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

[Artemis3]

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.

I have lived this with hyperinflation, it doesn't matter in the end. You simply pay something "equivalent to" the time of transaction. Since its bitcoin, it averages in the end, so those times it went up balance with the times it went down, just like a proper mining pool without the PPS facade (fiat like).

The only people making this argument have lived in countries where their fiat has not crashed overnight, yet. Don't wait for it, once it comes it is too late, again, i lived the experience. You in "nice" countries should opt out of the fiat currency while you still have some wealth. You think the bankruns in the US are a joke? A problem in just a few banks and not the system itself? Think again... Just because you have never experienced it in your life, doesn't mean you won't.

Remember this, when it happens, you will NOT be able to preserve your wealth by moving to some other asset (including bitcoin). You must act NOW before it happens. Don't come crying if you lose all your wealth like many people in hyperinflation economies did in the past for ignoring this advice. Clock is ticking, the USD crashing from a widespread bankrun can only pull down the other fiats and banks, and its a very fragile ponzi scheme, the fractional reserve it can easily fail globally, it hasn't before, but it can. It just takes 10% of money being withdraw at the same time on a global scale, for example, from a panic after learning the USD is crashing...

You give to much trust too your politicians and institutions, don't. It is too late once it happens, remember that.

[bounceback]

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.

Yes, it's true that bitcoin was created not to replace the role of fiat currency and not to change people's views on finance, since the adoption of bitcoin has become increasingly popular, making some people think that bitcoin is feasible if used as a mainstream currency because bitcoin fully gives us financial freedom without interference third parties especially bitcoin can make it easier for us when we want to make transactions, whether we want to make payments or cross-border transactions, but I personally don't really expect bitcoin to become the mainstream currency because when that happens, many governments will issue strict regulations against their users.

[Falconer]

Yes, it's true that bitcoin was created not to replace the role of fiat currency and not to change people's views on finance, since the adoption of bitcoin has become increasingly popular, making some people think that bitcoin is feasible if used as a mainstream currency because bitcoin fully gives us financial freedom without interference third parties especially bitcoin can make it easier for us when we want to make transactions, whether we want to make payments or cross-border transactions, but I personally don't really expect bitcoin to become the mainstream currency because when that happens, many governments will issue strict regulations against their users.

Even in the long term, I think bitcoin will still be an alternative solution as a means of payment, not as a primary currency to replace fiat. I agree that the real use cases of bitcoin as a currency are still limited by many different country jurisdictions, but in the future we may see governments start to consider it as a means of payment to some extent. Of course this is possible when the government realizes that bitcoin is starting to dominate as an investment asset that is loved by millions of people in the world.

The most likely initial approach is about possibly paying taxes with bitcoins, in fact I have heard that some countries are starting to adopt it so far.

[Japinat]

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.

Yes, it's true that bitcoin was created not to replace the role of fiat currency and not to change people's views on finance, since the adoption of bitcoin has become increasingly popular, making some people think that bitcoin is feasible if used as a mainstream currency because bitcoin fully gives us financial freedom without interference third parties especially bitcoin can make it easier for us when we want to make transactions, whether we want to make payments or cross-border transactions, but I personally don't really expect bitcoin to become the mainstream currency because when that happens, many governments will issue strict regulations against their users.

And that will mean struggles to almost all the users who doesn't have any means to make use of their possessed coins. Fiat will always be there and it has been there for a reason, first is it's backed by the government by the respective countries which is controlled by them and it is widely used for commercial and other purposes. While bitcoin can somehow imitate fiat's use but we shouldn't forget in the first place why bitcoin was created and what is its goal. Surely none of that states that it will lead the currency someday.

[SirLancelot]

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 and USD have a similarity and that is both are currencies. They also have differences and that is Bitcoin is decentralized while USD is created by the banks. I think that it will be beneficial for Bitcoin if it has a good relationship with the banks because they can support Bitcoin in any of their services.

This makes Bitcoin adoption grow faster and bigger but don't worry, they still can't control Bitcoin and make it centralized. They only make the people's life easier by connecting the two currencies. Banks already made their own crypto which they can fully control and it was called CBDC. It still runs in the blockchain but it is only centralized.

[n0ne]

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.

Yes, people have got different definition for the term world currency. If we take it as anywhere accessible, then bitcoin is a world currency. Rather than the USD and Euro it is easy for bitcoin to be converted to cash and used. Though USD serves as the world reserve currency it can be easily used in very few countries around the world. Even the acceptance is found high for bitcoin in rest of the world where the nation have got their own national currency.

