Bitcoin can't become world currency (at least now).

[crypticj]

Hello crypto bros!

Personally, I think that bitcoin won't become a new world currency like USD or EURO, but I think it would be widely accepted and used. But looking at some projects like El Salvador I just keep wondering, are there gonna be countries that will try making bitcoin their official currency and make all transactions using it?
Do you think there gonna be any consequences for that?

Why I think it's highly unlikely:
I think one of the problems is that it will be more expensive for people to use bitcoin than fiat. We can also say that it will create a huge load on the bitcoin network to make all these transactions so it will probably be even more expensive and slower because of that. Also worth mentioning that bitcoin is still pretty volatile and I don't see it becoming more stable in the future. And the whole system will depend on the miners and if there gonna be any problem with them, then the system will suffer. And another thing is that when people will see how volatile bitcoin is, they will try to exchange it to more stable asset that will dump the price of BTC as well.

So as a result, I think that bitcoin will probably stay as an asset and anonymous money. And it's not a bad thing, we need this kind of technology to exist.

[_act_]

Bitcoin does not need to become like USD or Euro or Pounds, because they are completely centralized, but bitcoin is decentralized. Bitcoin did not become like them but yet you can send it to any person in the world that gives you his bitcoin address, should a world currency be more than that?

I see bitcoin as a world currency.

[BenCodie]

Firstly, -1 for calling us crypto bros. We aren't twats who shill altcoins to every soul we come across. Don't feed this terrible meme or expand its reach to people who advocate Bitcoin.

Secondly, government will never deem Bitcoin as the global/world currency. The people will. Technically, Bitcoin as already the world currency because it is accessible by anyone, there are no viable restrictions stopping people from using it and its value derives from trading in more than one jurisdiction.

[UchihaSarada]

Becoming a world or global currency is not a mission of Bitcoin. Do you see is the US. dollar used globally, everywhere by all people on Earth?

It is not and won't be. There will be countries that accept US. dollar and there will be nations don't accept it. There are people use it but there are others don't use it. Reasons are many such as geopolitics ideological differences and others.

[GreatArkansas]

Personally, I think that bitcoin won't become a new world currency like USD or EURO, but I think it would be widely accepted and used. But looking at some projects like El Salvador I just keep wondering, are there gonna be countries that will try making bitcoin their official currency and make all transactions using it?
Do you think there gonna be any consequences for that?
(....)

We'll never know. If the government will find some solutions on how they fix the current problem in traditional finance or in the fiat, maybe it won't.
But what I can see is Bitcoin will be just an alternative, acting digital currency which is an alternative to our currencies right now.
With this, people will just have their freedom what they want to use as currency.

[taufik123]

First, Bitcoin will not become a currency like USD or EURO, or any other traditional currency. Bitcoin remains Bitcoin with volatile characteristics and cannot be regulated by anyone. Even the government will not be able to stem bitcoin, they can only provide regulations on the use of bitcoin but not completely.

ElSalvador is just one example of a country that accepts Bitcoins as legal tender, but on the other hand ElSalvador's currency also functions.
Bitcoin is now a legal optional payment and El Salvadorans can choose to use Bitcoin or not.

Secondly, in this thread you are focusing more on the negative point of view about bitcoin. Bitcoin does have high volatility and that is a risk that must be considered. Some other countries that do not give bitcoin full legality are still thinking about that risk. The Bitcoin network will not suffer as long as bitcoin users increase, of course bitcoin miners will also increase even though in some developed countries bitcoin mining is prohibited.

Bitcoin remains a decentralized anonymous asset, it cannot be regulated by anyone.
Can be a new era of payment in the future and can be a solution to the current payment problem.

[mindrust]

You are right. Bitcoin is not in the same league as the Dollar or the Euro and that’s not necessarily a bad thing. Bitcoin is a boutique currency and even though every person on earth won’t be using it, there will always be some demand for it because there will always be some people who would want to use bitcoin. Replacing the USD or Gold, these are childish targets for btc. Bitcoin is not gold and it certainly isn’t the USD. It is different than both and something completely unique.

[Gallar]

bitcoin becoming a world currency is indeed a distant expectation, it is not impossible but the government in every country will not remain silent in responding to something like this. every country has its own currency that they are proud of, and that currency is sure to survive in that country. what about bitcoin, bitcoin will still be great as it is today, bitcoin will still be the king of the world's digital currency. in my opinion it is more appropriate for bitcoin, bitcoin can help people anywhere in any country without the need for any permits.

