Bitcoin could win the currency war

[magneto]

Indeed. I think that blockchain itself as a technology will come out on top for sure. China's push for a digital CNY is just the first step in this process.

But question is whether or not it'll be the decentralised forces that win or centralised, and it is really hard to tell right now.

BTC's adoption as a store of value is increasing on the grassroots level which is really promising. But central entities' influence can simply not be ignored either. As Ray Dalio mentioned, it'll be a matter of time before the CNY becomes the global reserve currency. Whether or not BTC is able to topple this fiat paradigm will rely on a few key upcoming years.

[Leviathan.007]

I'm not sure about the accuracy of your information your provided here but in my own idea this topic is already discussed topic and many people believe bitcoin already won the economic currency war. However, I can't be sure about the comparing because comparing the fiat currencies and bitcoin can be a wrong comparison. Between all the fiat currencies none of them got limited total supply and these are not borderless while bitcoin in a famous crypto asset available for trading in all over the world. Generally, in my own idea comparing assets to currencies is a wrong comparison.

[electronicash]

BTC can sit side by side with the currency that will dominate just as how it does today where USD and BTC can be paired. if China's CNY can somehow rise over USD, BTC will still be alongside.  BTC will still not replace any fiat even when there is a dominating power. i don't think there will even be a war if they intend to, they could have done so when China had yet not established an air defense zone in the south China sea.

[PIMPdev]

sure even I heard opinion bitcoin is only for rich people it's not so far looks whenever we have dip you have to buy

[aysg76]

The fiat will be deflating over time as we have witnessed how the value of USD has fell in comparison with the past due to rising inflation. Moreover the government printing new notes is contributing worse to the economy like US passing billion dollar stimulus bill to print new notes.Your wealth will decrease overtime if you are holding fiat but on the other hand if you are holding Bitcoin and other altcoins like Ethereum your net profits and wealth will grow in the future as prices will rise.So it is decentalized currency which can end price wars between countries making them more powerful.

[josgandosbro]

No one can not reach the Bitcoin place. Bitcoin is future currency and it king of all coin. Bitcoin is any time to hit the price. So people will be wait for the price up and hold the long time. Bitcoin is model of the all coin. So Bitcoin is any where to reach and time to use the bitcoin. It helpful to future growth. Bitcoin is will be win the currency war.

[Hippocrypto]

What's my entire assessment here is only the exaggerating information that came from mainstream media, but the reality between China and US was really in a cool behavior. All the rich people is behind the dominance they're arguing with, just depends on their financial power. But it doesn't mean all over war, because what we're combating right now is the inflation of fiat currency in every country.
Bitcoin has no price regulation, and it's price increases according to the demand coming from investors. There's no competition between bitcoin and fiat currency, they're classification is entirely different with each other.

[verita1]

I don't think there is a war. What I do believe is that there is a supremacist struggle to be leaders in technology between the US and China.
The future of the global technology industry will depend on the government policies of these countries, Europe, Japan, Korea, Taiwan, and other advanced nations.
Bitcoin could provide a great contribution to technologies due to the vision of large investors for the digital asset.

[Darker45]

I think Bitcoin is not actually involved in the currency war that you are talking about.

There are two currency wars right now. There is that fiat currency war in which the Renminbi is trying to take the global spot of the USD, the Pound Sterling trying to rise and rise against the Euro, and so on and so forth. There is also that currency war in which cryptocurrencies which is, of course, represented by Bitcoin taking up fiat currency as one.

The former, Bitcoin cares not. As regards the latter, everybody knows fiat is a huge underdog.

I have to disagree. As such there is no competition between fiat currency and cryptocurrency. Nowadays hardly anyone is using Bitcoin as a currency. Most of them are using it as a form of speculative investment asset, or as a store of value. Bitcoin is not actually designed for usage as a currency, which can do instant payments. Regardless of the fee, the average time required for new blocks is 10 minutes and that means that instant payments are not possible with Bitcoin.

