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

[BitGoba]

People need to be educated about money
When everyone understands what money is, they will understand bitcoin

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[n00ber]

The popularity of Bitcoin in the future will most likely increase and there will be more adopters compared to today. However the increasing popularity of Bitcoin will probably be a problem for governments because it will disrupt the distribution of fiat and it is likely that the majority of governments will not allow Bitcoin to become more popular. So I think whether Bitcoin will become the dominant currency in the future is quite unlikely because government regulations are increasingly strict. Moreover, until now most people treat Bitcoin like an investment instrument, so even though the adoption of Bitcoin is increasing it is not because Bitcoin is a currency, but an investment instrument with a good ROI.

Many governments have been accepting bitcoin more, so I don't think governments will find a way to limit its popularity. But I agree with you that they will not allow bitcoin to become popular as a currency, instead they will accept it and treat it as a commodity for us to trade and tax.

The government certainly won't let bitcoin become a currency, but what about investors like us? I also believe that many people are happy for bitcoin to become an investment rather than a currency. So, bitcoin's path to becoming a currency will be very difficult indeed.

In general, you're correct regarding governments. Do they not enjoy having control? They enjoy paying taxes and following the rules. Doesnt Bitcoin disrupt the current quo because it is decentralised? When we, the investors, exchange Bitcoin, they can tax our profits if they regard it as a commodity. They won, so thats a victory, right?

However, even though we can see Bitcoin's potential as a medium of exchange, there is a major issue at hand: Are we, the general public, really willing to spend Bitcoin if its price keeps rising? Imagine using Bitcoin to purchase a pizza today, then realising a year from now that you could have purchased a car with that same Bitcoin! Governments play a role, but so does our mentality. We might be the ones preventing Bitcoin from succeeding as a currency. Isnt that something to consider?

To be honest, we humans are very selfish, and no one is willing to sacrifice their own interests for others for the good of the community. I always see people saying that they really want bitcoin to be a currency and that they are ready to use bitcoin as an alternative to fiat so that it is recognized as a currency. Everyone talks well, but no one sacrifices their bitcoins to become a pioneer in using bitcoin as a currency. People only know to hold and wait for the price to increase to make a profit, but they always encourage others to consider bitcoin as currency. That's why I think we ourselves are the big barrier to becoming a currency.

[Y3shot]

Bitcoin is getting big  everyday and getting more awareness,  I think as the day counts more people will like to introduce bitcoin to their business,  now that in most countries their traditional currency is depreciating. Bitcoin can be considered as a good option for payment. Bitcoin is doing well as a currency,  it's has good chances of people accepting more because as the day goes people get to understand it the more, it is possible to be as a dominant currency in the future. Bitcoin has good money quality,  this what people in the world are looking for.

[D ltr]

I don't dare to speculate about this because in my opinion, even though BTC is very popular, it will not become the dominant currency, where each country has its own rules in financial matters and they insist on holding their fiat,
The inflation problem will definitely end eventually and return to normal

[Sophokles]

I do not expect some centralized entity to recognize an autonomous assets as currency. It's unlikely that all country in the world will agree upon this and will use bitcoin for international trade. They will never allow it. However bitcoin could be used in P2P transactions even cross-border payments if the world came up with an simple solution for on-ramping and off-ramping bitcoin on a large scale. Currently most of the P2P transactions are small-scale, and large transactions have been conducted by exchanges and holders who aren't interested in using BTC for international trade.

[Nrcewker]

Satoshi initially developed Bitcoins for a decentralised form of payment. But people now a days treating Bitcoins as    a high valued digital asset. All thanks to the limited supply of the coin. People knows the value of Bitcoins and they also know that the price will go up in order to fulfil the demand of investors in future. Hence many traders are avoiding to spend the Bitcoins. They are treating Bitcoins as digital gold and holding for life. So i don’t think Bitcoins will be used as currency again.

[GbitG]

The popularity of Bitcoin in the future will most likely increase and there will be more adopters compared to today. However the increasing popularity of Bitcoin will probably be a problem for governments because it will disrupt the distribution of fiat and it is likely that the majority of governments will not allow Bitcoin to become more popular. So I think whether Bitcoin will become the dominant currency in the future is quite unlikely because government regulations are increasingly strict. Moreover, until now most people treat Bitcoin like an investment instrument, so even though the adoption of Bitcoin is increasing it is not because Bitcoin is a currency, but an investment instrument with a good ROI.

