Can Bitcoin Truly Become a Global Currency?

[Dunamisx]

Bitcoin already is a global currency, but some are not aware of that, maybe they are only waiting till that time the government will all announce that it has become a legal tender before they can believe its a global payment system, once we can use it to trade and exchange for goods and services, it increases in value and also a good store of value, we don't have to wait for the government to be in support for its use before we can engage.

[SOKO-DEKE]

   
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. People are already using it for international transactions. People are sending Bitcoin and receiving Bitcoin from different countries, so with that, it is already a global currency.What is happening is that not all countries have legalized Bitcoin, and that has not stopped Bitcoin from being a global currency. Bitcoin is mostly known as a store of value, but at the same time, it still functions as a global currency.

Let say I am living in Nigeria and my family in the U.S. can send me Bitcoin. That means it is already a global currency.for the question, can Bitcoin be used for daily purchases? Yes, it can be used for daily purchases, but that should be for large amounts. Bitcoin is not there to replace fiat currency. If things are purchased in small amounts, they should be purchased using fiat currency.

[BlackBoss_]

Bitcoin is already a global currency. People are already using it for international transactions. People are sending Bitcoin and receiving Bitcoin from different countries, so with that, it is already a global currency.What is happening is that not all countries have legalized Bitcoin, and that has not stopped Bitcoin from being a global currency. Bitcoin is mostly known as a store of value, but at the same time, it still functions as a global currency.

People already used Bitcoin nationally and globally but it has yet become a global currency as there are nations still don't consider Bitcoin as legal currency. There are countries where Bitcoin is still considered as Illegal or Allegal, and even they are not many, this fact makes Bitcoin is not a global currency yet. Positively Bitcoin has gone a very long adventure since 2009 and since 2026 since a day of becoming a global currency is not too far, I really hope so.

It's interesting fact that people can use Bitcoin without any global currency status for Bitcoin, and until that day and milestone come, they can enjoy what is available right now and in the near future by using Bitcoin legally (in most countries), and that is enough.

[JayJuanGee]

Yup Bitcoin despite being already worldwide money, is being used more as Digital Gold than way of payment of normal goods since its value changes too fast to have shops price them fairly. Economically, Bitcoin is at stage of Store of Value when people would prefer to keep it longer to get more profits instead of spending it. Although most investors see it as best financial choice that they can make to protect against rising prices, governments mostly become scared since they lose their power to control amount of money in use. To make Bitcoin day to day money or standard measure, its price should be made more steady such that price of such things as bread or milk does not change on hourly way.

Even if its price stabilizes, I do not think it will become an day to day money or standard measure. What I mean is that volatility is not the main barrier preventing bitcoin from being used as everyday currency.

The real obstacle is the government, they will never accept bitcoin as a replacement for fiat to become the unit of account. They would never accept a currency they do not control as the primary unit of measurement in their economy.

Part of the reason to notice and to accept that there exist fairly strong factions that are both opposed to bitcoin and fighting bitcoin, so the mere fact there is a battle and the opposition is strong, that still does not mean that the opposition is going to win, even though they may continue to battle overtly and covertly for quite some time into the future.

Bitcoin was designed in a way that it does not need consent.

There are also aspects of various status quo institutions that are composed of individuals, that does not support battles against bitcoin.

You don't need government support to have a currency, though likely if bitcoin becomes more widely used, more likely that more governments are forced to bend the knee and bow down to the king... which is the superior system of money, namely bitcoin.

Additionally, I have another question. Currently, people are not only using bitcoin for payments and transactions. Many people are using altcoins like LTC and XRM, so can they be considered global currencies?

There are all kinds of currencies all around the world, and to the extent that two parties can transact then that would seem to fit a definition of global currency - yet there still can be questions regarding which ones are more liquid and recognized, so it could take time to play out. Gresham's law suggest that the value is going to continue to flow into the strongest of the currencies, yet it still seems likely that we would not necessarily end up with only one, so various currencies are going to continue to exist, even while most of the value is going to continue to flow into bitcoin, since it remains the soundest of monies, at least so far there does not appear to be any currency more sound than bitcoin... even though opinions vary.

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?

If Bitcoin cannot become a global currency, then its investment value and store-of-value narrative will ultimately collapse, because without abundant on-chain transaction activity there will not be sufficient incentives for miners.

In the end, Bitcoin would lack adequate security and could fall victim to 51% attacks, leading to its failure. In other words, Bitcoin must become a global currency in order to survive—just as Satoshi predicted years ago: either massive adoption, or zero.

Yes.. bitcoin remains a work in progress, and is continuing to expand.. so in the process  of massive adoption, it takes time to get there - which should help to establish that the trajectory has been and continues to be ongoingly upward (until it is not - in the case of failure).

[edited out]

Im not saying that bitcoin is not an investment. What I want to say is Satoshi made it very clear in the whitepaper that Bitcoin was designed as a peer to peer currency system. He created it with the intention of making it a currency, and that is why Bitcoin has already become a global currency. As for how people choose to use Bitcoin and for what purposes, that is up to each individual's decision. And today, most people prefer to use Bitcoin as an investment.

