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.
Precisely! I understand that we purposely want to have Bitcoin to be used as a single currency in the entire world to experience its uniqueness that sets apart from the traditional way of banking or investment. However government has a strong authority or influence and that's why it's hard for cryptocurrency to take over the spotlight of centralization that's already in the traditional market for generation. I still consider that it's going to be possible, since cryptocurrency has already been making noise from across the world, and many have acknowledged its value, but I don't think the process would be smooth and simple for its wide adaptation to become a single currency because of some considerable factors that might affect each objectives. After all, the choice is ours, either cryptocurrency will be used as a single currency or not, we can still use either of these as each of them offers different beneficial services.