[jokers10]

...
I think that it will be beneficial for Bitcoin if it has a good relationship with the banks because they can support Bitcoin in any of their services.
...

Bitcoin doesn't need nor banks nor their service, it is a whole processing system and currency at once. Why should we give any mediation work to banks? Just to help them to survive in the time when they don't feel okay? Bank system and bitcoin are based on different ideas and they can coexist for a while but in a distant future just one idea will win IMO as I can hardly imagine how can strong inflationary and deflationary systems work in the same economy at the same time. And I hope that we'll get a new economy with bitcoin.

[loabiti33]

I hope so, Bitcoin and crypto in general came to bring a change to the current format of economics, and bring at least an ounce of true ownership and freedom to owners of said assets, Totally different from the corruption of banks and political economic powers that hold control over most of society. Bitcoin is freedom

[jayce]

I have bought many items using bitcoin from anyplace, and the best parts is, it's much easier to use than USD and even provides you any fiat can't offer, anonymity. If bitcoin is not called as a world currency now, I don't know what term suits it better. Of course you can't pay everything with bitcoin, but there are always other options that make it possible for you to use it.

[Oilacris]

I have bought many items using bitcoin from anyplace, and the best parts is, it's much easier to use than USD and even provides you any fiat can't offer, anonymity. If bitcoin is not called as a world currency now, I don't know what term suits it better. Of course you can't pay everything with bitcoin, but there are always other options that make it possible for you to use it.

Alternative or what, it doesnt matter as long it do works on how it should be then this is what mattering the most.People shouldnt really be that too unrealistic when it comes on replacing fiat because it
cant really be just possible. We might be seeing that decentralization might really become big in the future or could be a main trend but there's no way that it could replace out fiat no matter what.
Government couldnt really just let these things to pass on because fiat would really be always have the position when it comes to overall everyday transactions.
This is why its better to stick on what we do have now and on possible future.

[Fivestar4everMVP]

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?

First, I don't think there are any consequences if a government of any country decides to adopt bitcoin and make it a legal tender for it's citizens.

Secondly, I think you are getting something wrong here, the fact that El Salvador made bitcoin a legal tender does not necessarily mean that it has become their official currency..
They country still have its official fiat currency, they made bitcoin a legal tender to give their citizens a second option, that is if incase you run out of fiat and own some bitcoin, then you can easily pay for goods and services using bitcoin, since it's a legal means of payment for goods and services..
I hope this is clear enough though.

[Hamza2424]

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.

This is not all about the World currency but it is, I am not sure what to say about it but my personal feelings are that Bitcoin should need to be Universal Currency as a store of value to achieve the height of its glory until that I can't say anything. This topic has been discussed several times about the valuation of bitcoin, future prediction, store of value, and much which are quite similar to the OP.

The point to notice here is without a globally leading country's support bitcoin can never be a universal currency such as China or USA and if one of them will support it then the other will resist and both countries can never agree on the same decision. From the past developments, we can see that whenever a particular region starts supporting bitcoin the other one resist as previously China was supporting and the US was resisting, and after that things changed China banned Bitcoin completely and the Western world accepted it. Now again Asian market is interested in Bitcoin and other sides of the crypto market and the Western world is brutally resisting its adoption and law enforcement institute are suppressing it.

[noormcs5]

The point to notice here is without a globally leading country's support bitcoin can never be a universal currency such as China or USA and if one of them will support it then the other will resist and both countries can never agree on the same decision. From the past developments, we can see that whenever a particular region starts supporting bitcoin the other one resist as previously China was supporting and the US was resisting, and after that things changed China banned Bitcoin completely and the Western world accepted it. Now again Asian market is interested in Bitcoin and other sides of the crypto market and the Western world is brutally resisting its adoption and law enforcement institute are suppressing it.

Well the point here is that USA is never is favor of bitcoin and will never support it openly. We have seen china resist bitcoin too and they often come up with a statement to ban it. Even China is looking to make its CBDC which shows that all these powers want to have control over the financial system and they just do not want to lose control by making bitcoin the mainstream currency.

Bitcoin is a people/s currency and it is upon us how we boycott these government institutions and insist on using bitcoin for our day-to-day transactions.

[suzanne5223]

Bitcoin was never created to become a world currency but it was created to serve as an alternative especially like now that the banking institution is in crisis and the government barely safe them because they still replicate the exact strategy that led to the economic and banking system crisis.
Nevertheless, we can't be sure if Bitcoin will be widely accepted or used since the percentage of people that use Bitcoin now is still low, and if Bitcoin is widely accepted or used that has to do with the government's stance.

