Bitcoin as world Currency

[Youngrebel]

What are the possibilities of Bitcoin becoming the central world   currency .
I feel strongly that Bitcoin will be more used and accepted than even Dollars. 
With the fast growing rate of Bitcoin in the world what are you taught's and opinions ? Kindly share

[Jating]

What are the possibilities of Bitcoin becoming the central world   currency .
I feel strongly that Bitcoin will be more used and accepted than even Dollars. 
With the fast growing rate of Bitcoin in the world what are you taught's and opinions ? Kindly share

Not to break the bubble for you, everyone wanted Bitcoin to be the world currency. Unfortunately, there are forces around that might not like what is happening and so they won't allow BTC to be that dominant.

We even have a hard time being accepted universally as a payment system because of it's nature - volatility.

You also have to think that there are countries that totally ban it, or in the middle ground or gray area, or those who embrace it. And then we have the Central Banks, they want to retain their control of monetary policies. So if there is a decentralized currency like Bitcoin, it could be a big threat for them, hence, not going to accept them as currency.

[Orpichukwu]

You are free to think that way, but that's not going to happen in my own point of view, at least not in this present century, and even if anything is going to replace the dollar due to its unstable state and its devaluation, which is caused by inflation adding to the overprinting which the government does from time to time, it won't be Bitcoin, as Bitcoin doesn't fit in to occupy that position; some other world-class local currency can take that position.

Bitcoin's limited supply and volatile nature make it divisible but fee rate to some point, congestion and so on, which makes it unfit for such. Many who know their way around crypto can also choose it over the dollar for business stability. Bitcoin is not the best option there is to use for stable currency for national deals, and Bitcoin can't replace the dollar at a national level. It's perfectly okay if it can only be used and perceived as an alternative option just as it is currently.

[As-Soon-As]

Bitcoin is spread like a net all over the world, but many countries are unable to use Bitcoin as their national currency because of their central banks. Although everyone secretly likes Bitcoin, some countries completely ban Bitcoin because once Bitcoin is accepted as their national currency, the country's banks will be completely overthrown. For example, in my country, many people are secretly using Bitcoin, but the government is not directly accepting Bitcoin as money.
 Because if Bitcoin is accepted economically, the banking sector will become completely helpless, so it is only through the intrigues of bank officials that it is prevented from being accepted.

[Perfectbaby]

I am not seeing Bitcoin to be a competitor to fiat currency but as a subordinate to fiat meaning they wouldn't want what will totally have a general control of the global currencies, rather every nation still wants to have their central authority about their finances. That is why most countries bans Bitcoin while some countries are adopting to the new strategic reserved funds while others are still having that doubting mindset due to it's volatility nature but even as that it's still tempting and yet some can't resist it.

[Odohu]

What are the possibilities of Bitcoin becoming the central world   currency .
I feel strongly that Bitcoin will be more used and accepted than even Dollars. 
With the fast growing rate of Bitcoin in the world what are you taught's and opinions ? Kindly share

By virtue of Bitcoin being used in all countries of the world, although not legally in some, it is already a world currency but saying that other countries will ditch their currency to adopt Bitcoin, I don't see the possibility of that. Remember that there are still a good number of the global population with no access to the internet and without internet you cannot transact in Bitcoin. The technical aspect of Bitcoin is also another challenge that will hinder Bitcoin from being adopted globally, at least for now.

Furthermore, there is no point dwelling in the argument of Bitcoin replacing the US dollar because that will never  not happen and Bitcoin was not even created to replace the US dollar but offer alternative to those who might want to avoid being subjected to censorship and control of the authorities. 

[DanWalker]

With the fast growing rate of Bitcoin in the world what are you taught's and opinions ? Kindly share

Yes, bitcoin is growing faster than any other asset. But we need to be aware that it is becoming more widely accepted and popular as an investment, a commodity, rather than a currency.

It has been 15 years since bitcoin was introduced by Satoshi as a peer to peer currency and to this day, many people don't even remember or know what its original purpose was. I don't think that one day people will suddenly remember or care about its original purpose. We need to accept the fact that bitcoin has become a global investment asset, not a global currency. That purpose has been abandoned or, frankly, it's failed.

