Will Bitcoin be accepted as a dominant currency in the future?

[Clark Anderson]

It is captivating for us all to witness the evolution of a DDC (decentralized digital currency) that has the ability and potential to change the financial world forever but there is a question that needs to be tabled properly for the purpose of awareness and well preparedness for the future and that is "is it possible for BTC to be accepted and adopted as a dominant currency in the nearest future".

We have all watched how both small scale and large scale businesses have started to accept the idea of bitcoin as a form of payment for good and services. Now the big major companies these days like TESLA for example are making big transactions with bitcoin making btc look viable and acceptable for exchange even in the future and we all know that this is only possible because they find it more easy and secure for their digital transactions with low transaction fee compared to the normal bank transaction system. But then how can we ignore that bitcoins journey towards being dominant means of transactions Is faced with challenges such as concern on price volatility. That aside several countries are still trying to steer how to regulate the cryptocurrencies and these actions can crucially impact the value/utility of BTC, well this is what i think.🤷‍♀️
What is your opinion on this topic?

[Learn Bitcoin]

What is your opinion on this topic?

I don't know what will happen in the near future. But Bitcoin is much more popular today than it was back in 2015. Slowly but surely, people will understand the usage of Bitcoin. The new generations are getting interested in it. As long as it spreads worldwide, the government also minimizes its usage. But, due to it's nature, people love it.

It will continue to spread as long as people care about their privacy. Bitcoin does not have to be a dominant currency. If countries regulate Bitcoin usage, there is no point in using Bitcoin anymore.

[_act_]

It not easy to predict this, we do not know what the future will be, but more companies will accept bitcoin for making payment. Just that before bitcoin can become a dominant currency, the government needs to adopt it, but which they are not ready to do. Bitcoin does not depend on the government and it may be the dominant currency, but I do not think there can be a currency that will dominate USD for a long time.

Now the big major companies these days like TESLA for example are making big transactions with bitcoin making btc look viable and acceptable for exchange

Tesla accepted bitcoin in the past, but it is no more accepting bitcoin again for now. But there are many companies and sites that are accepting bitcoin through payment processor.

[Despairo]

Now the big major companies these days like TESLA for example are making big transactions with bitcoin making btc look viable and acceptable for exchange even in the future and we all know that this is only possible because they find it more easy and secure for their digital transactions with low transaction fee compared to the normal bank transaction system.

It could be cheaper, but you're talking about big companies, while your imagination is any company scale must accept Bitcoin because its easy, secure and low fee. This is wrong because if you send small amount of Bitcoin, you need to pay fee, while using debit card or cash will not charge any fee.

Bitcoin could be accepted by many companies, but it's not a good choice to be used for regular/daily transaction. Why I need to spend more fee when I have a free option?

[kingvirtus09]

Because of this, other nations view bitcoin as the currency of the future of digital innovation. We also know that many nations desire to control Bitcoin, but they are unable to do so due to its decentralized nature. BTC also poses a danger to the financial institutions of the central bank and the government due to its decentralized nature.

As a result, other nations are enforcing regulations on other centralized exchanges, but in reality, they still have no control over the cryptocurrency holdings of traders. Perhaps the only restriction is the KYC procedure that the exchange's user clients must complete.

[CryptopreneurBrainboss]

It is captivating for us all to witness the evolution of a DDC (decentralized digital currency) that has the ability and potential to change the financial world forever but there is a question that needs to be tabled properly for the purpose of awareness and well preparedness for the future and that is "is it possible for BTC to be accepted and adopted as a dominant currency in the nearest future".

The possibilities are there but let it be known that even though it doesn't happen, that doesn't mean Bitcoin has failed because it was never the intention of Satoshi for Bitcoin to become a dominant currency. It was launched as an alternative to fiats and Bitcoin been adopted globally and been used for payment will achieved that goal. Bitcoin is still very young so we shouldn't be expecting it to achieve the dominant currency status any time soon. It'll take decades for that to happen but Bitcoin been recognize globally as a currency is imminent.

But then how can we ignore that bitcoins journey towards being dominant means of transactions Is faced with challenges such as concern on price volatility.

