Will BTC be used as a world currency??

[bustabitsboy]

Citing the cases of El Salvador, Central African Republic, Panama and others who are looking to adopt the currency, is it possible to unite the world by using BTC as a world currency??

Very possible, when you come to the understanding that bitcoin is a digital decentralized currency which means that it is not tied to a particular region, country or nation, everyone can make the use of bitcoin in performing their daily transactions, making of payment as it is a currency that does not follow the fiat currency pattern, it does not devalue against another currency, its a global and acceptable means for making payments and a good asset for a store of value, its now anonymous to cap it all, the world as a whole already is familiar with the word bitcoin, it is the world most searched word on google,  many people across the globe key into making transactions, payment amd investment in bitcoin, and its building a strong resistive power in the economy considering the market capitalization amd volume.

Yes Yes! This is a wonderful invention of mankind. But it does not exclude fiat money. Fiat money cannot be replaced in the near future. The national currency must be backed by something, but this is not the case with bitcoin. As an alternative means of payment, bitcoin is well suited, but not the main one.

[monineklutak]

Citing the cases of El Salvador, Central African Republic, Panama and others who are looking to adopt the currency, is it possible to unite the world by using BTC as a world currency??

Very possible, when you come to the understanding that bitcoin is a digital decentralized currency which means that it is not tied to a particular region, country or nation, everyone can make the use of bitcoin in performing their daily transactions, making of payment as it is a currency that does not follow the fiat currency pattern, it does not devalue against another currency, its a global and acceptable means for making payments and a good asset for a store of value, its now anonymous to cap it all, the world as a whole already is familiar with the word bitcoin, it is the world most searched word on google,  many people across the globe key into making transactions, payment amd investment in bitcoin, and its building a strong resistive power in the economy considering the market capitalization amd volume.

Yes Yes! This is a wonderful invention of mankind. But it does not exclude fiat money. Fiat money cannot be replaced in the near future. The national currency must be backed by something, but this is not the case with bitcoin. As an alternative means of payment, bitcoin is well suited, but not the main one.

Besides that I don't think it will be that easy to replace fiat money,
indeed fiat money seems obsolete but I'm pretty sure it will always be there,
especially when talking about world currencies it will be more difficult to make it happen and we'll see what will happen to Bitcoin

[Wong Gendheng]

Now several countries have officially legalized bitcoin, this makes us worthy of optimism that one day bitcoin can become an international currency, but what I think is a big problem is the transaction fees are very expensive, if it becomes an international currency of course the transaction volume can be 1 million times more bigger than now and how much is the transaction fee?

[AicecreaME]

The central organization together with the government won't approve it. This is because they don't trust bitcoin and other crypto coin as much as they put their hopes in dollar. Many people still perceive bitcoin to be the nest of majority of illegal activities and therefore, it is tainted in the eyes of many. If majority of the population won't have trust on bitcoin, it is clear that it won't be a world currency. We can only hope and be optimistic about it, but I doubt we'll even get near to it. Not to smash your hope, but I'm just stating the truth here.

In addition, bitcoin transaction requires fees and processing time. If it were to be a world currency, how do you think the blockchain network would accommodate everyone all at the same time? This is one of the major problems regarding bitcoin. During its peak season, the traffic is very evident leading to delayed to cancelled transaction oftentimes.

Before we aspire in this kind of  level, let us assure first that there would only be minor inconveniences to the part of those who will also use it. Let's not push it without an organized plan laid down so that people won't be disappointed and feel that we failed them due to incompetent processing.

[arwin100]

Citing the cases of El Salvador, Central African Republic, Panama and others who are looking to adopt the currency, is it possible to unite the world by using BTC as a world currency?? In 2018, the then CEO of Twitter, Jack Dorsey, expressed a belief that Bitcoin could be embraced as a world currency in the next 10 years.  https://www.prescouter.com/2018/11/will-bitcoin-be-the-worlds-single-currency-in-10-years/

Its possible but the chances are so slim since if you look at the volatility this one will give huge doubts to the people who use it as well to the government. And maybe they will not risk their reserves for bitcoin because its hard to go on good situation if we see bear market season which is already happening. I believe many people are in fear right now and if government do historical study for sure this high risk volatility will be the number one reason why they will not choose bitcoin.

[raidarksword]

It would be a dream for a BTC to become a world currency but it not replace the fiat system we currently using right now. The adoption is strong for bitcoin to be adopted as one of the currency in the future that to be used by all people. Few more years to come I believe that bitcoin will have its thrown for people to adopt and use as a payment system worldwide. Patience is the key to obtain these goals.

