Bitcoin is Becoming a Global Currency

[Pantheon]

For the first time, when I look at the offers on LocalBitcoins.com, there are a half-dozen currencies ahead of the US dollar, offering a higher price for Bitcoin than US dollar users.

Euros, South African Rands, New Zealand Dollars, Hong Kong Dollars, Polish Zloty, Malaysian Ringgits.

It is no longer just the US, EU or even China driving adoption.  There is a market for Bitcoins in major countries all over the world.

It would not be a surprise if bitcoin is going to become a global currency.  It has become an alternative source of payment, it is not subject to regulations and is not backed by any central bank.

[zimmah]

How will it be technically possible to control the bitcoin system? OK, governments have more powerful tools than normal people and they can control a large number of PC or buy some specific hardware to have as many mining capacity as possible. But is it possible that a big government (like US) can have so much mining capacity to take over the control of bitcoin?

The bitcoin can be "controlled" not through the mining system but only as a currency. The way may be will the collaboration of all the countries which have regulated it. Later can be added all the other countries which will regulate it (probably all the world). Those can create an Authority which can try to do monetary policies for bitcoin as a currency and to treat it as a world currency. This authority will be independent from every state and will do politics which will have as aim the stability of bitcoin as a currency and the use of it according to the role given to it from those countries. An interesting role of bitcoin it will be this proposition made in this thread: https://bitcointalk.org/index.php?topic=1191118.0

Comments about this role proposed here are welcomed.

as long as you keep your bitcoins secure yourself, no one, no matter how powerful, can take them from you.

They can try to make all kinds of taxes and regulations, but no one can force you to hand them your bitcoins.

[valiz]

How will it be technically possible to control the bitcoin system? OK, governments have more powerful tools than normal people and they can control a large number of PC or buy some specific hardware to have as many mining capacity as possible. But is it possible that a big government (like US) can have so much mining capacity to take over the control of bitcoin?

The bitcoin can be "controlled" not through the mining system but only as a currency. The way may be will the collaboration of all the countries which have regulated it. Later can be added all the other countries which will regulate it (probably all the world). Those can create an Authority which can try to do monetary policies for bitcoin as a currency and to treat it as a world currency. This authority will be independent from every state and will do politics which will have as aim the stability of bitcoin as a currency and the use of it according to the role given to it from those countries. An interesting role of bitcoin it will be this proposition made in this thread: https://bitcointalk.org/index.php?topic=1191118.0

Comments about this role proposed here are welcomed.

as long as you keep your bitcoins secure yourself, no one, no matter how powerful, can take them from you.

They can try to make all kinds of taxes and regulations, but no one can force you to hand them your bitcoins.

You can be declared an enemy of the people and thrown in jail and tortured.

"We know you posess bitcoins, you dog! Give them up or prepare for some extra waterboarding!", they would say.
"I don't have such bitcoins, I told you already. I'm a law abiding citizen. Please let me go!", you would reply.
"Nice try, you miserable rat-dog! We have multiple tips from your neighbors and some informants, you stupid rodent!", they will claim.
"Give us your private keys and we'll let you go!", they would propose.
"Never!", you would say.

Eventually you will die of malnutrition or slave labor or something. If you give them the coins, perhaps you have a chance to be released.

 

[TastyChillySauce00]

bitcoin need to be very safe and comforatbly for user ,just see paypal , its safe and have so many protection but they still can't stop the fuckin hacker  from stealing

[n2004al]

bitcoin need to be very safe and comforatbly for user ,just see paypal , its safe and have so many protection but they still can't stop the fuckin hacker  from stealing

Bitcoin in itself is safest than everything else in internet. To many people has tried to crack its code but no one has arrived to realize this. The problem is only the storage of it (if it is a problem because I had never such kind of problem in three years with it) and  some problems with transactions. Everything will be resolved and is being resolved day by day. But these problems exist even with the fiat money. Even the banks can be stolen or even the credit and debit card. Even more easy than bitcoin. So the situation is the same.

[traderbit]

Bitcoin can lead the digital world as it is a powerful payment method.
It can not replace the fiat money ever, but it can be one of the top (digital) currencies in the world.
What is needed for bitcoin to become more popular is when big stores implement bitcoin and people will gradually pay attention to bitcoin.