[laijsica]

What are the possibilities of Bitcoin becoming the central world   currency .
I feel strongly that Bitcoin will be more used and accepted than even Dollars. 
With the fast growing rate of Bitcoin in the world what are you taught's and opinions ? Kindly share

Meanwhile, Bitcoin transactions have been much easier and more popular worldwide due to decentralized transactions than any other currency since its inception. I saw from Google that in 2023, the number of Bitcoin users was only 1% of the world's population, but if you consider it from 2009, the number of users is much higher. I think its number will increase in the coming years. The world is moving forward with cashless competition and Bitcoin can contribute to daily purchases along with fiat but there should be an indirect/direct one. Governments are still confused about launching it directly due to decentralization, but Bitcoin will play a great role in the global economy in the future.

[Oshosondy]

What are the possibilities of Bitcoin becoming the central world   currency .
I feel strongly that Bitcoin will be more used and accepted than even Dollars. 
With the fast growing rate of Bitcoin in the world what are you taught's and opinions ? Kindly share

It may take more decades before this will happen but I also believe this will happen. You can see Russia and China now want to make some foreign trades in bitcoin. I hope this will be true. You can see United States making bitcoin as a strategic reserve.

You can see some states in the United States like the New York that wants to begin making use of bitcoin in making some payments.

United States dollar is centralized and used by United States to sanction some countries. These countries will wake up and some are waking up already to know that they need alternative. Bitcoin is a good alternative.

[btc_angela]

With the fast growing rate of Bitcoin in the world what are you taught's and opinions ? Kindly share

Yes, bitcoin is growing faster than any other asset. But we need to be aware that it is becoming more widely accepted and popular as an investment, a commodity, rather than a currency.

As far as being traded as a commodity? Yes, I do agree that it's the fastest asset and that is a financial vehicle. But as a currency, we are very far as we don't know if we will see it one days treated as modern currency.

It has been 15 years since bitcoin was introduced by Satoshi as a peer to peer currency and to this day, many people don't even remember or know what its original purpose was. I don't think that one day people will suddenly remember or care about its original purpose. We need to accept the fact that bitcoin has become a global investment asset, not a global currency. That purpose has been abandoned or, frankly, it's failed.

It was designed to be a payment scheme, unfortunately or fortunately, early Bitcoiners started to trade it that's and then it got it's value to become an asset that we all know today. But I seriously doubt it as well to become a global currency, the US dollar will not allow it.

[yhiaali3]

You mean "decentralized global currency" because Bitcoin and centralization are incompatible. Bitcoin will always remain decentralized, even if it is accepted as a global currency.

But to be fair, I believe we have a very long way to go. This is not only because most governments around the world still don't accept Bitcoin, but also for technical reasons related to the ability to develop the Bitcoin blockchain to accommodate the massive volume of daily transactions around the world.

A global currency must be capable of handling the massive number of transactions per second around the world. It must also be relatively stable and have low fees. Unfortunately, these features are not currently available on the Bitcoin network.

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[BABY SHOES]

I'm not sure about bitcoin as the world's main currency because some big countries will definitely keep their fiat to be able to regulate. While bitcoin is decentralized the government doesn't want it if they don't have control, but if small countries maybe they can adopt bitcoin but not in full they still need dollars for daily transactions.

With such rapid growth... then the center of attention will be institutions where they will invest in bitcoin rather than stocks or other assets, bitcoin is flexible as a payment so this becomes a faster adoption.

[Youngrebel]

It's going to be a difficult to embrace though but it is still very much possible. Most countries are yet to embrace it to be used in their countries. They have banned it and making it difficult for their citizens to use it.
But if world power countries will begin something significant about the use of Bitcoin then the rest of countries would have no other choice than to accept and use it. By that the Centra banks would also look for ways that would make Bitcoin fit into their policies and make use of it.
Bitcoin as the world currency is still very much possible though it could seem hard at this point

[Zigabel]

What are the possibilities of Bitcoin becoming the central world   currency .
I feel strongly that Bitcoin will be more used and accepted than even Dollars. 
With the fast growing rate of Bitcoin in the world what are you taught's and opinions ? Kindly share

Firstly you need to understand Bitcoin wasn't created to be just a universal currency but to also serve as a store of value and also as a perfect substitution the hitch of the regular fiat challenge across the world, Bitcoin can actually serve as a an intermediary that will save users the stress of the money conversion and all of the hitches that comes with the moving of money from one country to the other while still maintaining the value for you money or assets any where you go, even to the value of their money in the face of inflation and economic crisis, most definitely with the rate at which Bitcoin is been adopted by many and the usage of Bitcoin as a legal tender in some countries, it will soon become a global currency for exchange of commodity only that some persons are yet to be really exposed to what Bitcoin could actually be.

