Topic: Bitcoin is highly uncertain (Read 237 times)

Cryptocurrency isn't going to replace traditional currency anytime soon, not even by 2030. Nobody has come close to solving the scaling issues with decentralized currencies. The more scalable a cryptocurrency is, the closer they are to being traditional fiat. There is also the fact that governments don't want crypto to succeed and will put up every obstacle imaginable to impede its adoption. They only allow it to exist because they can force all kinds of regulation on the industry.

You have a lot to learn about Bitcoin. First I want to let you know that Bitcoin will never replace Fiat (paper money), that is not the original purpose for which Bitcoin was created.  Satoshi Nakamoto introduced Bitcoin to serve as a means of peer-to-peer payments. Its purpose was to compliment the fiat and not to compete with it. Since it's creation, Bitcoin has not only served as a means of payment but also as a form of investment because it has proven over the years to be a good store of value, it is safe to call it the digital gold. And as for general acceptance, we are gradually getting there. The percentage of people embracing Bitcoin is increasing by the day and with time, even the government who are being arrogant now will succumb.

When will people start to understand that bitcoin is not competing against fiat?., both are totally different innovations and has different usage and specialization. Bitcoin was created to tackle a problem of unnecessary government policies and infringement on people's funds. It gives people total control of their money, encourage privacy, anonymity, reduced liquidity (it increases in value compared to fiat that reduces its value over time),  transparency and investment opportunity.
Fiat solved its own problem of physical tender that you can use for immediate purchase and day to day activities. Let's be realistic here, you go to a restaurant, have a meal and you need to meet up with an appointment, you wouldn't pay with bitcoin, having in mind that it might take some time to be confirmed and sent to the receiving address, in that case, you could pay with fiat, even cash to be faster, but you can order for goods, pay with bitcoin and get your good delivered when transaction is successful.
The unique selling point of bitcoin is that you're in control of your money and government policies can't prevent you from spending your money as you wish as compared to fiat, and you can live a private life and still do your things happily without any third party involvement. Bitcoin is an alternative to fiat and not a competitor to fiat. This misconceptions are sold widely by individuals and government and its the major thing scaring people from mass adoption of bitcoin. With  proper sensitization, people will begin to see bitcoin as an asset rather than a threat.

I still do not think if it is possible for Bitcoin to be legally accepted and used by every countries in the world, even if it those, what are the chances of everyone making use of it in exchange of service. 10yrs is actually a short term frame for majority of the countries to accept as part of their currency.
Many still find the paper money very easier to use and most of our aged people are no good with Blockchain Innovation and technology and so they are more prone to making mistakes which will cost them into loosing their money.
The paper money should still retain its value as it is important to the majority, allowing those who would prefer Bitcoin as their better option base on one's choice.

I don't know if you have heard about this popular statement "change is constant". This is the only thing nature and human race have agreed on so the possibility of paper being kicked out and being replaced by digital Bitcoin is very much big and I think time is just the prime factor to that determinant. Before now the world wasn't very familiar with paper money but change and evolution came in and it accepted whether they like or not and I feel thats same thing that's gonna happen although it might take long but this adoption is very much there and before you know people view will change especially the government. My government has already changed their view and lifted a ban already implanted on restrictions of transaction between the local fiat bank and crypto transaction but it was lifted this late part of 2023 and this brings positive hope for Bitcoin users in the nation.

If your question is about the use of paper money I will tell you that its usage will drastically reduce as we move on. Digital currency although if it can’t replace paper money totally will actually subdue its usage and this is proven by the government trying to bring the CBDC or the cashless policy we are having today. The only thing that will actually prevent its total replacement to digital currency is because of factors like easy accessibility to internet to all environments if not, few People will use it again.

