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Author Topic: Why bitcoin can not become a global currency  (Read 1383 times)
Wintersoldier
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December 04, 2019, 01:26:40 AM
 #201

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).

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December 06, 2019, 01:11:39 PM
 #202

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.

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December 06, 2019, 01:44:18 PM
 #203

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.

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December 06, 2019, 02:43:52 PM
 #204

US Dollars are used for money laundering even more than Bitcoin, but they are a global currency regardless. Cash is even less trackable than Bitcoin, gold even less because you can melt it.
There are other reasons why Bitcoin will not beat USD for another decade probably. It's less convenient for everyday shopping, it requires some technical knowledge from users and its value in not stable enough so people are afraid to store their wealth in Bitcoins. But all that could change in the future.

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December 06, 2019, 04:24:59 PM
 #205

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
Licensing regulation bitcoin is not important when population of using bitcoin in one country still less, so far almost bigger popular bitcoin in some country but other side still under 0.5% population there using bitcoin impossible bitcoin become global currency payment in one country, government looking for how many their people have adopted and know whit bitcoin before legal using crypto as payment transaction.

 
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December 06, 2019, 05:05:04 PM
 #206

It's decentralized, and not supported by the GOVT and BANKS.

it won't get world all-inclusive, yet millennials are getting it up like hotcakes.

Besides divider st, are currently intrigued.

Regardless of what you think or hear, this isn't GOING AWAY…
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December 06, 2019, 05:54:57 PM
 #207

in my opinion bicoin has now become a global currency, the proof for the whole world is the same bitcoin price ..!
I don't think that bitcoin become yet a global currency as we all know that not all the countries legalized bitcoin, so we can't just say it's already a global currency I guess. However, there's a lot of people around the world didn't even know about bitcoin, I think it's gonna take a while like from 1 to 10 years to bitcoin will be very known in the world and probably it can be officially a global currency at that time.
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December 06, 2019, 06:00:23 PM
 #208

in my opinion bicoin has now become a global currency, the proof for the whole world is the same bitcoin price ..!
I don't think that bitcoin become yet a global currency as we all know that not all the countries legalized bitcoin, so we can't just say it's already a global currency I guess. However, there's a lot of people around the world didn't even know about bitcoin, I think it's gonna take a while like from 1 to 10 years to bitcoin will be very known in the world and probably it can be officially a global currency at that time.


It is unlikely Bitcoin will be fully legalized even after 10 years. Bitcoin is more likely to be a global independent asset for people who want to abandon a centralized financial system. Governments of a lot of states don't want to legalize Bitcoin because it will destroy corruption and a centralized management system, equivalent to a loss of power
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December 09, 2019, 09:22:52 PM
 #209

I think creating a tracking system for Bitcoin is a very bad idea. It doesn't conform to Bitcoin's emergence philosophy. People headed here to escape the current economy. If exchangeler comes up with more hacking news. Decentralized systems may be more popular. I don't like giving my credentials.

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December 09, 2019, 10:23:28 PM
 #210

It is unlikely Bitcoin will be fully legalized even after 10 years. Bitcoin is more likely to be a global independent asset for people who want to abandon a centralized financial system. Governments of a lot of states don't want to legalize Bitcoin because it will destroy corruption and a centralized management system, equivalent to a loss of power
I still think the government is trying hard to have btc more than half the amount available through institutions or even with stable coin conversions to launch. they will be able to control it afterwards and can be made into a kind of reserve because of limitations and scarcity in the future.

in this way they will be able to control and then be able to create a new global digital economic order. This is only a rough analysis because in the global economy there must be a dominant party outperforming the others, legalization is only a matter of time.
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December 29, 2019, 05:02:17 AM
 #211

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).

I think so, this is too far if Bitcoin is made a global currency. Even though that possibility exists. but as we know, transactions using Bitcoin as a payment instrument are still opposed in some countries. Not easy to implement. only, if you look at the development of digital money. Bitcoin has pioneered quite a lot of Unicorn / Fintech companies that issue digital money as payment transactions that have the same value as fiat currencies.
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December 29, 2019, 05:07:54 AM
 #212

I think the main reason is the probability that it can be used to some crime like money laundering. Plus the fact that government doesn't want bitcoin in their country because it may replace fiat money sooner or later. I think it also has a problem in terms of security because it is working all over the internet. Internet is vulnerable to every hackers maybe that is also their reason why they dont want it to become global currency.

