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

[CarnagexD]

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.

I think Bitcoin has the potential to change the world's financial system an dbecome its currency. Tho it has a lot of thing to work on first and concerns to address, its unique features make it attractive to both the rich people and ordinary people.

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.

I think decentralization of bitcoin makes it attractive to people who do not like government controlling their assets and this is something that we have to look after. Bitcoin has the potential but at the time it is governed, I don't think that it'll be the same bitcoin.

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[kryptqnick]

One can't buy goods or services directly for USD or EURO in most of the world, so in this sense, they aren't global currencies and Bitcoin is pretty similar to them. If you mean a global reserve currency, then yes, Bitcoin is lagging behind. I think states try to keep their reserves in a currency they deem stable, and there's also a political aspect to it of trusting and having partnerships with certain countries and having a mutual currency for international payments.
As for practical aspects of global adoption of Bitcoin as money, then without centralized solutions that aren't really transferring funds on-chain the load of transactions seems to be a huge challenge to me. We've seen it several times how high the fees can jump and how long transactions can take when suddenly the pool is full of transactions. So Bitcoin can become more used, but there are real limitations to it, especially if we don't count off-chain solutions.

[crunck]

...

I see bitcoin as a world currency.

It is a world currency because of the features it offers, but an unofficial world currency recognized only by bitcoin investors like us, not by governments. I really don't care about this because today bitcoin is considered an asset, an investment rather than a currency. Given its volatility as well as its ability to generate profits, not too many people will want to use it as a currency.

[vv181]

~Also worth mentioning that bitcoin is still pretty volatile and I don't see it becoming more stable in the future. ~

So as a result, I think that bitcoin will probably stay as an asset and anonymous money.

Indeed, there are some people that thought bitcoin could replace FIAT. But as have you pointed out it just doesn't make sense or is plausible. Bitcoins are best as an alternative currency. Though there few notes that I'd like to point out from yours. It is expected that bitcoin as of now has volatile prices, but in the future, there is a chance when the market cap grows bigger, the volatility will reduce. And lastly, bitcoin with how it operates right now is a pseudonymous currency, it is not purely anonymous money.

[Faisal2202]

Personally, I think that bitcoin won't become a new world currency like USD or EURO,

Why BTC would become a stable coin like USD and EURO, I know countries tend to choose a currency that would be less volatile and has a better future which BTC lacks but the idea of comparing them with USD and EURO is scary like the volatility of BTC is what that attracts people.

will create a huge load on the bitcoin network to make all these transactions

Yeah, I admit that the Blockchain of BTC can process a maximum of 7 transactions in one second and there is more than 7 million population in EL-Salvador (taken as an example). If all of that citizens make a transaction then it would take around 10 days to process those transactions. Which is not reliable. So yes BTC needs upgradation before making it a currency of reserve.

will dump the price of BTC as well.

Yeah, one more thing is pump and dump schemes are not only applicable to BTC (which i just came to know about few days back by making a topic of Is Bitcoin truly free of Pump and Dump Schemes? USD and Euro which are used as reserves for countries are also prey to these P&D schemes. so overall, your points are legit, and honestly very bitter truth about the adoption of BTC as Reserve currency.

[kelechi]

I can't imagine buying small thing with btc because it will kind of confusing using numbers like 0,0000001 btc to buy ice cream

[Ojima-ojo]

Bitcoin is already a global currency and as a matter of fact, Bitcoin is the first global currency since Bitcoin is decentralized and can be sent and received anywhere around the world and can be spent through mutual friends as p2p, this has given Bitcoin the chance to be the currency without third-party control.

Unlike other currencies such as USD and the rest of. What have you because no country will allow a decentralized currency to become the only legal tender, even El Salvador has Bitcoin as a legal tender alongside the traditional currency which is USD.

[Bananington]

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?

It will be difficult for countries to just make bitcoins their official currency since they will be unable to make modifications to it. Countries may in the future agree and accept bitcoins but they will never formerly make it their official currency since it was not created by them. Consider this example- Imagine a sovereign country that has no relationship with the United States just deciding to accept the US dollars as their official currency without trying to name it after their country or at least make some modifications to it. What most people into bitcoin are aiming and hoping for is that it gets accepted for use in their country, even if not as the major currency for payment , but as an option.  

