The One World Currency: Is it Bitcoin?

[John Jefferson]

I think Bitcoin is not stable enough to be used as a world currency alone. If the national policy allows Bitcoin to become a social product, there is no problem as a means of payment. In addition, the value of Bitcoin and its function as a means of payment also depend on whether the whole society accepts it. Therefore, it seems that Bitcoin is unrealistic as a single currency in circulation. In this sense, Bitcoin is just an asset, a value-preserving product of the same nature as gold, and a product of consensus. Its value as an investment asset is still acceptable.

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[freedomgo]

It can never be because bitcoin is not stable as a currency. For it to be widely adopted, it should not be volatile and the fees should not be expensive, people will only use it that way, not the current situation. Bitcoin, as it stays longer, has not become a currency according to its purpose, instead, it becomes a speculative asset and its purpose now becomes an investment.

[AndySt]

It can never be because bitcoin is not stable as a currency. For it to be widely adopted, it should not be volatile and the fees should not be expensive, people will only use it that way, not the current situation. Bitcoin, as it stays longer, has not become a currency according to its purpose, instead, it becomes a speculative asset and its purpose now becomes an investment.

Never say never, but still, on the whole, I agree with you. Despite my generally positive attitude to cryptocurrencies, it is worth saying that in general, the idea of one or a single world currency is not feasible in modern economic and political conditions, and even if this idea were to come to life one day, it would hardly be bitcoin. Because the adoption of bitcoin as a single world currency would mean the collapse of the entire political and economic world order, when states suddenly cannot support their currencies and manage the economic mechanism in the state through the national currency. In general, if this idea suddenly comes to fruition, what does it mean that a disaster has happened to the whole world and state institutions have suddenly stopped working.

[fara_buduk]

It can never be because bitcoin is not stable as a currency. For it to be widely adopted, it should not be volatile and the fees should not be expensive, people will only use it that way, not the current situation. Bitcoin, as it stays longer, has not become a currency according to its purpose, instead, it becomes a speculative asset and its purpose now becomes an investment.

Never say never, but still, on the whole, I agree with you. Despite my generally positive attitude to cryptocurrencies, it is worth saying that in general, the idea of one or a single world currency is not feasible in modern economic and political conditions, and even if this idea were to come to life one day, it would hardly be bitcoin. Because the adoption of bitcoin as a single world currency would mean the collapse of the entire political and economic world order, when states suddenly cannot support their currencies and manage the economic mechanism in the state through the national currency. In general, if this idea suddenly comes to fruition, what does it mean that a disaster has happened to the whole world and state institutions have suddenly stopped working.

bitcoin being the only world currency is very unlikely even though it could happen, we certainly know why...? can you say bitcoin vs government can be together ....? until now its function 76% still revolves in transactions in the market as one of the traded investments and the rest as digital currency for real transaction tools

[andriarto]

It can never be because bitcoin is not stable as a currency. For it to be widely adopted, it should not be volatile and the fees should not be expensive, people will only use it that way, not the current situation. Bitcoin, as it stays longer, has not become a currency according to its purpose, instead, it becomes a speculative asset and its purpose now becomes an investment.

Never say never, but still, on the whole, I agree with you. Despite my generally positive attitude to cryptocurrencies, it is worth saying that in general, the idea of one or a single world currency is not feasible in modern economic and political conditions, and even if this idea were to come to life one day, it would hardly be bitcoin. Because the adoption of bitcoin as a single world currency would mean the collapse of the entire political and economic world order, when states suddenly cannot support their currencies and manage the economic mechanism in the state through the national currency. In general, if this idea suddenly comes to fruition, what does it mean that a disaster has happened to the whole world and state institutions have suddenly stopped working.

bitcoin being the only world currency is very unlikely even though it could happen, we certainly know why...? can you say bitcoin vs government can be together ....? until now its function 76% still revolves in transactions in the market as one of the traded investments and the rest as digital currency for real transaction tools

right, it is very difficult to make bitcoin the main transaction tool in the world, we know that until now many countries still prohibit it as a means of payment, it is possible because of its decentralized nature which is not suitable for managing the economy of a country, because the government cannot control it

[paxmao]

bitcoin is not really intended to become the "only money" at all. As said by other posters, that it technically nearly impossible, not just for the limitation of the network, but because the mechanism to float the value of goods in different countries is nowadays solved by having all currencies float respective to each other. If that did not exist, you would need to change the price of goods almost every minute in every place.

Bitcoin can however become the dominant way of transferring value for transactions of certain value, across borders, international commerce,... There is no particular need to pay for your coffee with bitcoin as there is no need to pay for it with gold bullion coins.

[Shenzou]

It is said that Bitcoin is the precursor of the "One World Currency" that will be used in a "One World Government". In the past, it has been predicted that a "One World Currency" would come into fruition as the current monetary system collapses in its entirety. It is today where we have Bitcoin, a Peer-to-Peer digital cash system that's decentralized, used globally by many people worldwide. Essentially, Bitcoin is a "One World Currency" although not backed by any government or trusted entity of any kind.

