Could Bitcoin one day become the global reserve currency?

[rokok lokal]

Bitcoin is a technology that makes our life easier. It does not melt in the face of inflation like fiat currencies. It frees us from the bondage of banks, as it allows us to transfer money without the need for third parties. It has great features.

What do you think about the subject? Can you share some enlightening information for me?

I like this topic  The idea of Bitcoin becoming a global reserve currency is appealing, but there are significant challenges that must be overcome for that to happen. Bitcoin's high energy consumption and volatility, as well as the lack of support from governments or military forces, make it a risky choice for many.

Additionally, the dominance of existing fiat currencies and the political and economic challenges of creating a new global reserve currency make it a difficult proposition. However, the growing popularity and adoption of Bitcoin, as well as the potential for technological advances, means that it cannot be completely discounted as a potential global reserve currency in the future.

[mvdheuvel1983]

My answer to your question is No. In my own opinion, there is no way that bitcoin will be allowed to become the global reserve currency anytime soon.
the World Bank, The governments of countries, and the IMF, will not consent to it. They want something that they can control, manipulate and regulate and bitcoin doesn't fall into any of these categories.
What I can say is that it may become the reserve currency of some countries just El Salvador(I believe some other countries with failing economies will join soon) but not the world.
Countries like China, Russia, Brazil are already in talks to ditch the USD and create their own and bitcoin isn't on the table, so I don't think we will see bitcoin being a reserve currency anytime soon.

[Doan9269]

If we could achieve this far from the general adoption given on bitcoin then within a couple of years to come bitcoin could have gone beyond the imagination of the people especially government, by then they would have no option than to follow the desire of the people for a decentralized network, there's no uncertainty in this because bitcoin has already emerged a successful currency worth international standard and everyone want to use it.

[palle11]

Bitcoin is a technology that makes our life easier. It does not melt in the face of inflation like fiat currencies. It frees us from the bondage of banks, as it allows us to transfer money without the need for third parties. It has great features.

This part of advantage of bitcoin over fiat is a major plus but regarding to inflation I think it may not be direct or always but also remember when the price of bitcoin is down then it can be affected or is affected by inflation since the value of 0.005 btc during a bull time is not same value when price is low. So the fluctuation of bitcoin to many can be argued as inflation. If you look at the experience of the bitcoin investment of El Salvador, that is an example of drop in value compared to the price it was invested on. Therefore using bitcoin as a reserve is still debatable.

[Hispo]

Another trouble or obstacle Bitcoin has before even been considered to be a reserve currency worldwide is the fact there are very powerful interests around the status of a currency (FIAT) turning into Reserve Currency.

Naturally, the States which have that advantage would not like to have more competition in that regard, because having a near monopoly in the reserve of value around the world is very advantageous.

How would the United States react if oil producing countries started to accept only Bitcoin for their energy, instead USD?
How would Europe  react if Chine only accepted Bitcoin instead EUR for their electronics and raw materials?

Obviously, it is a struggle of power.

[trendcoin]

High volatility?!?

I agree that Bitcoin has high volatility but I don't think it is a big problem because some traders prefer Bitcoin because they like high volatility. But, of course, I admit that most people are worried about this. However, I think that the high volatility problem will be completely resolved with the completion of the mass adaptation. As more people own and trade Bitcoin, the trading volume will grow and the high volatility will give way to a calmer flow. We need to be a little more patient in this regard, because I think we are witnessing an early period in the history of Bitcoin.

[Kodok Bencot]

The thing that has been a problem with bitcoin until now and at any time is high volatility, of course the state will be worried if it makes it a reserve money for fear of a crash, of course if it officially becomes a reserve of state money it can go bankrupt and speculators can use it to play with a country's profit or loss.

[ichsan ardi]

maybe the goal is to create bitcoin, one of the factors, in my opinion, but it takes a very long time, there are still many people out there who don't believe in bitcoin, but with the weakening of the dollar and its inflation, the right solution is bitcoin, I think and some countries have accepted cryptocurrency payments as a medium of exchange, for example, the country of El Salvador.
This is just my point of view, what do you think?

[coinerer]

Since Bitcoin is not under anyone's control, even though it is an investment asset, governments will not decide to make Bitcoin the global reserve currency. It is completely impossible. However, it may become widely used worldwide and be used as an alternative method of Bitcoin payment everywhere.  But it will take many more years to start globally.  But it can by no means be become the global reserve currency. it is totally impossible

[Kadal Ijo]

The most difficult thing to unify the world financial system is that all countries want to make their currency a global currency, of course it will be a long and tiring journey to make bitcoin as a reserve currency, in my opinion if the bitcoin community gets stronger then without official approval from the state it will automatically bitcoin can be a reserve currency.

[Freddie Boyer]

Bitcoin is a technology that makes our life easier. It does not melt in the face of inflation like fiat currencies. It frees us from the bondage of banks, as it allows us to transfer money without the need for third parties. It has great features.

- However, despite being a new technology, it has very high energy consumption. However, everyone would like it to consume less energy.

What do you think about the subject? Can you share some enlightening information for me?

That true, Bitcoin has many advantages as a currency, such as decentralization and resistance to inflation but there are still challenges to overcome before it can become a global reserve currency. Its high energy consumption and volatility are concerns that need to be addressed, and it lacks the backing of a government or military force. Ultimately, time will tell whether Bitcoin can overcome these obstacles and achieve its potential as a truly global currency.

[slashz9]

that's what prevents bitcoin as a global currency, I think there will always be flaws in a system and security.
that gap is made to maintain it, like soap that cleans 99% of germs, the remaining 1% is left so that the product can still be used and purchased, that's what I mean.

