Is Bitcoin ready for world wide 1 currency?

[Kasabus]

maybe it is. Bitcoin have to first take care about those jumpes it had over the last 5 years. For making world wide currency it should be stable enough so the people start believing into it.  So for the next 5 years i think there is going to be those jumpes so for that time there is no way for btc to become world wide currency.

As bitcoin's marketcap will continue to increase, its chances of getting to the number 1 spot will continue to rise.

We can see the ranking here.

https://companiesmarketcap.com/assets-by-market-cap/

Bitcoin is currently at the number 9 spot with 800 billion marketcap, but 2 Trillion can be surpass anytime since it's all of us are investing on bitcoin.
2nd in the spot is Apple, it's a huge company but it's possible to surpass them, I don't know about gold, probably we have a chance but a few percentage only.

[huff87]

My opinion is that BTC is not ready to be a world wide currency, and there are some reasons like this is a fiat currency and has a high risk of falling price of it and doesn't have a value like gold or other minerals that can maintain it's value. Also, it has limited amount of coins and this will be reason of high value of bitcoin. So, bitcoin now, is not ready to be a world wide currency.

[AicecreaME]

We still have a long way to go before we can be adopted currency world wide. There are still many things we have to address in order to be legally accepted and used globally. Right now, there are still many countries hesitant to welcome bitcoin yet. The list of the countries where bitcoin is legal and acceptable is still short, compared to the list of countries who deemed bitcoin as a threat and nest of illegal activities.

It would be such a great news to the community if ever the time comes that bitcoin would have many users around the globe. However, we still need to work and sort some things out such as: processing time, transaction fees, security, and notification/alerts. By doing so, we can acquire and encourage more people to use our platform and invest in cryptocurrency. Moreover, we should also educate those people who are unaware what bitcoin really is and how it works.

Most people in mainstream media know bitcoin as a form of scam that steals money from other people. They perceive it as a pyramiding scam and even Ponzi scheme because of lack of knowledge and understanding. You see, there are a lot of spam messages, invites, and even posts regarding bitcoin. These people encourage others to click the link they have given and will talk smoothly to their target to invest their money on them, promising high returns. Then later on, the scammer's presence won't even be felt by the victim. Thus, many people are having trust issues and have a deep hatred towards bitcoin.

So I suggest that we take into consideration first the things abovementioned before diving into the vast ocean without a life vest. Just my two cents.

[Ziskinberg]

My opinion is that BTC is not ready to be a world wide currency, and there are some reasons like this is a fiat currency and has a high risk of falling price of it and doesn't have a value like gold or other minerals that can maintain it's value. Also, it has limited amount of coins and this will be reason of high value of bitcoin. So, bitcoin now, is not ready to be a world wide currency.

It can be a worldwide currency if it's accepted worldwide, that's all we need to see.

However, with bitcoin status in terms of payment system, I doubt it could compete to a centralized system that is cheaper and faster.
All bitcoin can guarantee is the decentralization, but people needs more faster and cheaper transaction, so they will stick with the current system as government are also going more on digital.

[3meek]

My opinion is that BTC is not ready to be a world wide currency, and there are some reasons like this is a fiat currency and has a high risk of falling price of it and doesn't have a value like gold or other minerals that can maintain it's value. Also, it has limited amount of coins and this will be reason of high value of bitcoin. So, bitcoin now, is not ready to be a world wide currency.

It can be a worldwide currency if it's accepted worldwide, that's all we need to see.

However, with bitcoin status in terms of payment system, I doubt it could compete to a centralized system that is cheaper and faster.
All bitcoin can guarantee is the decentralization, but people needs more faster and cheaper transaction, so they will stick with the current system as government are also going more on digital.

I wonder - then why aren't developers implementing Lighting network or other updates to the blockchain? After all, then the problems with speed and fees can be solved...
For example ETH is going to change its algorithm at all...

[Cling18]

As for me, Bitcoin is already ready to be a worldwide currency but the world isn't ready to have it yet. Lots of people are still afraid to replace fiat and they don't want to take the opportunity of having Bitcoin as a currency. The world still needs to adopt it and see its worth as well as the advantage of using it. It's a good thing that lots of huge companies and businesses are now considering it as a currency. I think people still need to acknowledge it and be educated about the real importance of cryptocurrency.

[Nunoluck]

No need to worry. As fiat is like a tool that government use to control the country economy so it seems that it's hard to see fiat no longer used by people. But if it's happen then people must be have other payment method, for example maybe people will use gold or maybe something new then bitcoin will be paired with that in exchanges site. Or maybe people choose bitcoin and other cryptocurrencies as main payment method which is very good for us.

[popc0r3]

As much as i like BTC and crypto in general. It is not feasible as a replacement for fiat as it stands now due to highly volatile nature and speculation.
However it is already a world wide currency, and its use is encouraged highly!

