Can Bitcoin Truly Become a Global Currency?

[aylabadia05]

   
Since Bitcoin was created, many believed it could become a universally accepted currency—borderless, fast, and independent from governments. But in reality, can Bitcoin ever be used for everyday purchases? Issues like slow transaction fees, network congestion, volatility, and merchant adoption remain challenges today. While solutions like Lightning Network continue to improve speed and cost, there’s still a long way to go. Do you think Bitcoin will ever function as a global currency, or will it stay more as an investment and store of value?

I think that since its creation, many people were pessimistic about Bitcoin becoming the currency system it is today. The Bitcoin system was seen as a threat to the future of third parties who had the ability to read opportunities at that time.
History provides the answer to why the Bitcoin system was created, and only recently have people globally realized that Bitcoin is more than just a currency.

For everyday purchases, it exists. The purchase of a pizza by someone with a large amount of Bitcoin in history is something we still commemorate to this day.

[TheUltraElite]

It is global, everyone on the world with an internet connection can use it, what in the world is less global than bitcoin?

There are countries that are advancing towards crypto from its userbase growing and users using bitcoin in real while some other countries are facing challenges and negative attitude in adoption. Eventually all will come to a common ground because when bigger countries do something, smaller ones will have to follow.

This is just the start, seeing forward a 50years or so, we might see a huge amount of change.

[Jostern]

    Do you think Bitcoin will ever function as a global currency, or will it stay more as an investment and store of value?

Bitcoin is already a global currency. I say this because almost all the countries of the world know it, and some people in these countries might be openly or secretly dealing with it. Bitcoin is popularly used as an asset doesn't mean that there are no individuals or organisations that are using it as a currency. Volatility is one of the major reasons why many merchants don't accept it and unfavorable governemnt policies are another impediment. As Bitcoin becomes more stable and government begins to make fewer restrictive laws, Bitcoin might be accoeted by more institutions.

Yes you might be right to some extent, I see Bitcoin as a global asset which so many countries are already using, either way they’re dealing with Bitcoin openly or they are doing it secretly, but I’m completely sure that there are countries who have adopted Bitcoin as a means of exchange and is now more like a digital currency which is why some businesses are now using Bitcoin for payments, in all the continents you will always find bitcoin ATM in each of the countries, sometimes some countries makes some laws in restricting Bitcoin transactions because they feel they’re not benefiting from Bitcoin itself, most especially countries in Africa can actually have this effect because of lack of regulations and a digital asset they can’t have full control over bitcoin.

[snowpega]

Well, for now, I would say that it is very easy to make transactions using Bitcoin internationally, and other than this, it is already being used as a legal tender in El Salvador, which has inspired a lot of other countries to make it a legal asset in their countries as well. El Salvador people use it to make purchases to fulfil their daily basis needs, AFAIK! America has added it to its national strategic reserve, and Pakistan is considering adding it to add it in their national strategic reserves as well. These are the great achievements of Bitcoin.

And for now, if I have to share my opinion on this, then I would say the way bitcoin popularity and adoption are growing then there can be a chance that it will become a legal international currency one day. As china also want that as China is also promoting assets so that other assets can replace with doller and this can be the reason why china is holding too much amount of silver right now. What do you guys think about it? CMIIW!

[john_egbert]

It is global, everyone on the world with an internet connection can use it, what in the world is less global than bitcoin?

There are countries that are advancing towards crypto from its userbase growing and users using bitcoin in real while some other countries are facing challenges and negative attitude in adoption. Eventually all will come to a common ground because when bigger countries do something, smaller ones will have to follow.

This is just the start, seeing forward a 50years or so, we might see a huge amount of change.

I would also add up that smaller ones don't have what bigger countries have, and they utilize new ways to get an edge for themselves.

Bitcoin is one of such edges

[FirmWars]

@Foxworld, what other evidence do you want to see before you believe that Bitcoin is a universal currency? Is it that everyone on earth must use it before you believe? Bitcoin is already a universal currency because anyone can use it as long as the person decides that they want to be using Bitcoin. By law, Bitcoin is not a globally accepted currency but by desire, so many people from all of the world has adopted Bitcoin, whether their country band Bitcoin or not, they have secretly adopted Bitcoin and some have also migrated to countries that are Bitcoin friendly.

[Rabata]

Bitcoin can play a role not only as a store of value but also in everyday transactions. Although it may be difficult to adopt it quickly at all levels, Bitcoin is gradually emerging as a place of trust among people. In the future, people will express their desire to use Bitcoin more. However, it is certain that its use will not start as quickly as fiat currency because governments have banned the use of Bitcoin. They do not want Bitcoin to be established as a global currency. But their efforts will not last long because the common people know about Bitcoin. If the government is to form a new government in the future, what the common people want must be given more priority.

