Can Bitcoin become a world central currency?

[Ayebabara]

The rise of Bitcoin have been iconic and it's massive impact on the world's economy. So far Bitcoin is the highest currency as I like to put it. It has become a well known digital currency around the world in just over 16years of it's existence.

Moreso, it is also a well known fact that Bitcoin stands out among it's fellow digital currencies and the highest among them. It's also independent from any central bank of any country.

Hence, haven said all this I think the next step of Bitcoin should be targeted at becoming a central world currency having it's own bank and printed in all countries for use. Then it can be a centralized currency for global use and not only on the digital world

What's your take on this?

[pooya87]

Hence, haven said all this I think the next step of Bitcoin should be targeted at becoming a central world currency having it's own bank and printed in all countries for use. Then it can be a centralized currency for global use and not only on the digital world

That won't be Bitcoin anymore. It would be just another centralized fiat with the same fundamental problems that led to creation of decentralized bitcoin with a capped supply.
It makes no sense to destroy Bitcoin like that!

[TheUltraElite]

It is already a world currency.

If you look at the demographics of this forum considering at least there is a single person in each country using bitcoin, you will see that we have representatives in every country out there.

Central? No because bitcoin is decentralized at its core. No central body to control its supply.

Anyone can already use it, just the adoption is what is pending. To increase it massively, more merchants need to start using bitcoin.

[Pi$$]

Then it can be a centralized currency for global use and not only on the digital world

Once you make the statement that bitcoin can be a centralised currency, it only means that you've started to miss it at that Very point and you're going away from what bitcoin actually is and what has kept it standing even till the present. Regardless of the mass adoption of bitcoin, there won't be a bitcoin bank or a central point where bitcoin transactions are being monitored and in a way regulated. if that happens, then it practically means that bitcoin has lost it all and isn't different from the fiat.

Bitcoin can become a world currency without being centralised and the concept should be that people across the world makes use of bitcoin globally for all her needs and even without a central body literally being at the centre of it. We are all positive about the mass adoption of bitcoin but at the institutional stage and it use as national reserve but we are not hoping that when that eventually happens, it should cause bitcoin to lose what it actually stands for.

The world is even getting more digital and a lot of the things that are not yet in the digital form and going towards that direction. We are approaching a cashless economy and with time, fiat won't be too much in use because a lot of businesses would prefer to carry out her transactions on a digital bases. If the fiat can be going in that direction, how much more bitcoin that is built to function that way?

[death69]

Love the ambition, but Bitcoin can’t become a world central currency without self-destructing the very reasons it exists. You see, Bitcoin wasn’t built to sit at the top of the same old pyramid; it was made to flatten the pyramid itself. Sure, it’s iconic. Global. Untouchable by any single nation. But Central bank? Printing Bitcoin? That’s literally impossible. Fixed supply is non-negotiable. The moment you introduce a “Bitcoin bank” with physical printing, you undo its essence. Its independence depends on being borderless, stateless, algorithmically enforced, not run by politicians or printed at will.

A global “central” currency sounds neat, but look closer. Every time humanity’s tried to centralize money, it’s ended in abuse. Bitcoin sidesteps all that. It’s valuable because it can’t be hijacked. That’s what the legacy currencies missed. If Bitcoin becomes the official global currency (with things you mention: issued, printed, regulated) then it’s not Bitcoin anymore.

[nemesis_incarnate]

Hence, haven said all this I think the next step of Bitcoin should be targeted at becoming a central world currency having it's own bank and printed in all countries for use. Then it can be a centralized currency for global use and not only on the digital world

That won't be Bitcoin anymore. It would be just another centralized fiat with the same fundamental problems that led to creation of decentralized bitcoin with a capped supply.
It makes no sense to destroy Bitcoin like that!

Yep, it would become Centrecoin, not the one coin we love and cherish

[Lida93]

The rise of Bitcoin have been iconic and it's massive impact on the world's economy. So far Bitcoin is the highest currency as I like to put it. It has become a well known digital currency around the world in just over 16years of it's existence.

