Can Bitcoin become a world central currency?

[EluguHcman]

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

Bitcoin is an industrious financial technology in a decentralized and digital format. That is based on what Satoshi Nakamoto built it for so, it can not sudden turn differently to what an individual may expect of it.

Bitcoin can only affiliate with the central banks and authorities in the aspect of exchange of it values for traditional currencies through the centralized exchanges which they (government) have authority onto.

The reason why Bitcoin can not be printed is basically because, it digital forebeing was a medium to curtail thefts and to keep users holdings and identifies anonymous which only digitality can keep it to that peak.

If it was to be printed, definitely it would lost those qualities because physical attacks like the armed robberies will be an advanced approach towards the communities.

Imagine the already recorded physical attacks on the enthusiasts who are just being known to own Bitcoin or an affiliate to Bitcoin that iare not even caught physically holding Bitcoin but just media exposed..
So if Bitcoin is printed then we would see a worse situation on that sake when we have to move around with Bitcoin in our pockets or purses.

Further reasons why Bitcoin can not be printed is that holding your Bitcoin physically is assumed you are walking about with your assets and that could be risky and disrespectful that the value you holder is not precious and valued otherwise, having it stored digitally in the Wallets is the best safe move and of which it should be a self custodial.

Considering it regulatory resistance, it can not be inducted by the CBN .

[m2017]

The rise of Bitcoin have been iconic and it's massive impact on the world's economy.

Curious? And how did bitcoin have such a huge impact on the world economy? I think you are greatly exaggerating.

So far Bitcoin is the highest currency as I like to put it.

I would say that bitcoin has become the most expensive "security" (as a technology company), because it is more of an investment asset.

It has become a well known digital currency around the world in just over 16years of it's existence.

This is the total period of existence of bitcoin for all time. This asset became known (in wide circles) about 5-7 years ago (approximately).

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.

This is why bitcoin will not become the world's central currency. No strong world power will recognize a currency that it can't control. Of course, only one country will control the world currency. As the US does now - the world bank.

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.

And at this point you started to go crazy? What are you talking about?

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

Do you want to radically change the essence of bitcoin? It is easier to launch a new CBDC (in the US or China) for use as a global currency.

[el kaka22]

Why desire it to become a world currency? Not right now at least, if you loo kat it right now then you will realize that the gas fee (transaction fee) would be too huge for you to make profit that way and that would be the reason why we shouldn't be world currency. If we can make some big changes at transaction costs, and have it cheaper and faster, then we can start to consider it but at the moment we are not seeing that so there is no need for that.

Most people would stop using bitcoin if the fee reached 100+ dollars, and as a world currency we are going to reach 1000+ dollars. Because there are trillions going around each other in fiat, so if all that was on bitcoin, we would be ruined. So before we fix this, there is no reason to desire bitcoin to be world currency.

[Mrbluntzy]

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?

@Ayebabara, the first comment have made a lot of sense in their opinion that I find too accurate to disagree with him. Why should there even be a bank for Bitcoin, do you really understand the purpose of Bitcoin? Bitcoin was created for people not to depend on traditional centralized financial institutions, for people not to depend on third parties before they can make transaction, and for the sake of privacy. If bank for Bitcoin is created, it's humans that will work there and it's going to be fully centralized and might run on the affairs of the government and people privacy will not be secure again, that's not the purpose of Bitcoin.

You don't need Bitcoin bank before you can make payment in Bitcoin across the world, all you need is a Bitcoin wallet, Bitcoin, and internet connection.

[xzone]

Bitcoin is decentralized, what you say seems logical, but it goes against the basic philosophy.
There are already too many governments, leaders and exchanges that influence the market, we can't say that we can achieve complete decentralization. That's why not everything is as we want it to be.

But the fact is that we can now use bitcoin as a globally valid and truly ownerless payment method. It's a bit difficult, but it's not much different from using dollars everywhere in the world

[Cheema02]

Bitcoin is decentralized, what you say seems logical, but it goes against the basic philosophy.
There are already too many governments, leaders and exchanges that influence the market, we can't say that we can achieve complete decentralization. That's why not everything is as we want it to be.

