2021-07-10 Btc Mag - The Inevitability Of Bitcoin Supremacy

[acquafredda]

Bitcoin has risen from the dead so many times, it makes Lazarus look lazy. Yet its doubters persist: “Bitcoin is a bubble,” they say; a “risky speculation with little chance of ever becoming an established form of money,” they shout.

But Bitcoin’s obituarists are not just mistaken: they are cast iron, copper-bottomed, 180 degrees wrong. Because Bitcoin’s success isn’t speculative, it’s a certainty. Or at least, as certain as anything can be in the world of finance.

https://bitcoinmagazine.com/culture/the-inevitability-of-bitcoin-supremacy

A very interesting read for your Sunday guys. Since I first read about Bitcoin I had this feeling of the inevitability of Bitcoin supremacy.
These days the El Salvador test could be the reason for Bitcoin to become the global reserve currency. After reading the Bitcoin Standard by Ammous I am convinced about that even more.

[zanezane]

If the test in El Salvador with bitcoin is successful with flying colors, we might see more countries following suit and making sure that the supremacy of bitcoin is really going to really happen.

[Lucius]

Personally, I don't like the story that the fate of BTC is in the hands of El Salvador, which will show whether it can be applied at the level of one country as a legal tender and what implications it will cause in other countries. And even if that story ends badly (and it should be accepted that there is that possibility as well), would that mean that Bitcoin failed some important test?

All these years Bitcoin has been evolving without the help of any government, without people like EM, or all those who take some false credit on themselves. Therefore, I do not pay too much attention to what is happening in a third world country that still has the US dollar as its official currency, and I believe that the American influence there is very strong - which means that any decision can be reversed as easily as it was made.

One sentence made me laugh a little though, does anyone really think that something like this could happen in reality?

There will be no big “Aha!” moment, when the Fed admits fiat was a mistake and starts converting to bitcoin.

[cryptomaniac_xxx]

^^ Just to add though, Japan and Australia have welcome bitcoin already way before El Salvador, but so far the argument that bitcoin can be a global reserve is still in question. So I doubt that just because El Salvador suddenly adopted it we will see an increase in adoption in the next coming years. It will be a long haul before government around the world will even talk about bitcoin being the main currency in trading and world economics.

[Miaallen]

Bitcoin supremacy is not limited to to just the Cryptocurrency world, its supremacy also cuts across major investments securities like stocks and also the payment sectors. People now believe more in Bitcoin investment and also as an acceptable medium of payment among those that understand the Cryptocurrency.

[acquafredda]

Personally, I don't like the story that the fate of BTC is in the hands of El Salvador, which will show whether it can be applied at the level of one country as a legal tender and what implications it will cause in other countries. And even if that story ends badly (and it should be accepted that there is that possibility as well), would that mean that Bitcoin failed some important test?

All these years Bitcoin has been evolving without the help of any government, without people like EM, or all those who take some false credit on themselves. Therefore, I do not pay too much attention to what is happening in a third world country that still has the US dollar as its official currency, and I believe that the American influence there is very strong - which means that any decision can be reversed as easily as it was made.

One sentence made me laugh a little though, does anyone really think that something like this could happen in reality?

There will be no big “Aha!” moment, when the Fed admits fiat was a mistake and starts converting to bitcoin.

In fact it is not Bitcoin that needs El Salvador but it is the other way round! 
The Bitcoin Supremacy reflects itself in the fact that bitcoin is a self-sustaining thing that does not need any government approval to work, get accepted and be used. Once again, to me is rather the opposite thing but I believe that especially 3rd world countries could benefit from rendering bitcoin a legal tender and a reserve currency (substituting the USD)

[buwaytress]

El Salvador will be a test, but not the litmus test. As a reminder, dollar supremacy test there failed, but that didn't spell the dollar's doom in other countries adopting it since (thinking of at least one country in 2011 that did, where USD continues to reign in the black market far above its own pound).

Predictions of Bitcoin supremacy, however plausible or not, are only a matter of curiosity for me, as we won't live long enough to see US dollar get thrown out. Displaced by yuan maybe, but only to take 2nd place.

[Lucius]

In fact it is not Bitcoin that needs El Salvador but it is the other way round! 
The Bitcoin Supremacy reflects itself in the fact that bitcoin is a self-sustaining thing that does not need any government approval to work, get accepted and be used. Once again, to me is rather the opposite thing but I believe that especially 3rd world countries could benefit from rendering bitcoin a legal tender and a reserve currency (substituting the USD)

It is true that Satoshi did not ask for any permission to start Bitcoin, nor do you as a private person have to ask for permission to use it in a way to make a transaction with anyone at any time. But all of the above depends very much on how a government treats it, because if we take the example of China can we talk about the supremacy of Bitcoin in that context?