Moreso, it is also a well known fact that Bitcoin stands out among it's fellow digital currencies and the highest among them. It's also independent from any central bank of any country.

Hence, haven said all this I think the next step of Bitcoin should be targeted at becoming a central world currency having it's own bank and printed in all countries for use. Then it can be a centralized currency for global use and not only on the digital world

What's your take on this?

I think this is contradictory to the pillars of bitcoin and why it was particularly created. Doing so we would be going multiple steps back to the problem of the fiat system in which bitcoin has helped salvage many investors from, in terms of inflation which rubbishes traditions currencies.

Bitcoin turning to a central world currency would mean absolute control by the central authority dictating on the digital asset which takes away it only weapon (decentralised) that makes it unique from all other world currencies. That's not what the bitcoin community wants. Make the adoption go viral but never tamper with the decentralisation.

[Joy- maker]

The rise of Bitcoin have been iconic and it's massive impact on the world's economy. So far Bitcoin is the highest currency as I like to put it. It has become a well known digital currency around the world in just over 16years of it's existence.

Moreso, it is also a well known fact that Bitcoin stands out among it's fellow digital currencies and the highest among them. It's also independent from any central bank of any country.

Hence, haven said all this I think the next step of Bitcoin should be targeted at becoming a central world currency having it's own bank and printed in all countries for use. Then it can be a centralized currency for global use and not only on the digital world

What's your take on this?

if bitcoin turn to world central currency and become centralize as you suggested it will no longer be a store of value with potential returns anymore, because everything about bitcoin will be manipulated since there will be a central authority that will be in control of bitcoin, so in my own opinion in other for bitcoin to maintain it current and normal state, bitcoin should remain decentralize as it has always been for years now.

[betswift]

The rise of Bitcoin have been iconic and it's massive impact on the world's economy. So far Bitcoin is the highest currency as I like to put it. It has become a well known digital currency around the world in just over 16years of it's existence.

Moreso, it is also a well known fact that Bitcoin stands out among it's fellow digital currencies and the highest among them. It's also independent from any central bank of any country.

Hence, haven said all this I think the next step of Bitcoin should be targeted at becoming a central world currency having it's own bank and printed in all countries for use. Then it can be a centralized currency for global use and not only on the digital world

What's your take on this?

I think this is contradictory to the pillars of bitcoin and why it was particularly created. Doing so we would be going multiple steps back to the problem of the fiat system in which bitcoin has helped salvage many investors from, in terms of inflation which rubbishes traditions currencies.

Bitcoin turning to a central world currency would mean absolute control by the central authority dictating on the digital asset which takes away it only weapon (decentralised) that makes it unique from all other world currencies. That's not what the bitcoin community wants. Make the adoption go viral but never tamper with the decentralisation.

Agree through and through - without its values, BTC would lose its punchline, and we definitely do not want that anytime soon or if we want all the best for BTC.

[Mehmet69]

The rise of Bitcoin have been iconic and it's massive impact on the world's economy. So far Bitcoin is the highest currency as I like to put it. It has become a well known digital currency around the world in just over 16years of it's existence.

Moreso, it is also a well known fact that Bitcoin stands out among it's fellow digital currencies and the highest among them. It's also independent from any central bank of any country.

Hence, haven said all this I think the next step of Bitcoin should be targeted at becoming a central world currency having it's own bank and printed in all countries for use. Then it can be a centralized currency for global use and not only on the digital world

What's your take on this?

You have tried to find a way to increase the use of Bitcoin. You have tried to find an alternative method so that people from all walks of life can easily use Bitcoin for all purposes. I respect your thinking.

But we should not forget that the reason why Bitcoin is so popular is its decentralized system. Everyone in the world wants to own Bitcoin. But it is not so easy to hold it or keep it for yourself. Because people get scared at the slightest moment or sell their holdings in the hope of making more profit in a short period of time. So if Bitcoin wants to have its own banking system, then its volatility and decentralized behavior will be destroyed.