Even if digital currency is to be the replacement will it be bitcoin totally? I would say no because bitcoin has some features that will prevent it from becoming the only currency for payments. First is it’s limited block size, just like we have seen in recent weeks how expensive it is to pay fees for transactions imagine everyone trying to use it everyday it will be become more congested and as such be a little bit expensive for small or micro transactions. Also the limited amount of bitcoin (21 million) is a factor that has made some people treat it more as a store of value rather than an alternative means for payment

OP, you need to learn in order to know more about bitcoin and the main aim of creating it.
Paper currency is always losing value to inflation, and its mode of saving and spending is not transparent, banks are also in control of our wealth, while government in control of the currency we use generally. To bring an end or alternative to this, that was why bitcoin was created in decentralized manner in order to gives us financial freedom not to completely substitute paper currency.

All these new technologies you mentioned cannot be compared bitcoin in terms of acceptance because it has entirely different functions. Bitcoin is a digital currency that its transaction is transparent, people who are yet to adopt bitcoin did not have good knowledge about or they don't have money to invest in bitcoin, while people using AI and other technologies are using them to ease their work.

IIRC, there have been a lot of arguments about Bitcoin's future and how it will replace fiat money. I think many of us here have believed that way until we realize a lot of things. So, that's just too much optimism from us.

That's true.

A government can't just fully support Bitcoin because it is decentralized on its nature while the government doesn't favor that because they have no control over it.

Well, we don't have to complicate the situation because, in the first place, the creation of Bitcoin was not to replace paper money but just an option.
The challenge of Bitcoin adoption as a currency was due to the support of the government as these business owners can't afford to take the risk of accepting Bitcoin if not officially legalized. In the current position of a currency that seems really far from it, sad to see that only a few people have considered their Bitcoin used to buy stuff or pay bills while the majority of holders are just considering this as an investment.

I hope you are aware that bitcoin was not created to replace the traditional currency because fiat has been in existence for years. However, let us be sincere and say that bitcoin cannot replace our local currency because it is not controlled by anybody. We are the ones that will be in charge of our funds because that is what bitcoin was created for: to give us freedom while making transactions. So tell me, will the government agree with that? Nah, man, the fiat currency has existed even before the introduction of bitcoin, and it is very easy in terms of marketing, so why will people completely accept bitcoin? I don’t think it will happen.
 
However, another reason why I believe bitcoin cannot replace the local currency is not only because of the government in a country but even because of the citizens. Did you know that not all of us have access to technology or even gather knowledge on how to use an Android phone effectively? We still have many people who are successful in their businesses, and they don’t go to school, so how can these people operate when running their businesses? I believe it will be a challenge for them. And also, the government will not agree because the banks will not get any use again if bitcoin replaces our local currency.


The government continues to oppose bitcoin because they feel that if they embrace it, people will stop using local currency because of its convenience and freedom. This will lead you to believe that cryptocurrency cannot take the place of fiat money, even though bitcoin is well-known throughout the world. The primary question here, though, is: Will it displace fiat money?


Because the entire government is opposed to bitcoin, you will believe how the currency will be in the future. Because the government knows how powerful it is, allowing it to be accepted will kill fiat money. However, not only the government is opposed to the currency; some citizens are also opposed to it because they believe or are terrified of being scammed. Or, because the government is opposed to it, it must be bad for them.


The means that we've used before were accepted by the government, and the government was the one controlling those means of transaction, but bitcoin is different. However, let’s wait and see when you are talking about whether bitcoin will really take over.

Wake up from your dreams OP, because I don't think that bitcoin will ever replace paper money because the currency is not from the government and the government are the ones controlling the economy of a country and they also decide on which currency that is banned or not.

Bitcoin never came out to replace paper money but it was created to be an alternative payment method which uses p2p payment method. Due to the fact that government cannot control bitcoin and the volatile nature of bitcoin, it might make it impossible for it to take over fiat.

10 years ago a lot of people believed that in 10 years Bitcoin will replace banks and there will be mass adoption. I think it was more realistic to expect mass adoption when a lot of people still didn't know about Bitcoin, but now we see that they know and don't want it. And the idea that a lot of people will suddenly change their mind is not realistic, something needs to happen to make them do it, and what could that be? I doubt that a global economic crisis would be good for Bitcoin, looking at the past it seems like Bitcoin is among the first assets to be dumped in such scenarios.

