Bitcoin replaces the money? Could happen? - page 4.

gabmen

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Quote from: Ybalevia on October 25, 2016, 03:52:18 AM

I now what could happen and that is not that the bitcoin is going totrplaces the money becuase the bitcoin exist out of the money and without the money the
coin is worthless you know,.

It is hard to think or accept that bitcoin will replace the usage of fiat money. Because people used to it and many people still doesn't know about bitcoin so they must learn things about the bitcoin. So if bitcoin will replace the fiat money then how the government will stabilize and control the price and consumption of bitcoin by the people?

Yeah well we can all agree that bitcoin replacing the fiat is definitely unlikely in the next couple of years or even decades. As you've said not much people are aware yet about bitcoin, but in the future, even when bitcoin is most likely widely known already, people would still prefer to hold real money in theor hands.

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Quote from: Fatamorgana on October 25, 2016, 06:07:29 AM

Bitcoin could replace the money but its from now real far a way if you ask me, due to the reason the bitcoin has to get a lot bigger if this would happen. I think with the future of the bitcoin is possible but it will take a couple of years maybe even more something near the 10 years.

- Paper money can't be replaced neither by virtual currency/ internet banking/ cryptocurrency completely.
- cryptocurrency like bitcoin can replace or atleast dominate payment processor market
- banks will always be in existence with improved system and security and even they may implement blockchain tech in their system

These are the few possibility i see regarding whole world economy and financial systems.

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Quote from: bamboylee on October 25, 2016, 03:05:44 AM

Quote from: Doamader on October 23, 2016, 01:00:55 PM

Quote from: Lavavest on October 23, 2016, 12:25:37 PM

Quote from: freedomgo on October 23, 2016, 08:02:06 AM

Quote from: Pattberry on October 23, 2016, 07:20:18 AM

bitcoin or any digital currency has the potential to replace the fiat currency but it might take a while in order that to happen,it is not easy as you think ,right now we are using debt and credit cards for purchasing ,but people are still using paper currency to purchase goods and not every shop accepts debit or credit card,when everything becomes digital then we can think about replace paper currency

Sorry but I cannot agree to that statement, bitcoin is good as a digital currency but it has only limited function which is solely for online transaction, fiat are government regulated currency and it give us an assurance that we are using a legal tender that will protect the interest on both transacting party.

In the future, online transaction will be for more than 90% of all the transaction. You can do one with a mobile device.

It will take atleast 10 years till the we achieve those moment, sure almost all people does have a phone, but internet at some countries are expensive, because its new, anyway over the time i do believe we will be doing almost everything online.

How ever long it will take, the point is, that is the direction we are going to. So, if most of the transactions will be online in the future, then bitcoin has more power than fiat/paper money in that time. And when that time comes, it is possible that bitcoin or digital currency will replace paper money.

There is also the likelihood that bitcoin may be produce physically and accepted because the QR code can be used to identify and record transaction, though do not know much about programming but it looks to me that it is possible.

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Quote from: gabmen on October 25, 2016, 09:29:41 AM

Quote from: jerelimZ on October 25, 2016, 06:10:02 AM

Quote from: Fatamorgana on October 25, 2016, 06:07:29 AM

Bitcoin could replace the money but its from now real far a way if you ask me, due to the reason the bitcoin has to get a lot bigger if this would happen. I think with the future of the bitcoin is possible but it will take a couple of years maybe even more something near the 10 years.

Even if bitcoin gets more popular and bigger in future its unlike to see that it can ever replace a paper money which has support from the Government and the society and bitcoin will be always used as an secondary currency.

Yeah it's a bit unlikely that btc will "replace" paper money. As it will be almost impossible to have governments shift their support from what is generally being used for a very long time to something that you can't even hold in your hands.

I too agree that it is impossible for bitcoin to replace money, it will only happen in our dreams because bitcoin is not so popular like money that we are using everyday to live.

gabmen

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Quote from: jerelimZ on October 25, 2016, 06:10:02 AM

Quote from: Fatamorgana on October 25, 2016, 06:07:29 AM

Bitcoin could replace the money but its from now real far a way if you ask me, due to the reason the bitcoin has to get a lot bigger if this would happen. I think with the future of the bitcoin is possible but it will take a couple of years maybe even more something near the 10 years.

