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

[uneng]

The biggest problem here is high volatility and possibility of manipulation by foreigner nations. Imagine relying the entire economy of a country in Bitcoin. Today it's pricing 100,000$ dollars, but tomorrow it can be heavily dumped by hostile governments which also own large portions of BTC and big techs, dropping Bitcoin to 50,000$.

The impact over the economy which adopted BTC as main currency would be huge and disastrous, turning this country into an easy target for its rivals, in case it's one big potency of the world. Moreover, riots and civil war could be also possibilities.

No one in charge of an influent country would be crazy to do that.

[EL MOHA]

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

Imagine having to not P2P all your bitcoin with that 2012-2017 time frame how high those bitcoin would have been worth now but nonetheless it is still a good accumulation tactics, early investors are seriously the diamonds hands so I do understand why you think spending using bitcoin is like hand over a diamond to someone 

Nonetheless I also see it as same, there is nothing more precious that I value more than bitcoin right now, I am also stacking with DCA since it was around $16k and not looking to sell off anytime soon now.
But still I can’t do away with the use of bitcoin for payment purposes because from the country I come from it is the most easiest way to make cross boarder transactions because commercial bank charges are way much here and also the hassle is something that it a big deal here, but with bitcoin it is much more easier and faster than other options, but still this doesn’t affects my accumulation process too.

[Alpha Marine]

If Bitcoin becomes the major currency of every country, in countries where the inflation rate is at double-digit, it won't be that bad again. The major cause of inflation is devaluation of the currency, so it is no longer able to afford what it could previously afford. This leads to an increase in the prices of goods and services in the country. But with the scarcity of bitcoin, that won't be a problem.
Also, the political and economic unrest of the country won't affect their currency. I think it will benefit 3rd world countries the most because they are the ones with failing currencies, economies and political systems. All these are just hypothetical, though, because I can't imagine a world where Bitcoin becomes the main currency.

[philipma1957]

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.

Also people do not understand BTC and the scarcity of it.

It is a terrible p2p system.  How about this address:

 https://blockchair.com/bitcoin/address/1JdC6Xg3ajT3rge3FgPNSYYFpmf53Vbtje

it has handled over 600 coins

 https://www.blockchain.com/explorer/addresses/btc/1JdC6Xg3ajT3rge3FgPNSYYFpmf53Vbtje


I did business using BTC as p2p from 2012 to 2021.  Using BTC as p2p does create a churning effect.
So even though the wallet moved 695 coins I never would have owned that many coins at a single time.

But still who wants to spend 0.01 btc today at 1,111 usd when it may be 11,111 by 2030

if you look at that address you can see the churning in the years 2014 2015 around 400 trans actions each year.


3d180b93d5878a546cf13eed436d79d3de8cef62323f551d25feab05c884aad5


https://www.blockchain.com/explorer/transactions/btc/3d180b93d5878a546cf13eed436d79d3de8cef62323f551d25feab05c884aad5

moved 0.1 coins at zero cost back on dec 2013


so at the time that was under 100 dollars in coin about 70-83 dollars

today it is over 11,000 dollars.

Why would anyone pay with 'money' that can go up in value from say 83 dollars to 11,000 dollars in under 12 years.

Yeah you still can do p2p but it is a labor of love to do it.

Ie if I buy this https://altairtech.io/product/bitmain-antminer-s21-xp/

 with btc it will be about 0.0575 btc

so I should go to an exchange buy 0.1150 btc

spend the 0.0575 btc for the miner and put the other 0.0575 btc in a cold wallet for 12 years.

and I would need to do this with any kind of btc spend for something no one does that. This is the single biggest reason BTC will never be good for p2p

take it from me a guy that loved the idea of p2p and got fucked (millions, but I still made say 400k)

Now when I look at the old addresses and see the churning of coin I did for hodl people yeah I do not spend btc for goods.

Doge is not designed to grow like btc grows in price it is superior for p2p.

[Sonia_123]

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?

Firstly Bitcoin wasn't created to replace traditional currencies it was created as an alternative currency, something different from what we're used to. I don't think that traditional currencies can be eliminated because they're the identities of countries, except if the whole world becomes one global economy. That is where Bitcoin can be considered as a unified global currency but I doubt that something like that can happen. Again Bitcoin wasn't created to make any economy better, it is a store of value for anybody, institutions or government that holds it. It's a decentralized digital currency for those that enjoys their privacy, those that are avoiding fiat inflation and those that wants to make profit because it is a valued asset.

