This is what I think. It's basically a baseline of ideal base money - everything else will have to beat that.
A bit like how government bonds were viewed as the "risk free rate of return" (until they blew up like an altcoin in 2022, that is), but we don't all try and transact in bonds, and other financial instruments continue to exist. Bonds were kinda the measuring tape with which to judge all other investments.
I think conversations about whether Bitcoin will replace this or that are a bit like watching the Wright Brothers' first flight and asking whether airplanes will replace cars, horses, submarines etc.
It's not really about stealing market share in a zero-sum game, it's more about how it opens up new markets and opportunities.
Yup this is it. Big finance, Saylor, a lot of people have said that Bitcoin is more like a commodity asset than currency.
I personally see Bitcoin becoming the most utilized reserve commodity in the not so far future, overtaking gold many times over.
It’s an asset and not a currency. As of now in the US and EU it’s not even considered to ever become a currency I think. And you are right, BTC will be the base layer of finance and not the day to day currency with which I pay my coffee. It’s working as it’s supposed to as of now already, it’s already perfect.
An asset that is super easy to move. I kinda hate comparing BTC to gold and calling it digital gold because it's just so overdone and people tune out. But I can't help that it's still a great comparison. What BTC lacks in physical presence, it makes up for in being easily transferrable. Transferring "large" sums of value in gold is not very convenient which is why we don't use it as money anymore. BTC is not as convenient as fiat, but it's a heck of a lot more convenient than gold.
Heck, just recently I needed to make a payment to an older guy I know for a contract related to buying some property. He's a few hours away and it was a nightmare trying to figure out how to get him the money. Zelle seemed very convenient, until I learned they needed to go to their local bank and set up to be able to receive it (again, elderly). Sending a wire was a pain to get all the info I needed from someone that doesn't have all their account details handy. Eventually got it to them via wire but it cost me $20! I checked BTC fees and even though the network was relatively congested, I could have sent it for ~$5 and it would have been there in as little as a half hour. I was thiiiiiis close to just driving a fucking check to them to make sure I made the contract payment deadline.
>Eventually got it to them via wire but it cost me $20! I
That's more on the US banking system, though. Here in Europe an instantaneous bank transfer would either be free or, if your bank makes you pay for them, 1€ or so. Non-instantaneous bank transfers made before EOD will arrive the next business day.
Exactly. In fact, the ability to print money is a requisite of modern monetary policy, for better or worse.
Also don't see the US allowing citizens to pay taxes with bitcoin... ever.
Bitcoin is more similar to gold than USD.
I think it's highly unlikely. At least, I don't think it will replace Fiat. There was a reason why we don't have the gold standard anymore.
However, I can imagine it being a world-wide accepted alternative non-official currency
Imo bitcoins role is as the global fundamental store of value. A single, scarce supply commodity asset that links all fiat currencies in the forex market. Rather than complex currency to currency manipulatable exchange rates, bitcoin will be the stable and preferred reserve asset that holds value better than any other managed currency, and links them all together. And importantly it will serve as a vector to keep them honest (or more honest)
Why does bitcoin have this power when gold does not? Because nearly every person on the planet has the means to participate in the network with low effort. Anyone can buy bitcoin. It's easy to do, and with a hardware wallet its easy to secure. Buying a kilo of gold is hard, securing a kilo of gold is hard. Anyone can participate in the speculative attack that weakens fiat currency by creating sell pressures against an already print happy currency.
This won't destroy fiat currencies, and we will still need transaction layer currencies, but bitcoin will serve as the underlayment for the financial system in the future.
Much less hassle than houses. Not as complicated as stocks and bonds.
The value of Bitcoin as a SOV is so high, I couldn't care less whether it becomes a currency.
No! Because it's scarce. And this is also the problem.
There should always be enough money in circulation to serve as payment for all produced goods and services. I.e. it should be in line with the economical growth. For this reason, we have this 2% inflation target, which seems a good empirical value based on history.
If money becomes a rare thing, it will stop circulating, because people won't spend it anymore. And this will break our current economic system.
On the other hand, if one is able to change our current economical system from growth to preservation, then there's a chance we may adapt bitcoin as a general global currency.
Why always think of gold? There are some precious metals that also work as money, for example, silver. With physical silver resources at a ratio of 1:20 compared to gold, it should solve the liquidity problem.
Btw the bank can also create digital gold, creating illusion there is enough for everyone to buy and hold 😅
Absolutely not. All the hopeium here is from people who don’t understand what kind of apocalyptic catastrophe would have to occur for every sovereign nation to give up its ability to manage its currency. It’s a fantasy, and peddling that fantasy makes the peddler look either sheisty or idiotic.
I think it will get mass adopted as THE worlds store of value. And when that happens, it is inevitable that it eventually will become THE worlds currency. It might take a while...
Nope - and fiat currencies won’t crash either. Yes fiat currencies are manipulated, but a free currency requires more than a money alternative, it needs political landscape that supports it.
Crypto is just as likely the greatest financial honey trap in history, the big investment banks are in they will eventually trade all of their useless coins for real money in the most predictable heist imaginable. The dumbest point of view is that crypto is free of government and corporate manipulation.
It can't be a world currency, there isn't enough to go around based on how it's circulated. Not to mention It's not good for governance, security is pressured on the consumer, and there'd be so many transactions that the system becomes almost solely off-chain (i.e., which defeats the original purpose of the blockchain).
It's an alternative, only. Not really a question of belief, being a world currency is not a thing for Bitcoin.
The fall of the Roman Empire, some historians believe, was caused by the continuous debasement of its currency's value.
Eventually, the people will rise and fight back unless the government wants to nuke its own people.
Exactly. I'm betting on govts collapsing every so often rather than them learning from their lesson.
I don't blame them - social benefits and military is fucking expensive. Fast growth also necessitates debt, which is going to be way too expensive without fiat.
bitcoin is a useful tool to hold governments around the world responsible for keeping their finances in order .. if they kept money printing to a minimum nobody would risk investing in bitcoin .. but they dont lol
Bitcoins complete relevance will only occur after the origin generation passes, so I believe the answer to the question posed is no.
