Will you support bitcoin as Global reserve currency?

[GigaBit]

As of lately we know that Bitcoin is widely criticized as a global reserve currency. Indeed Bitcoin has no intention of replacing any other currencies to take that place. But if the world supports this digital currency to their advantages from the basis of acceptability then it can be used that way. Overall Bitcoin is completely neutral.

International trade or exchange requires a universal currency as a reserve currency. Because the powerful countries try to influence it in various ways due to economic and political issues. The dominant global currency changes over time. As we have seen in the past many currencies functioned as global reserve currencies. We knew about some world reserve currencies which were dominate the world as reserve currencies.



The Dutch Guilder[/url] (15th and 16th centuries)

The Spanish Escudo (17th century)

The British Pound Sterling (19th century)

The Euro (2nd Global Currency)

The US Dollar[/b]

The US dollar has been followed as the international reserve currency since World War II to till today. But with the change of time, the world is losing confidence in this dollar due to various reasons. As a result, there is a possibility for another change world reserve currency in the future. But in this case I think Bitcoin as a global currency which will be certainly acceptable.

If Bitcoin is considered a neutral global currency it will gain universal acceptance. By which no country will have any authority. No one can influence that currency. Global trade, transactions will be done very securely and in a short time.

Bitcoin is a decentralized digital currency operated through a peer-to-peer network and has gained widespread acceptance in the global economy today and will continue to do so in the future. Although we know that there are many issues involved in being a reserve currency, considering the benefits of Bitcoin, if it can be taken to such a level, the world can greatly benefit from it. We can expect Bitcoin to be a global reserve currency in the future as it has been researched in recent times.

Advantages of Bitcoin being a global reserve currency

# Bitcoin is decentralized, Bitcoin has no regulatory body. As a result, no country's government or central bank will have any authority. Moreover, no powerful country in the world can influence it in any way.
# It is the best in terms of security. Bitcoin uses advanced cryptographic algorithms to keep its transactions secure and fraud-free, making it completely safe to use.
# All transactions are recorded in a ledger through a public blockchain, creating an environment of transparency and accountability.
# In the present time, Bitcoin has gained wide acceptance all over the world. Big companies are holding Bitcoin as their savings and the government of the country is also implementing various projects and strategies including payment in Bitcoin. We know that El Salvador has recognized BTC as legal tender. Such an initiative by the government of the foremost country certainly points to Bitcoin becoming a global reserve currency in the near future.

Source

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1714659147

[EarnOnVictor]

This is needless my friend. I don't simply know where this question and comparison is even coming from, Bitcoin is decentralized, no world power would assent to that. Besides, perhaps you don't know what the "world reserve" is and what's meant to serve. If you do, then you must have known that Bitcoin can't fit into that as it has a limited supply of 21 million BTC.

The world would need far more than that for reserve.

The limited supply can't even be enough for the masses not to talk of the countries, that's even if they turn a blind eye to price stability and newness.

[Zaguru12]

The US dollar has been followed as the international reserve currency since World War II to till today. But with the change of time, the world is losing confidence in this dollar due to various reasons. As a result, there is a possibility for another change world reserve currency in the future. But in this case I think Bitcoin as a global currency which will be certainly acceptable.

If Bitcoin is considered a neutral global currency it will gain universal acceptance. By which no country will have any authority. No one can influence that currency. Global trade, transactions will be done very securely and in a short time.

This is the advantage that is been played and would be enjoyed if bitcoin is used as a reserve. Its lack of centra authority will make countries be equal. If we look at the mode of dedollarization, countries aren’t moving towards another countries currency like the yuan because it will still have same problem like the dollar which a country dominance or political power over others. Rather reserves are been diversified into different assets. Some countries like the BRICS association are still suggesting the creation of another currency as an international currency or reserve but this still will be controlled one way or the other.

