Bitcoin is Becoming a Global Currency

[peta4e]

Bitcoin was a global currency 2-3 years ago when China was starting to adopt it. Russia adopted it a little earlier than that.

However, it does not have any sort of widespread usage except for niche markets.

At a moment bitcoin cannot be treated as an global currency, as majority of the people are not aware about the bitcoin but it can be a global currency in future.

Bitcoin is already a global currency and that is nice because you already can see that Bitcoin is becoming more popular so that is perfect and nice for the people with already Bitcoin.
But it have also to change because the price is still low and that is bad for the most people.

No doubt bitcoin is gaining more popularity but at this stage you cannot consider it as a global currency as market cap of bitcoin is too small and very few people are using it at a moment.

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[dsyahputera]

I believe that Bitcoin can serve developing communities very well, especially those with a weak banking infrastructure. Now in Asia many are being empowered through the mobile phone so using bitcoin as a means of transaction can work very well in areas where mobile internet is the only way to go.

Yes, bitcoin can be considered as a plan B for the developing countries but not the main currency.

Bitcoin will always be used as an secondary currency in developing countries as very few people are aware about it, and it will long time to see many people using it.

Unfortunately there is no developing country that legalized Bitcoin, although many of its citizens who have benefited from this digital currency. I think it is better for a developing country to create its own digital currency (altcoin) as second currency instead of using Bitcoin, and  that means Bitcoin will not be a global currency at all, but the Bitcoin concept can change the financial system of developing countries, IMHO.

And who would emit new money in this currency? If government, how would it be different from the currency they already have?

With the blockchain system, this secondary currency will be different with the primary currency. The government has authority over their own country, right?

[bitlancr]

No Bitcoin is already a global currency if you count the fact that everybody in the world can make use of it. But not everybody is making use of it so if you look at it that way it is not a global currency but it sure has the potential to become one.

[sk00t3r]

I'm not sure I would class some of those countries as 'major' ... but there is a general sense now that bitcoins are leaving the USA, and at an accelerating rate.

In September 2014 TeraExchange, LLC, received approval from the U.S.Commodity Futures Trading Commission "CFTC" to begin listing an over-the-counter swap product based on the price of a bitcoin. The CFTC swap product approval marks the first time a U.S. regulatory agency approved a bitcoin financial product.

[sk00t3r]

if BTC become "mainstream" and many merchant around the world adopt it, i'm sure BTC will become a global currency
even without any government backup it

It's a global currency, the digital currency bitcoins bit the US dollar and world wide using this currency. what ever we got a nice value of the bitcoin than others currency it became global currency.
 
 

[stromma44]

It can never become a global currency, and bitcoin to be a global currency needs higher user base and market cap which is missing at this stage.

[BitHodler]

It can never become a global currency, and bitcoin to be a global currency needs higher user base and market cap which is missing at this stage.

Not only that, but it also needs support from governments and that's something that will never happen.

They will not allow Bitcoin to become a main currency at cost of their own local currency.

[bestluck]

Bitcoin was a global currency 2-3 years ago when China was starting to adopt it. Russia adopted it a little earlier than that.

However, it does not have any sort of widespread usage except for niche markets.

At a moment bitcoin cannot be treated as an global currency, as majority of the people are not aware about the bitcoin but it can be a global currency in future.

Bitcoin is already a global currency and that is nice because you already can see that Bitcoin is becoming more popular so that is perfect and nice for the people with already Bitcoin.
But it have also to change because the price is still low and that is bad for the most people.

No doubt bitcoin is gaining more popularity but at this stage you cannot consider it as a global currency as market cap of bitcoin is too small and very few people are using it at a moment.

yeah by viewing the market cap I also sometime think that this currency will require a much longer time to become a global currency, but sometimes I think that if bitcoin get stability then there will be nothing to stop it to become a global currency within a shortest time period, as with that people will feel it as more reliable and will not fear while investing/putting their money into bitcoin.

[Corenin]

It can never become a global currency, and bitcoin to be a global currency needs higher user base and market cap which is missing at this stage.

Not only that, but it also needs support from governments and that's something that will never happen.

They will not allow Bitcoin to become a main currency at cost of their own local currency.

Exactly, bitcoin will never get support from government as they find it as a competitor to fiat currency and they also know if bitcoin becomes primary currency then they will loose all their control.

[Hatuferu]

It can never become a global currency, and bitcoin to be a global currency needs higher user base and market cap which is missing at this stage.

Not only that, but it also needs support from governments and that's something that will never happen.

They will not allow Bitcoin to become a main currency at cost of their own local currency.

Exactly, bitcoin will never get support from government as they find it as a competitor to fiat currency and they also know if bitcoin becomes primary currency then they will loose all their control.

