Bitcoin is now the 6th largest world currency

[AjithBtc]

Almost every user stated the market changes happening with bitcoin, with which the rank can differ very frequently. Some mentioned it isn't fair to make a comparison of bitcoin market capital and circulation along with the fiat currencies circulation. However in my view the growth it reached in the short time period makes me understand the true value of cryptocurrency.

Right now bitcoin and other cryptocurrencies were used much as an investment than a cryptocurrency for usage. That's true, but the comparison gives an hope that cryptocurrency network is growing high with time and is to make a global change in the financial ecosystem.

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[iyamoxjhian]

I enjoyed reading this thread..im learning from your shared details and its quite impressive that this was being tackled in bitcoin thread..it was a big help for beginner members like us.. it makes me so proud that I've known bitcoin. there were just few people who believes in bitcoin..thank you bitcoin.

[CryptopreneurBrainboss]

I think it is necessary to include gold and silver in this ranking. Any ranking that compares Bitcoin to money needs to include them. This strengthens the idea that Bitcoin is also an excellent store of value.

While I agree that it's more accurate for bitcoin to be compared to gold, the topic is about comparing bitcoin to other currencies though(obviously gold is not a currency), not necessarily other assets in general.

If Gold isn't a currency then obviously bitcoin can't be called a currency. Gold was once globally accepted as a medium of exchanges, although the fiat scams has overthrown all that, still Gold has value and would be gladly accepted by some individuals just as bitcoin currently is. Bitcoin hasn't be accepted as a currency so why compared it to other globally accepted currency if your sentence is discrediting Gold as a currency.

How does bitcoin get ranked among world currency when (if I'm not mistaking) the last time I checked it isn't even authorized compared to gold. I'm a little bit confused here.

[LUCKMCFLY]

I think that Bitcoin at this stage is not comparable with fiat currencies, the currencies are backed by gold, and other things, the support of Bitcoin is its supply-demand, blockchain and its investors, little by little it has been gaining a lot of ground. . The fact that bitcoin represents money is in a very different range than the currencies OP compares.

[cryptomaniac_xxx]

Right now bitcoin and other cryptocurrencies were used much as an investment than a cryptocurrency for usage. That's true, but the comparison gives an hope that cryptocurrency network is growing high with time and is to make a global change in the financial ecosystem.

That is because there's not much merchants accepting bitcoin, unless you are in Germany or Japan or Australia then you can use bitcoin as currency. So for majority of us, it became as an investment platform (holders). It already affected the financial ecosystem, most unbank individuals prefer bitcoin now and the global banking system or financial are responding by hard line stance regulations, example India.

[Zemomtum]

This ranking will be fit properly in the near future when we have huge adoption and the price of BTC is mature to stability. This might not be a good comparison most especially with the kind of volatility in the crypto space.

[Sanugarid]

I think it is necessary to include gold and silver in this ranking. Any ranking that compares Bitcoin to money needs to include them. This strengthens the idea that Bitcoin is also an excellent store of value.

While I agree that it's more accurate for bitcoin to be compared to gold, the topic is about comparing bitcoin to other currencies though(obviously gold is not a currency), not necessarily other assets in general.

If Gold isn't a currency then obviously bitcoin can't be called a currency. Gold was once globally accepted as a medium of exchanges, although the fiat scams has overthrown all that, still Gold has value and would be gladly accepted by some individuals just as bitcoin currently is. Bitcoin hasn't be accepted as a currency so why compared it to other globally accepted currency if your sentence is discrediting Gold as a currency.

Gold was a currency back then, but now the most widely used is fiat currency, you can't exchange an oz of gold to get a louis vuitton bag unless the owner agrees to accept it. I guess the point of him is bitcoin in compare to gold in terms of storing a value where we can generally agree. Bitcoin is a currency for some, some uses bitcoin as a medium of exchange especially on the internet while gold just can't. 1 for 1?

How does bitcoin get ranked among world currency when (if I'm not mistaking) the last time I checked it isn't even authorized compared to gold. I'm a little bit confused here.

