How can Bitcoin play a role as the main currency of every country?

[EL MOHA]

Bitcoin cannot be the number one currency in the world  to used by all, because it's decentralized and no government will accept it since they will not be able to control it. Government only embrace what they control and that's why they came up with fiat currency where they are in charge to do the printing of fiat whenever they want.

However, due to the increase in value of bitcoin overtime, majority of people holding bitcoin wouldn't want to use it as a currency but as an asset in order for them to make profit from it in future. If there is fiat as the second choice of currency, why will I use my bitcoin to pay for goods and services. the world is centralized and a centralized currency will always dominate.

Definitely agreed that bitcoin can not be the central currency in the world and my main reason is the total supply and of bitcoin, although it can be divided into smaller units (satoshi) it still wouldn’t be enough considering that those holding will be keeping the hold of theirs too and that will limit the supply in circulation more, so having it as main country’s currency will not be looking possible in my perspective,

As for using bitcoin as payment method I don’t think it has any reason why it shouldn’t be used, this is not by any chance going to affect you holdings, one can simply have a some bitcoin holdings and then some more bitcoin for payment, it doesn’t change anything.

[Solodoski]

It cannot happen because of 3 reasons.

1. The world is not run under the same law for every country to adopt bitcoin as their national currency. Some small countries might recognize it as legal tender (like El Salvador) and it won't be wide spread.

2. Bitcoin network is not capable of nor designed to handle large number of transactions that can answer 8 billion people!

3. Most important reason is that the way economy is designed, it is impossible to have a limited supply currency to have a place in it. This broken deign demands unlimited fiat. So unless that changes (which is a fundamental change that nobody is willing to make and nobody has introduced any alternative) it remains impossible to integrate bitcoin into it.

Adding to what you said Pooya87. Bitcoin lacks that unified legal status, no country is going to give up control of their local currency. In fact Bitcoin is highly volatile, almost double in a year and then half the next. We cannot predict what it could be this time, tomorrow, and next.  Bitcoin makes it untenable for salaries, mortgages etc. Lastly, the global economy depend on how flexible the monetary system is. The central banks of every country adjust supply to manage crises and debt. A currency like Bitcoin could freeze it. This is not what Satoshi intended if not he would make it so. It is meant for those who are ready to own it.

[philipma1957]

Bitcoin cannot be the number one currency in the world  to used by all, because it's decentralized and no government will accept it since they will not be able to control it. Government only embrace what they control and that's why they came up with fiat currency where they are in charge to do the printing of fiat whenever they want.

However, due to the increase in value of bitcoin overtime, majority of people holding bitcoin wouldn't want to use it as a currency but as an asset in order for them to make profit from it in future. If there is fiat as the second choice of currency, why will I use my bitcoin to pay for goods and services. the world is centralized and a centralized currency will always dominate.

Definitely agreed that bitcoin can not be the central currency in the world and my main reason is the total supply and of bitcoin, although it can be divided into smaller units (satoshi) it still wouldn’t be enough considering that those holding will be keeping the hold of theirs too and that will limit the supply in circulation more, so having it as main country’s currency will not be looking possible in my perspective,

As for using bitcoin as payment method I don’t think it has any reason why it shouldn’t be used, this is not by any chance going to affect you holdings, one can simply have a some bitcoin holdings and then some more bitcoin for payment, it doesn’t change anything.

Spending btc is stupid  as fuck so far.

Buy and hodl works.

Buy and spend is doing the other person a favor.

[DanWalker]

If you want to know what would happen to the world economy if bitcoin became the primary currency of every country, you can go back in history and look at the world economy when the gold standard was in place. I think they are the same.


In my understanding, the gold standard economy has more disadvantages than advantages, such as lack of flexibility in monetary policy. This can make it difficult for the economy to develop and may lead to a prolonged crisis and recession...Or over-reliance on gold supply will cause the economy to fall into deflation, and deflation is sometimes worse than inflation for economic growth. Or it also causes serious inequality because not every country owns the same amount of gold.

Likewise, I think our economy would face similar challenges if we adopted a bitcoin standard.

