Quote from: saffira on January 16, 2021, 11:19:54 PM

Quote from: Pokapoka124 on December 17, 2020, 06:33:36 PM

Today we saw bitcoin hit an all time high of $23k while its traditional counterparts are suffering a decline in value. Historically, when someone desires financial stability, they naturally go for safe investment is, such as gold, stocks, real estate. But with the outbreak of the corona virus pandemic we have experienced a shift in global economy, countries are facing inflation. As a result many individuals are beginning to see Bitcoin as a safer investment than its counterparts. Countries are slowly adopting crypto as a means of payment. Will bitcoin eventually dominate the world economy and replace traditional currencies?

I don't think traditional currency will be replaced. Bitcoin and other cryptocurrency will be an option. Many of us see the future of bitcoin while other people do not even have the idea of what is crypto. It is not really safe so we have to be careful and learn first the security of accounts when using bitcoin.

I think as a store of value, but not a currency. Currencies that are deflationary are bad for the economy because they disincentivize economic activity. It was a major reason for abandoning the gold standard.