Is Bitcoin ready for world wide 1 currency?

[AIF]

How do you imagine that? 90% of bitcoin is concentrated in a narrow circle of holders. If they make bitcoin the world's currency they will be very happy to manage all of you do you want?

[Pito001]

Bitcoin TPS is too low even for one country. How you can imagine it as world #1 currency?

[bittick]

This question has been asked 8 months ago and it has also been asked almost everyday but wondering how the adoption makes the answer to this. I supposed to think that everyone has a clear vision towards  Bitcoin adoption and becomes a useful currency as intended to be like. We are not closing the possibility to be the number 1 currency worldwide but if we consider a lot of factors that could change such a thing, we can also think that USDT is still likely taking the crown as the number 1 currency in the world.

USDT is just a stablecoin. Why bother using USDT when you can just use USD if we are talking about currency that's gonna be used world wide. The problem with bitcoin is that its scalability problem that would probably becomes even worse if all the people in this planet uses this and make so many transactions at the same time.
ETH for example, gets overflowed with the transaction and then suddenly the fee sky rocketing I couldn't imagine the scenario where its gonna be used by billions of people.

[vlast01]

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.

Due to pandemic people have to stay a their homes just to keep themselves safe. Because of these Internet is at most used and transactions are done online, the demand of Fiat money have been decreased while the demand for digital currencies increases, The increase on the demand on digital currencies may give a great impact on cryptocurrencies so expect an increased on value of every each crypto currencies.

[asriloni]

Bitcoin TPS is too low even for one country. How you can imagine it as world #1 currency?

Bitcoin essentially already expected to be the number 1 currency in the world but with the goes of time, all of the things were changed. This time bitcoin could be used as a commodity and storey of value and it has been making bitcoin to be the most potential investment last year.

I think that bitcoin is not aiming to be the world 1 currency but it's to provide the decentralization that will give people the freedom.

[proTECH77]

With what covid-19 has caused to the world economy, that is Still making some country economy not to stand Well.  Many countries currency devalue because of the spreading of corona virus which was killing people everyday by day in the country, that make the government to impose wearing of facemask and washing of hands all the time to help prevent the virus in the country.
During the pandemic bitcoin never dump than to keep pumping that was making other currency users believe, that  with time bitcoin will be the best currency in the world. Many country now show interest on bitcoin to be legalized in the country base on what they saw during the pandemic which bitcoin was rising and other cryptocurrencies where reducing in the market. 

[silver1999]

considering the amount of crypto currencies in the market right now, it'll be very hard for BTC to be the only global currency. basically, that's what my opinion is.

[Sirait]

Bitcoin TPS is too low even for one country. How you can imagine it as world #1 currency?

Bitcoin essentially already expected to be the number 1 currency in the world but with the goes of time, all of the things were changed. This time bitcoin could be used as a commodity and storey of value and it has been making bitcoin to be the most potential investment last year.

I think that bitcoin is not aiming to be the world 1 currency but it's to provide the decentralization that will give people the freedom.

^ many still do not understand about the main purpose Bitcoin was created. Since the beginning Bitcoin was not created to get rid of fiat currency but was deliberately created to be a decentralized medium of exchange and provide privacy to its users. Bitcoin will not be the worldwide 1 currency.

[erikoy]

I think it need more supply than the 21M bitcoin. We knoe how many could people like to get bitcoin and that the only supply is 21M. High chance that bitcoin market will go up to hundred of thousands of value per bitcoin and I do not like to hear any kind of that value. Only the rich people could afford could afford to buy bitcoin if bitcoin will touch its market price like a hundred thousand dollars per bitcoin. Hopefully there could be some ways to modify bitcoin system to accommodate the demand of the people coming from around the world.

[Salauddin1994]

Bitcoin TPS is too low even for one country. How you can imagine it as world #1 currency?

Bitcoin essentially already expected to be the number 1 currency in the world but with the goes of time, all of the things were changed. This time bitcoin could be used as a commodity and storey of value and it has been making bitcoin to be the most potential investment last year.

I think that bitcoin is not aiming to be the world 1 currency but it's to provide the decentralization that will give people the freedom.

^ many still do not understand about the main purpose Bitcoin was created. Since the beginning Bitcoin was not created to get rid of fiat currency but was deliberately created to be a decentralized medium of exchange and provide privacy to its users. Bitcoin will not be the worldwide 1 currency.