It is actually, we are using the same currency regardless of our respective locations, we need to support the use of it to spread it the the masses to game some trust and to attract adopters on it. This is the best currency because it cannot be affected by inflation as it cannot be controlled by any government due to its decentralization platform.

[deisik]

Unfortunately there is no developing country that legalized Bitcoin, although many of its citizens who have benefited from this digital currency. I think it is better for a developing country to create its own digital currency (altcoin) as second currency instead of using Bitcoin, and  that means Bitcoin will not be a global currency at all, but the Bitcoin concept can change the financial system of developing countries, IMHO.

And who would emit new money in this currency? If government, how would it be different from the currency they already have?

they should simply embracing bitcoin and stop making their shitty altfiatcoin, that would only bring a few positivity related to proof of integrity if they were to use the blockchain

Unable to stick to rational monetary policies, some countries did exactly that, i.e. dropped their national currencies and switched to the US dollar...

Zimbabwe seems to be the most flashy, fleshy and freshy example as of recent

[deisik]

With the blockchain system, this secondary currency will be different with the primary currency. The government has authority over their own country, right?

The blockchain system assumes decentralized creation of money, which no government would allow (to be on par or compete with their own currency). Besides, I see no logic in government emitting two different currencies serving the same ends (i.e. facilitating the turnover of goods and services). Wtf?

But nevertheless, welcome Gresham's Law

[ArafaA]

If you look now at the hype generated by bitcoin during the last 2 year definintly you would see that bitcoin will be a global currency that will get over fiat around us . but this will be very fast if many country official adapt bitcoin in the government system.

[deisik]

at the end is the people who decide what to use, not the government, so good luck to all the government when bitcoin will be big, their fiat will most likely be worthless

In ancient and medieval times people used gold and silver as money. That could be construed as their decision what to use, but since then governments have usurped that "privilege", and now we are using fiat money, whether you like it or not...

In fact, Bitcoin was created by just one individual, so it is not far from monies created by governments in this respect

[gerXhonza]

Bitcoin still needs a time to become a global currency as still there are many people around who have never heard about it, when majority of people will start using bitcoin then only it can be considered as a global currency.

[GamingBro]

Bitcoin still needs a time to become a global currency as still there are many people around who have never heard about it, when majority of people will start using bitcoin then only it can be considered as a global currency.

Even dollar with the best reputation is still not a global currency, if bitcoin want to achive this, it will require maybe a 20 or 30 years or something supernaturall will happen.

[deisik]

Bitcoin still needs a time to become a global currency as still there are many people around who have never heard about it, when majority of people will start using bitcoin then only it can be considered as a global currency.

Even dollar with the best reputation is still not a global currency, if bitcoin want to achive this, it will require maybe a 20 or 30 years or something supernaturall will happen.

If you mean the US variety, it is a global currency, by any yardstick. The US dollars account for somewhere around 50% of international financial transactions daily. Besides that, the dollar is also the world's prime reserve currency, since approximately two-thirds of the FX reserves across countries are dollars...

If not dollar, then what?

[diodio5]

No Bitcoin is already a global currency if you count the fact that everybody in the world can make use of it. But not everybody is making use of it so if you look at it that way it is not a global currency but it sure has the potential to become one.

yeah probably every country has bitcoin users so perhaps it could be called as a global currency. but not everyone wears bitcoin. it's just like the dollar. the dollar is the global currency but not everyone uses the dollar.
so actually bitcoin has become a global currency

[goinmerry]

It can never become a global currency, and bitcoin to be a global currency needs higher user base and market cap which is missing at this stage.

Not only that, but it also needs support from governments and that's something that will never happen.

They will not allow Bitcoin to become a main currency at cost of their own local currency.

Exactly, bitcoin will never get support from government as they find it as a competitor to fiat currency and they also know if bitcoin becomes primary currency then they will loose all their control.

Agree with that. As primary country currency is a big "No" for them. But a global online currency it should be. So everyone could conveniently use it and know what currency it will be if they go online.

[bitkilo]

It can never become a global currency, and bitcoin to be a global currency needs higher user base and market cap which is missing at this stage.

Not only that, but it also needs support from governments and that's something that will never happen.

They will not allow Bitcoin to become a main currency at cost of their own local currency.

Exactly, bitcoin will never get support from government as they find it as a competitor to fiat currency and they also know if bitcoin becomes primary currency then they will loose all their control.

Agree with that. As primary country currency is a big "No" for them. But a global online currency it should be. So everyone could conveniently use it and know what currency it will be if they go online.

The governments don't like it because they dont really know how to regulate it so as they can continue to steal just as much from the people that use it.
The banks hate it because it's threatening the very core of their existence
But at the end of the day they can't stop it.
Even governments have to keep up with the times so if people want to use it for Internet shopping then they will find a way to still get their cut.