What do you think? Is Bitcoin the "One World Currency"? Or will another currency take its place in the future? If that happens, which currency do you think will become the "One World Currency"? Will it be the US Dollar, the Euro, or the Chinese Yuan? Do you think governments will unanimously agree to use a single currency for everything? Your input will be greatly appreciated. Thanks

I really don't think that bitcoin is in any position or on its way of becoming a one currency that is used all over the world, and that is due to a lot of issues and a lot of problems, lie high fees and long transaction time, and these pose a problem when it comes to the day to day or microtransactions that people usually do, like shopping or paying for small things, so unless this problem is solved i don't think that people would prefer to use bitcoin over the normal payment methods.

[semobo]

No government is behind the creation of bitcoin even though any government created it based on one world one currency still it doesn't make any sense simply because bitcoin is completely decentralized so even of you hold the bitcoin you can't alter the codes in it, if you try to change the nodes then it will become invalid so Satoshi is someone from middle class but have the economic futuristic thinking created it before the one currency concept.

[James Watson]

At present, I think it is not feasible enough to circulate Bitcoin as a world currency. First, as a world currency, it needs to have circulation capabilities, but the circulation of Bitcoin is not very good now; because Bitcoin is limited, the total amount is limited. Fixed, it is austerity. As the amount of mining gradually decreases, people may be more inclined to collect, rather than sell Bitcoin. In this respect, it is not suitable as a world currency; and when Bitcoin is used as a means of payment , Transaction costs and time, the cost of small payments is higher, although through LN may effectively improve this problem, I hope to achieve fast payment in the future, no fees.

[Liamttw]

In the future world, digital currency will become the mainstream currency, and Bitcoin is forward-looking. In recent years, the emergence of multiple digital currencies has failed to shake Bitcoin's position in the encrypted market, and people's recognition and use of Bitcoin are also increasing. Bitcoin is not subject to national restrictions and can be circulated and traded all over the world. And El Salvador has adopted Bitcoin as legal tender, and some regions also want to use it. Cryptocurrency is the future trend, and Bitcoin may also become the world currency.

[ROSERTY]

Bitcoin is not yet a world currency, it is more used as a store of value. There are still some countries that do not accept Bitcoin, and Bitcoin cannot be used as currency in these countries, but Bitcoin can be used for payment in many areas, especially in El Salvador that has already adopted Bitcoin as legal tender. With people's recognition and demand for Bitcoin, Bitcoin is the future development trend.

[jinneas]

Bitcoin is a decentralized cryptocurrency. It is not controlled by governments and banks and can be traded at any time around the world. I don't think Bitcoin will become a world currency yet. It will still be restricted by some countries or regions. Compared with currency, Bitcoin is now more suitable as a store of value, and people prefer to invest in Bitcoin to profit from it.

[zanezane]

If you can have the whole world agree that bitcoin becomes the main currency for everyone around the globe and make USA relinquish their US Dollar status as a reserve currency for many countries then there's a possibility that you can make bitcoin the one world currency, also worth mentioning that China wants to be the next reserve currency so I don't think that they will easily bulge.

[BullRunw2023]

Yes but in decentralized form and not centralized. However, it may be good if we compare to centralized currency. As we all know the so many benefits of decentralized currency.

[Davidvictorson]

First off, there wouldn't be a "One World Government" not now and not ever.

Secondly, Bitcoin is hardly ever going to be generally accepted as a "One World Currency" because of these major challenges.

1) Technological issues
2) Transactional issues- It is too volatile
3) Regulatory issues

[Abiky]

Never say never, but still, on the whole, I agree with you. Despite my generally positive attitude to cryptocurrencies, it is worth saying that in general, the idea of one or a single world currency is not feasible in modern economic and political conditions, and even if this idea were to come to life one day, it would hardly be bitcoin. Because the adoption of bitcoin as a single world currency would mean the collapse of the entire political and economic world order, when states suddenly cannot support their currencies and manage the economic mechanism in the state through the national currency. In general, if this idea suddenly comes to fruition, what does it mean that a disaster has happened to the whole world and state institutions have suddenly stopped working.

We're still far from getting a "One World Currency". The world is just not ready yet for this, since not every country has the latest technologies. Once they do, then we can talk about a unified, global economy. Whenever Bitcoin will become the "One World Currency" or not, that's yet to be determined.

