Why bitcoin can not become a global currency

[djefes]

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?

[1715002133]

1715002133

[1715002133]

1715002133

[TravelMug]

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 do you mean that every wallet must contain ids? I can have multiple addresses using Electrum and no one can track that it belongs to me.

Maybe want you are describing a a full KYC enforcement for most exchanges of today. Trackable or not, bitcoin will remain dominant. Can you name altcoins that can challenge bitcoin as a global if you think it's not going to be mass adopted?

[ChrisPop]

Money laundering can be easily done with fiat currencies as well. For example you can make f2f transactions with cash with a vendor instead of recording the transaction in a ledger. Money laundering and tax evasion will probably exist forever. You can't put KYC or a restrict a bitcoin wallet. It is against for what it has been created - the freedom of the user against government and central entities' control.

Of course that for companies, it is imperative to create a framework for accounting purposes. Like designate a number of companies' public bitcoin addresses and the private ones will be kept simply confidential and perhaps changed from time to time. Bitcoin can certainly become a global currency, it just needs adoption which will surely come over time IMO.

[djefes]

I mean every wallet must be personal and has identification like passport. This could be only way to track the bitcoins and prevent crimes.

I agree that it will be dominant as long as it is untraceable. Because, most people use bitcoin to send money without being tracked or pay things without tax. Paying bank for transaction commissions can not be the case that why bitcoin is valuable. I do think that bitcoin is a mind blowing development for the world but it is also very dangerous. It must be traceable or every country will ban it because of these reasons eventually.

[NeuroticFish]

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.

Bitcoin is pseudo-anonymous. This means that anyone can look and see the content of a wallet and if you are not super careful people will also know it's your wallet.
I don't know of any other currency that allows unknown people know how much money you have in your wallet or in your house. It would be thieves' heaven! Not even US Dollar allows that.

And while everybody is already concerned about losing privacy in current society (websites tracking you, cameras tracking you, ...) you say that the only currency for the future will show everything to anybody?

I think that you are awfully wrong.
I think that the future has to help people regain their privacy.
I think that the agencies should start to do more effort and more thinking also and find better methods to fight money laundering and terrorism. The money flow cannot be monitored. The ones who want to avoid monitoring, will always avoid it. There's gold, art and a lot of other means to hide funds, all showing that the current approach is incorrect.

[Kyraishi]

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

[djefes]

I agree that It is against for what it has been created - the freedom of the user against government and central entities' control. That is why basically goverments will ban it eventually but how is the real question. How can you ban bitcoin? You can declare that buying bitcoin is crime but can you prevent people to buy bitcoin?

I also agree with you NeuroticFish. Tracking the wallets will show how much money a person has. It is much more dangerous than money laundering. But consider this, We have bank accounts and they have adresses like bitcoin. Individual address and belongs to one person. They are not traceable. 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?

[supto005]

yeah, I agree with you. But you know that the Bitcoin price isn't stable. I don't think so that the government will able to create any system that can track bitcoin transactions. This is the main feature of Bitcoin that no one can trace Bitcoin transactions. That's why the government has announced bitcoin as an illegal digital currency.

[odolvlobo]

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 ability to be used for money laundering won't prevent its use as a global currency because only governments care if money can be used for money laundering, and Bitcoin exists outside of the control of any government.

[oleg681010]

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

[franky1]

privacy/transparency debate has nothing to do with the utility of bitcoin as a currency globally
bitcoin already has all it needs for privacy/transparency.
bitcoin does not link ID to btc address for privacy
if people want to link ID to transactions they can use exchanges that offer that transparent reporting system

also in the widest sense possible. bitcoin is on internet which is worldwide so bitcoin is already global
its not like canadian time tokens thats only distributed in a small town in canada.

but to get to the crux of the whole 'global' currency debate. the issue is after 10 years bitcoin has not exceeded 600,000 transactions a day. this is not due to not enough adoption. but due to development putting a crippling limit on the utility by limiting how many transactions can flow through.

i know i will probably hear the promoters try using this fact as a way to PR campaign their altnetwork that uses millisats(not real BTC) as their pegged token that is used by locking up real btc so that people can use their altnetwork to do things fast and without all the security and purposes that the btc real blockchain offers.. but thats just gimmicky drama to say btc cant do x or y. again not due to technical issues but due to developer decision to force limiting real btc growth/utility.

in short the 600k tx limit a day is the biggest holdback of actual global common utility

[CryptoBry]

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 every Bitcoin maybe impossible, for now. Tracking can even be invading the privacy of those who are doing Bitcoin-based transactions. There are effective ways that can minimize the incidence of money laundering like cryptocurrency exchanges requiring their users to do the KYC requirement. And even if all people will be doing the KYC there is no guarantee that Bitcoin can be a global currency so why waste time and effort? There are other factors why Bitcoin is not yet a global currency and we should not be in a hurry actually...there is no deadline set for Bitcoin, right?

[smyslov]

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?

How can that be possible when you can create an unlimited wallet, Bitcoin was created to be decentralized and to create as many wallets as you want, who will manage to give us ID and how can we monitor each ID, we cannot apply something that we have in a centralized system to a decentralized system, it will be to much work to much time and so many funds just to implement this.

[darthmaul]

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.

[fakefrombot]

Ofcourse bitcoin will not become a global currency since its totally unusable bubble. Bitcoin was created as payment system based on blockchain and nothing more. People will use USD as global currency why they should change it on bitcoin? Only criminals using bitcoin as global payment currency since its not monitored by governments.

[imstillthebest]

No bitcoin can not become a global currency the governments around the world would never agree to it.

if all of the governments never agree with it then why do you think bitcoin is still acceptable on most countries these days ? thats only a reason that most of them will agree to use bitcoin but some that bans bitcoin dont agree that bitcoin can become a global currency  .

why bitcoin can not become a global currency ? because bitcoin is still not yet accepted globally  .  soon if other countries accept btc , i think its possible fo btc to become a global currency

[djefes]

It is not possible for bitcoin to be implemented. An altcoin can be created to follow the procedures but it seems it is too late for bitcoin I believe. We are fanatics of bitcoin but we should always consider that bitcoin is not invincible. https://hackernoon.com/bitcoins-biggest-hack-in-history-184-4-ded46310d4ef

If people want to kill bitcoin, it can be figured out eventually. Bitcoin is not the revolution here. It is the idea that come so far. Cryptocurrency is a revolution and it will bring many new features for banking and payment systems. But, bitcoin will not be able to secure it's place.

[Distraction]

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 talk about that Bitcoin can always be used for money laundering. But there is a point that you should know. Money laundering is not just possible with Bitcoin. It also can be done by fiat money too. So, I don't agree with you about the reason could be this.

[Eugenar]

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?

basically, bitcoin has the possibility to become a global currency, but right now, if we wanted an identity in bitcoin transaction, we will take away the essence of bitcoin being a decentralized crypto. Why can't we use bitcoin for transaction using applications that can distinguish user? In such a case that we can still verify the person but not directly changing the bitcoin blockchain structure.

[MicroGuy]

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?

Since Bitcoin is now primarily controlled by banks, I think it's going to stick around for a while.

However, over the long term, it is certainly not sustainable with its current PoW consensus model.