Would Bitcoin become The General Currency in the Future?

[puloweh555]

According to evolution of money, trade was first done with the barter system, then it evolved to commodity money using Gold and it's kind,then into metal coins then paper money, later transactions where done with plastic cards, before it's evolved into electronic money and now crypto currency.
 About years ago El Salvador became the first country to adopt Bitcoin as a legal tender and there are speculations that other countries would also adopt it in the nearest future now my question is, with bitcoin being the leading crypto currency is there a tendency that it would become the generally used currency worldwide?

For now I'm skeptical about Bitcoin being able to replace it as the world's currency and I think it's a natural thing. Even though Bitcoin has experienced very good growth from year to year but there are several considerations that need to be taken before we can predict whether Bitcoin will become a world currency in the future.

One of the things that might be taken into consideration is that there must be adoption of bitcoin as a whole to replace the world's currency. Even though now there are several companies and even countries like (El Salvador) have started accepting Bitcoin as a form of payment, there are still big challenges in encouraging the adoption of bitcoin among the world community that must be considered as well as issues such as price volatility and of course regulation in every country. country is still a separate obstacle that must be overcome.

Besides that, there are also other issues that must be considered, the world's financial system has been running with conventional currency, this has been around for decades now. Replacing the Bitcoin currency as the world currency will definitely involve complex changes and of course take a very long time. Therefore, I think that in the near future it is unlikely that bitcoin can replace the world's currency, but it is also possible that bitcoin can replace the world's currency along with technological developments in the future.

[Nwada001]

It will not and let's keep it that way as long as there are governments trying to put into stop into Bitcoin. See how every KYC out there becomes like a pain in the ass just for the sake of compliance to the authority that regulates the usage of crypto? Yeah imagine if almost every single method of being able to use Bitcoin out there now requires KYC and you're not allowed to do P2P or else it's jail time.

It's going to be co existing for sure with fiat money just like how bank cards do.

There were plenty of threads about this back in 2017 about replacing fiat money so surely people already knew the answer that time.

Regulation and government are not the only things that could possibly stop Bitcoin from becoming a global currency—I mean, an entire country's currency. To me, it was never built to ever serve that purpose. In as much as the 21,000,000 limited supply was a result of it being limited and scarce to reach everyone out their 1 Bitcoin to one person in an entire population, That same feature is another thing that could also be considered one of the reasons why Bitcoin could never be a country's currency.

Bitcoin is too small to serve such purpose it will never be enough for everyone to use it at same time. The higher increase in demand for it will definitely put it at a price where the majority of people might not be able to get their hands on it, and most people will not want to release the one that they are holding, which will make it relatively scarce in the market.

And remember, Bitcoin is not just any country's local currency that doesn't have a limit, so its government can just wake up and increase its supply. The supply is fixed, and it can't be increased, at least to the level of my knowledge.

[chigo]

According to evolution of money, trade was first done with the barter system, then it evolved to commodity money using Gold and it's kind,then into metal coins then paper money, later transactions where done with plastic cards, before it's evolved into electronic money and now crypto currency.
 About years ago El Salvador became the first country to adopt Bitcoin as a legal tender and there are speculations that other countries would also adopt it in the nearest future now my question is, with bitcoin being the leading crypto currency is there a tendency that it would become the generally used currency worldwide?

I'm not sure that bitcoin will become a general currency globally considering that Satoshi created bitcoin not for that, but as a digital currency that complements the current financial system. moreover, it seems that the government will not allow this to happen, because it will certainly threaten the existence of the fiat currency they have.

[BlackHatCoiner]

Define me "general". It's already the dominant Internet currency. If you meant "global reserve currency", then time will tell. If Bitcoin continues maturating as it currency does, and fiat currencies continue collapsing one after the other, then yeah. That's a reasonable guess.

[Davidvictorson]

According to evolution of money, trade was first done with the barter system, then it evolved to commodity money using Gold and it's kind,then into metal coins then paper money, later transactions where done with plastic cards, before it's evolved into electronic money and now crypto currency.
 About years ago El Salvador became the first country to adopt Bitcoin as a legal tender and there are speculations that other countries would also adopt it in the nearest future now my question is, with bitcoin being the leading crypto currency is there a tendency that it would become the generally used currency worldwide?

Bitcoin would not become the general currency in the future if you ask my. My opinion on this as I have always stated is that bitcoin has a higher probability of being a reserve currency than a general currency. Bitcoin is will still in the future be used as an asset or investment vehicle, rather than a mainstream currency. But since no one can see the future, bitcoin's growing user base, which could reach 100 million or more may increase the probability of it becoming a widely used currency. Another factor that may improve this probability is when  transaction fees becomes lower and  lightning network addresses the volatility and scalability issues of Bitcoin, making it more viable as a currency.