This is when various countries has accepted it has a legal tender and are willing to use it , but as it stands now most countries leaders are scared of Bitcoin and not wanting to adopt it because they believe that Bitcoin will take over their traditional currency because of its decentralization, autonomy and mainly being a digital currency that can be used without permission, even with these that the presidents are refusing, the politicians of various countries are into Bitcoin, investing as much as they want, despite that fact, some politicians are Bitcoin friendly and they are investors and consumers that has made them indirectly moving after turning their countries into a more pro-bitcoin countries and having their foundation into a Bitcoin community .
As it stands now Bitcoin is well known globally now as a currency that can be sent and received wherever you are in the universe, as long as you have a Bitcoin wallet wherever you are even if not acceptable by your countries President

[AmoreJaz]

If Bitcoin becomes the major currency of every country, in countries where the inflation rate is at double-digit, it won't be that bad again. The major cause of inflation is devaluation of the currency, so it is no longer able to afford what it could previously afford. This leads to an increase in the prices of goods and services in the country. But with the scarcity of bitcoin, that won't be a problem.
Also, the political and economic unrest of the country won't affect their currency. I think it will benefit 3rd world countries the most because they are the ones with failing currencies, economies and political systems. All these are just hypothetical, though, because I can't imagine a world where Bitcoin becomes the main currency.

Theoretically speaking, we can think of alternative realities having btc as the main currency. However, in reality, I don't think it will happen in our lifetime. Each country will stick to their main currency and the possibility that I am thinking is just, they will develop a digital currency corresponding to their main currency. But making btc as the major one, I don't think so.

[DanWalker]

If Bitcoin becomes the major currency of every country, in countries where the inflation rate is at double-digit, it won't be that bad again. The major cause of inflation is devaluation of the currency, so it is no longer able to afford what it could previously afford. This leads to an increase in the prices of goods and services in the country. But with the scarcity of bitcoin, that won't be a problem.
Also, the political and economic unrest of the country won't affect their currency. I think it will benefit 3rd world countries the most because they are the ones with failing currencies, economies and political systems. All these are just hypothetical, though, because I can't imagine a world where Bitcoin becomes the main currency.

It is true that currency devaluation is a cause of inflation and poverty, but it is not the main or only cause. There are many causes of inflation, and it is a combination of many factors such as poor state management, imbalance of supply and demand, high production costs, disrupted supply chains...

Just like the covid pandemic has caused the economy to stagnate, supply and demand are out of balance...thus causing inflation to increase. Or the war between Russia and Ukraine causes oil and grain prices to rise, and countries that depend on oil and grain imports suffer high inflation due to supply disruptions.

In this case, bitcoin does not help us. The situation will get worse because the government will not be able to print money to regulate, balance and save the economy.

[Alpha Marine]

Theoretically speaking, we can think of alternative realities having btc as the main currency. However, in reality, I don't think it will happen in our lifetime. Each country will stick to their main currency and the possibility that I am thinking is just, they will develop a digital currency corresponding to their main currency. But making btc as the major one, I don't think so.

I've never been under the illusion that Bitcoin will become a global currency. The government will never allow that. Bitcoin becoming a global currency will mean that the value of the local currency will depreciate. Suppose people now try to convert all their money into BTC because of the devaluation of the currency,  the local currency will depreciate even more, and the government doesn't want that.

All I want for Bitcoin is for people to be allowed to use it whenever and wherever they want. It doesn't have to be legal tender or approved by the government, as long as it's not a crime to use it and the government doesn't launch campaigns against it.

[tygeade]

Theoretically speaking, we can think of alternative realities having btc as the main currency. However, in reality, I don't think it will happen in our lifetime. Each country will stick to their main currency and the possibility that I am thinking is just, they will develop a digital currency corresponding to their main currency. But making btc as the major one, I don't think so.

At first yeah, it may seem it is but then if we think about it, there is now BTC adoption and I think there is that island called BTC-island. So maybe time will come that this obsession can go severe that they will even made BTC as their main currency. The one that you are thinking there about digital currency which corresponds to the main currency of a country have happened already. Have you heard about CBDC?

We also have stable coins and I think both have a lot of similarities. BTC even as an alternative currency, is already playing a major role on one or the country's economy but how much more if they fully embraced it? The impact can only elevate.

[letteredhub]

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 do you think all of these is going to happen? Why will the government relish their local currency which they have absolutely control over for a currency such like bitcoin that they can't control as it's not centralized as fiat. While I believe it's going to be beneficial for the community should this happen, I do believe that bitcoin has already or is playing it's special alternative role already like the gold, silver and other precious metals. Government can still hold it as national reserve while they still have control of their local currency.