Is bitcoin a global currency?

[Beet]

"There is no such thing as a global anthem, a global currency or a global flag," Trump said to great applause from thousands of conservatives.

While Trump is absolutely correct with respect to an anthem and flag, I believe cryptocurrencies make him wrong on currency. Bitcoin is effectively a global currency. That is one of the things I have always liked about it. It's too bad the creator could not figure out a solution to deflationary bias. But it may well be remembered as a pioneer.

[Sword]

I'd say it's a global currency in the sense that it's not tethered to any government on earth.

[World politics is up Schmitt creek]

It might be a global currency if normal people used it.

[FEMA Camp Administrator]

More important: is this a question that needs asking?

[Flameoguy]

It might be a global currency if normal people used it.

Agreed. Without widespread adoption, how is Bitcoin supposed to be 'global'?

[Kingpoleon]

I concur with the above. I hope to see a Bitcoin-like alternative emerge with the support of either the United Nations and/or the World Bank and/or the World Trade Organization.

[Beet]

It might be a global currency if normal people used it.

Agreed. Without widespread adoption, how is Bitcoin supposed to be 'global'?

It is not limited by borders or national governments.

[Tintrlvr]

No, but the United Nations has both an anthem and a flag, so your post is literally 100% incorrect.

[Tintrlvr]

No, but the United Nations has both an anthem and a flag, so your post is literally 100% incorrect.

That was a quote from Trump.

You agreed that there was neither a global anthem nor a global flag.

You must be logged in to read this quote.

[Beet]

No, but the United Nations has both an anthem and a flag, so your post is literally 100% incorrect.

That was a quote from Trump.

You agreed that there was neither a global anthem nor a global flag.

You must be logged in to read this quote.

The UN is meaningless.

[Tintrlvr]

No, but the United Nations has both an anthem and a flag, so your post is literally 100% incorrect.

That was a quote from Trump.

You agreed that there was neither a global anthem nor a global flag.

You must be logged in to read this quote.

The UN is meaningless.

So edgy.

[Kingpoleon]

No, but the United Nations has both an anthem and a flag, so your post is literally 100% incorrect.

That was a quote from Trump.

You agreed that there was neither a global anthem nor a global flag.

You must be logged in to read this quote.

The UN is meaningless.

>is wrong
>immediately shifts argument

[True Federalist (진정한 연방 주의자)]

Certainly not to the extent the US dollar is. Save in a few marginal places such as North Korea, you'll find at most minor difficulty spending US currency. Bitcoin is a specialist medium of exchange with a built-in infrastructure limitation that will prevent it ever seeing widespread use. The blockchain that provides bitcoins their anonymity and decentralized nature can't handle even a mere million transactions per day. Even the modest yet controversial efforts to improve throughput won't make it capable of handling the billions of daily transactions that would be needed to make it a real global currency.

It's possible that a future digital currency could solve the problems Bitcoin inherently has, but I'm skeptical. Bitcoin makes some sense for its niche market, but a digital currency that solves the problems that prevent it ever seeing widespread use would cause it to lose its luster to the miners that make the Bitcoin network possible.

[TeePee4Prez]

It's what baseball cards were in the late 1980s and early 1990s.  No.

[Young Conservative]

It is more like a commodity.

[vanguard96]

It's a currency many people recognize worldwide - just because it is not an official fiat currency of a nation state does not mean it is not recognized.

Furthermore, in cases of countries with hyperinflation such as Venezuela and sub-Saharan Africa they are a valuable means of exchange where the local currency has failed to hold value.

Of course its current lofty status depends on the market's current structure. It is unsurprising that places like China have reacted negatively to it in certain aspects. I like the idea of a currency operating outside the IMF/World Bank system even if it depends on the establishment framework for a good deal of its valuation, enforcement, and justification. I think it and cryptocurrencies in general will see a good deal of further growth and innovation. Overall they fit in well a mixed basket with certain oft-traded currencies like USD, EUR, GBP, SGD, HKD, and precious metals. I would not preclude them from the future sophisticated global market.

[vanguard96]

I concur with the above. I hope to see a Bitcoin-like alternative emerge with the support of either the United Nations and/or the World Bank and/or the World Trade Organization.

That sort of defeats part of the purpose behind it by wrapping it up in the auspices of the global elitist system.

[bagelman]

It's a global pyramid scheme

[vanguard96]

It's a global pyramid scheme

Alan Greenspan equated it to continentals and greenbacks in the Civil War era and called it fiat currency. Of course the US currency IS fiat currency - it is backed up by the trust that the US government will be around not by any value of gold. The value of the dollar has gone down 93% since 1913.

I am not 100% sold on Bitcoin - though the blockchain concept and cryptocurrencies have appealing sentiments to me.

I treat it like penny stocks. This last week BTC rose to over 7,600 per 1 Bitcoin, fell to under 5,700 last weekend and now is back to almost 7,900 as of 5 pm (11/16). In terms of the grand scheme though it has increased in value 10x in the past year. There were some 'forks' and this caused much consternation so it was not a perfect ride for many but some were making money off it as a speculative tool. Others appreciated it as a means of transaction.

Ethereum had some issues with password recovery and also saw a drop.

If we're on the subject of pyramid schemes I see there is an altcoin called 'TrumpCoin'

[john1565]

"There is no such thing as a global anthem, a global currency or a global flag," Trump said to great applause from thousands of conservatives.

While Trump is absolutely correct with respect to an anthem and flag, I believe cryptocurrencies make him wrong on currency. Bitcoin is effectively a global currency. That is one of the things I have always liked about it. It's too bad the creator could not figure out a solution to deflationary bias. But it may well be remembered as a pioneer.

It's global but few countries do not allow it as far as I know.