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[Mauser]

Now Bitcoin is the 7th largest currency in the world, maybe it's slowly moving towards  replacing the U.S. dollar as the world’s reserve currency, but I don't think that Bitcoin will be the mostly used payment method in the world.

The problem for bitcoins becoming the world reserve currency is still accessibility. If I look at my parents they are so lost with technology and IT. Using a PC properly seems nearly impossible for them. Also they don't really understand bitcoins and cryptos. I think for the younger generation it's no issue to adapt but for the elderly it will be difficult.

[Kupid002]

Now Bitcoin is the 7th largest currency in the world, maybe it's slowly moving towards  replacing the U.S. dollar as the world’s reserve currency, but I don't think that Bitcoin will be the mostly used payment method in the world.

The problem for bitcoins becoming the world reserve currency is still accessibility. If I look at my parents they are so lost with technology and IT. Using a PC properly seems nearly impossible for them. Also they don't really understand bitcoins and cryptos. I think for the younger generation it's no issue to adapt but for the elderly it will be difficult.

Well if they are interested really in Bitcoin they will do their job to learn it. There is another way to easilyunderstand  crypto currency you don't need to learn how to use computer just to learn it. You have a way to make it easy like mobile application that you can easily download in playstore easy access and easy to use you only need to stored keys . And that's what you will show to your parents if ever they are interested to try it.

[Argoo]

Today we saw bitcoin hit an all time high of $23k while its traditional counterparts are suffering a decline in value. Historically, when someone desires financial stability, they naturally go for safe investment is, such as gold, stocks, real estate. But with the outbreak of the corona virus pandemic we have experienced a shift in global economy, countries are facing inflation. As a result many individuals are beginning to see Bitcoin as a safer investment than its counterparts. Countries are slowly adopting crypto as a means of payment. Will bitcoin eventually dominate the world economy and replace traditional currencies?

It should be recognized that countries do not accept cryptocurrency as a payment in the sense of making payments at the state and government level. International payments in cryptocurrency are not carried out and are unlikely to be carried out. Cryptocurrency is accepted and distributed among people, not among states and their bodies. States will use their central bank stablecoins rather than decentralized cryptocurrencies. Therefore, in cryptocurrencies there is no chance to replace the national currencies of states.

[bitkanu]

Now Bitcoin is the 7th largest currency in the world, maybe it's slowly moving towards  replacing the U.S. dollar as the world’s reserve currency, but I don't think that Bitcoin will be the mostly used payment method in the world.

Are you sure about that? People are seeing bitcoin as a commodity and didn't you watch the management funds companies from US that bought bitcoin to be used as the store of value? that means they are not investing in bitcoin caused by it can be used as a payment system that could replace the fiat money and this will never possible.

[lienfaye]

Will bitcoin eventually dominate the world economy and replace traditional currencies?

This topic has been discussed few times already, if you hit the search button you'll find many topics similar or related to this.

Anyways to answer your question, no matter how popular bitcoin at the moment or in the future and it happen to be widely accepted already it cant replace fiat totally. Yes many people started to show interest to bitcoin especially in times of pandemic wherein many people stayed at home and find bitcoin (or crypto in general) as an alternative way to make money. But it doesnt mean bitcoin can dominate the world's economy and will become the primary currency that is recognized by everyone.

It can exist and work together with traditional currencies but it cant replace fiat completely.

[shoreno]

Now Bitcoin is the 7th largest currency in the world, maybe it's slowly moving towards  replacing the U.S. dollar as the world’s reserve currency, but I don't think that Bitcoin will be the mostly used payment method in the world.

Are you sure about that? People are seeing bitcoin as a commodity and didn't you watch the management funds companies from US that bought bitcoin to be used as the store of value? that means they are not investing in bitcoin caused by it can be used as a payment system that could replace the fiat money and this will never possible.

but there are also people and big companies that use btc as a payment system . like what sig companies are doing in this forum , they buy big amounts of btc and pay their participants weekly or depending on the payment schedule of the campaign but we are aware that there are companies and people that invest on btc for non payment purpose . what the guy shared is just a ranking and dont take that personaly because even him he isnt sure that if btc will be the currency of the world once it rank gets higher .

[Botnake]

Now Bitcoin is the 7th largest currency in the world, maybe it's slowly moving towards  replacing the U.S. dollar as the world’s reserve currency, but I don't think that Bitcoin will be the mostly used payment method in the world.

Are you sure about that? People are seeing bitcoin as a commodity and didn't you watch the management funds companies from US that bought bitcoin to be used as the store of value? that means they are not investing in bitcoin caused by it can be used as a payment system that could replace the fiat money and this will never possible.

but there are also people and big companies that use btc as a payment system . like what sig companies are doing in this forum , they buy big amounts of btc and pay their participants weekly or depending on the payment schedule of the campaign but we are aware that there are companies and people that invest on btc for non payment purpose . what the guy shared is just a ranking and dont take that personaly because even him he isnt sure that if btc will be the currency of the world once it rank gets higher .