Thats why I say that bitcoin is a versatile financial tool, not limited to its role as a currency or investment asset.

As other members have mentioned, it seems hard to escape that bitcoin has to be both an investment and a means of transacting.

It seems to me that the original design already attempted to account for the investment angle based on understandings of what is are the characteristics of money and various ways of creating bitcoin in a way that it would contain the strongest of the monetary attributions.. and trying to minimize the need for any third party intermediaries.. so it seems a wee bit superficial if guys are emphasizing a few words that satoshi used to describe transaction intentions since transaction intentions witha strong and/or valuable money seem to be more important than trying to transact with some thing that does not necessarily hold its value either for the transaction purposes or while holding it...

and sure maybe it is a bit of a problem that bitcoin holds its value so well and appreciates so much as compared with other assets and/or currencies, yet the world has never seen an asset so valuable and/or scarce as bitcoin that still has a fungible nature that allows it to be transacted and to be liquid and to be recogized anywhere.  It is not so easy to transact with your rare piece of real estate or your rare piece of art, and even if they are valuable, they don't make good money since they are hard to transact in.

[Promocodeudo]

Bitcoin already is a global currency, but some are not aware of that, maybe they are only waiting till that time the government will all announce that it has become a legal tender before they can believe its a global payment system, once we can use it to trade and exchange for goods and services, it increases in value and also a good store of value, we don't have to wait for the government to be in support for its use before we can engage.

Yea it is but may be because it is not like printed tissue paper as fiat some people think that it is not global currency, if Bitcoin is not a global currency, why do people use for payment of bills and many different transactions globally, anyone that's expecting the government to announce Bitcoin as such, is wasting his or her precious time, the government themselves are making use Bitcoin and many government officials have Bitcoin as an investment, to me, am not expecting anything else from the government, people should understand that there are some statements the government can never make, Bitcoin has overcome some challenges and bullying from the government of several nations but the good thing now is, we now have some nations that have bitcoin as their national reserve, doesn't that say it all about Bitcoin being a Global currency.

[Akuma_]

It already a global currency. Btc is a valuable coin it's not only coin it a mother coin. Bitcoin holds a strong support in cryptocurrency because may crypto coin and tokens price depend on Bitcoin. Beside you can see those countries highly developed and technically developed countries legalize Bitcoin and cryptocurrency.On the other hand  you can see those countries legalize btc they improve their country easyly their economy strong. Because of those reasons in future every country of world allow btc and they will use it for their main currency.

[bangjoe]

Bitcoin already is a global currency, but some are not aware of that, maybe they are only waiting till that time the government will all announce that it has become a legal tender before they can believe its a global payment system, once we can use it to trade and exchange for goods and services, it increases in value and also a good store of value, we don't have to wait for the government to be in support for its use before we can engage.

It can be said yes or no at the moment because there are still few who do it and it has not been officially announced in international trade, or recognized as a means of payment in groups or transactions in an international trade record that is legally validated.
Actually, I am a little doubtful because the government likes control which makes the government have the power. If the Bitcoin decentralized system is in control, they will not have any control in canceling transactions or carrying them out, this is not easy for the government to manage things like that, especially those that are sensitive to criminal acts or crimes.

[JayJuanGee]

Bitcoin already is a global currency, but some are not aware of that, maybe they are only waiting till that time the government will all announce that it has become a legal tender before they can believe its a global payment system, once we can use it to trade and exchange for goods and services, it increases in value and also a good store of value, we don't have to wait for the government to be in support for its use before we can engage.

It can be said yes or no at the moment because there are still few who do it and it has not been officially announced in international trade, or recognized as a means of payment in groups or transactions in an international trade record that is legally validated.
Actually, I am a little doubtful because the government likes control which makes the government have the power. If the Bitcoin decentralized system is in control, they will not have any control in canceling transactions or carrying them out, this is not easy for the government to manage things like that, especially those that are sensitive to criminal acts or crimes.

It is difficult to overly generalize, yet it seems that these days many governments have become overly excited in the various ways to control and monitor citizens rather than preventing (or solving) crimes, so in some aspects controlling your value and/or trying to be private about it have become criminalized and even ways of communicating have become criminalized..,. so we likely have to be skeptical about claims for needs to control and monitor transactions based on legitimate policing concerns.

[Ziskinberg]

Bitcoin becomes a global currency the moment it made successful international transactions. It does not need to be called as a legal tender so that it can act as a global currency, but the fact that its already used worldwide and has countless transactions, then its not called just a local one but indeed a global or international currency.

However, for those who are not aware about bitcoin, they can't really tell that its already turns global, except for those who silently follow the moves of bitcoin as a currency.

[Johnlomape]

Bitcoin already is a global currency, but some are not aware of that, maybe they are only waiting till that time the government will all announce that it has become a legal tender before they can believe its a global payment system, once we can use it to trade and exchange for goods and services, it increases in value and also a good store of value, we don't have to wait for the government to be in support for its use before we can engage.