[borovichok]

Bitcoin was never created to become a world currency but it was created to serve as an alternative especially like now that the banking institution is in crisis and the government barely safe them because they still replicate the exact strategy that led to the economic and banking system crisis.
Nevertheless, we can't be sure if Bitcoin will be widely accepted or used since the percentage of people that use Bitcoin now is still low, and if Bitcoin is widely accepted or used that has to do with the government's stance.

The percentage of people using bitocoin is high, but the restrictions placed on it have kept some part of the world ignorant of the project because they feels that it's harmful and might cause the instability of the economic ratio within a country, some nations embrace it because they already seen the roadmap of cryptocurrency and it's a legit way to ease enormous earnings. Bitcoin existence was not intended to surpassed the growth range of fiat currency, rather was invented to create simple and smooth movement of payments of bills online, it's a digital currency that aides in the development of the modern technology era.

[alexkut987]

Bitcoin and other cryptocurrencies are still relatively new, and their potential uses and impact on the global financial system are still being explored. While it is possible that some countries may attempt to make Bitcoin their official currency, as El Salvador has done, it is difficult to predict the long-term consequences of such a move.

One potential issue with using Bitcoin as a currency is that it is currently more expensive and slower to use than traditional fiat currencies. This is largely due to the limitations of the blockchain technology that underpins Bitcoin, which can only process a limited number of transactions per second.

Another challenge for Bitcoin is its volatility. While the price of Bitcoin has increased significantly in recent years, it is still subject to significant fluctuations in value, which could make it less attractive as a stable currency.

However, as the text suggests, Bitcoin does have potential uses as an asset and a form of anonymous money. Its decentralized nature and blockchain technology make it appealing to some users who value privacy and security in their transactions. Additionally, the emergence of other cryptocurrencies and blockchain-based technologies is helping to drive innovation and new use cases for digital assets.

Overall, the future of Bitcoin and other cryptocurrencies is still uncertain, and it is difficult to predict how they will ultimately be used and regulated.

[suzanne5223]

Bitcoin was never created to become a world currency but it was created to serve as an alternative especially like now that the banking institution is in crisis and the government barely safe them because they still replicate the exact strategy that led to the economic and banking system crisis.
Nevertheless, we can't be sure if Bitcoin will be widely accepted or used since the percentage of people that use Bitcoin now is still low, and if Bitcoin is widely accepted or used that has to do with the government's stance.

The percentage of people using bitocoin is high, but the restrictions placed on it have kept some part of the world ignorant of the project because they feels that it's harmful and might cause the instability of the economic ratio within a country, some nations embrace it because they already seen the roadmap of cryptocurrency and it's a legit way to ease enormous earnings. [snip]

If you consider the percentage of people using Bitcoin to be high I will assume you do not want to face the technical truth about the number of people using Bitcoin in the world because you said yourself that restriction was placed on it and the exact restriction didn't stop some people in China from investing in Bitcoin.
Most investors don't believe in a roadmap and what they believe in is the historical performance of Bitcoin which the reality aspect of it causes a certain project may have a good roadmap and may not thrive in the next few years.

[doomloop]

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.

Why would Bitcoin need to become like USD or EURO while in reality it was created to be the exact opposite and to become an alternative mode of payment or store of money where no one can see or control the financial holdings or finances of anyone using it? Fiat currencies are centralized and under the full control of authorities of different countries and organizations. Bitcoin isn't one of them, it never was nor ever will be.

So it's probably better if we don't compare a decentralized cryptocurrency with traditional centralized currencies or even try to put it among them because it is different by all means and that's what it was created to be.

[Yamifoud]

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.

For many reasons and circumstances, we can't deny the reality that Bitcoin's adoption as to becoming as a currency is still far. Though we know that some individuals are already using this, yet still, the majority are here solely for Bitcoin investment and have no plan in spending this buying a stuff or paying bills. I couldn't lose hope honestly, but if we talk about being consider as a global currency, I'm afraid it takes several decades to make it happen and come to realization as it was known being an investment, not a currency.

[mvdheuvel1983]

We have too many high hopes about bitcoin and it will do us a whole lot of good if we can tone it down a bit so as not to get disappointed.
There's too many socio-policital forces fighting bitcoin and as you can see they are trying all their best to bring it down. We must first be able to defeat them before we by a slight chance bring up the topic of it going to be a world currency.

By the way if China, Russia, South Africa are looking to create their own currency for trade what makes us thing they would by any means consider Bitcoin. I do not want bitcoin to become the world's currency, I want it to co=exist with other currencies. That's how it should be and not the other way around.