Countries like El Salvador may try to use Bitcoin to their advantage, but what if at some point the US decides to declare Bitcoin illegal? I don't even want to think about the negative consequences that would have for Bitcoin, even though it wouldn't mean an absolute end - but let's not fool ourselves about who has the real power - Congressman Sherman once said that Bitcoin is still a small baby, and small babies are a danger only to themselves and they should be treated as such.

[cr1776]

Bitcoin has risen from the dead so many times, it makes Lazarus look lazy. Yet its doubters persist: “Bitcoin is a bubble,” they say; a “risky speculation with little chance of ever becoming an established form of money,” they shout.

But Bitcoin’s obituarists are not just mistaken: they are cast iron, copper-bottomed, 180 degrees wrong. Because Bitcoin’s success isn’t speculative, it’s a certainty. Or at least, as certain as anything can be in the world of finance.

https://bitcoinmagazine.com/culture/the-inevitability-of-bitcoin-supremacy

A very interesting read for your Sunday guys. Since I first read about Bitcoin I had this feeling of the inevitability of Bitcoin supremacy.
These days the El Salvador test could be the reason for Bitcoin to become the global reserve currency. After reading the Bitcoin Standard by Ammous I am convinced about that even more.

Good find!  Thanks for posting it.  They are right, since 2010 I can't count the number of times I've read bitcoin was a ponzi, scam, dead etc.  

The more the insane control freak politicians and their followers want to be able to control and seize the products of people's lives, the more important things like bitcoin become to protect oneself and one's family.

"Move wealth through time. " - e.g. protecting it from authoritarians and the ravages of inflation.

[acquafredda]

Bitcoin has risen from the dead so many times, it makes Lazarus look lazy. Yet its doubters persist: “Bitcoin is a bubble,” they say; a “risky speculation with little chance of ever becoming an established form of money,” they shout.

But Bitcoin’s obituarists are not just mistaken: they are cast iron, copper-bottomed, 180 degrees wrong. Because Bitcoin’s success isn’t speculative, it’s a certainty. Or at least, as certain as anything can be in the world of finance.

https://bitcoinmagazine.com/culture/the-inevitability-of-bitcoin-supremacy

A very interesting read for your Sunday guys. Since I first read about Bitcoin I had this feeling of the inevitability of Bitcoin supremacy.
These days the El Salvador test could be the reason for Bitcoin to become the global reserve currency. After reading the Bitcoin Standard by Ammous I am convinced about that even more.

Good find!  Thanks for posting it.  They are right, since 2010 I can't count the number of times I've read bitcoin was a ponzi, scam, dead etc.  

The more the insane control freak politicians and their followers want to be able to control and seize the products of people's lives, the more important things like bitcoin become to protect oneself and one's family.

"Move wealth through time. " - e.g. protecting it from authoritarians and the ravages of inflation.

True, I have the feeling that Bitcoin is massively underestimated and dismissed as a kind of "insurance policy" for the future: protects you from government oppression, inflation, unfair taxation, banking embargo etc.
Not grasping these very elementary foundations of bitcoin do not allow people to understand its true great potential. Those who saw this now enjoy their benefits already.
The nicest thing, going back to El Salvador, is that not only individuals can leverage bitcoin that way but also nation states!

[aoluain]

It is seen as difficult to break ranks from the established FIAT based financial system and
the vast majority of financiers and officials will continue to  speak negatively of Bitcoin out of
ignorance and to keep in with their peers to be seen as doing the "right thing".

El Salvador is the exception, they seem to be actively incorporating Bitcoin into its citizens
lives. This is a step further than just accepting Bitcoin as a currency and leaving at that.

I'm sure the global finance industry is keeping an eye on El Salvador's progress, they are on their
own so its interesting how they are going to implement complicated financial systems into a
dual currency scenario.

Tax, Interest, currency exchange, pensions, investments on a digital currency which could be
valued at double its current value in the next quarter.

[davis196]

This article is written by a fanatical Bitcoin believer.
I don't think that it is inevitable for Bitcoin to become a global currency.Bitcoin will remain predominantly as a financial asset and the investors will keep viewing Bitcoin as an asset,rather than a currency.
I don't think that there will be a "one size fits all" type of currency,that will dominate the world in the near future.
The multi-currency system(both fiat and crypto) will continue to exist and there will be no total dominant.
The financial markets aren't a tournament or a contest,in which "only one will survive in the end".
Having diversity and competition is better than having only one currency and no choice left.

