Topic: bitcoin cannot replace currency in the world because price is not stable - page 22. (Read 13345 times)
September 09, 2017, 11:12:57 AM
Yes, it cannot replace the currency in the world but can be used as a currency in the world with the existence of other currencies. Currencies won't vanish just like popping a bubble. Bitcoin is still in its early stage. It is still developing. It cannot replace currencies which we have used a long time ago.
September 09, 2017, 10:07:49 AM
Well it can actually be a currency, in fact it is a cryptocurrency, the thing is this is a digital product. Just as other currency, it is unstable when it comes to value. But if you would think, it is like dollars and other currency who goes up and down naturally.
September 09, 2017, 09:56:16 AM
Bitcoin can not replace regular money for other reasons.
Can you imagine that some businessman use bitcoin in order to pay for some business transaction and that because of hacking, or some other problem, he loses that money.
Can he complain to his bank or the police?
Can he sue someone who controls bitcoin and is responsible for bitcoin transactions?
Big price changes are also a reason, of course.
Can you imagine that some businessman use bitcoin in order to pay for some business transaction and that because of hacking, or some other problem, he loses that money.
Can he complain to his bank or the police?
Can he sue someone who controls bitcoin and is responsible for bitcoin transactions?
Big price changes are also a reason, of course.
September 09, 2017, 09:41:16 AM
Yes it's true bitcoin cannot replace currency in the world because of its stability issue and not only that the amount of bitcoin circulating in the market is very limited that it may not sustain the increasing demand that it can take when normal currency will be gone.
September 09, 2017, 09:12:36 AM
I agree that bitcoin cannot and will not replace currency in the world not because of the price but the government acceptance and decision to stick in its country's currency. They will rather create their own cryptocurrency than use Bitcoin, this way they have more power and authority on that cryptocurrency. Bitcoin maybe best only as an alternative but not the main currency.
September 09, 2017, 08:43:31 AM
Yes,bitcoin could not replace currency.Bitcoin is a decentralized currency uncontrolled by any one and so its price is highly volatile in nature.Its price increases and decreases with variation in demand for bitcoin.But currencies are backed by governments and they ensure its value.They take necessary steps to control the price fluctuations of currencies.But bitcoin expresses its own value.More over,its supply is limited to only 21 million coins.So,there will be a huge increase in demand in future and hence price fluctuation would continue to exist.So,bitcoin would be mostly used as an investment in future and it could not replace currency.
September 09, 2017, 08:34:10 AM
Yes you're correct. That is the one reason and straggle in bitcoin to replace world currency. Bitcoin cannot replace the world currency as long as the price is not stable. But the good thing on bitcoin is simultaneously increasing it's value.
September 09, 2017, 07:58:59 AM
I think bitcoin can be a universal currency if it'll be introduced properly worldwide . And only be accepted by many central bank and people who will be using it. As of now its still not accepted because of its volatility and the pump and dump of its value.
September 09, 2017, 07:42:21 AM
bitcoin cannot replace currency in the world because price is not stable.
currency should be more stable.
you may reply me. currency is not stable also but you should think
USD currency price is up and down 1-2% in 1 month.
bitcoin price is up and down 20% in 1 month.
what will people think if they just change USD to bitcoin then their money down 10% in 10 minutes?
bitcoin can become stock but cannot become currency
currency should be more stable.
you may reply me. currency is not stable also but you should think
USD currency price is up and down 1-2% in 1 month.
bitcoin price is up and down 20% in 1 month.
what will people think if they just change USD to bitcoin then their money down 10% in 10 minutes?
bitcoin can become stock but cannot become currency
Actually, it is not the price stability that determines whether btc can replace fiat currencies. It is really the government and the banks that won't allow it to be a replacement to fiat simply because they cannot let crypto (which they can' control) to rule the financial world. And personally, I agree that btc can't really replace fiat because not everyone have access to btc and we're just 1% of the population who are aware that btc even exists. So I don't see how it can replace fiat in the first place.
September 09, 2017, 07:37:00 AM
In my opinion bitcoin wont be a stable currency, there might be chance but its very low because many people look at it as a way to gain profit. Just a little bit of negative news or fake news can make bitcoin value goes down.
