Is bitcoin really the future of money?

[tygeade]

The value of Bitcoin is comparable to that of gold. Bitcoin cannot be used as legal tender. Even the legal currency of a country is to save the country's economy and does not want to rely on the US dollar for development.
Bitcoin is an emergency safe-haven solution. It cannot be said that Bitcoin is the future of money, it can only be said that Bitcoin will exist for a long time in the future.

You should learn this topic better as there's much misunderstanding in your words. First, Bitcoin is a legal tender in El Salvador and can be used so in some other jurisdictions. Next, talking about the future of the money: we all know which problems Bitcoin has, we know that these problems are solvable, then it is a possible situation that Bitcoin will become a worldwide popular currency in the future (not inevitably but possibly).

I do agree that bitcoin is already doing great, if we are talking about going side by side with fiat, then we are already at a great level. Doesn't mean that it’s used a lot, it's invested a lot but not used all that much. But, I am 99% sure that the more bull runs we have in the future, he more places will start to accept it.

On the other hand, we are getting more and more common stablecoins, which means there could be some business' out there which doesn't want to accept bitcoin because of the volatility that could end up with some stablecoin alternative and start taking in crypto. So, I think it’s not even about the future, it's already at a very good level of adoption even currently, and future is even brighter.

[1714953175]

1714953175

[1714953175]

1714953175

[1714953175]

1714953175

[1714953175]

1714953175

[Adamlaria]

Bitcoin is a long-term investment currency. In the long run, you won't lose much by investing in Bitcoin. Now that the economy is in recession, many currencies have depreciated. Bitcoin has the purpose of storing value, but now it is a bear market for cryptocurrencies, and many people have left cryptocurrencies. I believe that when the price of Bitcoin recovers, another group of people will enter the cryptocurrency.
Bitcoin is not the future of currency, but there will always be Bitcoin in the future, and economic problems will be adjusted through Bitcoin.

[Kelvinid]

Bitcoin is not the future of currency, but there will always be Bitcoin in the future, and economic problems will be adjusted through Bitcoin.

You have that faith mate. But many things can be changed in the future which makes me think also that Bitcoin won't be there forever. We know it was just another technology created, it gives some favor to us, to the investors and adopters. Yet, we have tested market recessions that trigger FOMO and panic selling and it reached the point that we think this will end this year. I hear that assumption from some people.

Is Bitcoin really the future of money? The majority will say NO and I guess that was the right answer knowing that fiat money can't be replaced. Perhaps it was protected by the government.

[Sayeds56]

Satoshi created bitcoin to replace the outdated monetary system of fiat but it will never achieve that goal because the government will never let that happen. Plus the volatility of bitcoin surely no one dares to use such a volatile asset in daily life, bitcoin is more suitable as an investment than as a currency.

No doubt Bitcoin is very precious asset because it is anti-inflationary, but it is very volatile asset and currently it is difficult to adopt it in daily life for buying goods and services which is also evident from un-successful experience of Salvador to use it as currency. But I think the situation will not remain so in coming years as awareness/popularity about crypto currency is growing at very fast pace all over the world which will definitely increase its investors to many folds. This will certainly reduce the of kind of volatility what we are facing now.

[qwertyup23]

The dip is bringing doubt, for many people like us who believe that bitcoins are the future of money. If money has a value storage function from monetary economics

Storage of value is one of the three generally accepted functions of money,

and bitcoins with how their value can just suddenly drop, can we still defend them as the future of money?

https://en.wikipedia.org/wiki/Store_of_value

Maybe we can say that BTC can be the future of money, but what is important to note is the technology behind BTC- which is the blockchain technology.

While BTC may or may not be the future of money due to several circumstances affecting its price, the introduction of the blockchain technology is the future of transactions where every data is stored and tracked in a public ledger. It just so happened that BTC is the main currency being used as the instrument behind the blockchain technology.

Though BTC prices are inflationary, we can still consider them as money in terms of investment. Again, BTC can definitely coexist with fiat and be a complement with each other.

[usekevin]

This argument was the very old one.But the number of adoption to bitcoin was constantly increasing every year.So their is lot of chances for the same.The dip and pump of bitcoin prices enable many new buyers to the market.The new crypto currency also the reason for the survival of bitcoin for a decade.The Russia - Ukraine war had made huge investments to the crypto currency and people made their investments in terms of crypto currency.Even the people from third world countries know well about crypto currency and bitcoin.It’s very essential for the new traders to buy huge bitcoin with this dump.The price of bitcoin will back to 20k dollars in a month or few months.Hence,you can’t buy the valuable bitcoin at this price.Surely bitcoin will try to replace the place of fiat.The early adoption to bitcoin will make the new people to the next level.

