Why bitcoin can not become a global currency

[The Cryptovator]

Your description is wrong. It's the not reason why bitcoin still not turn into global money. The main reason is all bankers are against bitcoin due to decentralized system. You can trace bitcoin if you know address won by who. Money laundering doesn't matter in my opinion. You know why? Most of money laundering, crime happening by real money, not by bitcoin. But the only matter is decentralized system, there is not controller that would control bitcoin. If you won bitcoin that means you are the owner of it. No organization there to control your bitcoin. That's why bitcoin still not yet turn onto global money.

[1715101024]

1715101024

[1715101024]

1715101024

[1715101024]

1715101024

[Youghoor]

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?

You should understand that money laundering can not be the reason why Bitcoin can't become a global currency. Money laundering existed way back before bitcoin was even conceived.
The main reason stopping Bitcoin from becoming a global currency is the low level of adoption, inadequate knowledge, and understanding of how bitcoin works and lack of resources to promote easier use and access to bitcoin.
Money laundering has nothing to do with the low adoption rate of Bitcoin by the general public and can't be the reason why bitcoin can't be a global currency.

[lionheart78]

No bitcoin can not become a global currency the governments around the world would never agree to it. For there to be one currency there must be unity all around like the European Union but there is no such thing in case of whole word and nor it is possible in future to have one world without countries.

Have you read franky1 reply?  Bitcoin being on the internet automatically make it a global currency, the only problem that lies is the question, will government acknowledge it?  Well, some did some did not and majority are on stand by waiting for development country to deal with cryptocurrency and will follow their lead.

I think being global currency does not  mean dominating the world and be the only currency used by all.  See USD, it is a global currency and yet there are still many other currency existing in the world.

The main reason is all bankers are against bitcoin due to decentralized system.  

Not all bankers are against Bitcoin, look at Japan, since the government are into cryptocurrency, banks in Japan welcome it with open arms, Some of the banks here in the Philippines are crypto friendly too.

[gandame]

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 think no need for tracking in bitcoin wallet much better for our wallet are only as can know and no need ids for our safe also. Theres a lot of hacker much better to keep secret your personal information so that they don't know who you are.

[Zeke_23]

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?

You should understand that money laundering can not be the reason why Bitcoin can't become a global currency. Money laundering existed way back before bitcoin was even conceived.
The main reason stopping Bitcoin from becoming a global currency is the low level of adoption, inadequate knowledge, and understanding of how bitcoin works and lack of resources to promote easier use and access to bitcoin.
Money laundering has nothing to do with the low adoption rate of Bitcoin by the general public and can't be the reason why bitcoin can't be a global currency.

I agree,Illegal activities such as money laundering has nothing to do with bitcoin. Bitcoin was just being used the same way how fiat currency is being used in such a thing.
Lack of knowedge and being uncautious in such things are the reason why they cant accept bitcoin.

Having an identity for every wallet will just bypass the true purpose of bitcoin/crypto which is giving us anonymity to do any transactions.

[Shasha80]

Many side blame bitcoin about the problem of money laundering, even though money laundering was there before bitcoin was created.
There are still many ways to deal with money laundering, no need to track all cryptocurrency wallet. that's is silly act. the question
why bitcoin cannot become a global currency, the answer is simple because bitcoin is decentralized and nobody can control bitcoin.
Because of that many banks  and governments can not accepting bitcoin as a global currency.

[Mandoy]

I think you are talking about KYC/AMLC documents per bitcoin users. Actually there are movement that requires all bitcoin transactions to include sending of person KYC in that transactions. I forgot what agency is that set the guidelines. If I remember well I have read it yesterday and many companies are already lining up to bring solution to make transactions sent together with KYC. But let us get to the point that removing privacy and increasing security will increase the number of bitcoin users. Syndicates will not use authorized exchanges when sending bitcoins they will just use qt wallets or electrum wallets to send bitcoins to the other party without having to comply with the KYC. Removing the privacy to bitcoins to make it  a global currency is not the real solution, the real solution is the adoption and legalization of bitcoin in the global arena.

[Astvile]

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?

Tracking wallet transactions from a scammers wallet is just a piece of cake. Some people can easily track someones transaction, as long as you have the main suspects wallet address it would be so easy.
Money laundering incidents happens more on fiat currencies day by day money laundering transaction happens even more than the bitcoin money laundering count in each day.

[teosanru]

I think anonymity is a quality of bitcoin and Cryptocurrencies which is the reason why they are so popular however complete anonymity is more or less a myth because we already have kyc for a lot of things. However attaching a unique id for every address would definitely kill the very main quality of bitcoin. It would hamper it's growth in long term and yes money laundering through btc will also stop. Moreover such an id would mean that there will be a central authority keeping record of such thing and therefore it would more or less kill bitcoin.