Maybe you don't understand what op meant by Bitcoin becoming a global currency that is accepted everywhere without any restrictions from a country trying to disabilze the adoption and acceptance of Bitcoin in various places. There are countries that allow their citizens to accept Bitcoin as payment but that do not mean that it will replace the local currency that is been regulated by the government.
Bitcoin is a global currency partially and not fully because not all nations of the world would want to allow Bitcoin as a digital currency to replace their local currency so that their fiat will still have some values.

[Abiky]

Bitcoin is already a global currency because Satoshi original purpose when creating it was to be a P2P currency, not an investment.

Moreover, we cannot impose traditional standards on it, such as requiring government recognition or becoming a standard unit of account. Because from the beginning, Bitcoin was designed not to conform to those frameworks and to exist independently of the traditional financial system.

Bitcoin is not just a global currency but a versatile financial tool, and how it is used depends on each individual, IMO

I know. But Bitcoin's limitations is what's keeping it from being used as a global currency. Things like wild price swings (volatility) and limited transaction capacity is what "kills" it. It's why many people have chosen Bitcoin as an investment (store of value), instead of a real currency (digital cash) for day-to-day payments.

As for Bitcoin becoming a standard unit of account, I'd say that's a distant dream. Governments will never allow it because that would mean the end of Fiat for good. They want to keep control over the economy, so Fiat would remain the standard unit of account forever. Bitcoin can do fine as an alternative to Fiat than a replacement. What really matters is decentralization and censorship-resistance. If BTC's decentralization is compromised, it would be game over for good. We'll see what happens in the long run.

[Jobbe]

Really I don't think Bitcoin can replace normal money. the chances are slim.

---first. bitcoin as we all know, is very volatile..very unstable. and we can't use something as unstable as Bitcoin for our everyday buying and selling. it just won't work.

---Also, Bitcoin is very slow. if a lot of people were to use it all at once, it becomes to slow and very expensive too.

---it consumes too much electricity and looking at it properly, majority of the electricity it runs on aren't doing anything useful. because not all of it processes transactions or anything like that. so it's somehow a waste of electricity.


---Of course the government won't allow it. the government are very keen on having total control when it comes their country's economy (finances).
Bitcoin takes that power away from them and gives you total control over your finances.
so they won't allow it.

We are all aware that Bitcoin can't function as a normal currency can. but Bitcoin is still unique in its own way.

---you can always view Bitcoin as a place to invest. ( a risky investment tho..but most times, it's always worth it☺️)

--- citizens surviving in a country with a failing economy can always have Bitcoin as an alternative and escape route.

--- Bitcoin is also very helpful for sending money globally (without banks).
so Bitcoin is just 'you' having total control and dominance over your finances.

There are all kinds of currencies all around the world, and to the extent that two parties can transact then that would seem to fit a definition of global currency - yet there still can be questions regarding which ones are more liquid and recognized, so it could take time to play out. Gresham's law suggest that the value is going to continue to flow into the strongest of the currencies, yet it still seems likely that we would not necessarily end up with only one, so various currencies are going to continue to exist, even while most of the value is going to continue to flow into bitcoin, since it remains the soundest of monies, at least so far there does not appear to be any currency more sound than bitcoin... even though opinions vary.

i totally agree with you when you say multiple currencies can co-exist. but I want to be clarified on some things.
sir, you said something about Bitcoin being the soundest of monies. in other words, you're saying Bitcoin is the "soundest money" out there. but sir, don't you think that's the title 'sound money' should be given to a more stable and reliable currency?.. Bitcoin is very wild, (via volatility). making it less "sound" than the actual currencies we use in our daily transactions.even with the problems we are experiencing with our currencies and banks, majority still trust them. because they are stable and reliable. Bitcoin must have this consistent long-term stability for it to be given that title "soundest money".

Also sir..based on the Gresham's law, no offense sir but what you stated regarding the Gresham's law, or what you thought it suggested is wrong sir.
the Gresham's law says "bad money drives out good money". and that's how it is if we take our time to look around us. people are always looking out for ways to spend the small or weak currency and save the huge or big one. so you can just look at it this way..if Bitcoin were to be as you said, the "soundest of monies" out there,why would people focus more on saving it and spending actual currencies?
that's to let you know that Bitcoin is better seen as an investment rather than a currency.. currencies are always on a constant exchange (via physical buying and selling transactions).


You also said something about value flowing into Bitcoin..feels more like a prediction to me☺️..i stand to be corrected.
look around. Bitcoin is like the least to be considered when talking about financial assets globally. Bitcoin still has real estate, bonds and stocks to worry about.
yes Bitcoin is valuable..but it needs 'stability' (consistent stability) to be the best money out there. having value or being a good asset isn't enough.

Bitcoin is already a global currency. People are already using it for international transactions. People are sending Bitcoin and receiving Bitcoin from different countries, so with that, it is already a global currency.What is happening is that not all countries have legalized Bitcoin, and that has not stopped Bitcoin from being a global currency. Bitcoin is mostly known as a store of value, but at the same time, it still functions as a global currency.