If you look at the characteristics of Bitcoin, you will see that these two natures are the most powerful and reliable. So Bitcoin does not need any bank. If anything is needed, it may be to reach the public with true, accurate and reliable information about Bitcoin.

We should all empower ourselves and others to know the right information about Bitcoin.

[fikrett]

You have tried to find a way to increase the use of Bitcoin. You have tried to find an alternative method so that people from all walks of life can easily use Bitcoin for all purposes. I respect your thinking.

But we should not forget that the reason why Bitcoin is so popular is its decentralized system. Everyone in the world wants to own Bitcoin. But it is not so easy to hold it or keep it for yourself. Because people get scared at the slightest moment or sell their holdings in the hope of making more profit in a short period of time. So if Bitcoin wants to have its own banking system, then its volatility and decentralized behavior will be destroyed.

If you look at the characteristics of Bitcoin, you will see that these two natures are the most powerful and reliable. So Bitcoin does not need any bank. If anything is needed, it may be to reach the public with true, accurate and reliable information about Bitcoin.

We should all empower ourselves and others to know the right information about Bitcoin.

True to that! We don't need to crush the core values of BTC to make it bigger and more adapted: we simply need to use it ourselves and push for its usage on the scale that is appropriate (big purchases, for example, because using BTC for something daily-ish - it's not convenient as of now).

[Ruttoshi]

Hence, haven said all this I think the next step of Bitcoin should be targeted at becoming a central world currency having it's own bank and printed in all countries for use. Then it can be a centralized currency for global use and not only on the digital world

What's your take on this?

We would lost it all. Freedom, decentralization, anonymity, cross border payment. It means going back to square one. Bitcoin was never created to be a centralized currency for government to control, but to be the opposite of fiat and that's why you see bitcoin where it's today. Anything that the government put their hands into becomes a tool to manipulate the country.

It's not compulsory for everyone to adopt bitcoin, but it's already a world currency which you can use as a payment method provided that it is not illegal over there.

[_act_]

Hence, haven said all this I think the next step of Bitcoin should be targeted at becoming a central world currency having it's own bank and printed in all countries for use. Then it can be a centralized currency for global use and not only on the digital world

That will not be a good reason bitcoin is existing, with how decentralized it is and how it is generally, it is like a central currency because anyone can send bitcoin to anyone in any country at anytime, this is what fiat can not offer. We do not need bitcoin to be printed and have a centralized bank because bitcoin true existence do not need banks to support it.

[Kelward]

Hence, haven said all this I think the next step of Bitcoin should be targeted at becoming a central world currency having it's own bank and printed in all countries for use. Then it can be a centralized currency for global use and not only on the digital world

That won't be Bitcoin anymore. It would be just another centralized fiat with the same fundamental problems that led to creation of decentralized bitcoin with a capped supply.
It makes no sense to destroy Bitcoin like that!

Satoshi, created Bitcoin and disappeared to proof that Bitcoin doesn't need an owner or a centralized authority to own it. The essence of Bitcoin will be lost if it where ever to be printed like a physical cash, then it'll have a central bank to monitor and regulate it. What makes Bitcoin to be different from fiat is that it is decentralized and have a limited supply, it goes against everything that fiat represents. Bitcoin don't have to be printed as physical cash to become a global currency, it's adoption is increasing very fast and in years to come I believe that p2p transactions will become very common like fiat.

[BtcAnalyst1]

The rise of Bitcoin have been iconic and it's massive impact on the world's economy. So far Bitcoin is the highest currency as I like to put it. It has become a well known digital currency around the world in just over 16years of it's existence.

Moreso, it is also a well known fact that Bitcoin stands out among it's fellow digital currencies and the highest among them. It's also independent from any central bank of any country.

Hence, haven said all this I think the next step of Bitcoin should be targeted at becoming a central world currency having it's own bank and printed in all countries for use. Then it can be a centralized currency for global use and not only on the digital world

What's your take on this?

