Is Bitcoin ready for world wide 1 currency?

[release]

I ask this because of the corona virus where people are too scared to hold money.

The issue is that we value btc against the usd and other fiat currencies. If fiat currencies were no longer how would bitcoin be valued...inflation etc? Can't get my head around how it would work.

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[jackg]

Think about it this way, currency is valued from other assers.
The kilo of bananas you want to buy costs $1 and that's the only reason the dollar has value, because you can use it to buy stuff.... That same kilo of bananas in the UK is 90p... The comparison between fiat currencies to other fiat currencies isn't a new thing by any means.

The idea bitcoin isn't the same is because the banks and rich people thst haven't bought in want you to think that's why it isn't a real currency or could never be one because it keeps being compared to other currencies.

If this didn't happen with other currencies, forex will be in trouble. The issue with bitcoin atm is that it can't scale to the size of fiat yet... But it might be a matter of time until it can.

[mk4]

Nope. Definitely not ready yet for a main currency. Could work well as a hedge though.

Also, I think people are afraid to hold physical cash due to the fear of it being contaminated, not fiat money in general. People could still transact freely through banks and through services like PayPal/Venmo/Cash App without risking their health.

[Assface16678]

I think the bitcoin is not ready enough for adaptation of using this for making transaction all over the world because it takes a lot of data and information before it uses for the world transaction I think for now it just use for a secondary source of use of income because it is very volatile and it is quite risky to the people who will use this to make a payment there is a chance the value of it decreases but if we are talking about world fastest and secured transaction there is a chance it will use because the people are still not convinced about the use of cryptocurrency and the bitcoin there are a lot of doubts about that it is better we going to introduce the use of it first before use for a good transaction.

[BlackFor3st]

I ask this because of the corona virus where people are too scared to hold money.

The issue is that we value btc against the usd and other fiat currencies. If fiat currencies were no longer how would bitcoin be valued...inflation etc? Can't get my head around how it would work.

For now it is not yet ready even if there are outbreak out there that are currently spreading globally because we still have plenty of hurdles that we need to solve before bitcoin or digital asset will replace fiat successfully. First, we still need to solve the problems on how the remote areas can still use the bitcoin without electricity and how they can get the necessary item in order to transact bitcoin.

Aside from that, bitcoin still need to upgrade especially it's fees and transaction speed and once it will be solve then it's up to the government on how they will introduce it slowly to their people. That is the time that we will be ready.

[Darker45]

Is Bitcoin ready to become the number 1 currency of the world? Nope. With Bitcoin's blockchain processing around only 7 transactions per second, the world would go slower. The world is big and business transactions are happening in bulk every second day in and day out. 7 TPS simply cannot accommodate everything in the world's commerce.

If fiat currencies are no longer existing and Bitcoin is the primary world currency, I guess the prices of goods and services would be in terms of Bitcoin. It is not a question how Bitcoin would be valued without the USD and other fiat currencies because Bitcoin itself is a currency. It has its own value system. We have the BTC and the Satoshi for amounts lower than 1 BTC. And we have 8 decimals per BTC. We can always make use of it in giving value to goods and services.

[el kaka22]

Not just yet. Right now it moved from being a currency to being a commodity and that means we are not currently ready for globally accepted. It is as accepted as gold, everyone around the world knows what gold is and they would all love to have it aside as an investment if they could afford it and honestly bitcoin is kind of like that.

The whole world got to know what bitcoin is in 2017, I was here before 2013 so I can tell you with ease that not many people knew what bitcoin was in 2013 and now everyone knows about it so we moved a long way in these years but at the same time it became like gold where everyone would want it but not everyone can afford it and you do not go to a shop and pay with it. However over time I am sure it will become more spendable currency.

[sunsilk]

It just can't right now but the valuation will depend on its own quantity like per satoshi decimals if the world is in bitcoin already or what has been agreed by the majority. Imagine that all of us have bitcoin and most transactions are in bitcoin but it can't happen for now.

Can't get my head around how it would work.

You don't have to worry and bother yourself thinking about that. This will come gradually in timely manner.

[michellee]

Bitcoin is ready to be the worldwide currency, but unfortunately, not all countries will agree with that. That is because they cannot control the money flow from bitcoin, and they don't know what the purposes of every transaction that is made in the blockchain are. They need something that they can control and know, so maybe the government is not ready by doing that. But we don't know what will happen in the future as the government can change their mind to use bitcoin as their currency.

[release]

Thanks for the great responses.

Let's speak hypothetically if Bitcoin was ready and governments decided to adopt it as the main currency and dropped all fiat currencies. (I know not going to happen). In this case how would it be valued?  Would inflation be an issue? Obviously with no other fiat currency to compare value against  how would you determine how many satoshi a banana is worth?

[NavI_027]

I ask this because of the corona virus where people are too scared to hold money.

Psh, how silly are they to get afraid of using money while they are still touching keyboards, cellphones, doorknobs etc . Anyway, I understand them tho but I guess it's okay to go this way. At least it will favor on the side of cryptocurrency. If this is the only way we can achieve massive adoption then why not.

[Astvile]

Psh, how silly are they to get afraid of using money while they are still touching keyboards, cellphones, doorknobs etc . Anyway, I understand them tho but I guess it's okay to go this way. At least it will favor on the side of cryptocurrency. If this is the only way we can achieve massive adoption then why not.