[S A KHAIR]

I can't imagine buying small thing with btc because it will kind of confusing using numbers like 0,0000001 btc to buy ice cream

Other than what you mentioned, I wouldn't be willing to pay an extra fee for such a small transaction. Not to mention to use bitcoin, we need electricity and the internet, which is too troublesome to use. And with fiat, I've never had such trouble. Bitcoin is not suitable as a world currency, it is suitable as an asset or an alternative.

[Prince Malik]

Blokchain technology and crypto will surely dominate the future world finance in my opinion, don't just talk about Bitcoin because the Bitcoin is just on of many currencies and blokchains, it's true it's the most famous and number 1 crypto but i see the potential in many other blokchains especially new layer 2 and zkevm chains that have super fast and very cheap transactions

[usekevin]

Bitcoin had huge amount of supporters all around the world now.Bitcoin had huge investors in various countries which includes developing and developed countries.The people with less amount of income also had some amount into the cryptocurrency for their future.In some countries the crypto currency was became a study material now.Because it’s updated technology where people need to get into the crypto industry at the early stage.

The bitcoin was source of most of the exchange to run for their own cryptocurrency.This included binance,Kucoin and many exchanges.If the coin is listed in certain exchange with the pair of bitcoin,it will be traded in the huge amount.Because the brought new crypto currency can be exchange at anytime to bitcoin.Mostly people do this things,when the price of the bitcoin was get into the new pump or new all time high.When the bitcoin reaches 100k,it had a chance to become a world currency.

[Dr.Osh]

I think bitcoin was not made to be world currency. as far as I know, bitcoin is made to facilitate transactions anonymously or not, and has a decentralized system. apart from being an alternative means of payment, bitcoin can also be used as an investment. Besides that, from the beginning, I didn't think bitcoin would become a world currency, it was because the system was decentralized, and many countries rejected bitcoin as currency. however, it doesn't really matter, because up until recently, people have even used bitcoins the way they were supposed to.

[Smack That Ace]

...When the bitcoin reaches 100k,it had a chance to become a world currency.

What do you talking about? There is no correlation between bitcoin hitting $100k and it becoming the world currency, they have absolutely nothing to do with each other. In my view, bitcoin is already the world currency because there is no national currency that can be transacted across borders as quickly and simply as bitcoin. We can use bitcoin to pay, and transfer money around the world with just a few taps and without the help of an intermediary. Bitcoin is already the world currency, but because the government does not recognize its decentralization.

[xSkylarx]

Also, when we look at being practical, not on the bitcoin side, for sure, old people are having difficulty using it since they are old and not fun of technology, and the most difficult part is how those people living in remote areas to access it or how they can transact without internet or devices, so there are still a lot of things to talk about it unless we say that all over the world are tech savvy like we are thinking about the future.

[franky1]

Volatility: Bitcoin's value has been known to fluctuate significantly over short periods of time, which makes it difficult to use as a stable medium of exchange.

bitcoins PRICE is volatile but bitcoin has a economic number of value that sits below the markets which is less volatile.
an international currency will always have a speculative PRICE because different countries have different underlying costs..
speculation/volatility can be quietened down very easily by having markets performed certain tasks. EG wall street markets have "circuit breakers" that prevent a price moving by too many percent in one session.

Scalability: As more people use Bitcoin, there are concerns that the network may not be able to handle the increased demand for transactions, resulting in slow processing times and higher fees.

network can handle more then you think. but some dont wont bitcoin to perform all users needs. becasue it does not make profit for greedy middlemen. and so they want to hamper bitcoins network utility to push people into other systems to pay middle men for processing it.

Adoption: While Bitcoin has gained significant popularity over the years, it is still not widely adopted as a mainstream currency. There are many people who are not familiar with how to use Bitcoin or who are skeptical of its value.

if you live in an area where you cannot buy things with bitcoin. dont see it as a flaw. see it as a opportunity. you can start offering services in your area.
bitcoin is not AI. it neds its users to do things. this includes setting up businesses. you will not see a robot called bitcoin get on a plane, come to your town and set up a business. so if you are waiting for bitcoin to go mainstream in your town. you have not understood who should be doing what in your town.. so if something is lacking in your town. take the opportunity, and provide that thing

Regulatory challenges: Bitcoin's decentralized nature makes it difficult to regulate, which has led to concerns about its use in illicit activities such as money laundering and terrorism financing.

regulations are not about the unit or product being controlled/chased. its about the people and businesses. same goes for everything. regulators dont chase drugs, they chase the dealers. alcohol prohibition did not chase the beer. it chased the distillery owners and bar owners

Energy consumption: The process of mining Bitcoin requires significant amounts of energy, which has led to criticism of its environmental impact.

electric cars will use more power then bitcoin. if electric is the new bad. then whats the point in the environmental activists promoting electric cars. dont they know where the power of EV's is coming from.

