Can BTC become the world central currency?

[Ebede]

At a time when the world is clamouring for peace and unity among the countries of the world- developed and developing.
There is a major limitation, which is the different currencies of the countries. These fiat currencies are controlled by different policies and economic situations of their different countries.
This posses a threat to global financial unity. As many countries are under banked. At the height of these challenges, came a pseudo human called Satoshi, who created what seems like 21st century wonders(bitcoin)

From 2009 till date, bitcoin suffered too many set back, ranging from disbelief to doubt about its future.
But 10 years down the tunnel is a great improvement and acceptance of the first cryptocurrency - bitcoin.
The huge acceptance lead to the creation of several altcoins.

Now many countries are willing to involve in the cryptocurrency world  despite some restrictions in some countries because according to an African adage "No one knows the Goose that will lay the golden egg".
I am seeing in the future where BTC will become a unified currency for the whole world.

[ILuckyGuyI]

My answer is simple. No, it can't. None of the governments would be eager to use a completely volatile currency. And they are right to think like that also. Why would I want to risk my economy in the end? Bitcoin is already a very good alternative option and it should stay like that.

[virtualdn]

Hopefully not, because BTC is not centralized and I hope it will always remain this way. This should always remain the people's coin (not that dumb Dogecoin as genius clown Musk says to his sheep).

[MFahad]

My answer is simple. No, it can't. None of the governments would be eager to use a completely volatile currency. And they are right to think like that also. Why would I want to risk my economy in the end? Bitcoin is already a very good alternative option and it should stay like that.

Forget about the governments, they will never allow these currencies to be accepted as a currency. However i think that bitcoin will replace gold and become the digitial gold. However, Ethereum will become the world central digital currency and all the defi will control the financial and taxation systems.

[Tytanowy Janusz]

My answer is simple. No, it can't. None of the governments would be eager to use a completely volatile currency. And they are right to think like that also. Why would I want to risk my economy in the end? Bitcoin is already a very good alternative option and it should stay like that.

BTC is so volatile because of low dept of market, high percentage of inexperienced traders, low amount of big market makers. With every step BTC makes this numbers change. Its not like BTC will become a world reserve currency staying at 50k price with current price behaviour... I doubt it will happened but if it will happened BTC will pump to like 50 mln $ and volume will pump from 40B$ to few trillions and huge market makers will bring liquidity that will reduce volatility.

[OcTradism]

This posses a threat to global financial unity. As many countries are under banked. At the height of these challenges, came a pseudo human called Satoshi, who created what seems like 21st century wonders(bitcoin)

Satoshi is a real entity that can be a person, a group, an institute, any but it is not a bot or machine.

Bitcoin is created to bring the freedom with transactions for the global people and under-banked are one of them.

I am seeing in the future where BTC will become a unified currency for the whole world.

Bitcoin is a decentralized cryptocurrency. It will not become a global central currency. If you want to imply centralization by the word central. If your implication is a main cryptocurrency, it is in many years. Bitcoin price affects the all crypto market because it is a biggest cryptocurrency.

Bitcoin is the less speculative cryptocurrency (altcoins are more speculative because they are pump and dump assets). You are too optimistic if you think Bitcoin will be a unified currency on Earth.

It is a main crypto, a leader of this market, a game changer for the world but not an unified one.

[dkbit98]

Governments around the world would never allow Bitcoin to become world central currency but there is possibility that many countries will use it as hedge and backup asset same way like they are holding gold.
With current situation it would be impossible for everyone to use Bitcoin on main chain because it would create astronomical fees and big transaction delays, and only hope for this would be with some second layer solution.
Governments and rulers are looking more and more like dictators for whatever reasons and excuses they have, and they wouldn't want to use any currency they can't control or increase supply.
I think that if majority of people want to use Bitcoin in future there is nobody who could stop that despite all their regulations, bans and restrictions.

[BlackHatCoiner]

I am seeing in the future where BTC will become a unified currency for the whole world.

You've been blinded from your enthusiasm, but that's okay, as long as you understand where you're wrong. Bitcoin can't become the “unified” world currency, because the world is consisted of states where societies are built in. Realistically, a state can't operate by using Bitcoin, because it can't control it. On the capitalistic age we're now living, money has to circulate. I don't say that governments behave properly with their reserve currency, I just define how a state should work, so the society can do too.

The way Bitcoin inflates makes you not want to spend it, but keep it, because in the future, it'll worth more! But, basically, a state cannot adopt it, because it can't control it, not just for the inflation.

I see Bitcoin as the Gold 2.0 that functions better than it.

[mrongoz22]

bitcoin will forever be bitcoin, because if we change bitcoin to world currency, everything will fluctuate ,, coins will still be bitcoin for the people, as long as bitcoin is still like this people can still benefit, but if bitcoin is used as an currency, people's income in bitcoin will definitely decrease ..

[Vishnu.Reang]

Of course it's not. It's really volatile and i don't think it's gonna radically change. And it's decentralization will not allow it too.

