Bitcoin is Becoming a Global Currency

[wicks]

Even if a person lives at some part of the world where he cannot have internet or something, it doesn't matter. Even with modest SMS messaging on your basic phone, you can transact business globally. You are the bank. Buy, sell and trade worldwide, with no banking fees. No car, debit card or ID required.

[1714114135]

1714114135

[1714114135]

1714114135

[1714114135]

1714114135

[1714114135]

1714114135

[1714114135]

1714114135

[HarHarHar9965]

This, the US dollar is a global currency due to its reserve currency status, also for the fact that oil is traded in dollars and finally because you can go to some countries and pay with it.

yes, the currency used for buying petroleum is called petrodollar which ensures trade taking place as it is essential and as dollar is used in trade almost everytime such a transaction takes place, its value is increased making it more secure for people. Along with that, other markets and countries also have a role to play which result in US becoming the most widely used currency, making it in a way, the global currency.

If I'm not mistaken, Iran under sanctions had been selling oil to China for euros. In their hatred for America, they went so far as to have set up a bourse on the island of Kish in the Persian Gulf. The bourse had been intended to operate in various currencies other than the US dollar (primarily the euro and Iranian rial)...

Don't know what's become of this enterprise, though

So basically this means that Iran competed with Russia to sell oil to China. What's the point competing anyway because Iran's money goes to the Russian reserves in return of missiles I was wondering how China got that extra cash to invest in the oil from Iran, figured out its from trade surplus with the US itself World trade, nice concept.

[deisik]

yes, the currency used for buying petroleum is called petrodollar which ensures trade taking place as it is essential and as dollar is used in trade almost everytime such a transaction takes place, its value is increased making it more secure for people. Along with that, other markets and countries also have a role to play which result in US becoming the most widely used currency, making it in a way, the global currency.

If I'm not mistaken, Iran under sanctions had been selling oil to China for euros. In their hatred for America, they went so far as to have set up a bourse on the island of Kish in the Persian Gulf. The bourse had been intended to operate in various currencies other than the US dollar (primarily the euro and Iranian rial)...

Don't know what's become of this enterprise, though

So, Iran now competes with Russia in sell oil to China.  But Iran's cash goes to Russia anyway to buy missile systems (under the latest agreement, for "domestic" use only).  But where is China getting excess cash to buy Iranian oil?  From it's trade surplus with the US.  Obama's world trade policies are working well.

You dramatically forget that the US is not the only pebble on the beach. Since China allegedly buys Iranian oil for euros, it gets them from its trade surplus with the EU...

Yeah, I understand the pain in Obama's ass

[BTChaintrader]

Even if a person lives at some part of the world where he cannot have internet or something, it doesn't matter. Even with modest SMS messaging on your basic phone, you can transact business globally. You are the bank. Buy, sell and trade worldwide, with no banking fees. No car, debit card or ID required.

That's why the BTC's model is scalable, you can't reach those people (4 BILLION people are right now without fully functioning banking system) with the current banking model.

[oxiyusuf]

Even if a person lives at some part of the world where he cannot have internet or something, it doesn't matter. Even with modest SMS messaging on your basic phone, you can transact business globally. You are the bank. Buy, sell and trade worldwide, with no banking fees. No car, debit card or ID required.

That's why the BTC's model is scalable, you can't reach those people (4 BILLION people are right now without fully functioning banking system) with the current banking model.

well, and it's time bitcoin become a global currency, which is capable of providing the advantages of the paper currency

[wxa7115]

Even if a person lives at some part of the world where he cannot have internet or something, it doesn't matter. Even with modest SMS messaging on your basic phone, you can transact business globally. You are the bank. Buy, sell and trade worldwide, with no banking fees. No car, debit card or ID required.

That's why the BTC's model is scalable, you can't reach those people (4 BILLION people are right now without fully functioning banking system) with the current banking model.

