The answer to the question of whether bitcoin can become a global currency is definitely No. I will give you a detailed answer from four aspects.

First of all, the price of bitcoin fluctuates too violently. Since its birth in 2009, the price of bitcoin has been fluctuating violently for 14 years. Let's not talk about the past, let's say that there has been a sharp rise since January 2021. Until recently, it once again broke through a new high and reached a commanding high of $60000. Although the price has been rising, it is also accompanied by violent fluctuations. We can imagine such a drastic fluctuation, and its fluctuation is not on a monthly basis, but on a daily basis. In this case, who dares to use it as a means of payment? No business will accept it.

And for the moment, for the vast majority of people, when it comes to bitcoin, the first thing they think about is how much it's worth? Up or down? As long as this idea is concerned, bitcoin is obviously not treated as a credit cryptocurrency. That is to say, the monetary attribute of bitcoin has decreased significantly. On the contrary, the virtual commodity attribute of bitcoin has increased significantly. In this case, bitcoin has lost the possibility of becoming a currency.

The second point is that bitcoin is designed according to the idea of decentralization. In fact, its original intention is to fight against the country's currency over issuance. But because it is decentralized, that is to say, bitcoin has no issuing agency or regulatory agency. Everyone can dig it, and they don't know who issued it.

In this way, the risk is very high. The various local currencies we use now are issued by the central banks of various countries, and there are clear regulatory agencies and national credit endorsements. This makes the trading and payment channels of local currencies very extensive in various economic activities, which bitcoin obviously does not have,

Some countries can issue local currency through credit endorsement, and also regulate economic activities by issuing local currency. They can issue more or less, and then carry out corresponding regulation on the economy, so that the economy can develop more smoothly. However, this ability is obviously not possessed by bitcoin.

In fact, bitcoin itself does not have such a transaction function, so does the payment function. Bitcoin can't regulate the economy at all. Once there is no problem of using bitcoin as a payment center, and you don't know who can use bitcoin as a payment center? This kind of point-to-point trading mode obviously depends on self-consciousness.

The emergence of bitcoin is a kind of technology. As long as it is a technology, it will inevitably have defects. Now there are various kinds of rogue software for bitcoin. For example, like a rogue software, you can lock the account of bitcoin as long as you download it. In this way, if you want to unlock it, you have to transfer money to those criminals. In fact, unconsciously, you become helping them We are miners. The problem of security can not be avoided or solved at all. How can we talk about trust and consensus?

The third is that there is an upper limit on the number of bitcoins. According to the mining algorithm, bitcoins will reach the upper limit of 21 million by 2040, which will take at least 100 years to reach. It is obviously not enough to cover such a huge global economic activity.

If the circulation of a currency is relatively small, what will happen? That's the two hurdles that bitcoin can't get around at the beginning of my article: deflation.

To a certain extent, the harm of deflation is more terrible than that of inflation, because it will make a country's economy lose vitality gradually. You can think about it. Even a country is like this. If it is basically catastrophic to the whole world, it will lead to the loss of vitality, stagnation and even retrogression of the whole global economy.

Therefore, if the number of bitcoin is small, it will not be regarded as currency, but as a kind of rare commodity - "qutun"

In other words, in addition to hype, bitcoin also has a way of hoarding. In fact, the current situation is more obvious. A considerable amount of bitcoin is actually in the hands of a few people and institutions. This situation also makes the circulation of bitcoin itself very low, just like the Current hype. In fact, it has completely deviated from the original monetary attribute.

Finally, in fact, there are many competitors for bitcoin. Today's virtual cryptocurrency is not bitcoin. There are thousands of them all over the world. Bitcoin is just the first one to be known to everyone at the beginning.

In fact, these later virtual cryptocurrencies are better than bitcoin in all aspects of capability and design. Because these virtual currencies have learned from the previous experience of bitcoin, they have stronger functions and better privacy. For example, it is more flexible in terms of transaction and payment, and can support smart contracts.

In this case, competitors are more capable. So why can only bitcoin become a global currency, while other more perfect cryptocurrencies can't? This topic has its own problems.

Therefore, it is obviously impossible to replace bitcoin as legal currency. Although bitcoin can not become a global currency, the idea of bitcoin, including its design and technology, has been gradually accepted by everyone. Otherwise, there will not be so many followers, let alone thousands of encrypted currencies.

(2021-3-22)