[Despairo]

In short you're saying Bitcoin can't become world currency because it's high volatility, expensive. and high fees transactions.

First, high volatility is the main reason why many people tend to use Bitcoin to store a wealth rather than as a currency, because many people hard to spend Bitcoin during bear market.

Second, the high Bitcoin price has nothing to do to use it as a currency, you can buy in fraction and if the price is expensive, you can take advantage over it because Bitcoin price tend to increase in the long term.

Third, high fees transactions already solved with lightning network.

[thecodebear]

Hello crypto bros!

Personally, I think that bitcoin won't become a new world currency like USD or EURO, but I think it would be widely accepted and used. But looking at some projects like El Salvador I just keep wondering, are there gonna be countries that will try making bitcoin their official currency and make all transactions using it?
Do you think there gonna be any consequences for that?

Why I think it's highly unlikely:
I think one of the problems is that it will be more expensive for people to use bitcoin than fiat. We can also say that it will create a huge load on the bitcoin network to make all these transactions so it will probably be even more expensive and slower because of that. Also worth mentioning that bitcoin is still pretty volatile and I don't see it becoming more stable in the future. And the whole system will depend on the miners and if there gonna be any problem with them, then the system will suffer. And another thing is that when people will see how volatile bitcoin is, they will try to exchange it to more stable asset that will dump the price of BTC as well.

So as a result, I think that bitcoin will probably stay as an asset and anonymous money. And it's not a bad thing, we need this kind of technology to exist.

1. Don't call us crypto bros, that's a negative term used towards people who shill shitcoins at people. It's an insult.

2. Most countries will not make Bitcoin their official currency. No one should ever expect that.

3. Bitcoin volatility will of course continue going down over time. It will never be stable because it trades in an open market (but national currencies aren't stable either). A lot of the stability of national currencies is that they are the unit of account so they are the base unit. Anyway Bitcoin volatility will go down a huge amount over time but it will always be more volatile than national currencies because it is not manipulated by politicans/bankers to be fairly stable and also it is unlikely to ever be the unit of account by itself so it will always be viewed as being worth x amount of fiat. That's fine.

4. Bitcoin depending on miners is not a problem. They are competing for economic incentives in a brilliantly designed system. There is no problem there.

5. Bitcoin and fiat will coexist. National currencies will continue to be national currencies. Bitcoin will grow into the world's currency - the alternative to national currencies but for the entire world. Bitcoin started as a speculative asset, it is now starting to move into a long term store of value / savings currency, it will eventually be able to be a shorter term savings currency as well as a spendable currency. This is the natural transition of good money that grows organically. This is Bitcoin's path. It'll take decades, but it'll get there. It is on its way to becoming the world currency, but that doesn't mean national manipulated "stable" fiat currencies won't continue to exist. Bitcoin will just be the alternative world currency to them.

[Ozero]

This question must be considered in relation to citizens, as well as in relation to states and their governments. States and their governments will certainly not use bitcoin or any other decentralized cryptocurrency as a global currency for international payments. And citizens of any country can already use bitcoin as an international currency, since there are no barriers to conducting transactions with it anywhere on our planet.

[Lucius]

Personally, I think that bitcoin won't become a new world currency like USD or EURO, but I think it would be widely accepted and used. But looking at some projects like El Salvador I just keep wondering, are there gonna be countries that will try making bitcoin their official currency and make all transactions using it?

The official payment currency in El Salvador is the US dollar and has been for more than 20 years, and even though Bitcoin is declared as legal tender, the percentage of people who use it in this way is very low. Legal tender does not mean that people will start using something, although many like you think that everyone pays for everything with Bitcoin in El Salvador.

So as a result, I think that bitcoin will probably stay as an asset and anonymous money. And it's not a bad thing, we need this kind of technology to exist.

It's been a long time since someone could call Bitcoin anonymous, and given that it uses a public ledger and that most users are verified on various CEXs, all those companies and various state agencies that use various tools can very easily detect who stands from which BTC addresses.