[Oluwa-btc]

If it were the case that the main currency of every country in the world is Bitcoin. Then how do you think the world economy would be run? Because when Bitcoin becomes the main currency, the American dollar and other countries will have Bitcoin as their main currency. The local currency of that country will be associated with it as the second currency. In this case, how would Bitcoin be used or how can it play a good role in the world economy?

Volatility will be the order of the day and government policies and regulations can't control it so it's going to be a hard nut to crack honestly. Yeah we are optimistic to see that happen but looking at the rate at which the price tend to change and affect alot of things I think it's not a good idea to have Bitcoin single handedly play the role of the main currency of the country or the world.

[Dunamisx]

If it were the case that the main currency of every country in the world is Bitcoin. Then how do you think the world economy would be run? Because when Bitcoin becomes the main currency, the American dollar and other countries will have Bitcoin as their main currency. The local currency of that country will be associated with it as the second currency. In this case, how would Bitcoin be used or how can it play a good role in the world economy?

Volatility will be the order of the day and government policies and regulations can't control it so it's going to be a hard nut to crack honestly. Yeah we are optimistic to see that happen but looking at the rate at which the price tend to change and affect alot of things I think it's not a good idea to have Bitcoin single handedly play the role of the main currency of the country or the world.

It's something new may try to play more save by having bitcoin as the major portfolio we are holding before any other alternative asset or currency consideration,  in so doing, we may later include exchanging a portion of bitcoin into fiat for the smooth runnings of the economy before bitcoin acceptance for payment becomes harmonized, thing would rather be more better than ever before with the role bitcoin can play in the general and individual financial economy.

[davis196]

If it were the case that the main currency of every country in the world is Bitcoin. Then how do you think the world economy would be run? Because when Bitcoin becomes the main currency, the American dollar and other countries will have Bitcoin as their main currency. The local currency of that country will be associated with it as the second currency. In this case, how would Bitcoin be used or how can it play a good role in the world economy?

There are no such things as a "main currency" and a "secondary currency" in one jurisdiction. There are national currencies and global currencies(US dollar, Euro, etc.). If BTC suddenly becomes a global reserve asset(which is very unlikely to happen) most central banks would simply buy BTC and HODL it in their currency reserves(which would support the value of the national fiat currencies). Bitcoin would play the same role gold did during the gold standard.
Bitcoin cannot become the one and only global currency, because 1.No major central bank would allow this to happen. 2. The transaction fees on the BTC blockchain would hit the Moon. The BTC blockchain cannot handle billions of transactions per day.

[AVE5]

In this case, how would Bitcoin be used or how can it play a good role in the world economy?

First bitcoin is not a contender with the traditional currencies rather it's designed and invented on the motive of giving financial freedom to it community users.
It's not to be figured as a commodity to influence the economy rather profers financial obligations to interest of it community.
If we also look at it the other side, if countries have to adopt it for legal tenders in both acceptance of payments and services, it'd optimize the CBN and the local banking sectors to consider how they can regulate the unlimited printing of the fiats whereas, it can be scarce to an extend and then given it some values.

All of that reserve notes will loose values if not equivalent to every other fiats with it stable and efficient economic system because when bitcoin has become globally accepted, there'd be no valuable hedge on holding your assets on the reserve notes anymore but bitcoin which would play a more welcoming and accessible role to be compared to the reserve notes.
With the impression of bitcoin decentralized, the US and the USD influence on the global financial system will be shrinked as indirectly bitcoin has taken it place with the global adoption considering it also serves as assets which liquidation is more solid than every other assets.

[Churchillvv]

If it were the case that the main currency of every country in the world is Bitcoin. Then how do you think the world economy would be run? Because when Bitcoin becomes the main currency, the American dollar and other countries will have Bitcoin as their main currency. The local currency of that country will be associated with it as the second currency. In this case, how would Bitcoin be used or how can it play a good role in the world economy?

Do you know the reason behind the name Digital Gold? I don't think you know, because bitcoin will never be a world currency, maybe a world currency in another way but it's not going be a main currency for the world. It's digital gold because is more like gold used for reserve for many countries, infact from the onset it's meant to be an alternative currency so the illusion of bitcoin dominating fiat is a facade.

