Is bitcoin a global currency?

[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.

[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'