[franky1]

anything can be a currency. couples trade sex for birthday gifts. neighbours trade beer for loaning lawnmowers. you name it anything can be currency

bitcoin is a currency. and its international.. thus its already a world currency.

as for being a world legal tender "money" which countries endorse and allow for purchase of all goods in all merchants. that is a different thing

merchants can decide for themselves if they want to accept any form of currency. but to have laws then entice and require merchants to accept a certain currency. will be limited to countries with no real self sovereign currency of their own. whom want to escape the controls of another countries dominance

EG in africa USD and euro dominate many african countries more than their native currency. so some countries may want to escape the dominance that puts their native economics at risk

i doubt large western/developed countries like the EU or US will stop having their own currency and using bitcoin as a replacement. so no bitcoin wont REPLACE USD
but people are still free to use bitcoin as a second CHOICE. and thats the purpose of bitcoin. to hedge against fiat, not replace it

[yazher]

Compared to a few years ago, the progress of bitcoins nowadays is really amazing and it will continue to more adaptation in some big companies all around the world because they see a bright future in it and they don't want to be the last hands to reach it that's why they're not even doubting when it comes to its legitimacy because they already know that those who are hostile against it are not telling the truth rather they just don't want to make bitcoins popular because it will ruin their businesses and they will do anything to stop its spreads to the world but as we can see they are failing big time and bitcoin is going strong even though they hated it so much.

[DeathAngel]

Bitcoin doesn’t need to be the World Reserve Currency to change the world. The US is doing a great job of devaluing the $ & making their fiscal policy a complete joke. The FED is ruining lives with mindless money printing which causes unprecedented inflation. To be honest, bitcoin would be a great World Reserve Currency as it’s transparent, has a fixed supply & is decentralised unlike the $.

Bitcoin won’t be the World Reserve Currency for now, it definitely has the possibility to in the future though. Just as we once lived on a gold standard, we can in the future live on a bitcoin standard. It will not be in the immediate future though.

Just keep stackin’ sats & let the fiat banking system collapse. Prepare for change!

[Little Mouse]

Bitcoin is a store of value, so far better than Gold. Has Gold replaced fiat currency? No. Has it vanished? No. Then think of Bitcoin as the same. Why it has to be the currency of the world, and why will it replace fiat currencies? Fiat currencies will be there forever, maybe in the current form or maybe in another form. Fiat/centralized currency will be there all the time.

There will be a lot of countries following El Salvador because they will have no other way since the financial system is in crisis.

[LogitechMouse]

Bitcoin doesn't need to be a global currency like Dollar. Bitcoin isn't the same as Dollar because Dollar is the currency of US and all of the countries just agreed for it to be the world's accepted currency. As for Bitcoin, it might not been accepted globally because only few are using it still, but people can just use it.

TBH, any item or thing that has value can be traded for whatever it is as long as both parties agreed to it. You can exchange your house and lot into a Lamborghini car. You can exchange you 100-year old jar into Bitcoin if both agrees. I mean Bitcoin doesn't need to be a world currency, but it will be used as an alternative way of buying things either online or in person (whenever you buy). I'm not expecting this kind of thing to happen as well.

[worle1bm]

The adoption is slowly increasing and people are using it to make payments but if we say about global adoption and being used as currency everywhere then it's not happening anytime soon because do you think big nations like US who are presenting environmental issues will treat it as legal tender? Even the answer is negative the Bitcoin adoption curve has seen huge rise and many countries will follow El Salvador path.If we say about fees then layer 2 Solutions like LN will more be in use rather then making direct transactions for faster and cheap transactions.So it will not be big issues.

[Yatsan]

I don't even see it in the future. This seems to be impossible given how powerful fiatisnd also, being the only currency to be used, I doubt, is the goal of this industry. One reason why this is impossible is because taxes play a role to every countries' economy. Another is lack of stability with the market price of not only Bitcoin, because its market value is dependent with the demand. Thus, using it on a daily basis won't promote equality or stability with the transaction.

Imagine buying a meal for 5 bucks worth of Bitcoin then its market value fall in an instant, therefore you'd be needing bigger amount than what was supposed to. Then afterwards, the price again increased. Won't you feel bad? Same thing with businesses who'd accept such mode of payment, will it be good for their business? Downsides are there. People could make use of this technology in many ways but for all countries to rely on this, is a punch to the moon.

[Dimitri94]

I think Bitcoin will remain unchanged. Its application and demand will only increase. One cannot be an opponent of anyone. It can be thought of more advanced but cannot be thought of as a substitute for fiat currency. Although Bitcoin is more reliable than fiat currency but both  are different by position.