Bitcoin should be pushed as a dominant global digital currency

[Ojima-ojo]

The rate of Bitcoin adoption has been slowed down since last year when two countries made Bitcoin a legal currency within their jurisdictions and also mandated all payment and financial institutions to make Bitcoin a payment option within the agencies.

The major constraints to Bitcoin global adoption!
Bitcoin has gained global adoption and penetration reaching even the unbanked and poorer regions without the presence of modern technologies and facilities, but with just the Internet Bitcoin can reach them and onboard them into the global financial system.
But despite this, there have been limitations as to how far-reaching Bitcoin should have gotten and this limitation is traced to the presence of so many altcoins that seek to undermine the relevance factors that Bitcoin presents to gain global attention we have thousands of cryptocurrencies in the market and all of them are just copy cat of Bitcoin to gain popularity and also cashing out on the gullible minds.
If only Bitcoin exist as the sole digital currency the speed of adoption will be made faster and there will be less distraction in the entire crypto space and less bad image that are resulting from the operation of so many altcoins scams giving the entire young growing cryptocurrency industry bad spot on the limelight.
BITCOIN: should be pushed to the global limelight with verifiable track records.

Check the Bitcoin adoption rate in various countries and regions.
https://triple-a.io/win-new-customers-insights-into-cryptocurrency-adoption-across-europe-and-america/

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[mk4]

But despite this, there have been limitations as to how far-reaching Bitcoin should have gotten and this limitation is traced to the presence of so many altcoins that seek to undermine the relevance factors that Bitcoin presents to gain global attention we have thousands of cryptocurrencies in the market and all of them are just copy cat of Bitcoin to gain popularity and also cashing out on the gullible minds.

Altcoins that are trying to beat Bitcoin in the currency/SoV category is so 2016. 99% of altcoins today that has at least a small number of following are either smart contract chains, or pseudo-equity. Not much projects are trying to beat Bitcoin at it's game for a while now. I'm saying this as someone who actively follows the altcoin space despite being a Bitcoin maximalistmostly-malist.

^I don't even think it's fair/accurate to compared bitcoin to other cryptocurrencies today. Bitcoin and the broader cryptocurrencies are in different categories functionality-wise and usecase-wise, the only similarity is both using blockchains.

[franky1]

im a bitcoin maximalist/realist. i dislike all the overpromising utopian dream salespitches. its far better to speak about whats actually happening so that people can actually be really aware of the real world so that people can actually know where we are and what needs to be done..

bitcoin wont become/achieve a "one world currency" that takes over and replaces all fiat. . otherwise it just becomes just as bad as dollar..
it should always be considered the open gated easily accessed currency for people who want a second choice, instead of being stuck with fiat.
it should be the hedge against fiat.
..
anyways
el salvador was hyped up

firstly not everyone kept the $30 of crypto after the offer.
stats say that only 14% of businesses seen any bitcoin transactions and only 3% seen benefit of accepting bitcoin

this was mainly due to the el salv governments wallet, using a backbone value transfer based on LN which fell into alot of bottlenecks(liquidity issues) receiver wallets not being online to accept, and also failed routes.

since january el salv shifted from LN back bone to a custodial service to do -inhouse transfers of balance within their exchange. and el salvador is tryint to do a new relaunch to drum up utility again

el salvador only has 2300 bitcoin. so under $100m, which is not even a blip on daily market volume activity let alone a years worth.
..
..
what would push bitcoin into larger yield utility is when ETF bitcoins become mainstream where pension funds are investing $thousands per employee into bitcoin allotments, for hundreds of millions of people

..
i feel we have yet to see bitcoins utility be a common daily use thing in el salvador for majority of population as the first launch using LN was such a failure, people are going to be reluctant to simply try again within a couple months of that. and it will take time for them to look passed the failure of LN and then learn to give it another go on atleast a custodial system balance of something that doesnt have payment delays/bottlenecks/failed payments.

but the actual bitcoin (my key my coin) network wont see millions of new UTXO's in the next month. it will take time

[Charles-Tim]

Bitcoin should be pushed as a dominant global digital currency

Can bitcoin be pushed from where it is to where it is?

Is bitcoin a digital currency? Yes
Is bitcoin used all over the world? Yes, even in China.
Bitcoin is also decentralized. Difficult for centralized authorities to control.

I do not see any other currency that should be regarded as global currency than bitcoin.