Obviously no one in their right mind would think that Bitcoin will become the reserve currency of the world. But the reasons are not the ones pointed by you. Volatility is an issue with cryptocurrency, but it will reduce with expanding user base. The real reason is that Bitcoin is protected against inflation, unlike the fiat currencies. And this pose a problem for the governments, as they can't print money in unlimited quantities (and then steal most of it). And this is the reason why they removed the gold standard many years back.

[Ebede]

However, Ethereum will become the world central digital currency and all the defi will control the financial and taxation systems.

Please, I would like you to expanciate on how you believed that Ethereum can be world's central digital currency but Bitcoin cannot.
Through more light on the defi system regulating or controlling the taxation system.

[20kevin20]

No. Governments want control, not freedom. This gives you a pretty good answer to your question: if they want to have BTC as a central currency, they'll want to somehow centralize it. So better not..

[Coyster]

The world can't even have one unifying currency, for that to happen, there will basically have to be one single government controlling the entire world, which in the first place is not possible, and even if it's possible (which isn't) for there to be just a single currency, then there's no way that currency is going to be a decentralized one like Bitcoin; control is something that's indispensable for the government, but with Bitcoin, the said control, and freedom as well is with every single user.

[Asuspawer09]

At a time when the world is clamouring for peace and unity among the countries of the world- developed and developing.
There is a major limitation, which is the different currencies of the countries. These fiat currencies are controlled by different policies and economic situations of their different countries.
This poses a threat to global financial unity. As many countries are underbanked. At the height of these challenges, came a pseudo-human called Satoshi, who created what seems like 21st-century wonders(bitcoin)

From 2009 till date, bitcoin suffered too many set back, ranging from disbelief to doubt about its future.
But 10 years down the tunnel is a great improvement and acceptance of the first cryptocurrency - bitcoin.
The huge acceptance leads to the creation of several altcoins.

Now many countries are willing to involve in the cryptocurrency world  despite some restrictions in some countries because according to an African adage "No one knows the Goose that will lay the golden egg".
I am seeing in the future where BTC will become a unified currency for the whole world.

Probably it's not going to happen because even though it is a top cryptocurrency there is still a lot of weakness when it comes to bitcoin.

Obviously, countries' world central currency is not gonna the world since bitcoin is not centralized, countries can not use only one currency since different countries have different values when it comes to goods, etc. It's better for bitcoin to stay to what it is today since we could already use it to make transactions all over the world.

Bitcoin technology is not that great if we are going to use it as a world currency, bitcoin can only process 3 transactions per second, and if you compare that to other altcoins like Ethereum or Solana 3 transactions per second is slow.

[Sterbens]

I think Btc doesn't need to be the center of the world's currency, because it can't be used as a fixed value and will have a very ineffective impact on people outside of crypto users. Btc is enough as an investment tool and also as a trading coin. Btc has become this great without the need to take over the world's finances, because then we still deserve to be considered as investors rather than having to follow ambitions which will not have a good impact on the value and image of Btc as a future asset. Btc should not be controlled, while the world's central money is easy to control. so we don't agree.

[irsykes]

Really small chance it can replace fiat. At least my opinion have a little hope in it beside said impossible bitcoin can replace fiat to be world central currency. Beside a lot of reason why fiat will be used from regulation until flexibility to used anytime, bitcoin as investment actually already good. We still can use it as currency like to send money all over the world, but to purchase something,maybe fees can be a little problem at first.

[avikz]

Frankly speaking, I don't see this happening ever. World leaders wouldn't allow a generic currency system without a controller, become the central currency of the world. There will be corporates who might add bitcoin into their cash reserve, but definitely not on a government level.

World leaders wouldn't allow some unknown miners to produce their reserve currency. This might happen if only government starts controlling 100% of the mining operations. Otherwise, don't even think about it!

[asyakashi]

I don't think bitcoin at any time will be central. That's why the government can't completely replace bitcoin. If bitcoin becomes central around the world, how people lose access to their wallets, to whom they complain, it will be completely lost in the system.

[Vishnu.Reang]

I don't think bitcoin at any time will be central. That's why the government can't completely replace bitcoin. If bitcoin becomes central around the world, how people lose access to their wallets, to whom they complain, it will be completely lost in the system.

If you want a centralized system with Bitcoin, then it is really simple. You can store your coins in an exchange wallet, or in your PayPal account. If someone hacks into these wallets and your coins are stolen, then PayPal will reimburse the amount. But the negative here is that you will not have access to the private keys. Someone else is storing the coins on your behalf, and it goes against one of the basic principles of cryptocurrency. But then, I need to admit that there is a large section of users who prefer this route. They don't want to store coins on their own (mostly the less tech savvy users).

[Shenzou]

Bitcoin was never and will never be meant to be a currency that could be used as a major currency, and that is due to the fact that it is decentrelized and cannot be controlled by governmments even if they wanted to, and if you ask anyone who has been using bitcoin for some time the reason it was created you would know, if you look at the current state of any currency that is controlled by a government you would see that it went through a lot of manipulation and inflation and they keep on priniting more just because they can, which is why bitcoin is diffrent and can not be used as a major currency.