Bitcoin Become Currency of Nations in 10-15 Years

[qwertyup23]

I really doubt that BTC would become the currency for as little of 10-15 years from the future.

Remember that BTC solely exists on the internet. With this, there are many countries who do not have access to basic food and education, let alone the technology to support a cryptocurrency online platform with their designated wallets inside their mobile phones.

In addition, to become the currency of the nation, it must have approval and acknowledgement from all the countries in the world, or else it will prejudice them. There are some countries who prohibit the utilization of such and there are even massive prohibition from its usage.

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I am thinking that even though Bitcoin will become the currency of most nations in the future, the traditional currency we have now will still exist. What I can see is Bitcoin will just be an alternative.
World currency, yes, I agree here and support it because we all know Bitcoin is already doing it and it's really how Bitcoin works right now.

The world reserve currencies are not only one, they are many. Example are the US dollar, Pounds Sterling and Euro. What I am trying to say is that the world reserves have alternatives, so if bitcoin become one of the world reserves, it would surely be an alternative. But I think if the world start to use bitcoin like that, a time would come their eyes will open to know that bitcoin can be better than fiats to hold as a reserve because its value in long term increase and the price also proportionately increase.

[Kakmakr]

I think you concentrated on things that has little to zero value, when it comes to the contribution that will help Bitcoin to become a global reserve currency. The perception that Bitcoin is anti-Fud is wrong and we see that when the Bitcoin price takes a dive after something has been published on social media. (true or not)

The main obstacle that Bitcoin have to pass, are government approval ...and that will not happen... until the Fiat currency collapse or during times of hyper inflation. (Example : Zimbabwe)

[LogitechMouse]

I don't know, but is there a time where people are saying that Gold will become a global currency in 10-15 years? Are there some people saying that Gold will be the next global currency just because it is becoming popular? I might not be born when they said it, so if anybody can confirm that would be good.

I said it because many are thinking of Bitcoin as a global currency just because of it becoming more and more popular. I mean look at the negative side of it as well. Yes Bitcoin is for everyone, but can everyone have access to it? Are all the people interested in using it? TBH, there might be some who will just stick to what they know is convenient, and that is to continue to use the Fiat currency.

At the same time, I also don't think that the Governments will allow to happen such thing. Like I'm always saying, governments will use their full power in whatever they want especially the US government, and that includes the current currencies. I guess let's just forget about it. Bitcoin is considered an asset for some other people as well, so Bitcoin becoming a global currency in the next decade might happen, but what are the chances? Close to zero IMO.

[fuguebtc]

I really doubt that BTC would become the currency for as little of 10-15 years from the future.

Remember that BTC solely exists on the internet. With this, there are many countries who do not have access to basic food and education, let alone the technology to support a cryptocurrency online platform with their designated wallets inside their mobile phones.

In addition, to become the currency of the nation, it must have approval and acknowledgement from all the countries in the world, or else it will prejudice them. There are some countries who prohibit the utilization of such and there are even massive prohibition from its usage.

If your concern is just technology or the internet, then there is nothing to worry about as we can see, the internet and smartphones are gaining popularity very quickly. I know there are still some places where the internet hasn't been rolled out yet, but in the next 15 years, I believe the internet will be everywhere in the world.

But I also doubt bitcoin will become the currency of countries, simply because most of them already have their own currency, and they have no reason to get rid of it and replace it with bitcoin, except countries that don't have currencies or countries with high inflation rates. Left, developed countries will never accept bitcoin as a currency, a currency too volatile will affect their economic development.

[jasonjm]

I am thinking that even though Bitcoin will become the currency of most nations in the future, the traditional currency we have now will still exist. What I can see is Bitcoin will just be an alternative.
World currency, yes, I agree here and support it because we all know Bitcoin is already doing it and it's really how Bitcoin works right now.

The likelihood of this happening in the near future is extremely low. There are a few concerns that need to be addressed first. For example, price volatility, risk of investment, and speculations should be addressed before further discussion.   

[Blitzboy]

Bitcoin as the currency of the future? Not too far-fetched. I'm on board with your Bitcoin being Anti-FUD theory. Its weathered numerous regulatory tempests and panic purges, yet it perpetually rebounds

However, I find your "whale-proof" Bitcoin assertion slightly doubtful. Despite a sprawling global market, the big fishes do frequent this sea. Their presence can cause market ripples, triggering erratic price fluctuations. This facet demands a closer look.