It's always going to be a big deal to hold but it's not going to be a currency to be spent like fiat, the world runs in cash, debt bitcoin isn't debt so it can't be used for controling the masses. fiat is meant to keep the suppressed in a continuous suppression.

[fuguebtc]

Most of us are obsessed with terms like inflation, currency devaluation and we think that if the world had a currency with a limited supply, increasing in value over time...we would be out of the current situation. I guess this is what most bitcoin investors think and that's why they always think that bitcoin will replace fiat or become a global currency. But in reality, is using a currency with a finite supply like bitcoin really good for us?

In my opinion, using a currency with a finite supply will lead to deflation and this will not be good for our economy in the long run. Deflation over a long period of time is scary, it's not as good as we think because it will make businesses stagnate, people won't want to spend much...this will make the economy stagnate, and once the economy cannot grow. How will our lives improve?

[EL MOHA]

Spending btc is stupid  as fuck so far.

Buy and hodl works.

Buy and spend is doing the other person a favor.

I don’t deny the fact that bitcoin best purpose right now is to simply buy and hold but my defense is that been a bitcoin investor or say hodler  doesn’t stops one from using it as a means of payment. People out it out like using bitcoin as a currency is actually going to affect their holdings and certainly I don’t see that happening except you’re taking the bitcoin from your holdings and it is something I don’t advice any one to do.

You can have your bitcoin holings separately somewhere and then have other wallet for bitcoin that you can simply use for transactions, or easily you can simply just use the Fiat currency you want to use for the payment and purchase bitcoin with it and then use the bitcoin for your transaction, this is what I do if I see that the fiat currency transaction will be a big hassle for me most especially during cross boarder transactions where the transaction fees are mostly just too high. So once I see the platform accepting bitcoin or even another cryptocurrency I simply go through this route

[philipma1957]

Spending btc is stupid  as fuck so far.

Buy and hodl works.

Buy and spend is doing the other person a favor.

I don’t deny the fact that bitcoin best purpose right now is to simply buy and hold but my defense is that been a bitcoin investor or say hodler  doesn’t stops one from using it as a means of payment. People out it out like using bitcoin as a currency is actually going to affect their holdings and certainly I don’t see that happening except you’re taking the bitcoin from your holdings and it is something I don’t advice any one to do.

You can have your bitcoin holings separately somewhere and then have other wallet for bitcoin that you can simply use for transactions, or easily you can simply just use the Fiat currency you want to use for the payment and purchase bitcoin with it and then use the bitcoin for your transaction, this is what I do if I see that the fiat currency transaction will be a big hassle for me most especially during cross boarder transactions where the transaction fees are mostly just too high. So once I see the platform accepting bitcoin or even another cryptocurrency I simply go through this route

Since 2012- 2017

i was all p2p with my btc

Since 2018- 2023

I was a mix of p2p and hodl

Since 2024

I AM NOW HODL AND NOTHING ELSE

[Synchronice]

If it were the case that the main currency of every country in the world is Bitcoin. Then how do you think the world economy would be run? Because when Bitcoin becomes the main currency, the American dollar and other countries will have Bitcoin as their main currency. The local currency of that country will be associated with it as the second currency. In this case, how would Bitcoin be used or how can it play a good role in the world economy?

How can Bitcoin become the currency of every country in the world? How would people be able to pay for everyday purchases? Bitcoin wasn't designed for that usage, so it's really impossible for it to be a global currency. Even if we enforce it and even if everyone knew how to use Bitcoin, people still wouldn't be able to use it because its block size limits the number of transactions and when billions of people create a transaction in a single day, it will be clogged for months or years.

If we want to develop the world economy, we should work hard and be fair. Bitcoin can't magically boost any country's economy because in the end, it's product and the service that generates value.