There obviously is although probably not as strong as the competition between certain fiat currencies. And it reverberates in the strong demand for businesses to accept Bitcoin payment, in the continuous development toward reducing fees and confirmation time, even in the repulsion of certain governments' declaration that Bitcoin is illegal, and so on on.

But I agree that there's a very limited number of people who are using Bitcoin as a currency. However, it is not because it is not designed to be so but because of certain hindrances, which are not all unpleasant since one of the primary reasons why Bitcoin is not spent is that its price is fast appreciating. Nevertheless, Satoshi designed it to be a cash system, so I guess it was meant to be used as digital money.

[Shasha80]

Depends on winning in what way, because currently Bitcoin value is far above other currencies. When viewed from this, Bitcoin should have won
the currency war. But if what is meant is to replace the USD which is currently the strongest fiat, it remains to be seen in a very long time.
Indeed, today with several institutions starting to invest in Bitcoin, the popularity of Bitcoin has increased greatly. But that doesn't mean Bitcoin
can replace fiat. I don't want Bitcoin to win the war with another currency, I prefer Bitcoin to make peace with another currency.  Because it is more
ideal if Bitcoin can coexist with fiat.

[AniviaBtc]

Obviously speaking, when we are seeing that bitcoin's adoption and progression is really happening, bitcoin have already won the war.

There are a lot of investors who are already engaging on it and trusting its capability to become the best cryptocurrency in the market.

It is all of us who won it, it is all of us who should be glad that we are seeing bitcoin to achieve more milestones in the generation.

Price speculation in bitcoin is not a huge problem but it can really affect our investment in some part.

[el kaka22]

BTC can sit side by side with the currency that will dominate just as how it does today where USD and BTC can be paired. if China's CNY can somehow rise over USD, BTC will still be alongside.  BTC will still not replace any fiat even when there is a dominating power. i don't think there will even be a war if they intend to, they could have done so when China had yet not established an air defense zone in the south China sea.

It is not about regular fight anymore, nations do not go to war with guns anymore honestly, there are few instances of that by USA because they are spending so much money on military and that needs to be emptied somewhere, otherwise it is going to get bigger and bigger and then what? So, they go use it somewhere, basically think of it like USA letting of some steam to relax, they are a bit weird like that and they could attack anyone.

However aside from them everyone talks with their money, as long as nations think they are all dealing fairly, they will not attack anyone, you think China and USA are in a bad relation? Check how much they trade with each other and you will see that it is not like that it is just a political show. But, I agree that bitcoin will be an alternative to any coin, it will not be the main one but it will always be alternative to all of them.

[so98nn]

I think we are forgetting here one thing, the market cap/ GDP / Countries income is all because of years of hard work that each government put in their which made it possible to that level. The whole thing is all about how country's economic model is working. It takes into consideration from small stuff like electricity bills, grocery buy-sell, big IT companies Taxes to Military expense and to International Business and welfare! This and every bit of country's operation takes it all to make up it's GDP. I guess bitcoin is dual nature thing: An asset + Currency. It's decentralised and it won't contribute to specific country's GDP and also no country will be able to benefit from it unless and until they accrue taxes from it! Which won't happen or else it will compromise the decentralised nature of the same.
I think there is no war. Bitcoin is bigger thing and it's future that we are living in the present!

[ven7net]

Indeed, uncertainty in the financial sphere is in the air, and many are now wondering on the coffee grounds, and what will happen next. And then there will be something that no one will tell us about. Why? Because it is not beneficial to those who will initiate these changes. As for BTC and cryptocurrencies in general, it also cannot be said for sure that BTC will become the new world currency. Why? It's simple, although BTC has a limited emission and uses blockchain technology, but it is not protected from manipulation, which means it will also not be able to solve a number of financial problems, all the more so, would other countries want to see BTC as a new world currency? At this time, there is no talk about this at all.

