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Author Topic: Bitcoin is now the 6th largest world currency  (Read 651 times)
LogitechMouse
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September 04, 2020, 12:51:37 PM
 #21

Does Bitcoin really fit with the other fiat currencies out there??
Bitcoin's price is still pegged with USD and other fiat currencies there.

You see Bitcoin as a currency? Most of the investors see Bitcoin as an asset more than a currency for sure but yeah it has been compared to things that it isn't in line with Cheesy. That rank will also change too whether if the price of Bitcoin goes up or goes down.

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September 04, 2020, 12:59:27 PM
 #22

You see Bitcoin as a currency? Most of the investors see Bitcoin as an asset more than a currency for sure but yeah it has been compared to things that it isn't in line with Cheesy. That rank will also change too whether if the price of Bitcoin goes up or goes down.
A lot of terms are wrongly used around the crypto sphere. The name itself concludes that BTC is a currency: cryptocurrency, but that doesn't mean it is necessarily one. On the other hand, do people buy and sell stuff using it (and work for it)? They do, they also exchange it for fiat and backwards..

It's really what we want it to be. Some people (especially around Europe) see CHF as a refuge and hold their bucks in it on the long term, especially before and during recessions. That doesn't mean CHF is a safe haven asset.

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September 04, 2020, 01:44:01 PM
 #23

It stands a very good possibility of obtaining the top spot within the next 10 years.To reach the #6 spot in such a short time is also very impressive.

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September 04, 2020, 01:46:19 PM
 #24

First and foremost I don't think Bitcoin will be comparable to fiat. Bitcoin may be a currency as well but most of us prefer not to treat that way, for we in this community think it as an asset or investment.
Bitcoin would be more comparable to precious metals like gold which was technically an asset as well. Besides, Bitcoin was too much volatile compared to fiat thus will make it unfair.

You make a good point. BTC can be used as a currency but it is also more than that just as with gold.

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September 04, 2020, 01:47:13 PM
 #25

Is btc still in 6th place after yesterday fall?

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September 04, 2020, 01:55:06 PM
 #26

Does Bitcoin really fit with the other fiat currencies out there??
Bitcoin's price is still pegged with USD and other fiat currencies there.

You see Bitcoin as a currency? Most of the investors see Bitcoin as an asset more than a currency for sure but yeah it has been compared to things that it isn't in line with Cheesy. That rank will also change too whether if the price of Bitcoin goes up or goes down.
This got me thinking ... actually I've been using and treat bitcoin as asset just like other people too especially since the fee getting high and higher also the price surge so often . Not really fit with the current society standard unless yeah there's a new standard invented to follow crypto currency needs . High fee + high volatile is the biggest problem for bitcoin to be considered as a currency.

Is btc still in 6th place after yesterday fall?
It's still falling tho , not sure it is.
Back to $5,000 and it's sure a cut in half to get out of top 10. Not really fit.
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September 04, 2020, 02:28:13 PM
 #27

It's kinda amazing because it was threated as a "currency".
Does Bitcoin really fit with the other fiat currencies out there??
Bitcoin's price is still pegged with USD and other fiat currencies there.

You see Bitcoin as a currency? Most of the investors see Bitcoin as an asset more than a currency for sure but yeah it has been compared to things that it isn't in line with Cheesy. That rank will also change too whether if the price of Bitcoin goes up or goes down.
This got me thinking ... actually I've been using and treat bitcoin as asset just like other people too especially since the fee getting high and higher also the price surge so often . Not really fit with the current society standard unless yeah there's a new standard invented to follow crypto currency needs . High fee + high volatile is the biggest problem for bitcoin to be considered as a currency.
Same thought while after watching a documentary, it made me think that I'm treating bitcoin as an asset, not a currency because I'm just using to make a profit/income to it. Most of people have the same thinking, making a profit in the potential of bitcoin and other cryptocurrencies.
Is btc still in 6th place after yesterday fall?
It's still falling tho , not sure it is.
Back to $5,000 and it's sure a cut in half to get out of top 10. Not really fit.
Based on the category, the basis isn't about the price value so I guess it'll stay on its spot.

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September 04, 2020, 03:40:00 PM
 #28

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.
Bitcoin is being put on many lists because there is no strict and right answer regarding what it is. So I've seen it compared with stock, currencies, stores of value and  even payment systems (like Apple Pay). I personally prefer it being compared with currencies, but since it's true that people use Bitcoin in different ways, they effectively make it all of those things (or at least similar enough to stand in the same row with them). That being said, I do agree that gold does not belong on the same list as fiat currencies. Moreover, I think Darker45 has a fair point that Bitcoin does not thrive as money, so it probably belongs on other list more than on this one.

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September 04, 2020, 03:50:54 PM
 #29

in term of fiat i dont know if bitcoin can be call fiat or not but i think it was a cool data to be known.. It prove bitcoin are a famous anonymous fiat to be used a lot in the whole world now. Glad to see the more and more peoples using bitcoin as it improve that bitcoin has more supporter than what we can imagine.

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September 04, 2020, 04:19:32 PM
 #30

I just take a look to the circulating supply of my local coin, and it's only $88 billion... so, Bitcoin has almost 3 times the supply of Mexican Peso.

Isn't a surprise at all but for sure the bitcoin market goes a lil down with the crash we see in the past 2 days. So, My deap pesso is getting close to BTC.


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September 04, 2020, 04:32:17 PM
 #31

It stands a very good possibility of obtaining the top spot within the next 10 years.To reach the #6 spot in such a short time is also very impressive.