[Dr.Bitcoin_Strange]

If Bitcoin able to become a world currency, I think it will be so efficient but that's not going to happen because the government will not allow such to happen when they are not in total control of Bitcoin network and perhaps the network is decentralized. Regardless, Bitcoin is already mainstream and has gain a total dominance in various country and Bitcoin does not need to now because world currency before it continues to grow.

[EL MOHA]

Firstly you need to understand Bitcoin wasn't created to be just a universal currency but to also serve as a store of value and also as a perfect substitution the hitch of the regular fiat challenge across the world, Bitcoin can actually serve as a an intermediary that will save users the stress of the money conversion and all of the hitches that comes with the moving of money from one country to the other while still maintaining the value for you money or assets any where you go, even to the value of their money in the face of inflation and economic crisis, most definitely with the rate at which Bitcoin is been adopted by many and the usage of Bitcoin as a legal tender in some countries, it will soon become a global currency for exchange of commodity only that some persons are yet to be really exposed to what Bitcoin could actually be.

First of all bitcoin wasn’t designed to been stored as an investment property or asset but rather the idea behind bitcoin was for it to be an alternative currency to the fiat currency with inclusions that there is total freedom from any central authority as such the act of a certain body to control it or manipulate it wouldn’t be possible.

Again although I have high hopes for the adoption rate of bitcoin but I can categorically say it is not yet close to been used as a central currency. The government of each country wouldn’t want to see their own central currency devalued and believe me when I say bitcoin will definitely devalue all these fiats if given the opportunity. Also government do not go with something that they can’t have control over and bitcoin is uncontrollable.

The other thing that will definitely limit bitcoin chances of becoming a global currency will also be the scalability of the network which is still not that robust at the moment

[coolcoinz]

World currency, as if being accepted all around the world, or world reserve currency, like the USD, EUR and so on?

IMO there's greater chance for bitcoin to become world reserve currency than accepted for payments for many reasons, one of them being that many countries are afraid of it, especially countries that try to launch their own CBDC to control money flows. One or 2 large economies can enforce bitcoin's reserve status on its trade partners, so it's a bit easier to do, but not all countries "like" each other, so the US and EU accepting bitcoin would never persuade Russia or China to do the same.

[aylabadia05]

What are the possibilities of Bitcoin becoming the central world   currency .
I feel strongly that Bitcoin will be more used and accepted than even Dollars. 
With the fast growing rate of Bitcoin in the world what are you taught's and opinions ? Kindly share

The possibility that I want to say is that they still refuse subtly.

Hoping Bitcoin to be the main currency of the world is not easy because many obstacles and the main obstacles lies in themselves because they are not the same as their respective Fiat currencies.
He made a bitcoin system by all countries in financial affairs, so that has made great countries in conducting transactions.

With no prohibition on people using Bitcoin to pay for something they are purchased, indirectly Bitcoin has become like the expected currency.

[_BlackStar]

Bitcoin is a currency and a means of payment that you can use and transact anywhere and anytime as long as the country you live in legalizes it. I never expect you to force yourself to use bitcoin as a means of payment if it has not been legalized - while you can use bitcoin as a means of payment in countries that have legalized it. Legality is one of the reasons why bitcoin has not been widely adopted in various countries - maybe not because of rejection, but it is not yet time for bitcoin to be adopted by them with various considerations.

Bitcoin becoming dominant over the dollar is not impossible - but I never know if it will happen. So far bitcoin is just an alternative currency to fiat - but when bitcoin is adopted and legalized in a country, then bitcoin will be the main currency that likely can dominates fiat.