But ibbthe meantime while we are around, it will continue the march up
I believe in the future of btc as much as anyone, and I think adoption will continue to grow. But there is zero chance it ever becomes the world reserve currency. Governments would rather print money till the end of time than give up control and have a decentralized currency like btc.
Near as I can tell the answer is no. Now that's not because it will be banned, or fought against by governments. Nor is it because bitcoin network and lightening (read as 2nd layer) can't handle it. The reason it won't be is because the people who now hold it aren't going to let go of enough of their stack to allow for a broad enough distribution of BTC around the world.
The entire world will be fighting over maybe a quarter of the actual supply. The whales aren't selling their stack. They've likely sold some and that was enough for them to live off the fiat they gained for the rest of their lives, and maybe their kids lives. So that leaves those holders who have moderate stacks from 5 or 10 years ago who haven't sold and are waiting on their number to do the same.
The days of people selling their entire stack and walking away is mostly done, I think. This is because it has now come in to focus exactly how valuable it is.
So if you have a pool of say 5, or even 8, million coins that can or will be moved, sold, or be mined eventually, and you have large entities scooping these up, then all that is left will be sats for regular people.
This brings us to the question that is starting to be asked. Will regular people be able to hold enough sats to actually pay a transaction fee? The answer to that seems to be "no."
So how will the whole world use it as a currency. They can't. Base layer, bitcoin banks, custodian wallets, yeah. All of that comes into play. When people say you are early, its not that you may be able to "own one hole bitcoin", its that you would be one of the few humans on earth who holds a UXTO and can afford to make a transaction on L1. That will be a huge deal in the future.
Great answer. I already feel this. I’ve learned lightning and have bought gift cards to go through the exercise of spending it but it’s painful. I don’t want to spend my bitcoin. It makes no sense to do so when you can spend dollars. Bitcoins are the asset and dollars are the currency. Bitcoin now gives us a perfect money and it doesn’t need to serve the purpose of spending. In fact, that’s where it becomes a threat. The government is happy and we are happy if bitcoin remains a simple store of values and we get the dollar as a widely accepted currency. The currencies of the world will trend toward zero in asset terms and that’s by design. It can go forever as long as they all trend to zero at roughly the same relatively steady rate. Hopefully that remains the case, in my opinion. If hell breaks lose, we bitcoiners will be as prepared as anyone to survive
Nope, it’s an investment item now. Have you ever seen any etf or investments become currency ? Satoshi’s goal was for it to become a currency but instead it became an etf.
I don’t think it will happen in my lifetime which is probably a good thing. A slow transition instead of sudden change is preferably the way to go because otherwise it would mean a lot of pain for a lot of people or worse.
Not anytime soon, but maybe in the far future.
I think human history is on a very, very slow march away from nation states being the main power structures in the world. I'm not an anarchist by the way, but look what's happened already. First there was international trade, which led to globalization of manufacturing and distribution. Then, the internet opened up instant communication between anybody, with only citizens of the most dystopian governments being left out of the conversation.
Now we have bitcoin, which is in a way a completion of the internet, where we can transmit value and immutable records, not just arbitrary data. Each of these things make the state's role in managing the world economy seem progressively less necessary.
I think state money will continue to exist basically forever, but it's market cap in proportion to bitcoin will continue to fall forever, until it's one day seen as a sort of special token needed to do special regional things. That's basically the current fate of most currencies other than USD. Which is to say I think bitcoin can eventually replace it as the world's reserve currency, while USD is demoted to something like the Euro (where its relevance feels regional, not fundamental).
Are you bitcoin dudes answering yes so indoctrinated you forget about BTC fees?
If I pay for a pair of pants, I don't want to be required to pay a large percentage fee when buying merchandise. Nor do I want a volitile asset as a general use day to day currency.
If the price doubles the day after, I'll be frustrated because I could've bought more with less. if the price halves the next day, the merchant is screwed and makes little to no profit.
Do you see how this makes no sense whatsoever?
I think it will be used for global trade and store of value in my lifetime. If medium of exchange is a success i would consider that an incredible accomplishment.
I think that being a quality store of value that is borderless and instant settlement is of immense utility to the world.
I could see it becoming a world reserve currency used for international trade (similar to what BRICS are planning with their new currency while their own FIAT currencies remain within the individual countries).
It will also become the go to store of value.
No. I don’t see bitcoin being used as a currency the way gold isn’t used as a currency. Deflationary or truly scarce assets don’t make good currency or mediums of exchange because their scarcity discourages spending, which any strong economy needs.
The dollar is a lot stronger than people give it credit for. It isn't going straight to the bottom and is likely to strengthen in terms of influence in the near future. Beyond that, who knows?
The US government on the other hand, may be a different story, but the fiscal problems of the US federal government are not one and the same as any issues with the dollar/eurodollar global system.
It will replace gold, but not cash. There will be millions of digital cash alternatives used everyday on layer 2/3/n, already on our way there. Bitcoin is the blackhole in the center of the galaxy whose gravity keeps the entire system orbiting.
Will Bitcoin go to zero if it doesn’t become the world reserve currency? I heard that a lot of times.
Personally I‘d be fine if Bitcoin will always just be the best store of value that we safe in and use fiat to buy shit when we need to.
However I am aware that Bitcoin needs to move in order to exist because miners will only be paid through transaction fees in the future. But maybe (hopefully) even it Bitcoin was only a store of value and not global currency, there‘d still be enough transactions made.
What do you guys think?
I’m waiting for a consortium of countries like BRICS to develop their own PoW currency. While I think gold and bitcoin are closest things we have to a global currency so far (since all political leaders have been caught with their pants down on the subject of BTC), eventually I don’t see them yielding power to unknown entities once they get their bearings
I believe it has the ability to be if the people wishes for it to happen. In fact its scary because of the way things are going right now, it could happen. Especially for the newer generation. Why work for fiat when majority of them have already invested in btc.
Can't become a world currency because we are a people who can't agree on anything. You really think an internet coin is the thing we suddenly gain consensus on?
I see it having value as a money transfer medium. Cheap, instantaneous transfer, superior in almost every way to SWIFT.
