Bitcoin should be pushed as a dominant global digital currency

[Welsh]

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

I don't know if it will be Bitcoin, but I do believe that a cryptocurrency will be incorporated within our lives quite significantly. I mean, the digital money era is upon us, and depending on how bad the banks mess up that switch over from fiat to digital money, it might push more people to the likes of Bitcoin.

Plus, many people might see that banks aren't needed as much once the physical element has been removed. We'll see. Also, with the recession we've got coming up, you don't know if there's going to be any more bank bail outs or potentially them going under, which could mean people lose money or trust in the banks, or both.

Bitcoin will likely be more adopted, and widely used once block rewards are significantly reduced, or non existent, and therefore volatility has also came down, and is a thing of the past. That's likely when you'll see mass adoption.

[avikz]

Lol! Way too optimistic! Personally I feel bitcoin has a long way to go even before it can be accepted as a legal tender in the major trillion dollar economies of the world. Being a dominant global currency is out of question.

Bitcoin at its current stage with its volatile nature, it simply doesn't qualify to be a global currency. It is qualified as a speculative asset and that's what it is good at. Let traders trade and investors invest. That is what bitcoin is best used at.

[noorman0]

-snip-
I mean, the digital money era is upon us, and depending on how bad the banks mess up that switch over from fiat to digital money, it might push more people to the likes of Bitcoin.

But will bitcoin be the only priority option? Developing countries are currently still dominant, especially in Africa and Asia, maybe this article can explain that there are many alternatives to bank payments.
And as long as that status doesn't change then removing the conventional medium of exchange from life will take a while.

[MinoRaiola]

…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.

Bitcoin is already that right now. Legal or illegal varies, but you can pay with it anywhere in the world if someone on the other side sees Bitcoin as valuable. And that's what you needs. 2 people who see Bitcoin as valuable and want to buy or sell value with it. That's why it doesn't really matter if it's legal everywhere.

[pealr12]

Sounds like forcing btc on people rather than let them discover it themselves.
Btc is such a great tech it doesn't needs to be push on to people, they discover it on their own and love it immediately.
Some government and non government institutions already understand this and have accepted btc. It is better btc get accepted gradually than trying to push it.

[Piesel]

As a Bitcoin advocate, I do believe that Bitcoin will better serve as an alternative and cannot replace traditional currency, as every Bitcoin users need the connection of the bank to exchange they Bitcoin using an exchange.

But then we need some altcoins that are created to achieve specific goals as Bitcoin has some scalability setback that makes it impossible to add to the already existing Bitcoin network, so the need for a layer 2 network to help push the scalability of the cryptocurrency industry to the limelight.

[hatshepsut93]

Altcoins are not taking Bitcoin's share of the adoption pie. Cases of altcoin use as a currency are almost non-existent. The reason why Bitcoin is not getting more adopted is because it loses competition against fiat payment systems. They simply have better user experience.

[Captain Corporate]

Altcoins are not taking Bitcoin's share of the adoption pie. Cases of altcoin use as a currency are almost non-existent. The reason why Bitcoin is not getting more adopted is because it loses competition against fiat payment systems. They simply have better user experience.

The thing is, you are thinking about physical ones, sure if you go to a place to drink a cup of coffee and that place accepts crypto, chances are they take bitcoin for sure. But if we are talking about digitally, like websites, then there are some places that are mainly based on just one token or coin, not common and not the general rule of thumb, but they do exist. Which means that adoption digitally could be hampered by altcoins. Not the really good ones, a place that accepts ETH usually does accept BTC too, but a place that only accepts Tron, could potentially be related to Tron and only take that. Hence, even though its tiny, and its unimportantly small and shouldn't be even discussed (sorry to even bring it up) there are "some" places that doesn't take BTC and accepts some altcoin.

[2stout]

No, it doesn't need to be pushed, Bitcoin will become a dominant, reserve global digital currency organically and by its own volition.  To force it would feel fake and not genuine.  As it wasn't forced to be where it is today as has achieved and obtained organically the same will also happen in this regard.

[taufik123]

If bitcoin were the only digital currency cryptocurrency there would be nothing special, bitcoin has no comparison with other coins. The current cryptocurrency ecosystem continues to develop over time and is supported by increasingly advanced technology.

Bitcoin developers of course also develop bitcoin to make it better and more efficient to use. Regarding the adoption period, it depends on every government policy and the global attention is currently very intense on bitcoin. Some countries have also adopted bitcoin and legalized bitcoin as a means of payment.

Bitcoin remains bitcoin and is still the center of all altcoins.

[Gyfts]

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.

I'm in favor of Bitcoin absolutism but not through usage of brute force. Altcoins exist, they will always exist, and carry value for the same reason Bitcoin carries value. I take a capitalistic approach and say: let there be competition between cryptocurrency and fiat currency and allow for uninterrupted market forces to determine the proper global financial system. Bitcoin will take time to reach solvency; we don't need to push for an elimination or curtailment of altcoins in order to achieve the end goal of mainstream adoption.

And if we're being honest, it's not as if altcoins are the actual constraints of global adoption, it's the government. Bitcoin dominates the market share and is mainstream enough that the average participant in the economy has at least heard about it. I wouldn't be concerned about this average consumer dabbling in whatever rag meme coin happens to be in the spotlight oppose to Bitcoin if they make the crypto dive. Getting them to make the dive first is the current predicament.

