Bitcoin will not become the world currency.

[Darker45]

As to governments not liking Bitcoin, it is understandable, of course. However, since they cannot stop it anyway, it doesn't matter.

Don't underestimate the government, I still think they can hold back the growth of bitcoin, they can't stop bitcoin, but they can prevent us from using it if they really want to do it. But the problem is that banning bitcoin won't do them any good, and they realize it, that's why regulations are in place, and what they want now is taxes

I highly agree if the government wanted to obliterate Bitcoin support and adoption, they can easily do that.  They can ban Bitcoin usage in their country and make those who do not follow set behind bars.  Most of the government is actually being lenient on Bitcoin because the see something on it that can profit them.  Bitcoin can be the world's great alternative currency but it will not become the world currency because there will be authorities preventing that.

Are you sure that "if the government wanted to obliterate Bitcoin support and adoption, they can easily do that?" Are there not governments right now that declared Bitcoin illegal? Are there not governments right now that even consider it as haram? Are there not governments right now that are even threatening Bitcoin users of jail time if caught? But is there no Egyptian, Bangladeshi, Iranian who owns Bitcoin today?

After all, we live in a society and this society is controlled by the government and bitcoin is also part of society so let's not say it is possible to hide from the government. I don't want to fight them, fighting them is not in our favor.

True, citizens are being controlled by the government through laws and the constitution. We are set to follow the government law and there is nothing we can do with it unless we revolted and create our own government which I don't think is a good idea.

Let's instead be realistic and forget about laws and constitutions. Indeed, we are ordered to follow the law. But last I checked the news, it's all about people breaking the law and violating the constitution.

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[KingsDen]

In 2019, I was fascinated by Bitcoin after I was introduced to it. I have been following the attitude of governments towards bitcoin and hope it will be promoted. However there has been too much negative news in the past two years. I reacquaint myself with bitcoin and fiat money.

Money is a tool for exchanging goods and services in human social life, and whichever tool makes it into the system becomes the de facto currency. Governments regulate the economy by issuing money, which means they can control it. Bitcoin, on the other hand, cannot be controlled, which is why we like it, but also why governments don't like it.

After I figured it out, I no longer expect Bitcoin to be recognized by the state, and it doesn't need to be. It is part of a special asset, not a currency.
So I don't think Bitcoin is going to become a fiat currency.

I do not have high hopes for bitcoin with this present situation of the world. But I do so much trust technology to introduce another level of freedom which cannot be intimated by the government. When this happens, I will trust bitcoin the more. Bitcoin on it's own has all the capability to rule the world but it needs some other technological help and physical laws to enhance it.

The world  is watching, freedom fighters are watching, bitcoin is coming, total freedom is the destination. When leaders will be elected with blockchain and laws made with blockchain.

[isaac_clarke22]

~

That is the whole point actually. The aim was to be outside of any authority control over our money. Nobody wants another entity monitoring how much they hold and how much they earn within a week. There has been plenty of threads like these back in the days.
I am going to be honest that I thought that having Bitcoin as a world's currency would be a great thing to happen, but then I realized that it could be great thing, but it is not the Bitcoin that we know and loved like we always used to love.

[tjtonmoy]

After I figured it out, I no longer expect Bitcoin to be recognized by the state, and it doesn't need to be. It is part of a special asset, not a currency.
So I don't think Bitcoin is going to become a fiat currency.

I can understand where you are coming from. But you also need to look at the past and the road that BTC has walked through.
There's been a lot of ups and downs. But here BTC stands.
Current market situation has not been that much good and this has become kind of the main reason why people are losing their faith in Bitcoin.
Specially those who are new to the platform and have a less understanding about it.
The past does not determine the present or future, but it does teach us some lesson. If BTC were to fail and just carry a legacy as a name, then that would have happened a long time ago.

Every few days we are hearing news, Good news about BTC. Imagine using a landline in this era. Money has become the same as that. Banking can be done by online now. Then why can't crypto take over that?
I have total faith in this and pretty sure this will happen sooner than expected.

[serjent05]

So I don't think Bitcoin is going to become a fiat currency.

Bitcoin will never be a fiat currency.  For a reason given by the definition of fiat currency.

What Is Fiat Money?
Fiat money is a government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it. The value of fiat money is derived from the relationship between supply and demand and the stability of the issuing government, rather than the worth of a commodity backing it. Most modern paper currencies are fiat currencies, including the U.S. dollar, the euro, and other major global currencies.

Bitcoin is not a government-issued currency, even if it is recognized as legal tender,  Bitcoin was created not by the government but by a visionary individual/group under the guise of Satoshi Nakamoto.  So basically Bitcoin will never be issued or re-issued by the government because of several grounds.  One of which is the government has no control over its production/creation.

To become a world currency, every nation must acknowledge Bitcoin and use it as one of their national currency which is somehow impossible.