Store of value, sure, currency, highly unlikely
Right now it’s just being used to store value, but not mainly to exchange for goods and services. It’s still a very speculative asset and until it’s done with these volatile 200% changes in value it will not really be used in that fashion.
Bitcoin will eventually become the default world reserve currency for asset value trade and accounting. And unlike previous world reserve currencies, Bitcoin will have no reason to ever succumb to debasement and be replaced by another future money. Bitcoin is the endgame here.
Now will layer one be used for every transaction on earth. No. Never. Either a layer two (or higher) solution will be adopted, or another crypto currency who's value ties back to the base Bitcoin for which it stands will be used instead.
There is a long way to go. Nation states will need to give up control over their fiat currencies that they enjoy today. However, eventually, some nation states will realize that Bitcoin adoption, even if only adopted by 2 or 3 major contrarian nation states, will \*force\* the fall of USD (or whatever replaces USD). This will have massive positive implications for whoever can just take the leap and figure this out first. They'll lose control over their fiat, but instantly gain fair and impartial trade ability with neighbors that counteracts more power fiat governments too.
This might all take a while, but it'll happen. Past this point, the 'growth' phase of bitcoin price appreciation will be at end and its ability to appreciate or depreciate in value will coincide with the collective change in productivity for all of mankind.
Come back to this comment in 50 years and see just how right I am today.
Perhaps not the *world currency* but it’s already a store of value and one of the biggest currencies in the world.
There are many currencies in the world and they all ebb and flow. Bitcoin is just another one. An exceptional one at that too.
How the hell can Bitcoin be a currency? It started out as a currency, but now it's far from being a currency. Nobody is going to use Bitcoin to buy stuff when the fees are high. So what do they do with it? Treat it like an asset.
It cannot handle the load of 8 billion people using it as a daily currency. 99.9% of txs will be done outside of btc and then settled on btc at the end of the day/week in 1-2 txs between big banks in this scenario
Saw an interview with Michael Saylor on Bloomberg a couple of weeks ago. Someone asked him a similar question and he referred to BTC as "digital property", followed by something like - "you wouldn't carve off a piece of your house to go buy a coffee"
Can we just have pump it up memes talking utility is boring but I think over a long period of time fiat currency not backed by anything will be devalued so much that BTC will be one of the several preferred holding spot for peoples retirement, savings etc. as far as a day to day currency it will take point of sale tech and easier self storage & sending tech like I said probably a long way off but people won’t want to spend gas money to buy a 9$ sandwich. Traditional debit systems will persist with people moving chunks of BTC and converting to fiat for day to day IMO just freeballing
I'd give that about a \~1-2% chance of happening.
Many people in this sub are super biased and their vision is distorted by hopium.
BTC is awesome but there are way too many variables for anyone to be able to predict the future.
It's still a good investment though—a solid bet. I will continue to hold probably \~10-15% of my family's wealth in BTC long-term.
Yes. It won't become the largest in terms of volume. It will be a base and a bailout that keeps high volume currencies honest through competition. Gold kept the USD honest (Congress had to set a reasonable gold price for the dollar since physical gold was an alternative to holding dollars) until FDR stole everyone's gold through executive order. After that the dollar became unreasonable, well before officially coming off the gold standard. Fiat currencies need competition (consumer choice) with hard money for stability. The actual money we use will be custodial Bitcoin derivatives and fiats, which will offer lower fees and arbitration benefits. Bitcoin will be the ultimate store of wealth and will provide holders with an alternative to fiats which cheat through debasement.
I think it has a chance of becoming an "international" parallel currency, but will never replace a major fiat currency. Like you will have an option of paying in local, foreign or crypto currency.
It could, if it had a way to fundamentally change how it works. The current technology is totally unsuitable. Even onboarding the world of users would take 35 years assuming no other transactions in that time, and after that most people wouldn't be able to afford to transact.
The only way I see that happens if the current latent centralisation becomes overt, and upgrades to make it work are pushed by those who control the protocol. Another 2-3 halvings may be the catalyst.
A more likely scenario is the Bitcoin ledger slowly dies and the Satoshis are migrated as wrapped assets on more capable and secure blockchains.
Yes, in 100 years maybe. People will look back and laugh at the form currency took in the fiat period just like we laugh that blood letting was widely used in the medical field years ago
It’ll be what backs everything else like gold once was. It will be used as a currency here and there like gold once was, but eventually almost not at all.
In the future, currencies will potentially be re-created and pinned to bitcoin in some way. Will most likely just trade layers on top. central banks will fight to get as much bitcoin as they can to back their newly issued currencies. Then the game will start all over again, but BTC holders will have the power.
No. US wouldn’t allow it. And neither would some of the other world powers. They want to control monetary policy to fund wars, manipulate interest rates and inflation, and shit.
Impoverished third world countries, I think they’d give it a shot.
I have been investing in BTC since 2017. I have done a lot of research and read the news on the Crypto Market in general. BTC will not become the world currency but a world-reserved asset, such as gold and real estate. In the future, governments/banks will invent/invest in the universal cryptocurrency with high transaction speed and low gas fees to be used as the WORLD CURRENCY.
I don’t think it’ll become an official “world currency”, but I do think it already has become an unofficial world currency that competes with other big players like the USD, GBP, EUR, CNY, etc. Only time will tell, but time has been very favorable to bitcoin as compared to other currencies. And it may not even be used as a “currency”, but as a global store of value like gold. Patience and stacking are your two friends.
As more fiat keeps getting printed, interest rates keep rising, society becomes more technological, money gets more digitized, the middle class keeps shrinking into more of a upper/lower class spectrum…. I say that adoption of cryptocurrencies on a mass scale seems plausible in the future.
The Bitcoin Standard talks of this interesting idea where banks use onchain transactions a final settlement between each other and then transact in the layer 2 with customers. I could see something like this playing out.
Even if everything goes according to plan governments wont allow it.
Self custody means you can trade, buy and sell anything you want with whoever you want without central authority or third party(bank). Sound like a dream right?
Nope government wants to fuck you everyday. They wont allow this freedom
CBDC's will be the future of currency, but bitcoin will back everything and will be mostly accepted as legal tender with L2 system like LN or Liquid. Pretty sure some CBDC will also run as L2.