Even if bitcoin gets more popular and bigger in future its unlike to see that it can ever replace a paper money which has support from the Government and the society and bitcoin will be always used as an secondary currency.

Yeah it's a bit unlikely that btc will "replace" paper money. As it will be almost impossible to have governments shift their support from what is generally being used for a very long time to something that you can't even hold in your hands.

jerelimZ

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Quote from: Fatamorgana on October 25, 2016, 06:07:29 AM

Bitcoin could replace the money but its from now real far a way if you ask me, due to the reason the bitcoin has to get a lot bigger if this would happen. I think with the future of the bitcoin is possible but it will take a couple of years maybe even more something near the 10 years.

Even if bitcoin gets more popular and bigger in future its unlike to see that it can ever replace a paper money which has support from the Government and the society and bitcoin will be always used as an secondary currency.

Fatamorgana

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Bitcoin could replace the money but its from now real far a way if you ask me, due to the reason the bitcoin has to get a lot bigger if this would happen. I think with the future of the bitcoin is possible but it will take a couple of years maybe even more something near the 10 years.

Ybalevia

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I now what could happen and that is not that the bitcoin is going totrplaces the money becuase the bitcoin exist out of the money and without the money the
coin is worthless you know,.

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Quote from: Doamader on October 23, 2016, 01:00:55 PM

Quote from: Lavavest on October 23, 2016, 12:25:37 PM

Quote from: freedomgo on October 23, 2016, 08:02:06 AM

Quote from: Pattberry on October 23, 2016, 07:20:18 AM

bitcoin or any digital currency has the potential to replace the fiat currency but it might take a while in order that to happen,it is not easy as you think ,right now we are using debt and credit cards for purchasing ,but people are still using paper currency to purchase goods and not every shop accepts debit or credit card,when everything becomes digital then we can think about replace paper currency

Sorry but I cannot agree to that statement, bitcoin is good as a digital currency but it has only limited function which is solely for online transaction, fiat are government regulated currency and it give us an assurance that we are using a legal tender that will protect the interest on both transacting party.

In the future, online transaction will be for more than 90% of all the transaction. You can do one with a mobile device.

It will take atleast 10 years till the we achieve those moment, sure almost all people does have a phone, but internet at some countries are expensive, because its new, anyway over the time i do believe we will be doing almost everything online.

How ever long it will take, the point is, that is the direction we are going to. So, if most of the transactions will be online in the future, then bitcoin has more power than fiat/paper money in that time. And when that time comes, it is possible that bitcoin or digital currency will replace paper money.

ObscureBean

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Bitcoin gives power to the people but people are not all equal. If there is no entity responsible for what goes on within the system, rich people will as usual be able to work their way out of difficult situations but poor people will be a lot worse off than they are in the current system. At lease right now they can still turn to the authorities, government etc for whatever good that does. In a world where there is no governing body, they would be completely on their own, with no money to fall back on for support.

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Quote from: lootz on October 25, 2016, 01:35:45 AM

Yeah bitcoin is still not too popular in many corners of the world and people will prefer to use fiat as they are used to it and they are using it since long time.

That's correct, people find fiat convenient and easy to use and fiat is accepted everywhere and we cannot expect that poor and illiterate people will start using bitcoins as bitcoin can be complicated for them and make their spending difficult.

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Quote from: Ryananda on December 25, 2015, 03:01:09 AM

Now in some places to buy goods directly can use bitcoin, how to conduct transactions directly using bitcoin? Because I place no purchases using bitcoin.

Nowadays has developed, which initially buy goods directly can only be used with the currency and credit cards, and can now use bitcoin although only in some places. Is it possible that the next few years means of exchange for transactions money initially turned into bitcoin?

What do you think about this?

No, it will never happen, I cannot replace currency that we are using this days, because bitcoin is designed and made for digitally use, and its anonymity and if it happen its just like you destroyed bitcoin in that way.

lootz

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Yeah bitcoin is still not too popular in many corners of the world and people will prefer to use fiat as they are used to it and they are using it since long time.

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Quote from: J Gambler on October 25, 2016, 01:07:49 AM

Quote from: babsalt1975 on September 20, 2016, 05:05:13 AM

Everyday we are having innovations and I don't think any innovation can replace the old system. Fiat has been around for so many years and pushing it off will have dire consequences. Bitcoin was a well thought innovation that will complement the fiat currency.