[Dunamisx]

The rate of Bitcoin adoption has been slowed down since last year when two countries made Bitcoin a legal currency

i disagree, it has rather been increasing ever since then, you may say that in terms of being used as legal tender but bitcoin is globally increasing each day in adoption, day by day people key into it uses serving them on many purpose.

but with just the Internet Bitcoin can reach them and onboard them into the global financial system.

internet challenges shouldn't be a barrier again by now especially in areas with challenging internet connectivity, you can now make a bitcoin transaction without internet with an example from the video clip link provided https://twitter.com/DocumentingBTC/status/1562855613998432260?t=j1w9z-RqVImMC3z3F4Onfw&s=19 bitcoin with no internet is successful achieved in some part of the African countries with it's adoption increasing.

limitations as to how far-reaching Bitcoin should have gotten and this limitation is traced to the presence of so many altcoins that seek to undermine the relevance factors that Bitcoin presents to gain global attention

if you're a manufacturer, no body can produce a pirate copy of your products exactly as you did, there must be some downfalls, all because they are building on someone's achievements and not developing theirs, altcoins has nothing to hinder bitcoin because bitcoin maintains it standard being the king of cryptocurrency, not only that, it dictate for other crypto their fate regarding price rise and fall, the bitcoin network is a no comparison to other centralized ones.

[Welsh]

^I don't even think it's fair/accurate to compared bitcoin to other cryptocurrencies today. Bitcoin and the broader cryptocurrencies are in different categories functionality-wise and usecase-wise, the only similarity is both using blockchains.

Plus, it's very likely that the general Bitcoin user will also rely on Altcoins for specific needs. For example, as a way of transacting quicker, but with less security or a way of contributing to projects which are testing the boundaries, and new technologies which could potentially either be introduced to Bitcoin once proven or used alongside it on a side chain. I'm only invested in Bitcoin, however I don't disagree that we'll likely need other cryptocurrencies to fill the gap, that Bitcoin either won't ever fill or doesn't want too for the time being.

There's plenty of interesting ideas out there. However, most of the time the execution is rather lacking.

[mk4]

Plus, it's very likely that the general Bitcoin user will also rely on Altcoins for specific needs. For example, as a way of transacting quicker, but with less security or a way of contributing to projects which are testing the boundaries, and new technologies which could potentially either be introduced to Bitcoin once proven or used alongside it on a side chain. I'm only invested in Bitcoin, however I don't disagree that we'll likely need other cryptocurrencies to fill the gap, that Bitcoin either won't ever fill or doesn't want too for the time being.

There's plenty of interesting ideas out there. However, most of the time the execution is rather lacking.

True. The cheap and speed aspect of other altcoins are very useful(despite a lot of them not being designed for payments specifically) for quick transfers at least for now temporarily, until we get a widely used Layer-2 solution on Bitcoin.

[so98nn]

Yeah that’s the problem here, it’s not solo and it’s been accompanied by cheaper options these days along with more earning opportunities. Slowly peeps injected the market with p2p, p2e, NFT markets and much more. ICO also started the most attractive trend in the past and thus keeping most of the investors away from the bitcoin or at least it divided the certain amount of money towards them thus keeping bitcoin on slow rate path. If bitcoin would have been slower then yes obviously peeps had no choice and all of them would gone for it.

[Rufsilf]

It is not a must that we should push Bitcoin as the main currency globally and besides, it was not the intention of creating this. Bitcoin is just an alternative currency next to fiat money, it is not necessary to be on top as being at least a currency in all corners is enough. What we just need is that all countries will recognize the value of Bitcoin in the community and legally consider this as another form of currency that people are welcome to use in all applicable transactions.

[franky1]

another misconception of this topic creator..

he thinks bitcoin should become something..
.. yet bitcoin has no legs, arms or voice. its not AI, its not a corporation with PR guys that can get on planes and travel to peoples towns to push for adoption..(well it should be. but core/DCG are becoming defacto corporation of bitcoin)

bitcoin is where all users can and could do their own part individually
if you want bitcoin to become commonly accepted in your town, requires YOU in YOUR town to motivate that push. no angel will fly in for you and make it happen. so if you want it, you need to push for it

[mk4]

It is not a must that we should push Bitcoin as the main currency globally and besides, it was not the intention of creating this. Bitcoin is just an alternative currency next to fiat money, it is not necessary to be on top as being at least a currency in all corners is enough. What we just need is that all countries will recognize the value of Bitcoin in the community and legally consider this as another form of currency that people are welcome to use in all applicable transactions.

Who's to say it was or wasn't the intention of Bitcoin's creation? Bitcoin was described as "A Peer-to-Peer Electronic Cash System" on the Bitcoin whitepaper; it wasn't stated if it should be the primary or just an alternative currency. So logically you just made the same mistake as OP did with your statements.

[192nausikaa]

True. The cheap and speed aspect of other altcoins are very useful(despite a lot of them not being designed for payments specifically) for quick transfers at least for now temporarily, until we get a widely used Layer-2 solution on Bitcoin.

Yes, Bitcoin has a widely used Layer 2 solution!
I know you are familiar with Lightning Network (a secondary layer to the Bitcoin blockchain), El Salvadorians used that network for faster and cheaper transactions involving Bitcoin in the Chivo app. Not only the El Salvadorians using the Lightning Network but also Cash App and Paxful.

