Is Bitcoin ready for world wide 1 currency?

[shoreno]

 how come you called it an issue when infact its rather a good news because finally people see the worth of digital currencies such as btc   . i remember many people talk bad stuffs with it but now they are now crawling back to it and praise it like a god ? well hell them , but we should still give them another chance because this was also the break that we are always looking for in a long time that cryptos exists  . we want adoption and its now coming   . fiat will not be gone because not all are affected on the virus and even some are affected people still use fiat but not more often    . they can just convert thier fiat to digital currency and shop online without hassel and with less risk of infection

[fiulpro]

Where people are very scared to hold money you should understand that people are even more than scared to hold a Cryptocurrency , therefore one should understand that people cannot just go to cryptocurrencies .
Also at the same time one should understand that , government is gonna shut down sooner and later if this pandemic doesn't end soon enough , they won't be able to provide jobs and people will literally be cast out of economic situation and then again I do think bitcoins will be very helpful with that .
As a currency I don't think

[Febo]

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.

Nope. Maybe for the next Corona, that come 10 years from now. Bitcoin is in very early stages of development. Because it made few people super rich is way over hyped.

[hahay]

Ready or not it will still not be realized in just a short time because there will be considerations and others which of course will require more time and also, when the problem of this virus continues to grow and be unsettling, then at least the world will put priority to overcome this corona virus because after all, even though bitcoin is set to be a global currency it will not make this corona virus destroyed and the world will still be feared from the spread of the virus which is very troubling.

[adzino]

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.

Who told you that people are too scared to hold money because of corona virus? Like how do people even come up with these? I know what you mean over here, but still. If a place is affected by the virus, the person will have to take certain precaution no matter what. One of them is to make sure the person doesn't touch their face, eyes, nose or mouth without washing their hands properly. The virus can't just fly and enter your system. So, if you take money from someone, you won't magically get infected with corona virus unless you don't wash you hands and start eating.

[bitbunnny]

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.

Nope. Maybe for the next Corona, that come 10 years from now. Bitcoin is in very early stages of development. Because it made few people super rich is way over hyped.

Bitcoin is leading cryptocurrency and probably will stay so but it will not become leading currency because it can't compete with fiat currencies, at least not yet. Not corona virus or any other threath will change that.
When you look how little percentage of overal population in the world is using Bitcoin then it's everything clear. At the moment Bitcoin doesn't have a chance compared to fiat.

[bittraffic]

It should have been ready since we kept using it since time. Verification of transaction may be slow but it will still go thru besides there are altcoins like XRP and ETH which is also acceptable. BTC and crypto is ready, its the government, banks and other people are not ready for sudden change and I think the shifting of digital currency will help us get ready.

[sheenshane]

IMO and TBH, I don't see Bitcoin will become a worldwide currency. But yes, it will remain the number one virtual currency and the best alternative way of fiat. If you were afraid to be infected with this epidemic decease (the NCov) by using physical fiat, there are too many ways you can use fiat without handling it.

As of now, I don't see people use Bitcoin for payment purposes, they treat this as an asset or an investment and hold for a long period of time. Therefore, it might be not now but who knows in the future.

[Fappanu]

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 are not ready to become worldwide currency and this will not gonna be happen.  This is because many people don't have enough knowledge about cryptocurrency especially bitcoin and also the volitle price which is I think the most worst problem will happen if bitcoin replace fiat.  And if crypto currency will replace fiat I think stable coins will be the best option.

[GideonGono]

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.

I agree there are a lot of services that you could use to transact online. There are a lot of people nowadays sensationalizing novel corona virus that would make Bitcoin as a safe haven but it is not. This invalidates their reasoning of being contaminated and also there are way a lot more stuff to buy with fiats compared with Bitcoin or any other cryptocurrency so it is not that practical and minor percentage of people knows cryptocurrency so that's it.

[bitgolden]

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.

This question has been thrown around here a lot of times. Haven’t you heard that some government are now creating their own cryptocurrency? China already made it clear that they are creating a cryptocurrency and very soon others might follow, so there is nothing like the world adopting bitcoin as their main currency, it is not going to work. That was the initial plans for Libra but it didn’t work out for them and now Facebook is considering something different, they now want to change Libra to a payment method like PayPal.

