Why bitcoin can not become a global currency

[chaoscoinz]

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 Bitcoin and the Blockchain are the archetype in which a global cryptocurrency may spring from. A few years ago it was just Bitcoin, Litecoin and a few others. Now we have Ethereum, Neo, Eos etc. All of these projects came about from the work and brainstorming of ideas inspired by Blockchain and Bitcoin. In the future, who is to say what new coin or token may arise to be the world currency, it might not even be a coin or token?   Only time will tell, I hope that what ever it is, it's digital!

[vintages]

Any altcoin that will emerge with these features you mentioned will only be used for wealth accumulation during ICO and not for a long time usage not to talk of currency.
Bitcoin signify decentralisation and that's what drew people to it and is still drawing.
Money laundering has always been there since the history of cash flow, so it didn't start from Bitcoin and won't stop with it.
Moreover, so you should know, every Bitcoin transactions is not hidden but explicit.

[Darooghe]

Bitcoin will never be a widely used currency for one reason, you would rarely buy goods and services with something you think is going to go up in value. This is basic economics and the major crux of a deflationary currency. but I’m not too concerned about BTC becoming a world currency. It’s a new type of bankless credit card but it is still only valuable when it exchanges for fiat. At the end of the day you are spending electricity to hash a code and you can’t force the rest of the world’s population to take your code and give you food and gasoline if they don’t want to.

Also, guess what happens when people feel excluded or controlled by a system. they break out and create a new one. Just the same way you are challenging the banks and stock market built over the last hundred years. your kids will ignore your bitcoin wealth and create some other stupid new fad to evade your outdated system.

[Lauren Smith]

People always go on about money laundry. Do they actually ever really know what they are talking about? I dont think criminals launder using bitcoin very often. Even if you use bitcoin you still have to somehow make dirty money suddenly vanish and then explain that. After you launder the money and eant to convert it you still need a bank account and you will be asked a few questions moving that kind of money around.

[radjie]

Any altcoin that will emerge with these features you mentioned will only be used for wealth accumulation during ICO and not for a long time usage not to talk of currency.
Bitcoin signify decentralisation and that's what drew people to it and is still drawing.
Money laundering has always been there since the history of cash flow, so it didn't start from Bitcoin and won't stop with it.
Moreover, so you should know, every Bitcoin transactions is not hidden but explicit.

yes, money laundering has always existed and certainly not started with bitcoin. every person who does a transaction using bitcoin certainly has a public record or called a blockchain, so there is no reason if a bitcoin user does not have a transaction ID that can be tracked

[Kyraishi]

Bitcoin will never be a widely used currency for one reason, you would rarely buy goods and services with something you think is going to go up in value. This is basic economics and the major crux of a deflationary currency. but I’m not too concerned about BTC becoming a world currency. It’s a new type of bankless credit card but it is still only valuable when it exchanges for fiat. At the end of the day you are spending electricity to hash a code and you can’t force the rest of the world’s population to take your code and give you food and gasoline if they don’t want to.

Also, guess what happens when people feel excluded or controlled by a system. they break out and create a new one. Just the same way you are challenging the banks and stock market built over the last hundred years. your kids will ignore your bitcoin wealth and create some other stupid new fad to evade your outdated system.

This is a different mindset to have - your looking at Bitcoin as an investment option only, expecting it to only be used to profit off the markets.

Bitcoin we never meant to just be an investment option, it was also meant to be used by people for everyday transactions.

People always go on about money laundry. Do they actually ever really know what they are talking about? I dont think criminals launder using bitcoin very often. Even if you use bitcoin you still have to somehow make dirty money suddenly vanish and then explain that. After you launder the money and eant to convert it you still need a bank account and you will be asked a few questions moving that kind of money around.

No, they don't usually use crypto-currencies to money launder. There are lots of other ways, and probably easier ways to do those things, crypto-currencies are being used as a scape goat here.

[Upgate]

There is always a side effect do not except bitcoin to be without blemish, the global currency that is traceable there still tales of money laundering, theft and so much more financial crimes.

[jarhed]

There is always a side effect do not except bitcoin to be without blemish, the global currency that is traceable there still tales of money laundering, theft and so much more financial crimes.

You are right my friend! All the negative things that are said about Bitcoin should be calculated as an artificial price reduction in fact or in the future. Bitcoin is in any case better than even fiat money from the government.

[Reatim]

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?

Lol what I understand is IDK and not IDS 😂,anyway what does it mean?sorry for being innocent..