For more reports about the state of the Lightning Network: https://arcane.no/research/reports/the-state-of-lightning-volume-2

[masterrex]

IMO, I believe that based on what we have seen today, and based on all available data from the market, like the Bitcoin price, the Bitcoin marketcap dominance, the Bitcoin trade volumes, etc. we cannot deny that Bitcoin is indeed a dominant global digital currency, no other cryptocurrency in the market has been done that except the Bitcoin so IMO, it's not needed to give a title because all of the data is very convincing and already proclaim it. 

[mk4]

Yes, Bitcoin has a widely used Layer 2 solution!
I know you are familiar with Lightning Network (a secondary layer to the Bitcoin blockchain), El Salvadorians used that network for faster and cheaper transactions involving Bitcoin in the Chivo app. Not only the El Salvadorians using the Lightning Network but also Cash App and Paxful.

For more reports about the state of the Lightning Network: https://arcane.no/research/reports/the-state-of-lightning-volume-2

While LN surely gained some usage from avenues you've mentioned, but I really still wouldn't call it "widely used". Using fast and easy-to-use shitcoins like Tron are still far more adopted in a broader sense.

[stompix]

Bitcoin should be pushed as a dominant global digital currency

This is your wallet talking not your belief in Bitcoin.

If you appreciate freedom then the last thing you should advertise for is pushing your opinion and forcing others to follow what you think it's better for them and not giving them the freedom of choice. Are there millions wanting to use fiat instead of crypto, their choice, are then millions buying shiba inu instead of bitcoin, again their choice, the moment you start to force anybody to sue something they don't want it stops becoming the utopia you think it is.

I am as maximalist as it someone can be, despising shitcoins from the bottom of my heart, but forcing just one solution sounds like the struggle between AC and DC, the ICE engine and many others, not even bringing the whole religion's stuff into the picture.
All here are for open source, for freedom, for an alternative to the current system and then we should use only one and not try to anything else?

[White pawn]

Firstly, bitcoin hasn't gained worldwide adoption and it hasn't penetrated the poorest regions as you think. There are millions of people who don't know a thing about bitcoin and don't use it.
You say bitcoin has gained worldwide adoption. If it has, why are different altcoins out there a limitation? The various altcoins are not a limitation to the growth and adoption of bitcoin as bitcoin surpasses them all and uniquely stands out from the rest. Despite that, it has not reached global adoption and use like you think

[mk4]

Firstly, bitcoin hasn't gained worldwide adoption and it hasn't penetrated the poorest regions as you think. There are millions of people who don't know a thing about bitcoin and don't use it.
You say bitcoin has gained worldwide adoption. If it has, why are different altcoins out there a limitation? The various altcoins are not a limitation to the growth and adoption of bitcoin as bitcoin surpasses them all and uniquely stands out from the rest. Despite that, it has not reached global adoption and use like you think

It actually has gained worldwide adoption, just not as much widespread as as we want population-wise.

Adoption is a spectrum — it's not adopted or not adopted, but rather how highly adopted is it. Like how we see a lot more adoption in Venezuela and some countries with really bad economic situation. It's just the fact that it's not used by the majority.

[kryptqnick]

When Bitcoin was the only one and when the market only had a handful of coins, it was all very small, the marketcap was very low, and so was the price and adoption. Altcoins can be seen as competition, but it's not so simple. Most of them have their own things going on, and they also aren't really a competition to Bitcoin. Moreover, tons of people are interested in the crypto market as such, not just in Bitcoin, and you've probably observed that during the bear market, everyone suffers (every or most big coins anyway), whereas during the bull market, they all benefit. So if Bitcoin were the only one, it wouldn't have taken over the total marketcap that currently is occupied by other coins; instead, that marketcap probably just would not have existed. Also, Bitcoin isn't capable of handling all the transactions that would need to be handled if the demand remained the same as now but other coins weren't out there.

[The Cryptovator]

We love to see Bitcoin adaption definitely. But tell me why the centralized government will accept Bitcoin as a global currency where they can create a centralized cryptocurrency as a global financial system? The government doesn't like to allow another currency that is decentralized that they can't control. Bitcoin moves just with community powers and that's why a few countries and institual investors adopt Bitcoin.

[qwertyup23]

We love to see Bitcoin adaption definitely. But tell me why the centralized government will accept Bitcoin as a global currency where they can create a centralized cryptocurrency as a global financial system? The government doesn't like to allow another currency that is decentralized that they can't control. Bitcoin moves just with community powers and that's why a few countries and institual investors adopt Bitcoin.

I really doubt that we would see BTC becoming a dominant global digital currency that will replace the traditional fiat.

While there may be services/product that can be purchased using BTC, pushing it as a global currency is a bit of a stretch. With adaptation comes regulation especially on the hands of the government. With this in mind, this would also somehow defeat the purpose on why BTC was created in the first place- which is to gain and experience financial freedom.

By becoming a global digital currency, it will most likely be subject to stringent rules and regulations that can potentially destroy its very existence and purpose in the long run.