Hello crypto bros!
Personally, I think that bitcoin won't become a new world currency like USD or EURO, but I think it would be widely accepted and used. But looking at some projects like El Salvador I just keep wondering, are there gonna be countries that will try making bitcoin their official currency and make all transactions using it?
Do you think there gonna be any consequences for that?
Why I think it's highly unlikely:
I think one of the problems is that it will be more expensive for people to use bitcoin than fiat. We can also say that it will create a huge load on the bitcoin network to make all these transactions so it will probably be even more expensive and slower because of that. Also worth mentioning that bitcoin is still pretty volatile and I don't see it becoming more stable in the future. And the whole system will depend on the miners and if there gonna be any problem with them, then the system will suffer. And another thing is that when people will see how volatile bitcoin is, they will try to exchange it to more stable asset that will dump the price of BTC as well.
So as a result, I think that bitcoin will probably stay as an asset and anonymous money. And it's not a bad thing, we need this kind of technology to exist.
Op bitcoin is not competing with any country financial institution. And not also planning to take over a country economy, what bitcoin is doing is to create decentralized exchange system. And in the process of using bitcoin, any country that like to use bitcoin has their official currency can do. And it is not compulsory or mandatory that for everyone to use it. Like what happened in El Salvador is their personal decision and not others. Every government has their own policy that regulate the activities of the citizens. Like my country the government collaborate with the financial institution and ban bitcoin but the citizens are still using it very effectively with the fiat currency they are co-existing in the country.
I don't think bitcoin is going to take over the Fiat currencies and becomes the world currency,.