[JoyMarsha]

I think we need a new standard world currency and it must be neutral, not under the control of any government and Bitcoin fits perfectly into this role. I hope it happens.

We can only hope for bitcoin to be broadly recognized worldwide without displacing fiat as the dominant form of money in the future. If it were to occur, the government that I am aware of would fiercely oppose it. Because to them, Bitcoin's status as a global medium of exchange amounts to a theft of their authority, the creation of new money in circulation, money laundering, and currency price manipulation. They know that they have no control over bitcoin, thus they won't agree to such a thing for bitcoin to be a global reality.

Let Bitcoin continue to function as the alternative payment method we know it as, nothing more, than hoping the impossible to happen in the future.

[Blitzboy]

According to evolution of money, trade was first done with the barter system, then it evolved to commodity money using Gold and it's kind,then into metal coins then paper money, later transactions where done with plastic cards, before it's evolved into electronic money and now crypto currency.
 About years ago El Salvador became the first country to adopt Bitcoin as a legal tender and there are speculations that other countries would also adopt it in the nearest future now my question is, with bitcoin being the leading crypto currency is there a tendency that it would become the generally used currency worldwide?

For now I'm skeptical about Bitcoin being able to replace it as the world's currency and I think it's a natural thing. Even though Bitcoin has experienced very good growth from year to year but there are several considerations that need to be taken before we can predict whether Bitcoin will become a world currency in the future.

One of the things that might be taken into consideration is that there must be adoption of bitcoin as a whole to replace the world's currency. Even though now there are several companies and even countries like (El Salvador) have started accepting Bitcoin as a form of payment, there are still big challenges in encouraging the adoption of bitcoin among the world community that must be considered as well as issues such as price volatility and of course regulation in every country. country is still a separate obstacle that must be overcome.

Besides that, there are also other issues that must be considered, the world's financial system has been running with conventional currency, this has been around for decades now. Replacing the Bitcoin currency as the world currency will definitely involve complex changes and of course take a very long time. Therefore, I think that in the near future it is unlikely that bitcoin can replace the world's currency, but it is also possible that bitcoin can replace the world's currency along with technological developments in the future.

Your skepticism is valid. Breakthroughs like Bitcoin often face initial resistance. However, Bitcoin's mission is to provide an alternative to traditional currencies, not replace them. Yes, worldwide acceptance seems a high peak. But arent we already scaling? With nations and businesses acknowledging Bitcoin, its widespread adoption is foreseeable. Indeed, Bitcoin's fluctuation and regulatory hurdles warrant attention. But they're not unbeatable obstacles. As crypto markets mature and regulations solidify, expect increased stability. As for the existing financial structure, transformation is a given. Maybe not soon, but eventually. Bitcoin is in no hurry. It's here for the marathon. Keep cool and HODL on!

[Marvell1]

I think we need a new standard world currency and it must be neutral, not under the control of any government and Bitcoin fits perfectly into this role. I hope it happens.

We can only hope for bitcoin to be broadly recognized worldwide without displacing fiat as the dominant form of money in the future. If it were to occur, the government that I am aware of would fiercely oppose it. Because to them, Bitcoin's status as a global medium of exchange amounts to a theft of their authority, the creation of new money in circulation, money laundering, and currency price manipulation. They know that they have no control over bitcoin, thus they won't agree to such a thing for bitcoin to be a global reality.

Let Bitcoin continue to function as the alternative payment method we know it as, nothing more, than hoping the impossible to happen in the future.

We need a new standard and decentralized currency like bitcoin, but the government doesn't need that. They are the ones who control this world, so they will never let bitcoin become the new standard of world currency.
The country that will oppose first is the US government because their USD is the general currency of the world, they are ready to destroy anything that hinders or wants to replace their power.

You are right, we should advocate for bitcoin as an alternative payment method rather than trying to propagate it as a replacement.

[Minhxx]

According to evolution of money, trade was first done with the barter system, then it evolved to commodity money using Gold and it's kind,then into metal coins then paper money, later transactions where done with plastic cards, before it's evolved into electronic money and now crypto currency.
 About years ago El Salvador became the first country to adopt Bitcoin as a legal tender and there are speculations that other countries would also adopt it in the nearest future now my question is, with bitcoin being the leading crypto currency is there a tendency that it would become the generally used currency worldwide?

if I remember correctly the first exchange was for bitcoins to buy 2 pizzas, this could have been the first exchange that opened up other exchanges

[Adams0001]

Bitcoin has the potential to be the future currency, and it is currently being utilized as an alternative currency.

