Why bitcoin can not become a global currency

[Excell110]

Well, I think you have a valid point, there must be a means of ensuring accountability with Bitcoin, or else it will just end up being used for crimes because of its unaccountability.

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[LbtalkL]

Buddy these tracking and id's you have mention, don't you know that one of bitcoin's features is anonymity? I know these bad actors, fraud, scammers, money laundering really exist and it is the platforms or companies duty to implement kyc to avoid these incident.

[odolvlobo]

Well, I think you have a valid point, there must be a means of ensuring accountability with Bitcoin, or else it will just end up being used for crimes because of its unaccountability.

Cars, shoes, email and phones are all being used for crimes. Should we ensure accountability of those, also?

[Kambal2000]

I think Bitcoin will never be a global currency, because Bitcoin is a digital currency for investment means. But fore whether bitcoins are used for global currency or not. I don't think it will. Because Bitcoin's price soared.

That's what is happening now, Bitcoin has been part of investment scheme of people, almost everyone are holding it or cashing out but they don't do payment system which is the main goal for crypto, but it is fine as Bitcoin is like a precious gem 'gold' which is worth investing and holding, me too, if I do have spare money, I will just hold my Bitcoin and won't use it for now.

[Wintersoldier]

I think Bitcoin will never be a global currency, because Bitcoin is a digital currency for investment means. But fore whether bitcoins are used for global currency or not. I don't think it will. Because Bitcoin's price soared.

That's what is happening now, Bitcoin has been part of investment scheme of people, almost everyone are holding it or cashing out but they don't do payment system which is the main goal for crypto, but it is fine as Bitcoin is like a precious gem 'gold' which is worth investing and holding, me too, if I do have spare money, I will just hold my Bitcoin and won't use it for now.

In the first place how could we define a global currency? Does it mean that we should use that particular cryptocurrency in all of the transactions that we have over the network? Because in my perception, the main concern is to use bitcoin over the whole world, then it can already be classified as a global currency, it doesn't need to be implemented at all of the transactions that we have. In this case, we can utilize bitcoin then utilize altcoin as well to save transaction fees mostly the reason why we don't use bitcoin every time.

[Twinkledoe]

I think Bitcoin will never be a global currency, because Bitcoin is a digital currency for investment means. But fore whether bitcoins are used for global currency or not. I don't think it will. Because Bitcoin's price soared.

That's what is happening now, Bitcoin has been part of investment scheme of people, almost everyone are holding it or cashing out but they don't do payment system which is the main goal for crypto, but it is fine as Bitcoin is like a precious gem 'gold' which is worth investing and holding, me too, if I do have spare money, I will just hold my Bitcoin and won't use it for now.

This kind of perception is one of the reasons why bitcoin is still in the bottleneck of massive adoption. And I think, we are all guilty of that. As much as possible, we want to hoard bitcoin for as long as we can. Because of the hope that someday it will be valuable, we don't want it to spend for unnecessary things.

[veleten]

I think Bitcoin will never be a global currency, because Bitcoin is a digital currency for investment means. But fore whether bitcoins are used for global currency or not. I don't think it will. Because Bitcoin's price soared.

That's what is happening now, Bitcoin has been part of investment scheme of people, almost everyone are holding it or cashing out but they don't do payment system which is the main goal for crypto, but it is fine as Bitcoin is like a precious gem 'gold' which is worth investing and holding, me too, if I do have spare money, I will just hold my Bitcoin and won't use it for now.

This kind of perception is one of the reasons why bitcoin is still in the bottleneck of massive adoption. And I think, we are all guilty of that. As much as possible, we want to hoard bitcoin for as long as we can. Because of the hope that someday it will be valuable, we don't want it to spend for unnecessary things.

why are we to blame if there are not enough retailers or traders that accept it?
I understand your point , the problem of not spending because of growth expectation is here, but its a double edged sword
we do not spend not only because we think it will be more valuable , but because you can't go to  a supermarket next door and pay with bitcoins
or go to a pub and buy a pint with bitcoin and the legal status of bitcoin is not clear in so many countries that is hard to expect to many medium and small enterpreneurs to accept it

[Kocret02]

there must be a special system for bitcoin to be able to meet the requirements of becoming a global currency. now I think bitcoin is more suitable as a money companion, not as a global currency. because seen even now bitcoin still has popularity even if only as a companion for money

[Jammermob]

Because bitcoin will not be allowed to do this, it is not profitable for the state, no one wants to depend on another, everyone wants their own currencies.