You hit bullseye regarding the roadmap. Bitcoin has progressively opened the gates for borderless transactions, placing it as a serious contender for the global currency belt

But one piece of advice, lets not trivialize the road to universal endorsement. Given Bitcoin's fluctuating nature and enduring trust issues, its likely to take more than a generation for widespread adoption. Its a waiting game. The future's a wildcard, and time holds the key.

[Wend]

I am thinking that even though Bitcoin will become the currency of most nations in the future, the traditional currency we have now will still exist. What I can see is Bitcoin will just be an alternative.
World currency, yes, I agree here and support it because we all know Bitcoin is already doing it and it's really how Bitcoin works right now.

The likelihood of this happening in the near future is extremely low. For Bitcoin to become a global currency, stability and trust are essential prerequisites. However, the significant volatility, speculative nature, and security concerns associated with Bitcoin are major factors that need to be carefully addressed in order to gain wider acceptance.

I agree with you, as long as bitcoin has significant volatility and remains a speculative asset, it will not be the currency of the world even if it were an alternative to fiat. Bitcoin would be the currency if it could become more stable, but that would make it impossible for us to profit from it. I don't want to lie, but even I don't dare to use bitcoin as a daily payment method. I don't want to use my bitcoin when I buy it for 30k$ and have to use it when it's 27k$. Who wants to spend more money to buy the same product, but if we use fiat, we won't spend more?

[Z390]

All I know is traditional currencies aren't going anywhere, they will always be in and the only upgrade that could ever happen is the government killing that paper money and digital money is going to be the new way of buying and selling things but, that's why CBDC will eventually become a thing, forget Bitcoin, it's not going to become a currency for any country, it's going to be accepted as an asset or something valuable but it's not going to replace Fiat currencies.

[DooMAD]

I'm going to go a step further and say that most countries would perceive it as a threat to their national security to completely abandon fiat and switch solely to Bitcoin.  

It would effectively replace a central bank (something they have total control and oversight of and every person working for that central bank would be subject to numerous background checks) with a bunch of total strangers situated all over the world, who can't be vetted or directed in any way.  Some likely reside in places a given nation might deem to be a hostile power.  

As Bitcoin users, most of us are okay with that.  But I'm pretty sure governments wouldn't be comfortable with it at all.  When the Venezuelan Bolívar finally collapses entirely, they're 100% going to replace it with another fiat currency.  They need at least some influence over their own economy.

Bitcoin is ideally suited for individuals.  But it's not remotely viable to run a national economy on.  Nations have been running their economies on debt-based currencies for centuries now.  They don't know how to do it any other way.  Neither would they want to relinquish that control.

[KiaKia]

It could happen, but the possibility is very small because the currency was not built by the government, it's going to be hated on for a long time because the government can't control Bitcoin, that's why Bitcoin is more of an asset to them than anything else.

This could be why the ETF will get approved this time too, so sorry to ruin your dream, Bitcoin isn't going to do so well for a centralized world, 99% of the world could get into Bitcoin because it can make them money, but not for using as everyday currency for means of payment. This shit worth a lot man, worth more than Gold.

[taufik123]

It could happen, but the possibility is very small because the currency was not built by the government, it's going to be hated on for a long time because the government can't control Bitcoin, that's why Bitcoin is more of an asset to them than anything else.

Bitcoin is only seen as a digital asset that cannot be controlled by the government. If it were to be adopted, it would still not have full control.
To be a substitute for Fiat alone is still very improbable at this time.
But who knows in the future, maybe government regulations will change to follow more modern times.

This could be why the ETF will get approved this time too, so sorry to ruin your dream, Bitcoin isn't going to do so well for a centralized world, 99% of the world could get into Bitcoin because it can make them money, but not for using as everyday currency for means of payment. This shit worth a lot man, worth more than Gold.

Becoming an everyday currency for payment is still very difficult for countries that do not provide full regulation of Bitcoin.
Like El Salvador, Bitcoin payments are only a second option and some do pay with Bitcoin or Fiat.

Nonsense or not, Bitcoin still needs to be developed, there will be many surprises in the future.

[tjtonmoy]

¹ Bitcoin is Anti FUD
² Bitcoin is Anti Whale
³ Bitcoin Roadmap to be the World Currency

FUDs can heavily affect the Bitcoin market and sometimes to the extreme. But the effect lasts for a very short time. So saying that Bitcoin is FUD proof is not totally correct. However, this happens in a short period of time as the effect is temporary. So if we consider the long-term picture, it could be true but not entirely.

