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Author Topic: Why bitcoin can not become a global currency  (Read 1383 times)
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October 22, 2019, 10:01:55 AM
 #61

Here's my 4 check points for Bitcoin, or some crypto, to become globally endorsed:

1. More businesses accept it as a form of payment.
2. Software becomes more intuitive and user-friendly.
3. People realise the benefits of using it (https://coinpush.io/blog/the-benefits-of-cryptocurrency)
4. Fiat destabilises - due to inflation, corruption or political circumstances.
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October 22, 2019, 10:22:57 AM
 #62

I think this is because the influence of the supply is too little while the number of people in the world exceeds the total supply of bitcoin so it will not be suitable if bitcoin is used as a global currency that is used by many people will certainly be a lot of price manipulation that occurs and the price of bitcoin will has a very extreme movement.
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October 22, 2019, 10:39:55 AM
 #63

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?

Money laundering and other financial problems are a serious thing, of course, but I feel like they are only an excuse that is given to us to delay the acceptance of cryptocurrencies for as long as possible. Think about it — these issues were a part of the financial world long before cryptos were invented, and fiat currencies worked just fine for criminals. Meanwhile, if crypto gets adopted, banks will be left without clients, as they are no longer needed. Some people will remain, sure, but they will still lose billions, even trillions of dollars. That's what's stopping crypto adoption, and not money laundering.

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October 22, 2019, 11:05:20 AM
 #64

I think this is because the influence of the supply is too little while the number of people in the world exceeds the total supply of bitcoin so it will not be suitable if bitcoin is used as a global currency that is used by many people will certainly be a lot of price manipulation that occurs and the price of bitcoin will has a very extreme movement.
Being a global currency in my opinion is still very difficult to implement. Bitcoin prices are very volatile, volatility is also very high in the market. But it is possible that bitcoin will be used as a payment system in all countries without government knowledge. Because of its anonymous status, bitcoin users can make payment transactions wherever they like and for any purpose as far as getting the agreement of both parties. In my opinion, so far the governments in many countries impose a bitcoin regulation that cannot be used as a payment system and can only be used as a trading asset on the commodity market. As far as I know, the government is afraid that bitcoin will function as a medium for money laundering and financing terrorism and many other crimes.

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October 22, 2019, 11:10:43 AM
 #65

First bitcoin is decentralized and has a limited supply,maybe government was thinking that the supply is insufficient for people to use as global currency. There is lot of things to consider for bitcoin to become a global currency like internet,banks, etc...Also it's difficult to replace fiat currency because it was issued by the government since then and it was already used for daily transactions anywhere at anytime. Actually if you think tracking system is the problem ,i think your wrong because before you can cash out you need to undergo kyc not only on exchange but also to the remittance where you can cash out your money from bitcoin. So if bitcoin become a global currency there is no difference like cashing out fiat money.

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October 22, 2019, 12:11:21 PM
 #66

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?
If this tracking system for bitcoin that you're saying will be implemented, I don't think the anonymity that the crypto enthusiasts loved won't make any sense at all. The anonymity is what makes it unique from other cryptocurrencies, especially from fiat. And yes, I think there won't be any chance for bitcoin to become a global currency because there are still countries that are banning the use of bitcoin, if not, trying to take it down completely. Plus the said legal issues, there would be a long list of bitcoin-related crimes. So we will be needing to compromise for we can't have the best of both worlds, it could either be the same bitcoin that people preferred due to its anonymity and decentralization but not a global currency, or bitcoin being a global currency but losing its uniqueness from other currencies in terms of privacy.

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October 22, 2019, 01:45:08 PM
 #67

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?

It is not the money laundering that is effective on preventing Bitcoin from being a global currency. There is so many examples proving that money laundering is done by any kind of money.  In my opinion, the real reason is that Bitcoin has a decentralized system and also it is too volatile. Governments won't be willing to take the risk I think.

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October 22, 2019, 03:10:26 PM
 #68

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 you are extremely wrong here.

We can make the same argument here with fiat currency. Look at cash, it's a tool that can avoid tax extremely easily, and it doesn't have tracking or anything.

We are moving to a society where being anonymous and safe is quickly become a top priority for people, and Bitcoin offers this tool to others and there proof of this with how big it's gotten these past years

anonymous is more important if you playing crypto. money laundry problem can be solve but it will cross with this anonymous. and we can manipulate something easily without problem if 'they' want.
actually people not ready to move in bitcoin as global currency.
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October 22, 2019, 06:18:10 PM
 #69

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 you are extremely wrong here.

We can make the same argument here with fiat currency. Look at cash, it's a tool that can avoid tax extremely easily, and it doesn't have tracking or anything.

We are moving to a society where being anonymous and safe is quickly become a top priority for people, and Bitcoin offers this tool to others and there proof of this with how big it's gotten these past years

anonymous is more important if you playing crypto. money laundry problem can be solve but it will cross with this anonymous. and we can manipulate something easily without problem if 'they' want.
actually people not ready to move in bitcoin as global currency.
Ananimity is actually not as important as they want to bring it to us. On the contrary, when using Bitcoin there is no anonymity. Therefore, I just think that in the future many countries will support Bitcoin.