[ShowOff]

Citing the cases of El Salvador, Central African Republic, Panama and others who are looking to adopt the currency, is it possible to unite the world by using BTC as a world currency?? In 2018, the then CEO of Twitter, Jack Dorsey, expressed a belief that Bitcoin could be embraced as a world currency in the next 10 years.  https://www.prescouter.com/2018/11/will-bitcoin-be-the-worlds-single-currency-in-10-years/

I didn't dream that bitcoin would become a global currency adopted by all countries in the world, especially regarding legal tenders so I think bitcoin is still quite difficult to expect to become a reality. Will the world change and the rules and regulations will also be friendly to bitcoin? It's possible, but I don't think it will happen verry soon.

We know adoption is growing everywhere and we continue to know that some countries have declared bitcoin as legal tender, but of course it will be very difficult to see 20-30% of countries in the world will adopt bitcoin in the next 10 years as a legal tender. It took a long time to reach that percentage, so I don't think it will happen in the next 10 years.

[serjent05]

I always believe that Bitcoin can be used as an alternative but I don't think it to be used as an official world currency to replace USD.  One of the reasons why I don't think it can be used as a world currency is the coin distribution.  We all know that only a few hold the majority of Bitcoin and I believe that if ever BTC becomes the world currency, the world economy will be in turmoil.   Aside from that developed countries will more likely vouch for their own currency to be used as the world currency than a decentralized cryptocurrency.

Its possible but the chances are so slim since if you look at the volatility this one will give huge doubts to the people who use it as well to the government.

I don't even think even a slim chance that Bitcoin will be the world currency replacing USD but just an alternative, it is highly possible.

And maybe they will not risk their reserves for bitcoin because its hard to go on good situation if we see bear market season which is already happening. I believe many people are in fear right now and if government do historical study for sure this high risk volatility will be the number one reason why they will not choose bitcoin.

It isn't the bear market or price volatility these governments are warry of but the manipulation of the market/economy by these few Bitcoin whales.

[Joshapat]

At present the Bitcoin community has spread in almost all countries, maybe the thing that is still disturbing is the number of countries that are banned Crypto, in my country now implementing taxes for all withdrawal transactions to banks, but the government says that crypto is still prohibited.

[KingsDen]

Everything is possible, but what matters is the range of possibilities.
As I always say, the bitcoin we know today will not be the same bitcoin is 20 years to come. The foundation will remain blockchain but there's going to be changes in bitcoin. From mining methods to scalability.
Crypto is still in it's early stage and it's making wave already. It's in finance, in sports, in arts etc. This is an evidence that bitcoin will evolve into what we cannot presently imagine.
If bitcoin undergoes these changes and becomes fine and near perfection, it could serve as an alternative currency to many nations. Yet, fiat will continue to exist.  Fiat and bitcoin can exist together, and work for the betterment of the people. That will be a true definition of liberty that Satoshi proposed.

[Falconer]

At present the Bitcoin community has spread in almost all countries, maybe the thing that is still disturbing is the number of countries that are banned Crypto, in my country now implementing taxes for all withdrawal transactions to banks, but the government says that crypto is still prohibited.

The government is still quite comfortable and confident with its traditional fiat financial system and it is still very difficult to adopt bitcoin as a new, more modern and more secure payment system with a good level of privacy compared to fiat. The same is also happening in my country where every sale (swap crypto to fiat) will be taxed but the government still prohibits crypto to be used as legal tender. Anything might happen in the future, but it might be hard to expect it to happen in the next 10-20 years.

As a crypto community, I don't really care why the government doesn't legalize crypto as a legal tender, but the problem is when the government wants to instigate crypto (generally bitcoin) as an asset that has a negative impact on the country's economy and is used in many illegal action. I don't agree with the last two points because they make absolutely no sense considering by far the most likely to blame is not bitcoin but the people who abuse it.

[Abiky]

Citing the cases of El Salvador, Central African Republic, Panama and others who are looking to adopt the currency, is it possible to unite the world by using BTC as a world currency?? In 2018, the then CEO of Twitter, Jack Dorsey, expressed a belief that Bitcoin could be embraced as a world currency in the next 10 years.  https://www.prescouter.com/2018/11/will-bitcoin-be-the-worlds-single-currency-in-10-years/

One thing for sure is that countries are gradually adopting Bitcoin as legal tender. But there's a long road ahead before we can say it'll become a world currency. Knowing that governments are reluctant to abandon the old Fiat system, I'd say this is very unlikely to happen anytime soon. Bitcoin will never be a replacement of Fiat because of the way it was designed. Decentralization goes against governments' desires to control the economy towards their favor.

Since Bitcoin serves more as an alternative than a replacement of Fiat, it's likely we'll see countries making use of both currencies (Fiat and Bitcoin) for their own benefit.  Who knows how adoption for Bitcoin will look like in the next 10 years? Just my opinion

[Vaculin]

It might stay as an asset for a very long time. I'd suggest you swallow that truth first and just be surprised in happiness if ever Bitcoin will come the world's currency. It had been battling to exist in this world while others are trying to erase it, perhaps we should start with that.
Not that I doubt Bitcoin's capability of being adopted by small countries but it is the human mind that I doubt to accept it.
The belief about a physical money is still clinging to the brains of the people. Traditional way of trading money for food or other things with the use of a paper, plastic or a metal. That cannot be easily erased.