Bitcoin and fiat can coexist. One doesn’t have to be obsolete for the other to exist. Right now, people use bitcoin as a currency in different parts of the world. The future of Bitcoin is looking good, everyday more and more people are getting into crypto. I believe when people realize the benefits of decentralization, they would flock to Bitcoin. AI technology did not receive the kind of opposition from governments, Bitcoin isn’t as mainstream as it should be because of government propaganda.

We are not replacing paper money anytime soon 🔜.

But if it rains like mad a poncho helps you.

does that mean we only will own ponchos? nope

but bitcoin has a purpose for people in many cases. it will stick around for quite a while.

OP there is no certainty in this currency called bitcoin and so is the price of it. The government cannot bank on accepting the currency just like that without having to benefit or have a say in its monetary use. They will to be some kind of monetary policies that will guide the acceptance and use of it by the citizens. If you’re thinking of how the people will use the currency when paper money is no longer in use, you don’t have to think more because paper money will never cease to exist. Bitcoin could be accepted to be used globally in the future but it won’t halt  the use of paper money at that time. Both of them can be coexisting at the same time without any cause for alarm.

The truth is that Bitcoin will not be able to drive out fiat totally even though so many people may want that. It was created by Satoshi to be an alternative medium of exchange and not a major exchange currency. While there is a desire among some for Bitcoin to become the dominant currency, governmental regulations are likely to prevent this scenario.In the future, Bitcoin may indeed rise in value, potentially surpassing precious store-of-value assets like gold. However, it will not be able to out run fiat as the government will not allow this to happen.Despite the criticisms of fiat currency, including issues with governmental and banking control, it continues to serve a vital role in the global economic landscape. Without fiat, numerous local transactions would face considerable hurdles.

Moreover, the transition to digital currencies isn't universally accessible. Many individuals may struggle to adapt to digital currencies and may lack the knowledge needed to secure them effectively. So, while Bitcoin holds promise as a unique form of value storage, its widespread adoption as a primary currency faces so many challenges that extend beyond its intrinsic qualities.

Cryptocurrencies are already playing important roles in the global financial stage. And as the year keeps going, cryptos especially Bitcoin will keep dominating and gaining more ground. An example is the spot Bitcoin ETF that might be approved next year. You might not be correct that Bitcoin is more complicated than other cryptos. Bitcoin is more predictable and stable than altcoins.    

Fiat is more popular and easy to use because it has existed for a very long time. Many people might not have access to cryptos due to infrastructural problems like lack of power or internet facilities and illiteracy. I don't think Bitcoin has the goal of replacing fiat but it will always be an alternative. I think people should always have the option of using fiat or crypto.

It's just a prediction, it's up to you if you'll believe it or not.

Bitcoin when it was still almost worthless was predicted to reach at $1000 a piece, some people doubt and look where they are now, they are just envy on those who were able to hold and acculate bitcoin that time, which at the current time are already living the life they dream of.

So to say that bitcoin will not replace traditional money in the future, maybe unlikely but it's not impossible.

Bitcoin allows us to have our own banks by owning private keys and control our coins. We don't have to rely on banks or centralized exchanges if we use non custodial wallets.

Privacy and annonymity cna be achieved with good practice like using Tor, using change address.

Bitcoin has use cases, good adoption and price is a reflection of Bitcoin value which comes from those factors. We see very solid growth of Bitcoin value since 2009 and if we look at price, yearly lowest price, see yearly candles, we will see this fact.

FOMO effect is very short lasting and does not actualky reflect value, year lowest price is more closely with Bitcoin value and its trend is up.

OP, your question has been asked many times here, how many more times do I have to say never compare Bitcoin with paper money, the logic of Bitcoin has only been around for more or less 14 years, first issued in 2009, while paper money has been used for centuries.

Moreover, Bitcoin does not exist and cannot be touched, unlike paper money, Bitcoin has a creator, but it is never known, Bitcoin is limited in creation, Bitcoin can only be used via internet services and other reasons that are not the same as paper money.

If the explanation is long, to shorten it you can read and understand this.

* Cryptocurrencies vs. paper money — these are the differences., To overcome your confusion in view of paper money and Bitcoin, no need to worry, everything you think will never happen, period.