This is one of the greatest advantages of bitcoin, institutions like banks, need building, banking licenses, employees, etc. But with bitcoin you don’t need even a computer or phone; you just need access to those for a few minutes, so as long as you have access to a cyber café you can send payments all over the world.

[avatar_kiyoshi]

Bitcoin is already a global currency in the terms of cryptocurrencies. Agreed.

USD is the only global currency atm tho.

LOL, Bitcoin can't replace USD, Bitcoin still a baby. i'm not sure Bitcoin can be a real global currency, it's just alt currency but it will big and will be a global alternative currency. the fact is there are still a lot people still choose a paypal than bitcoin, it's prove if Bitcoin can't replace fiat, but it became a global alternative currency.

[roadbits]

Regardless of speculation, I don't see fiat disappearing anytime soon. Only expand, remember there are bazillions of currencies in existance. Working in parallel. Each have it's niche, either beeing locally accepted or universally applicable (as in world's reserve)

[ralle14]

i think it can be a global currency cause you can exchange
bitcoin to any currency you want

[jt byte]

Bitcoin is already a global currency in the terms of cryptocurrencies. Agreed.

USD is the only global currency atm tho.

LOL, Bitcoin can't replace USD, Bitcoin still a baby. i'm not sure Bitcoin can be a real global currency, it's just alt currency but it will big and will be a global alternative currency. the fact is there are still a lot people still choose a paypal than bitcoin, it's prove if Bitcoin can't replace fiat, but it became a global alternative currency.

Bitcoin is a baby but it has started to walk , i see especially my friends time by time are more interested about bitcoin but as anyone are afraid to invest because of decline. Fiat has it own place and can't be replaced by bitcoin but online bitcoin is competitive.

[HarHarHar9965]

Bitcoin is already a global currency in the terms of cryptocurrencies. Agreed.

USD is the only global currency atm tho.

LOL, Bitcoin can't replace USD, Bitcoin still a baby. i'm not sure Bitcoin can be a real global currency, it's just alt currency but it will big and will be a global alternative currency. the fact is there are still a lot people still choose a paypal than bitcoin, it's prove if Bitcoin can't replace fiat, but it became a global alternative currency.

Bitcoin is a baby but it has started to walk , i see especially my friends time by time are more interested about bitcoin but as anyone are afraid to invest because of decline. Fiat has it own place and can't be replaced by bitcoin but online bitcoin is competitive.

the best time to invest actually is when there is decline, a few weeks and there will be the same bubbles, same increase and decline and the cycle keeps repeating itself, its an investment and its volatile. Time to deal with it and make better choices than rant on forums question speculation graphs and authenticity of statistics.. Its not that complicated, man

[jt byte]

Bitcoin is already a global currency in the terms of cryptocurrencies. Agreed.

USD is the only global currency atm tho.

LOL, Bitcoin can't replace USD, Bitcoin still a baby. i'm not sure Bitcoin can be a real global currency, it's just alt currency but it will big and will be a global alternative currency. the fact is there are still a lot people still choose a paypal than bitcoin, it's prove if Bitcoin can't replace fiat, but it became a global alternative currency.

Bitcoin is a baby but it has started to walk , i see especially my friends time by time are more interested about bitcoin but as anyone are afraid to invest because of decline. Fiat has it own place and can't be replaced by bitcoin but online bitcoin is competitive.

the best time to invest actually is when there is decline, a few weeks and there will be the same bubbles, same increase and decline and the cycle keeps repeating itself, its an investment and its volatile. Time to deal with it and make better choices than rant on forums question speculation graphs and authenticity of statistics.. Its not that complicated, man

It was recently a decline, so to invest in something we should look when the price is cheap. But it can go lower and lower and the return of investment (ROI) would take just too long to get back the money.

[wxa7115]

Bitcoin is already a global currency in the terms of cryptocurrencies. Agreed.

USD is the only global currency atm tho.