[Anguwa]

So I don't think Bitcoin is going to become a fiat currency.

Due to its inability to function as a fiat, bitcoin will never become one. Government controls our wealth in their banks and keeps an eye on how we spend it. Because of regulations placed on fiat currencies, they are accepted by all governments as a form of exchange. Many people worldwide are attempting to accept Bitcoin as a form of exchange similar to fiat because it offers a different way to manage our wealth and increase its value by holding it as it might increase over time.

[jokers10]

Due to its inability to function as a fiat, bitcoin will never become one.
...

Of course, Bitcoin's nature is quite opposite to fiat and that's why Bitcoin can't become fiat. But main question of the topic is if Bitcoin can become a world currency, it is not the same.

Government's control can be in different forms. In the pre fiat era governments were okay with non fiat national currencies. So fiat form of money is not smth inescapable and indispensable for governments.

[BIT-BENDER]

And who ever thought bitcoin would in the first place? Also I don’t think there would be any acceptable world currency.
I think it may be an economical issue if the world has one currency as its only currency.
Bitcoin is more advantageous than other currencies and the list is large, but I would want to see a world where everyone is giving the choice at their own opinion be it’s Fiat or Bitcoin.

[_act_]

This is only one of the few countries where bitcoin can be used freely to exchange for foreign currency. Of course, this is an excellent phenomenon, and I believe that in the future Bitcoin will be used in more countries than the current ban.

Do not get this wrong, I was not talking about foreign currency, if you use bitcoin for remittance or to make cross border transfer, the person you transferred it to will only have to convert it to their local currency, so that is not foreign currency. Secondly is that it is not in only US, it happens in many part of the world in many countries, who knows that I sent bitcoin from my noncustodial wallet to someone aboard or vice versa? That is difficult to know.

[dezoel]

For now yes it won't because there are so many countries who disallow it but who knows in the future maybe they will change their minds and start to realize that they should have allowed btc long time ago because it had some benefits which can help them or their people. There are countries who currently accepts btc as an asset an not as a currency but this is better than totally banning it. Many of us just treat btc as an asset anyway.

I think that's because they find btc too valuable to be spent away. Btc transaction fees can sometimes rise and then the transaction can sometimes be slow. This can be one of the reason on why they don't like to use btc as a currency.

[coupable]

This has always been the dream of the simple people that bitcoin will become the world's currency, meaning that the day will come when fiat money will be finally compensated for in bitcoin.  In my opinion, this is technically impossible due to the main characteristics of Bitcoin, including the number of decimals, which does not exceed eight digits, meaning that it is indivisible as required. 
In one of the forward-looking theories, some scholars asserted that Bitcoin should have a price equal to or greater than $100 million per Bitcoin if we want Bitcoin to replace the US dollar only.  What about the rest of the major currencies? 
Bitcoin was not designed to eliminate fiat money, and with its distinctive design, it has become the real world currency, and I do not see a real need to completely dispense with fiat.

[jokers10]

...
In my opinion, this is technically impossible due to the main characteristics of Bitcoin, including the number of decimals, which does not exceed eight digits, meaning that it is indivisible as required.

It is possible to have as many decimals as needed, it is just about implementation on new feature to the core code if the community will find that reasonable. So no technical problems with that.

In one of the forward-looking theories, some scholars asserted that Bitcoin should have a price equal to or greater than $100 million per Bitcoin if we want Bitcoin to replace the US dollar only.  What about the rest of the major currencies?  

It is a bad idea to trust the scholars which have significant problems with math. Let's count: M2 for US is around 21,415,200 USD million, total Bitcoin emission is 21 million. So to replace all dollars, BTC should cost just about 1 million USD. And M2 includes non cash assets as well, so in reality the needed rate is even lower.

Bitcoin was not designed to eliminate fiat money, and with its distinctive design, it has become the real world currency, and I do not see a real need to completely dispense with fiat.

Right, Bitcoin is made to be an alternative and we don't need it to replace all fiat currencies. But it can become the anchor currency not eliminating fiat money system, right?

[Dickiy]

And who ever thought bitcoin would in the first place? Also I don’t think there would be any acceptable world currency.
I think it may be an economical issue if the world has one currency as its only currency.
Bitcoin is more advantageous than other currencies and the list is large, but I would want to see a world where everyone is giving the choice at their own opinion be it’s Fiat or Bitcoin.

Yep, I also think so, we don't know how crazy the price of Bitcoin is when every country buys it in large quantities, this may be good for investors who buy Bitcoin at the lowest price, but it will be dangerous if the accumulation of bitcoins is concentrated on those who buy more Bitcoins, and if that happens people who have lots of Bitcoin will become controllers and might be able to influence a country's sovereignty.

I feel more that Bitcoin can be used as an alternative means of exchange between countries to avoid long and expensive processes like what banks do.

