Vaskiy
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Activity: 2618
Merit: 1105
Tontogether | Save Smart & Win Big
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November 27, 2020, 05:52:26 PM |
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In terms of supply bitcoin is found within the top 20 list of currencies. During the peak rise in the value, it reached the eighth position. In one way or the other it has gained importance as an universal currency. Universal currency can be accessed anywhere according to the country's own fiat. This isn't possible with every currency available in the world. This is what makes bitcoin world wide 1 currency.
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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sapnu
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November 27, 2020, 09:20:46 PM |
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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.
Indeed, that is because the bitcoin itself is decentralized, meaning there are no groups of people or organizations taking part in this currency or running this cryptocurrency. Bitcoin has already achieved being famous around the world, by simply being used by many people especially investors all around the world. Although there are still countries that are banning the usage of Bitcoin, we are hoping that they will recognize the essence and the benefit when they use it, which is having the fastest and safest mode of transaction worldwide. We are also hoping that through time, the bitcoin itself will innovate. |
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BuNga_cute
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November 27, 2020, 10:54:17 PM |
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Of course Bitcoin is not ready to become a world wide 1 currency, there are still many obstacles from Bitcoin that have not been fixed.
Moreover, to become a world wide currency Bitcoin must be accepted at least 60% from all countries in the world, whereas now very few
countries accept Bitcoin. I think Bitcoin is currently very suitable as an investment first, after the majority of all countries in the world
accept Bitcoin, Bitcoin deserves to be considered a world wide currency.
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KeezAZA
Full Member
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Activity: 224
Merit: 100
https://eloncity.io
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December 03, 2020, 01:14:15 PM |
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West0813
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December 03, 2020, 01:21:23 PM |
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It will take a very long time for Bitcoin to become the world wide 1 currency. There are still a lot of country that don't know or believe in Bitcoin.
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TopT3ns
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December 03, 2020, 01:34:39 PM |
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It will take a very long time for Bitcoin to become the world wide 1 currency. There are still a lot of country that don't know or believe in Bitcoin.
I think what is the problem now is not only from time but you should be able to see that it requires a very large supply of bitcoin because if the supply of bitcoin is very low, the price will be more expensive and of course the transaction fees will be high. |
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FlightyPouch
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December 03, 2020, 01:44:03 PM |
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It will take a very long time for Bitcoin to become the world wide 1 currency. There are still a lot of country that don't know or believe in Bitcoin.
It will never be a number one in terms of being the national crypto currency but all I know is that it will be a prominent crypto currency when it comes to online transactions and payment method on the internet. The adoption of it would be so huge in the future, we just need to wlbe patient. |
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Noctis Connor
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December 03, 2020, 01:47:30 PM |
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It will take a very long time for Bitcoin to become the world wide 1 currency. There are still a lot of country that don't know or believe in Bitcoin.
I think what is the problem now is not only from time but you should be able to see that it requires a very large supply of bitcoin because if the supply of bitcoin is very low, the price will be more expensive and of course the transaction fees will be high. It is true it will take long time for bitcoin to overcome dollars , and yes bitcoin supply and demand is not that balance, that is why bitcoin fee will become more expensive than our expected price fee, If those countries will accept bitcoin too like Algeria, Bolivia, Morocco, Nepal and other countries maybe there still a chance that bitcoin price will be more higher than the price today, and if 1 people in their country have the courage to introduce it into market as a payment method too it will be great. |
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pankowri
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Activity: 728
Merit: 63
$CYBERCASH METAVERSE
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December 04, 2020, 04:45:37 AM |
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Not yet now. Bitcoin isn't currently ready for world wide number one currency. In terms of value, it can be considered that Bitcoin has high value rather than any currency of the world. Value means converted to fiat currency here. In other sides, it is not ready for being number one right now. It is not legalized to use in all the countries of the world too. So it will take time to be number 1.
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Spaffin
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December 04, 2020, 12:35:26 PM |
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If we assume that in the near future Bitcoin will be used all over the world by at least half of the world's population, then in my opinion there will be a very big problem due to scalability. During this period, the speed of transactions does not meet the demand and People will wait too long for their money transfers to complete their transactions, and today this problem is acute for bitcoin.
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SATWAT
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Activity: 868
Merit: 46
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December 04, 2020, 12:39:40 PM |
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In fact its not possible because bitcoin cannot manage things for daily life even you are living in developed country because of its nature which in unpredictable if someone going to buy stuff on petrol pump as he is paying rate can go up or down which can create problem and many time transactions stuck which is also another serious issue like this we have many things which are not possible for set so its not going to happen in next few centuries.
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Everything has to end one day. |
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Botnake
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December 04, 2020, 02:10:06 PM |
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If we assume that in the near future Bitcoin will be used all over the world by at least half of the world's population, then in my opinion there will be a very big problem due to scalability. During this period, the speed of transactions does not meet the demand and People will wait too long for their money transfers to complete their transactions, and today this problem is acute for bitcoin.