Let say I am living in Nigeria and my family in the U.S. can send me Bitcoin. That means it is already a global currency.for the question, can Bitcoin be used for daily purchases? Yes, it can be used for daily purchases, but that should be for large amounts. Bitcoin is not there to replace fiat currency. If things are purchased in small amounts, they should be purchased using fiat currency.

sir I don't think what you're describing is global currency. what you're describing is something that is just transferable (globally). the difference really means a lot. yes it's true you can send Bitcoin to someone living in another country or continent even. but that doesn't mean it is, or can be used as the official currency of a country.

An actual currency recognized globally is used for consistent economic activities. like buying and selling.. paying of taxes etc. Bitcoin literally can't do these things I just mentioned. ok,you even gave an example of you living in Nigeria with your family in the United States. when Bitcoin is sent to you how do you go about it? how do you receive it? do you spend it as it is? (As Bitcoin). or do you convert to Naira before spending.


Also on what you said on using Bitcoin for large amounts and fiat for small. don't you think if Bitcoin is used for only large or huge transactions, it's not operating fully as an actual currency?...rather it's been used as a transfer system.

Real currencies can be used for the purchase and payment of anything (no matter how little or big). so I don't think you using Bitcoin for only large transactions doesn't mean it's now fully functioning as a currency would. even if the transaction is global.

[Rustam Meraj]

Bitcoin becomes a global currency the moment it made successful international transactions. It does not need to be called as a legal tender so that it can act as a global currency, but the fact that its already used worldwide and has countless transactions, then its not called just a local one but indeed a global or international currency.

However, for those who are not aware about bitcoin, they can't really tell that its already turns global, except for those who silently follow the moves of bitcoin as a currency.

Yes Bitcoin has basically become global money due to its wide use in world trade and largest money transfers in history, and it is seen that status of legal money is only political name. On one hand, Bitcoin is increasingly being seen as shaky investment by public, but on other hand, it is slowly becoming global standard in background, with many money tech apps and companies using it as back room payment layer to ensure that slow networks like SWIFT are skipped.

I think at least, that Bitcoin is already past being test of a small group; when a shopkeeper in Tokyo and a tourist in Berlin can instantly send money through air without help of bank, goal of money without borders is already achieved. Finally, its biggest strength is its quiet growth since it is turning into global tool so trustworthy that one will one day be using it as easily as they use the internet. Issue of legal money is more of distant issue in 2026. I believe that use is driven by usefulness other than government permission. Fact that Bitcoin is world money, which is already known truth, is same since it still has to handle billions of dollars of hidden across border value every single day, no matter whether every nation officially admits this fact.

[ultrloa]

Bitcoin already is a global currency, but some are not aware of that, maybe they are only waiting till that time the government will all announce that it has become a legal tender before they can believe its a global payment system, once we can use it to trade and exchange for goods and services, it increases in value and also a good store of value, we don't have to wait for the government to be in support for its use before we can engage.

It can be said yes or no at the moment because there are still few who do it and it has not been officially announced in international trade, or recognized as a means of payment in groups or transactions in an international trade record that is legally validated.
Actually, I am a little doubtful because the government likes control which makes the government have the power. If the Bitcoin decentralized system is in control, they will not have any control in canceling transactions or carrying them out, this is not easy for the government to manage things like that, especially those that are sensitive to criminal acts or crimes.

It is difficult to overly generalize, yet it seems that these days many governments have become overly excited in the various ways to control and monitor citizens rather than preventing (or solving) crimes, so in some aspects controlling your value and/or trying to be private about it have become criminalized and even ways of communicating have become criminalized..,. so we likely have to be skeptical about claims for needs to control and monitor transactions based on legitimate policing concerns.

There's existing trend with authorities on which they always says or use transaction monitoring and surveillance to fight possible criminal action, but they exceed on their implementation that's why everything they do became questionable. To protect the privacy of individual and also financial freedom is right of each people, but sometimes government violate it due to their suspicions .

Skepticism is normal if their action is justifiable, but also its true that excessive actions might criminalize those normal behavior of people and this can destroy the trust of people. The big challenge here is to balance on how they could protect their people without compromising individual rights.

[JayJuanGee]

Bitcoin is already a global currency because Satoshi original purpose when creating it was to be a P2P currency, not an investment.

Moreover, we cannot impose traditional standards on it, such as requiring government recognition or becoming a standard unit of account. Because from the beginning, Bitcoin was designed not to conform to those frameworks and to exist independently of the traditional financial system.
Bitcoin is not just a global currency but a versatile financial tool, and how it is used depends on each individual, IMO

I know. But Bitcoin's limitations is what's keeping it from being used as a global currency. Things like wild price swings (volatility) and limited transaction capacity is what "kills" it. It's why many people have chosen Bitcoin as an investment (store of value), instead of a real currency (digital cash) for day-to-day payments.

Have you ever thought about regulatory attacks affecting bitcoin negatively?  KYC requirements.  Jailing privacy developers.  And/or other attacks on bitcoin in the press with convolution of ideas of crypto and bitcoin?