But the fact is that we can now use bitcoin as a globally valid and truly ownerless payment method. It's a bit difficult, but it's not much different from using dollars everywhere in the world

The most basic thing is that you need to know how to use Bitcoin. How do you see it? As Bitcoin is introducing itself all over the world, I personally think that the time is not far when it can be introduced as a currency on a global level because its use is a little like the dollars. We just have to understand it correctly, how to do it, when to do it and why to do it. When we get our command over the very basic things and give people awareness, the time is not far when we can use it globally and do trading. Only through this currency, through the currency of Bitcoin, we can train, so yes, it can become world central currency and bitcoin has the potential.

[alastantiger]

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

Bitcoin is already a world currency, it doesn't need to be central because there's no currency that's world central, every country has their own currency and that's how it's going to be. We can't have all the world using Bitcoin as their central currency. All the other fiats will continue to be in existence then we'll have Bitcoin that's also going to be used by those that wants to use it. Nobody will be forced to use Bitcoin, only those that understand the real value of Bitcoin will keep on investing and using it for their purchases. Bitcoin target is for everybody to know about Bitcoin and when that's done, anybody that wants to invest and make use of Bitcoin can go ahead while those that are still doubting, continue to be in doubt until they can't ignore Bitcoin anymore.

[Findingnemo]

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?

What, you got no Idea then about Bitcoin or banking system.

There's no printing in Bitcoin, it's mined as block rewards via computing resources which is called miners.

Then Bitcoin is already a currency that's accepted all around the world but not as legal tender apart from El Salvador, and you don't need the recognition from bank or there's no such banks exists, it's just simple you are your own bank.

[EFS]

Bitcoin can be used by people all over the world but governments will never give up their sovereign right to print their own central currencies. Bitcoin's production mechanism is clear, anyone is free to participate in mining and get block rewards.
However, as you pointed out there's no centralization or entity that print Bitcoin. You seem to have a serious confusion of concepts.

[nativebtc]

Bitcoin's rise is indeed remarkable, but turning it into a centralized global currency with physical printing and a central bank contradicts its core philosophy of decentralization. It thrives as a digital, trustless system, free from central control. Centralizing it could undermine its value proposition and security. Instead, its strength lies in remaining a decentralized digital asset, potentially complementing rather than replacing fiat currencies.

[henry_of_skalitz]

You can use Bitcoin and all cryptocurrencies from anywhere. Bitcoin is not controlled by any central government or bank, which gives users freedom. Again, no country's government will easily want to shut down their currency.

You truly can - but it won't be as convenient as fiat, at least as of now.

And many countries see crypto as something alien still, - but the situation changes with each day.

[Hamza2424]

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?

It can never have its own bank due to its decentralizd nature as you might know there is no ceo of BTC so who would apply for the all the chartered for BTC in banks although big institutional investors and companies are filling for charter for their BTC investment which might do the same work but that's not enough.

What you want can never really be achieved because BTC is not a stable currency and for being a central currency of any country it have to be stable, it can be a reserve investment for many countries and countries can even care to invest in it to diversify their investments to get more profits and minimze more loss but they would never make it their central currency.

[Natalim]

Unless it remained a decentralized currency, it can never be a centralized one. And the government will also never allow that happen, but instead find another fiat currency that is aligned with the bank and government and make it as the new world central currency.

Bitcoin is fine even if it doesn’t held as a world central currency, let’s be honest with that. In fact, it will even be more responsible of its more growth and development by staying a decentralized one. And we get to gain more advantages and benefits if it remained that way.

[madnessteat]

Bitcoin can be used by people all over the world but governments will never give up their sovereign right to print their own central currencies. Bitcoin's production mechanism is clear, anyone is free to participate in mining and get block rewards.
However, as you pointed out there's no centralization or entity that print Bitcoin. You seem to have a serious confusion of concepts.

Totally agree with you. By having a printing press for the national currency and a central bank that manages the key interest rates and monetary policy of the country it is possible to manage the economy as needed at any given time. I don't think many countries will want to get rid of the national currency, because then the state will lose one of the most important levers to manage the economy. Such an approach can radically change the world geopolitical situation up to the strongest world crisis.

[Antotena]

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?