Bitcoin will only be a world currency if the government sees it, not on how we see it. Otherwise, they will remain an asset for a long time. However, some of the small countries have adopted bitcoin as a legal tender, if they can influence big countries, i guess that will mark the possibility for bitcoin to become a global currency. Bitcoin have become mainstream, so let's see what's the next big thing to happen for bitcoin.

[yawars20]

The ideology of Behind BTC from the start is to make it a digital currency which can be used globally but it doesn't mean that it can be the only choice we had.
Basically BTC provides the idea and technology witch can be use to creating new paths for coming technologies.  But one thing is clear as time progress, sooner or later we can only depends upon digital currency more and BTC  already payed a big role to achieve this.  

[Dunamisx]

The ideology of Behind BTC from the start is to make it a digital currency which can be used globally but it doesn't mean that it can be the only choice we had.

for now it is, you may try to suggest USD maybe that's the only most acceptable currency in the world but am telling you bitcoin has gone far beyond that, because USD is tied to a particular country US, bitcoin is global and decentralized, whereas you can't as well afford to go with other cryptocurrencies aside bitcoin because they are not really strong as you've expected and bitcoin is the only cryptocurrency that has been a good source of an investment asset.

Basically BTC provides the idea and technology witch can be use to creating new paths for coming technologies.  

Bitcoin has the invention of the blockchain technology in which other  cryptocurrencies follows, they drop massively whenever bitcoin experience a little dip in price, in a conclusion, we could deduct that base on what's happening, bitcoin is the future of other cryptocurrencies and they all depends on the dictate of what it gives or follow for them to as well make progress.

[ajochems]

Already bitcoin was used as the world currency like a dollar.Because people from various countries was using the bitcoin as the mode of the transaction.The world currency means,the same coin is used all over the world.Actually it’s true in the sense of the bitcoin.Even bitcoin was using in the country,where bitcoin was announced as the illegal one.So bitcoin is the World currency.

[jootn2kx]

Bitcoin is unfit for the role of global currency. Firstly, its potential global adoption will be vehemently resisted due to the environmental concerns associated with PoW mining. Secondly, it's the volatility - the global currency needs to be more or less reliable and not swinging like a baseball bat. Lastly, comprehending prices for some cheap goods in sats with all those zeroes is honestly too hard.

[Fatunad]

Citing the cases of El Salvador, Central African Republic, Panama and others who are looking to adopt the currency, is it possible to unite the world by using BTC as a world currency?? In 2018, the then CEO of Twitter, Jack Dorsey, expressed a belief that Bitcoin could be embraced as a world currency in the next 10 years.  https://www.prescouter.com/2018/11/will-bitcoin-be-the-worlds-single-currency-in-10-years/

Everyone could really have their own opinion and speculation towards bitcoin.Yes, it had been adopted and been make it as a legal tender example is El Salvador but the next country adoption on making it as a legal tender would really be still in question.Lets just took for example on the current downtrend on which this would be the primary in concern of those countries or places whom do really recognize its potential
but of course the risk is really still there which it wont really assure that it would be always ending up on positive approach.

[Scripture]

Citing the cases of El Salvador, Central African Republic, Panama and others who are looking to adopt the currency, is it possible to unite the world by using BTC as a world currency?? In 2018, the then CEO of Twitter, Jack Dorsey, expressed a belief that Bitcoin could be embraced as a world currency in the next 10 years.  https://www.prescouter.com/2018/11/will-bitcoin-be-the-worlds-single-currency-in-10-years/

It can be an option aside from Fiat money and seriously, we are slowly getting there so its possible that many countries will start to legalized Bitcoin and treat it as a legal tender. Bitcoin continues to rise and prove its importance in the market, many people loves the decentralized system and that makes Bitcoin stand out compare to other currency. We are on a bear market right now but still the adoption is there, so what more when the market rise again for sure they come here and have some BTC.

[Finestream]

Citing the cases of El Salvador, Central African Republic, Panama and others who are looking to adopt the currency, is it possible to unite the world by using BTC as a world currency?? In 2018, the then CEO of Twitter, Jack Dorsey, expressed a belief that Bitcoin could be embraced as a world currency in the next 10 years.  https://www.prescouter.com/2018/11/will-bitcoin-be-the-worlds-single-currency-in-10-years/

Knowing bitcoin has been mainstream nowadays, adopting bitcoin as a world currency is possible. But it will take lot of years before it will happen and maybe by that time, the government has change its concept about bitcoin, and learn to be open minded on what positivity bitcoin could bring. Otherwise, bitcoin will only remain as an asset in most parts of the world.