It will never replace any innovation on this earth we are using money on our daily livin and it is a simple logic if you are going to replace money by bitcoin then you will not know which country it came from and there are maybe consenquences that country will face off first thing bitcoin is not usually known by other people.

We are just too ambitious to say that but in reality it will never replace money that we are using, if you believe you could try to experiment and use only bitcoin, then tell me if you could live your life comfortably with your bitcoins, it is a long time to wait and we hope for the future of bitcoin to succeed but not gonna happen to replace.

J Gambler

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Quote from: babsalt1975 on September 20, 2016, 05:05:13 AM

Everyday we are having innovations and I don't think any innovation can replace the old system. Fiat has been around for so many years and pushing it off will have dire consequences. Bitcoin was a well thought innovation that will complement the fiat currency.

It will never replace any innovation on this earth we are using money on our daily livin and it is a simple logic if you are going to replace money by bitcoin then you will not know which country it came from and there are maybe consenquences that country will face off first thing bitcoin is not usually known by other people.

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Quote from: madwica on October 24, 2016, 11:45:15 PM

Bitcoin is considered as money, how would replace the money?
If you think bitcoin will replace fiat it would never happen, decentralize currency is no physical coin to spend in small store unlike fiat anywhere we can used without hassle.

you're right, it's a bitcoin own money, so I guess that will not happen. Well, on the internet bitcoin is considered as the best currency, so if bitcoin in use in the real world, I guess it's just a form of cards, and I think it will still be in use as money or a medium of exchange

madwica

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Bitcoin is considered as money, how would replace the money?
If you think bitcoin will replace fiat it would never happen, decentralize currency is no physical coin to spend in small store unlike fiat anywhere we can used without hassle.

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Quote from: 20kevin20 on October 24, 2016, 07:12:18 PM

Not only that we all would become anonymous and evade taxes, but also poor countries will not be able to do anything because they don't have electricity or Internet. If the governments would agree with us, anonymity wouldn't be a problem right now but they don't like it. Bitcoin will never replace the money, maybe a government-created cryptocurrency that can be tracked only by them..

Government thinks what is good to their economy since that is where they are earning, and people too, as long as the government see that their people enjoy money then they won't just pull it out unless many become sick just by holding their money... There is a difference in each country's currency, therefore it needs a central management to make all the money bitcoin, which is very unlikely to happen...

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Quote from: 20kevin20 on October 24, 2016, 07:12:18 PM

Not only that we all would become anonymous and evade taxes, but also poor countries will not be able to do anything because they don't have electricity or Internet. If the governments would agree with us, anonymity wouldn't be a problem right now but they don't like it. Bitcoin will never replace the money, maybe a government-created cryptocurrency that can be tracked only by them..

Don't worry bro Bitcoin becoming the universal currency won't happen, why? Because a universal currency will be affected by even on country's economy if its bad then it means the value of that currency will go down. Just like what is happening to Euro in which everytime a crisis happen to only one country Euro's price goes down. The government won't allow that to happen some countries are not even part of the United Nations how can the other countries accept BTC?

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Quote from: Ryananda on October 23, 2016, 05:06:32 AM

Quote from: carlfebz2 on October 23, 2016, 04:01:35 AM

Quote from: utkarshm on October 23, 2016, 01:13:26 AM

Quote from: Sorrowfox on October 23, 2016, 01:00:25 AM

I think bitcoin is a money too so? how bitcoin replaces money hmm?? it's still a money :3

Haha yea right bitcoin is a money itslelf.It is a currency and has a value in market and can be used to buy many things online so bitcoin being itself money and there are many forms of money as fiat currency paper money and i think any form of money cannot replace each other.

Bitcoin couldnt really replace fiat money anytime soon since bitcoin is only good on online transaction or on other physical purchases which uses a physical bitcoin but still people would prefer to use up paper currency hence this is being used for how many years by people all over the world and as we all now that bitcoins adoption is not really there to consider this things.

Yes you are right, both on the use bitcoin online. But in fact the use of bitcoin is still losing money. More money is needed in real use. It may be true that bitcoin can not replace the money. Bitcoin will grow in the online and the extent of crypto.

although bitcoin continues to evolve and become more famous and popular I think bitcoin will not be able to change the system of money in this world, everyone in the world will certainly continue to use fiat currency as their main currency, as instructed by the government, because it is the most secure I think

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