo que las reservas de oro y monedas extranjeras del país aumentaron el año pasado de USD 430 mil millones a 469 mil millones.

“Gracias a la disciplina financierla nuestras reservas alcanzaron USD 491 mil millones a partir del 1 de mayo. Nos hemos acercado a nuestro objetivo de 500 mil millones. Este nivel es satisfactorio y podría abarcar los riesgos exteriores”, añadió Nabiullina.

“No vemos la posibilidad de que las criptomonedas puedan reemplazar os medios financieros (actuales)”, afirmó la gobernadora.

Anteriormente el ministro de Finanzas ruso, Anton Germanovich Siluanov, había dicho que las criptomonedas debían adquirirse y usarse bajo el control del Estado.

Con todo esto se da a demostrar que es necesario que sea regido por protocolos y leyes, para que no pueda afectar la economía, y eso a todo el mundo le preocupa.
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November 22, 2019, 03:38:16 AM
 #143

There are several reasons why any decentralized cryptocurrency cannot become a world currency. States and their banks need certain guarantees that the means of payment used will not depreciate sharply. A decentralized cryptocurrency, including bitcoin, just can not give any guarantee to participants in financial relations. For any state, bitcoin is alien, not backed by the authority and obligations of any state. Well, an important role is played by large price volatility and very low possible state control over financial flows in cryptocurrency.
Not good respond from country with bitcoin become legal currency I think why bitcoin con not become global currency for the future, when many country have legal using bitcoin as currency I think bitcoin will be better become global currency payment. I think weakness of bitcoin become global currency with take long term for sending and receiving payment.

 
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November 22, 2019, 07:10:39 AM
 #144

There are several reasons why any decentralized cryptocurrency cannot become a world currency. States and their banks need certain guarantees that the means of payment used will not depreciate sharply. A decentralized cryptocurrency, including bitcoin, just can not give any guarantee to participants in financial relations. For any state, bitcoin is alien, not backed by the authority and obligations of any state. Well, an important role is played by large price volatility and very low possible state control over financial flows in cryptocurrency.
Not good respond from country with bitcoin become legal currency I think why bitcoin con not become global currency for the future, when many country have legal using bitcoin as currency I think bitcoin will be better become global currency payment. I think weakness of bitcoin become global currency with take long term for sending and receiving payment.
I think bitcoin will be difficult to legalize as a global currency, high inflation makes people think about that coupled with a sizable transaction fee. I think bitcoin remains a suitable asset for the global market

 
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November 22, 2019, 10:41:35 AM
 #145

There are several reasons why any decentralized cryptocurrency cannot become a world currency. States and their banks need certain guarantees that the means of payment used will not depreciate sharply. A decentralized cryptocurrency, including bitcoin, just can not give any guarantee to participants in financial relations. For any state, bitcoin is alien, not backed by the authority and obligations of any state. Well, an important role is played by large price volatility and very low possible state control over financial flows in cryptocurrency.
Not good respond from country with bitcoin become legal currency I think why bitcoin con not become global currency for the future, when many country have legal using bitcoin as currency I think bitcoin will be better become global currency payment. I think weakness of bitcoin become global currency with take long term for sending and receiving payment.
I think bitcoin will be difficult to legalize as a global currency, high inflation makes people think about that coupled with a sizable transaction fee. I think bitcoin remains a suitable asset for the global market

What?, high inflation, Bitcoin does not inflate.
https://bitcointalk.org/index.php?topic=5197106.msg53006960#msg53006960

"The existing Visa credit card network processes about 15 million Internet purchases per day worldwide. Bitcoin can already scale much larger than that with existing hardware for a fraction of the cost. It never really hits a scale ceiling."  Satoshi Nakamoto, April 2009          Avoiding taxes is totally legal if you consider and respect the law.
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November 22, 2019, 11:55:06 AM
 #146

my opinion is that Bitcoin has no effect on a country and is unstable too so bitcoin cannot become a global currency. therefore the government must pass laws that can regulate bitcoin from all possibilities or crimes, such as money laundering, theft of bitcoin and others.

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November 22, 2019, 06:00:17 PM
 #147

There are several reasons why any decentralized cryptocurrency cannot become a world currency. States and their banks need certain guarantees that the means of payment used will not depreciate sharply. A decentralized cryptocurrency, including bitcoin, just can not give any guarantee to participants in financial relations. For any state, bitcoin is alien, not backed by the authority and obligations of any state. Well, an important role is played by large price volatility and very low possible state control over financial flows in cryptocurrency.
Not good respond from country with bitcoin become legal currency I think why bitcoin con not become global currency for the future, when many country have legal using bitcoin as currency I think bitcoin will be better become global currency payment. I think weakness of bitcoin become global currency with take long term for sending and receiving payment.
You guys are missing something. Bitcoin was not implemented to be global currency but to be the perfect alternative to save people from world economic break down and make peoples financially ok.
With that been said, no crypto or fiat currency will be use as global currency because the rules and regulations of every countries are not the same.