[BTChaintrader]

Bitcoin can lead the digital world as it is a powerful payment method.
It can not replace the fiat money ever, but it can be one of the top (digital) currencies in the world.
What is needed for bitcoin to become more popular is when big stores implement bitcoin and people will gradually pay attention to bitcoin.

You never know. With all this fiat money printing, maybe someday people will realise how the system is eating their savings. The other think is that the banking system is really rubbish.

[pitham1]

Bitcoin can lead the digital world as it is a powerful payment method.
It can not replace the fiat money ever, but it can be one of the top (digital) currencies in the world.
What is needed for bitcoin to become more popular is when big stores implement bitcoin and people will gradually pay attention to bitcoin.

You never know. With all this fiat money printing, maybe someday people will realise how the system is eating their savings. The other think is that the banking system is really rubbish.

This fiat money printing has been going on for years now. And all the corporates are cheering it.
Some day, this will come back to bite them.

[Dotakels]

bitcoin need to be very safe and comforatbly for user ,just see paypal , its safe and have so many protection but they still can't stop the fuckin hacker  from stealing

Bitcoin in itself is safest than everything else in internet. To many people has tried to crack its code but no one has arrived to realize this. The problem is only the storage of it (if it is a problem because I had never such kind of problem in three years with it) and  some problems with transactions. Everything will be resolved and is being resolved day by day. But these problems exist even with the fiat money. Even the banks can be stolen or even the credit and debit card. Even more easy than bitcoin. So the situation is the same.

What is the problem about the storage? problem about addresses? or what? i think the main problem of bitcoin is as day passes by the number of miners were decreases and theres only some of mining company that can stay and not yet outweigh.

[Amph]

Bitcoin can lead the digital world as it is a powerful payment method.
It can not replace the fiat money ever, but it can be one of the top (digital) currencies in the world.
What is needed for bitcoin to become more popular is when big stores implement bitcoin and people will gradually pay attention to bitcoin.

You never know. With all this fiat money printing, maybe someday people will realise how the system is eating their savings. The other think is that the banking system is really rubbish.

i think they already know that, this is the problem, they simply find bitcoin not be worth as a better alternative, because of its downside about security etc...

something must force them to switch at this point, like hoping for infaltion to increase even more, around double of what it is now(14%+), thus making them lose heavily money, maybe by then they would switch

[okae]

Bitcoin can lead the digital world as it is a powerful payment method.
It can not replace the fiat money ever, but it can be one of the top (digital) currencies in the world.
What is needed for bitcoin to become more popular is when big stores implement bitcoin and people will gradually pay attention to bitcoin.

I dont agree with you.
I think bitcoin someday can replace fiat money, because today everyone have smartphone and bitcoin more easy to use in mobile.

hehe well, the example is so simply but yes i must agree with you about it, if we look at the past we can see that things start in that way i mean with small steps that nobody could imaginate that will end in things like smartphones etc etc.

also we should not forget that technology are going faster than never, so "Bitcoin is Becoming a Global Currency?" only if we wake up and take the control that banks and gov want to have about bitcoin

[StevenLiang]

bitcoin need to be very safe and comforatbly for user ,just see paypal , its safe and have so many protection but they still can't stop the fuckin hacker  from stealing

Wallet is far more safe than the paypal. Everyone know it.
But sometimes paypal will useable to for buying goods across country.

Hope amazon, ebay and many world wide online store will accept bitcoin as the payment.

[QUEDOS]

Bitcoin can lead the digital world as it is a powerful payment method.
It can not replace the fiat money ever, but it can be one of the top (digital) currencies in the world.
What is needed for bitcoin to become more popular is when big stores implement bitcoin and people will gradually pay attention to bitcoin.

I dont agree with you.
I think bitcoin someday can replace fiat money, because today everyone have smartphone and bitcoin more easy to use in mobile.

The folks at Circle seem to believe that more people will transfer USD via their mobile than BTC, so they are now promoting the blockchain and kind of pushing the mentioning of bitcoin itself to the back burner - even though they are using actual bitcoins to transfer USD and other fiat currencies

[jt byte]

up until now i dont know if bitcoin can be categorized as currency,,it just commodity without physical like gold..

if bitcoin a currency there there will be a paper bitcoin,,or anything that has physical..

To be a physical coin it should require lots of money to produce.
Because it requires lots of metals and at least 1 country should implement it.
But as a digital currency it is much easier and you can buy almost anything with the bitcoin debit card.

