With how popular crypto is, questions have been asked if Bitcoin as the one world currency is feasible. Will there come a time when Bitcoin, one world currency will exist?
The coming of Bitcoin opened up a ray of hope for those that were tired of centralized currencies and wanted a peer-to-peer currency that removed the nerf for a traditional financial institution.
Jack Dorsey, in 2018, made a tweet stating that in the next years, Bitcoin as a global currency will happen. His tweet stated, “The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be Bitcoin.” He also added that “probably over 10 years, but it could go faster.”
Why was Jack Dorsey sure about this in 2018?
Why Bitcoin One World Currency Is Possible?
Countries with devalued fiat currencies like Venezuela and Nigeria are converting their fiat to Bitcoin. The Nigerian government noticed this and placed a ban in its country to prevent citizens from adopting Bitcoin, but it did not stop them. Banning it only stirred up the desire in people to purchase it. Other countries like China and India have similar bans in their country, but that is not slowing the massive adoption of Bitcoin. Why are more and more people embracing this technology?
• Bitcoin is decentralized
The centralized financial system comes with incredible issues. It is easy for a traditional bank account to be closed and the funds end up being frozen without any notice to the client. A centralized financial organization can come up with frivolous rules without caring about the interests of its clients. Bitcoin is decentralized, meaning that the aforementioned is not possible.
• Easy cross border payments
Transferring funds from one country to another can be a Herculean task if a traditional financial institution is used. The red tapes will frustrate the process, but that can’t be said for Bitcoin. Bitcoin transactions are near-instantaneous.
• Bitcoin offers anonymity
People crave anonymity and are ready to do anything to have it. This is one of the reasons that anonymous social networks like Status are the rave of the town. Bitcoin offers users the anonymity they crave.
• Bitcoin as the one world main currency is possible because of its innovative blockchain technology. Blockchain is the underlying technology for awesome innovations, and Eddie Hughes, a UK politician stated that using the technology will save the UK over £8 billion a year.
• Notable companies like PayPal and Microsoft are accepting Bitcoin, thereby offering it some legitimacy. The argument for Bitcoin as a global currency is massive, as other innovative reasons are surrounding it like near-instantaneous payments, removes issues like defaults and much more.
Conclusion
One can’t say for sure if Bitcoin will be the single universal currency in the future, but there are signs to show that massive adoption will continue. It has been noticed that as centralized governments find its adoption, it spreads deeper into the minds and possession of people.