Bitcoin is now the 6th largest world currency

Cooper

New member
Circulating Supply

USD - $1.5 Trillion

EUR - $1.38 Trillion

CNY - $1.15 Trillion (8 Trillion CNY Units)

JPY - $1 Trillion (106 Trillion JPY Units)

INR - $425 Billion (31 Trillion INR Units)

BTC - $216.5 Billion (18.48 Million Units at value of $11722)

This data has been made in comparison of the bitcoin market circulation against the M0 money supply of fiat currencies.

What is M0 money supply?

Total value of bank notes, coins, and all substitute that can be converted to cash. The M0 value is commonly termed as narrow money.

Source : Decrypt
 

Calvin

Member
I am not sure if Bitcoin really fits into this category, and whether the measurement which is applicable to these fiat currencies is also applicable to Bitcoin.

First and foremost, Bitcoin has been thriving not as a currency but simply as an asset which people would hardly even spend.

And since the price fluctuations of Bitcoin are rather huge, its volatility very high, BTC's rank will change dramatically over a very short period of time. As a matter of fact, if Bitcoin is ranked 6th according this post, it probably ranks much lower now since it had just shed around $26 billion in a matter of hours.
 

Ivan

Member
You could only classify Bitcoin if it has that kind of price in USD. It would be very different if it has a lower value, which we don't want, of course. But in all honesty, it's not directly correlated to the amount of circulating like the other ones. There's a difference, for sure. What I'm curious about is how it would affect the entire world, and in what way? I'm hoping for a positive impact on those people learning about Crypto.
 

Kaiden

Member
I think it is necessary to include gold and silver in this ranking. Any ranking that compares Bitcoin to money needs to include them. This strengthens the idea that Bitcoin is also an excellent store of value. I did some research and it looks like he was 8 last year.

https://bitcoinist.com/bitcoin-russia-monetary-base/

In addition it is the easiest asset to know how many were issued, anyone can easily consult this information. And it is the only one that we are sure is impossible to clone.
 

Stone

Member
Forever and how long this growth lasted itself being bigger than initially offered speculation info. Top results lead on a time for more. I can't really think it would limit offense because mining technology is something moved to extra evolved focus. In means there already can.

Imagine decision improvements precise on course growth. All bitcoin is now could set changes for what bitcoin gets to become. Nobody has seen economy interactions besides just at using a typical wallet surprise story. Back where time counted different than now things; develop as anticipated as long as used build relates. I'm with significant belief that other coins measure.
 

Giovanni

Member
in the order of the largest currencies, I feel bitcoin is not worthy of being juxtaposed with them, because we know that many people oppose bitcoin not as a digital currency or as a means of payment like other currencies, but if this is sorted as a comparison, it doesn't matter to me. and it's really a great achievement bitcoin can prove to the world
 

Jesus

Member
in the order of the largest currencies, I feel bitcoin is not worthy of being juxtaposed with them, because we know that many people oppose bitcoin not as a digital currency or as a means of payment like other currencies, but if this is sorted as a comparison, it doesn't matter to me. and it's really a great achievement bitcoin can prove to the world
This is a very subjective opinion. BTC is indeed a digital currency by means of how we use it and the name imply itself as coin. I believe that group of person that saying BTC is not a digital currency is in denial state of mind. BTC is not same as gold because we don’t used gold as payment for our transaction while on the other hand, BTC does.

We are on 2020 and let’s just stop making things complicated AF.
 

Cole

Member
I think it is necessary to include gold and silver in this ranking. Any ranking that compares Bitcoin to money needs to include them. This strengthens the idea that Bitcoin is also an excellent store of value.
While I agree that it's more accurate for bitcoin to be compared to gold, the topic is about comparing bitcoin to other currencies though(obviously gold is not a currency), not necessarily other assets in general.
 

Ashton

Member
I am not sure if Bitcoin really fits into this category, and whether the measurement which is applicable to these fiat currencies is also applicable to Bitcoin.