September 09, 2017, 07:16:20 AM
bitcoin cannot replace currency in the world because price is not stable.
currency should be more stable.
you may reply me. currency is not stable also but you should think
USD currency price is up and down 1-2% in 1 month.
bitcoin price is up and down 20% in 1 month.
what will people think if they just change USD to bitcoin then their money down 10% in 10 minutes?
bitcoin can become stock but cannot become currency
Dude stock is not a currency but bitcoin is. Stock is way too different when compared to bitcoin and people compare bitcoin and stock because they are good investment options. And you cannot assure that bitcoin will replace any currency or not. Not every one thought that bitcoin will ever reach 5000$ before 2017 ends but it did,so wait and watch.currency should be more stable.
you may reply me. currency is not stable also but you should think
USD currency price is up and down 1-2% in 1 month.
bitcoin price is up and down 20% in 1 month.
what will people think if they just change USD to bitcoin then their money down 10% in 10 minutes?
bitcoin can become stock but cannot become currency
September 09, 2017, 07:14:14 AM
yes I strongly agree, in the current conditions alone is very unstable, just imagine it, especially when it later became the currency of the country, and everyone uses it as a means of exchange, certainly more chaotic
September 09, 2017, 06:58:52 AM
yeah, it is an important issue. since it hasn't a stable price value so that it will be difficult for becoming a currency in the future, currency should be stable and accepted at everywhere. not only a price value but also credibility is one of the most important factors regarding currency. so that Bitcoin has to build a credible and acceptable platform in terms of becoming a currency.
September 09, 2017, 05:10:07 AM
It's also a good explanation very simple but you can really think about it. I also agree with what you said if bitcoins dropped by 10%? Of course our money will also be reduced. So it is not possible to make a USD in exchange for sure that many people are affected. It will still be an alternative currency. But let's see that many have accepted it. we can not say the future so we go with the waves and enjoy the blessings of bitcoins.
The only reliable solution to this problem is to accept Bitcoins through a third party player, such as BitPay or Coinbase. But it presents further complexities. The buyer also needs to have an account in these payment gateways. And the signboards will be "BitPay accepted here" rather than "Bitcoin accepted here". But one advantage with this method is that the fee will be low, and independent of the Bitcoin transaction fee.
September 09, 2017, 05:01:51 AM
i agree, sellers can lose money if bitcoin price is go down. especially small business.
bitcoin is not suitable to use for daily necessities.
bitcoin cant replace real money
bitcoin is not suitable to use for daily necessities.
bitcoin cant replace real money
September 09, 2017, 03:56:03 AM
It's also a good explanation very simple but you can really think about it. I also agree with what you said if bitcoins dropped by 10%? Of course our money will also be reduced. So it is not possible to make a USD in exchange for sure that many people are affected. It will still be an alternative currency. But let's see that many have accepted it. we can not say the future so we go with the waves and enjoy the blessings of bitcoins.
September 09, 2017, 03:55:00 AM
yes I agree because if a price does not agree. then can not as a benchmark to determine the price of a good or object. so if itcoin wants to replace the current currency bitcoin, bitcoin should have a more stable thing
Stable rate with respect to what? You can't compare the exchange rate against another currency. Because the second currency may also be volatile. Comparing the purchasing power may be better. Or you can compare its exchange rate versus other assets, such as gold and platinum. But once again, this is also not a completely accurate method.
September 09, 2017, 03:52:07 AM
Bitcoin can not replace the usual currency, not only because of its unstable price, but also because it can not be used without the Internet. Poor countries almost never use it.
September 09, 2017, 03:51:10 AM
bitcoin cannot replace currency in the world because price is not stable.
currency should be more stable.
you may reply me. currency is not stable also but you should think
USD currency price is up and down 1-2% in 1 month.
bitcoin price is up and down 20% in 1 month.
what will people think if they just change USD to bitcoin then their money down 10% in 10 minutes?
bitcoin can become stock but cannot become currency
I should say that it's too early to say so since bitcoin is still in the development state even if it's going to be transformed to currency. Some day, it can become currency, at least other cryptocurrency if not bitcoin. currency should be more stable.
you may reply me. currency is not stable also but you should think
USD currency price is up and down 1-2% in 1 month.
bitcoin price is up and down 20% in 1 month.
what will people think if they just change USD to bitcoin then their money down 10% in 10 minutes?
bitcoin can become stock but cannot become currency
September 09, 2017, 03:44:09 AM
yes I agree because if a price does not agree. then can not as a benchmark to determine the price of a good or object. so if itcoin wants to replace the current currency bitcoin, bitcoin should have a more stable thing
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