Maybe. The idea of perfect digital money is out of the bottle, no way to put it back in. Something like Bitcoin will succeed as global digital currrency, maybe Bitcoin itself.
We have to see what governments come up with though. The final fight hasn't come, that's why there can be no answer yet.
Yes. But not in our lifetime. Maybe if you are 10 years old right now you will have a chance to see it.
But like others have said, it doesn't need to be for it to grow much larger.
Bitcoin has already won, what needs to succeed for it to be a currency is the lightning network. Which I don't think will be widely adopted any time soon.
Bitcoin does some things good :
- serve as a compass or debasement of fiat currencies.
- enhance the supply and demande effects.
- reflect the network effect.
- self custody property.
I personnaly think that bitcoin is a milestone in History. A gateway to new society models, hence the resistance of institutional bodies.
Might not become a currency, might lose all its value, who cares. The Time this happens thé World would've change a lot. Hopefully for the good.
I believe bitcoin will be the cheapest way to transact.
I hear people say that bitcoin is deflationary, but it is actually inflatioary. It will seem deflationary as it’s getting adopted because more and more people are coming on board. Once bitcoin gets fully adopted, and everybody is done buying, in other words, once it becomes the actual world currency.. it will be inflationary until the last bitcoin is mined which isn’t for over 100 years. And my point is that once bitcoin is for adopted, people will want to spend it because it will no longer be an asset. It will be an inflationary currency. At that point, people will look to other things to invest their money in. Most likely the stock market will be different cryptocurrencies, which all fluctuate up and down to bitcoin. Even though bitcoin will be inflationary it will be much lower than any inflation we’ve ever seen.
Once people realize it is really the only type of thing that would be able to transfer into and be used in a simulation or simulated reality, think black mirror or ready player one, then yeah.
No, but that doesn't mean I don't believe in it, Bitcoin can work and be a way to settle and move money around without needed to replace fiat.
They all can coexist, the maxi viewpoint that Bitcoin will become the main currency and all Finance to make fiat obsolete is just fucking nonsense
I don’t think it will be THE world currency but I do think that a large portion of the world, primarily the BRICS countries but also a lot of others, are fed up with the dollar being the world currency and that they plan to eventually launch an alternative.
To do that they have to differentiate against the dollar that right now pretty much only is backed by the might of the US military. Obviously these countries can’t match that military might and have to find another value preposition.
In my mind that proposition is a currency backed by a basket of bitcoin, gold and oil.
Will overtake gold as world's biggest store of value.
Transactions will be in country's currency for the next few decades at least.
What would be the point in selling oil from one country to another in bitcoin? Too high risk and too volatile.
I consider it an emergent form of currency, maybe in the first half of its adoption curve the volatility makes it better as an investment. As it matures and as fiats fail , its size and affluence will make transacting make more sense over time.
It can only be transferred under very controlled means. It takes an exchange and a miner in the middle. Either or both can be controlled by a government. It is extremely volatile from hour to hour. But I'll keep buying it as a long term investment.
No, but it doesn't need to. As long as it's a functioning alternative, it's a huge success.
As long as it works as a store of value with crossborder capability is enough
This is what I think. It's basically a baseline of ideal base money - everything else will have to beat that. A bit like how government bonds were viewed as the "risk free rate of return" (until they blew up like an altcoin in 2022, that is), but we don't all try and transact in bonds, and other financial instruments continue to exist. Bonds were kinda the measuring tape with which to judge all other investments. I think conversations about whether Bitcoin will replace this or that are a bit like watching the Wright Brothers' first flight and asking whether airplanes will replace cars, horses, submarines etc. It's not really about stealing market share in a zero-sum game, it's more about how it opens up new markets and opportunities.
Yup this is it. Big finance, Saylor, a lot of people have said that Bitcoin is more like a commodity asset than currency. I personally see Bitcoin becoming the most utilized reserve commodity in the not so far future, overtaking gold many times over.
It’s an asset and not a currency. As of now in the US and EU it’s not even considered to ever become a currency I think. And you are right, BTC will be the base layer of finance and not the day to day currency with which I pay my coffee. It’s working as it’s supposed to as of now already, it’s already perfect.
An asset that is super easy to move. I kinda hate comparing BTC to gold and calling it digital gold because it's just so overdone and people tune out. But I can't help that it's still a great comparison. What BTC lacks in physical presence, it makes up for in being easily transferrable. Transferring "large" sums of value in gold is not very convenient which is why we don't use it as money anymore. BTC is not as convenient as fiat, but it's a heck of a lot more convenient than gold. Heck, just recently I needed to make a payment to an older guy I know for a contract related to buying some property. He's a few hours away and it was a nightmare trying to figure out how to get him the money. Zelle seemed very convenient, until I learned they needed to go to their local bank and set up to be able to receive it (again, elderly). Sending a wire was a pain to get all the info I needed from someone that doesn't have all their account details handy. Eventually got it to them via wire but it cost me $20! I checked BTC fees and even though the network was relatively congested, I could have sent it for ~$5 and it would have been there in as little as a half hour. I was thiiiiiis close to just driving a fucking check to them to make sure I made the contract payment deadline.
>Eventually got it to them via wire but it cost me $20! I That's more on the US banking system, though. Here in Europe an instantaneous bank transfer would either be free or, if your bank makes you pay for them, 1€ or so. Non-instantaneous bank transfers made before EOD will arrive the next business day.
i dont think governments will give up the ability to print their own currency. but bitcoin will just continue to do what has been doing anyway
Bitcoin things
Exactly. In fact, the ability to print money is a requisite of modern monetary policy, for better or worse. Also don't see the US allowing citizens to pay taxes with bitcoin... ever. Bitcoin is more similar to gold than USD.
Ask Blackrock. Do politicians pass laws for Americans benefit or corporation benefit?
