FX.co ★ Why bitcoin will never become a Why bitcoin will never become a "world reserve currency" and a universal means of payment.

As bitcoin gained popularity all over the world, new and new arguments appeared in favor of the fact that sooner or later the cryptocurrency would conquer the whole world. Recall that bitcoin was created as a means of payment on the Internet, and not an investment tool or a hedging tool. It was supposed to be a system independent of banks, inflation, and fiat money. But in practice, the opposite effect was achieved. It is unlikely that now every ordinary person has a pair of coins of any cryptocurrency in his crypto wallet. But almost everyone has a couple of hundred dollars under their pillow. Thus, bitcoin has become an investment tool for the rich, so to speak. Millionaires, billionaires, investors, large companies, and other players in this huge market simply felt that a new tool had appeared with which they could earn money. And a new game began. This game is interesting, and exciting, but no different from the forex game, from the stock market game. The principles of the market are the same. Therefore, bitcoin now performs a very specific function and there is no need to attribute anything superfluous to it.

It will never become a global means of payment. Such as the US dollar. For this to happen, all people in the world, or at least the absolute majority, must completely undergo "digitalization". They need to be forced to buy cryptocurrencies and explain why their use is more profitable than using fiat money. And now try to explain how the use of volatile cryptocurrencies can be better if their rate jumps in different directions every day? No matter how weak the Russian ruble or the Ukrainian hryvnia is, they still do not get cheaper by 10% per day (unless you take absolutely force majeure situations). In addition, they are backed by central banks, which at least have the ability to stabilize the monetary unit. And in the case of cryptocurrencies, no one will stabilize them, since they are decentralized. So imagine that today you received 0.001 bitcoin of salary, and tomorrow it fell by 50% because somewhere in America, Elon Musk decided not to sell Tesla electric cars for bitcoins and announced this on his Twitter. That is, bitcoin is still used in settlements by people who do not want to "shine" in front of regulatory authorities. And these are illegal operations, "gray schemes".

It's completely ridiculous to hear about the world reserve currency. Imagine a situation in which the Central Bank of the Russian Federation has 1000 bitcoins in reserves and this asset is not secured by anything, it can become worthless at any moment, hackers can steal it, and no one knows what will happen to the bitcoin network in 20 years. Who needs such reserves? You can also think about the fact that there has always been a government at the head of the state, the people, and the community, which wanted to control everything. Does anyone think that bitcoin will be beyond the control of governments and will not be "banned" at the same time? Rather, exactly the opposite. China has already shown how easy and simple it is to do this. Why does it need a currency on its territory that cannot be tracked? Therefore, the recommendation is: when you hear another crazy forecast for the "bitcoin", try to soberly assess the situation. Bitcoin can grow to $ 100,000, but this does not mean that in 50 years everyone will forget about fiat, Visa and Mastercard companies will go into oblivion, and central banks will close, since they will have nothing to control - there will be only decentralized bitcoin and its brothers everywhere.