Post
Topic
Board Economics
Re: Bitcoin is Becoming a Global Currency
by
chennan
on 16/10/2015, 16:54:38 UTC
I wonder? Well in a 3rd world country like Philippines in which only a few percentage of the population knows what is "BTC".

But I'm pretty sure it will become a trend once bigger companies push bitcoin in PH. Some already adapted BTC as it payments.

This will take decades or so to be recognized as a "Currency" like paper money.

Well honestly, if you consider what the term "currency" actually is... it is indeed already recognized as a "currency".  If some businesses already accept bitcoins as a valid form of payment for a good or service (which this has already happened) then it's recognized as a currency.  The real question becomes can it become a currency in which main stream businesses like Apple, McDonalds, Walmart, etc. would start accepting bitcoins as a valid payment.. and my answer to that is no, for now.

Until bitcoins hit a point of stability at a certain price point, then they might consider to accept it.  But if bitcoins price just keeps sky rocketing and falling out of the sky, they wouldn't want to take a gamble on it.  Not to mention that Government's would have to find a way to be able tax it, because we all know that they wouldn't allow a new currency to be used by everyone without taking some of the cut on every purchase.