As Bitcoin gains more popularity and adoption, the volatility of the price will be reduced. It won't be completely stable but it won't be as volatile as it is currently. Also no currency is stable when they're trading against each other which is something we do when we buy or sell Bitcoin. 1 BTC will always be 1 BTC just as 1 $USD is 1 $USD. Currently Bitcoin value is been represented in fiats that's why we're seeing volatility in the price but when we start to value things in stats (Satoshi) there won't be volatility again. Instead of buying something for $10 worth of Bitcoin, we'll now be buying things in mbtc, stats or BTC without fiat value attachment.

[Honyek]

Bitcoin is still growing both in people awareness and acceptance globally. Although there is pressure from different countries, more people are gradually adopting it as days go by. We are still in the early stage of bitcoin. l think with serious strive from users, both companies and individuals, more will continue to be gotten , possibly its dominance depending on how things worked out.

[Bitstar_coin]

With the rate at which the traditional currency of most countries is dwindling! it is not impossible. Thanks to the high rate of inflation, most fiat currencies are literally worthless so to speak. Mine top the chart or worthless currency 
Am very much convinced that btc will take the mantle of leadership in the future. 

[Bananington]

As it is now, Bitcoin is already being adopted and used for transactions in some countries like El Salvador for instance. The case most countries have with it is that of regulating its activity and until this can be achieved successfully, it is still being observed to understand its potential risks and rewards and how best to make gains from investment in it.
If BTC gets to be sometime accepted as a dominant currency in the future, then it would by then be a universal currency.
BTC will be accepted as a dominant currency in the future from the way I see it and from facts of its service delivery and implementation.

[Raflesia]

Actually I don't really like connecting tesla and bitcoin because in the end we know what the owner of tesla (Elon) wants to aim for in this case but back to the context of whether bitcoin will eventually be accepted or not in the future I think we are still difficult to say with confidence that it can happen, it's just that with the development of bitcoin which is increasingly being recognised, it is not wrong for the future of bitcoin to be more recognised than now because this also refers to today where they are more recognised than in the past few years so it would be very reasonable to still believe that the future of bitcoin will be more recognised and adopted as legal tender.

[Oneandpure]

Can't get accurate predictable in the future with bitcoin potential will be accept as dominance currency or not, actually depend on parliament of one country dominance by young or old people, usually with old people have bad innovative and they won't accept bitcoin as payment currency but difference if parliament in one country dominance by young people has chance to see bitcoin will dominance as currency payment in the future. Beside have conflict of interest with United State and countries have bilateral relations will difficult to accept bitcoin as payment currency transaction to make their dollar keep stable and use as all transaction payment for import and export.
To make bitcoin an acceptable payment currency transaction need to change of regulation with several country viewed with bitcoin, not understood well how advantage when adapting bitcoin as legal payment currency and get chance with bitcoin dominance as currency payment in the future.

[pawel7777]

With the rate at which the traditional currency of most countries is dwindling! it is not impossible. Thanks to the high rate of inflation, most fiat currencies are literally worthless so to speak. Mine top the chart or worthless currency 
Am very much convinced that btc will take the mantle of leadership in the future. 

Nah, even with 2nd layer solutions, Bitcoin is not ready to replace major fiat currencies.
Inflation is high but is slowly going down in the majority of countries, that's why they increased the interest rates. The best I can hope for is that all the recent financial events will open the eyes of a lot of people to how fragile and flawed the monetary system is and that they'll start looking for alternative ways to store their wealth - and maybe some of them will go for Bitcoin.

[ModorcReact]

"is it possible for BTC to be accepted and adopted as a dominant currency in the nearest future".

There are many factors other than Volatility,Economic issue such as currency flow,purchasing regulations. as many as there values to Bitcoin and crytocurrency, i believe it poses a poverty risk on developing countries yet to be fully evaluated.individuals withing these regoins are either too under informed to manage digital resources effectively or easy victims to fraud. any until there is a clear government regulation and means of Legal monitor and documentation for all transaction withing digital space. Bitcoin and cryto-currencies alike is less likey to attain such heights.

[serjent05]

Bitcoin can be a dominant alternative currency but not a dominant main one.  I think the government still has the say in choosing which would be the next dominant currency in the future.  Bitcoin may be very popular back then but the fact that it is decentralized limits its popularity, especially to the government that wanted control over everything. 

So I never imaging BTC to be the main dominant currency in the future.