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November 22, 2019, 06:06:35 PM
 #148

my opinion is that Bitcoin has no effect on a country and is unstable too so bitcoin cannot become a global currency. therefore the government must pass laws that can regulate bitcoin from all possibilities or crimes, such as money laundering, theft of bitcoin and others.

If you people believes the decentralization and volatility in nature of bitcoin was the reason bitcoin can't be a global currency you are wrong. I believe that the Libra coin not been supported by the governments and the institutions despite it was said to be centralized and have fast transaction confirmation should be enough understand that I'm right with what I just said.

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November 22, 2019, 06:11:29 PM
 #149

I don't think this is a true conclusion
the forum is 10 year-old by today
bitcoin is the same age. quite a long time. and now what it can do? prety much huh, transfer without boder, and quite fast too.
to become a global currency, must take some time but I have faith on that.

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November 22, 2019, 06:14:39 PM
 #150

There are several reasons why any decentralized cryptocurrency cannot become a world currency. States and their banks need certain guarantees that the means of payment used will not depreciate sharply. A decentralized cryptocurrency, including bitcoin, just can not give any guarantee to participants in financial relations. For any state, bitcoin is alien, not backed by the authority and obligations of any state. Well, an important role is played by large price volatility and very low possible state control over financial flows in cryptocurrency.
Not good respond from country with bitcoin become legal currency I think why bitcoin con not become global currency for the future, when many country have legal using bitcoin as currency I think bitcoin will be better become global currency payment. I think weakness of bitcoin become global currency with take long term for sending and receiving payment.
You guys are missing something. Bitcoin was not implemented to be global currency but to be the perfect alternative to save people from world economic break down and make peoples financially ok.
With that been said, no crypto or fiat currency will be use as global currency because the rules and regulations of every countries are not the same.
Point taken. But in a sense Bitcoin is a global currency because anyone in any part of the world can use it although it is not legalized to some nor can be used in daily life more often than fiat. Though I find it convenient to do transactions that aren't local or within the country that I belong since it is much easier being peer to peer as what the Bitcoin is made by Satoshi Nakamoto. Mass adoption might come though I highly doubt that a single currency that would become the global currency that is accepted throughout the world would happen because of different set of laws and regulations that each country has and the fact that their monetary system is the manifestation of their sovereignty.

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November 22, 2019, 06:43:02 PM
 #151

my opinion is that Bitcoin has no effect on a country and is unstable too so bitcoin cannot become a global currency. therefore the government must pass laws that can regulate bitcoin from all possibilities or crimes, such as money laundering, theft of bitcoin and others.

If you people believes the decentralization and volatility in nature of bitcoin was the reason bitcoin can't be a global currency you are wrong. I believe that the Libra coin not been supported by the governments and the institutions despite it was said to be centralized and have fast transaction confirmation should be enough understand that I'm right with what I just said.
Volatility and decentralization are the two important factors that make bitcoin more valuable. This isn't understood by majority of the users, if this goes centralized it'll be same as the currencies that undergo inflation. Here we have got the limitations that gives value with regards to the need. So it has the complete setup to be a global currency, but in real life implementation it takes time. Maybe after few generations this will happen.



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suzanne5223
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November 22, 2019, 09:32:42 PM
 #152

my opinion is that Bitcoin has no effect on a country and is unstable too so bitcoin cannot become a global currency. therefore the government must pass laws that can regulate bitcoin from all possibilities or crimes, such as money laundering, theft of bitcoin and others.

If you people believes the decentralization and volatility in nature of bitcoin was the reason bitcoin can't be a global currency you are wrong. I believe that the Libra coin not been supported by the governments and the institutions despite it was said to be centralized and have fast transaction confirmation should be enough understand that I'm right with what I just said.
Volatility and decentralization are the two important factors that make bitcoin more valuable. This isn't understood by majority of the users, if this goes centralized it'll be same as the currencies that undergo inflation. Here we have got the limitations that gives value with regards to the need. So it has the complete setup to be a global currency, but in real life implementation it takes time. Maybe after few generations this will happen.
I think the reason why some people don't see the volatility and decentralization of bitcoin as what make bitcoin more valuable is because their expectation towards Bitcoin is very high and they see bitcoin as a quick to rich scheme while the ignore the logical truth behind it creation.