I doubt that actual technical bitcoin limitations, price volatility, or store of value ideas about bitcoin are as great as you are making them out to be.

As for Bitcoin becoming a standard unit of account, I'd say that's a distant dream. Governments will never allow it because that would mean the end of Fiat for good.

Bitcoin is not asking permission from governments.

if folks agree to transact in bitcoin, then a third party (such as the government or even banks/financial institutions) is not necessary.

Currently, bitcoin's prices are floating against various other currencies and/or assets - to the extent that such currencies and/or assets have trading pairs... so in some sense bitcoin already has unit of account attributes based on individuals using the exchange rates to figure out their transaction amounts.. It is already happening, in spite of your "never" proclamation.

They want to keep control over the economy,

Sure governments, financial institutions and status quo rich want to keep control over money and they consider bitcoin as an obstacle in their having control, yet it does not mean that they are going to be successful in their abilties to stop bitcoin from happening.

Bitcoin is already here and operational, so in some sense governments, financial institutions and status quo rich have already lost some of the battle in allowing bitcoin to get to the point that it has already gotten and bitcoin cannot be dismissed and/or downplayed.

so Fiat would remain the standard unit of account forever.

The fact that fiat (such as the dollar) is used as a peg, that does not mean that it will be used as a peg forever.  You live in a fantasy world, and it seems that you are in denial about what bitcoin already is.

Bitcoin can do fine as an alternative to Fiat than a replacement.

Yes.. both is already going on, and bitcoin is continuing to grow, and laregly eating the lunch of all fiats and all places where money is stored.

Bitcoin is more efficient as a money.. do we have to go over these again?  verifiability, transportability, scarcity, divisibility, fungibility, low costs for transacting and/or storing and other monetary attributes. 

You can try to proclaim that bitcoin is OK as long as it stays in its lane.. yet at the same time, bitcoin does not care what you think in terms of what is fine for it, since value will continue to gravitate into bitcoin since it is the best money known to man (at least so far)... and you better get something at least 10x better than bitcoin if you are going to want  some other money to prevail rather than bitcoin.  In terms of soundness of money attributes, Bitcoin is more than 10x better than its closest competitors such as fiat and gold.. and don't get distracted by short term price moves.

What really matters is decentralization and censorship-resistance. If BTC's decentralization is compromised, it would be game over for good. We'll see what happens in the long run.

Sure.. decentralization and censorship resistance are good monetary attributes that bitcoin has too, and they have been attacked and are likely continuing to be attacked, since the powers that be would like to figure out any vulnerabilities that bitcoin might have that are able to be undermined.. So in some sense, you are correct that we will see how it goes and if bitcoin is meaningfully undermined in terms of its decentralization and censorship-resistance.

In the meantime, for your own good, it probably would be advantageous for you to be making sure that you are ongoingly stacking some of it instead of being overly worried that bitcoin is not good enough to continue to be a valuable asset that is likely to be ongoingly increasing in value in the future.  What are you doing in terms of your own holding and/or accumulating of bitcoin?

By the way, I see that you have been registered on the forum since November 2014 - almost as long as me.

Surely over the years, you have been able to build a bitcoin position?  or have you been whining about bitcoin for the past 11.5 years and so now you are bitter about your historical failures/refusals to stack sats?   There are a lot of guys who have fucked up over the years, since there is nothing wrong with being skeptical about the likelihood of success of something like bitcoin, so skeptical folks could have still taken a smaller position as compared with guys who had been more bullish about bitcoin. 

Historically the more bullish folks have done better than the more skeptical folks so long as they errored on the side of stacking bitcoin and holding it, and if they did not overdo it, trade, use leverage or get sucked into shitcoins.  So most folks would do quite well as long at they just regularly stacked sats, so even a person who might have just taken a modest position of $50 per week into bitcoin since November 2014, he would have had invested around $29k by now and accumulated around 17.5 bitcoin, which truly would give him quite a few options, whether such guy were to choose to try to transact in bitcoin or not.  He would have options to transact in bitcoin at pretty much any place in the world as long as he could find a counter-party to his transaction. It seems that right now it would be easier to find counter-parties at various locations around the world as compared with the options available in 2014 or even 2019... so maybe it still is not easy to find bitcoin counter-parties at all locations of the world, yet anyone who downloads a bitcoin wallet at any place in the world would be able to transact within minutes with any other person using bitcoin.

[Oshio-man]

It will be difficult for such thing to happen globally since governments are not the ones to be controlling the price of bitcoin, we have heard from some government in the world that they will never allow coins they don't have power to control during bullish and bearish season because allow their citizens to get involve in such decentralized currency it may lead the citizens frustrated in the future, El Salvador country and other countries that have the knowledge of bitcoin and other cryptocurrencies will definitely allow bitcoin to spread around their country because they know that it will reduce unemployment and eliminate delay in distance transactions.

[JayJuanGee]

Really I don't think Bitcoin can replace normal money. the chances are slim.