In fact, it is true that the hype of Bitcoin is much higher in modern times than it was in the early days when Bitcoin was known as an anonymous one. Meaning, when Bitcoin adoption was very few. In the current era, many people have adopted Bitcoin; even some countries have made Bitcoin a legal tender. And now it is possible to accept Bitcoin as the dominant currency in the future, but the current reaction of the governments of different countries has created hurdles for the public in Bitcoin adoption through restrictions, etc. But I think that in the future, Bitcoin will definitely be accepted as the dominant currency the world will recognize. Because the foundation of Bitcoin has been built on the basis of these qualities, which is the best solution to solve the financial crisis with a reliable status standard or to make it easy to understand.

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.

As far as I heard from major experts, Tesla's acceptance of Bitcoin as payment was a plan to manipulate the market. In which his aim was to pump or dump the market by taking profit margins. Why is it obvious that Elon Mask is the owner of a large asset, which will have an impact on the market? In addition to Tesla, many companies have also accepted Bitcoin as a payment, including Starbucks, Shopify, Subway Gyft, AT&T, and Newegg.com, and this is also a better decision for the digital generation. Besides, it possesses the qualities of a better value store, a profit-getter, and an immutable one.

[GeorgeJohn]

Bitcoin is getting big  everyday and getting more awareness,  I think as the day counts more people will like to introduce bitcoin to their business,  now that in most countries their traditional currency is depreciating. Bitcoin can be considered as a good option for payment. Bitcoin is doing well as a currency,  it's has good chances of people accepting more because as the day goes people get to understand it the more, it is possible to be as a dominant currency in the future. Bitcoin has good money quality,  this what people in the world are looking for.

For tye aspects of awareness bitcoin has a ground and nobody campaign about bitcoin again but the goodness of bitcoin is what is making bitcoin to be quite right and continues to move well, theirs something we need to understand in cryptocurrency and the things we need to understand is that, is not everyone that will invest in bitcoin and make profit but the aspect countries accepting bitcoin for use of payment, it can be done individually base what you understand in cryptocurrency and basically bitcoin, because is something that will gradually take over the world if the existence of it's technology prolong to more fifty years, so many countries is afraid of adopting bitcoin as a legal tender because of the first mindset when bitcoin was introduced in 2009, so it's only a wise nation who comprehend the important of bitcoin can as well embrace bitcoin as a financial support

[uchegod-21]

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.

Truly, bitcoin has gained its popularity over the years. Few years back, I never knew bitcoin existed.  Even when I knew about it, I didn't really see the need to pay attention to it. But now, I know about it , thousands of people all over the world now know too and more are still getting aware. One would ask, why hasn't the government accepted it as a means of payment yet? The answer is simple.

How will the government generate revenue from her citizens if everyone is allowed to use bitcoin?. Direct tax rates will be difficult to determine.  Bribery, corruption, extortion and other financial crimes will be on the increase because the government might not trace this transactions if the perpetrators of these crimes are owners of private coins.

We should not also forget that, out of 100% of people who are owners of bitcoin,  a very good percentage of people do not see bitcoin as a means of exchange or currency, rather as a source of income because of the rewards they get from mining bitcoin. For now, the best the can do is to regulate its usage.

[Vaskiy]

Bitcoin is getting big  everyday and getting more awareness,  I think as the day counts more people will like to introduce bitcoin to their business,  now that in most countries their traditional currency is depreciating. Bitcoin can be considered as a good option for payment. Bitcoin is doing well as a currency,  it's has good chances of people accepting more because as the day goes people get to understand it the more, it is possible to be as a dominant currency in the future. Bitcoin has good money quality,  this what people in the world are looking for.

Bitcoin is getting big everyday and that doesn't assure with the same being dominant currency. It is developed as a means of transaction source, but the growth hadn't allowed people to use it as a currency. The priority have moved towards investment than currency. For now or in the future, it is really hard to find people using it as a currency. With time the acceptance level have increased, and bitcoin without doubt have been growing good in value.

Another reason, it is really impossible for the governments to consider decentralised network a dominant value trasfer source. Earlier many countries have regulated the usage of bitcoin, but not as a legal tender. Only El Salvador have taken the decision strong and stands successful. Most of the countries won't agree on it.

[kawetsriyanto]

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

What do you mean by "dominant currency"? Do you mean "the most used currency in the world"?