[oHnK]

My opinion is that BTC is not ready to be a world wide currency, and there are some reasons like this is a fiat currency and has a high risk of falling price of it and doesn't have a value like gold or other minerals that can maintain it's value. Also, it has limited amount of coins and this will be reason of high value of bitcoin. So, bitcoin now, is not ready to be a world wide currency.

It can be a worldwide currency if it's accepted worldwide, that's all we need to see.

However, with bitcoin status in terms of payment system, I doubt it could compete to a centralized system that is cheaper and faster.
All bitcoin can guarantee is the decentralization, but people needs more faster and cheaper transaction, so they will stick with the current system as government are also going more on digital.

I see the possibility that Bitcoin will be accepted by the whole world, the problem now lies only with the government that has not been able to make regulations regarding decentralized digital money. Those who are bankers or with modern financial backgrounds will perceive anything that is contrary to the centralized economic system as a threat. So that for technical problems, the speed up to the costs incurred for each transaction can be resolved if all regulations have been integrated.

[matchi2011]

No need to worry. As fiat is like a tool that government use to control the country economy so it seems that it's hard to see fiat no longer used by people. But if it's happen then people must be have other payment method, for example maybe people will use gold or maybe something new then bitcoin will be paired with that in exchanges site. Or maybe people choose bitcoin and other cryptocurrencies as main payment method which is very good for us.

The chance is always there, digital payments are being accepted and embrace now. With more people to start using this system
the very possible that it will recognize as top currency.

On the otherside, most government will not accept this if Bitcoin will continue being untouch, for sure those government leaders
will always wanted to have the full authorities of thier currency.

[Imran232]

For your topic title bitcoin is already a top currency in the world. But for your description we have to think twice. Well, it is not possible to stop paper money. Its little bit tough. But bitcoin could be used for as a mobile financial bank. Like we use paypal. But in our mobile pay service we face sending limit. But in crypto we did not have to face any sending or recieving limit. Plus do not have any hold type problem.  If bitcoin allows all countries then it could take place of our own mobile pay. Because people will loved to use limitless service. Thank you.

[salty]

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.

It would be quite logical to assume that with the disappearance of fiat currencies, bitcoin and other cryptocurrencies would have a huge demand. But it would also lead to huge unrest on a global scale. Still, do not forget about those people who know absolutely nothing about cryptocurrencies. They would have suffered the most.

[Rana590]

Bitcoin is not a perfect cryptocurrency for world wide 1 currency. Bitcoin is not stable and many government are not adopting bitcoin as their legal currency. It is decentralized and bank is not adopting it. It needs more time to adjust.

[fattyax]

Don't really like that. There are a lot of crypto holders and traders. They really prefer investing crypto, but there're still a lot of people who are not fond of crypto or even knows nothing about it, so they are holders of physical cash. Think nowadays there’re 30-35 % of those who invest in crypto, other 65-70 % are totally fiat users, some of whom believe: crypto is fake. Sure, it’s only my opinion and I can mistake.

[TedMosby]

as a currency? I think not yet, and maybe it will only become a segmented currency.
I mean, bitcoin might be only suitable for big transactions, or for people who have a concern with their privacy (like a high level of privacy).
bitcoin for me is a digital asset. I do accept bitcoin as payment but I prefer to choose other cryptocurrencies with faster speed, low volatility, and cheaper tx fees.
I usually used USDT TRC20 to transfer money or for microtransactions.

[Webetcoins]

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.

Bitcoins have already succeeded without a doubt as everyone is talking about crypto now days and if you look at the market cap of all the cryptos combined it is humongous which confirms the success toward world wide only one currency. I still feel like there are big whales controlling the whole market at their fingertips and we are only part of the big game played by them which makes bitcoin more volatile and making more people to hesitate to adopt bitcoin. Because, when more people adopt then it will become more easier as world wide one currency.

[SmokerFace]

Well, I don't want any crypto to become a worldwide currency.
If it happens people stop using the fiat and the government can become poor which highly affects our economy.
When we buy something we pay some taxes to the government which helps to develops the country.

If we stop paying our government then it will be awful for us.
That's what bitcoin and other cryptocurrency are doing these are tax-free and that that's the main point why governments are against it and they don't want their people to involve with it

[Xinarae*]

Bitcoin is not ready for 1 worldwide currency because cryptocurrency is not legal in all countries and is not supported by the governments of many countries the use of bitcoin is only possible in a few countries not many countries in the world use it everyone is able to use Fiat currency. Poor countries buy and sell everything using fiat currency that's why it will take a long time for bitcoin to become the number one currency. Improving poor countries and supporting governments around the world is possible.

[Snappycoco]

First, it should be allowed by all countries. Means, all should regulate and accept bitcoin in their own constitutions which is hard to achieve specially that some doesn't have the guts to enter crypto because of its volatility. Second is taxes which made some government to avoid Bitcoin. Maybe in the near 20 years, where all are in one government, one race, maybe BTC would find its way to dominate such ambition.

[KeezAZA]

Bitcoin bubble is quite crazy but anytime it goes that much up exchanges are empty then would be really cool if I could pay using my btc cause it’s money