Will Bitcoin be the one world currency? This debatable topic maybe simple to some but serious to others specially to Christians.
As a Christian myself, I am fascinated what would be the one world currency that will rule the world as written down in the Bible. If I include my trading experience and my personal religious belief, here is my take:
During the early years of Bitcoin which started in 2009, I firmly believed back then that Bitcoin(BTC) is already the new world currency because anybody, regardless of race and creed, can own this coin. However, as blockchain technology develop these days, I see Bitcoin less and less relevant to be suitable as the standard world currency.
Why Bitcoin is not the One World Currency
- Limited Scaling Capability. Bitcoin can only handle an average of 7 transactions per second. Imagine the whole world simultaneously using this coin with 7tps, It will take a transaction many hours to process. This is frustrating right? There are some scaling solutions to bitcoin, one of which is the lightning network, this technology however is long way to go, before you knew it, some blockchain ecosystem already solved this problem.
- You can’t deploy a technology on top of Bitcoin. The use of this Bitcoin is limited, deploying new technological use on top of a blockchain is a must. This is what Ethereum Blockchain is doing, you can use Ethereum to build an application or smart contracts for businesses.
- Not Appealing to Everybody. This coin is very volatile, the price action fluctuates drastically from time to time, You will earn a lot or loose a lot. It is not an investing tool for the faint-hearted. Also, it is not a good tool for mass adoption because the price of every transaction is very expensive. People will always choose cheaper alternative.
I do believe Bitcoin is not the one world currency as I mentioned my points above. However, It is a coin that triggers awareness to develop a better blockchain which is stable, cheaper, multi-functional and can be used by ordinary people.
Watch out for Facebook Libra and other similar coins that are being developed by huge tech companies backed by huge banks and venture capitalists. These entities have an impact to create a one world currency.