Why does bitcoin have to replace normal money in order to be a global currency?

---first. bitcoin as we all know, is very volatile..very unstable. and we can't use something as unstable as Bitcoin for our everyday buying and selling. it just won't work.

It already works.  Between about mid November and late January (2.5 month) the bitcoin price has largely been between $85k and $95k.  How is that too volatile to carry out a transaction whether it is "every day" or large transactions?

Bitcoin does not have to be used to buy coffee in order to be used as a currency, even though it could be used to buy coffee too.

I will agree with you, that if I am holding a variety of currencies (including bitcoin) I may well choose to transact in another currency prior to using my bitcoin, yet there also could be times that I am o.k. to use bitcoin to transact too, sometimes as a means to promote using bitcoin rather than for economic reasons. .since we might not want to use our most valuable asset to transact.  yet, if I have various forms of value, and I spend them all, and all that i have remaining (until the next time I get paid) is bitcoin, I might well choose to transact in bitcoin..

Let's say for example, I am walking around a town and I have some other various locations that I want to go.  I walk by a motorcycle shop, and they have signs that say that I could buy or rent a motorcycle, so then I think that maybe it would be better to consider having a motorcycle rather than walking around.. So I see that the motorcycle that I like will cost $50 per day to rent (or $300 for a week) or I could buy a slightly nicer model for $7,000.  

If I weigh my options, I might consider that if I rent then I have enough cash and other options to pay for the rental, yet I don't have enough in my bank accounts to buy, so I see that I can transact in bitcoin.  If I have enough bitcoin and I otherwise am happy with the product, then why not use my bitcoin to buy the motorcycle that I want for $7k?  What is wrong with that?  Bitcoin is an option.. .and it can be used for small transactions or even larger transactions.

We could of course buy even BIGGER ticket items with bitcoin too, and it might even be faster to use bitcoin as compared with transferring dollars around in order to make sure that enough dollars are in various accounts to make the payments.  Maybe I have the bitcoin with me at the time that I am going do the transaction, or maybe I have to take them out of cold storage?  If I hold the keys, I can have some wallets that have fast access, some wallets that have medium access and other wallets that have slow access.  I could even have some wallets that are set up with time-based release, so I cannot get them without having to spend time before they are able to be spent.  Those are choices, since with bitcoin I can send bitcoin with fast confirmations (and final resolution - including using the lightning network) and also I can send coins with slower transaction times, depending on if I have access to them when I am out and about or if I might have to go to certain locations to get access to them (depending on how I had set up my wallets).

---Also, Bitcoin is very slow. if a lot of people were to use it all at once, it becomes to slow and very expensive too.

Are you taking your talking points from 2017?  Bitcoin's transactions can go through quite fast, and yeah if a lot of people start to use it, then fees go up, and other options might be preferable, such as lightning network or maybe paying higher fees which would then affect feasibility of transaction size.
 

---it consumes too much electricity and looking at it properly, majority of the electricity it runs on aren't doing anything useful. because not all of it processes transactions or anything like that. so it's somehow a waste of electricity.

Bitcoin consumes too much electricity compared with what?

If you value the bitcoin network then you would likely realize that bitcoin incentivizes electricity production since its activities are able to pay for the electricity.  Bitcoin is also quite useful to be able to use untapped or excessive energy or even stranded energy sources.

Your electricity use proclamations come off as lame, superficial and unsubstantiated.
 

---Of course the government won't allow it. the government are very keen on having total control when it comes their country's economy (finances).

Governments, financial institutions, and the status quo rich have already fighting bitcoin, yet in recent times, they seemed to be forced into a co-opt mode of fighting bitcoin.  

The powers that be likely don't have as much choice in regards to bitcoin as you are proclaiming them to have.
 

Bitcoin takes that power away from them and gives you total control over your finances.
so they won't allow it.

Sure they will continue to fight, but that does not mean that they will win. They already lost in some sense.

We are all aware that Bitcoin can't function as a normal currency can. but Bitcoin is still unique in its own way.
---you can always view Bitcoin as a place to invest. ( a risky investment tho..but most times, it's always worth it☺️)

--- citizens surviving in a country with a failing economy can always have Bitcoin as an alternative and escape route.
--- Bitcoin is also very helpful for sending money globally (without banks).
so Bitcoin is just 'you' having total control and dominance over your finances.

So now you are listing some plusses about bitcoin?  You list the negatives and then the positives?  What points are you trying to make Jobbe?  Do you own bitcoin or are you just talking theoretical about bitcoin from your programming (or the talking points of your handler?)?

There are all kinds of currencies all around the world, and to the extent that two parties can transact then that would seem to fit a definition of global currency - yet there still can be questions regarding which ones are more liquid and recognized, so it could take time to play out. Gresham's law suggest that the value is going to continue to flow into the strongest of the currencies, yet it still seems likely that we would not necessarily end up with only one, so various currencies are going to continue to exist, even while most of the value is going to continue to flow into bitcoin, since it remains the soundest of monies, at least so far there does not appear to be any currency more sound than bitcoin... even though opinions vary.

i totally agree with you when you say multiple currencies can co-exist. but I want to be clarified on some things.
sir, you said something about Bitcoin being the soundest of monies. in other words, you're saying Bitcoin is the "soundest money" out there. but sir, don't you think that's the title 'sound money' should be given to a more stable and reliable currency?..