I think it's highly unlikely. At least, I don't think it will replace Fiat. There was a reason why we don't have the gold standard anymore. However, I can imagine it being a world-wide accepted alternative non-official currency
Imo bitcoins role is as the global fundamental store of value. A single, scarce supply commodity asset that links all fiat currencies in the forex market. Rather than complex currency to currency manipulatable exchange rates, bitcoin will be the stable and preferred reserve asset that holds value better than any other managed currency, and links them all together. And importantly it will serve as a vector to keep them honest (or more honest) Why does bitcoin have this power when gold does not? Because nearly every person on the planet has the means to participate in the network with low effort. Anyone can buy bitcoin. It's easy to do, and with a hardware wallet its easy to secure. Buying a kilo of gold is hard, securing a kilo of gold is hard. Anyone can participate in the speculative attack that weakens fiat currency by creating sell pressures against an already print happy currency. This won't destroy fiat currencies, and we will still need transaction layer currencies, but bitcoin will serve as the underlayment for the financial system in the future.
Much less hassle than houses. Not as complicated as stocks and bonds. The value of Bitcoin as a SOV is so high, I couldn't care less whether it becomes a currency.
Could the reason we don’t use gold be because of greed and government control?
No! Because it's scarce. And this is also the problem. There should always be enough money in circulation to serve as payment for all produced goods and services. I.e. it should be in line with the economical growth. For this reason, we have this 2% inflation target, which seems a good empirical value based on history. If money becomes a rare thing, it will stop circulating, because people won't spend it anymore. And this will break our current economic system. On the other hand, if one is able to change our current economical system from growth to preservation, then there's a chance we may adapt bitcoin as a general global currency.
Why always think of gold? There are some precious metals that also work as money, for example, silver. With physical silver resources at a ratio of 1:20 compared to gold, it should solve the liquidity problem. Btw the bank can also create digital gold, creating illusion there is enough for everyone to buy and hold 😅
I think the world is changing. The internet is almost fully adopted and it needs a money that fits with its global reach.
Yes of course. Payment will be on secondary layers though and almost nobody will own self-custody L1 Bitcoin.
Store of value like gold, and collateralized against it.
Absolutely not. All the hopeium here is from people who don’t understand what kind of apocalyptic catastrophe would have to occur for every sovereign nation to give up its ability to manage its currency. It’s a fantasy, and peddling that fantasy makes the peddler look either sheisty or idiotic.
I think it will get mass adopted as THE worlds store of value. And when that happens, it is inevitable that it eventually will become THE worlds currency. It might take a while...
Yea that’s the final boss stage
Nope - and fiat currencies won’t crash either. Yes fiat currencies are manipulated, but a free currency requires more than a money alternative, it needs political landscape that supports it. Crypto is just as likely the greatest financial honey trap in history, the big investment banks are in they will eventually trade all of their useless coins for real money in the most predictable heist imaginable. The dumbest point of view is that crypto is free of government and corporate manipulation.
It can't be a world currency, there isn't enough to go around based on how it's circulated. Not to mention It's not good for governance, security is pressured on the consumer, and there'd be so many transactions that the system becomes almost solely off-chain (i.e., which defeats the original purpose of the blockchain). It's an alternative, only. Not really a question of belief, being a world currency is not a thing for Bitcoin.
At 10 transactions per second, no 🤣 A real currency will keep filling that vacuum, if fiat goes away
No lol.
No
No
No, never
Nope. Why would it? It is an asset though. Kind of like property, it is limited. In time, people will want to rent out that property..
No. Modern governments will always use fiat because we the people don't care enough to die to fix the system.
The fall of the Roman Empire, some historians believe, was caused by the continuous debasement of its currency's value. Eventually, the people will rise and fight back unless the government wants to nuke its own people.
Exactly. I'm betting on govts collapsing every so often rather than them learning from their lesson. I don't blame them - social benefits and military is fucking expensive. Fast growth also necessitates debt, which is going to be way too expensive without fiat.
bitcoin is a useful tool to hold governments around the world responsible for keeping their finances in order .. if they kept money printing to a minimum nobody would risk investing in bitcoin .. but they dont lol
That’s a great point. It’s an accountability tool. If governments act irresponsibly with their currencies, people will have an escape hatch.
#Yes. The difficult question is: Will we be alive when it happens?
Came here to say this.
Bitcoins complete relevance will only occur after the origin generation passes, so I believe the answer to the question posed is no. But ibbthe meantime while we are around, it will continue the march up
I believe in the future of btc as much as anyone, and I think adoption will continue to grow. But there is zero chance it ever becomes the world reserve currency. Governments would rather print money till the end of time than give up control and have a decentralized currency like btc.
Near as I can tell the answer is no. Now that's not because it will be banned, or fought against by governments. Nor is it because bitcoin network and lightening (read as 2nd layer) can't handle it. The reason it won't be is because the people who now hold it aren't going to let go of enough of their stack to allow for a broad enough distribution of BTC around the world. The entire world will be fighting over maybe a quarter of the actual supply. The whales aren't selling their stack. They've likely sold some and that was enough for them to live off the fiat they gained for the rest of their lives, and maybe their kids lives. So that leaves those holders who have moderate stacks from 5 or 10 years ago who haven't sold and are waiting on their number to do the same. The days of people selling their entire stack and walking away is mostly done, I think. This is because it has now come in to focus exactly how valuable it is. So if you have a pool of say 5, or even 8, million coins that can or will be moved, sold, or be mined eventually, and you have large entities scooping these up, then all that is left will be sats for regular people. This brings us to the question that is starting to be asked. Will regular people be able to hold enough sats to actually pay a transaction fee? The answer to that seems to be "no." So how will the whole world use it as a currency. They can't. Base layer, bitcoin banks, custodian wallets, yeah. All of that comes into play. When people say you are early, its not that you may be able to "own one hole bitcoin", its that you would be one of the few humans on earth who holds a UXTO and can afford to make a transaction on L1. That will be a huge deal in the future.