Bitcoin is anti-whale? Not true. Whales operate in a very different strategy. 1% price movements can give them huge profits, so they choose the safe option and make profits on a large scale because their investment plan is with large assets. Imagine you are investing $100 and a whale is investing $1000000. Small movements will give them huge profits and you will make profits in cents. Also, they invest in other sections and not just in trading. Market manipulation is possible if whales want it. But they will have to join hands in order to make a large impact. One whale alone can't make much difference. So I don't agree with you on this.

Roadmap to world currency? Yeah maybe, but not as fast as you are saying. Bitcoin is still under development and market volatility will remain the same. For a long time at least. After that, maybe Bitcoin will become somewhat stable and governments all over the world may consider using it in mass. That's a story for the far future.

[BitcoinPanther]

Here's a summary for those who don't want to focus on the op's long read:
1. Bitcoin survives FUD, regulations, can help in critical situations when local fiat is rapidly losing value.

Surviving FUD does not mean it is Anti-FUD.  It may develop resistance to FUD but Bitcoin can't do anything to minimize that FUD attack on its market.

2. Bitcoin's price isn't manipulated because that would require immense funds and would be difficult to achieve.

Once in a while, Bitcoin market are being manipulated by people who have either the authority like the government, those who have huge amount of Bitcoin holdings and huge cash, and influencial people.  I do not know why @OP stated that Bitcoin is anti-whale when in fact there are lots of whale within the Bitcoin community.

3. Bitcoin is scarce and thus won't go down to zero, and it's also borderless and thus useful for international transactions. The next generation (in 10-15) will simply accept Bitcoin as a global currency and won't question it

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Bitcoin had been a legal tender in some countries but I am still hesitant that it will be accepted as official currency of a nation.  The main reason is that the government wanted control but Bitcoin can't be controlled.

[_BlackStar]

All I know is traditional currencies aren't going anywhere, they will always be in and the only upgrade that could ever happen is the government killing that paper money and digital money is going to be the new way of buying and selling things but, that's why CBDC will eventually become a thing, forget Bitcoin, it's not going to become a currency for any country, it's going to be accepted as an asset or something valuable but it's not going to replace Fiat currencies.

Bitcoin will not replace fiat currency and nor will bitcoin replace fiat as a whole. Bitcoin are an alternative currency that you can use anytime - there are no restrictions and you can send them instantly without requiring government approval or special authorities.

So far several countries have also adopted bitcoin as currency - but the use cases may not be as envisioned. El Salvador is one of the most magnificent about the adoption of bitcoin as a currency - but there are many Salvadorans who do not use bitcoin as a means of payment.

[fathafraink]

Nice essay, I didn't read it entirely since it's a bit long, however, what you've wrote may not be complete or entirely true, unfortunately.
For example I expect the whales work on more fields, not only actual market, i.e. also spreading FUD and taking advantage of actual real news. Then they do have a chance to affect the market (a little, only for rather short periods of time, but still....).
Plus, the fake volumes the exchanges still report can easily cover inside jobs and I see exchanges a special class of whales.

So it's nice to have essays telling great things about bitcoin, but we're still early, still poorly regulated (which is both good and bad), hence it's not everything that nice. Not yet.


Still, the conclusion is good. Bitcoin can become the (reserve?) currency of the world in the not-too-far future.

First, I really appreciate for your reply about this topic and Thanks for your opinion. But, regarding to the whales try to manipulate the market, I didn't mean for the short time but it's like six month or 1 year. Hope you understand about it.

Here's a summary for those who don't want to focus on the op's long read:
1. Bitcoin survives FUD, regulations, can help in critical situations when local fiat is rapidly losing value.
2. Bitcoin's price isn't manipulated because that would require immense funds and would be difficult to achieve.
3. Bitcoin is scarce and thus won't go down to zero, and it's also borderless and thus useful for international transactions. The next generation (in 10-15) will simply accept Bitcoin as a global currency and won't question it.

Great Thanks for your help by adding the summary be detailed. I think it's really helpful for us, and love the way how you detailed the Main title for Summary.

Whales never buy all-in at once. They have a strategy which allows them to acquire Bitcoins worth of millions without you realizing they did, even if they wanted to buy Bitcoin at the current market price, they will as they know their buying's will surely drive the price up of the Bitcoin, so nothing wrong with that too.  I would love if my country accepts Bitcoin or mostly all the crypto payments however I think companies like Apple and Google should be the one integrating it directly to our phones.