Quite impressive for cryptocurrency to be lined up with fiat currencies that are existing decades and decades. And the advantage of btc - it is accepted globally, wherever you are, you can convert your btc to your local fiat, that is if you have local exchange or p2p services. But in general, people around the world can easily get in touch with btc in just few clicks, whereas when it comes to fiat, you can't get a hold of US$ if you are in another side of the world. This is really amazing for crypto.

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September 04, 2020, 04:39:55 PM
 #32

Circulating Supply

USD - $1.5 Trillion

EUR - $1.38 Trillion

CNY - $1.15 Trillion (8 Trillion CNY Units)

JPY - $1 Trillion (106 Trillion JPY Units)

INR - $425 Billion (31 Trillion INR Units)

BTC - $216.5 Billion (18.48 Million Units at value of $11722)

This data has been made in comparison of the bitcoin market circulation against the M0 money supply of fiat currencies.

What is M0 money supply?

Total value of bank notes, coins, and all substitute that can be converted to cash. The M0 value is commonly termed as narrow money.

Source : Decrypt

Both the information and source of this data are interesting. I'm not sure if BTC has that level of adoption and I'm also not certain how this data was normalised or put together. Without this crucial piece of information the end result is almost irrelevant.

In addition to this, for the sake of the argument and for a split second lets assume that BTC is the 6th currency in circulation, the real question is how long is this going to be valid for. BTC sadly has already shown signs of destabilisation against the recent recovery at circa 12k?





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Debonaire217
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September 04, 2020, 05:35:22 PM
 #33

I just take a look to the circulating supply of my local coin, and it's only $88 billion... so, Bitcoin has almost 3 times the supply of Mexican Peso.

Isn't a surprise at all but for sure the bitcoin market goes a lil down with the crash we see in the past 2 days. So, My deap pesso is getting close to BTC.

Imagine, the whole world is buying bitcoin even with a small amount of their funds, most are hodling bitcoin even in sats, that's why it becomes one of the largest currency in the world. With all that being said, bitcoin has already proven its reliability for transactions even with huge amount of money. Who knows, if bitcoin could be the worlds currency, I wonder how economy could perform without regulations in it. Perhaps, I am fine for bitcoin to be an alternative currency to a country even if it becames one of the largest because believe me, no one would like to use bitcoin for buying cheap items and service.

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September 04, 2020, 05:39:12 PM
 #34

Circulating Supply

USD - $1.5 Trillion

EUR - $1.38 Trillion

CNY - $1.15 Trillion (8 Trillion CNY Units)

JPY - $1 Trillion (106 Trillion JPY Units)

INR - $425 Billion (31 Trillion INR Units)

BTC - $216.5 Billion (18.48 Million Units at value of $11722)

This data has been made in comparison of the bitcoin market circulation against the M0 money supply of fiat currencies.

What is M0 money supply?

Total value of bank notes, coins, and all substitute that can be converted to cash. The M0 value is commonly termed as narrow money.

Source : Decrypt

This is a very interesting news. Bitcoin being ranked as a currency. Only that it is imperative to ask this crucial question, how many people regard bitcoin as a currency? A large percentage of bitcoin users regard it as an asset or a store of value. Many see bitcoin just like they see gold, as a store of value. Quite a number of people, especially in developing countries, do not even know bitcoin can be spent just like their country's fiat currencies.
Just like many before me have pointed out, can bitcoin maintain this? It's volatility and huge price fluctuations will hardly make it so.

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https://bitcointalk.org/index.php?topic=5274318.0


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September 04, 2020, 05:45:18 PM
 #35

Is btc still in 6th place after yesterday fall?

data from coinmarketcap:
currently the circulation supply for Bitcoin is about 18.479.562, with price $10.426,43 for each bitcoin.
marketcap = $192.676 billion.

Money Supply M0 in Russia (June 2020) 11516.40 RUB Billion.
Which mean $152,71 billion.

So it's still in 6th place. CMIIW.

source: https://tradingeconomics.com/russia/money-supply-m0
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September 04, 2020, 06:20:56 PM
 #36

It will be the proof that bitcoin has a growing online adoption and the believers of bitcoin are keep on increasing. It also symbolized the importance of bitcoin to everyone but it is still far beyond the true currency that a large number of people are using.  Will ,who knows government will accept bitcoin as an alternative currency during this pandemic period.

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September 04, 2020, 06:31:53 PM
 #37

You can't compare fiat currencies with bitcoin due to bitcoin just being powered by these currencies. In simple terms, bitcoin is any fiat in digital form.
Bitcoin was just a product of belief and fueled by fiat currency, I guess it is very pointless to compare bitcoin to fiat currencies, the only thing they differ is that bitcoin is running to a different network and decentralization.

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September 05, 2020, 08:20:44 AM
 #38

It's great that bitcoin is in sixth place. In the future I think bitcoin will take a higher position, bitcoin has already proven its worth as a decentralized currency. Bitcoin has only been around for 10 years, but the results have been staggering. The battle between fiat currency and Bitcoin continues, I believe Bitcoin will win. That is the law of growth.





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September 05, 2020, 08:21:04 PM
 #39

I've read the source from the thread above, it's enough to get me excited. For me, bitcoin should indeed be in the ranks of the world's top currencies, this shows that bitcoin trading has skyrocketed and one day it might completely shift the world's top curreny.
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September 05, 2020, 11:57:26 PM
 #40

I was quite surprised to see the data in the opening post, this is very good and interesting news. Imagine Bitcoin in a decade
can become the 6th largest world currency, this makes me even more optimistic that in the next 10 years, Bitcoin should be
at least capable entered as the order of 3 largest world currency. This is also proof for people who doubt the future of Bitcoin,
it turns out Bitcoin already popular and has a high enough demand.

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