Bitcoin as a "Global Unit of Account"?

[GeorgeJohn]

Have your ever imagined a world where Bitcoin is the predominant currency for mainstream payments? A world where Fiat no longer exists as people rely on Bitcoin as a global unit of account. That means, people will no longer value things based on Fiat, but rather Bitcoin itself. You would pay for things directly on Bitcoin (for instance 0.000025 BTC for a cup of coffee) without the need to worry about its current exchange rate (or price) relative to Fiat. If that happens, then Bitcoin will "stabilize" effectively proving its use as digital cash. With a country like El Salvador adopting Bitcoin as legal tender, we may be one step closer to "hyperbitcoinization".

Do you think it's possible Bitcoin will become a "global unit of account" in the future? If not, why? What would a world without Fiat really look like? Your input will be greatly appreciated. Thank you.

It's possible for something of such nature to come in existence, only thing involves and also hindering it, is the time frame. because the tendency Bitcoin have secured height is showing evidence that in twenty years time bitcoin can be use to purchase road side materials very easy, because the rate of it inflation is at higher rate, which no average citizens of any country that doesn't know bitcoin, but in another hand, nothing can make Bitcoin eliminate Fiat currency totally no matter it's influence to the countries, fiat remain the pioneer of any other currencies.

[Abiky]

I do not know if the world is ready to sacrifice their "precious" Fiat currencies and to replace it with something that are not under their control. Every country value their local Fiat currencies and they do anything in their power to manipulate it's value to attract other countries to use it.

The US Dollar has lost most of it's value, but it is manipulated to reflect a image that it is very stable and also very strong. This is why a lot of countries are using it as a Global Reserve currency. 

You might be right. Governments wouldn't give up Fiat that easily, especially when they'll lose control over people's lives. Something they can't manipulate to their own will, would strip them off the economy. For this and many other reasons, it's very unlikely Fiat will disappear in the future. Bitcoin may be a good, decentralized alternative to Fiat, but it won't be able to become the "global unit of account" if Fiat is still in play. As long as governments have their own Fiat currencies, Bitcoin won't be going anywhere.

I think there's no need to worry about this, since Bitcoin wasn't made to replace Fiat in the first place. It does its job pretty well as a decentralized financial system anyone can use worldwide. With how things been going lately, it looks like Fiat and crypto will co-exist for generations. Just my thoughts

[panukurap]

I don't think crypto or Bitcoin will be a global unit account. Many countries still have not legalized Crypto, surely the government in it will not easily give up on crypto and eliminate fiat. If fiat is replaced by crypto I also feel sorry for those who are still technologically stuttering to their parents. We all have to deal with things like this well, don't get emotional.

[wemakereview]

Have your ever imagined a world where Bitcoin is the predominant currency for mainstream payments? A world where Fiat no longer exists as people rely on Bitcoin as a global unit of account. That means, people will no longer value things based on Fiat, but rather Bitcoin itself. You would pay for things directly on Bitcoin (for instance 0.000025 BTC for a cup of coffee) without the need to worry about its current exchange rate (or price) relative to Fiat. If that happens, then Bitcoin will "stabilize" effectively proving its use as digital cash. With a country like El Salvador adopting Bitcoin as legal tender, we may be one step closer to "hyperbitcoinization".

Do you think it's possible Bitcoin will become a "global unit of account" in the future? If not, why? What would a world without Fiat really look like? Your input will be greatly appreciated. Thank you.

I think it is far from reality at least now and in the near future. Bitcoin is more a property that people invest in.

[oHnK]

I think there's no need to worry about this, since Bitcoin wasn't made to replace Fiat in the first place. It does its job pretty well as a decentralized financial system anyone can use worldwide. With how things been going lately, it looks like Fiat and crypto will co-exist for generations. Just my thoughts

BTC and fiat will find it difficult to coexist because of their contradictory and contradictory nature so that the pattern that has the same goal, namely as a transaction medium, has differences in each pattern that is built.  BTC is indeed able to compete, obviously.  However, as long as the government is in power and disturbed by the habits regulated in the law.

[Vaskiy]

Everything valued in terms of bitcoin, setting it to be the primary currency won't happen soon or in the future for few reasons.

• Global adoption of bitcoin is found to be less than 3%
• The adoption and the increased usage is found in limited locations. It needs to change
• Every country need to legalize cryptocurrency usage, which won't happen for now
• Bitcoin is much preferred for profit making (investment, holding, trading purpose)
• People are not much interested using it on real world needs
• It is always preferred as an alternate to fiat, where fiat usage needs a series of procedures for a transaction

[Abiky]

I don't think crypto or Bitcoin will be a global unit account. Many countries still have not legalized Crypto, surely the government in it will not easily give up on crypto and eliminate fiat. If fiat is replaced by crypto I also feel sorry for those who are still technologically stuttering to their parents. We all have to deal with things like this well, don't get emotional.

It's a fair point. I mean, how can Bitcoin become Fiat's successor if it isn't recognized as legal tender? At least, one country (El Salvador) decided to "break the ice". It'll be up to other countries (especially developed ones) to do the same in order to help make "hyperbitcoinization" a reality.

I think it's very unlikely Bitcoin will become the "Global Unit of Account" simply because Fiat is still a dominant force in our economy. Banks are relevant these days even with crypto/blockchain tech in play. They will eventually adapt themselves to the latest trends in the Fintech space, as they phase out paper money for good (in exchange for CBDCs). Bitcoin will only remain as an alternative to the existing banking system because of its decentralized and censorship-resistant design. I'm fine with that as long as people are able to obtain financial freedom. Just my thoughts