Can Bitcoin be transformed to a global currency?

[Dannyella]

Bitcoin is the first and most popular digital currency created as a non-centralized crypto asset that can function without banks or government.its seamless nature and restricted supply makes it an appealing substitute to fiat currency.
On the other hand, various factors will determine whether Bitcoin can evolve into a global currency.its price turbulence is risky for day-to-day business ,also not all countries permit it as legal and official currency.Administrative problems and Digital obstacles also play a huge role.
In spite of these challenges , Bitcoin continues to obtain recognition globally with more companies and people making use of it for payment and investment.it may not entirely substitute national legal tender soon.But it unfolds as a widely recognized crypto asset , supplementing traditional funds and reforming the view of universal finance.

[Coyster]

Administrative problems and Digital obstacles also play a huge role.

What do you mean by administrative problems and digital obstacles, lol.

it may not entirely substitute national legal tender soon.But it unfolds as a widely recognized crypto asset , supplementing traditional funds and reforming the view of universal finance.

It was not created to replace fiat na. Bitcoin na alternative currency to fiat, how do you expect a decentralized currency to replace fiat, one wey government no fit print and control its supply, e no dey possible na. Bitcoin na currency wey people wey wan escape government control go dey use alongside fiat and e no dey bad like that.

[Agbe]

What you need to know is that Bitcoin was not designed to replace Fiat, this is not going to be possible because of the way the world is structured no country will allow Bitcoin to dominate at the expense of their local currency. But what you have to understand is that Bitcoin has strategically taken over the world financial system because of its decentralized nature which has given it much leverage over Fiat. Bitcoin in the real sense has already transformed beyond just a digital currency most world trades today is done via Bitcoin especially with the different wars going on in the world, like that of Russia and Ukraine which has attracted much sanctions from the United States of America. Countries like Russia makes use of Bitcoin when doing business with other countries due to sanctions.

[Mvtech]

well That is a solid summary. i agree Bitcoin still faces challenges like volatility and regulation, but its steady global adoption shows it is here to stay. even if it does not fully replace fiat, it is already changing how people think about money and financial freedom.

[MainIbem]

Bitcoin is the first and most popular digital currency created as a non-centralized crypto asset that can function without banks or government.its seamless nature and restricted supply makes it an appealing substitute to fiat currency.
On the other hand, various factors will determine whether Bitcoin can evolve into a global currency.its price turbulence is risky for day-to-day business ,also not all countries permit it as legal and official currency.Administrative problems and Digital obstacles also play a huge role.
In spite of these challenges , Bitcoin continues to obtain recognition globally with more companies and people making use of it for payment and investment.it may not entirely substitute national legal tender soon.But it unfolds as a widely recognized crypto asset , supplementing traditional funds and reforming the view of universal
finance.

First off you should know that Bitcoin is very volatile and that alone would make it tough to replace fiat, Bitcoin was created as an alternative to fiat for easy transaction and remember that it's decentralised which makes it tougher for the government to control just like they do with fiat, that is another reason why it's can't replace fiat, the government want something they can control and manipulate anyhow they like just like how they over print fiat but that is not possible with Bitcoin. Infact it's now used more as a store of value than a mean of carrying out transaction.

[Asiska02]

It was not created to replace fiat na. Bitcoin na alternative currency to fiat, how do you expect a decentralized currency to replace fiat, one wey government no fit print and control its supply, e no dey possible na. Bitcoin na currency wey people wey wan escape government control go dey use alongside fiat and e no dey bad like that.

Till today, some people still dey think say bitcoin come neh to substitute the fiat currency which no be so e be. Because even the inventor of bitcoin no talk say e dey create am neh to come cause competition between am and the fiat but to become an alternative to am only. Na government and people dey think say the invention of bitcoin go cause wahala for them as they no go fit control am and them people go dey use am for day to day activities, so not approving am as legal tender na to their own good.

[Skydrill]

Bitcoin is the first and most popular digital currency created as a non-centralized crypto asset that can function without banks or government.its seamless nature and restricted supply makes it an appealing substitute to fiat currency.
On the other hand, various factors will determine whether Bitcoin can evolve into a global currency.its price turbulence is risky for day-to-day business ,also not all countries permit it as legal and official currency.Administrative problems and Digital obstacles also play a huge role.
In spite of these challenges , Bitcoin continues to obtain recognition globally with more companies and people making use of it for payment and investment.it may not entirely substitute national legal tender soon.But it unfolds as a widely recognized crypto asset , supplementing traditional funds and reforming the view of universal finance.

for me I see Bitcoin as the leading force in the revolution of modern financial market just like what the the GSM symbolizes in the telecommunication industry when the conventional land lines and rotary telephones were what used to be the best before the introduction of mobile phones, same also can be said about Bitcoin and how it has changed the narrative of modern financial transactions through it flexibility and also the way its ability to function without banks like you rightly mentioned further proves how unique and powerful Bitcoin is to the modern financial market of the 21st century.