# Bitcoin is decentralized, Bitcoin has no regulatory body. As a result, no country's government or central bank will have any authority. Moreover, no powerful country in the world can influence it in any way.
# It is the best in terms of security. Bitcoin uses advanced cryptographic algorithms to keep its transactions secure and fraud-free, making it completely safe to use.
# All transactions are recorded in a ledger through a public blockchain, creating an environment of transparency and accountability.
# In the present time, Bitcoin has gained wide acceptance all over the world. Big companies are holding Bitcoin as their savings and the government of the country is also implementing various projects and strategies including payment in Bitcoin. We know that El Salvador has recognized BTC as legal tender. Such an initiative by the government of the foremost country certainly points to Bitcoin becoming a global reserve currency in the near future.

This are quite great advantages that bitcoin possesses to be a reserve currency coupled with the fact that it is a store of value that hedges against inflation. Although I would love a global adoption of it and possibly it being a legal tender. But its volatility is still a problem for it to be used as global reserve. There’s nothing bad if it is used but all reserve shouldn’t be in bitcoin but rather diversified into various stores of value, because of the volatility.

[SeriouslyGiveaway]

As of lately we know that Bitcoin is widely criticized as a global reserve currency.

I don't support it because if it becomes a global reserve currency like a new standard, Bitcoin standard. If Bitcoin standard is accepted and used by central banks, they will do strict regulations on Bitcoin.

I don't like the scenario for Bitcoin but I know more regulations will come. I am ready to see more regulations but it's my feeling that I don't like Bitcoin global reserve currency.

The Bitcoin Standard (The decentralized alternative to central banking).

[hugeblack]

Before the currency can be a reserve currency, it must have enough spread and market capacity that makes countries use it. Bitcoin, in its current state, is not suitable to be that currency because of the small capacity of the market and the possibility of influencing it from external variables. It is also affected by global events, just as most markets interact. almost.
Therefore, after Bitcoin achieves these requirements, it will stand in front of two main challenges, the first is that there is a country ready to adopt Bitcoin, and this means that there is enough demand and supply for the continuity of maintaining market capacity, and the second is the reaction of the United States, as the presence of a competitor to the Federal Reserve means that Loading all countries of the world on the debts of the United States is no longer the same as in the past, and therefore the United States will not stand by and watch as the rug is pulled from under its feet.

What I am trying to say here is that the global reserve currency must be centralized, because what will protect it is not people's trust, but military power, and this means that we may need a global war to change these concepts.

[CODE200]

Won't that mean that the country that's going to have a lot of bitcoin going to be the one that's controlling the global market not to mention that there's going to be a big overhaul on global supply chain because the currency that's used will be bitcoin, not to mention that there's only 20 million bitcoin to go around for the global market. BRICS will be opposing this heavily now that they're also planning to get away from dollar as a reserve currency.

[Dunamisx]

International trade or exchange requires a universal currency as a reserve currency. Because the powerful countries try to influence it in various ways due to economic and political issues.

If we are to consider the ways the financial economy is run by the governing authorities, we can see that there are many lapses in form of discrepancies that should be dealt with in terms of fiat currency and it monetary policies, printing them has no limit and also they have the right to influence any change on an international level that affect the acceptance and dominance of their own centralized currency USD, but now that we are in the era of an advanced digital cryptocurrency, people have been seing the indications that bitcoin may walk it way to this dominance stage to join USD and in future to come, we cannot predict if they will both exist together or bitcoin only would have been the most acceptable and recognized dominant currency.

The dominant global currency changes over time

Then maybe it's just the right time now for bitcoin to emerge and stand on top, all because the people don't want a centralized currency dominating anymore.

[_act_]

# Bitcoin is decentralized, Bitcoin has no regulatory body. As a result, no country's government or central bank will have any authority. Moreover, no powerful country in the world can influence it in any way.
# It is the best in terms of security. Bitcoin uses advanced cryptographic algorithms to keep its transactions secure and fraud-free, making it completely safe to use.
# All transactions are recorded in a ledger through a public blockchain, creating an environment of transparency and accountability.
# In the present time, Bitcoin has gained wide acceptance all over the world. Big companies are holding Bitcoin as their savings and the government of the country is also implementing various projects and strategies including payment in Bitcoin. We know that El Salvador has recognized BTC as legal tender. Such an initiative by the government of the foremost country certainly points to Bitcoin becoming a global reserve currency in the near future.

