Quote from: Blitzboy on Today at 05:27:44 AM

Quote from: n00ber on October 02, 2023, 01:24:59 PM

Quote from: retreat on October 02, 2023, 12:41:05 PM

The popularity of Bitcoin in the future will most likely increase and there will be more adopters compared to today. However the increasing popularity of Bitcoin will probably be a problem for governments because it will disrupt the distribution of fiat and it is likely that the majority of governments will not allow Bitcoin to become more popular. So I think whether Bitcoin will become the dominant currency in the future is quite unlikely because government regulations are increasingly strict. Moreover, until now most people treat Bitcoin like an investment instrument, so even though the adoption of Bitcoin is increasing it is not because Bitcoin is a currency, but an investment instrument with a good ROI.

Many governments have been accepting bitcoin more, so I don't think governments will find a way to limit its popularity. But I agree with you that they will not allow bitcoin to become popular as a currency, instead they will accept it and treat it as a commodity for us to trade and tax.

The government certainly won't let bitcoin become a currency, but what about investors like us? I also believe that many people are happy for bitcoin to become an investment rather than a currency. So, bitcoin's path to becoming a currency will be very difficult indeed.

In general, you're correct regarding governments. Do they not enjoy having control? They enjoy paying taxes and following the rules. Doesnt Bitcoin disrupt the current quo because it is decentralised? When we, the investors, exchange Bitcoin, they can tax our profits if they regard it as a commodity. They won, so thats a victory, right?

However, even though we can see Bitcoin's potential as a medium of exchange, there is a major issue at hand: Are we, the general public, really willing to spend Bitcoin if its price keeps rising? Imagine using Bitcoin to purchase a pizza today, then realising a year from now that you could have purchased a car with that same Bitcoin! Governments play a role, but so does our mentality. We might be the ones preventing Bitcoin from succeeding as a currency. Isnt that something to consider?

To be honest, we humans are very selfish, and no one is willing to sacrifice their own interests for others for the good of the community. I always see people saying that they really want bitcoin to be a currency and that they are ready to use bitcoin as an alternative to fiat so that it is recognized as a currency. Everyone talks well, but no one sacrifices their bitcoins to become a pioneer in using bitcoin as a currency. People only know to hold and wait for the price to increase to make a profit, but they always encourage others to consider bitcoin as currency. That's why I think we ourselves are the big barrier to becoming a currency.