[DrBeer]

Never and under no circumstances does the state financial system recognize bitcoin as its currency, or currency as such. The very idea of an uncontrolled financial world contradicts the essence of the existence of the state and its financial system, which is its foundation. Bitcoin can be recognized as an asset and even some means of payment, but not a currency! Unless the world will plunge into the chaos of total destruction ... Although then food, fuel, weapons will be valuable

[Gozie51]

I have to disagree. As such there is no competition between fiat currency and cryptocurrency. Nowadays hardly anyone is using Bitcoin as a currency. Most of them are using it as a form of speculative investment asset, or as a store of value. Bitcoin is not actually designed for usage as a currency, which can do instant payments. Regardless of the fee, the average time required for new blocks is 10 minutes and that means that instant payments are not possible with Bitcoin.

Contrary here on your view that bitcoin isn't use as money by many people but as a speculative asset. I think that isn't correct and many use bitcoin as money and instant payment, otherwise what happens when bitcoin is exchanged for fiat during P2P?

[sana54210]

I have to disagree. As such there is no competition between fiat currency and cryptocurrency. Nowadays hardly anyone is using Bitcoin as a currency. Most of them are using it as a form of speculative investment asset, or as a store of value. Bitcoin is not actually designed for usage as a currency, which can do instant payments. Regardless of the fee, the average time required for new blocks is 10 minutes and that means that instant payments are not possible with Bitcoin.

Contrary here on your view that bitcoin isn't use as money by many people but as a speculative asset. I think that isn't correct and many use bitcoin as money and instant payment, otherwise what happens when bitcoin is exchanged for fiat during P2P?

There is both right and wrong statements in both of your approach. Bitcoin is seen as money because it is spent in some places, but it is also seen as money because even if people end up not being able to spend it directly, they just hold it as money on their wallets and when they need to spend it on something that doesn't take bitcoin they exchange it to fiat and spend it that way, but that is not because they do not see it as money but because the place they buy things from do not see it, there are tons of people who would use bitcoin forever and never fiat if that was an option, there are millions of us.

But, there are also people who see it speculative asset as well, just because it is considered by millions as money doesn't change the fact that millions also see it as a way to make money neither, I see it as both of them for example, both money and also a way to make money. For a European buying dollars because dollar may increase in value versus euro could be both money that is spent but also speculative asset as well.

[TheGreatPython]

There is both right and wrong statements in both of your approach. Bitcoin is seen as money because it is spent in some places, but it is also seen as money because even if people end up not being able to spend it directly, they just hold it as money on their wallets and when they need to spend it on something that doesn't take bitcoin they exchange it to fiat and spend it that way, but that is not because they do not see it as money but because the place they buy things from do not see it, there are tons of people who would use bitcoin forever and never fiat if that was an option, there are millions of us.

Bitcoins only are considered as money till they have value on exchanges and there is a way to sell/exchange them for something useful. There won't be a single supporter of bitcoins I can assure you if the price drops and becomes zero suddenly, I know that won't happen ever but just imagine why will people hold coins if they are of no value.

People want to live on crypto because some of them want to avoid and evade tax, which I am not saying is wrong, but that is the reason behind living on crypto. I don't see a difference in having $100 in my bank or $100 in my bitcoin wallet.

For a European buying dollars because dollar may increase in value versus euro could be both money that is spent but also speculative asset as well.

Very well said, every coin or asset we buy has speculations whether it can grow or collapse and the recent growth of Bitcoins has something to do with the fear about economic failure being expected after the coronavirus as more money was printed which eventually brings the economy down.

[goldade]

There are many arguments for and against this notion. In this war of currency evaluation and devaluation, I do believe that bitcoin will win.
Let's take a look at this, bitcoin has only been here for a little over a decade and it has risen in value from almost nothing to well over $50k. This is as a result of bitcoin's mass adoption over the years. If bitcoin can do this in just these few years, imagine what it would have become in 30 years from now.
The American dollar and the Chinese yuan can only do so little as compared to bitcoin which is a global currency

[DarkIT]

The war is different one.Actually their was a clash between the bitcoin, US dollar and Chinese yuan. Bitcoin made a competition between the currency. Because before this clash only clash was over American dollar and Chinese yuan. Dollar lead the track over a huge period even in the cold war.