12 years after its creation, is it still possible to think of bitcoin as a world currency?

[yoelrosendo25 13]

Much has been thought that bitcoin can be a universal currency which could democratize the economy of countries. Thinking about this hypothesis requires an extremely robust evaluation that addresses each of the economic subsystems. In this article, I present a general analysis considering fundamental aspects about the implications of using bitcoin as a universal currency. Volatility One of the biggest arguments to indicate that bitcoin cannot be a global currency is volatility, that is, the high variations that bitcoin has in the price on a recurring basis; even, for governments, this has been one of the main limitations and hence, for years they have recommended its non-use. In the first investigations on bitcoin, not only the fact of volatility was argued, but also the possible regulations of the countries. Now, in 2020, the authorities have a clearer picture and more defined positions have been established, especially differentiating bitcoin as a currency and establishing fiscal criteria for its taxation, since bitcoin has become more popular as a financial asset than as a currency. With several issues already resolved over the years, it is worth rethinking the question in the 2020 context, can bitcoin or not be a world currency?

[trungnguyen 49]

if I had known BTC since 2009. I probably already owned a lot of BTC. I got to know it quite late. what a pity!

[LUISAHG. 49]

21 minutes ago, yoelrosendo25 said:

Much has been thought that bitcoin can be a universal currency which could democratize the economy of countries. Thinking about this hypothesis requires an extremely robust evaluation that addresses each of the economic subsystems. In this article, I present a general analysis considering fundamental aspects about the implications of using bitcoin as a universal currency. Volatility One of the biggest arguments to indicate that bitcoin cannot be a global currency is volatility, that is, the high variations that bitcoin has in the price on a recurring basis; even, for governments, this has been one of the main limitations and hence, for years they have recommended its non-use. In the first investigations on bitcoin, not only the fact of volatility was argued, but also the possible regulations of the countries. Now, in 2020, the authorities have a clearer picture and more defined positions have been established, especially differentiating bitcoin as a currency and establishing fiscal criteria for its taxation, since bitcoin has become more popular as a financial asset than as a currency. With several issues already resolved over the years, it is worth rethinking the question in the 2020 context, can bitcoin or not be a world currency?

This is the main problem of volatility, that is, the high variations that bitcoin has in the price on a recurring basis. I do not see it from this point of view but you are right ...

Just now, LUISAHG. said:

This is the main problem of volatility, that is, the high variations that bitcoin has in the price on a recurring basis. I do not see it from this point of view but you are right ...

 

12 minutes ago, trungnguyen said:

if I had known BTC since 2009. I probably already owned a lot of BTC. I got to know it quite late. what a pity!

The worst of all is that I did meet him in 2010 but I had no IDEA of what was going to become the largest and most powerful cryptocurrency ...

[Khan 1414]

On 10/6/2020 at 7:50 AM, trungnguyen said:

if I had known BTC since 2009. I probably already owned a lot of BTC. I got to know it quite late. what a pity!

YEs it is possible and you can invest in it because it will return some good profit you hold the crypto coins and wait for the right time and bull market, if you rush then you will not get the fruit of your investment.

[cryptovlek 2597]

Saying that Bitcoin will be a world currency is too far in my opinion. It can't be alone but it can become a world reserve currency instead of the Dollar. It can reach this way a status of store of value and be considered the best to use instead of the dollar, but the fiat currencies will keep going and not stop from circulating.

[bogdanoff 3173]

We can have Bitcoin to be bigger than today but I don't think there is any way it will reach too higher, perhaps the maximum will be $100k and no more. It won't make sense anyway because there will be whales that will be worth trillions of dollars, while they had done nothing but mined Bitcoin very early, so their value won't be justified.

[yonkii 3205]

I think that it will not be something like a world currency because of the very big price changes Bitcoin is making. The chart means that there would be way too much volatility to allow a stable planning for anybody. But it can be used for investing and storing money in Bitcoin with a small percentage of our funds and later in our lives we can withdraw and find big profits.

[Majd Raslan 5 549]

Currently, it is not possible, as you have spoken, due to the fluctuation of its price. This cannot be done unless governments rely on it, legislate it and find a policy to keep its price fixed. Now, cryptocurrencies can be likened to stock exchange due to the current price fluctuation

[annayks 2314]

We can't say if Bitcoin will rise and change the monetary system. Nobody will allow this anyway as there is a strong will by all governments for a currency to be centralized. It is probably the last fort for them to have control on the economy and the currency so I think it will always be fiat that will run the world.

[babaji 1228]

Bitcoin has more chances of it being adopted now, then it ever had. Although covid-19 brought loom and gloom over world economy, for bitcoin because of its virtual presence, covid was more good news than bad. Most financial organisation are accepting btc, more and more investments are coming in, governments, are changing their mindset, and the general public is also more interested about bitcoin, then just asking, when will I be able to pay for my cup of tea with bitcoins. 