First and foremost, Bitcoin has been thriving not as a currency but simply as an asset which people would hardly even spend.

And since the price fluctuations of Bitcoin are rather huge, its volatility very high, BTC's rank will change dramatically over a very short period of time. As a matter of fact, if Bitcoin is ranked 6th according this post, it probably ranks much lower now since it had just shed around $26 billion in a matter of hours.
Yeah, this point is thinkable. Let us not forget this comparison is also between centralised Vs. decentralised assets and thus would be unfair to do so in the first place.
It's like we are comparing the military zone with the democratic zone thus making one very stringent in terms of valuation and another almost unpredictable at any given time.

May be we could just categorise it as world's costly asset by it's per unit value.
 

Juan

Member
1.The current Bitcoin price is 10,300 USD,not 11,722 USD.
2.You are comparing the circulating supply of fiat currencies with the total market cap of Bitcoin,which is kinda wrong.You have to compare the circulating supply of BTC,which is a different category than the market cap,because lots of Bitcoin are just sitting in the wallets of BTC HODLers and they are not used in the BTC market circulation.
 

Jair

Member
You could only classify Bitcoin if it has that kind of price in USD. It would be very different if it has a lower value, which we don't want, of course. But in all honesty, it's not directly correlated to the amount of circulating like the other ones. There's a difference, for sure. What I'm curious about is how it would affect the entire world, and in what way? I'm hoping for a positive impact on those people learning about Crypto.
No one expected for bitcoin to go this far because it is really progressive and still in the process of development.

Bitcoin's price can affect the market and the economy due to its existence as an asset for investments.

It can still be developed and become more than that. We never know, maybe someday bitcoin will become the 1st largest currency in the future. If it becomes the 6th based on your sources and post, it means that it has a lot of potential to exceed that. That's why as soon as possible invest into it.
 

Diego

Member
I am not surprised because bitcoin is a currency from the its users coming from around the world. So, there is a volume of users and this is what i think made bitcoin as one of the larget currency now. However, its value is more volatile compared to other currency. The bitcoin definition too is yet so confusing because it is a currency somehow others perception for bitcoin is a investment where they could earn the from it. Whatever it may be as long as that we were benefited by the technology then that would be fine for me. I hope bitcoin will going to get more users to see more news like this.
 

Maxwell

Member
I see really positive that Bitcoin is included in the category of coins based on Circulation Supply.
So it is a due inclusion of the volume of circulation of the bitcoin community. Good for Bitcoin and for everything we believe in. It never ceases to thrill me, it is an achievement.
 

Kingston

Member
I am not sure if Bitcoin really fits into this category, and whether the measurement which is applicable to these fiat currencies is also applicable to Bitcoin.

First and foremost, Bitcoin has been thriving not as a currency but simply as an asset which people would hardly even spend.

And since the price fluctuations of Bitcoin are rather huge, its volatility very high, BTC's rank will change dramatically over a very short period of time. As a matter of fact, if Bitcoin is ranked 6th according this post, it probably ranks much lower now since it had just shed around $26 billion in a matter of hours.
I agree with the bitcoin volatility in the marketprice as a world currency bitcoin doesn't really fit in the category, It's more like of an investment thing other than a currency that we use in spending and transactions, etc.

Still, there is no doubt that bitcoin is already huge with a $216.5 Billion but still could change as time goes by. A lot of people would believe the bitcoin becoming the world's number one currency and its a great time seeing bitcoin climbing its way to the top even if it is still not suitable for number 1. The progress and process are needed, something could happen in the way as bitcoin adaptation around the world continues.

I'm not really surprise if bitcoin reaches top 1 soon since we are all expecting it in the future.
 

Ahmir

Member
First and foremost I don't think Bitcoin will be comparable to fiat. Bitcoin may be a currency as well but most of us prefer not to treat that way, for we in this community think it as an asset or investment.
Bitcoin would be more comparable to precious metals like gold which was technically an asset as well. Besides, Bitcoin was too much volatile compared to fiat thus will make it unfair.
 
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