Why bitcoin can not become a global currency

[rmhuntley]

The emergence of Bitcoin also affects currency value even though it is not too large. The progress of the contest contributes to the reduction in the value of conventional currencies. The perceived impact may not be as fast as inflation, but you can already see it in the increasingly popular online transactions. If the possibility of conventional currency is abandoned increases, this is where the role of Bitcoin as a virtual currency will be considered vital.

It seems someday Bitcoin will be a global currency but do not know when it happens

[sandra2010]

Bitcoin already a global currency.

[sandra2010]

Specially that you can use it in buying goods and service which is not exists in any other coin or only few coins.

[bobdk]

For Bitcoin to be accepted as a global currency it needs regulations. The bitcoin price volatility is freaking the people out and the governments as well. therefore for bitcoin to be accepted as a global currency the high price volatility must be contained.

I'm not following you here. Are you making two separate points, one about regulation and the other about price volatility, or are you somehow suggesting that price volatility can in some way be contained by regulation? How are these two things connected?

[bitcoinposts]

More the merchant acceptance around the world we can expect bitcoin to be global currency with  the major merchant terminals and many business accept btc as major currency

[Memminger]

For Bitcoin to be accepted as a global currency it needs regulations. The bitcoin price volatility is freaking the people out and the governments as well. therefore for bitcoin to be accepted as a global currency the high price volatility must be contained.

I'm not following you here. Are you making two separate points, one about regulation and the other about price volatility, or are you somehow suggesting that price volatility can in some way be contained by regulation? How are these two things connected?

Exactly LOL. This two aren’t connected really. High volatility happens because the market is still young and what I mean by young is that the volume aren’t that huge but in the future which I am optimistic about is that when there are more people who are into Bitcoin or the cryptocurrencies in general then there will be lesser volatility as the price would tend to to be more stable.

[iamaruf]

Bitcoin already a global currency.

No,bitcoin is not global currency.because many countries don't support bitcoin even it's illegal in our country.but yes people all over the world use bitcoin anonymously.Because government can't identify bitcoin trx.If all countries accept bitcoin then it will be a global currency.

Specially that you can use it in buying goods and service which is not exists in any other coin or only few coins.

why you are making two different post? for activity?don't do this.this is against forum rules.

[TheGreatPython]

I don't think this is the reason why bitcoin is not a global currency yet, there are offshore and Swiss accounts in existence where transaction are very discreet and the customer identity are protected like it is worth a billion dollars, those banks didn't ruin that economy and while I have to admit that shady people use it, I also have to point out that even with traditional currencies that can be traced to the last penny, shady people still find ways to launder it.

Personally I think what's holding Bitcoin back is the fact that it's not scalable yet and can handle just 7 TPS, whenever we see a spike in usage, transaction fees soar through the roof and you see so many unconfirmed transactions, that isn't something that is ready to serve as the default payment method the world over.

On my own opinion, I think what is stopping it from becoming global currency is just the volatility of it, people cannot rely in the currency that once they receive it send money to someone, they will get the same value, they are not also considering the fact that they could also have a big win if bitcoin spikes at the time the money was received.

This is the reason why many are just holding it as a digital asset first pending the time that bitcoin will get to a stable point where it will have a very much reduced volatility AMD become more reliable coin. I want to also believe that government supports it but they would not want to give their consent for now because if this Issue of volatility so that people will not have issue with their policy for approving it, but I know it will only be for a matter of little time, bitcoin will soon become a global currency.

[memedennis]

i think one of the reasons bitcoin will become a global currency is the rate of acceptability . so far so far so good , alot of organizations are gradually accepting bitcoin as means of payment .

[Slow death]

i think one of the reasons bitcoin will become a global currency is the rate of acceptability . so far so far so good , alot of organizations are gradually accepting bitcoin as means of payment .

bitcoin is already a global currency, think of the following:

I am from Mozambique and I am in this forum, in this forum there are people from all countries of the world and these people use bitcoin, I may be wrong in my statistics when I say that this forum has people from all countries of the world. But I believe at least one person from every country in the world uses or has had bitcoin.


OP, governments' concern about bitcoin is not just about money laundering, Is about political issues like:

Which country created bitcoin (the person who created bitcoin is from which country)?

this is the central point of many countries' hesitation to agree to create good bitcoin laws

[romero121]

i think one of the reasons bitcoin will become a global currency is the rate of acceptability . so far so far so good , alot of organizations are gradually accepting bitcoin as means of payment .

bitcoin is already a global currency, think of the following:

I am from Mozambique and I am in this forum, in this forum there are people from all countries of the world and these people use bitcoin, I may be wrong in my statistics when I say that this forum has people from all countries of the world. But I believe at least one person from every country in the world uses or has had bitcoin.


OP, governments' concern about bitcoin is not just about money laundering, Is about political issues like:

Which country created bitcoin (the person who created bitcoin is from which country)?

this is the central point of many countries' hesitation to agree to create good bitcoin laws

Yes, in some form bitcoin is truly the global currency. It can be accessed from anywhere in the world as well can be cashed out to any of the local currency. As said at least one person from each country keeps using bitcoin. The controversy keeps going forever, who created and which country has a major contribution. The role of the governments in the bitcoin adoption and so on.

We're at the very early days of a new technology making a change in the financial ecosystem. Now few countries have begun to support bitcoin with some legal regulations, and hope the same gets followed by rest of the countries.

[francmorio]

From What I learnt from one of FreshForex weekly tutorials on Crypto, Bitcoin will be accepted with time, But not just yet, it must be embraced by most governments  before it can be accepted widely!

[budi691]

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

banks will do a lot of dirty things to stop the bitcoin move. but funny, banks are starting to imitate the steps of bitcoin in digital assets and transactions. they forget, things like that were started by bitcoin.

[ðºÞæ]

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 confuse BTC with Bitcoin and laundering is only possible when you cash out, blockchain records are "forever".

[hahay]

I only feel that bitcoin is no longer a part of the currency because in reality bitcoin is only used to benefit from investments and also trading that is normally done, and that's why it seems that bitcoin is no longer working as a currency should because it would be more inclined to a digital assets or crypto assets. That is in my opinion bitcoin cannot or is difficult to become a currency and there are many other factors.

[uneng]

I think it's not the main point, because any currency is used to launder money. If governments were interested in finishing money laundering they would start by deleting paper money from their countries and adopt a 100% digital payment process method for everything.
Bitcoin can't become a global currency just because it's too volatile, a country can't rely its economy on a currency like bitcoin knowing tomorrow they can skyrocket or bankrupt.

[imutlinda]

I only feel that bitcoin is no longer a part of the currency because in reality bitcoin is only used to benefit from investments and also trading that is normally done, and that's why it seems that bitcoin is no longer working as a currency should because it would be more inclined to a digital assets or crypto assets. That is in my opinion bitcoin cannot or is difficult to become a currency and there are many other factors.

I also think that bitcoin is currently more dominant in the investment field, to be used as a transaction tool might take a lot of fees. and in my opinion this is a good thing because it increased its position from a transaction tool to an investment.

[Tylev]

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.

[ADVB]

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.

[cutesgirl]

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.