Quote from: Abiky on April 17, 2024, 06:10:11 PM

With central banks struggling to keep inflation under control, people are beginning to lose trust in the traditional financial system. Some politicians (eg: Javier Milei) even suggested to abolish central banks as they're the main cause of the world's economic problems.

If the global economy continues to deteriorate, do you think central banks will collapse? If that happens, it will be the end of Fiat for good. In such a scenario, do you think Bitcoin will become the currency of the world?

What's your opinion? Your input would be greatly appreciated. Thanks.

People in my country don't trust bank till this day because after the fall of soviet union, every bank till 21th century ended up scamming people. For that reason, local population not only doesn't trust banks but they don't trust local currency too. I don't know if it's wrong but our people trust USD and EURO while almost everyone on this forum complains how these currencies will fall.

Quote from: shanhaigamefi on July 09, 2024, 09:30:06 AM

In the event of such a crisis, whether Bitcoin could emerge as a global currency would depend on several factors:

Trust and Adoption: Bitcoin's adoption as a global currency would hinge on whether people and institutions trust it as a reliable store of value and medium of exchange.

Infrastructure and Scalability: Bitcoin's current scalability limitations would need to be addressed to handle global transaction volumes effectively.

Regulatory Environment: Governments and regulatory bodies would play a crucial role in shaping the legal framework and acceptance of Bitcoin as a mainstream currency.

Market Dynamics: The stability of Bitcoin's price and its ability to withstand market volatility would influence its adoption as a widely used currency.

while Bitcoin offers decentralized control and limited supply, its volatility and current adoption primarily as a speculative asset pose significant challenges to becoming a universally accepted currency.

Bitcoin can't become a global currency because it won't be able to handle the number of transactions that will happen if it gets used globally. Bitcoin with its current block size can only confirm up to a million transactions per day. Also, governments won't accept it because they aren't the ones who mine Bitcoin and own Bitcoin. It's also very unstable, it's not a currency meant to take the place of the USD.