[D ltr]

I have never considered bitcoin as the future of money, but I do believe in bitcoin as a future investment in digital form or the like
because as we know fiat money is world money and cannot be replaced.
out of nowhere people think bitcoin as the money of the future

[Fivestar4everMVP]

Be it as it may, Bitcoin believers like me will continue to love and support Bitcoin, i personally might not believe Bitcoin to be 100 percent store of value, but what i do believe is that bitcoin is a better option when compared to the current fiat system we have, i am not generalizing this to or for every country around the world, because i know that there are some countries with really good fiat system, but i am speaking for my country alone, our fiat system here in Nigeria has been a sh**t show for several years now, and currently , it looks like we might never see an end to the devaluation of the naira, over the years, ive learnt to store/keep 70 to 80 percent of my money in bitcoin and some other worthy cryptocurrencies.

So indeed, Bitcoin can not be a true store of value for every country and everyone, but for some third world countries where the fiat continuously loss value, i think bitcoin is a good alternative.

[jokers10]

I do agree that bitcoin is already doing great, if we are talking about going side by side with fiat, then we are already at a great level. Doesn't mean that it’s used a lot, it's invested a lot but not used all that much. But, I am 99% sure that the more bull runs we have in the future, he more places will start to accept it.

On the other hand, we are getting more and more common stablecoins, which means there could be some business' out there which doesn't want to accept bitcoin because of the volatility that could end up with some stablecoin alternative and start taking in crypto. So, I think it’s not even about the future, it's already at a very good level of adoption even currently, and future is even brighter.

Bitcoin is still used as a currency not too often if we talk about it's global usage: you'll hardly pay for a cup of coffee in a cafe or for a bread in a bakery, you'll rarely get a salary or pay taxes in Bitcoin. Of course is has a good level of adoption and we can do many of these things in some places which is great if to look at the dynamics. But to become a really popular worldwide currency there is still a plenty of work. So, I'd say, that as for now Bitcoin is more a global investment asset than a worldwide currency, but it is possible that Bitcoin will become a worldwide popular currency as well.

[fullhdpixel]

Maybe we can say that BTC can be the future of money, but what is important to note is the technology behind BTC- which is the blockchain technology.

While BTC may or may not be the future of money due to several circumstances affecting its price, the introduction of the blockchain technology is the future of transactions where every data is stored and tracked in a public ledger. It just so happened that BTC is the main currency being used as the instrument behind the blockchain technology.

Though BTC prices are inflationary, we can still consider them as money in terms of investment. Again, BTC can definitely coexist with fiat and be a complement with each other.

I agree with this. Blockchain will become a huge part of our life for sure, everything in the world could use the technology of blockchain and that will make it a great thing. It will not be easy to start using blockchain in every industry but from insurance to banking to software to hospitals to everything you can imagine could be using blockchain in the future.

That means we just need to make sure that everything goes according to plan and crypto survives, as long as crypto proves how well blockchain can be used, there will be other industries going in, slowly and it will take over a decade but we will get to see many many other sectors using it in the distant future.

[Thuy Anh]

Judging from the behavior of various countries in the past, Bitcoin will exist for a long time. It cannot be banned completely.
Some economists believe that the main reason why a piece of paper can become currency is that it has government credit endorsement. The essence of currency has become a management method rather than a simple medium of exchange. It was the currency acts (rules) of various countries that replaced the currency status of gold and silver.
Bitcoin will become the form of currency in the future. The main reason is that the blockchain technology under Bitcoin is more convincing than the rules of the modern currency system in terms of the evolution of the rules.

[jokers10]

I agree with this. Blockchain will become a huge part of our life for sure, everything in the world could use the technology of blockchain and that will make it a great thing. It will not be easy to start using blockchain in every industry but from insurance to banking to software to hospitals to everything you can imagine could be using blockchain in the future.

That means we just need to make sure that everything goes according to plan and crypto survives, as long as crypto proves how well blockchain can be used, there will be other industries going in, slowly and it will take over a decade but we will get to see many many other sectors using it in the distant future.

Bitcoin, blockchain and crypto are three totally different terms.Blockchain is already used in different decisions but not only in decentralized and it is not even the only existing form of distributed ledger. Crypto contains not only Bitcoin but lots of altcoins as well and we know that many of altcoins are not true decentralized what makes them risky. Bitcoin uses blockchain and cryptography but not equal to these terms. Bitcoin can survive and become a worldwide popular currency even if blockchain will be replaced with some other distributed ledger and other existing altcoins fail.