Bitcoin is the most popular currency in the crypto market the demand for bitcoin is higher than fiat currency it is decentralized and has no control over the government so it can do whatever it wants. This is why i think bitcoin is ready for the 1st currency worldwide in terms of decentralization though not in a centralized way it is unmatched by any other currency and is a valuable resource for future savings.

[mezzaluna]

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.

As much as a whole community of people that would want that, it is currently impossible to create something that the world would agree on specially its about currencies. Its only natural that the virus would scare people to have something physical that might transmit the virus but it would be important that countries should focus on how they would mitigate the effects of the corona virus. Maybe they should implement local electronic wallets that people can have access to, in that way, their fear of holding money would be lessened.

[Wulan_maniez]

I don’t think so. Bitcoin is not yet possible to become the world’s No 1 currency. Even with this pandemic, there will be inflation due to the economic crisis.
The country prints a lot of fiat money, which will influence the adoption of bitcoin.
And now proven that many adopt more bitcoins which causes the price of bitcoin to increase. But this is only for investment assets,
not for other services. So the use of bitcoin is still limited, unlike conventional money, which controls various aspects of service.

[cuteness]

Maybe, but not a number 1 currency. Let's just pay attention to a television and a radio, notice that you have a television for a long time but we still do not lose a radio. It's just like fiat and a digital currency.

[lixer]

I don’t think so. Bitcoin is not yet possible to become the world’s No 1 currency. Even with this pandemic, there will be inflation due to the economic crisis.
The country prints a lot of fiat money, which will influence the adoption of bitcoin.
And now proven that many adopt more bitcoins which causes the price of bitcoin to increase. But this is only for investment assets, not for other services.

You made a legitimate point because printing of more cash means that there will be more fiat transactions and while adoption of Bitcoin is every growing but still there is a long way to go before we can actually consider bitcoins as the single currency for all the countries and for all needs. There were ideas about opening shops that can accept BTC payments but a lot of ideas died because of the confirmation time and small problems like that.

Maybe, but not a number 1 currency. Let's just pay attention to a television and a radio, notice that you have a television for a long time but we still do not lose a radio. It's just like fiat and a digital currency.

In that case I would instead give the example of how the evolution of LED televisions did not stop people from still using and buying the LCD ones because one cannot dominate the other completely. Similarly fiat is the more dominant one right now but slowly the crypto transactions are increasing without a doubt.

[mung_nasib]

I think it will take a long time for bitcoin to be turned into a currency around the world because for now my country still prioritizes native currency and with the emergence of Corona jobs are increasingly difficult and affect the economic system,from there, many residents may not be able to try bitcoin as a means of transaction.

[Durgesh728]

It's to early to say that, but Bitcoin in long run more like a commudity similar to gold, and treating it as a currency won't be that easy. Though wit can be done with the help of satoshi model for piece of Bitcoin which are called satoshi.

[Hasmizara]

I hope that one-day bitcoin is only the number one currency worldwide some country is not allowed bitcoin but slowly involved many countries worked with the bitcoin, so hopefully we expected that bitcoin is one of most number one currency one day. Already a thousand of shopping with pay bitcoin enabled worldwide.

[Dorodha]

Yes Bitcoin will take a long time to get ready for 1 currency worldwide. Bitcoin is not used as much as Fiat currency around the world and many companies have not started using world wide 1 currency. The governments of each country arrange for the circulation of their own currency. China is already introducing it's own currency to boost its economy. But most of the people in the world don't have much idea about these currencies so will take a long time to get ready for Bitcoin 1 currency. Although the demand for Bitcoin has increased due to Corona the demand for domestic currency is higher.

[Smartprofit]

If there were no fiat currencies, then the capitalization of Bitcoin would be equal to the value of all the assets of our planet. 

Since the number of bitcoins is limited, then as goods (works, services) are produced, their price (expressed in satoshi) will constantly fall.  We are currently living in an inflationary economy.  We are used to it.  It is difficult for us to imagine what could be otherwise.  However, perhaps in the future we will live in a deflationary rather than an inflationary economy.  It will be an economy based on digitalization, virtual reality and Bitcoin.

[CryptoLogo]

It seems to me, behind the scenes, bitcoin is already, if not a world currency, then a symbol of a free world currency. Bitcoin does not recognize restrictions and controls, this is what we get used to all our lives, to the fact that we are controlled. All financial transactions in the world are controlled. If the banks don't like something, they can send you into a hole. Bitcoin is a chance to find freedom. But it is too early to become a world currency, the volatility is too high, the risks of ordinary citizens are too high.