Topic: Bitcoin replaces the money? Could happen? - page 32. (Read 86047 times)

yes that is a fact and there is no doubt about this. the fiat currency has its own importance which cannot be fill will bitcoin in present time or in near future i think then next generation will be using 40 % of of bitcoin, so we can say that even the next generation cannot ignore the importance and value of fiat currency.

No it will never happen as physical money is inevitable part of our life.but yes bitcoin may act as crucial digital currency for interchanging.
Btc will take over money only when world Literacy's  rate would be very high and that can not be possible.

yes it is possible and it can be happen but not in present time it will take a long time may be in 2030 or above. when all people will give preference to crypto currency and they will not give any value to fiat currency because their all needs can easily be fulfill by bicoin.

Correct, only government has the power to replace its paper currency to another currency and thats reality  even its citizen are  using bitcoin but its still uselss since its not allowed to their country. It would really take to much time to adopt bitcoin in many countries  because some government would see that bitcoin is a threat.

That's the truth, we must accept that, government in each country is the only one that could decide if they are going to make bitcoin replace their money, and you cannot make it all at the same time. Every country has a different perspective about the future of their money.

You cant say that easily since every country is different some are far behind   to one another in terms of technology and services, some are developed some are not. It would really takes too much time to adopt  those cards worldwide since  every countries are different especially in their  economic growth.

I am totally agree with you. Already now, for example I am and my boyfriend, we almost don't use cash. Every shop or cinema and even public transport - they all are accepting payment through the card. So paper money are already getting replaced. Today it's hard to say that exactly bitcoin replaces money, crypto currency - yes for sure. Just bitcoin is well known among others.

the only entity with the ability to replace the current old fashion fiat money is the government itself. nothing else in the world can do that.

I think it's not gonna be exactly bitcoin, but crypto currencies and financial operations through the net will replace cash and paper money one day. That is clear. That is our future.

I think that will not happen because there is no more gadgets especially those in the mountains or  the people that they cannot afford to buy gadgets and they do not even know how to use a mobile phone so they can not allowed to lose money . And when it does not disappear because the government will not allow to lose the money we use . The bitcoin maybe we can buy all we want to buy but do not lose money forever.

In the next few decades, the bitcoin or another coin such as Ethereum can be a reserve currency in the world.

In line with your thoughts I am thinking that bitcoin will be the official currency and will be accepted worldwide. But it only happens online.

Bitcoin will be the official representative of dollars in the world of Virtual currency. If you have a 100 dollars in the bank  the bank will deposit or transfer bitcoins equivalent to your 100 dollars. If you transfer your bitcoins to somebody the bank will also reduce your dollars and transfer it to that someone you sent.

To make all or most of the people accept Bitcoin it takes a long time, but I'm not sure that Bitcoin will replace the money within 10 years , because there is still a lot of Bitcoin is updated. Of course, much has changed when it happens.

Bitcoin was created as an alternative to traditional money.
I can imagine the future where BTC becomes not just the most popular, but also fully accepted alternative to fiat. And yet, it will be just an alternative.

Even in decades we will not use bitcoin to be our legal currency..
I cant imagine that it will happen in the future..

No it could happen far quicker then that, it can start tomorrow and be true by the end of the year.   I dont think it will but you underestimate the monetary velocity possible in modern economies.    We are talking years not decades though thats not unreasonable in theory I think this process began with Nixon back in the sixties and has matured plenty enough for transformation to occur now within our sight.

Im merely talking about US dollars not being a world reserve currency in the same way Sterling pound is no longer the world reserve like it was when united kingdom was the most widespread empire and most sucessful in its trading operations across a commonwealth of countries.   That is all ancient history to us now but only 100 year ago it was Sterling not dollars favoured as the main currency held worldwide due to all the possible trading and demand available.  
So can bitcoin become that standard in a similar way, I will say I dont think this occurs.    Obviously this is not an empire, has little political influence, no army whatsoever, no territory or ability to tax productive sections of a society.
   Bitcoin is a transient form of value and is most useful when facilitating global fast but secure transactions.  It might be that these will always be quite small but still this is important as almost all people are not requiring millions but perhaps it wont be a reserve as it is not going to be the backbone of a nation or have an empire like influence and inter continental transfers of wealth

It will take several decades for the bitcoin to be a global reserve currency. Even after that, it will not replace fiat.

The possibility is noo bitcoin may become globally used but the paper money won't be replaced. It would still prevail in the areas where bitcoins can not be accessed !!! That is what I feel.

it actually can happen if most of people will use bitcoins, but also i don't think that it will happen anytime soon as it needs time for sure, for big changes like that

True though bitcoin can later be used in reality but the money will be needed because bitcoin does not have a form that can be used as a medium of exchange. The money will be kept and will never be lost.