[ILuckyGuyI]

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 think the main reason is not related to money laundering. Because it can done with any currency digital or not. In my opinion, the main reason can be Bitcoin's volatile and decentralized structure.

[hatshepsut93]

Bitcoin has been a global currency since it was released, you could always send and receive it regardless of where are you from. Your proposal of tying Bitcoin wallets to id would never come to reality, Bitcoin was created to be not like banks with their KYC and middlemen, and yet you want to turn Bitcoin into a payment company that is not different from them - Bitcoin community will never accept it.

[CasinoAdrenaline.com]

Wasn't the Bitcoin at first place created to be anonymous and untraceable? It can become global currency without needing to expose anyone's identity. Furthermore, it is already somehow global currency and it's expanding. And yes, money laundering can be easily done with fiat currencies as well. 

[nreal]

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 disagree with your point of view, money laundering is not the reason why bitcoin cannot become a global currency, simply because people can still launder money with dollars, pounds sterling and other currencies. other currencies, and they are still used in international payments.
The biggest cause lies in the core characteristics of bitcoin that is decentralized, the current world cannot accept a currency that cannot be controlled like bitcoin.

[yazher]

If they can track your BTC funds thats no longer called bitcoin, it's called dollars in a digital currency coat. Everything is decentralized about bitcoin the only things that matter are when you put your BTC on some centralized exchanges. If it is huge money, then you will need to make an excuse about it or you need to provide a reason which is hard to find if you want to tell a lie. The good thing about bitcoin id, you can put it on hard wallets like trezor where you don't need to worry about being asked by the bank or the exchange's representatives. you can hold it there as long as you want without someone to know how much huge you got there.

[kryptqnick]

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?

Hi. There is already a tracking system for Bitcoin, and it's called 'blockchain'. Some argue, that because of this Bitcoin can actually better for fighting money laundering than fiat because fiat can go without traces (cash), whereas Bitcoin cannot. As for money laundering in general, all types of money can be used for it, so we should not blame Bitcoin for it. Moreover, it's debatable whether Bitcoin is even used for financial crimes more often than fiat. If you are talking about IDs as in government IDs, then you'll find a lot of people being rightfully against it, because such a system could be easily abused and violated privacy even more than it's violated these days.

[ReiMomo]

~snip~

Hi. There is already a tracking system for Bitcoin, and it's called 'blockchain'. Some argue, that because of this Bitcoin can actually better for fighting money laundering than fiat because fiat can go without traces (cash), whereas Bitcoin cannot. As for money laundering in general, all types of money can be used for it, so we should not blame Bitcoin for it. Moreover, it's debatable whether Bitcoin is even used for financial crimes more often than fiat. If you are talking about IDs as in government IDs, then you'll find a lot of people being rightfully against it, because such a system could be easily abused and violated privacy even more than it's violated these days.

This is very well said to me, and that is a good perception. In addition, Bitcoin cannot be a global currency for its nature. It is just accessible through the internet. It is a digital currency where you cannot have any tangible thing. It cannot reach through places that are out of civilization, I mean those places that didn't have internet connections/services. Some also said this is the currency used for illegal transactions so this will not be a possible global currency.

[thesmallgod]

neither bitcoin nor altcoin will be a global currency. We all know this has become the lies those project dev cook up to make a whitepaper. Even though there has been an increased rate at which people are using the underlying technology which is the blockchain while trading of crypto has been affected by volatility. The global rise against crypto by so many countries by banning the use and trying to regulate it is another indication that crypto will not become a global currency.

[mdzahed134]

Why not?? Bitcoin can become a global cryptocurrency, this is prevented only by banking systems

How it’s possible if the government is against with Bitcoin? I think btc wil never global currency for those some reasons. You know money laundering is happen by using Bitcoin it’s one of the main factor. Even without legalization there are no way to btc will become global currency. Banking system is highly affected by btc another reason claimed from central banks. Also government thinking BTC is the big opponent in the bank and economy.                      

[kooboat]

In the very near future, bitcoin would widely be used for various transactions. People who involve in money laundry would always find means to go about their nefarious activity. Money laundry has always been with almost every economy in the world but most people  assume that bitcoin can easily used since it's mode of transaction is very anonymous.

[bobdk]

A lot of stuff that OP is advocating for sounds completely antithetical to the whole spirit of Bitcoin. I'm sorry, but this simply doesn't make any sense.