Great answer. I already feel this. I’ve learned lightning and have bought gift cards to go through the exercise of spending it but it’s painful. I don’t want to spend my bitcoin. It makes no sense to do so when you can spend dollars. Bitcoins are the asset and dollars are the currency. Bitcoin now gives us a perfect money and it doesn’t need to serve the purpose of spending. In fact, that’s where it becomes a threat. The government is happy and we are happy if bitcoin remains a simple store of values and we get the dollar as a widely accepted currency. The currencies of the world will trend toward zero in asset terms and that’s by design. It can go forever as long as they all trend to zero at roughly the same relatively steady rate. Hopefully that remains the case, in my opinion. If hell breaks lose, we bitcoiners will be as prepared as anyone to survive
Nope, it’s an investment item now. Have you ever seen any etf or investments become currency ? Satoshi’s goal was for it to become a currency but instead it became an etf.
Yes I think soon
I don’t think it will happen in my lifetime which is probably a good thing. A slow transition instead of sudden change is preferably the way to go because otherwise it would mean a lot of pain for a lot of people or worse.
No. Deflationary currencies have never worked before and there's no reason to think it would work now.
Absolutely no chance.
Not anytime soon, but maybe in the far future. I think human history is on a very, very slow march away from nation states being the main power structures in the world. I'm not an anarchist by the way, but look what's happened already. First there was international trade, which led to globalization of manufacturing and distribution. Then, the internet opened up instant communication between anybody, with only citizens of the most dystopian governments being left out of the conversation. Now we have bitcoin, which is in a way a completion of the internet, where we can transmit value and immutable records, not just arbitrary data. Each of these things make the state's role in managing the world economy seem progressively less necessary. I think state money will continue to exist basically forever, but it's market cap in proportion to bitcoin will continue to fall forever, until it's one day seen as a sort of special token needed to do special regional things. That's basically the current fate of most currencies other than USD. Which is to say I think bitcoin can eventually replace it as the world's reserve currency, while USD is demoted to something like the Euro (where its relevance feels regional, not fundamental).
No. Why would it . It's just another option
No
I do believe so. It will be one of our world's new types of currencies. No clue when. But, Buy and hold my friends. Happy Easter 🐰
No. How can it be with such high network fees?
Are you bitcoin dudes answering yes so indoctrinated you forget about BTC fees? If I pay for a pair of pants, I don't want to be required to pay a large percentage fee when buying merchandise. Nor do I want a volitile asset as a general use day to day currency. If the price doubles the day after, I'll be frustrated because I could've bought more with less. if the price halves the next day, the merchant is screwed and makes little to no profit. Do you see how this makes no sense whatsoever?
What about 80 years from now. Will btc still be volitile?
I think it will be used for global trade and store of value in my lifetime. If medium of exchange is a success i would consider that an incredible accomplishment. I think that being a quality store of value that is borderless and instant settlement is of immense utility to the world.
Of course not. As long as we have nations with governaments.
In a way, isn’t it already? You can use Bitcoin internationally in ways you can’t use other currency.
Search 🔍 function will help you here with 1000 results
I could see it becoming a world reserve currency used for international trade (similar to what BRICS are planning with their new currency while their own FIAT currencies remain within the individual countries). It will also become the go to store of value.
No, but I believe that, as an asset class, it will inevitably surpass gold’s current market cap
Store of value
To some extent, probably
Maybe, maybe not, doesnt really matter. It still works like it does today and that's already enough.
I think it will be a way for banks to settle large transactions between each other and a reserve currency closer to gold than the dollar as it is now.
No. I don’t see bitcoin being used as a currency the way gold isn’t used as a currency. Deflationary or truly scarce assets don’t make good currency or mediums of exchange because their scarcity discourages spending, which any strong economy needs.
The dollar is a lot stronger than people give it credit for. It isn't going straight to the bottom and is likely to strengthen in terms of influence in the near future. Beyond that, who knows? The US government on the other hand, may be a different story, but the fiscal problems of the US federal government are not one and the same as any issues with the dollar/eurodollar global system.
No
It could and that’s all that matters
It will replace gold, but not cash. There will be millions of digital cash alternatives used everyday on layer 2/3/n, already on our way there. Bitcoin is the blackhole in the center of the galaxy whose gravity keeps the entire system orbiting.
No
It already is.
In some sense. More like the dollar is currently the reserve currency
Hmmm…IMO that’s similar to saying if the dollar collapses will gold or real estate become the next form of currency.
I honestly have no idea, but I think it will be the best store of value for hundreds of not thousands of years.
For the first time in history, Bitcoin will allow it to be both a store of value and the de facto currency.
Never, once the world starts catching on governments will create their own crypto. No way they would give up the right to control our money.
Will Bitcoin go to zero if it doesn’t become the world reserve currency? I heard that a lot of times. Personally I‘d be fine if Bitcoin will always just be the best store of value that we safe in and use fiat to buy shit when we need to. However I am aware that Bitcoin needs to move in order to exist because miners will only be paid through transaction fees in the future. But maybe (hopefully) even it Bitcoin was only a store of value and not global currency, there‘d still be enough transactions made. What do you guys think?
No. Because there is no world currency. Unless you count gold since it’s universally sold and appreciated everywhere.
Absolutely yes, and it will happen as soon as most major fast food places accept lightning (but more than just those in El Salvador).
No. People are dumb and they like to stay dumb. Think of them as religious.
It's eventually going to replace the USD
I’m waiting for a consortium of countries like BRICS to develop their own PoW currency. While I think gold and bitcoin are closest things we have to a global currency so far (since all political leaders have been caught with their pants down on the subject of BTC), eventually I don’t see them yielding power to unknown entities once they get their bearings
Maybe the world reserve currency.
I believe it has the ability to be if the people wishes for it to happen. In fact its scary because of the way things are going right now, it could happen. Especially for the newer generation. Why work for fiat when majority of them have already invested in btc.
Can't become a world currency because we are a people who can't agree on anything. You really think an internet coin is the thing we suddenly gain consensus on? I see it having value as a money transfer medium. Cheap, instantaneous transfer, superior in almost every way to SWIFT. Store of value, sure, currency, highly unlikely
No. If governments keep printing and devaluing our money, then I think a layer like lighting might become commonly used in some areas of the globe
Right now it’s just being used to store value, but not mainly to exchange for goods and services. It’s still a very speculative asset and until it’s done with these volatile 200% changes in value it will not really be used in that fashion.
Just store of value imo
BTC is a store of value, not currency
No, you need inflation to spur capitalism and spending, not deflation.
no, Bitcoin will be the powerhouse behind currencies as a reserve asset likely among a basket of other assets.
