Would Bitcoin become The General Currency in the Future?

[wxa7115]

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.

I think that what the world needs right now is a hard currency, a currency which cannot be printed whenever politicians find themselves in a problem and they use this feature of fiat to try to get away with their mistakes.

And there is little doubt that bitcoin is a hard currency, but it is precisely that characteristic what is going to stop many politicians to support it, as the power they get out of fiat is so huge that they cannot imagine a way to manage the economy and their governments without it.

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[Blitzboy]

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.

Isnt this less a limit and more a dare? Faced with hurdles, Bitcoin' resilience and the blockchain' adaptability have shined

When governments ban Bitcoin transactions, isnt it proof of its unsettling power rather than defeat? Doesn't this spark necessary conversations and a thrust for open, decentralized systems?

Bitcoin is used more as an investment than for payments. Doesnt this amplify its esteemed value? The trend of treating Bitcoin as 'e-digital gold' is a thumbs-up for its future. With blockchain acceptance on the rise, cant we foresee a swing in Bitcoin' use from an investment tool to a payment mode?

[Mauser]

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?

It is very likely that the general use of bitcoin is going to grow over the next years even with major governments regulating crypto currencies more closely. Bitcoins offer a lot of advantages for international cross border transaction and I think that many customers will switch to bitcoin instead of dealing in their local fiat currency. The main question is if corporations would switch too into the crypto world for their major transactions. Most of the international money transfers are being done by corporations and consumers make up a small fraction compared to that. So even if most consumers would only deal in bitcoins in the future, as long as the big companies don't do the same Bitcoin is not going to be a major used currency worldwide. But if almost every consumer would use it, then the companies would have to adopt and follow the demand of the consumers.

[lizarder]

When governments ban Bitcoin transactions, isnt it proof of its unsettling power rather than defeat? Doesn't this spark necessary conversations and a thrust for open, decentralized systems?

It doesn't matter to us how far the government tries to ban it and it also doesn't affect the value of trust in bitcoin for those of us who have been involved. This system has brought more value of trust compared to previous financial systems, the problem is that the ongoing discussion concerns bitcoin as a means of payment globally, but at this time we still need fiat currency to make transactions.

Bitcoin is used more as an investment than for payments. Doesnt this amplify its esteemed value? The trend of treating Bitcoin as 'e-digital gold' is a thumbs-up for its future. With blockchain acceptance on the rise, cant we foresee a swing in Bitcoin' use from an investment tool to a payment mode?

Currently people are more likely to use bitcoin for investment and are still quite limited regarding the use of bitcoin as a means of transaction. Big changes require a process and we never know when bitcoin will become a mode of payment globally, because until now there are still many countries that have not accepted the widespread adoption of bitcoin and we are just being more realistic.

[Peanutswar]

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 can be used in the world as way of mode of payment but seems quite different from the reality that this will be use as their primary mode of payment, each country must need to use their very owned money as their payment, and exchange into other currencies if they want but with the use of the bitcoin to adopt seems like only third world country will adopt this and not below them. Theres a lot of factor before they will decide on it and we know how does the bitcoin volatility works, each people will holding bitcoin as their mode of payment and the price varies every time and there's no consistency in their economic price if they adopt this. Imagine daily the price of the bitcoin goes up and down and expect the stores will use the fix price of the USD pairing or etc. to make it fair to them. Not all people look for the bitcoin as bitcoin still they matters on the price of it.

[Cryptomultiplier]

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?

It is very likely that the general use of bitcoin is going to grow over the next years even with major governments regulating crypto currencies more closely. Bitcoins offer a lot of advantages for international cross border transaction and I think that many customers will switch to bitcoin instead of dealing in their local fiat currency. The main question is if corporations would switch too into the crypto world for their major transactions. Most of the international money transfers are being done by corporations and consumers make up a small fraction compared to that. So even if most consumers would only deal in bitcoins in the future, as long as the big companies don't do the same Bitcoin is not going to be a major used currency worldwide. But if almost every consumer would use it, then the companies would have to adopt and follow the demand of the consumers.

BTC being the general currency in the future is just being speculative. Other crypto currency perform as good if not better, with better gains than Bitcoin as it already is.

The number of users might be doubled if BTC after the coming halving in 2024, performs up to expectations and shows its consistency on top.
Countries that are wanting to tax BTC now, may be the problem of it being accepted as legal tender. Unless a miracle happens and unless fiat currency no longer serves  gainful international transaction successfully, then would BTC have been a noteworthy solution.
It is a decentralized currency and until Web3, A.I, become dominant, cryptocurrency or BTC is still just around the corner making a swerve.

[inthelongrun]

Most of us here would love to see bitcoin as the top-used currency in the future. But it is too difficult to predict the future especially when it is decentralized and is against what governments want which is to take control within its borders and citizens. I am optimistic though that bitcoin will become a global currency but not sure if it will become the general currency which is actually unlikely.

Bitcoin becoming a common currency worldwide is possible in the next decade but bitcoin becoming the general currency worldwide which is far from reality might become possible in many decades to come.