That will be very difficult to achieve now or in the near future. The concept of Bitcoin remain a decentralized digital current, it will go against this concept.
Again, so many countries are still struggling to allow it's uses, and until this moments, some countries has even ban Bitcoin. I think that Bitcoin becoming the central currency of the world with it's own bank may be unrealistic in my opinion.

[Alphakilo]

Hence, haven said all this I think the next step of Bitcoin should be targeted at becoming a central world currency having it's own bank and printed in all countries for use. Then it can be a centralized currency for global use and not only on the digital world

What's your take on this?

Bitcoin will not become a centralized currency for global use.

Read the bitcoin whitepaper again by Satoshi and you will understand that it was never meant to serve that purpose. Just like we cannot have one unifying language we cannot have a central currency.

If assuming for example that it happens, it will change everything written in the whitepaper.

This is the abstract below to give you context

Abstract.  A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.  Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work.  The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power.  As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers.  The network itself requires minimal structure.  Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.
https://bitcoin.org/bitcoin.pdf

[lionheart78]

It is already a world currency.

I think not, Bitcoin is not a world currency, since when we talk about world currency, it talks about a currency that is legally recognized by the world.  There is a big difference between globally used and a world or global currency.

If you look at the demographics of this forum considering at least there is a single person in each country using bitcoin, you will see that we have representatives in every country out there.

But the question is, despite the representatives, is Bitcoin acknowledged as legal tender globally?

Central? No because bitcoin is decentralized at its core. No central body to control its supply.

True, this is also one of the defeating factors why Bitcoin is having a hard time being recognized by governments as legal tender.  It has no central authority and is not a government-backed currency.

Anyone can already use it, just the adoption is what is pending. To increase it massively, more merchants need to start using bitcoin.

Just as I read, not because Bitcoin is used globally, it can be called a global or world currency.  There is much more needed for that to be considered as the world currency, especially in this world that follows a centralized system.

Gladly, we do not need Bitcoin to be a world currency in order to use it globally.  Due to its borderless feature we are able to transact with it internationally.

[batang_bitcoin]

Hence, haven said all this I think the next step of Bitcoin should be targeted at becoming a central world currency having it's own bank and printed in all countries for use.

There is no need for that. We're already the bank for Bitcoin and if there will be a bank that's going to adopt Bitcoin then they're free to adopt that and make services out of it. I think the common service that they're going to do and adopt is about loaning people who owns Bitcoin and that will be the collateral and their credit limit/score will be dependent on how much they hold. So, the more BTC the holder has, then they're sure that this person is going to pay them the debt that's taken and applied on them. Because before, we holders are having hard time getting services in the banks because they're doubting Bitcoin. But who knows soon, if we'll be the most sought customer for these credit lines.

[Dunamisx]

Hence, haven said all this I think the next step of Bitcoin should be targeted at becoming a central world currency having it's own bank and printed in all countries for use. Then it can be a centralized currency for global use and not only on the digital world

All these are features of a centralized currency and it's not possible to happen with a decentralized one like bitcoin, bitcoin cannot have the same agreement with the government because governments stands for centralization and want to control every affairs regarding financial economy including how we manage our own personal money, while bitcoin stands for freedom in giving us control over our digital assets, our leaders would rather be the one to work by the dictates of what bitcoin is, allowing everyone to independently take charge of their finances.

[aoluain]

I think the next step of Bitcoin should be targeted at becoming a central world currency having it's own bank and printed in all countries for use. Then it can be a centralized currency for global use and not only on the digital world

What's your take on this?

SO you are advocating Bitcoin becoming centralised - which does not make sense at all.

The very core of Bitcoin is that it IS a decentralised "world currency" and with that is the fact
that no one central agency or country controls it and in turn is able to manipulate it.

Every centralised FIAT currency has at some point in its existence been manipulated by its
controlling bank and or country.

As others have pointed out Bitcoin is already a world currency, it can be used* anywhere in
the world. *bought, sold and transferred

Anyway, being a world currency in order to buy a coffee is not necessarily what everyone wants.