First of all they are not buying, most of the companies that runs their signature campaign in the forum are crypto businesses, majority of them are crypto casinos and they are accepting casinos for gambling, so it's easy for them to pay the campaigners as they are making huge profit.

[shivamtrivedi9090]

Despite the success records of Bitcoins and individuals' investment in bitcoins, Bitcoin may not replace the traditional currencies. As traditional currencies are printed & controlled by the governments whereas bitcoin doesn't control by a third party.
No doubt, investors and individuals considering it as a safe vehicle against the finical crisis. But, many people still don't know about what is bitcoin, how it works, and the investment benefits of bitcoins.

[nrvasquez]

Despite the success records of Bitcoins and individuals' investment in bitcoins, Bitcoin may not replace the traditional currencies. As traditional currencies are printed & controlled by the governments whereas bitcoin doesn't control by a third party.
No doubt, investors and individuals considering it as a safe vehicle against the finical crisis. But, many people still don't know about what is bitcoin, how it works, and the investment benefits of bitcoins.

Apart from that, there are many other aspects. Traditional investing has "shapes and forms" whereas bitcoin does not. it changes the level of confidence in an investment. Unless bitcoin has started mass adoption I'm sure maybe it will change people's perspective in valuing bitcoin. But for now, because shape and form greatly influence people's confidence in investing, it's quite difficult for bitcoin to break through the barrier

[AicecreaME]

One of the main reasons Bitcoin is safer is its Ideals/features, which seem to be opposite of the ideals of "traditional currencies".
I think they can exist together though, especially if the traditional currencies are still useful and can be improved in the future.

I'm afraid traditional currencies will never be develop or improve because there's no technology behind it. The Government could just print out many of them without any stack of codes and algorithm unlike Bitcoin, that's why inflation do exist in fiat, while it is the exact opposite when it comes to cryptocurrency which is the future money since electronic based transaction is getting mass adaptation especially these days.

But that doesn't mean fiat currencies will go away, it will still remain there but most likely it's usage will just become minimum.

[Xinarae*]

The use of Bitcoin from conventional currencies is currently much higher. For those who have no knowledge of the use of Bitcoin, this conventional currency is much more applicable. But for investors, the use of bitcoin is much more in demand than conventional currencies. In the absence of a central control system there is a strong risk that the use of Bitcoin will harm the social and economic security of the country, which is why the government does not accept it. The price of Bitcoin has risen amid the epidemic and many people have learned about Bitcoin.

[Noctis Connor]

Our technology are evoling every year if big companies or corporation will not adopt bitcoin it is their lose almost all technology are the central of our worlds which also hs something to earn bitcoin and it is true they seeing a good potential in bitcoin which has the greatest advantage in the future not into our world but also into market not because pandemic hit and and affect our inflation. Other companies and celebreties already seen the worth of bitcoin by investing. Not thinking about risk but it is really worth for them to become a role model to people to choose bitcoin as well

[Twentyonepaylots]

For one, it would be really hard to replace fiat currencies despite the fact that it is basically inferior in functionality and value than bitcoins or cryptocurrency for that matter. There are some commodities that would need regulation from the government or else it would cause a collapse in the society. One of these is money. If we have a money we cannot regulate, it's gonna cause a problem to most people.

Despite the success records of Bitcoins and individuals' investment in bitcoins, Bitcoin may not replace the traditional currencies. As traditional currencies are printed & controlled by the governments whereas bitcoin doesn't control by a third party.
No doubt, investors and individuals considering it as a safe vehicle against the finical crisis. But, many people still don't know about what is bitcoin, how it works, and the investment benefits of bitcoins.

Added to the fact that they don't know bitcoin is that they know what bitcoin isn't. People tend to retaliate when learning that some things have shortcomings on them, and without knowing the benefits yet, they will have a problem accepting bitcoin.

[AndySt]

Our technology are evoling every year if big companies or corporation will not adopt bitcoin it is their lose almost all technology are the central of our worlds which also hs something to earn bitcoin and it is true they seeing a good potential in bitcoin which has the greatest advantage in the future not into our world but also into market not because pandemic hit and and affect our inflation. Other companies and celebreties already seen the worth of bitcoin by investing. Not thinking about risk but it is really worth for them to become a role model to people to choose bitcoin as well

Any large corporation is completely indifferent to what exactly to earn, because in the end, the goal of any business is to make a profit. At this stage of human development and the economy, respectively, the most convenient type of settlement for large corporations are fiat currencies and there are no signs that the situation will change in the direction of bitcoin in the near future. Companies and celebrities can buy bitcoin and other alternative cryptocurrencies as much as they want, but all their calculations will be conducted in fiat currencies, despite all modern technologies, because modern technologies are not alien to fiat currencies, including blockchain technology.