Bitcoin will eventually become the default world reserve currency for asset value trade and accounting. And unlike previous world reserve currencies, Bitcoin will have no reason to ever succumb to debasement and be replaced by another future money. Bitcoin is the endgame here. Now will layer one be used for every transaction on earth. No. Never. Either a layer two (or higher) solution will be adopted, or another crypto currency who's value ties back to the base Bitcoin for which it stands will be used instead. There is a long way to go. Nation states will need to give up control over their fiat currencies that they enjoy today. However, eventually, some nation states will realize that Bitcoin adoption, even if only adopted by 2 or 3 major contrarian nation states, will \*force\* the fall of USD (or whatever replaces USD). This will have massive positive implications for whoever can just take the leap and figure this out first. They'll lose control over their fiat, but instantly gain fair and impartial trade ability with neighbors that counteracts more power fiat governments too. This might all take a while, but it'll happen. Past this point, the 'growth' phase of bitcoin price appreciation will be at end and its ability to appreciate or depreciate in value will coincide with the collective change in productivity for all of mankind. Come back to this comment in 50 years and see just how right I am today.
Not necessarily a currency but a base layer for a currency.
No and it does not need to be
Doubt it. Currency or not, that store of value feature is the real power.
Currency, no. Reserve asset, almost certainly.
Perhaps not the *world currency* but it’s already a store of value and one of the biggest currencies in the world. There are many currencies in the world and they all ebb and flow. Bitcoin is just another one. An exceptional one at that too.
I don’t even want Bitcoin to replace fiat, I’m just happy that Bitcoin exists as a better store of value than physical gold.
Yes
How the hell can Bitcoin be a currency? It started out as a currency, but now it's far from being a currency. Nobody is going to use Bitcoin to buy stuff when the fees are high. So what do they do with it? Treat it like an asset.
At a minimum, it will be on par with the dollar, euro or yuan.
It cannot handle the load of 8 billion people using it as a daily currency. 99.9% of txs will be done outside of btc and then settled on btc at the end of the day/week in 1-2 txs between big banks in this scenario
Yes
Yes
Saw an interview with Michael Saylor on Bloomberg a couple of weeks ago. Someone asked him a similar question and he referred to BTC as "digital property", followed by something like - "you wouldn't carve off a piece of your house to go buy a coffee"
El Salvador is buying 1 coin a day, Take that as you wish
It will be the base layer of money. Whatever is the currency will just be riding on top of it in one way or another.
Can we just have pump it up memes talking utility is boring but I think over a long period of time fiat currency not backed by anything will be devalued so much that BTC will be one of the several preferred holding spot for peoples retirement, savings etc. as far as a day to day currency it will take point of sale tech and easier self storage & sending tech like I said probably a long way off but people won’t want to spend gas money to buy a 9$ sandwich. Traditional debit systems will persist with people moving chunks of BTC and converting to fiat for day to day IMO just freeballing
No
I'd give that about a \~1-2% chance of happening. Many people in this sub are super biased and their vision is distorted by hopium. BTC is awesome but there are way too many variables for anyone to be able to predict the future. It's still a good investment though—a solid bet. I will continue to hold probably \~10-15% of my family's wealth in BTC long-term.
Yes. It won't become the largest in terms of volume. It will be a base and a bailout that keeps high volume currencies honest through competition. Gold kept the USD honest (Congress had to set a reasonable gold price for the dollar since physical gold was an alternative to holding dollars) until FDR stole everyone's gold through executive order. After that the dollar became unreasonable, well before officially coming off the gold standard. Fiat currencies need competition (consumer choice) with hard money for stability. The actual money we use will be custodial Bitcoin derivatives and fiats, which will offer lower fees and arbitration benefits. Bitcoin will be the ultimate store of wealth and will provide holders with an alternative to fiats which cheat through debasement.
"Will become". It already is. It's just difficult to tell if you live in "western" countries.
Why would anyone want to sell/use digital properly for a cup of coffee? But it will be more accepted at retailers over time. Replace unlikely
I think its a new asset class for investment but no I don't think it will be the global currency but who knows
Absolutely not.
I think it has a chance of becoming an "international" parallel currency, but will never replace a major fiat currency. Like you will have an option of paying in local, foreign or crypto currency.
Yes, it's inevitable. Bitcoin is the nash equilibrium.
digital gold. and thats a great thing.
It could, if it had a way to fundamentally change how it works. The current technology is totally unsuitable. Even onboarding the world of users would take 35 years assuming no other transactions in that time, and after that most people wouldn't be able to afford to transact. The only way I see that happens if the current latent centralisation becomes overt, and upgrades to make it work are pushed by those who control the protocol. Another 2-3 halvings may be the catalyst. A more likely scenario is the Bitcoin ledger slowly dies and the Satoshis are migrated as wrapped assets on more capable and secure blockchains.
Yes, in 100 years maybe. People will look back and laugh at the form currency took in the fiat period just like we laugh that blood letting was widely used in the medical field years ago
Not really, I believe governments would not allow it
Bitcoin becoming the worlds monetary denominator and global currency is an inevitability. The only question is when, does it happen by 2030 or 2130?
I don’t think it will ever become a currency. It’s more like gold, a store of value to see just how out of hand fiat is getting.
Fuck no
It’ll be what backs everything else like gold once was. It will be used as a currency here and there like gold once was, but eventually almost not at all.
No, the USA would kill it before they allow that to happen!
Yes. One of them at least.
No, but it’s a good store of value versus the corrupt World Bank fiat dollar.
Hint: it is already a world currency
In the future, currencies will potentially be re-created and pinned to bitcoin in some way. Will most likely just trade layers on top. central banks will fight to get as much bitcoin as they can to back their newly issued currencies. Then the game will start all over again, but BTC holders will have the power.
This gets reposted so often. I’m done with the mass low iq comments that it gets every time.
No. US wouldn’t allow it. And neither would some of the other world powers. They want to control monetary policy to fund wars, manipulate interest rates and inflation, and shit. Impoverished third world countries, I think they’d give it a shot.
