I'm sure bitcoin must be able to dominate the world. all countries will use bitcoin as a legitimate transaction tool. but despite that. the world still will not be separated from paper money. because paper money can be made as a symbol or a sign of the country.
One of Bitcoin's main principles is that there are no borders it has to respect or abide by. It's one protocol that has no equal, and one that at the same time can't be stopped. It's pointless to focus on what paper money will be like by that time, we should only care about what matters for us, and that's slowly taking distance from dealing with fiat. Let countries have their paper money, we have Bitcoin, that's more than enough. In current times it requires only our smartphone to transact with others or buy our daily needs in stores. I could perfectly use Bitcoin as sole currency if it enjoyed more adoption and stability. Fiat is a mixture of state and corporation money, while Bitcoin is people's (everyone's) money.
very good input. with the bitcoin going to be one of the transactions, bitcoins and fiat currencies can go together without intercourse, they will have their mutual manifest. when fiat money can not reach inter-country transactions at low cost, we can take advantage of a bitcoin payment system, with minutes and no high fees
I believe this would be happening just in coming few years. Because this has a solid root cause. Bitcoins cant just live in this world all alone, without presence of fiat money. While the fiat money can exist independently. But as bitcoins are getting more famous and popular.
There would be a day when bitcoins and fiat currency would be against one another in usage. Then their mutual combination can give relief to the mankind.
A lot of people may adopt bitcoin usage as their preferred currency of use, but believing it would serve as a single currency in the whole world is just one absurd way of thinking. Who governs it, where is the central policy going to be from ?
I guess some of us have forgotten what it means for some countries to be independent and unless each country wants to come up with their own policies for usage as a currency in the country, I don't see how it is going to be that easy and which we both know it is not possible to even have that as no government will pick decentralization over centralization.
Digital currency has emerged immensely, and is becoming more popular and recognized systematically. But the existence of fiat currency is still largely accepted compared to cryptocurrency, it has been in the global market for centuries. It is also the easiest form of exchange and trading all over the world, has legal tender and is backed up by the government. It's hard to conclude yet if single currency will be widely adapted because not all people are tech savvy, and also countries and establishments have its own jurisdiction and restrictions. Honestly, for whatever reason it's hard to foresee and its never easy, but if it will be totally regulated and legalized in the whole wide world it would take some more time. But I think cryptocurrency can still operate while fiat is also functioning on its own.