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Author Topic: Why bitcoin can not become a global currency  (Read 1383 times)
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January 08, 2020, 06:49:13 AM
 #221

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.
I prefer deflation rather than always referring to price depreciation. however, bitcoin will always collide with central system rules because there is no usage algorithm that can be put together. bitcoin will always act as an alternative as a global currency, government anxiety is always focused on controlled fluctuations and guarantees, if so then it is likely to only be regulated as assets with a customized system.
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January 08, 2020, 08:14:18 AM
 #222

Well, I think there are still too many reasons why bitcoin or other cryptocurrency still can't be a global currency. One because most of the country even don't want to accept and adopt it, and there are countries that treat usage of crypto as illegal and so many more. But I think laundering can also or safer using fiat currency because as we know crypto is untrackable so if there's an instance that you lend money to someone over crypto they may not pay you on time or will not pay at all so its lot more safer if it's done using fiat currency.

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January 08, 2020, 08:31:18 AM
 #223

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?

People do not want to accept that bitcoin and altcoins are world currencies. People in each country all over the world are holding bitcoin in wallets. Some are evening using it to do daily transaction, especially, countries in Europe.

You said bitcoin transaction can not be tracked. Although, bitcoin transactions can not be canceled but can be tracked or traced.

Bitcoin wallet ID will can not stop money laundering or terrorism financing because all this has been happening before the adoption if bitcoin by Satoshi Nakamoto in 2009.
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January 08, 2020, 12:36:01 PM
 #224

There are numerous reasons which are big hurdle in BITCOIN to become a global currency is the decentralize because government unable to control it.Government experienced many cases that BITCOIN is used in money laundering and illegal funding for illegal activities.
Bitcoin is fruitful for stable economy if government find the way to control and track the transactions,Because transactions will generate revenue in form of tax that revenue can be used for further development and infrastructure of the country.

 
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January 08, 2020, 12:57:52 PM
 #225

There are numerous reasons which are big hurdle in BITCOIN to become a global currency is the decentralize because government unable to control it.Government experienced many cases that BITCOIN is used in money laundering and illegal funding for illegal activities.
Bitcoin is fruitful for stable economy if government find the way to control and track the transactions,Because transactions will generate revenue in form of tax that revenue can be used for further development and infrastructure of the country.
Unless the USA is the biggest economy and its currency has the status of an international one, there is a very little chance for BTC to replace it. As well, the fiat currencies are way more often used for money laundering and illegal activities. Especially in a physical form.

As well, if it not controlled, country cannot manipulate its own economy in such easy way as simply printing more fiat currency out of thin air, but would need to make serious and unpopular decisions instead. This is why until now, some countries of the Eurozone - like Spain and Greece are not fully recovered from the last economic crisis.

In general, BTC transactions can be tracked, and with current FATF guidelines and direction of new legislation - the general goal is that like with wire bank transfers both sending and receiving party will be fully identifiable.

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January 08, 2020, 01:22:53 PM
 #226

There are numerous reasons which are big hurdle in BITCOIN to become a global currency is the decentralize because government unable to control it.Government experienced many cases that BITCOIN is used in money laundering and illegal funding for illegal activities.
Bitcoin is fruitful for stable economy if government find the way to control and track the transactions,Because transactions will generate revenue in form of tax that revenue can be used for further development and infrastructure of the country.



Bitcoin is one of the most profitable today, and many people already adopted the use of this coin as payment for a different transaction. Now there are a lot of countries that uses the bitcoin and support this, but still, there are few countries does not support bitcoin because of many reasons. The government wants to secure first the transaction like who send the money and where the money came from all of the transaction today must be recorded to avoid some fatal error of money transfer into different funds and also to monitor each transaction, but the governments knowledge about cryptocurrency is not enough to support the use of bitcoin as payment.

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January 08, 2020, 01:42:09 PM
Merited by Eugenar (1)
 #227

Because the price of bitcoin is not as stable as the fiat currencies in the world, its price can quickly rise or fall in a short time, which will make the economy unstable if Bitcoin is used as Fiat. And governments cannot control bitcoin and tax it as accurately as possible ... Those are the main reasons why bitcoin is never accepted as a means of payment from governments.
You forgot one which is availability, It is not available to those individual that don't have internet, mobile phone or computer. That is the most basic aspect of, if you can't use it then it will be never be a currency for the world or even one country. Yes! We are in digital era but, not all people are using technology, Fiat will always be our medium of exchange and it will never be replace by a digital currency.

Bitcoin cannot become a world currency for two reasons, Bitcoin is not regulated and so far Bitcoin is not supported by the government.
Well lot of government are supporting bitcoin LOL, a lot of the countries legalize the use of bitcoin.

Proof: https://www.valuewalk.com/2018/01/bitcoins-illegal-russia/

And business related to bitcoin and other cryptocurrency are getting taxed, so I think regarding that it can be regulated as long as your business is registered on your government.

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January 08, 2020, 02:14:30 PM
Last edit: January 08, 2020, 02:37:32 PM by Asuspawer09
 #228

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, no one 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?
Surely we could track the transaction of bitcoin as it is recorded in the blockchain. But the identity was still anonymous and they don't know who makes the transactions. Surely that is the reason that is why their are so many scam cases here in cryptocurrency because it is difficult to track this transaction and i think if the money laundering is done globally it will be difficult to go and make a case in the other country.

In my opinion, bitcoin is already a global currency since we could all use it globally as a currency there are ways that we could use to buy bitcoin and then use it as a currency or as a payment. Also, I think the bitcoin could just be a global currency just like what it is these days, but it is just an alternative global currency since a lot of countries have their own fiat money. For me, bitcoin will have a hard time to be the number 1 currency in the world and probably it is not going to happen since there are so many governments around the globe. There could only be possible if there is one government that is going to regulate bitcoin and going to govern all the countries in the world.

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January 08, 2020, 02:31:59 PM
 #229

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.

Anyway, the idea of wallet ID with identifiable owner of it is precisely what authorities are looking forward.

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January 08, 2020, 04:07:14 PM
 #230

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?
Setting up a tracking ID for wallets that store bitcoin will defeat bitcoin's purpose of being a decentralised and secure coin. Since anyone who can get a hold of someone's ID can just steal money from them in any case. Bitcoin in itself has the potential to become a globally accepted coin. It just so happens that we don't have the best technology as of yet to support bitcoin. That is why it's currently used as an asset

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January 08, 2020, 07:17:02 PM
 #231

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?
need more time to make bitcoin as a global cryptocurrency because not all people accept bitcoin. they are thinking that bitcoin is a criminal way so they do not want to use bitcoin so its make difficult for the right now to bitcoin accept as cryptocurrency
if someone want to bitcoin become global cryptocurrency the goverment have to accept bitcoin first.

 
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Ozero
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January 08, 2020, 07:25:13 PM
 #232

Because the price of bitcoin is not as stable as the fiat currencies in the world, its price can quickly rise or fall in a short time, which will make the economy unstable if Bitcoin is used as Fiat. And governments cannot control bitcoin and tax it as accurately as possible ... Those are the main reasons why bitcoin is never accepted as a means of payment from governments.
Bitcoin's high price volatility is just one of many reasons why it cannot be a world currency. For states, this is a foreign, “no man's” currency, for which no state stands. Why should they risk their economy so much? Therefore, now many of them have announced their intention to issue their own national stable coin, which will be used by states instead of bitcoin and other cryptocurrencies.
Most likely, bitcoin and other decentralized cryptocurrencies will mainly be used mainly by citizens.

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