[KaliLinux]

Sounds like forcing btc on people rather than let them discover it themselves.
Btc is such a great tech it doesn't needs to be push on to people, they discover it on their own and love it immediately.
Some government and non government institutions already understand this and have accepted btc. It is better btc get accepted gradually than trying to push it.

I agree with you. I believe some people take time to accept especially new techs. I know of a couple of my buddies I tried introducing Bitcoin to after I eventually got into Crypto properly who didn't want to back then telling me that they don't have that kind of patience then, are also Into Bitcoin investment now. We have seen how some people were condemning the President of El Salvador, Nayib Bukele, saying he forced Bitcoin on his people. People will come around naturally when it is their time to.

[Woodie]

It could become the global digi currency but with its high volatility I don't think many would want to keep money in such an asset which could easily aid losing hard earned money which is the reality we don't want to face, but going forward I see stable coins getting popular as they store value and can be used anonymously... Which is a win win for many.

[romero121]

Sounds like forcing btc on people rather than let them discover it themselves.
Btc is such a great tech it doesn't needs to be push on to people, they discover it on their own and love it immediately.
Some government and non government institutions already understand this and have accepted btc. It is better btc get accepted gradually than trying to push it.

I agree with you. I believe some people take time to accept especially new techs. I know of a couple of my buddies I tried introducing Bitcoin to after I eventually got into Crypto properly who didn't want to back then telling me that they don't have that kind of patience then, are also Into Bitcoin investment now. We have seen how some people were condemning the President of El Salvador, Nayib Bukele, saying he forced Bitcoin on his people. People will come around naturally when it is their time to.

El Salvador haven't pushed anything on the people, because they're given with the option of using USD and bitcoin upon their convenience. The government have focused on the development of technology based currency for the betterment of the country. Right now the country have experienced massive decline in its holding, but they're prepared to hold for the profit in the long term. As said it is difficult for common man to believe and it takes time for them to get used to it.

[Republikcoin.com]

It could become the global digi currency but with its high volatility I don't think many would want to keep money in such an asset which could easily aid losing hard earned money which is the reality we don't want to face, but going forward I see stable coins getting popular as they store value and can be used anonymously... Which is a win win for many.

In fact, with so many choices of global digital currencies today, it can provide color and customization for everyone. Since those who like to store the value of assets without wanting to experience losses as well as gains, the choice is very clear, namely stablecoins. But for those who like profits and also understand how the risks are, then choosing a currency like Bitcoin will also not be wrong because Bitcoin is able to provide enormous profits and is still able to restore the amount of asset value that was lost when the decline occurred.

[NotATether]

Sounds like forcing btc on people rather than let them discover it themselves.
Btc is such a great tech it doesn't needs to be push on to people, they discover it on their own and love it immediately.
Some government and non government institutions already understand this and have accepted btc. It is better btc get accepted gradually than trying to push it.

In my opinion, we shouldn't attempt to push Bitcoin to replace fiat currencies now, because we know the governments won't accept that. So it's better to have them run side-by-side for now, BTC being the global one that works in all countries. It's like a PayPal on steroids (payment processor, with its own form of money).

[BobK71]

Sounds like forcing btc on people rather than let them discover it themselves.
Btc is such a great tech it doesn't needs to be push on to people, they discover it on their own and love it immediately.
Some government and non government institutions already understand this and have accepted btc. It is better btc get accepted gradually than trying to push it.

I agree with you. I believe some people take time to accept especially new techs. I know of a couple of my buddies I tried introducing Bitcoin to after I eventually got into Crypto properly who didn't want to back then telling me that they don't have that kind of patience then, are also Into Bitcoin investment now. We have seen how some people were condemning the President of El Salvador, Nayib Bukele, saying he forced Bitcoin on his people. People will come around naturally when it is their time to.

Bitcoin is moving in that direction. At one time when the price of Bitcoin was cheap, many did not appreciate it. Right now many people don't care even though its price has risen so much, but the day will soon come when the financial condition of the whole world will depend not on gold reserves but on Bitcoin reserves. I believe bitcoin will start dominating after several years.

[Warkop]

Lol! Way too optimistic! Personally I feel bitcoin has a long way to go even before it can be accepted as a legal tender in the major trillion dollar economies of the world. Being a dominant global currency is out of question.

Bitcoin at its current stage with its volatile nature, it simply doesn't qualify to be a global currency. It is qualified as a speculative asset and that's what it is good at. Let traders trade and investors invest. That is what bitcoin is best used at.

I agree with you, it's a bit rushed, and you deserve to laugh out loud with this statement, because bitcoin is too early to talk about it, because bitcoin is better with its establishment as an investment tool and buying and selling tool in its field, not in the field of business. to become a global asset..

[Leviathan.007]

Even so, I don't know many people who think bitcoin should be a world currency. Some people feel this way, but I believe bitcoin is not really a currency at all. It is an asset created to save people from inflation and provide them with a new technology, while it is a payment option and can be traded using bitcoin. Nevertheless, I'm not going to be surprised if I see more countries accepting bitcoin as a global digital currency in the near future, like El Salvador, where some people are opposed to the idea of counting bitcoin as a global digital currency within their country.

[wahyuagung26]

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.

The problem in this world now is only about permission and not being allowed by a country to use Bitcoin as a currency that can be used. Some countries still don't legalize Bitcoin, and I don't really know about this, actually Bitcoin is very decentralized but why many countries still don't legalize it maybe there are several factors that influence it.

Until now there is no global currency other than Bitcoin, maybe I don't really observe it about global currencies now, but I only know that there really is no global currency other than Bitcoin. I think I have the same opinion as you.