Legally as legal tender? It's not possible but if we want to go by the definition of what Bitcoin is about, Bitcoin is already a world leading country, there is no one that's is currency literate, educated and knows about computer that will reject Bitcoin from you. Even the people that claimed not to like Bitcoin, if you dash them 0.1btc right in their front, they will run to accept it with the speed of light, they will not hesitate or even think about it twice, Bitcoin is already a world leading currency.

The reason why I said it's legally possible is because of selfish interest. I believe you have heard Trump says alot of things that US will embrace Bitcoin and doesn't want China to take everything, that's a valid point for US because they don't want anyone of their oppressors to lead them with anything. If Bitcoin becomes one, it will create conflict. In addition, the government doesn't want currency they don't control, they will rather see Bitcoin burn than accept it worldwide, even US has refused to accept it as their reserve.

[Mate2237]

The probability of Bitcoin becoming a central currency of the world is low because one thing that we need to know is that Bitcoin is one currency that is decentralized meaning that one government has to total control and regulation concerning Bitcoin one property that government is against it that is why most countries of the world is against it



Bitcoin was designed not for the purpose of being a currency that was supposed to be used for the purpose of making transactions Bitcoin was originally designed as a store of value not as a Fiat currency that will be used as for a world currency

[Dzwaafu11]

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?

This is where you are mixing up things; it will be difficult for Bitcoin to be legally accepted by the government. The government is not ready to accept Bitcoin as their legal currency because Bitcoin is a currency that they can’t control. And since they can’t be able to control it, they definitely won’t accept bitcoin as their legal currency in their country.

However, on the other hand, if they accept bitcoin as their legal currency, that means bitcoin is not what it means to be because it was created to be an alternative currency and won’t be controlled by anyone. But if governments accept bitcoin as their legal tender, they will definitely want to control bitcoin, which won’t favour the investors.

[FortuneFollower]

The probability of Bitcoin becoming a central currency of the world is low because one thing that we need to know is that Bitcoin is one currency that is decentralized meaning that one government has to total control and regulation concerning Bitcoin one property that government is against it that is why most countries of the world is against it



Bitcoin was designed not for the purpose of being a currency that was supposed to be used for the purpose of making transactions Bitcoin was originally designed as a store of value not as a Fiat currency that will be used as for a world currency

I wouldn't say btc was intended as a store of value - more of an alternative for fiat.

No killer, no breaker of it - just to coexist and have an option to be your own bank (not your own store of value only, but to use said value properly without the institutions at place).

[_BlackStar]

-snip-

This is where you are mixing up things; it will be difficult for Bitcoin to be legally accepted by the government. The government is not ready to accept Bitcoin as their legal currency because Bitcoin is a currency that they can’t control. And since they can’t be able to control it, they definitely won’t accept bitcoin as their legal currency in their country.

However, on the other hand, if they accept bitcoin as their legal currency, that means bitcoin is not what it means to be because it was created to be an alternative currency and won’t be controlled by anyone. But if governments accept bitcoin as their legal tender, they will definitely want to control bitcoin, which won’t favour the investors.

So far we have known for sure that governments actually want to control bitcoin - but they never can, even if they legalize it as a means of payment. Bitcoin was created as an alternative payment - but over time the community or its users expect it to be a mainstream currency due to its innovation and advantages. I personally do not want to expect bitcoin to become a mainstream currency - but it is still an alternative currency that has its own advantages over fiat.

The government has basically legalized bitcoin as an investment asset - but so far there are many governments in various countries that have not legalized it as a means of payment. They know that bitcoin is uncontrollable - so they will definitely think twice if they want to legalize it.

[red4slash]

Central? Then it's not bitcoin anymore if you expect bitcoin to be like that because until now we still believe and understand that the nature of bitcoin is decentralized so why try to make this a central because after all we already have fiat for that.

Besides, in the end it will just be an alternative for payment because fiat remains the main payment and it will always be like that.

We cannot demand too much of this because from the beginning Satohsi also created bitcoin only as an alternative not to be a substitute for fiat so in the end even though the development of bitcoin is rapid and adoption is everywhere but in the end to make this the main payment and replace fiat I think it will never happen and I don't expect that for bitcoin because I am happy with their current condition where it is only an asset that can be used as an investment or trade and allows it to be an alternative as a means of payment.