[Mella 3680]

On 10/6/2020 at 5:36 AM, yoelrosendo25 said:

With several issues already resolved over the years, it is worth rethinking the question in the 2020 context, can bitcoin or not be a world currency?

I am not think about this, ever. But if you are say so then it is something that is be discussed much. I am think that Bitcoin will be more adopted but not to be used for a currency purpose to buy goods but to investment in it and for purposes of inflation control.

[JanBomCrypto 494]

It has only been 11 years bitcoin was created, it was created in 2009. Bitcoin has never gone mainstream but it is already a world currency, that is why people all over the world are having bitcoin, I think no country in the world will have one or two of its citizens not having bitcoin. 

[kryptonick 2659]

I never thought that Bitcoin would reach any kind of a world currency level no matter the price it has. It will need to change into something that it isn't today and have a monetary system like the Paypal adoption for Bitcoin to execute fake buys and sales, give fake numbers on a screen and make it useless in the ways of decentralization. The lightning network is different and it is what we should be pushing for adoption instead of Paypal.

[Steffqing 77]

I wouldn't evaluate Bitcoin as a world Cryptocurrency except that people use it to hedge against inflation, Bitcoin has generally lost its superiority to other entry-level Crypto projects and makes it non-viable for users in the world ecosystem

[Frodler 943]

Bitcoin right from inseption was never for a particular region or country of the world, it was the first global currency that has no bothers or regional barriers, so yes it can be called a world currency. 

[percare 3192]

Thinking about it is not worthless but it is probably pointless and we lose our time as if a time comes when most of the fiat currencies will have failed then we will still own some Bitcoin, unless some of us don't want to own anything even after what we have learned so far. In my opinion holding just 0.1BTC will probably make you live a better life after some years.

[Fixfin 2569]

Bitcoin can do a lot but can't be a fiat currency because progress counts on investment and with Bitcoin it is will mean that everyone would want to delay investing and just buy Bitcoin instead. Of course this can't go on for long and everything has a stop, Bitcoin perhaps won't make it for a world currency.

[Sykkuno 2887]

There is a higher target to replace the dollar. If this is done then the currency will be Bitcoin but there will be more cryptocurrencies too so people will decide. There is a concept that wants to separate money from the government and in my opinion Bitcoin is the only currency that is decentralized enough to achieve this.

[zhoutong 2188]

I always think about it, as it may happen since the national fiat currencies are on a race to which will be more useless than the other. Dollar, euro are in deep trouble and only a few asian currencies can stand for more time than them like the yen and yuan.

[JanBomCrypto 494]

4 hours ago, Fixfin said:

Of course this can't go on for long and everything has a stop, Bitcoin perhaps won't make it for a world currency.

Bitcoin has already drawn the attention of the world, it only remain for it to go mainstream. Expect bitcoin to be the first worlds currency because we like it or not, bitcoin is used all over the world and will go mainstream. 

[AL SHAIMON 1293]

Bitcoin is the future of all currencies. In future it will be used for all transaction system. I think bitcoin will change digital money system. Moreover the price of bitcoin will increase rapidly in future. 

[Projectcrypto 4382]

Bitcoin for sure has a good bright future ahead because it is gradually getting adopted in most part of the world and i believe it will dominate the world one day but we have to note that it can only be used as an alternative to fiat but can never replace fiat because fiat is so powerful since it has been in existence for many centuries now.

[Ryken8 545]

In my opinion, bitcoin can be considered more like a commodity than be adopted as a day to day currency since its price is volatile like gold and not fixed like fiat currency.

[guatazoo 7150]

On 10/6/2020 at 5:36 AM, yoelrosendo25 said:

Much has been thought that bitcoin can be a universal currency which could democratize the economy of countries. Thinking about this hypothesis requires an extremely robust evaluation that addresses each of the economic subsystems. In this article, I present a general analysis considering fundamental aspects about the implications of using bitcoin as a universal currency. Volatility One of the biggest arguments to indicate that bitcoin cannot be a global currency is volatility, that is, the high variations that bitcoin has in the price on a recurring basis; even, for governments, this has been one of the main limitations and hence, for years they have recommended its non-use. In the first investigations on bitcoin, not only the fact of volatility was argued, but also the possible regulations of the countries. Now, in 2020, the authorities have a clearer picture and more defined positions have been established, especially differentiating bitcoin as a currency and establishing fiscal criteria for its taxation, since bitcoin has become more popular as a financial asset than as a currency. With several issues already resolved over the years, it is worth rethinking the question in the 2020 context, can bitcoin or not be a world currency?

The fact is that bitcoin is not the world currency, but bitcoin is the world cryptocurrency, but the world currency all tgd time is United State Dollar. 

[miskyming 1588]

Bitcoin is almost world currency because there were many countries supporting bitcoin as a payment but as a official local currency in the country seems the government would not allow it because bitcoin is so volatile. I still prefer to use official fiat currency in my country than using bitcoin and to be officially local currency that's a big no for me.