[Oneandpure]

Bitcoin still can't become global currency because many country dislike with bitcoin as payment currency, they will banned bitcoin and ask to other country for stopping using bitcoin as investment assets, many countries scare when bitcoin become popular many people not care for saving money in the bank but look interested for investing and hold to convert with bitcoin and altcoin assets.

[zahed]

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 still using as a payment in the many countries i believe. There are huge countries adopting Bitcoin as a legal currency. Crypotocurrency is always volatile that's not a big deal. But it will not be as a world payment because many country government banned it to prohibited all of the illegal stuff.

[angrynerd88]

There are couple of reasons still BTC failed to be a global currency,There are many countries still struggling for stable the economy of country and having threat of money laundering and illegal financial activities.

In future if possible for the government to track the crypto transactions then possible to be to legalize the Bitcoin.

[bitvalak]

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?

Containing an ID in each wallet is the same as centralization where all transactions look detailed.
That is not the right way, it is better to give complete socialization so that people avoid money laundering practices because one of the reasons you refuse bitcoin to become a global currency is about money laundering.

[marcous]

That's not easy, I guess, considering that Bitcoin doesn't have someone's ownership status. where the bitcoin market is also free and can be accessed by everyone in the world. the problem of money laundering itself is a negative thing which basically can be done not only by crypto. actually it depends on each person's perspective, because there are still many people in the world using Bitcoin / crypto to make money and support their daily needs. when talking about altcoin / project, no one can be trusted to do that as well. Maybe in the future blockchain will be more advance.

[Cacingkemi]

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?

most people accuse bitcoin of being very vulnerable to being used for money laundering, because it can be easily used by people who are not responsible for hiding the assets they have. but this is a false thought because in reality money laundering was in place before Bitcoin was issued, and bitcoin was created not for the purpose of such things, but to facilitate all transactions at a fairly low cost.

why can't bitcoin be a global currency?
because basically bitcoin is a technology that has a very valuable value like a currency but cannot be used as a transaction tool worldwide because its existence cannot be formalized by most countries.

[aomakun]

Bitcoin still can't become global currency because many country dislike with bitcoin as payment currency, they will banned bitcoin and ask to other country for stopping using bitcoin as investment assets, many countries scare when bitcoin become popular many people not care for saving money in the bank but look interested for investing and hold to convert with bitcoin and altcoin assets.

licensing regulations that have not been comprehensive in this world into bitcoin cannot be used as a major global transaction, and many other factors make bitcoin unable to be used en masse for transactions. and large transaction costs make it rarely used for normal transactions, and I think that bitcoin is more suitable for investment and blockchain technology will probably take up more space in the world

[Aikidoka]

Probably it can be a global currency in the future, as we know now there's not a lot of people who use cryptocurrencies around the world. I meant, we need more time to see bitcoin shining in the future. It's just a matter of time. I'm kinda sure that bitcoin will have a bright future and probably we'll see it as a global currency in the future, it's going to be so good for bitcoin and even for other altcoins

[Wintersoldier]

Probably it can be a global currency in the future, as we know now there's not a lot of people who use cryptocurrencies around the world. I meant, we need more time to see bitcoin shining in the future. It's just a matter of time. I'm kinda sure that bitcoin will have a bright future and probably we'll see it as a global currency in the future, it's going to be so good for bitcoin and even for other altcoins

Not really, but you are correct since it really takes time for a project or cryptocurrency to achieve some of its goals, but bitcoin needs to be flexible enough to adjust to the market needs especially in lowering its transaction fees where I find not gonna happen. If people will learn the essence that bitcoin is used for huge amount of money transaction, that would be the time we could consider bitcoin could really be a global currency, if not, then people will find altcoins quite better compared to bitcoin in terms of the transaction (efficiency).

[AssociatesBumble579]

I don’t think that would be possible to include IDs to identify the sender or receiver info. Global currency means it’s should be accepted globally. We are yet to achieve it. Also, you can’t prevent the laundering by creating identity of any currencies. If it works, then “ laundering” word would not get such popularity. Where as, other than crypto, all fiats already are been being used laundering.

[hulla]

I don’t think that would be possible to include IDs to identify the sender or receiver info. Global currency means it’s should be accepted globally. We are yet to achieve it. Also, you can’t prevent the laundering by creating identity of any currencies. If it works, then “ laundering” word would not get such popularity. Where as, other than crypto, all fiats already are been being used laundering.

I also don't believe the inclusion of Bitcoin sender or receiver ID will happen and the government even understand that they can't achieve such regulation which is the reason why they make almost every crypto to fiat exchange site Io offer KYC/ AML. But purpose of Bitcoin was not to be global currency but liberation from economic break down for those who choose to use it.