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Can Bitcoins be a global currency?

Hi everyone...we all know what bitcoins are
But can it be seen as global currency ????

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  • edited November 2015
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  • to know that if bitcoin can be used as currency/money,,,,
    first lets see what is the function of money and what characteristics currency shall have:

    - Money shall have these characteristics to perform the required functions:

    - unit of account - that is people come to term the value of things in currency terms, for example, 1 litre of milk is equal to 1 bitcoin
    - medium of exchange - that is u can actually hand it over to me or in case of bitcoin transfer the required currency in my account
    - store of value - its value shall stay a bit constant (in any case this is not really true even for fiat currency) so value can fluctuate a bit
    - other characteristics - like portable, durable, limited quantity, uniform

    Does Bitcoin have these characteristics?

    But what are the problems with bitcoin?

    The problem is if rupee falls the whole India is in trouble and government will do any lengths to save it,,but if bitcoins fall no government is interested… So risk will be completely yours,,,,

    Second, for something informal like Bitcoin, why shall i put my trust in it. For example, people even check 500 rupee notes 1000 times before accepting it,,,so what guarantees the surety of bitcoin. What if i m being ripped off,,,,,so except internet freaks people will stay away from it

    Bitcoins are being mined randomly by people,, i don't know if rich people will ever accept that a new currency comes in and suddenly slaves become kings (of course rich people decide most of the things,,,,,the very fact that there are shouts of returning back to gold standard is one example)

    Nonetheless, these arguments does not rule out probability of bitcoins or some other coded letters becoming global currency in distant future. But chances are less till the time the states have their hold.

    I am not too sure if i have been able to answer the exact question posed. But hopefully shed some light,,,others can jump in with more insights,,,
  • it could . But do we need it ?
    It is mostly used by people (as of now) for mostly

    -buying e-products ,
    -shady products ,
    -those who don't want to pay taxes(govt's will control it if it goes mainstream)
    -ease of payment

    Now with rise of digital payments and (payment banks in India's case), digital goods etc & ease of payment will increase.

    Also to buy bitcoins you still need dollars (either to buy directly or to invest in mining machines) so that further discourages the concept of " e money " .

  • Created in 2007, the world’s first decentralized currency now an accepted form of payment in dozens of countries around the world. As more countries begin to adopt this innovative technology, it’s clear that Bitcoin has the potential to become the new global currency not tied to a specific country or central bank.
  • Yes. Bitcoins is the future of currency. Evolution of currency always followed technological evolution. From metal currency to paper and plastic currency ( debit +credit cards) . Now its digital currency. Besides technological reasoning it also has obvious financial reason to be the future of currency. Current monetary system is deepshit in corrupt practices. Central banking system is failing miserably from bank of America to IMF. Also the other financial institutions like goldman sachs are not in congruence with the demand of world financial system. So the people have started believing more in the decentralised monetary syatem.
  • Created in 2007, the world’s first decentralized currency now an accepted form of payment in dozens of countries around the world. As more countries begin to adopt this innovative technology, it’s clear that Bitcoin has the potential to become the new global currency not tied to a specific country or central bank.

    I think its 2009 not 2007. the bitcoin network came into existence with the release of the first open source bitcoin client and the issuance of the first bitcoins, with Satoshi Nakamoto.
  • @ted_cruz your thoughts bro
  • Bitcoins be a global currency, neo online wallet now available in market use it

  • State is formed to prevent a Leviathan... If money is not under govt control.. Leviathan is likely to prevail... So NO
  • But the good thing is I can buy my weed and LSD hassle-free which should be a nice thing about Bitcoin!!!
  • edited December 2017
    Well, bitcoin could never become a global currency. But blockchain technology could be used for issuance of digital currency, almost all major central banks are mooting over this idea. Currently ICICI Bank is using this technology in their forex transcation
    The fight of my life...
  • Bitcoin is special because it's encrypted and no country can impose tax on its transactions..but once it will be recognised by the major countries it would be like any other currencies now in the yes Bitcoin can be used as global currency in the future but will be less lucrative compare to now.
    Success is no accident. It is hard work, perseverance, learning, studying, sacrifice and most of all, love of what you are doing or learning to do.
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