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.
That's right, the fact is that in order for bitcoin to become a world currency, two things need to come true:
1) All people had devices on which they could store bitcoins or other cryptocurrencies
2) People should be literate enough to send transactions, keep their wallets safe.
And if the world is ready for the first, because everyone has smartphones. Then everything is bad with the second point. There are few crypto enthusiasts. But, over time, we will only become more and more.
Not only that, those two even fulfilled cannot make Bitcoin become the world currency. Remember apart for users, there are also authority that needs to approve Bitcoin in order to be recognized by global financial institutions. Bitcoin must be approved as a legal tender of the majority of the government in the world in order for it to become world currency which is at the current estate is impossible or not even a chance in the future. So I agree that Bitcoin can't be a world currency now and possibly forever. It can be an alternative though.