There will be development in the future, and since we can't change the speed of processing or the fee, there's always a 3rd party that will give solution to that. One example is the lightning network, this is already adopted and it's increasing. https://www.investopedia.com/terms/l/lightning-network.aspWhat Is the Lightning Network?
The lightning network is a second layer technology applied to bitcoin that uses micropayment channels to scale its blockchain’s capability to conduct transactions more efficiently. Transactions conducted on lightning networks are faster, less costly, and more readily confirmed than those conducted directly on the bitcoin blockchain (i.e., on-chain). |
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Nhor1011
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Activity: 994
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Daxetoken.net
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December 06, 2020, 01:49:33 PM |
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It will take a very long time for Bitcoin to become the world wide 1 currency. There are still a lot of country that don't know or believe in Bitcoin.
Perhaps digital world wide currency is possible but if you change a Fiat currency with bitcoin to become a worldwide currency it is impossible. A lot of things to consider... Not all countries are already accepting bitcoin, they didn't even allow their people to use it. Bitcoin is too volatile to become a worldwide currency. Also it always needs internet connection to use and make transaction. Not all people know how to use it specially those who live in a remote areas. |
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proTECH77
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Activity: 1120
Merit: 30
Bisq Market Day - March 20th 2023
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December 06, 2020, 07:13:42 PM |
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With what people saw during the lockdown show BTC is ready for worldwide 1 currency because many countries currency devalue during the pandemic, that was making people to wear facemask and washing of hands to avoid the corona virus that was killing citizens all over the country. Bitcoin never dump during the pandemic that was causing many countries economy to start reducing to zero level which was causing some citizens hardship in the country, that was causing the government fear, how to raise the economy back to normal in the country.
Bitcoin is still maintaining the position of steady pumping that is making many investors to join the platform to invest, so that they can make something reliable from their Investment before the end of the year.
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angrynerd88
Sr. Member
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Activity: 910
Merit: 253
Hodlers Network
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December 06, 2020, 09:37:31 PM |
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Bitcoin is prepared to be the around the world money, but tragically, not all nations will agree with that. That's since they cannot control the money stream from bitcoin, and they don't know what the purposes of each exchange that's made within the blockchain are. They require something that they can control and know, so possibly the government isn't prepared by doing that. Its a mystery what will happen within the future as the government can alter their intellect to utilize bitcoin as their cash.
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Twentyonepaylots
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December 06, 2020, 11:08:02 PM |
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It is prepared or at the very least made for this, though the fact still stands that bitcoin is not ready yet to become a global currency. See, for one to become a global currency, it shouldn't hold too high of a value that other people will have a hard time ven owning just one. Which in this case bitcoin is, if we are to water down the value anyhow, the investing industry will go nuts because that will be a big loss for them. Not to mention it's volatility too.
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Alucard1
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December 07, 2020, 04:40:53 AM |
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I don't think so, bitcoin and other cryptocurrencies are only good as an alternative currency for fiat, it cannot replace fiat so it cannot be a worldwide currency, the volatility of cryptocurrency makes it impossible as the standard currency all over the world. Imagine if you are going to buy something in a Sari-sari store, do you think that it would be possible and convenient to use cryptocurrency for payment? that is not good because it requires first the internet and device which is not good for having fast transaction for that thing.
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stadus
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Activity: 3094
Merit: 1292
Hhampuz for Campaign management
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December 07, 2020, 05:32:00 AM |
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I don't think so, bitcoin and other cryptocurrencies are only good as an alternative currency for fiat, it cannot replace fiat so it cannot be a worldwide currency, the volatility of cryptocurrency makes it impossible as the standard currency all over the world. Imagine if you are going to buy something in a Sari-sari store, do you think that it would be possible and convenient to use cryptocurrency for payment? that is not good because it requires first the internet and device which is not good for having fast transaction for that thing.
Everyone should embrace bitcoin in order for bitcoin to be fully adopted, however, I don't see it happening even in the long run. Bitcoin during the early stage was already declared as an alternative currency, so it cannot replace the usual currency we are using that is based on centralized system. It's okay to hope for success of bitcoin but it's unrealistic if we think of these things. |
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sort_cirkit
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December 07, 2020, 05:58:40 PM |
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Bitcoin has always been in the first place in the world of cryptocurrencies. Notice that the world economy is in turmoil today. The COVID-19 has paralyzed the economy of almost every country. However, the use of Bitcoin has been increasing since the virus attack us. But whether or not the value of Bitcoin will be in USD depends on your risk.
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Mauser
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December 12, 2020, 10:51:25 AM |
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The recent rally in the bitcoin market shows that there is a huge demand for bitcoins. We shouldn't forget that most economies around the world are still hurting due to the corona pandemic. And still bitcoins are so close to a new all time high. Which such a good run this year I am confident that bitcoins could be used as number 1 currency in the world. We still need some more infrastructure but that could happen in a few years.
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