While these challenges are certainly significant, it is also worth noting that Bitcoin has made significant strides in addressing many of these issues over the years. For example, there are now faster and more efficient transaction processing methods, such as the Lightning Network, which can help to address scalability concerns. Additionally, there are many efforts underway to increase adoption and education around Bitcoin and cryptocurrencies in general.

bitcoin never leaves the bitcoin network.
talking about other networks (which have bad pegging mechanisms) is not talking about scaling bitcoin
there are many subnetworks that have their own pegged units.. heck there are a couple with more pegged value than lightning.. yep lightning is flawed and not popular and wont actually scale due to other liquidity issues..
but the subnetwork units are not bitcoin units. their transfer/payment code/data is not understood by the bitcoin network nor is their unit of measure.. do not confuse the bitcoin network with these other networks.. because its just as bad as pretending a CEX is the bitcoin network.
an onion payment(data thats passed between nodes) is not bitcoin data

[KiaKia]

I don't want Bitcoin to be like USD that the world will be using everywhere, I want Bitcoin to be people's currency that can never be friendly to any government currency like Central Bank Digital Currency, Bitcoin is decentralized, and only through decentralization will people keep using and accepting Bitcoin, I believe this is why the make Satoshi Nakamoto created Bitcoin, to rescue the people from the government rulings and power.

[hZti]

I don't want Bitcoin to be like USD that the world will be using everywhere, I want Bitcoin to be people's currency that can never be friendly to any government currency like Central Bank Digital Currency, Bitcoin is decentralized, and only through decentralization will people keep using and accepting Bitcoin, I believe this is why the make Satoshi Nakamoto created Bitcoin, to rescue the people from the government rulings and power.

Bitcoin will always stay peoples money, even if it is accepted everywhere, since it can only be controlled by democratic vote. So central banks can not enforce their stupid rules that are mostly of political nature, even if they would adopt bitcoin. This is the beauty of the system and can not be changed. Still we would need much larger block size to fit more transactions, in order to have a functunal main stream payment option.

[Woodie]

Hello crypto bros!

Personally, I think that bitcoin won't become a new world currency like USD or EURO,

especially knowing very well that most countries are bordered around democracy, honestly it's really difficult to make such decisions because politics is at the center of the action.. though making it legal tender is very much possible but many countries fear that it could negatively affect the performance of their local currency and most central banks won't endorse it.

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?

Of course other countries will jump on the bitcoin buss as some economies are failing and will be out looking for a solution.


Consequences: looking back at the history of countries that have adopted bitcoin, most of their local currencies went under the bus and the only way to revive money spending was to use foreign currencies like the US dollar and bitcoin which was seen in Zimbabwe and Venezuela, but adopting a new currency means trashing/displacing your own currency for another but I don't it makes it any easy to bring back a new one after you try the like of bitcoin.

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.

Devs have brought is the lightning network but honestly its not practical and the fact that "ordinary" transactions arent confirmed in real time this makes it difficult to adopt btc entirely though better alternative for these dying currencies.

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 for a 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.

Agreed, volatility makes it difficult to make bitcoin an everyday currency but a user can lock in its value by exchanging it for a stablecoin to  counter this, btw volatility works in two ways your portfolio could go positive or minus when markets are volatile so it is really not a bad thing tbh

[jokers10]

...
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 you realized that there is an open secret of a scalability problem which occupies the minds of different developers. Second layer like LN is one of decisions was found (IMO not the best decision, but is can help for a while), there are some other as well. So right, bitcoin can't work the same way as popular payment-processing systems like Visa or Mastercard right now, but it is a matter of time and finding some new solution, and I'm sure developers will find some brilliant decision in the nearest future. It doesn't mean we should hurry with that but we should not worry too much as well.

[buwaytress]

Depends on your definition of world currency... I've lived and worked in multiple countries and believe me, the dollar isn't as easily used or even sold as one might think. At least, not in the global South.

Now Bitcoin, I could sell it quicker and more easily in any of these countries (and often do). Fits the bill for me.