Can Bitcoin become a global currency ?

[reemkey]

A wide range of virtual currencies have emerged over the past decade, such as Bitcoin, Lite Coin, PeerCoin, Aurora coin, Dogecoin, and Ripple. The most important of these is Bitcoin.

In fact, this article allows to analyze the functionalities of Bitcoin as a new world currency, as well as its characteristics which can hinder its use as a medium of exchange, unit of account and store of value by comparing Bitcoin to standard currencies.

Since its introduction in 2009, Bitcoin has also been characterized by a significant increase in the number of transactions and market capitalization, which exceeded 5 billion US dollars in 2015.

This leads to extreme price volatility of Bitcoin against currencies. standards. In order to understand the reasons for such price fluctuation, the authors try to identify the factors of Bitcoin price formation.

 Ciaian, Rajcaniova and Kancs (2016) analyze time series using daily data for the period 2009-2014. They suggest that Bitcoin's attractiveness indicators and supply and demand function are the most powerful drivers of Bitcoin prices.

 On the other hand, macro-financial developments do not determine the price of Bitcoin in the long term. Thus, the authors find that Bitcoin price fluctuations are associated with speculative investment decisions.

According to what proceeds, Bitcoin will not be able to compete with standard currencies. So the question we can ask : can Bitcoin become a global currency?
check out https://roz-key.blogspot.com/2022/05/the-digital-agenda-of-virtual.html

[1714786351]

1714786351

[_act_]

Bitcoin is an investment, the reason many people are buying it and the adoption continues.

Some countries have legalize bitcoin as a legal tender, less than 15 countries in the world totally ban bitcoin as of present. If bitcoin is used in other countries of the world and also even so people in the countries that ban bitcoin are still using it, what currency can we call that? Global or local currency?

In my high opinion, the decentralization in bitcoin and its adoption makes it a global currency.

[bitmover]

According to what proceeds, Bitcoin will not be able to compete with standard currencies. So the question we can ask : can Bitcoin become a global currency?
check out https://roz-key.blogspot.com/2022/05/the-digital-agenda-of-virtual.html

Bitcoin is already a global currency.
Is it the most used ? No. Is it largely acceptable ? No, but its adoption is growing.

But if both parts want, it is easy to transfer bitcoin to anyone anywhere in the world.

I don't think bitcoin is competing with other currencies.  It is just an alternative, for people who wants more freedom and don't want to be exposed to governments agendas.

[noorman0]

The conditions for bitcoin to become a global currency are only awareness and trust, there is no need to expect a declaration of legality in each country. This is the same with gold which was recognized as a currency even long before the first constitutional era was formed.
Now you just have to look at the total capitalization of bitcoin and find out if that amount is not enough to call bitcoin a global currency.

[Plaguedeath]

Bitcoin doesn't really need to be accepted as legal tender like El Salvador did, Bitcoin only need all countries didn't ban it and allow it for anything e.g. hold, buy and sell without any limitations. This will encourage Bitcoin become a global currency when most people know what the purpose behind Bitcoin was created.

[BitMaxz]

Bitcoin is globally used as a cryptocurrency or digital money and since it's virtual money and there is no physical bitcoin you shouldn't call it a currency because it's a cryptocurrency.

And I think in some countries bitcoin is currently banned so it's not yet globally used. Maybe in the future, if bitcoin wasn't banned in all countries.

[SpenserReed]

Maybe in the future, if bitcoin wasn't banned in all countries.

Yes, maybe in the future, and maybe it won't be bitcoin, but it will certainly be cryptocurrency...

[Pesona1]

although I really want to see the world have one global currency (bitcoin) but I doubt if it will happen, because many aspects can indeed hinder the realization of bitcoin as an international currency, we know all along, if a country is judged to be very strong If you measure the influence of their currency in the world, it is impossible for a country like America and its allies to agree to bitcoin as a world currency because it will have an effect on currencies such as the dollar, euro or pound later, and that's why many of the world's central banks are reject bitcoin adoption all this time because they know the bad risks that will befall them if bitcoin adoption happens globally.

[Nrcewker]

Bitcoins are treated by the majority people as a digital asset not a currency.
Only few people treat it as a currency and use it to buy their daily required things.
Coming to the OP, then I guess Bitcoins cannot be ever be considered as a global currency.
In order to make it as a global currency, the government has to play an important role. But guess what no government can control or impose any law on Bitcoins.
Thanks to the decentralised nature of the coin, for which no one can rule on it.
So it’s really hard to make it something like a global currency.

[Upgrade00]

In order to make it as a global currency, the government has to play an important role. But guess what no government can control or impose any law on Bitcoins.

Bitcoin does not need government approval to be used as a currency globally, and a currency doesn't have to be a legal tender.

There are already so many examples of Bitcoin being used as a currency to purchase goods and services globally, it's not the most adopted as at now, but it certainly is being used.

[Rigon]

Bitcoin is a currency that people all over the world love to invest in.Bitcoin has gained popularity and legitimacy in almost all countries around the world. Although it is banned in a handful of countries, almost all countries are in favor of it However, in all the countries that have banned it, Bitcoin has been used and invested.Again, some countries are legally signing up to legalize Bitcoin.Then of course we can say that Bitcoin is a global currency.

[minime0105]

Bitcoin is a currency that people all over the world love to invest in.Bitcoin has gained popularity and legitimacy in almost all countries around the world. Although it is banned in a handful of countries, almost all countries are in favor of it However, in all the countries that have banned it, Bitcoin has been used and invested.Again, some countries are legally signing up to legalize Bitcoin.Then of course we can say that Bitcoin is a global currency.