[Franctoshi]

Bitcoin is still used as a currency not too often if we talk about it's global usage: you'll hardly pay for a cup of coffee in a cafe or for a bread in a bakery, you'll rarely get a salary or pay taxes in Bitcoin. Of course is has a good level of adoption and we can do many of these things in some places which is great if to look at the dynamics. But to become a really popular worldwide currency there is still a plenty of work. So, I'd say, that as for now Bitcoin is more a global investment asset than a worldwide currency, but it is possible that Bitcoin will become a worldwide popular currency as well.

In case of this , that is Bitcoin becoming the future of money and for it to be used world, more improvement would have taken place as regards to the transaction fee, in such a way that the transaction fee is cheap and people could use it to pay for anything, If that did not happen , then it will still be the future of money but would be used to settle or pay for more higher bills other than coffee imo.

[Nrcewker]

The dip is bringing doubt, for many people like us who believe that bitcoins are the future of money. If money has a value storage function from monetary economics

Storage of value is one of the three generally accepted functions of money,

and bitcoins with how their value can just suddenly drop, can we still defend them as the future of money?

https://en.wikipedia.org/wiki/Store_of_value

I mean it all depends on user’s thought. If you still don’t have trust on Bitcoin, then you also don’t have the right to claim that you are a good Bitcoin investor. I mean these market fluctuations are not new. We have seen this type of situation before. We have seen Bitcoins touching 69k usd from 8k$, and still people disrespect Bitcoins when the price fall down. I am not saying Bitcoins will give you instant profits, but yes it will take some time. Just wait patiently and wait for better results.

[Hamza2424]

You are in doubt.. really well the point is yes bitcoin is the future no doubt in it as now we all are frustrated just because of the regular inflation as far I know after the years are going t pass we need to shift our whole ecosystems onto the fix supply money or bitcoin as bitcoin can be the Reserve but money for every country it's a bit doubtful.

[Mamun74]

I don’t think so.But why you doubt now? Do you know bitcoin journey? Bitcoin is most surviving ctypto in history. Like 2013-2014 bitcoin price was to much lower but now?Average $16k+.Bitcoin price early dropped this year but i still believe bitcoin price will grow up in very next year cz when bitcoin price dumped then few month or year bitcoin  price also surprised us.

[Hypnosis00]

You are in doubt.. really well the point is yes bitcoin is the future no doubt in it as now we all are frustrated just because of the regular inflation as far I know after the years are going t pass we need to shift our whole ecosystems onto the fix supply money or bitcoin as bitcoin can be the Reserve but money for every country it's a bit doubtful.

Perhaps, you can't urge people to think like you, many were still in doubt about the credibility of Bitcoin and we just leave it like that forever. In fact, we have noticed that many people are selling during this bear season and this will tell us that many are not willing to hold but rather make themselves safe. It was their decision either and they have a reason for doing it. That is why we see the market moves high and low and good thing there are people who are selling at low prices so we have the chance to buy at a low price as well. Just think about the advantage they made.

[romero121]

It is the governments around the world to decide whether bitcoin is the future of money or not. Very few countries around the world give importance to the adoption of bitcoin, one that have made a very bold decision is the El Salvador. Majority of the countries have created their own CBDC to restrict the usage of cryptocurrencies by the common people. This hasn't made any big change in the market, but it shows the plans of the governments.

Bitcoin having multiple usage is an added advantage. In one way or the other it gets used all around even when the government haven't got big plans with the cryptomarket. However there is very less countries banned its usage which is good.

[lalabotax]

Basically, yes. Bitcoin is a very precise future money. In fact, Bitcoin can become a global currency to facilitate transactions globally, without the need for complicated administration and high fees.

However, this will not go smoothly because many parties still do not approve of the use of Bitcoin. Why? Because Bitcoin has no backup, is not controlled, is very volatile, and is also at risk. That is always their reason. In fact, there are actually many positive sides that can be used. But then again. Currency is usually associated with government regulation and control. Hence, it may not be completely successful.

[Terezi]

Basically, yes. Bitcoin is a very precise future money. In fact, Bitcoin can become a global currency to facilitate transactions globally, without the need for complicated administration and high fees.

However, this will not go smoothly because many parties still do not approve of the use of Bitcoin. Why? Because Bitcoin has no backup, is not controlled, is very volatile, and is also at risk. That is always their reason. In fact, there are actually many positive sides that can be used. But then again. Currency is usually associated with government regulation and control. Hence, it may not be completely successful.

Bitcoin is the Final Boss. It gives everyone in the world the property rights to protect themselves. Bitcoin is not controlled by anyone, it is owned by everyone. It has helped many people around the world achieve financial freedom. The characteristics of Bitcoin make it have better development and value-added potential, but it does not necessarily become the future of currency.