Could you describe at least a little strategy that the Whales have to acquire Bitcoins worth of millions, so we have some insights. But as I said before, it's for a long time ( about 1 year ), and not for a short time. We know that whales could manipulate Bitcoins by playing in the Future Markets that has Leverages. It should be for all country accepting Bitcoin as a legal payments so I think it could help the future works faster, but, again and again, political acts often disturbing Bitcoin for benefit itself.

I am thinking that even though Bitcoin will become the currency of most nations in the future, the traditional currency we have now will still exist. What I can see is Bitcoin will just be an alternative.
World currency, yes, I agree here and support it because we all know Bitcoin is already doing it and it's really how Bitcoin works right now.

Yes, the traditional currency we have now is still and will exist and it just a matter of time to take Bitcoin as Currency inspite of as alternative currency as you Said. But there is a possibility that Traditional Currency will be abandoned or even vanished, We know a fact that there was a currency that has no more value in a country.

All of three big points are not true.

It greatly depends whether you look on short term or on long term (4 year cycles, at least).
On short term, a lot of things get significance, but only the day traders feel that. On long term, .. all those problems are just noise.
Of course, OP's essay is somewhat generic and everybody will see cracks in his logic, depending on their own short term experiences.

Really helpful, you really got my point @SeriouslyGiveaway. Your answer is describe what I meant for this topic, @NeuroticFish should read this. Because We know that for a short time Bitcoin could be manipulated by Whale that it has an impact, and not for a long time ( like for 1 year or more), and one think you should know that every halving event in Bitcoin couldn't be manipulated by Whale for the Price (Bitcoin price), Bitcoin Price has always raise up every near to or in the Halving day (Event)

Oh damn I think I believe Bitcoin neither Anti FUD nor Anti Whale or whatever Anti it might be. The problem is, every currency proves itself now and then. Whether it is fiat or digital crypto based currency both the world see worst downfall in terms of valuation. In fact fiat has seen worst of all. The economical crisis that too on global levels. Disastrous inflation, uncalled debts and much more. However, fiat has always stabilised itself over the course of time. I am not saying fiat is best, but what I’m mentioning is fiat is also Anti to all crisis that may come across. Bitcoin isn’t full proof either. It has also seen downfalls, whales manipulation and FUD.

Not every fiat is always stabilished, in 1998, in Indonesia, There was an unforgetable crisis that made IDR or Indonesian Rupiah decreased deeply for it's value. So I think that Bitcoin has more Possibility to be a solution for a problem like I said that happened on that country, and I really love if Bitcoin will be alternative currency for the solution.

[Chukwudumaga]

Bitcoin is promising in all aspects, but governments around the world are against it. Because they are realizing that if Bitcoin is approved, it could bring major disruption to the existing financial sector. Governments refuse to allow the use of Bitcoin for a number of reasons. One of the main reason Bitcoin is unregulated and the government is completely unable to regulate it. Moreover, the governments have not yet discovered any form of how to receive taxes. For all these reasons, nothing can be said in detail yet. But the widespread use of cryptocurrencies will certainly put pressure on governments to figure out those aspects.

[worle1bm]

I am thinking that even though Bitcoin will become the currency of most nations in the future, the traditional currency we have now will still exist. What I can see is Bitcoin will just be an alternative.
World currency, yes, I agree here and support it because we all know Bitcoin is already doing it and it's really how Bitcoin works right now.

The usage for fiat currency will go down but it will not vanish completely as it's the main source of monetary transactions in every country having faith of public.With more digitalized ways the currency will also be in that form but  will still be in usage even after losing its value overtime.On the other side the adoption rate and usage for currency like btc will go up as nations accept it and regulations are made for the usage but as you know the governments will never let only btc grow with losing control over fiat.

[crypticj]

No, unfortunately, it's not.

There is no reason for Bitcoin to become a real currency. It was created for that, yes, but it doesn't have any quality currency needed to possess.

Bitcoin is not stable, and won't be. The currency that is highly volatile won't be used by people if there will be a more stable alternative, even USD with 5% inflation. It's still better than the 5% inflation per day that Bitcoin can randomly show.

Also, the government won't allow it. People are not treating Bitcoin as money, but as an asset, so the government can regulate Bitcoin as an asset, not as a currency, and people still would be happy with that.

So I don't see any reasons why and how Bitcoin will become money.