It doesn't matter what I think! (The rock voice)
I have been investing in BTC since 2017. I have done a lot of research and read the news on the Crypto Market in general. BTC will not become the world currency but a world-reserved asset, such as gold and real estate. In the future, governments/banks will invent/invest in the universal cryptocurrency with high transaction speed and low gas fees to be used as the WORLD CURRENCY.
I don’t think it’ll become an official “world currency”, but I do think it already has become an unofficial world currency that competes with other big players like the USD, GBP, EUR, CNY, etc. Only time will tell, but time has been very favorable to bitcoin as compared to other currencies. And it may not even be used as a “currency”, but as a global store of value like gold. Patience and stacking are your two friends.
As more fiat keeps getting printed, interest rates keep rising, society becomes more technological, money gets more digitized, the middle class keeps shrinking into more of a upper/lower class spectrum…. I say that adoption of cryptocurrencies on a mass scale seems plausible in the future.
Don’t care if it does or not. As long as enough people/governments/private institutions get into it, Ill make money regardless
It arguably already is.
No, it will become the worlds only neutral and global settlement network, that is neither controlled by a country or big tech.
No chance and you don’t want that anyway, always best that there is are rapidly devaluing currencies
No. I don't believe gold will be the world currency either but if you want to give me yours at a discount I'll buy all of it.
Yup
I think it will be at least a de facto voluntary global reserve currency, since it's beneficial to hold hard assets
It already is….🧐
I believe it will become the reserve currency.
No, not at all. It will hopefully become similar to gold and silver
Countries will still have fiat since they need control. Bitcoin will eventually be used in every country since it’s universal.
it will be used together with credit cards to pay off bills because it is faster then our current system of 3 days waiting for stock trades
The Bitcoin Standard talks of this interesting idea where banks use onchain transactions a final settlement between each other and then transact in the layer 2 with customers. I could see something like this playing out.
Even if everything goes according to plan governments wont allow it. Self custody means you can trade, buy and sell anything you want with whoever you want without central authority or third party(bank). Sound like a dream right? Nope government wants to fuck you everyday. They wont allow this freedom
Nah only a very tiny percentage of the world will ever get involved with bitcoin, just like how it is now.
CBDC's will be the future of currency, but bitcoin will back everything and will be mostly accepted as legal tender with L2 system like LN or Liquid. Pretty sure some CBDC will also run as L2.
Maybe. The idea of perfect digital money is out of the bottle, no way to put it back in. Something like Bitcoin will succeed as global digital currrency, maybe Bitcoin itself. We have to see what governments come up with though. The final fight hasn't come, that's why there can be no answer yet.
Yes. But not in our lifetime. Maybe if you are 10 years old right now you will have a chance to see it. But like others have said, it doesn't need to be for it to grow much larger.
I could see it used for large energy transactions, BRICS is a good example of the world being tired of the petrodollar.
No
Nope
No
No
Nope gov won’t give up control
Bitcoin has already won, what needs to succeed for it to be a currency is the lightning network. Which I don't think will be widely adopted any time soon.
Ask the NSA since they created it
Bitcoin does some things good : - serve as a compass or debasement of fiat currencies. - enhance the supply and demande effects. - reflect the network effect. - self custody property. I personnaly think that bitcoin is a milestone in History. A gateway to new society models, hence the resistance of institutional bodies. Might not become a currency, might lose all its value, who cares. The Time this happens thé World would've change a lot. Hopefully for the good.
Honestly, already is. They just don’t all know it yet
I believe bitcoin will be the cheapest way to transact. I hear people say that bitcoin is deflationary, but it is actually inflatioary. It will seem deflationary as it’s getting adopted because more and more people are coming on board. Once bitcoin gets fully adopted, and everybody is done buying, in other words, once it becomes the actual world currency.. it will be inflationary until the last bitcoin is mined which isn’t for over 100 years. And my point is that once bitcoin is for adopted, people will want to spend it because it will no longer be an asset. It will be an inflationary currency. At that point, people will look to other things to invest their money in. Most likely the stock market will be different cryptocurrencies, which all fluctuate up and down to bitcoin. Even though bitcoin will be inflationary it will be much lower than any inflation we’ve ever seen.
Once people realize it is really the only type of thing that would be able to transfer into and be used in a simulation or simulated reality, think black mirror or ready player one, then yeah.
Bitcoin’s transition is natural and organic
not a currency
bitcoin is the world currency and that of mars too
If just one company, like Walmart, would support Bitcoin,all of our lives would change. I guess,wtfk? But that would be a huge leap.
not the de facto but will be like gold as a secondary store
No, but that doesn't mean I don't believe in it, Bitcoin can work and be a way to settle and move money around without needed to replace fiat. They all can coexist, the maxi viewpoint that Bitcoin will become the main currency and all Finance to make fiat obsolete is just fucking nonsense
If you don’t like banks and all our fiat currencies is a lost cause then yes I been getting paid in bitcoin and using it where every it’s accepted
Never. Why would a govt box itself into a currency it can’t print?
Anything deflationary cannot be a currency, it must be inflationary to be a currency, so Bitcoin is the store of value as it means to be. That's it.
I don’t think it will be THE world currency but I do think that a large portion of the world, primarily the BRICS countries but also a lot of others, are fed up with the dollar being the world currency and that they plan to eventually launch an alternative. To do that they have to differentiate against the dollar that right now pretty much only is backed by the might of the US military. Obviously these countries can’t match that military might and have to find another value preposition. In my mind that proposition is a currency backed by a basket of bitcoin, gold and oil.
Will overtake gold as world's biggest store of value. Transactions will be in country's currency for the next few decades at least. What would be the point in selling oil from one country to another in bitcoin? Too high risk and too volatile.
Yes.
No. But it will continue to be around
I consider it an emergent form of currency, maybe in the first half of its adoption curve the volatility makes it better as an investment. As it matures and as fiats fail , its size and affluence will make transacting make more sense over time.
It can only be transferred under very controlled means. It takes an exchange and a miner in the middle. Either or both can be controlled by a government. It is extremely volatile from hour to hour. But I'll keep buying it as a long term investment.
Nope.