Bitcoin Q&A: Will bitcoin become the world's reserve currency?

The big problem for btc as a worldwide currency is that because it is mined, every Bitcoin transaction uses ~950kwh of electricity. That makes it unfeasable to use as a large scale payment system. Visa can process up to 50,000 transactions per second. Bitcoin 7 per second. Imagine how much electricity would be needed for btc to process 50,000 transactions per second. Then there is the issue of high fees which become more expensive as btc price increases. Also the halving which is happening next year will also increase mining difficulty which will make it even more expensive to process a btc transaction. This is why a Proof of Work coin like Btc, BCH, Ltc etc will never be used as large scale payment system. That is the reality. Attempted solutions like lightning network will not fix what is a design flaw in btc. It was never meant to scale.

Gold is horrible in medium of exchange , it’s store of value same with BTC. USD just like altcoins/stablecoins will act like 2nd layer in the modern economies. Lighting network will only take off with micropayment adoption, speed is relevant in the world of Visas and Alipay

BTC priced in fiat will always be inflationary bc of limited supply so ppl will always hoard it so not good use of median of exchange

Its the peoples reserved currency. If you choose it.

A Cryptocurrency will be, whether it will be an existing Altcoin or a new coin but I don't think Bitcoin

All Bitcoin needs is a decent 2nd layer (NOT the lightning network) for it to be a perfectly viable method of payment. The problem which needs to be solved is moving bitcoin off the bitcoin blockchain and "holding" it on this 2nd-layer network where it can be moved around much faster with comparable security, but may be moved back to the bitcoin blockchain if need be. This "back and forth" ability will allow it to retain it's value.

Bitcoin on this 2nd layer network will still be worth slightly less than bitcoin on the 1st layer, because of fees and the any unknown security issues. But it will be as good as bitcoin. Rest assured, this new 2nd layer will be provably secure, have it's own address format, and popular wallets will seamlessly be able to send bitcoin between it and the base blockchain with 100% freedom. NO PAYMENT CHANNELS NEEDED

 Things wrong with the lightning network:
1. You need to be online to receive a payment (in my opinion this just makes it useless… even with banks you can receive cash if you're offline)
2. You need to lock up money in payment channels in order to join the network. This means you can't receive a large amount of bitcoin unless you join sufficiently
well-funded channels, AKA BANKS

These 2 flaws are enough to make it 100% useless.

But mark my words…. a real 2nd layer solution will arise which is not plagued by these crippling deficiencies.

crushed it as usual. Use the best thing at the time for the application you need or are using at the given time. Bitcoin extremists are crazy.

Thank you for the content

What matters is which coin is the most reliable, fast, secure, private, etc. This will create competition in the form of alternative currencies.

If Coin A has all these abilities and Coin B has exactly the same abilities, then why use Coin B?
Well, because it has the same abilities. People are not going to store all of their net worth in one coin because in essence that is not reliable and secure.

Mankind will always tend to centralize. Look at gold. It’s universal.

We need to call bitcoin “Satoshi’s” to socialize divisibility.

In the years to come the world will see the biggest wealth transfer to cryptos, if regulation is coming into place it means that potentially crypto currencies will gain value

Some interesting philosophies and comparisons for sure.

Bitcoin will surpass gold and will be reserve currency. Only BTC not many alts

bitcoin fractional lending hmmm ideas

Bitcoin is a Universal Financial Tool! 😉

Gresham's Law says 'hi'. It's way better to hold onto the bitcoin than to spend it that's why the first wave of merchant adoption failed a few years ago, people didn't want to spend their bitcoin. Hodler's phenomenom is basically Gresham's Law in action. I agree with Andreas' stance that there will be more than one.

I know the answer. The answer is no.

Bitcoin is dead..

Wow. For the first time ever, I find myself disagreeing with Andreas Antonopoulos. O_O

The idea of one currency by coercion is a thing of the past. The idea of one currency by market choice, however, is actually a very possible future. It's unfair to compare decentralized, immutable, censorship resistant, anti-fragile, sound currency with one's favorite food. If all such currencies were equal in every way except price, maybe I could accept such a comparison. But not all currencies are decentralized (I know of only one that really has no leader), not all are immutable (I know of only one which couldn't be altered, even with some of the wealthiest and most powerful people trying), not all are censorship resistant (I know of only one), not all are anti-fragile (seriously, are there any others besides Bitcoin?), and not all are sound money built on principles of Austrian economics (okay, I do know of a few with this quality, including Bitcoin). The market will decide (and is deciding!) which currency/currencies will be the most prominent, or even the world's monetary standard. And whichever one(s) has all the above qualities, is the most secure, the most convenient to use (just like speaking the same language for information, speaking the same language for value is much more convenient than speaking different languages!), and the most viable economically, will be the one to forever win over all the others.