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November 22, 2019, 10:14:50 PM
 #153

Not yet, it needs to reach even more consumer confidence and better showing it to other users. it takes time for something like that to happen, but it will surely happen, maybe not like bitcoin, but cryptocurrency is the money of the future.
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November 22, 2019, 10:49:26 PM
 #154

Not yet, it needs to reach even more consumer confidence and better showing it to other users. it takes time for something like that to happen, but it will surely happen, maybe not like bitcoin, but cryptocurrency is the money of the future.
if you say there are less consumers, I think there are already very many consumers and demand is always increasing, but the problem is still a clear regulation about the use of bitcoin in every country, when many countries have received bitcoin payments and many transactions have used bitcoin it will be very easy to make bitcoin a global currency.

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November 23, 2019, 06:22:05 PM
 #155

There are several reasons why any decentralized cryptocurrency cannot become a world currency. States and their banks need certain guarantees that the means of payment used will not depreciate sharply. A decentralized cryptocurrency, including bitcoin, just can not give any guarantee to participants in financial relations. For any state, bitcoin is alien, not backed by the authority and obligations of any state. Well, an important role is played by large price volatility and very low possible state control over financial flows in cryptocurrency.
Not good respond from country with bitcoin become legal currency I think why bitcoin con not become global currency for the future, when many country have legal using bitcoin as currency I think bitcoin will be better become global currency payment. I think weakness of bitcoin become global currency with take long term for sending and receiving payment.
You guys are missing something. Bitcoin was not implemented to be global currency but to be the perfect alternative to save people from world economic break down and make peoples financially ok.
With that been said, no crypto or fiat currency will be use as global currency because the rules and regulations of every countries are not the same.
Point taken. But in a sense Bitcoin is a global currency because anyone in any part of the world can use it although it is not legalized to some nor can be used in daily life more often than fiat. Though I find it convenient to do transactions that aren't local or within the country that I belong since it is much easier being peer to peer as what the Bitcoin is made by Satoshi Nakamoto. Mass adoption might come though I highly doubt that a single currency that would become the global currency that is accepted throughout the world would happen because of different set of laws and regulations that each country has and the fact that their monetary system is the manifestation of their sovereignty.
Glas you understand my point of view and some people in the crypto sphere believe the correction which bitcoin platform need in terms of transaction span and decentralization are what hinder from being a global currency. Meanwhile, if that how it works some of the altcoin which had almost instant transaction with lower feel than bitcoin would take away the number 1 position from bitcoin.
Nevertheless, you're wrong when said bitcoin cannot be use in daily life activities because we have crypto credit card which make people spend their bitcoin anytime anyday.

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November 23, 2019, 10:26:03 PM
 #156

I think bitcoin really can't become a global currency because bitcoin has a high risk with unstable prices and if the economy uses bitcoin there will be chaos due to unstable prices

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November 23, 2019, 11:17:54 PM
 #157

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?

What is your definition of a global currency? Because to me, global currency presents a currency that can be easily used in any country you find yourself without any difficulties. Personally, I see Bitcoin and other cryptocurrencies as global currencies since I can easily trade my bitcoin or cryptocurrencies for physical fiats in any part of the world.  Any where you go in the world, there are institutions and organizations that will trade their fiat currencies for cryptocurrencies. Once there is internet connections all around the world, bitcoin and cryptocurrencies in general are global currencies.


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November 24, 2019, 02:46:33 AM
 #158

I think this has been discussed many times already
there are many reasons , but the most important ones are:
1. terrible speed of transactions, bitcoin network cannot compete with Visa nad Mastercard etc. its 1000x times less operations per second , unfortunately
Lightnng network is here to facilitate the things , but it is far from being the solution bitcoin needs to challenge payment systems
2. global central banks simply will not allow some decentralized currency to prosper
they didn't set  the network of central banks around the globe for some unknown upstart to get a share of their pie
3. it is too volatile , the rules are not set and the markets are in the wild west period
you would not want to que , lets say to buy a bottle of milk , only to realize you haveto pay for it 20% more than an hour ago
4.every country has its own regulations and they won't agree on how to treat cryptocurrencies
opinions differ as in ban or legalize completely
there are many more , but these , IMHO are the most important ones

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November 24, 2019, 05:43:55 AM
 #159

If every Bitcoin ID can be traced to a specific individual, that is, the owner of Bitcoin. Bitcoin loses the essential value of cryptocurrency. If bitcoin is popular, national regulation will be very clear about everyone's bitcoin ID. Every transaction of it will be tracked. https://www.kindpng.com/imgv/JTbmmw_bitcoin-png-image-transparent-background-bitcoins-png-png/
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November 24, 2019, 07:19:33 AM
 #160

What are you trying to say about bitcoin cannot become a global currency?
at the moment bitcoin is slowly making its way to be a global currency infact there are top
company who is accepting bitcoin as payments, there are also banks that is using and have bitcoin atm's
that are being use by people who already use bitcoin as payment, here in the philippines , one of the banks that
is already have atm is Unionbank, there it has atm machine, in a company i know you are familliar with microsoft
they are accepting bitcoin as payments as of this moment , i don't know what you are trying to explain

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