I also wonder about this too, coz bitcoin wasn't really a global currency, you can't use it globally but in terms of being accepted it's not.

[2double0]

Gold was a currency back then, but now the most widely used is fiat currency, you can't exchange an oz of gold to get a louis vuitton bag unless the owner agrees to accept it. I guess the point of him is bitcoin in compare to gold in terms of storing a value where we can generally agree. Bitcoin is a currency for some, some uses bitcoin as a medium of exchange especially on the internet while gold just can't. 1 for 1?

1 for 1? No. 1 BTC = 1 BTC that is correct, but 1 for 1 is incorrect. 1 for $10256 (and currently changing while I'm writing this) is the truth because we have accepted Bitcoin as an asset and it is required for BTC to circulate among the whole world because if it has no high value and bigger market cap, it will be of no use to the whole world as the liquidity will not be enough to serve the world. Liquidity is what Gold (as an asset) and fiat currencies have which Bitcoin still lacks of, due to which we still see crashes and pump-ups happening in markets.

[Yamifoud]

I'm also wondering how it goes like this but I think that Bitcoin deserves to be one of those, not actually it is fully adopted by most as a currency but because this was intended for a currency that means it belongs to the category. Bitcoin is getting known globally, not only because of the price but for now people are started to enjoy it as a form of digital currency that they'll use in buying stuff. Though only a few had started to enjoy it sooner or later, we can be of that realizations once it fully adopted and merchants are open for it.

[Assface16678]

I think the bitcoin is not suitable for them because those are the fiat currencies and it's not on the category on it because it belongs to the world of cryptocurrency but if OP wants to show all time currency and I think it's not quite bad but still they are different.

There is a chance that it takes time many people will adopt the use of the bitcoin as the currency and mode of payment AFAIK there are some businesses all over around the world already accepting the use of this kind of payment which is a good thing they are now slowly introducing the use of the bitcoin.

This ranking will be fit properly in the near future when we have huge adoption and the price of BTC is mature to stability. This might not be a good comparison most especially with the kind of volatility in the crypto space.

I think it takes a lot of process on this kind of adaptation because there are some country does not like the use of the bitcoin and some of them already banned the use of it.

[oprahwindfury]

Bitcoin is in number 6th at Circulating supply chart but the thing is bitcoin is a crypto currency and it has it's own value.Even,we can exchange it to other currencies.So,Calculating bitcoin with other Fiat currencies is not suitable.(Personal opinion)Bitcoin has the greatest value in crypto market and that is the fact...

[KimberlyCon]

I'm really not surprised, this will be worth much more within the years

[InvoKing]

It is unfortunate to see the original topic in the press section, posted 1 day before this, didn't get the appropriate attention... https://bitcointalk.org/index.php?topic=5273439.0
Recycle, Repost.

[Artemis3]

I think it is necessary to include gold and silver in this ranking. Any ranking that compares Bitcoin to money needs to include them. This strengthens the idea that Bitcoin is also an excellent store of value.

While I agree that it's more accurate for bitcoin to be compared to gold, the topic is about comparing bitcoin to other currencies though(obviously gold is not a currency), not necessarily other assets in general.

If Gold isn't a currency then obviously bitcoin can't be called a currency. Gold was once globally accepted as a medium of exchanges, although the fiat scams has overthrown all that, still Gold has value and would be gladly accepted by some individuals just as bitcoin currently is. Bitcoin hasn't be accepted as a currency so why compared it to other globally accepted currency if your sentence is discrediting Gold as a currency.

Gold was a currency back then, but now the most widely used is fiat currency, you can't exchange an oz of gold to get a louis vuitton bag unless the owner agrees to accept it. I guess the point of him is bitcoin in compare to gold in terms of storing a value where we can generally agree. Bitcoin is a currency for some, some uses bitcoin as a medium of exchange especially on the internet while gold just can't. 1 for 1?