When you say people all over the world love to invest in Bitcoin this means that people all over the world has supported the adoption of Bitcoin and it can be used as a legal tender but we have not seen the general acceptance yet. The popularity of bitcoin today is as a result of few countries that has accepted it as a means of payment and several countries that are yet to adopt it but her citizen still trade with bitcoin because of the freedom they see it. I believe for bitcoin to become a global currency the government of every country will have to accept bitcoin as a means of payment in each country.

[virtualdn]

I'm a big BTC supporter but I'm not keen on seeing it as a global currency. The whole idea of a single global currency is not very appealing to me, I think variety is good even when talking about money. I'd rather see BTC as an alternative for the fiat, not controlled by the governments.

[hyudien]

If you see now that everyone is aware of and using Bitcoin to exchange, pay, and many things to do with Bitcoin, it shows that Bitcoin has actually gone global. It's just that in the context of legal payments we obviously don't fully see it except in El Salvador. High volatility is also a form in which Bitcoin gives us more freedom.

As a simple example in this forum you can see the signature campaigns of users from different countries being paid in Bitcoin. That's what we have done and included in one example that Bitcoin as a global currency payment.

[BTCLND]

Obviously it can. L1 might be a bit difficult because of confirmation times and transaction fees; however, it's already forcing banks to evolve because of how Bitcoin works (no 9-5 wire transfers, cross-border payments, no chargebacks).

Once more L2 solutions pop up or even centralized apps (venmo, cash app, paypal), BTC can be the backbone for lot of payments.

[Fortify]

A wide range of virtual currencies have emerged over the past decade, such as Bitcoin, Lite Coin, PeerCoin, Aurora coin, Dogecoin, and Ripple. The most important of these is Bitcoin.

In fact, this article allows to analyze the functionalities of Bitcoin as a new world currency, as well as its characteristics which can hinder its use as a medium of exchange, unit of account and store of value by comparing Bitcoin to standard currencies.

Since its introduction in 2009, Bitcoin has also been characterized by a significant increase in the number of transactions and market capitalization, which exceeded 5 billion US dollars in 2015.

This leads to extreme price volatility of Bitcoin against currencies. standards. In order to understand the reasons for such price fluctuation, the authors try to identify the factors of Bitcoin price formation.

 Ciaian, Rajcaniova and Kancs (2016) analyze time series using daily data for the period 2009-2014. They suggest that Bitcoin's attractiveness indicators and supply and demand function are the most powerful drivers of Bitcoin prices.

 On the other hand, macro-financial developments do not determine the price of Bitcoin in the long term. Thus, the authors find that Bitcoin price fluctuations are associated with speculative investment decisions.

According to what proceeds, Bitcoin will not be able to compete with standard currencies. So the question we can ask : can Bitcoin become a global currency?
check out https://roz-key.blogspot.com/2022/05/the-digital-agenda-of-virtual.html

Bitcoin by it's very nature is a global currency, so it's a bit of a weird question to ask. Do you really mean, can Bitcoin become the reserve currency of the world and displace US dollars? No, would be the simple answer. It does not have the capacity to support the amount of transactions and is unlikely to ever do so. Maybe another crypto will come along in future, even Satoshi would not be so naive to think that it cannot be improved upon greatly - it was a test bed for this pioneering technology and we should always seek out the next innovation. It may continue to hold a place in the world similar to gold, however it needs to shake out some of the volatility first and find a more regular purpose.

[bitzizzix]

We will surely see this happen at some point because the world needs to be unified and global, global currency is logical and right now the best candidate is bitcoin which I think now bitcoin has become a global currency. As a small example, we are all here from different countries and use it, although it is still not fully accepted as a transaction tool and only an investment, but in the future there is a possibility.
and centrally controlled currencies cannot work for the whole world as the interests of different groups will clash while decentralized currencies like bitcoin have proven themselves and work on a global level.

[n0ne]

Bitcoin have the feature of getting changed to any traditional fiat through exchanges. This itself gives it the status of being an universal currency. The problem arises with the level of adoption as a currency, majority of the people around prioritise bitcoin as an investment than currency. Apart from being an investment and currency it has got different uses. The adoption is stagnant over specific region, and this needs to get widened. Only then we can state things happening around as real adoption of bitcoin.

[coupable]

Can Bitcoin become a global currency ?

It depends on what exactly you mean by the word global. If you mean that it is a global currency used by everyone, then it has been since it was launched, but this cannot in any way cancel out the rest of the classic currencies such as the dollar and the ruble.
Of course, there are proactive attempts by central powers to control this scenario before it occurs, such as the issuance of CBDC or the Chinese yuan, which will take an electronic form in parallel with its nature as a coin and paper. But of course, all attempts remain limited.

[Oceat]

Can Bitcoin become a global currency ?

It depends on what exactly you mean by the word global. If you mean that it is a global currency used by everyone, then it has been since it was launched, but this cannot in any way cancel out the rest of the classic currencies such as the dollar and the ruble.

This has been asked a thousand times before but the thing is who would do that when we all have our own local currency? Maybe it will be a global currency if a country would accept Bitcoin as a means of payment just like what happened in Venezuela. But the problem is most country leaders wouldn't want that to happen because they think different and they value their own local currency which is widely used by most citizens so it's all in a debate if you want to still ask that question even after a hundred years or so.