All cryptovcurrencies, including Bitcoin altcoins, bankcoins, and stable coins, have a place in the global economy. Some are only used as a store of value, while others can be used as an interbank currency and cross-border liquidity. All currency will eventually be cartographic, and you will need to accept payment in bankcoins or stable coins because if you despise BTC, most consumers will likely store their money in a crypto graphic wallet on their phone with the option to

[Raceonsucced]

I think it's quite impossible to make bitcoin a currency that is used throughout the world. Because maybe not all countries agree to use bitcoin as currency. Maybe in the country of El Salvador adopted it but not necessarily in other countries adopted it.

[tsaroz]

According to evolution of money, trade was first done with the barter system, then it evolved to commodity money using Gold and it's kind,then into metal coins then paper money, later transactions where done with plastic cards, before it's evolved into electronic money and now crypto currency.
 With Bitcoin being the leading crypto currency is there a tendency that it would become the general currency worldwide?

We all know that Bitcoin is the leading cryptocurrency, but bitcoin wasn’t created to become the general cryptocurrency world wide, that’s not the purpose why bitcoin was created. Bitcoin was created to serve as an alternative currency. Government won’t want bitcoin to become the general currency world wide, what do you want them to do with fiat currency which they are in control of? they can easily manipulate fiat, they can easily print more money and send to circulation, and they can easily print more fiat currency and divert it to their own personal account. But when it comes to bitcoin it’s having a fixed total supply and the government can’t control it, so am sure the government will do everything possible to stop bitcoin from beginning a general currency and that was not even Satoshi’s plan.

Furthermore, bitcoin's nature makes it a difficult tender to be used as general currency. It has a limited supply and though we have minute denomination like satoshi, still the transaction fees are higher in tens of thousands of satoshi and with the frequent congestion in network, it's difficult to use them on quick exchanges. Though some secure enough altcoin with zero or very low fee can be used for the purpose. I've seen a lot of people deal with Bitcoincash in Bangkok just because it has cheap fees and are quick on transactions.

[Vinaa77]

We assume that Bitcoin will continue to be a cryptocurrency currency in terms of the needs of each individual, because so far Bitcoin has not been created with the aim of replacing any currency, so far Bitcoin can be used in various aspects, one of which is to function as an alternative currency, and this does not mean that he will become the main currency maybe in the world.

[ZAINmalik75]

Bitcoin has the potential to be the future currency, and it is currently being utilized as an alternative currency.

All cryptovcurrencies, including Bitcoin altcoins, bankcoins, and stable coins, have a place in the global economy. Some are only used as a store of value, while others can be used as an interbank currency and cross-border liquidity. All currency will eventually be cartographic, and you will need to accept payment in bankcoins or stable coins because if you despise BTC, most consumers will likely store their money in a crypto graphic wallet on their phone with the option to

Even this is already many times discussed here but again and again same question is coming with new styles, but mostly peoples understand it's going to happen because we all know bitcoin nature is unpredictable with its use is also not easy for the many peoples and due to network issue and few other factors are also having troubles which can create problems so just because of this all its never been possible we have bitcoin as general currency of world in near future.

Many developed countries are doing good things for the adoption, but results are not coming as expectations and few countries which are facing financial troubles they are also having good view about this, but it's never been good for this to be had main streamline currency.

[Ale88]

According to evolution of money, trade was first done with the barter system, then it evolved to commodity money using Gold and it's kind,then into metal coins then paper money, later transactions where done with plastic cards, before it's evolved into electronic money and now crypto currency.
 About years ago El Salvador became the first country to adopt Bitcoin as a legal tender and there are speculations that other countries would also adopt it in the nearest future now my question is, with bitcoin being the leading crypto currency is there a tendency that it would become the generally used currency worldwide?

I feel like we're going in the right direction but it won't be quick nor easy, that's for sure. First of all bitcoin need more mass adoption and less volatility to be widely accepted as currency. Anyway I don't think it'll ever replace fiat currencies, probably it will be another option, which would be great anyway, that is for sure! Let's hope that other countries will follow El Salvador.

[adzino]

It's pretty great that El Salvador adopted Bitcoin as legal tender and I am sure other countries are watching them carefully and will eventually follow their steps, but will it replace all fiat currencies globally? I doubt that's going to happen. At least not anytime soon. The Bitcoin network can get clogged up and when that happens the confirmation times is unbearable slow and the fees skyrocket. Also the price jumps up and down a lot. Plus, governments love control, and Bitcoin is all about decentralization. I think it's more likely that Bitcoin will live alongside fiat, serving different purposes. We're seeing it happen already in places like El Salvador, but for it to go global, we need better crypto systems and clear laws. Framework that will define everything very clearly so people don't hesitate to use it.

