Post
Topic
Board Economics
Re: Is Bitcoin ready for world wide 1 currency?
by
qwertyup23
on 01/10/2020, 14:33:44 UTC
I ask this because of the corona virus where people are too scared to hold money.

The issue is that we value btc against the usd and other fiat currencies. If fiat currencies were no longer how would bitcoin be valued...inflation etc? Can't get my head around how it would work.

I have said this before and I will say it again, bitcoin cannot be the world wide currency as of today but it may be in the far future. Due to its decentralized nature, bitcoin has high volatility. Combined with its limited supply, its price would be very unstable to be a currency in the market. You also have to consider that not all countries adapt and accept bitcoin in their respective territories fearing of its anonymity factor.

I doubt that bitcoin will become currency now but if there are technological advancements or innovations that could address these issues, then it may happen.