Bitcoin has the potential to reshape global payments by offering faster, borderless transactions with lower fees compared to traditional banking systems. As more businesses and countries like El Salvador adopt Bitcoin, its role in international payments could grow. However, challenges such as regulatory uncertainty, volatility, and scalability need to be addressed. While it's not yet ready to fully replace traditional currencies, Bitcoin could become a viable option for cross-border payments and financial inclusion in the future.
What are your thoughts? comment below!!!
Bitcoin has all characteristics to become a viable option for cross border payment. However, Bitcoin will never become one. The reason is not due to the inefficiencies within the Bitcoin system, but it's more of the decisions of the transacting countries. The majority of the international trade is dominated by USD. While the scenario is changing slowly, US will never want Bitcoin to replace USD.
That's why I don't see Bitcoin becoming a viable option for international trade anytime soon.