But, of course, I could be wrong, and I'm fine with that. Time (and the market) will tell!

Why reinvent the monetary wheel with redoubtable crypto when there is already a perfect system available plus the infrastructure to handle it, such as agricultural produce, more specific, organic wheat ? It's accepted/needed worldwide, it's impossible to forge, it's stable, it's unlimited unlike gold, it's sustainable, it's very hard to steal and you can eat it ! There goes the whole FOREX freeloading scheme too… and we're closer to a workable stable monetary system worldwide, because wheat cultivation does not ruin the Earth as gold digging does.

That means farmers will become like the Reserve Bank that supply the ~real value money~ to the economy for trading. Why would grains be a superior money ? Because it only lasts maybe seven years in unsealed storage, a characteristic absent in FED promissory notes that outlast farm produce… a highly suspect concept. In a world where all commodities deteriorate with time except fake FED currency !

Of course we're looking at a wholly different market dynamics once money deteriorates pro rata. But we need to change direction drastically, not only a small course adjustment !

The switching cost between Google search and any other search engine has almost zero cost. And many of them works nearly just as well. Yet Google still hold the top spot by a large margin. Same is true for various softwares… MS Word, etc. Yes there will be more than just ONE, but the question is how important will they be? Will the "matter"? Will they change the world? OK. So they will be like stamp collecting and various other things.

Is this your argument for not getting married and being faithful ro a currency? I want a buffet but my lady doesn't see it that way! ??

It will become the world's reserve digital currency.
Litecoin, Ethereum, etc. will eventually be priced in Bitcoin, as the dollar fades into the night
The world will move back to a Gold Standard in the years to come, replacing the USD
Major transactions in GOld may be stored and verified on Bitcoin's blockchain until Gold gets it's own blockchain

I am so glad, you touched on this topic FINALLY!!

By everyone being able to make a choice when it comes to which currency you use is a right. I agree with him.

This is the first time that I’ve heard him say something I really disagree with. More value will accumulate on one chain and bring the network effects and security with it.

We aren’t going back to a barter system of coins. We are going to globally use the best money ever created, bitcoin.

Smashed the like

He shilled CME listing.. rekt a lot of people

andre check out this amazing 10 year bitcoin song its nice. https://www.youtube.com/watch?v=QE4uIBjfQQo

This is the first video of Andreas I disliked!

use volume and size to the point where it reduces volatility , and all of this on that tiny block this is becoming laughable , btc has become a joke.

satoshi did not say in 20 yrs we will have big volume or none withpout reason.

bitcoin is a system that has to pay for its security through txn fee.

Lift your hands who like exorbitant fees?

if you do you are in the right place keep drinking the cool aid

for the rest we will try one of the forks sticking to the economic model trying to become self sustainable with low fees that don't deter users
growing adoption means getting more users

not cycling old ones out and new suckers in

I think the future will have both of the worlds. Yes, there will be many coins but they will be two-way pegged to bitcoin. If you want to create altcoin you have to lock the real value, i.e bitcoin, not create it without work.

Nope

How does Andreas only have 163K subs?!

Thank you Andre, I think both will stay Crypto and Fiat…The govts around the world may try to adopt many Crypto features though not all….and Best Crypto probably BTC might most of the time outcompete the Fiat features, it could become alternate store of value.

BTC AND LTC!!!⚡⚡⚡

Good Question, Great Answer.

Microsoft is the largest company in the world.

Monero FTW

I agree, this makes perfect sense

yes 1000s of competing currencies sounds exciting

I feel like food is a poor analogy for money. The only reason someone would switch currency was if it was absolutely necessary.

Reality is…Every Grandfather Dies
Better Ideas are already being Developed…
Remember…This Is The Internet Of Things To Come @@
Hold That Statement As A True Statement…And Wealth Will Become Your Future 🙂
Remember…Hyperwave Theory Works in ALL Markets

No

Microsoft isn't doing too bad. :>)