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Author Topic: Do you think Bitcoin will lead the world's current market  (Read 492 times)
Raceonsucced
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February 01, 2023, 01:19:11 AM
 #41

Even though bitcoin is very well known in the crypto world, not all countries accept it. Some countries accept it and some don't. And it may not be easy for bitcoin to become the top currency. Because the US dollar remains the most important money in the world.

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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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February 01, 2023, 02:13:17 AM
 #42

They have their own world, like in fiat, where the USD is the strongest and it is still not possible to change it as it is widely accepted in all countries. In crypto, bitcoin is also the strongest as it is transparent and decentralized, and we also use it as a payment method and send money easy and fast. It is just a bonus that we also use it as an investment as it has a high price. So for now, because there are still countries that have no internet or lack of technological structure, it is difficult for them to adapt to Bitcoin, which is why fiat is still the only solution and can't be exchanged with others.
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February 01, 2023, 12:49:15 PM
 #43

The influence of bitcoin is getting stronger and now more and more people are active in using bitcoin, negative campaigns carried out by haters do not affect it because Bitcoin has a solid global community and feels to get many benefits from Bitcoin, it is natural that in the future Bitcoin will be stronger and I'm sure there will be many a country that inaugurated Bitcoin.
not only this.  Bitcoin has proven its efficiency in times of crisis.  It represents the best solution in war zones, where it is difficult to move and obtain money.  The Corona crisis was a global pandemic in which Bitcoin managed to spread more and gain people's trust.  And today Bitcoin is on the way to becoming a hero of all times, not just crises.
Bitcoin also suffer during that time, have you seen the trend? We are just starting to recover from the effect of pandemic and the war, Bitcoin is not a safe haven just like the think of many here because it happened that it also follows the economy of the bigger countries. Well, Bitcoin will remain Bitcoin and it will never be the top choice when it comes to cryptocurrency simply because its serve its different purpose. Fiat money will be the lead option, followed by digital currency of course.
It cannot be said that Bitcoin is absolutely safe heaven, simply because it is one of the products of the market that is affected by the global circumstance and is subject to all its rules. During periods of dollar recovery, it is not possible to notice the extent to which Bitcoin is affected by this, but this can be seen clearly during crises, as I mentioned in my previous comment, where money loses its value due to the difficulty of making electronic transfers in addition to the risks of using cash. Take two important examples: the Corona crisis and the entry of the world into a prolonged quarantine period, as well as the Ukrainian war, which made Ukrainians need Bitcoin to receive foreign aid and carry out small transactions.
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February 01, 2023, 01:57:36 PM
 #44

Even though bitcoin is very well known in the crypto world, not all countries accept it. Some countries accept it and some don't. And it may not be easy for bitcoin to become the top currency. Because the US dollar remains the most important money in the world.

Even if bitcoin is widely accepted and used worldwide, it will never replace the US dollar or dominate the currency market as OP asks. Our world is a centralized world, and everything is controlled, so it is impossible for a decentralized currency to dominate the entire world market. I think the first person that will prevent that from happening is none other than the US, they will not give up any tricks if there is another asset or currency that wants to replace the dominance of the USD. Or if the US no longer dominates the world, there will be another country replacing the US, and they won't let that happen, they will prioritize their currency.

CageMabok
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February 01, 2023, 02:17:38 PM
 #45

Even though bitcoin is very well known in the crypto world, not all countries accept it. Some countries accept it and some don't. And it may not be easy for bitcoin to become the top currency. Because the US dollar remains the most important money in the world.
Now Bitcoin is starting to be adjusted by several countries for important matters such as payments as has been implemented by the Saudi Arabian state at this time where they have started to make leeway rules on cryptocurrencies and Bitcoin for international trade matters. So Saudi Arabia has also decided to accept Bitcoin and cryptocurrencies as additional payment options besides US dollars and their own country's currency.

After 48 years of ties solely with the US dollar, Saudi Arabia's Minister of Finance, Mohammed Al-Jadaan, said the kingdom was open to trading in currencies other than the US dollar. The remarks follow Chinese President Xi Jinping urging Gulf monarchs to accept yuan for oil, and Riyadh officials saying in March the country would consider accepting Chinese currency. Saudi Arabia's Move Away from the US Dollar Signals a Changing Economic Landscape. Source: news.bitcoin.com

The Kingdom of Saudi Arabia is a West Asian Islamic state with an area of over two million square kilometers and a population of 33 million people. Saudi Arabia has a petroleum-based command economy that generates one of the largest GDPs in the world, consistently being in the top 20 countries in terms of GDP. Legal bitcoin is Saudi Arabia. One can exchange and buy Bitcoins in Saudi Arabia.

However, Saudi Arabia's financial authorities issued a warning about Bitcoin trading and offered no protection for cryptocurrency-related losses. There are ATMs for Bitcoins in Saudi Arabia and maintain Bitcoin exchanges. The country's government is currently liberalizing its political and economic structure, making Saudi Arabia more hospitable to foreign investment and emerging startups. Source: cointelegraph.com

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Joshapat
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February 02, 2023, 10:09:35 AM
 #46

Even though bitcoin is very well known in the crypto world, not all countries accept it. Some countries accept it and some don't. And it may not be easy for bitcoin to become the top currency. Because the US dollar remains the most important money in the world.

Until now there are still many countries that reject bitcoin, even many countries that are very strictly banned bitcoin, this is what is an obstacle to the development of bitcoin, but we have to be happy with the growth in the number of users so that the use of bitcoin is increasing, and of course bitcoin's function can never be like fiat because bitcoin is in a different position than fiat.


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nimogsm
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February 02, 2023, 02:16:30 PM
 #47

Even though bitcoin is very well known in the crypto world, not all countries accept it. Some countries accept it and some don't. And it may not be easy for bitcoin to become the top currency. Because the US dollar remains the most important money in the world.
All countries will not accept it because there are domestic economies that need to be supported, and bitcoin is not stable in order to use it as a means of payment,so countries do not accept it, which is logical.Perhaps in the future more countries will show interest, but it will definitely not be at the official level.
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