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December 29, 2019, 05:50:42 AM
 #213

in my opinion bicoin has now become a global currency, the proof for the whole world is the same bitcoin price ..!

Same Bitcoin price?

If we will be using USD as the basis with the same exchanges, obviously it will be having the same price but when it comes to other currencies, other exchanges, other countries, there will be a difference. That is why there are some investors that take advantage of that difference, not only in Bitcoin but on other cryptocurrencies as well.

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January 02, 2020, 03:56:06 PM
 #214

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?
in my opinion bitcoin have the large chance to become the global currency
as of now there is no global currency if you will go to some country you need to change your money to their money
but in bitcoin there a lot of place all over the world that already accepting bitcoin
what we are only waiting is the mass adoption where more merchant will start to accept bitcoin


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January 02, 2020, 04:04:49 PM
 #215

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?
In my opinion like what it is today I think it is already a global currency in my opinion as we could use it my make transaction all over the world using a decentralized system. For me bitcoin was just made or suitable to be a global currency than just a one country because this country currency needed to be regulated by the government which is I think is impossible in bitcoin since it is a decentralized system and no one owned bitcoin.
As a global currency I think bitcoin will be a and it is already a great example.

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January 02, 2020, 05:28:46 PM
 #216

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 doesn't necessarily have to become a global currency per se, since as long as borders and countries exist, their respective governments will put up their own currencies, fortifying the ones that are existing if ever, nonetheless, with the current widespread state of bitcoin we can almost say that it is a global currency since anyone who has internet can get a hold of this and some other cryptocurrencies. In the case of having it become a global currency there are much more complicated matters that would need to be settled first before higher-ups consider setting up a global currency.

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January 07, 2020, 09:56:28 PM
 #217

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.
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January 08, 2020, 04:49:05 AM
 #218

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 doesn't necessarily have to become a global currency per se, since as long as borders and countries exist, their respective governments will put up their own currencies, fortifying the ones that are existing if ever, nonetheless, with the current widespread state of bitcoin we can almost say that it is a global currency since anyone who has internet can get a hold of this and some other cryptocurrencies. In the case of having it become a global currency there are much more complicated matters that would need to be settled first before higher-ups consider setting up a global currency.
Bitcoin will only become a global currency if most of the governments will accept and legalize it. Regulation is still hot topic globally, there are countries that are favor and there are countries who banned the bitcoin. The decentralized characteristics of the bitcoin is one of the factors why there are government who doesn't want to legalize bitcoin. They are aware that they cannot control the bitcoin because there is no one who backed it.




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January 08, 2020, 04:57:43 AM
 #219


Yes, I agree eith this people look up to the stability of their money and Bitcoin might not be able to satisfy it due to the fact that Bitcoin's fluctuation rapidly changing and I think it is not suitable in performing transactions like paying bills which may be one of the possible uses of Bitcoin if it was accepted locally and of course the government would not allow this kind of system that might overpower them.
The stability factor is indeed one of the reasons why Bitcoin cannot become a global currency, In addition, the decentralization factor owned by Bitcoin I think also includes other reasons. We know that Bitcoin is a decentralized system where the Government or other third parties cannot regulate and control Bitcoin.

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bitcoinsocial09
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January 08, 2020, 05:23:28 AM
 #220


Yes, I agree eith this people look up to the stability of their money and Bitcoin might not be able to satisfy it due to the fact that Bitcoin's fluctuation rapidly changing and I think it is not suitable in performing transactions like paying bills which may be one of the possible uses of Bitcoin if it was accepted locally and of course the government would not allow this kind of system that might overpower them.
The stability factor is indeed one of the reasons why Bitcoin cannot become a global currency, In addition, the decentralization factor owned by Bitcoin I think also includes other reasons. We know that Bitcoin is a decentralized system where the Government or other third parties cannot regulate and control Bitcoin.
I think the decentralized system of bitcoin could be a big issue here when it comes to being a currency because it cannot be regulated by any government. I think having a global currency is impossible since in different countries we have different standards we cannot buy something that is at the same price in other countries. We are already using bitcoin as a global currency since anyone could use it in the world and send a transaction but just an alternative currency.

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