LOL, Bitcoin can't replace USD, Bitcoin still a baby. i'm not sure Bitcoin can be a real global currency, it's just alt currency but it will big and will be a global alternative currency. the fact is there are still a lot people still choose a paypal than bitcoin, it's prove if Bitcoin can't replace fiat, but it became a global alternative currency.

Bitcoin is a baby but it has started to walk , i see especially my friends time by time are more interested about bitcoin but as anyone are afraid to invest because of decline. Fiat has it own place and can't be replaced by bitcoin but online bitcoin is competitive.

Well, unless your friends are willing to invest tens of thousands of dollars I don’t see why anyone could be afraid; invest a sum that, if everything goes to hell, you’ll not be afraid to lose, maybe a few hundreds, tops. Familiarize yourself with the bitcoin community and see if it’s for you.

[RealBitcoin]

Regardless of speculation, I don't see fiat disappearing anytime soon. Only expand, remember there are bazillions of currencies in existance. Working in parallel. Each have it's niche, either beeing locally accepted or universally applicable (as in world's reserve)

They will both fight with eachother until all of them simultaneously reach their intrinsic value:  0.

Its called currency wars, and it will end in a few years, of that I have no doubt. Now it can end softly, or it can end the hard way.

But eventually hyperinflation will be inevitable. So then bitcoin will have a strong up-hand!

[acroman08]

theres no doubt bitcoin becoming a global currency if it keeps rising then it will soon. but before that it will be a problem to. it will be used on blackmarket,laundering and other criminal transaction.

[mrhelpful]

Its already a global money transmitter, but it wont be a currency format I see.

It challenges the usd dollar to replace, and if its the world reservce currency and if the usd failed, then another country can step in its fiat form.

[techgeek]

theres no doubt bitcoin becoming a global currency if it keeps rising then it will soon. but before that it will be a problem to. it will be used on blackmarket,laundering and other criminal transaction.

If its a "currency" we should see more transactions for commerce. I think more of the part where bitcoin has way too many areas to increase its value in any market and the black market.

So eventually itll go up, despite global currency or not.

[lissandra]

Regardless of speculation, I don't see fiat disappearing anytime soon. Only expand, remember there are bazillions of currencies in existance. Working in parallel. Each have it's niche, either beeing locally accepted or universally applicable (as in world's reserve)

They will both fight with eachother until all of them simultaneously reach their intrinsic value:  0.

Its called currency wars, and it will end in a few years, of that I have no doubt. Now it can end softly, or it can end the hard way.

But eventually hyperinflation will be inevitable. So then bitcoin will have a strong up-hand!

Its no doubt that intrisinc value will become zero.

But its a matter of when and how many more years it`ll take to be zero is the waiting process lol.

I personally dont think it`ll happen anytime soon though.

[luciann]

Even if a person lives at some part of the world where he cannot have internet or something, it doesn't matter. Even with modest SMS messaging on your basic phone, you can transact business globally. You are the bank. Buy, sell and trade worldwide, with no banking fees. No car, debit card or ID required.

The most basic phone cant do everything on sms, but as long it has the form of internet to proceed transactions then yeah sms is a no brainer.

If you dont have internet, its almost impossible.

[avatar_kiyoshi]

Bitcoin is already a global currency in the terms of cryptocurrencies. Agreed.

USD is the only global currency atm tho.

LOL, Bitcoin can't replace USD, Bitcoin still a baby. i'm not sure Bitcoin can be a real global currency, it's just alt currency but it will big and will be a global alternative currency. the fact is there are still a lot people still choose a paypal than bitcoin, it's prove if Bitcoin can't replace fiat, but it became a global alternative currency.

Bitcoin is a baby but it has started to walk , i see especially my friends time by time are more interested about bitcoin but as anyone are afraid to invest because of decline. Fiat has it own place and can't be replaced by bitcoin but online bitcoin is competitive.

That is the point, still need some problem which should to solved(block size i means ).
people afraid to invest is because bitcoin price is volatile with significantly, bit for who believe to bitcoin they will haven't doubt.