The only thing is that bitcoin will be here and we will all be able to make use of it if we wish, but it is not going to replace anything. Even during this Corona virus outbreak, Chinese were making use of WeChat Pay and not even bitcoin.

[davis196]

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.

What makes you think that people are "scared to hold money"?I've never heard about such fear.
If the coronavirus is really spreading by people touching paper money,then the people have a reason to be scared.
However,there's no evidence about that.
Fiat currencies won't disappear soon and coronavirus won't be the reason they disappear.
If people are too afraid of using paper money,they could use debit/credit cards,paypal,skrill and all the other fiat payment processors.What makes you think that they would immediately switch from paper money to cryptocurrencies?

[naomi-the-cat]

Goverments are not ready for this. Only after right adtoption it can be possible

[Inkdatar]

Goverments are not ready for this. Only after right adtoption it can be possible

It’s obviously not ready for bitcoin to use as the number one currency. It needs indeed more adaptation since other citizen in every country even in my country are not yet fully aware of this technology. Though we glimpse that bitcoin can help in many ways to make things easiest and fastest in terms of making payment online. The fact that other people doesn't know yet crypto.

[Subbir]

I think the bitcoin has nothing to try to to with the Coronavirus It depends on the market situation. We cannot give anyone an accurate idea of ​​how it'll work you're right in saying that Bitcoin works in no time when it involves online transactions. With the technology now dominated by market whales most are now afraid to stay the Corona virus infected.

[SacriFries11]

Bitcoin should adopt by many countries and mass adoption means a lot of transaction will happen in the same time. Stores, Banks, Schools, Establishment (Local & Government) and lot more. It's a great idea and practical way to use bitcoin for online transaction instead of fiat currency where the virus can spread rapidly. China is the first countries with virus and recently they start on sterilizing their cash to stop spreading it. Bitcoin is other option for other countries to used to stop spreading it. Many aspects should consider if Bitcoin is ready for global currency.

[FlightyPouch]

Well, we can't really say that bitcoin will have no value at that point. Another thing is that the government will not be accepting this so, despite the fiat's value going down, that just means the conversion of bitcoin to that currencies will be going up. When there is no fiat, then bitcoin will be the only currency, no conversion, no other things just bitcoin and other crypto currencies.

[Reid]

Too crazy.
Enough  with stupidity.

You can buy all the mask you want but it won't stop the arms which they made.
It is reacting with the financial industry but it never says that it would affect the crypto market.
Investors have their own perspective with what is happening and they have their own decision.
They might be scared but not everyone.
I have read the news that it is also near my village but I am still not freaking out.
This is something which we should be calm about.

[Magkirap]

Well, we can't really say that bitcoin will have no value at that point. Another thing is that the government will not be accepting this so, despite the fiat's value going down, that just means the conversion of bitcoin to that currencies will be going up. When there is no fiat, then bitcoin will be the only currency, no conversion, no other things just bitcoin and other crypto currencies.

no problem if there is no fiat money, then the comparison will be in the goods, for example if Bitcoin has been recognized as a safe currency then buying coffee or food must have prices according to Bitcoin, 1 coffee = 0.0003 Bitcoin, this is an example

This all will be possible if countries will legalize or allow bitcoin transactions in their countries and spread of virus will really be reduced but until then we will face risk for both ends but the things is bitcoin isn't the only paperless currency out there so even if this happens we're not guaranteed that country government will go with bitcoin than digital fiat.

[Febo]

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.

Nope. Maybe for the next Corona, that come 10 years from now. Bitcoin is in very early stages of development. Because it made few people super rich is way over hyped.

Bitcoin is leading cryptocurrency and probably will stay so but it will not become leading currency because it can't compete with fiat currencies, at least not yet. Not corona virus or any other threath will change that.
When you look how little percentage of overal population in the world is using Bitcoin then it's everything clear. At the moment Bitcoin doesn't have a chance compared to fiat.

Trust me in 50 years from now or less there will be no government or organisation controlled currency anymore. At least not any that will be meaningfully valued.