[GiftedMAN]

According to evolution of money, trade was first done with the barter system, then it evolved to commodity money using Gold and it's kind,then into metal coins then paper money, later transactions where done with plastic cards, before it's evolved into electronic money and now crypto currency.
 About years ago El Salvador became the first country to adopt Bitcoin as a legal tender and there are speculations that other countries would also adopt it in the nearest future now my question is, with bitcoin being the leading crypto currency is there a tendency that it would become the generally used currency worldwide?

We don't know how that is going play out now that the adoption of Bitcoin is currently in process. One of the challenges the world might face if Bitcoin is ever accepted as a world currency is the volatility. It Bitcoin the market will be more volatile if Bitcoin is used as the world currency and people would not have to bear the loses they might incur if this finally happens. What the world needed now is a stable currency that do not have fluctuation in price that will affect the market worth. The adoption of Bitcoin will determine if Bitcoin will be accepted as a world currency.

[lizarder]

According to evolution of money, trade was first done with the barter system, then it evolved to commodity money using Gold and it's kind,then into metal coins then paper money, later transactions where done with plastic cards, before it's evolved into electronic money and now crypto currency.

Gold had triumphed in its time and was once used as a barter system in buying and selling and then it was also used as currency. However, along with the development of the era, paper money began to be created and the previous payment system was abandoned according to its time, however, there was a process from the emergence to the end of the heyday of the previous payment system.

About years ago El Salvador became the first country to adopt Bitcoin as a legal tender and there are speculations that other countries would also adopt it in the nearest future now my question is, with bitcoin being the leading crypto currency is there a tendency that it would become the generally used currency worldwide?

At least until now we are still using fiat currency as a means of transaction and can never achieve mass adoption regarding bitcoin as the leading currency in the near future. Maybe we will see payment systems using fiat currencies will decrease and the adoption of bitcoin in the future will increase as we have seen in people's trust in investments. Nothing is impossible and if gold once was bartered in buying and selling or was the currency of its era and it is likely that bitcoin will reach that level in the future.

The tendency to become a common currency that is used for the whole world using bitcoin is still not possible and needs a process to reach that stage. It's not as easy as we imagine that in the future bitcoin will become a global currency used by most countries. For now still quite Impossible?

[imamusma]

About years ago El Salvador became the first country to adopt Bitcoin as a legal tender and there are speculations that other countries would also adopt it in the nearest future now my question is, with bitcoin being the leading crypto currency is there a tendency that it would become the generally used currency worldwide?

At least until now we are still using fiat currency as a means of transaction and can never achieve mass adoption regarding bitcoin as the leading currency in the near future. Maybe we will see payment systems using fiat currencies will decrease and the adoption of bitcoin in the future will increase as we have seen in people's trust in investments. Nothing is impossible and if gold once was bartered in buying and selling or was the currency of its era and it is likely that bitcoin will reach that level in the future.

The tendency to become a common currency that is used for the whole world using bitcoin is still not possible and needs a process to reach that stage. It's not as easy as we imagine that in the future bitcoin will become a global currency used by most countries. For now still quite Impossible?

It's still too hard to imagine global adoption for bitcoin, that's because governments probably don't want it.
Obviously we know that bitcoin can be used as a means of payment, but its limited use cases and regulations still hinder much growth in one country or another. Bitcoin is a very useful alternative payment solution even safer than fiat, but when one expects it to be adopted globally then of course we need a very long process.

In fact, I'm sure, not all users who are active on bitcoin forum want to use bitcoin as a means of payment. They only use it as a means to generate profits or more precisely as an investment asset.

[lizarder]

It's still too hard to imagine global adoption for bitcoin, that's because governments probably don't want it.
Obviously we know that bitcoin can be used as a means of payment, but its limited use cases and regulations still hinder much growth in one country or another. Bitcoin is a very useful alternative payment solution even safer than fiat, but when one expects it to be adopted globally then of course we need a very long process soon.

In fact, I'm sure, not all users who are active on bitcoin forum want to use bitcoin as a means of payment. They only use it as a means to generate profits or more precisely as an investment asset.

Of course it is not as easy as imagined and maybe it will not be achieved globally towards the adoption of bitcoin because there are limitations that can hinder it, both through regulations and the will of the government itself. Payments using bitcoins are still quite limited and there are even some countries that prohibit payments using bitcoins openly. Even though bitcoin is really easy to use but those limitations will prevent it from achieving global adoption rapidly.

For now there are still many people who use bitcoin as an investment and not many people use bitcoin as a means of payment. Even globally, people still use fiat currency to make payments every time they buy something they need and it cannot be denied that fiat currency is still quite needed and is unlikely to be replaced in the near future.