[makishart]

Now Bitcoin is the 7th largest currency in the world, maybe it's slowly moving towards  replacing the U.S. dollar as the world’s reserve currency, but I don't think that Bitcoin will be the mostly used payment method in the world.

Why does Bitcoin rank 7 in the world? try to sort one by one from the first to the 7th order, because I do not know fully about this, so it would be very interesting if you want to provide information about this.

This is my first time to hear that bitcoin is the including into the 7th world largest currency but it looks pretty odd for me consider we didn't need this list.
Bitcoin needs to be adopted by a lot of people.
This time more and more whales are keeping the bitcoin for investment purpose.
That sounds very strange for me to see that happen. Bitcoin is exist to be an alternative for people who didn't wanna use centralized system.

[bearexin]

Bitcoin is now a better asset than most of the other assets that you have mentioned. Just look at the history of Bitcoin and how it kept moving despite everything that has happened, being called another type of Ponzi scheme and given all sorts of bad names, it still kept moving slowly, and so many times it was said that it was going to die off , it never did, it still kept moving and have been reaching new high prices all the time and breaking records.

Now we have big institutions on our sides, even the ones that never wanted to join before will now start considering it now that they have been seeing others doing it.

[ven7net]

Today we saw bitcoin hit an all time high of $23k while its traditional counterparts are suffering a decline in value. Historically, when someone desires financial stability, they naturally go for safe investment is, such as gold, stocks, real estate. But with the outbreak of the corona virus pandemic we have experienced a shift in global economy, countries are facing inflation. As a result many individuals are beginning to see Bitcoin as a safer investment than its counterparts. Countries are slowly adopting crypto as a means of payment. Will bitcoin eventually dominate the world economy and replace traditional currencies?

Indeed, BTC shows an excellent result and its price has risen significantly, but no matter how high the price of BTC rises, I believe it will not be able to replace money in the world. What does it mean? The latest news says that many states are developing their national cryptocurrencies, which means they do not want to use BTC. Of course, this does not mean that BTC will be out of work, on the contrary, BTC may well take an honorable place in the market as a new asset.

[MCobian]

I agree that the corona pandemic has made many people switch to investing in Bitcoin, and think of Bitcoin as a safe investment.
Maybe because many people are starting to realize Bitcoin can avoid inflation which is experienced by traditional currencies,
Moreover, the current pandemic situation has forced the government to implement a policy of printing large amounts of money to
restore the economy.

Which results in hyperinflation of traditional currencies such as fiat money, therefore some large companies are aware of this,
and start continuing to buy Bitcoin for long-term investments. But this does not make Bitcoin replace the role of fiat currencies,
because the government will never approve of Bitcoin replacing fiat. Bitcoin is currently widely used as a digital asset, not as
a means of payment.

[AndySt]

Which results in hyperinflation of traditional currencies such as fiat money, therefore some large companies are aware of this,
and start continuing to buy Bitcoin for long-term investments. But this does not make Bitcoin replace the role of fiat currencies,
because the government will never approve of Bitcoin replacing fiat. Bitcoin is currently widely used as a digital asset, not as
a means of payment.

Fiat currencies in their current form and condition are not intended for investment or savings at all, and one should not expect such a thing from fiat currencies, there are much better options for this. Fiat currencies were both a means of payment and continue to be at the present time. Fiat currencies in their paper version already initially assumed an inflationary model of use and nothing has changed now. Bitcoin has claimed and still claims to be used as a means of payment, but it should be clear to anyone that any state will bet on its own fiat currency in internal settlements and bitcoin is not suitable for this role for the state, so it turns out that bitcoin is developing in the direction of a digital asset.

[Kong Hey Pakboy]

I agree that the corona pandemic has made many people switch to investing in Bitcoin, and think of Bitcoin as a safe investment.
Maybe because many people are starting to realize Bitcoin can avoid inflation which is experienced by traditional currencies,
Moreover, the current pandemic situation has forced the government to implement a policy of printing large amounts of money to
restore the economy.

Which results in hyperinflation of traditional currencies such as fiat money, therefore some large companies are aware of this,
and start continuing to buy Bitcoin for long-term investments. But this does not make Bitcoin replace the role of fiat currencies,
because the government will never approve of Bitcoin replacing fiat. Bitcoin is currently widely used as a digital asset, not as
a means of payment.

This really proves that bitcoin and other cryptocurrencies doesn't get affected in any economic status, especially the pandemic of COVID-19, that is why only bitcoin have only shown stability and growth, while stocks and banking system is suffering during the corona crisis.

There is no any chance for bitcoin to replace fiat currency, even bitcoin is the only thing can survive during the corona crisis because the government would not let bitcoin to rule without giving them any control, which is impossible to happen.