[Shobhikhan_007]

Nahhh, I don't think so. If it's happens then we can there will be taxes and monitoring system for transaction.Because everyone will do crimes using btc transaction. Just my idea 

[South Park]

that's what prevents bitcoin as a global currency, I think there will always be flaws in a system and security.
that gap is made to maintain it, like soap that cleans 99% of germs, the remaining 1% is left so that the product can still be used and purchased, that's what I mean.

Besides we need to wonder if it is actually needed for bitcoin to reach that position, after all more than anything what I would want is for bitcoin to be accepted at enough businesses around the world that I can walk in almost any store and buy what I want with my bitcoin, if bitcoin could reach that stage of adoption then whether it became a global reserve currency for the governments will not matter at all, as at that point we will be able to use our bitcoin as freely as we want.

[Joshapat]

The basic thing that makes many people don't want to use bitcoin for international transactions or to become a reserve currency is because the price of bitcoin is very volatile, companies will be confused about offering products or services to consumers at bitcoin prices, for example today there is a deal and the next day the price drops so there will be a cancel the deal.

[concept2]

Bitcoin is a technology that makes our life easier. It does not melt in the face of inflation like fiat currencies. It frees us from the bondage of banks, as it allows us to transfer money without the need for third parties. It has great features.

- However, despite being a new technology, it has very high energy consumption. However, everyone would like it to consume less energy.

- Also, it has been known and traded for years but still has very high volatility. With this appearance, it scares new investors. Because everyone expected it to have a more balanced price performance.

- World history is full of wars. Perhaps we are living through one of the best periods in history. But because of us homosapiens, our world is very prone to chaos. Coins that do not have an armed force behind them, such as Bitcoin, may be a little unlucky in this regard.

I think these three problems may not be solved and these three problems may prevent bitcoin from being a reserve currency.

What do you think about the subject? Can you share some enlightening information for me?

Bitcoin is like the Mona Lisa of tech, so dope with its unique features, but you make some valid points about its limitations.

Energy consumption is a real concern with Bitcoin mining, but there are efforts underway to make it more energy-efficient. It's like, we gotta reduce that carbon footprint, man!

The price of Bitcoin is like a rollercoaster ride, up and down all the time, but as adoption grows, maybe it'll start to chill out. But let's be real, some level of volatility is just part of the game.

I feel ya on the lack of a military force to protect Bitcoin, but it's decentralized, so it's already more resilient to attacks than traditional currencies. And, as more people get on board with Bitcoin, it's likely we'll see more resources dedicated to its protection.

Brace yourself, a massive crash is on the horizon. We could even be looking at a full-blown depression. The Fed's gonna have to start printing fake money like it's going out of style. And by 2025, gold is gonna be worth five grand, silver at 500 bones, and Bitcoin? Half a mil, baby! Why, you ask? 'Cause the US dollar's a fraud and nobody's gonna trust it no more. Gold and silver are the real deal, and Bitcoin is the people's currency. Stay safe out there.

[wmaurik]

The basic thing that makes many people don't want to use bitcoin for international transactions or to become a reserve currency is because the price of bitcoin is very volatile, companies will be confused about offering products or services to consumers at bitcoin prices, for example today there is a deal and the next day the price drops so there will be a cancel the deal.

The reasons you say do sound logical, but what about a country like El Salvador that has adopted Bitcoin and accepts Bitcoin as payment? Likewise with the Central African Republic, which has also followed in the footsteps of El Salvador in terms of adopting Bitcoin and also accepting Bitcoin as a payment, which has taken into account fluctuations and risks in a more mature manner. And this over time will surely be followed by large companies so that Bitcoin will be widely accepted in this world when the parties of the company can fully understand Bitcoin. The following are some of the major companies that have Accepted Bitcoin as Payment, based on sources from 99bitcoins.com

• Microsoft
• AT&T
• Burger King
• KFC
• Overstock
• subway
• Twitch
• Pizza Hut
• Miami Dolphins
• Dallas Mavericks
• Virgin Galactic
• Norwegian Air
• Namecheap
• CheapAir
• Gyft
• New Egg
• The Internet Archives
• The Pirate Bay
• 4Chan
• Mega.nz
• Amazon (not directly)
• ExpressVPN
• Benfica
• Quiznos
• AMC

[Unbunplease]

For bitcoin to one day become the world's reserve currency, it must first become low volatility. You have to admit, when you buy something for $100 and it costs $80 a minute later, it is not very pleasant. But when bitcoin becomes low volatility, will it be interesting to traders?

[Semar Mesem]

For bitcoin to one day become the world's reserve currency, it must first become low volatility. You have to admit, when you buy something for $100 and it costs $80 a minute later, it is not very pleasant. But when bitcoin becomes low volatility, will it be interesting to traders?

True, the issue of volatility is an important consideration for anyone, as long as it is still high volatility means that the risk of bitcoin is very high, in March it has risen more than 20% in a day or in 2022 it has dropped more than 15% a day, this scares anyone who wants to invest in large number.

[bakasabo]

For bitcoin to one day become the world's reserve currency, it must first become low volatility. You have to admit, when you buy something for $100 and it costs $80 a minute later, it is not very pleasant. But when bitcoin becomes low volatility, will it be interesting to traders?

True, the issue of volatility is an important consideration for anyone, as long as it is still high volatility means that the risk of bitcoin is very high, in March it has risen more than 20% in a day or in 2022 it has dropped more than 15% a day, this scares anyone who wants to invest in large number.

That is makes that Bitcoin will never become a global currency. For majority, Bitcoin is something that is gonna make them rich, financial instrument, easy money and etc. When Bitcoin becomes low volatility, people wont be able to earn from trading/hold as much as they used to. They will search and switch to something more profitable to deal with. Without former popularity, Bitcoin would disappear. Only enthusiasts (and there are few of them) will use Bitcoin because of its anonymity.