[melinoe]

@Foxworld, what other evidence do you want to see before you believe that Bitcoin is a universal currency? Is it that everyone on earth must use it before you believe? Bitcoin is already a universal currency because anyone can use it as long as the person decides that they want to be using Bitcoin. By law, Bitcoin is not a globally accepted currency but by desire, so many people from all of the world has adopted Bitcoin, whether their country band Bitcoin or not, they have secretly adopted Bitcoin and some have also migrated to countries that are Bitcoin-friendly.

Bitcoin is a choice, not a mandatory coin for everybody to accept.

And that is what makes it different, I agree with you.

[Judith87403]

Bitcoin can operate as money, though not in the same way as cash operates now. On the matter of layer, it is considered very slow and very volatile for daily spending, and that does not seem to be changed. Bitcoin shines as a neutral, international settlement layer and a long term storage of worth. Scaling solutions such as Lightning enable little transactions possible, though adoption relies on the experience of users, regulation, and stability price, and all this takes time. Practically, Bitcoin can evolve to a system of two layers: the base layer as digital gold and conclusive settlement, the layer that handles daily transactions as upper layers. Therefore it do not have to replace national currencies, instead it will coexist with them, providing an alternative system for saving money, transfers, and worldwide censorship resistant payments.

[fikrett]

Bitcoin can operate as money, though not in the same way as cash operates now. On the matter of layer, it is considered very slow and very volatile for daily spending, and that does not seem to be changed. Bitcoin shines as a neutral, international settlement layer and a long term storage of worth. Scaling solutions such as Lightning enable little transactions possible, though adoption relies on the experience of users, regulation, and stability price, and all this takes time. Practically, Bitcoin can evolve to a system of two layers: the base layer as digital gold and conclusive settlement, the layer that handles daily transactions as upper layers. Therefore it do not have to replace national currencies, instead it will coexist with them, providing an alternative system for saving money, transfers, and worldwide censorship resistant payments.

If I would use BTC at all, I would buy something big with it.

Bitcoin is an alternative way of life, it doesn't need for the fiat to be dead, but to allow itself to shine through and be there for the people that need it, I agree with your stance on that matter.

[Cgrexp]

Since Bitcoin was created, many believed it could become a universally accepted currency—borderless, fast, and independent from governments. But in reality, can Bitcoin ever be used for everyday purchases? Issues like slow transaction fees, network congestion, volatility, and merchant adoption remain challenges today. While solutions like Lightning Network continue to improve speed and cost, there’s still a long way to go. Do you think Bitcoin will ever function as a global currency, or will it stay more as an investment and store of value?

Currently, Bitcoin is a well-known and popular digital currency. It has given us the convenience of borderless transactions. Currently, there are many countries that have not yet given any recognition or legitimacy to Bitcoin. However, the Bitcoin market is very volatile and its price fluctuates a lot in a very short period of time. In this case, some may not want to use it for daily expenses or transactions. However, currently, Bitcoin is popular as an investment for most people.

[Renampun]

Bitcoin has been a global currency from the beginning, but only El Salvador country that makes it as legal tender, other than that most countries consider Bitcoin as a commodity asset only for investment, not for ordinary payments. but that doesn't stop you from being able to buy something with the Bitcoins you have, you can still use it in certain locations or online shop. but with the potential that Bitcoin's value could rise, more people are considering it as an investment rather than a payment.

[Royal Cap]

   
Since Bitcoin was created, many believed it could become a universally accepted currency—borderless, fast, and independent from governments. But in reality, can Bitcoin ever be used for everyday purchases? Issues like slow transaction fees, network congestion, volatility, and merchant adoption remain challenges today. While solutions like Lightning Network continue to improve speed and cost, there’s still a long way to go. Do you think Bitcoin will ever function as a global currency, or will it stay more as an investment and store of value?

In my opinion if you only look at bitcoin as a currency to buy things with on a regular basis, the picture isn't complete. Its real strength is that it's without borders and censorship resistant, which is already working for people in many countries. Fees and congestion are definitely there but not all transactions necessarily need to be for coffee. Bitcoin is already effective when storing large amounts of value or for cross border transactions. As Lightning becomes progressively easier to use small payments could also grow.

[yhiaali3]

Bitcoin was created primarily as a decentralized, peer-to-peer payment method without third-party intervention, so what's stopping it from becoming a global currency?