I was going by monetary attributes: verifiability, transportability, divisibility, scarcity, fungibility, costs to store/transact and perhaps some others.

Sure, stable and reliable could be a monetary attribute, yet I doubt that bitcoin fails based on stability and reliability, since it produces another block every 10 minutes (on average)... That seems pretty stable and reliable to me.

Are you trying to refer to BTC price and/or abilties to transact to suggest stability and/or reliability are weak in  bitcoin?  I doubt that you have evidence to establish claims that bitcoin is less stable/reliable than other currencies... whether you are talking about the dollar, some other fiat or otherwise... and even if you have some evidence of bitcoin's weakness in regards to stability and/or reliability,  surely stability and/or reliability are not the only attributes of money.

Bitcoin is very wild, (via volatility). making it less "sound" than the actual currencies we use in our daily transactions.even with the problems we are experiencing with our currencies and banks, majority still trust them. because they are stable and reliable. Bitcoin must have this consistent long-term stability for it to be given that title "soundest money".

Of course, you are free to come to your own assessment on these attribution topics in terms of how much confidence that you might have in bitcoin as compared to some other place that you might choose to invest your time, energy and/or value.  You are free to make your choices and your allocations, and I doubt it is a black and white issue since you don't have to invest everything in one area versus another, even though it seems to me that bitcoin would be the better (if not the best?) of places to be putting time, energy and/or value.  You don't need to agree, but for your own good, you probably need to figure out these matters so that you can figure out how much to invest into bitcoin.

You have ONLY been here for less than 2 weeks, and perhaps you are trying to decide if you are going to invest in bitcoin or how much you are going to invest.  You seem to have a lot of wrong ideas about bitcoin, so you may well end up coming to the wrong conclusions in regards to your own decisions about what to do.
 

Also sir..based on the Gresham's law, no offense sir but what you stated regarding the Gresham's law, or what you thought it suggested is wrong sir.
the Gresham's law says "bad money drives out good money". and that's how it is if we take our time to look around us. people are always looking out for ways to spend the small or weak currency

That is what I said.  The weak currency gets spent first.

 and save the huge or big one. so you can just look at it this way..if Bitcoin were to be as you said, the "soundest of monies" out there,why would people focus more on saving it and spending actual currencies?

I think that my interpretation of Gresham's law is correct, which means you spend your shitiest currencies first and you hang onto the ones that are likely to hold value, yet there still might be times in which you still will end up spending the better currency, especially if you ran out of the others.  Take my motorcycle example above.  If you get paid every two weeks, and you decide that you are going to buy a motorcycle for $7k, yet you only have $1.5k in your bank account, then you might choose to spend your bitcoin.

Maybe you will spend and replace depending on if you are still accumulating bitcoin or you are in your maintenance phase of your bitcoin investment, or perhaps you are in overaccumulation status, so you don't feel any need to replace whatever bitcoin you had spent on the $7k motorcycle.

that's to let you know that Bitcoin is better seen as an investment rather than a currency.. currencies are always on a constant exchange (via physical buying and selling transactions).

There is nothing wrong with the soundest of monies being a currency.  You are making points that do not undermine bitcoin serving as a currency.. merely because there are preferences to spend (get rid of) the more shitty currencies first.

Let's say that I am traveling in a location that has a local currency that is really shitty and no one wants it.  I have the local currency, I have dollars and I have bitcoin.  I might end up trying to spend the local currency first, and then if they won't accept that, maybe I will try to spend the dollar and if they don't accept that then maybe I will spend my bitcoin.  Sometimes we might have options of what to spend that relate to the recipient rather than to our own preferences.  Maybe the recipient might charge 30% to take the local currency,  8% to take the dollar and 2% to take bitcoin.  Those rates would also affect what I end up choosing.

You also said something about value flowing into Bitcoin..feels more like a prediction to me☺️..i stand to be corrected.

Value has already been flowing into bitcoin for the past 17-ish years (or let's just say 14 years if we start the clock from January 2012), and I anticipate value will continue to flow into bitcoin.  

You can fight the trend or not. That is your choice.  

And, yeah any time that we allocate towards one asset/currency or another we make choices in regards to those allocation levels, while at the same time, we have expenses every month to support ourselves.  So if we are making choices in regards to how we are holding our value beyond just our monthly income, those can be referred to as investments that we can weigh our proportions, and surely the more discretionary income that we have and the longer that we have been building our bitcoin investment (versus other places that we might choose to hold value) then the more our allocation choices should align with our views on the assets.