It ain't silly. Fiat money circulates. We don't know from what or where that money came from, it is even said to be the dirtiest thing in the world money. So I think it is just fine to be scared about holding money this day especially in this time where coronavirus is kicking in.

Bitcoin is ready to be the worldwide currency

I somewhat disagree with this, bitcoin still needs more development and support to be a worldwide currency this is my dream to one day that bitcoin will be a major currency but it is still seemingly impossible up to this date.

[mersal]

I ask this because of the corona virus where people are too scared to hold money.

The issue is that we value btc against the usd and other fiat currencies. If fiat currencies were no longer how would bitcoin be valued...inflation etc? Can't get my head around how it would work.

Bitcoin can really help you to store the value of assets you are holding at these kind of crisis situation but still bitcoin is not accepted in most part of the world you may find hard time on spending it as crypto as well.If the fiat money loses its value due to corona out break in the near future the value of bitcoin will certainly climb up more and more.

[mk4]

Let's speak hypothetically if Bitcoin was ready and governments decided to adopt it as the main currency and dropped all fiat currencies. (I know not going to happen). In this case how would it be valued?  Would inflation be an issue?

Then it would probably valued against gold in that case if all fiat currencies would be dropped(theoretically). As for inflation, since bitcoin's distribution is predictable and stable, I don't think there would be sort of "sudden inflation" events and such, assuming that the government doesn't do something like create IOUs like they did with gold in the past.

Obviously with no other fiat currency to compare value against  how would you determine how many satoshi a banana is worth?

One thing's for sure, the markets will decide. Just like with crypto exchange order books, the price difference between buyers and sellers will go smaller and smaller until we sort of find the "stable price" of what a banana is worth. It just wouldn't happen in an instant.

[release]

Let's speak hypothetically if Bitcoin was ready and governments decided to adopt it as the main currency and dropped all fiat currencies. (I know not going to happen). In this case how would it be valued?  Would inflation be an issue?

Then it would probably valued against gold in that case if all fiat currencies would be dropped(theoretically). As for inflation, since bitcoin's distribution is predictable and stable, I don't think there would be sort of "sudden inflation" events and such, assuming that the government doesn't do something like create IOUs like they did with gold in the past.

Obviously with no other fiat currency to compare value against  how would you determine how many satoshi a banana is worth?

One thing's for sure, the markets will decide. Just like with crypto exchange order books, the price difference between buyers and sellers will go smaller and smaller until we sort of find the "stable price" of what a banana is worth. It just wouldn't happen in an instant.

But what would the market be (pair) if no fiat? If Bitcoin was used solely and no fiat currency the other currencies would take a back seat and bitcoin wouldnt be traded against them for mainstream users. Are you saying the market maybe against gold and other commodities such as oil?

[The Sceptical Chymist]

I ask this because of the corona virus where people are too scared to hold money.

I don't think the fear of holding physical money is a global phenomenon, as I'm not seeing it in my country.  I'm assuming that's what you're referring to, the germaphobia and fear that there's some corona virus hiding out on your coins or bills.  That's a possibility, but most people buy stuff with their debit/credit cards or phones anyway.

Anyway, bitcoin is a long way away from being the world reserve currency.  It is a global one, but it's always been more of an investment than a form of money that people actually use.  I don't see that changing anytime soon, either.

[xSkylarx]

It's necessary and will be a big help. Bitcoin is ready yet most countries aren't ready to accept and adopt it. People still need to have enough knowledge about its usage and risks because of its volatility. We could see it as a remedy and as one of the ways to get rid of coronavirus but people will still choose to use fiat despite the fear of being infected through it. Bitcoin still needs to go through a lot of acceptance and adoption before it becomes an international currency.

[abhiseshakana]

Let's speak hypothetically if Bitcoin was ready and governments decided to adopt it as the main currency and dropped all fiat currencies. (I know not going to happen). In this case how would it be valued?  Would inflation be an issue? Obviously with no other fiat currency to compare value against  how would you determine how many satoshi a banana is worth?

If it happens like your analogy, then we can judge bitcoin against gold. So gold is used as a standard benchmark for the value of all goods, like before the fiat money period, where when a country wants to print money, there must be a gold guarantee. Gold is used as a reference in determining the value of the currency in force in a country.

[mk4]

But what would the market be (pair) if no fiat? If Bitcoin was used solely and no fiat currency the other currencies would take a back seat and bitcoin wouldnt be traded against them for mainstream users. Are you saying the market maybe against gold and other commodities such as oil?

It will be the sort of "main" pair. Instead of comparing bitcoin to x, x will be compared to bitcoin. Just how most things are priced at USD right now, things will be priced in BTC instead(most definitely sats).

[hatshepsut93]

I ask this because of the corona virus where people are too scared to hold money.

The issue is that we value btc against the usd and other fiat currencies. If fiat currencies were no longer how would bitcoin be valued...inflation etc? Can't get my head around how it would work.

Some (likely very few) people are afraid of cash, which isn't the same as fiat, because fiat can be both physical and electronic. No one is throwing their bank cards away because of the virus. Coronvirus outbreak isn't a reason for Bitcoin to go viral (pun intended).

And just speaking theoretically, Bitcoin is aboslutely not ready to become the dominant currency - no scalability, high volatility, often poor user experience, lack of adoption, uncertain legal status in many countries, etc.