The most likely situation would be that an existing Fiat currency (US Dollars, Euro, etc.) will become the sole currency for all debts public and private. This could be achieved either through Blockchain technology, or a centralized database manipulated by governments and central banks worldwide. What's important is that people have an "exit route" from the traditional monetary system. As long as Bitcoin exists, nothing else matters. Bitcoin will never replace Fiat because of its decentralized and censorship-resistant properties. But it could serve as an alternative for the unbanked and those who need it the most. With or without a "One World Currency" crypto/Blockchain tech will carry on as usual. Just my thoughts

[Caldear]

Bitcoin is a cryptocurrency, and its underlying technology is very powerful. Bitcoin is decentralized and has the characteristics of non-copying and non-tampering. Bitcoin's transaction volume continues to increase, indicating that more people are using Bitcoin, and its scope of use is slowly expanding.
However, some countries have cracked down on Bitcoin restrictions and prohibited the use of Bitcoin transactions. It will take a long time for Bitcoin to become the world's currency.

[Shasha80]

Bitcoin is a cryptocurrency, and its underlying technology is very powerful. Bitcoin is decentralized and has the characteristics of non-copying and non-tampering. Bitcoin's transaction volume continues to increase, indicating that more people are using Bitcoin, and its scope of use is slowly expanding.
However, some countries have cracked down on Bitcoin restrictions and prohibited the use of Bitcoin transactions. It will take a long time for Bitcoin to become the world's currency.

If we look at the development of Bitcoin over the past 11 years, it is very clear that Bitcoin is getting more popular, and more and more people
have Bitcoin. So it's no wonder the volume of Bitcoin transactions has also increased, perhaps because the blockchain technology used by Bitcoin
provides something different. This is why Bitcoin can be accepted quickly by many people, but unfortunately there are still some countries that prohibit
the use of Bitcoin. Because Bitcoin cannot be controlled, this is what makes some countries reject Bitcoin. In the end it is almost impossible for
Bitcoin to replace fiat. But this is not a problem, the most important thing is that Bitcoin can be an alternative to fiat and that is what is needed
at this time. Therefore, it is still too soon to conclude that Bitcoin will become the one world currency, it is still a long process to achieve that.

[horrifiedx1]

Bitcoin is a cryptocurrency, and its underlying technology is very powerful. Bitcoin is decentralized and has the characteristics of non-copying and non-tampering. Bitcoin's transaction volume continues to increase, indicating that more people are using Bitcoin, and its scope of use is slowly expanding.
However, some countries have cracked down on Bitcoin restrictions and prohibited the use of Bitcoin transactions. It will take a long time for Bitcoin to become the world's currency.

If we look at the development of Bitcoin over the past 11 years, it is very clear that Bitcoin is getting more popular, and more and more people
have Bitcoin. So it's no wonder the volume of Bitcoin transactions has also increased, perhaps because the blockchain technology used by Bitcoin
provides something different. This is why Bitcoin can be accepted quickly by many people, but unfortunately there are still some countries that prohibit
the use of Bitcoin. Because Bitcoin cannot be controlled, this is what makes some countries reject Bitcoin. In the end it is almost impossible for
Bitcoin to replace fiat. But this is not a problem, the most important thing is that Bitcoin can be an alternative to fiat and that is what is needed
at this time. Therefore, it is still too soon to conclude that Bitcoin will become the one world currency, it is still a long process to achieve that.

right, it's too early to conclude that bitcoin is one currency. for now bitcoin can accompany fiat currency to be its companion, I think it is a very good target. therefore the existence of a country like elsalvador, makes bitcoin a bigger chance to be accepted also in other countries. and good news from influential people can also spread bitcoin to people all over the world. considering the current bitcoin users are still very minimal

[posi]

Bitcoin is a cryptocurrency, and its underlying technology is very powerful. Bitcoin is decentralized and has the characteristics of non-copying and non-tampering. Bitcoin's transaction volume continues to increase, indicating that more people are using Bitcoin, and its scope of use is slowly expanding.
However, some countries have cracked down on Bitcoin restrictions and prohibited the use of Bitcoin transactions. It will take a long time for Bitcoin to become the world's currency.

If we look at the development of Bitcoin over the past 11 years, it is very clear that Bitcoin is getting more popular, and more and more people
have Bitcoin. So it's no wonder the volume of Bitcoin transactions has also increased, perhaps because the blockchain technology used by Bitcoin
provides something different. This is why Bitcoin can be accepted quickly by many people, but unfortunately there are still some countries that prohibit
the use of Bitcoin. Because Bitcoin cannot be controlled, this is what makes some countries reject Bitcoin. In the end it is almost impossible for
Bitcoin to replace fiat. But this is not a problem, the most important thing is that Bitcoin can be an alternative to fiat and that is what is needed
at this time. Therefore, it is still too soon to conclude that Bitcoin will become the one world currency, it is still a long process to achieve that.

To get to the bottom of this topic I think we need to recall the main reason why Bitcoin was introduced which says "A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without the burdens of going through a financial institution." which mean it serve as an alternative or a path setters not to be One world currency.

Bitcoin is holding it own and will never get 100% support of the government cause it is decentralized, so will need to throw that thought and believe that Bitcoin will be One world currency now or in the future when all the government in the world barely work together or understand themselves and the issue of how COVID 19 went from China to the rest of the world is an example.