IMO, BTC accepted as most used currency in the world is very unlikely to happen in the near future. You need to learn again how the legality of Bitcoin in each country around the world. Also, most people prefer to use Bitcoin as a digital asset nowadays. They know Bitcoin investment offers potential good profits because the value is growing gradually, specifically during the bullish season.

Well, I assume it is not impossible that Bitcoin can be used as a dominant currency in the future but I don't think it will happen in the near future. It should be in the next few years, may be more than 10 years in the future. When there is no ban anymore and the value tends to be more stable, at that time people may feel comfortable to use it as a dominant currency.

[Silberman]

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?

Bitcoin does not need to be a dominant currency, whatever that means, what bitcoin needs is simply for more people to adopt it and use it on their everyday lives, if this can be accomplished then I do not care if in the future the dollar or the euro are the most widely used currencies, bitcoin is an alternative form of money and payment system for those that do not want to be held hostage by the fiat system, and as long as bitcoin can accomplish that goal then I will be happy holding and using my bitcoin.

[BVeyron]

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 think that is impossible for btc to become the main currency, since there are a lot of issues yet to be fixed. Some of them are cant be fixed at all. First of all, one of the toughet problems is legal status: even if btc is legal, it's impossible to acept btc as property due to high anonymity level of blockchain-based assets. Secondly, there are some vulnerabilities of decentralised network: data storage and data processing require high-speed network channels, which is,nearly impossible to create without running into massive forkings. Moreover, mining system is very hard to maintain due to high technology level. So, there will surely be many improvements in btc system and adoption  level will surely be rising, but it's impossible for btc to become the dominant currency.

[Spaceman1000$]

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 believe bitcoin has already gotten to that the stage your trying to Envisage, except for countries that have placed  restriction on bitcoin if not, there is no place around the globe at the moment that you won’t see people making use of bitcoin or trying to have a conversation around it. If you compare the awareness bitcoin has gathered in last 10, you will realize that bitcoin is the future we are talking about.

Not only TESLA, I heard even Honda the car manufacturing company has started accepting payments in bitcoin too. The list will continue to go on and on endlessly.
Your talking about several countries trying to steer how to regulate the cryptocurrencies, that’s likely impossible because this currencies are decentralized and cannot be controlled by the government, at best they can only put some restrictions here and there, but there restrictions hasn’t changed the growth trajectory of bitcoin so far.

[lionheart78]

People need to be educated about money
When everyone understands what money is, they will understand bitcoin

Sadly understaing Bitcoin won't make Bitcoin a dominant currency in the future.  The current technology of Bitcoin is very limited and is not suited for mass adoption yet.  We can see it when it was bombarded by the ordinal's exploits.  Aside from that the uncertainties of the regulation are another factor.  Many countries are still hesitant to accept Bitcoin and it is not easy for government to just accept a decentralized currency without considering its economic standard.

These articles:
https://www.imf.org/en/Blogs/Articles/2021/07/26/blog-cryptoassets-as-national-currency-a-step-too-far
https://www.brookings.edu/articles/the-brutal-truth-about-bitcoin/

 is probably a good read, they might look like and anti-Bitcoin articles, but it is also good to know the opposite's point of view in order to balance things out and put ourselves (Bitcoin enthusiasts) in check and stay in reality.

[Minecache]

~snip~

 A currency becomes too volatile compared to other currencies, which makes it very difficult for us to use it for everyday payments.

Not only bitcoin is volatile because judging from the current rate of fluctuations on my nations currency, then I would  also say that country's currency is also very volatile  yet its been used on a daily bases and one might say that the volatility in my local currency isn't obvious but I'm sure those who use it in importation are already crying from the devaluation as compared to the us dollar.

One major reason why people are still very committed to bitcoin  in general is the volatile nature because it where all the profits as well as the losses lies and if you take away its volatility then I'm not sure if most persons would still stick it to.

But does your national currency increase or decrease by 10%-30% in 1 day? All currency pairs between countries volatility with each other, my country's currency pair against USD also volatility every hour, but that volatility is insignificant compared to bitcoin. And people can also take advantage of that volatility to make profits, which is the forex market we have today. But that doesn't mean volatility between currencies and bitcoin is the same. I have never seen a national currency increase 10% or decrease 30% in one day against the the USD.

Of course, up until now we have been in the market for profit so volatility is extremely necessary, but if we talk about bitcoin becoming a currency, volatility is a barrier.