Bitcoin is decentralized, but government like and prefer what is centralized, what they can be able to easily control by them.
The government have been using their fiat and yet the fiat are secure to them
Government do not consider what is public when their own fiat is more traceable for them.

With time, some government may consider bitcoin as a reserve currency though, but fiat is what the governments will prefer most becuase fiat are centralized and not decentralized like bitcoin which government will not like.

[Eternad]

My concern is the volatility of Bitcoin because create a havoc if the reserves value keeps pump and dump since reserves should be stable. Also, Bitcoin price will be pump hard just to convert all the reserve to Bitcoin since it’s not same with fiat that government will just print money and gold with unlimited supply. Bitcoin is scarce, I wonder how far will the government will purchased Bitcoin since it will surely pump the price to the roof while no one might sell their holdings in the future due to the demand.

This is a good idea for us Bitcoin holder but I doubt government will trust decentralized asset with high volatility as reserve.

[m2017]

~snip

Ideally, given the benefits to all of humanity, bitcoin would be the ideal global reserve currency. But the world is far from ideal. The main problem is whether all countries will be able to agree among themselves on the adoption of btc as a reserve currency. As usual, each country has its own interests and more often than not, they can't agree even on simpler issues. Therefore, I am sure that they will not do without disagreements.

There is one more point. A large part of bitcoin is already concentrated in the hands of whales, which means that if btc is accepted as a global reserve currency, a very large financial power will be concentrated in their hands. Any government is aware of this and will not want to give advantage to the whales. I suppose that this factor will also be one of the deterrents from acceptance.

It's no secret that the dollar is losing its position as a reserve currency, but still continues to dominate. We should not wait, tomorrow all countries will refuse the dollar. This process can drag on for many years to come. Whether bitcoin will move out dollar of this position is hard to say. I think it's more no than yes.

[LDL]

World reserve currency periods:
- Egypt (3150 BC-1200 BC)
- Lydia (1200BC-550BC)
- Achaemenid Empire (550BC-330BC)
- Macedonia (330BC-315BC)
- Seleucid Empire (315BC - 200BC)
- Rome (200 BC-395 AD)
- Byzantine Empire (395-660 & 750-1200)
- Umayyad Caliphate (660-750)
- Florence & Venice (1200-1450)
- Portugal (1450–1530)
- Spain (1530–1640)
- Netherlands (1640–1720)
- France (1720–1815)
- Great Britain (1815–1920)
- United States (1921-2030)
- #bitcoin    (2030-Forever)

Tweet link: https://twitter.com/BTC_for_Freedom/status/1662379031424057344?t=y7tuLC9TH_dD5KrQft6a_w&s=19

The reserving of all the currencies mentioned above started at one time and ended at a certain time. But Bitcoin is one such potential currency that the way its popularity has spread in the world Bitcoin will be the target currency of all billionaires/millionaires in the world in the near future. But its reserve period never ends like other currencies.

[_act_]

My concern is the volatility of Bitcoin because create a havoc if the reserves value keeps pump and dump since reserves should be stable.

Volatility should not be a concern than thought about becuase bitcoin has been increasing and reaching all-time-high. Not once but many times. Bitcoin is a speculative asset and the price can decrease, but in long term the price increase.

The main problem is whether all countries will be able to agree among themselves on the adoption of btc as a reserve currency.

Countries do not need to agree to themselves, only what can happen is for a country government to support it. It can grow to the extent of other governments from other countries to support it or not. It is not about agreement

[kryptqnick]

I think there's no need to stick to one reserve currency, and many countries could potentially benefit from keeping some of their funds in Bitcoin, kind of like savings. But there's much more to a reserve currency than its stability and reliability. The currencies a country uses as a reserve depends on political relations as well, and the thing with Bitcoin is that it's not affiliated with any state. It's good in a way, but can also be seen as disrespectful by many countries that want their currencies to be used more as reserve currencies.
I think another obstacle for Bitcoin as a global reserve currency is that Bitcoin is treated as property by various countries, which means there are serious tax implications of using it for international trade or something.