Frequently if someone is new to investing (and/or building their wealth), it may well take them a long time to build up their investment portfolio... And, surely there are a lot of folks around the world, perhaps an overwhelming majority that do not have investment and/or an investment portfolio... and sometimes it is due to low levels of discretionary income and other times it is related to cashflow management (deferred gratification) issues or even sometimes abilities to identify a good place to put time, energy and value (such as in bitcoin).

look around. Bitcoin is like the least to be considered when talking about financial assets globally. Bitcoin still has real estate, bonds and stocks to worry about.

Yes.  Bitcoin is under-appreciated, which is an additional reason that it remains a good investment (asymmetrical bet to the upside).

Sometimes I feel bad to compare bitcoin to other assets, since bitcoin has a bit of an outweighed advantage in terms of it being a paradigm shifting asset that is still quite early in its adoption phase and a lot of retards in the real world consider bitcoin as if it were a mature asset, and bitcoin is far from mature, since it is likely only has a round 1% world adoption.. so it is still in its early stages of adoption which contributes to its likelihood to continue to outperform all other assets and/or currencies int he coming years.

Choose your position size and/or your plan to allocate into bitcoin.  That's your choice.

yes Bitcoin is valuable..but it needs 'stability' (consistent stability) to be the best money out there. having value or being a good asset isn't enough.

You are free to your opinion and you are free to continue to under allocate to bitcoin if you choose.  A lot of people make those kinds of choices to allocate too little and/or to sell too much too soon.  Perhaps around 99% of the world's population is under allocated to bitcoin? You want to be one of them? You want to be on the receiving side or the giving side of the largest redistribution of wealth known to mankind?  That's your choice... and yeah of course the future is not guaranteed, so we allocate in accordance to a variety of considerations that we have, including but not limited to our personal factors.

Bitcoin is already a global currency. People are already using it for international transactions. People are sending Bitcoin and receiving Bitcoin from different countries, so with that, it is already a global currency.What is happening is that not all countries have legalized Bitcoin, and that has not stopped Bitcoin from being a global currency. Bitcoin is mostly known as a store of value, but at the same time, it still functions as a global currency.

Let say I am living in Nigeria and my family in the U.S. can send me Bitcoin. That means it is already a global currency.for the question, can Bitcoin be used for daily purchases? Yes, it can be used for daily purchases, but that should be for large amounts. Bitcoin is not there to replace fiat currency. If things are purchased in small amounts, they should be purchased using fiat currency.

sir I don't think what you're describing is global currency. what you're describing is something that is just transferable (globally). the difference really means a lot. yes it's true you can send Bitcoin to someone living in another country or continent even. but that doesn't mean it is, or can be used as the official currency of a country.

We can agree to disagree about what counts as a global currency.  I doubt that you have to have "official" recognition for bitcoin to be a global currency.  It just needs to be accepted, which is already happening, so it seems to be a matter of degree rather than kind in terms of bitcoin being considered a global currency.

An actual currency recognized globally is used for consistent economic activities. like buying and selling.. paying of taxes etc. Bitcoin literally can't do these things I just mentioned. ok,you even gave an example of you living in Nigeria with your family in the United States. when Bitcoin is sent to you how do you go about it? how do you receive it? do you spend it as it is? (As Bitcoin). or do you convert to Naira before spending.

Maybe those details matter? Maybe not?  A value was sent and received in bitcoin, and maybe it could be held for several years before it is spent (or used) next.  There may be questions regarding how much velocity such currency has (is it turning over fast enough) or is it taking several years before it is converted (if at all).

We know that some folks choose to hold bitcoin for several years rather than converting it.  I doubt that we would be accurate to say that bitcoin is not a currency if it is being held for extended periods of time before being spent or converted.  You would just be referring to bitcoin's velocity and perhaps criticizing it for having too little velocity.

Also on what you said on using Bitcoin for large amounts and fiat for small. don't you think if Bitcoin is used for only large or huge transactions, it's not operating fully as an actual currency?...rather it's been used as a transfer system.

So you think that bitcoin does not count as a currency  if the amounts are large, even if those transfers are peer to peer?

You are likely making up definitions for currency that seem a bit arbitrary.  There are likely all kinds of anecdotal cases of transactions taking place, and some of them large, small, and even for dumb things such as NFTs or to buy shitcoins.. .and some of them are a person transferring to himself from one wallet to another, or maybe transferring from an individual wallet to an institutional wallet (still controlled by the same person).
 

Real currencies can be used for the purchase and payment of anything (no matter how little or big).

Bitcoin can.  All that is needed is a willing sender and a willing recipient.

so I don't think you using Bitcoin for only large transactions doesn't mean it's now fully functioning as a currency would. even if the transaction is global.

You are entitled to your opinion in regards to how large of a quantity bitcoin transactions have to be in order to be valid as a currency.  From your point of view the transactions seem to need to be small in order to be valid as "currency transactions."  Surely you are speaking a lot of arbitrary nonsense, and we don't have to agree in terms of what you believe is needed for bitcoin to be a "global currency."  

Hopefully for your own good youa re still buying bitcoin, but hey, it is your choice.  You can chose not to buy any bitcoin and transact without it (or not have bitcoin as one of your transaction options).