[Fara Chan]

After I figured it out, I no longer expect Bitcoin to be recognized by the state, and it doesn't need to be. It is part of a special asset, not a currency.
So I don't think Bitcoin is going to become a fiat currency.

El Salvador has recognized bitcoin, that means your question has been refuted, they even set bitcoin as the official currency in their country.

I don't think so far, or indeed this needs to be questioned, because the essence of Bitcoin is outside the shadow of the government or rather the freedom that Bitcoin has will never be in a law that is regulated and bound by fiat currency. Unless a country like El Salvador has recognized and adopted bitcoin as a legal purchase, even this adoption will continue in various other countries for now, even if it does not standardize bitcoin as an official currency.

[_BlackStar]

OP should know that bitcoin is a world currency, but not all countries in the world will adopt it as currency. I mean bitcoin can be transacted all over the world and not even limited to countries that have banned them. Governments can't stop the bitcoin network, they can only control the users. We all know that bitcoin is a decentralized currency so there is no specific authority that controls it.

At this point I think OP will understand that bitcoin is a world currency, without the need to be legally recognized and adopted because transactions will occur when both parties agree to use bitcoin as currency.

I feel more that Bitcoin can be used as an alternative means of exchange between countries to avoid long and expensive processes like what banks do.

Of course bitcoin is an alternative and may have become the main currency used by some people who have abandoned fiat, and realize it or not then bitcoin has been adopted by individual, group, companies, small and large businesses to a country.

[crunck]

Who said that we were expecting Bitcoin to be a world 'currency'?
Nobody here can say that Bitcoin is a currency, it is a speculative asset with variable value every moment but has a limited supply and nobody can change that.

You are right, we are all here for the profit bitcoin brings, so no one is expecting it to become a world currency, bitcoin should be a highly speculative asset. We already have the government-generated currency and we are fine with it, no problem with it so we don't need to add another currency instead we need an asset, an investment that can generate returns to help us live a better life.

[Oneandpure]

El Salvador has recognized bitcoin, that means your question has been refuted, they even set bitcoin as the official currency in their country.

I don't think so far, or indeed this needs to be questioned, because the essence of Bitcoin is outside the shadow of the government or rather the freedom that Bitcoin has will never be in a law that is regulated and bound by fiat currency. Unless a country like El Salvador has recognized and adopted bitcoin as a legal purchase, even this adoption will continue in various other countries for now, even if it does not standardize bitcoin as an official currency.

El Savador give positive respond with Bitcoin after accepting as legal currency transaction payment, I think many countries will regulated about Bitcoin as legal currency transaction at the future. Slowly have several countries are in the waiting list want to adopt with Bitcoin as global currency transaction.

Not sure with exact date when Bitcoin become global countries payment currency, but with development of Bitcoin I don't see any difficult thing faced by Bitcoin how to be most popular currency transaction and will adopt by many countries later, although still less country distributing for Bitcoin become legal currency, just take time for later Bitcoin will be popular transaction payment.

[WhatDoIKnow]

It is unlikely that Bitcoin will become the world currency. While Bitcoin has gained significant popularity and adoption as a form of digital currency, it is not widely accepted as a means of exchange for goods and services and is not backed by any government or central authority. Additionally, the volatility of its value makes it an unreliable store of value. It is more likely that a different form of digital currency, or a combination of currencies, will become more widely accepted as a world currency in the future.

[uneng]

After I figured it out, I no longer expect Bitcoin to be recognized by the state, and it doesn't need to be. It is part of a special asset, not a currency.
So I don't think Bitcoin is going to become a fiat currency.

El Salvador has recognized bitcoin, that means your question has been refuted, they even set bitcoin as the official currency in their country.

I don't think so far, or indeed this needs to be questioned, because the essence of Bitcoin is outside the shadow of the government or rather the freedom that Bitcoin has will never be in a law that is regulated and bound by fiat currency. Unless a country like El Salvador has recognized and adopted bitcoin as a legal purchase, even this adoption will continue in various other countries for now, even if it does not standardize bitcoin as an official currency.

There are also those cases of countries which have completely banned bitcoin and crypto: Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar and Tunisia.

Besides the full legalization (legal tender) of bitcoin by El Salvador, the ban is another way to recognize bitcoin by the state, although in a negative form, as it's recognized as a threat which has to be neutralized with maximum effort and surveillance.

[isaac_clarke22]

~

At the same time, it does not stop people from using crypto still. I had read several users here still be able to use Bitcoin or any forms of crypto while their government banned it. People still have the access to VPNs still and people still need VPN regardless, so there is no way on just banning the use of VPN meanwhile providing a lot of people an access still to crypto exchanges.
It is either that their government regulates it through making it a legal tender and having a taxes imposed to it or just banning it entirely anyway.