[Blitzboy]

Envision a world where Bitcoin reigns supreme as the universal currency, like a lingua franca but for the dough. Now that'd be really lit! We're cruising through the fiscal landscape, and Bitcoin's at the wheel. We're ditching the beaten paths for the wild and untamed terrain, yet it's all gravy because Bitcoin can handle its business. No need for some puppet master to dictate the route, it's got its own compass embedded in the blockchain. And that, my friend, is seriously fresh!

Security? Check. Transparency? Check. Global acceptance? Big Check! Bitcoin's like the perfect piece in any economic mosaic. The way I see it, Bitcoin's becoming the melody everyone's tuning into. It began with a handful, and now nations are jumping on the bandwagon. Before you know it, we might be grooving in a world marching to the beat of Bitcoin!

[Bobrox]

I don't think necessary for bitcoin become as global reserve currencies because worry one day later bitcoin will be stable price, I like with current bitcoin situation right now have any countries not support for bitcoin become legal currency transaction and give advantage as investor to buy on lower price then selling later on higher price. Possibilities when bitcoin have been as global reserve currencies will make price stable and not opportunity to earn profit trough bitcoin investment.

If bitcoin still has two side about agree or disagree as global currencies always get chance for bitcoin up and down, we can get moment for bitcoin going down to buy back and selling when bitcoin back to higher price again. No chance if bitcoin get stable price by legalizing or become as global reserve currency at the future.

[crypticj]

It won't become a Global reserve currency because right now bitcoin is just an asset for investors and it won't be close to being a currency until it won't becomes stable enough for that.

None of the countries will think "Well yes, let's put all our money into bitcoin that can price 10% but it can fall 10% and all in one day"

[Maslate]

Being here in the crypto world is already proof that we support Bitcoin as a global currency. However, we live in a country with a government. So, even if we really want to make that happen, we still have to consider the regulations in our country. If Bitcoin is considered legal, then that's a good sign that we can accept it. However, Bitcoin transactions will have limitations. We cannot fully enjoy what it promises, such as anonymity, because although Bitcoin is decentralized, it cannot surpass the centralized world we live in. Once it becomes regulated, it will undermine decentralization. The only decentralized aspect that will remain is how the blockchain works.

[Dimitri94]

Being here in the crypto world is already proof that we support Bitcoin as a global currency. However, we live in a country with a government. So, even if we really want to make that happen, we still have to consider the regulations in our country. If Bitcoin is considered legal, then that's a good sign that we can accept it.

Bitcoin is gaining global acceptance. By which Bitcoin has been able to gain its trust and reliability. I deserve everything is completed except the support of the governments of various countries. Bitcoin is already working towards that goal. Because El Salvador has already accepted bitcoin. Gradually if different countries start accepting Bitcoin in this way, then Bitcoin can take form as a global currency. Although unofficially, Bitcoin's users are getting the benefits.

Currently we see in the media talks that the Chinese yuan will replace the US dollar as the global currency. But here some will support the American dollar and some will support the Chinese Yuan. Everything will continue to heat up. Because there remains a matter of interest. But if Bitcoin can be adopted in this space then it will be accepted by everyone.

[avikz]

I will support gold more than bitcoin to be honest. Bitcoin is a very new currency and it has not matured enough to become a global reserve currency. The network is simply not capable of handling such volume. Gold is a much better choice as a reserve currency and it had also earlier used for similar reason.

The current debt backed economy has started showing its weakness now. Gold is a much better option to replace the current debt backed economy. Not bitcoin.

[Kakmakr]

Well, it will be nice to use a single currency for every country that you visit..and not having to make complex calculations to determine the price of a service or goods, when you want to buy or pay for something.

It will also be nice to use a currency that are not manipulated and favoring only a few 1st world countries. Bitcoin will put everyone on a level playing field and make things so much easier on everyone.