[deathcode]

It is captivating for us all to witness the evolution of a DDC (decentralized digital currency) that has the ability and potential to change the financial world forever but there is a question that needs to be tabled properly for the purpose of awareness and well preparedness for the future and that is "is it possible for BTC to be accepted and adopted as a dominant currency in the nearest future".

I don't know, no one can predict the future, but I think that in the near future or in the next few years Bitcoin is unlikely to become a dominant currency or the main currency used in the continuity of the economic system of several countries, because even now there are still many countries that There are no clear rules or regulations regarding the acceptance of crypto itself.
It is possible that some countries will only try to recognize and regulate and make Bitcoin only an investment asset or a commodity instrument but will not make Bitcoin their main currency, because for now if the government only uses Bitcoin as a currency the main thing is that it is the same as destroying the financial system that they have built and that will definitely cause many problems which will ultimately cause chaos in the country.
Moreover, Satoshi's goal in creating Bitcoin was not to make Bitcoin the main currency in the world, but Satoshi created Bitcoin to provide an alternative in a decentralized financial system and not depend on third parties, right?.

[Captain Corporate]

Not even a remote chance that could even be possible. Lets face it, we are going to have something that is "alternative" to currencies that we use, that's what it is right now and that's what it will stay in the future as well. The moment it becomes bigger than some of the more important nations, we are going to see all those nations banning it to make sure that they can take away a little from that power. Bitcoin being banned from stronger and stronger nations when they want to protect their own fiat, will end up getting lower and lower amount of users. This is why it would never get to a point where it would be the dominant currency, no nation would let that happen.

[Ale88]

It is captivating for us all to witness the evolution of a DDC (decentralized digital currency) that has the ability and potential to change the financial world forever but there is a question that needs to be tabled properly for the purpose of awareness and well preparedness for the future and that is "is it possible for BTC to be accepted and adopted as a dominant currency in the nearest future".

We have all watched how both small scale and large scale businesses have started to accept the idea of bitcoin as a form of payment for good and services. Now the big major companies these days like TESLA for example are making big transactions with bitcoin making btc look viable and acceptable for exchange even in the future and we all know that this is only possible because they find it more easy and secure for their digital transactions with low transaction fee compared to the normal bank transaction system. But then how can we ignore that bitcoins journey towards being dominant means of transactions Is faced with challenges such as concern on price volatility. That aside several countries are still trying to steer how to regulate the cryptocurrencies and these actions can crucially impact the value/utility of BTC, well this is what i think.🤷‍♀️
What is your opinion on this topic?

I'm not sure bitcoin could actually become "the dominant currency", I see it more as a very good alternative to the other currencies. I'm not even sure how governments could react in case bitcoin actually starts to become too popular, especially countries like the USA and China. Anyway we are very far away from any kind of mass adoption, many things could change if/when big companies like Amazon, Apple, etc, will start accepting BTC.

[taufik123]

Forget about TESLA adopting it as a payment and buying large amounts of Bitcoin, that only happened in the past and then Elon Musk didn't continue it.
We know how it went, at the beginning it may have given a great response but when TESLA started selling bitcoin it became an instant crash.

If you want to see a truly sustainable adoption look at El Salvador,
the country is fully adopting Bitcoin and will even create a Bitcoin Island that is all based on Bitcoin.

Making Bitcoin the dominant or fully accepted currency in a country will be a difficult challenge.
Each government has its own regulations and governments do not like currencies that cannot be fully controlled like Bitcoin.

It's also about high volatility with a greater risk of price fluctuations.
So it's a tough decision for governments to make Bitcoin the dominant currency.

[hatshepsut93]

Why would governments allow it to happen? Fiat currency and financial system help them control economy. If everyone switched to Bitcoin things would be harder, it would be harder to control international trade, to collect taxes, to monitor money streams and so on. And I'm sure governments have all the power to stop Bitcoin from becoming dominant, but they don't even need to use it now, because Bitcoin is not moving too fast in that direction. So far Bitcoin is only an investment for most people, and investment that the government can tax.

[xSkylarx]

It is difficult to conclude because right now the government won't accept it or legalize it meaning it is difficult to be the dominant currency in the future but we see right now that there are a couple of countries legalizing it as well as big companies that are starting to accept it which means there is a higher chance that in the future we will see everywhere that Bitcoin is accepted by merchantS but for the government that is really a big question.

Year by year adoption and ownership of Bitcoin are increasing so if this continues then that would likely happen in the future.