Is Bitcoin becoming a World Currency

On the 31 November 2008, just as we found ourselves part of a financial crisis that would impact the world negatively, a white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” by Satoshi Nakamoto was uploaded onto a blogging site on the internet.  The paper detailed a way to use a peer to peer network to generate “a system for electronic transactions without relying on trust”.  And so, the Internet of Money was  born.

Release of the first open source Bitcoin client was completed on 3 January 2009 and a few days later on 12 January, the first transaction was completed between Satoshi Nakamoto and Hal Finney.

Did these two people realize then that Bitcoin could become a world currency?  Surely they did.

Firstly, what is the definition of a World Currency?  “An alternative definition of a world or global currency refers to a hypothetical single global currency or supercurrency, as the proposed terra or the DEY (acronym for Dollar Euro Yen),  produced and supported by a central bank which is used for all transactions around the world, regardless of the nationality of the entities (individuals, corporations, governments, or other organizations) involved in the transaction. No such official currency currently exists.” Wikipedia

Let’s look at Bitcoin’s attributes:-

Bitcoin as an investment – The the last 5 years and if the current price is set at $830, Bitcoin would have grown by 12,520% – An excellent investment, the numbers speak for themselves.   As we are aware, Bitcoin price fluctuations do occur however, by following a simple and well known investing method called Dollar-Cost Averaging (DCA), investors can protect themselves against fluctuations and downside risk.  This suits investors who wish to take the emotion out of investing in Bitcoin as they are in it for long term.

Bitcoin as a safe haven –  Geo Political issues around the world are causing investors to look for alternatives.  Bitcoin has been on the receiving end of much publicity from mainstream media as the Bitcoin price grew by 133% during 2016 and almost doubled in 2015 – reported as the best performing currency in the world.  Bitcoin Is an Escapist Safe Haven

Bitcoin as electronic cash – There is a war on cash underway and demonetization will have the domino effect as more countries move towards a cash-less society.  India started the demonetization process by targeting 86% of their cash, the 500 and 1000 rupee, from November to December 2016, plunging the country into chaos.  Venezuela, also embarking on a demonetization process as their FIAT currency lost more than 45% in one month.  Both India and Venezuela have shown dramatic increases in Bitcoin adoption – Copycat Currency: Venezuela Follows India into National Demonetization 

Bitcoin is a natural hedge again FIAT currency inflation – all government controlled currencies devalue over time, the printing machines are well oiled.  Even the strong USD devalues and in 2016, the GBP (Pound) dropped to a 31 year low after the unexpected BREXIT vote.  Will the Euro survive the BREXIT aftermath?  The Yuan continues to struggle forcing Chinese investors to look at alternative investments outside their country, causing the Chinese government to implement new capital flight laws curbing spending.  Hedge against inflation with Bitcoin

Bitcoin has no borders – Bitcoin is a fast and inexpensive way to move money around the world outside of the banking system -Movement of FIAT currency nationally or internationally is costly as well as time consuming.  Bitcoin can be transferred globally from a matter of minutes.

Bitcoin is accessible –  Bitcoin is a democratic, decentralized payment system dependent on internet connectivity, smartphones or computers.  There are over 2 billion adults world wide who do not have access to a bank account – Bitcoin does not discriminate and everyone can get involved.

In 2011, the Vatican called for a World Bank 

What is your opinion?  Will Central Banks accept Bitcoin as a new World Currency?  For now we know that Bitcoin is the People’s Currency and statistics show that consumer, investor and institutional adoption is growing daily.  Read this article on Bitcoin is Becoming a De Facto World Currency

Before investing in Bitcoin, ensure you educate yourself.  Here is a series of frequently asked questions and answers:-

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