But if your concern is LAUNDERING i think it has been settled because KYC implementations preventing this laundering to be abused

Like me I need to prepare proper documentation’s before I can cash out my money in any remittances or banks,that’s what you want to be implemented right?but it’s already in progress and now sending money is not that easy thru cryptocurrency specially Bitcoin

[NeuroticFish]

A bitcoin address provided by authorities and traced by authorities only. There should not be a blockchain explorer for it. I believe that this will be the implementation of the cryptocurrency. How could this be is a question for another decade maybe?

This can be (a bad) replacement for fiat. Something centralized and handled by the authorities and central banks. It will be almost no different from how fiat is now handled by the banks.
But it's bad version of fiat: fiat as paper money is still anonymous and untraceable. If replaced by this proposal it'll be a big step in the wrong direction.

And Bitcoin is meant to be something else: a currency NOT controlled by the authorities. And this is part of its success. And your proposal negates all that. So no. Really no.

[blckhawk]

This is the problem with the current system. There must be sacrifices. If you want privacy, then money laundering cannot be solved. If you want insurance when something happens to your wallet, then you must sacrifice your KYC information. As of now, some exchanges and platform crypto-related require KYC. The question is if they provide insurance if something happened. If we provide identification for each addresses, we need to have a regulatory board so that these platforms conform to the standards in terms of privacy, security and insurance policies.

[xiboothrezi]

Bitcoin is bitcoin, with a decentralized system, independent, not controlled by any association or government. Although it does not become a global currency, bitcoin goes beyond that with all the ease of access to transactions from one country to another, from one place to another, without space and time restrictions. Although in some countries it is prohibited and restricted to use, bitcoin can still make new records that were unexpected before.
Even if someday there is altcoin that is recognized globally, of course it is a good progress, meaning that cryptocurrency is truly recognized and benefits can be felt by anyone for more complex activities. And bitcoin will still exist with its own strong ecosystem niche.

[djefes]

The main problem will be taxes I guess. It is very easy to avoid taxes by using bitcoin

[cryptoangel]

The main problem will be taxes I guess. It is very easy to avoid taxes by using bitcoin

Taxes is not a big issues, because first all the countries are accepting the Bitcoin and they analyse the further process of globalization. Normally every countries have different set of regulation is follow the Bitcoin so it will possible in future but it takes some time.
I hope 2025 it will possible because many countries are slowly understand the Bitcoin potential and security so it takes 5 to 10 years on entire world.

[airdnasxela]

Even with or without anonymity, bitcoin is still far from being a global currency. Why? Because it is decentralized, it would be hard for the government to control its flow in their country if every one in the world uses bitcoin. I see bitcoin as an alternative currency which can be used globally but not as the main currency. Not only with that, there are other factors that need to be considered why it'll be hard for bitcoin to be a global currency.
About money laudering, it's an advantage for the criminal since it'll be hard to locate them. But just like with fiat, money laundering are still everywhere.

[jarhed]

Even with or without anonymity, bitcoin is still far from being a global currency. Why? Because it is decentralized, it would be hard for the government to control its flow in their country if every one in the world uses bitcoin. I see bitcoin as an alternative currency which can be used globally but not as the main currency. Not only with that, there are other factors that need to be considered why it'll be hard for bitcoin to be a global currency.
About money laudering, it's an advantage for the criminal since it'll be hard to locate them. But just like with fiat, money laundering are still everywhere.

When a cryptocurrency falls under the jurisdiction of world banks or bankers, then it is possible and will be the new world currency. So far, cryptocurrency does not show significant success in increasing its capitalization.

[maxreish]

There are actually so many hindrances for bitcoin to become a global currency as you are wishing for.
First, it is centralized and doesn't control by any institutions like governments and banks.
Second, it has high volatility characteristics.
Third, not all country accept bitcoin legally. A high chance that it is impossible for it to become global currency.

I don't really understand what ID's are you talking about when it comes to btc or even in btc transactions. That's why it is anonymous it's because we just relying with the btc address itself.

[pamsugas]

bitcoin will never be a global currency even though every wallet must have an identity. Why? because the value of bitcoin is volatile so it is not suitable as a currency the bitcoin community believes that bitcoin is a digital asset like gold not as payment.

[Meowth05]

bitcoin will never be a global currency even though every wallet must have an identity. Why? because the value of bitcoin is volatile so it is not suitable as a currency the bitcoin community believes that bitcoin is a digital asset like gold not as payment.

Bitcoin is versatile, it can be use as a currency and as an asset as the same time. However, just like you have mentioned it is not perfect of currency due to high volatility rate hence, it is much better it as asset. Bitcoin is good at long term investment and we can classify it by just looking back on its history.
Cryptocurrencies especially Bitcoin cannot be global currency due to reason of decentralization which limit the government to manipulate this technology.

[hotmom]

In fact, I see no reason why bitcoin should not become a world currency. It doesn't happen precisely because some people interfere with it.