There are challenges and difficulties, of course, no one denies that. But for me, a decentralized currency with real, growing value over time (even if it suffers from high fees and delays during peak periods) is millions of times better than a centralized, inflated, worthless currency, even if it's fast and has low fees.

[Z-tight]

How do you want to use your BTC? As a currency or as a store of value, your keys, your coins. The BTC network is already global, maybe not global in the sense of people using it to settle trades with merchants. But BTC is there for anyone in any place in the world to use how they so choose, so it is global.

The problem is that a lot of people forget about how well BTC has done in its not-do-long years of existence, but they keep looking far into the future. I'll say let the network continue to develop and we'll see what happens. What i love most is that i can use BTC how i please, no third party, nothing. I thank Satoshi every day for making this possible.

[Aloysius01]

What you want to predict in the future is currently being done in Bitcoin, people buy and sell goods with Bitcoin, Bitcoin is used for daily purposes in all countries where Bitcoin is legal. And Bitcoin will last a long time and it is suitable enough for transactions, you can complete Bitcoin transactions very easily and in a short time.
Bitcoin is being used in almost many countries of the world, Bitcoin is used both secretly and openly, so Bitcoin plays the best role due to which there is a huge demand for Bitcoin and its price is also very high and is capable of reaching even higher prices in the future.

what many people sees as Bitcoin future is already happening today, Bitcoin is used to buy and sell goods complete daily transactions, and move value quickly, it is used openly where legal and quietly where necessary across many countries, This real world adoption is why demand is high, the price is strong and Bitcoin still has room to grow. Bitcoin makes things easier, my brother who lives in Montreal Canada sent me $30,000 funds through  Bank, The Bank called him for questioning, after that insitence a few months later, He sent me $540,000 through Bitcoin doesn't have limit, To send funds through abroad you will have a limit or else it will land you in a very big problem, what I'm trying to say is the Bitcoin doesn't have limit.

[xbetz.io]

Bitcoin doesn’t need to replace fiat to be successful. It can function as a global settlement layer and store of value first, while higher layers (like Lightning or custodial solutions) handle day-to-day payments. Volatility and UX are real issues today but those tend to improve with liquidity, infrastructure and time, not before adoption but because of it.

[Z_MBFM]

   
Since Bitcoin was created, many believed it could become a universally accepted currency—borderless, fast, and independent from governments. But in reality, can Bitcoin ever be used for everyday purchases? Issues like slow transaction fees, network congestion, volatility, and merchant adoption remain challenges today. While solutions like Lightning Network continue to improve speed and cost, there’s still a long way to go. Do you think Bitcoin will ever function as a global currency, or will it stay more as an investment and store of value?

Bitcoin is already a global currency because you can access it from any country and Bitcoin is used all over the world. And what about the countries where Bitcoin is still illegal and what is being used in large quantities in those countries. So you can definitely call it a global currency. But one aspect of this is that you still cannot buy any product directly from everywhere with Bitcoin. Because merchants are not yet interested in accepting payments directly in Bitcoin because it is a volatile currency. However, in the future, it will be the case all over the world that Bitcoin can be used to make payments directly everywhere. But this will take a long time.

[r_victory]

It's quite possible that it will consolidate as a global asset, for reserve and means of payment, without borders, a way to avoid the high taxes on traditional and international financial transactions. In my opinion, it would be very useful and viable for those who work with exports, for example. There is much to be reviewed regarding fees and confirmation times, and I believe that developers should dedicate more time to this. Even with all the adoption by investors, Bitcoin is still treated more as a speculative asset than as a functional currency for everyday life. I may be wrong, but I see that Bitcoin has advanced very little compared to other cryptocurrencies and blockchains.

[kawetsriyanto]

But in reality, can Bitcoin ever be used for everyday purchases? Issues like slow transaction fees, network congestion, volatility, and merchant adoption remain challenges today.

There are countries that people enable to use Bitcoin for purchasing goods and services. However, in some countries it is unable due to the regulation reason. So, commonly the problem isn't about slow transaction or volatility but it is about the laws or regulation in some countries. Well, it is changeable, I won't be surprised if those countries will also legalize Bitcoin for payment tools someday in the future.

- https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory
- https://www.investopedia.com/articles/forex/041515/countries-where-bitcoin-legal-illegal.asp

Do you think Bitcoin will ever function as a global currency, or will it stay more as an investment and store of value?

It has been a global currency since many years ago. People can send their Bitcoin to any people around the world. Regarding the function as a digital investment, this will last as long as Bitcoin has volatility.