[Fiatless]

If it were the case that the main currency of every country in the world is Bitcoin. Then how do you think the world economy would be run? Because when Bitcoin becomes the main currency, the American dollar and other countries will have Bitcoin as their main currency. The local currency of that country will be associated with it as the second currency. In this case, how would Bitcoin be used or how can it play a good role in the world economy?

The world might never have a single government because there is no single government. The United Nations, which was created to promote world peace, has failed to achieve it. I doubt if Nations will come together and accept Bitcoin as a legal tender.

Fiat will always exist because it has its advantages. Bitcoin will always need the Internet and at least a smartphone for transactions. There are people who don't have such facilities, so fiat will be the only option. Bitcoin will always be an alternative to fiat.

We shouldn't also be deceived that Bitcoin will improve the economy of any nation. A nation can still be poor even when Bitcoin is a legal tender.

[Hyphen(-)]

If it were the case that the main currency of every country in the world is Bitcoin. Then how do you think the world economy would be run? Because when Bitcoin becomes the main currency, the American dollar and other countries will have Bitcoin as their main currency. The local currency of that country will be associated with it as the second currency. In this case, how would Bitcoin be used or how can it play a good role in the world economy?

I don’t think this can happen in this world because of how selfish our leaders are in almost all the countries around the world. Government always want to be in control of everything including it’s country’s economy, and the country’s currency is among them all; if Bitcoin becomes the general currency, then the world might be stable in some cases and will not be stable in many places because most of the leaders can’t go with it because there will be no control over currencies and many companies will also never agree to that.

Looking at how government agencies are against Bitcoin and crypto in some places around the world, and how some influencers and government officials are trying to use crypto and control the crypto world, it will be very hard to have Bitcoin as the world currency, many will never accept that even if they hold Bitcoin. If it happens, then the government will want to control Bitcoin and it will never be possible and that will be the main cause of the problem.

[jackpotmaster]

never happening.

btc has a long term issue  as it will run out of coins too soon.🔜

shame as it is a good invention.

most of us will die before the lack of mining rewards causes the switchover to doge.

the reality is doge is better for world wide currency due to an endless supply of coins and an endlessly shrinking rate of inflation.

Why are you posting in a Bitcoin forum when you believe that something so stupid and insecure such as doge is better than Bitcoin?

Spending btc is stupid  as fuck so far.

Buy and hodl works.

Buy and spend is doing the other person a favor.

Nothing wrong with using your Bitcoin, let people use it how they want or need to.

[NotATether]

As soon as central banks realized that they could make more profit by printing credit out of thin air, there was no turning back.

The Bretton Woods agreement was torn up and the dollar started to be backed by itself, and then other countries, which themselves were backed by gold and possibly US dollars, followed suit.

Now, OP, do you really think that these governments want to go back to a system where precious assets back their assets, and forego their profits? They won't. So it makes no sense to speculate how they would behave in such a case.

[coolcoinz]

There are two types of countries when it comes to currency. The first one uses their own currency that it prints and controls. The other uses currency of another country, like countries that use USD.
The first type will not abandon its currency because that would mean losing control and trusting a global currency that bitcoin is. A currency that can be easily influenced by others.
The second might, but even El Salvador doesn't use strictly bitcoin and nothing else, so how bullish a country would have to be to focus 100% on bitcoin?

[Botnake]

The country’s government will not allow that to happen. No decentralized currency will be adopted as a main currency, even as a reserved currency. Unless if it shifted into a centralized one, and that the government will gain full access and control on it, then there’s no reason that it will be deprived as a main currency.

But as long as bitcoin remained a decentralized currency, this kind of scenario will always be impossible. Let’s just leave it that way, at least we have full control of our bitcoin now, and we can be our own bank with bitcoin. 

[Coyster]

There is no need discussing something that can never happen. Bitcoin can never be the main currency of every country, the world is not governed under one government, and there is so much conflict and wars around the world, so how can they arrive at one unanimous decision. That said, governments simply print their fiat currencies whenever they want and however they want, how can they use bitcoin that they cannot control or "print".

On average, bitcoin blocks are mined in 10 minutes, that time is slow to handle all of the world's population, bitcoin is good as an alternative currency and there's no need to think otherwise.