[acquafredda]

This article is written by a fanatical Bitcoin believer.
I don't think that it is inevitable for Bitcoin to become a global currency.Bitcoin will remain predominantly as a financial asset and the investors will keep viewing Bitcoin as an asset,rather than a currency.
I don't think that there will be a "one size fits all" type of currency,that will dominate the world in the near future.
The multi-currency system(both fiat and crypto) will continue to exist and there will be no total dominant.
The financial markets aren't a tournament or a contest,in which "only one will survive in the end".
Having diversity and competition is better than having only one currency and no choice left.

I do not see all the diversity and competition you talk about. Apart from, maybe, five interesting alternatives that in no way can replace bitcoin, all the rest of altcoins is pure noise (to avoid worst comments).
Bitcoin could easily become the one size fits all coin. There is layer 1, which you should now, there will be several second layers on top of that which are going to enable all the smart contracting functionalities that the market wants.
On the other hand, Bitcoin could easily become the last coin standing. We shall see.

[cr1776]

This article is written by a fanatical Bitcoin believer.
I don't think that it is inevitable for Bitcoin to become a global currency.Bitcoin will remain predominantly as a financial asset and the investors will keep viewing Bitcoin as an asset,rather than a currency.
I don't think that there will be a "one size fits all" type of currency,that will dominate the world in the near future.
The multi-currency system(both fiat and crypto) will continue to exist and there will be no total dominant.
The financial markets aren't a tournament or a contest,in which "only one will survive in the end".
Having diversity and competition is better than having only one currency and no choice left.

Competition is great, but many of the alts are just junk.  They don't have much security or anything to add to bitcoin.  There are certainly a few that have some interesting features - e.g. true anonymity, smart contracts etc, but those are coming to bitcoin. 

The biggest point though is that out of all of the alts, there are none that are as secure because none have the non-centralized developers, non-centralized miners and non-centralized nodes/user base.  Will there be something that eventually has that?  Maybe, but having one person or one small group of people basically in charge of the code is an awful idea given the number of people worldwide who want to control crypto in general.

[stompix]

These days the El Salvador test could be the reason for Bitcoin to become the global reserve currency.

If the test in El Salvador with bitcoin is successful with flying colors, we might see more countries following suit and making sure that the supremacy of bitcoin is really going to really happen.

And if in 3 months once everyone in Salvador has spent is 30$ airdrop money we see no further adoption would that mean Bitcoin is a failure?
I don't understand this fixation about Bitcoin's success coming from small dirt-poor nations who on a larger global scale mean nothing, is anyone seriously thinking Salvador will be a model for other nations when it's a 6 million island with an economy reliant on tourism and remittance?
It's like Japan planning its road network based on what Andorra is doing.

Bitcoin will never become a reserve currency if not the ones deciding what's a global reserve currency embrace it.
Salvador, Venezuela, Nigeria, no, no matter how much it will hurt for those users living there, nope, globally your countries don't count, even mine isn't alone but on the whole, the EU does, if they say no Salvador can...eh! If the US says no, the same!

The real test is far far away, we've seen how long ago Japan approve it just as legal tender and how it took for others barely to replicate the move and no progress from that step on. Who thinks that a country of 6 million who next year might have a completely different government as the current one is assassinated will be the pivot in this change is simply dreaming.

Countries like El Salvador may try to use Bitcoin to their advantage, but what if at some point the US decides to declare Bitcoin illegal? I don't even want to think about the negative consequences that would have for Bitcoin, even though it wouldn't mean an absolute end - but let's not fool ourselves about who has the real power

We'll be going back to 100$, but it will be good for bitcoin! /s

[Kong Hey Pakboy]

This article is written by a fanatical Bitcoin believer.
I don't think that it is inevitable for Bitcoin to become a global currency.Bitcoin will remain predominantly as a financial asset and the investors will keep viewing Bitcoin as an asset,rather than a currency.
I don't think that there will be a "one size fits all" type of currency,that will dominate the world in the near future.
The multi-currency system(both fiat and crypto) will continue to exist and there will be no total dominant.
The financial markets aren't a tournament or a contest,in which "only one will survive in the end".
Having diversity and competition is better than having only one currency and no choice left.

But even though it was written by a fanatic, you still believed with what they were saying in their article. I disagree about not having a one size fits all currency for everyone because if we were to force it and have the people around the world comply, they will eventually accept the idea. Look at EU, they were able to make Euro throughout the continent.

[Lucius]

We'll be going back to 100$, but it will be good for bitcoin! /s

I hope some newbie won’t take this as financial advice

At least most of them could then afford to buy 1 BTC and then hope that in x years they will sell the same for xx, xxxx - and that would be a real drama that would surely enter the Guinness Book of Records. Still, I don't think our rocket will end up with its nose down


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