[Doan9269]

Bitcoin is the future of finance, if anyone desires for a change, then it can be found in Bitcoin, this is the future of finance we have been given already under a decentralized economy, there are many opportunities in its adoption, only if we know how we could explore for them and take advantage for our adoption, there are so many diversified applicable ways we can ensures the use of bitcoin was targeted at our own personal interest, because Bitcoin is not a collective opportunity, but a personal discovery for it opportunity to serve us as we have seen from it, being able to deliver.

[Rgram]

Danny, I no know where you learn this one o but, e no go help you plenty if you no look into am. I Dey see say, your English or even pighin cef no bad o but, your punctuation for here eh, e no soft at all. Even if you Dey new to the forum, you no fit say you Dey new to writing. I understand say, levels Dey to education shah but, you no Dey like person way no good for me.

Make you for try Dey read watin you Dey write before you post am, punctuate well, make space come between your full-stop (dot)”.” and the next word, even your comma “,” cef suppose get space with the next word… all those kind small small things, e Dey make person appreciate write up and reading go sweet. No reason am too much o, as I note am, I just say make I drop this something for you.


Meanwhile, Bitcoin na very useful substitute to fiat but, rather than substituting fiat completely, e Dey more beneficial as a complementary currency. E already be global currency as e Dey so via say, e no Dey bound to any nation or boarders, it transcends above that but, e never enter mainstream to be currency way everybody way Dey sell market Dey accept.

[Itz-prisigold]

it may not entirely substitute national legal tender soon.But it unfolds as a widely recognized crypto asset , supplementing traditional funds and reforming the view of universal finance.

I totally get your point, but I don't really think that Bitcoin was actually created to replace fiat currency. For me ooo it's more like an alternative, like something that people can have  full control over their own money without any banks wahala or even government intrusion. Yeah we all know that the market price keeps going up and down and not every country allows it, but that does not take away it's importance.

Bitcoin has its imperfections and at the same time, It has already demonstrated its importance. It's actually showing the world that money can be digital, borderless and independent. So whether Bitcoin replace fiat or not, it's already making a big difference in how we see and use money

[Marvelockg]

Make you for try Dey read watin you Dey write before you post am, punctuate well, make space come between your full-stop (dot)”.” and the next word, even your comma “,” cef suppose get space with the next word… all those kind small small things, e Dey make person appreciate write up and reading go sweet. No reason am too much o, as I note am, I just say make I drop this something for you.

As much as this is not a bad observation, there are better ways to make this kind of observation and i believe this is part of the reason why we have the provision for direct messages which allows you to air out your observation in his DM and certainly, he will appreciate you for that.

sometimes, you might just want to write and might not pay attention to certain details in your writing but at the end of the day, you have passed your message which is what matters most. the whole essence of communication is primarily that the receiver of the information understands what the sending is saying. once that is sorted out, nothing else matters as such.

[Zigabel]

Bitcoin is the first and most popular digital currency created as a non-centralized crypto asset that can function without banks or government. Its seamless nature and restricted supply makes it an appealing substitute to fiat currency.
On the other hand, various factors will determine whether Bitcoin can evolve into a global currency. Its price turbulence is risky for day-to-day business ,also not all countries permit it as legal and official currency. Administrative problems and Digital obstacles also play a huge role.
In spite of these challenges , Bitcoin continues to obtain recognition globally with more companies and people making use of it for payment and investment.it may not entirely substitute national legal tender soon. But it unfolds as a widely recognized crypto asset , supplementing traditional funds and reforming the view of universal finance.

Bitcoin does not even really aim at replacing traditional country currencies, it is and has always been more of a store of value and also a better alternative for currency universality. this is why you see that many countries are continually adopting it mostly for their reserve, no country would want to adopt just a currency that is not an asset to be a reserve for them, so beyond the scop of a currency is the reach of Bitcoin that is giving it that universality with adoption and functionality.

Its payment alternative has also served even better than with some fiat, the international exchange barriers found before now with certain kind of payments could be bridged with the introduction of Bitcoin and its fluctuation with value also know as volatility has been of much advantage enough to regard it as a store of value much more than a mere currency functionality and that is why it will and cannot stands in as a currency alone but with other functionalities involved.

[AmaGold70]

Bitcoin is the first and most popular digital currency created as a non-centralized crypto asset that can function without banks or government.its seamless nature and restricted supply makes it an appealing substitute to fiat currency.
On the other hand, various factors will determine whether Bitcoin can evolve into a global currency.its price turbulence is risky for day-to-day business ,also not all countries permit it as legal and official currency.Administrative problems and Digital obstacles also play a huge role.
In spite of these challenges , Bitcoin continues to obtain recognition globally with more companies and people making use of it for payment and investment.it may not entirely substitute national legal tender soon.But it unfolds as a widely recognized crypto asset , supplementing traditional funds and reforming the view of universal finance.

Never forget to acknowledge the fact that no matter how many we love and value Bitcoin it also has its flaws just like Fiat currency but one of the major differences in both currency is that Bitcoin offers you the freedom you need to control your money on your own terms without any interruptions or interest from the government and that the major reason why satoshi even created Bitcoin in the first place but it was never to replace fiat, yes I may be recognized globally because of its worth but I don't see it replacing or doing the things Fiat currency would do in the society.