Implementing bitcoins as a form of physical money have a different requirements that should have a particular country there such things that you must consider like bitcoin must be mainstream so that there will no problem that will come.

If bitcoin will be "converted" to physical coin then i think that this is a waste of time.
Waste of power/energy to produce the coin from metals, i think that digital is just fair enough.
The price nowadays is increasing and i think it will took peoples interest about the 'new' coin.

[elmar01]

I wonder? Well in a 3rd world country like Philippines in which only a few percentage of the population knows what is "BTC".

But I'm pretty sure it will become a trend once bigger companies push bitcoin in PH. Some already adapted BTC as it payments.

This will take decades or so to be recognized as a "Currency" like paper money.

[chennan]

I wonder? Well in a 3rd world country like Philippines in which only a few percentage of the population knows what is "BTC".

But I'm pretty sure it will become a trend once bigger companies push bitcoin in PH. Some already adapted BTC as it payments.

This will take decades or so to be recognized as a "Currency" like paper money.

Well honestly, if you consider what the term "currency" actually is... it is indeed already recognized as a "currency".  If some businesses already accept bitcoins as a valid form of payment for a good or service (which this has already happened) then it's recognized as a currency.  The real question becomes can it become a currency in which main stream businesses like Apple, McDonalds, Walmart, etc. would start accepting bitcoins as a valid payment.. and my answer to that is no, for now.

Until bitcoins hit a point of stability at a certain price point, then they might consider to accept it.  But if bitcoins price just keeps sky rocketing and falling out of the sky, they wouldn't want to take a gamble on it.  Not to mention that Government's would have to find a way to be able tax it, because we all know that they wouldn't allow a new currency to be used by everyone without taking some of the cut on every purchase.

[QUEDOS]

Bitcoin is already a global currency, and the first of it's kind. The rate of adoption will increase once the average man on the street realises just how powerful the blockchain is

There are legal frameworks being put into place and, although regulation isn't what those who truly understand bitcoin actually want - it does open the door for mass adoption

and alot of people also gloss over the fact that bitcoin's rate of adoption has been growing on a yearly basis

[cellard]

I wonder? Well in a 3rd world country like Philippines in which only a few percentage of the population knows what is "BTC".

But I'm pretty sure it will become a trend once bigger companies push bitcoin in PH. Some already adapted BTC as it payments.

This will take decades or so to be recognized as a "Currency" like paper money.

In the Philippines im sure they could make big profit out of stuff like signature campaigns. If they knew about it they would get into it, probably they would be able to get higher than minimum wage (not sure what minimum wage is on there but im sure it's rather low). Same goes for loans etc. Of course it would require a lot of posting and it would require that whoever is doing it is somewhat competent with the english language.

[Mickeyb]

I wonder? Well in a 3rd world country like Philippines in which only a few percentage of the population knows what is "BTC".

But I'm pretty sure it will become a trend once bigger companies push bitcoin in PH. Some already adapted BTC as it payments.

This will take decades or so to be recognized as a "Currency" like paper money.

In the Philippines im sure they could make big profit out of stuff like signature campaigns. If they knew about it they would get into it, probably they would be able to get higher than minimum wage (not sure what minimum wage is on there but im sure it's rather low). Same goes for loans etc. Of course it would require a lot of posting and it would require that whoever is doing it is somewhat competent with the english language.

This is crazy when you think of it closer. That someone would be able to make more money by just posting on the forum than by working a real job in some country. This is shocking!

God how unequal this world is, I am speechless!

[Dotakels]

I wonder? Well in a 3rd world country like Philippines in which only a few percentage of the population knows what is "BTC".

But I'm pretty sure it will become a trend once bigger companies push bitcoin in PH. Some already adapted BTC as it payments.

This will take decades or so to be recognized as a "Currency" like paper money.

In the Philippines im sure they could make big profit out of stuff like signature campaigns. If they knew about it they would get into it, probably they would be able to get higher than minimum wage (not sure what minimum wage is on there but im sure it's rather low). Same goes for loans etc. Of course it would require a lot of posting and it would require that whoever is doing it is somewhat competent with the english language.

yeah bitcoin is the biggest thing and the easiest way to earn money i ever known here in Philippines, its a great help to the students that can't study because of financial problem, and also its a great help to a person who doesn't have a job they can use bitcoins as an side earnings. yeah your'e right many of filipino's does not speak english especially in those poor area and can't access to internet.