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October 22, 2019, 06:58:14 PM
 #70

Governments and economists are still confused over the fact that if BTC been used globally then what is going to happen. Some gov thinks that their reserve bank will lose control over the economy so the Gov are putting several kinds of ban over the BTC.

The other thing is BTC is still not as simple as the fiat, we need an internet connection, electricity for any kind of transaction. But it is still a tough job to provide internet and electricity 24 hours worldwide.

And the last thing is education. Is it possible for an illiterate person to use BTC ?

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October 22, 2019, 07:13:40 PM
 #71

I don't think the issue of money laundering will stop bitcoin from becoming a global currency rather lack of proper cryptocurrency regulations around the world. Bitcoin is not the only currency subject to money laundering, even the fiat currencies are also used for money laundering. 

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October 22, 2019, 07:24:14 PM
 #72

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?

Governments do not lean towards making a cryptocurrency as their local currency and I don't think it will change in the future either. I think governments won't prefer Bitcoin instead of fiat money because of its volatile nature.

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October 22, 2019, 08:25:05 PM
 #73

It's very volatile. That would never make it a real currency. It can be an asset. But never a currency to price tag with.

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October 22, 2019, 08:30:31 PM
 #74

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?

Governments do not lean towards making a cryptocurrency as their local currency and I don't think it will change in the future either. I think governments won't prefer Bitcoin instead of fiat money because of its volatile nature.
Most of the governments that are against bitcoin used to mention the volatility as the big issue to stop bitcoin growing as a global currency. Already it is a global currency, but few countries use it while majority unites

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October 23, 2019, 04:08:37 AM
 #75

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?

Governments do not lean towards making a cryptocurrency as their local currency and I don't think it will change in the future either. I think governments won't prefer Bitcoin instead of fiat money because of its volatile nature.
Most of the governments that are against bitcoin used to mention the volatility as the big issue to stop bitcoin growing as a global currency. Already it is a global currency, but few countries use it while majority unites

They are against because of many reasons, they cannot control it, they don't know how are they going to regulate it yet, how to imposed tax and many other things, besides that, a lot of people  and countries who doesn't access or don't know how to access internet yet, or don't have even a cellphone, so it will be hard for them.




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October 23, 2019, 04:12:37 AM
 #76

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?
Bitcoin can not become global currency because many country not ready support with bitcoin as transaction payment, many country still use traditional market where payment transaction only accepted cash money, they do not know how to use bitcoin as currencies payment. Need to evaluation and give instruction for many people how to use bitcoin as legal payment before make bitcoin become public transaction payment.

 
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October 23, 2019, 04:19:26 AM
 #77

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?
Bitcoin can not become global currency because many country not ready support with bitcoin as transaction payment, many country still use traditional market where payment transaction only accepted cash money, they do not know how to use bitcoin as currencies payment. Need to evaluation and give instruction for many people how to use bitcoin as legal payment before make bitcoin become public transaction payment.

And an addition to that government still not control bitcoin as their own currency like fiat. how they propose it to their people if they didn't own it. also, a lot of people in local area is still not using gadgets same to us. so its so very difficult to the government support bitcoin or crypto currency as the main payment method everywhere.
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October 23, 2019, 04:47:53 AM
 #78

There are problems related with every currency and money laundering is also present in usage of fiat so we cant blame bitcoin for such activities as criminals who conduct such crimes are responsible for such acts.The governments do not favour btc because of untraceable transactions and being decentralized currency they have no control over them and they will never regulate currency which cannot be controlled.So its hard for btc to become a global currency but still there are chances when volatility reduces and blockchain technology is adopted by governments these coins can be exchanged or act as a medium of payment in legal system of nation.

 
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October 23, 2019, 05:58:16 AM
 #79

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?

This is like saying that owners of physical gold need to have an id. Naturally most of them do when they try to convert it to fiat, and they probably need to show some transactions on how they came up with it when there are large enough amounts of it in order to prove it's not from illegal activity. That doesn't mean gold itself is illegal.
 
The open ledger is already more trackable then anything else in the history of man and it will probably we even more connected to ids in the future. And there will be more solutions trying to hide and wash transactions. I think that this will be a battle that keeps on happening and there's no solution to it, like with gold or any other commodity.

But i think, because the nature of bitcoin, regulators have to adjust to it, rather then bitcoin adjusting to anything.

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October 23, 2019, 06:45:47 AM
 #80

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?
Bitcoin can not become global currency because many country not ready support with bitcoin as transaction payment, many country still use traditional market where payment transaction only accepted cash money, they do not know how to use bitcoin as currencies payment. Need to evaluation and give instruction for many people how to use bitcoin as legal payment before make bitcoin become public transaction payment.

And an addition to that government still not control bitcoin as their own currency like fiat. how they propose it to their people if they didn't own it. also, a lot of people in local area is still not using gadgets same to us. so its so very difficult to the government support bitcoin or crypto currency as the main payment method everywhere.
The government doesn't need to propose bitcoin to their local netizen, and it is impossible for now to make bitcoin as their global currency.
Bitcoin can easily be adapted by the local netizen of a certain country if ever that it was legally accepted. There is no need to propose it to them since we all know that in every country in the world, there is a bitcoin user.



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