How does bitcoin get ranked among world currency when (if I'm not mistaking) the last time I checked it isn't even authorized compared to gold. I'm a little bit confused here.

I also wonder about this too, coz bitcoin wasn't really a global currency, you can't use it globally but in terms of being accepted it's not.

Gold has the advantage that a fool in power cannot make it lose its value overnight, that is shared with Bitcoin. What is not shared with bitcoin, is the self verifying nature, that crypto provides. Even if you went back to gold coins, they can be messed with (tampered). A little dent here or there, it starts physically losing value (weight). In the past gold ingots have been found altered, they need to xray them and even take sample (which can ruin the ingot and needs to be melt/minted again). The physical realm has these disadvantages, oh and its heavy, and it paints you as a giant target for mugging or worse.

If the USD collapses and enters an inflation spiral into doom, people will quickly stop putting btc charts comparing it to the usd. The usd from a couple of decades ago was already more valuable, so the more time that passes the less these charts make sense. How many usd today are needed for 1 usd from 2009?

Indeed you cannot use gold directly, because most merchants can't even verify it, unlike bitcoin. And this verification costs money, which is deducted when you go to a place that would actually exchange your gold. But i think comparing it against its price isn't too bad, unless you know of some other asset whose value is even more stable, maybe one of the other fancier metals?

Technically the title is mentioning "currency" and gold is not one anymore. Its a pure asset.

[Renampun]

...

I think it is premature to compare Bitcoin to fiat currencies that are recognized by the state...
I appreciate the author of the article but don't really agree with the results of his research. USD, POUND & EURO which are included in the list are the currencies of a country and have been recognized by the country but Bitcoin is not the currency of a country and has not yet received recognition.

[0nline]

Bitcoin is in a completely different category, I dont think that these can be compared..

[Sanitough]

Bitcoin is different, it's not a fiat currency where we compare with other currencies that is tied up with their economy.

Some countries even consider bitcoin as a properly, not a currency.. but anyway, it's nice to know that bitcoin marketcap has already grew a lot since it's inception, and that will continue to rise since bitcoin demands continues while supply doesn't increase, which is opposite to fiat currencies.

Bitcoin is in a completely different category, I dont think that these can be compared..

Agree with you.

[online73]

I completely agree that Bitcoin is an asset, and basically its value is measured by the dollar, but there is little that can be bought for Bitcoin itself. A lot of smart words can be said that Bitcoin is not a currency, but, nevertheless, many Bitcoin holders will be flattered by this state of affairs and of course such ratings contribute to the greater distribution and trust of people in cryptocurrency. With all the volatility of Bitcoin prices, one thing is clear - this asset already occupies leading positions in various polls and ratings, and, of course, I think 6th place is not the limit.

[Myleschetty]

I think it is necessary to include gold and silver in this ranking. Any ranking that compares Bitcoin to money needs to include them. This strengthens the idea that Bitcoin is also an excellent store of value.

While I agree that it's more accurate for bitcoin to be compared to gold, the topic is about comparing bitcoin to other currencies though(obviously gold is not a currency), not necessarily other assets in general.

If Gold isn't a currency then obviously bitcoin can't be called a currency. Gold was once globally accepted as a medium of exchanges, although the fiat scams has overthrown all that, still Gold has value and would be gladly accepted by some individuals just as bitcoin currently is. Bitcoin hasn't be accepted as a currency so why compared it to other globally accepted currency if your sentence is discrediting Gold as a currency.

How does bitcoin get ranked among world currency when (if I'm not mistaking) the last time I checked it isn't even authorized compared to gold. I'm a little bit confused here.

Bitcoin and Gold are not the same thing and Gold was not currency and was seen as an investment/federal reserved even since fiat currency was introduced and when Nixon concluded the USD to no longer be convertible for a fixed amount of Gold.

[rithasom]

There are only two possibilities that will happen after the bitcoin halving. One will be the bitcoin price will continue to increase and we can reach a new ATH record this year because the hype has been started already.