Bitcoins in place of cash | Bitcointalksearch.org

bitart

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Vires in Numeris

Quote from: aleksej996 on January 16, 2018, 08:45:12 AM

Quote from: sebo.k on January 16, 2018, 08:43:18 AM

Never, it won't be possible for bitcoin to replace cash outright. Network fees and delay in confirmation are the major hurdles bitcoin miners need to solve before we can think of bitcoin replacing cash.

Sounds to me like you want the Lightning Network.

Lightning network will solve the fee and the speed problem of bitcoin. However, in order to use it like cash, there's a need from the merchants to accept is as a method of payment. Merchants will accept bitcoin in their shops if they can accept it legally, so regulations are needed. There's no reason for governments to ban bitcoin but to regulate, so this way they can tax it. Bitcoin will not replace cash, but it will replace some other transactions, where you use cash now or wire transfer, but cash will remain.

bitcoinFPT

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Bitcoin can not substitute for cash. you can imagine, you come to the grocery or go to the market with bitcoin to pay your bill that is impossible

Chris314

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Right now, no, as said earlier, because of high tx fees that makes micro transactions impossible. It will be solved in the future with Lightning Network.
Remains another problem, volatility. With prices jumping up and down very often, it's not easy for sellers to accept bitcoin as the money in could lose part of its value very shortly.
We need first to biuld bitcoin as a real currency that can be used daily and worldwide. Then bitcoin will be naturally adopted by more and more people and its wider use will stabilise its price.

Igor Kapy

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I think it's only a matter of time. In my view, will soon be introduced cards baconesque which you can pay with in stores for General use. There will be people who will be able to lend bitcoins, why not. Wish we were all citizens of one virtual state. We state only provides maybe in the future we will be able to get around it. This is the path to a world without borders

WNbahr

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could be, in its function bitcoin already acted as the function of cash, but not all transactions. new on digital transactions and on certain places. but it takes a long time and technological support sufficient in various places around the world, it is still local, only a few places in certain countries. after the transaction facilities are evenly distributed and authorized by each government in each country, it can only replace the international cash function.

BCTalkaccountforsale

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Quote from: caywin on January 15, 2018, 08:30:12 AM

Bitcoins are used to pay for purchases, bills and services availed, does this mean that it can possibly replace the existence of cash?

In some countries this is not possible because it is prohibited by the government, my country is one of which I am only allowed to exchange bitcoin and can not use it to pay for the sale. I always expect in the future my country will allow the use of bitcoin as a currency.

BitAngelTW

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I think not, because they keep value day in day out, although they are very unstable and the fact that they can lose value so quickly is the main question mark

crypto-trader2017

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At this stage, no, now there is not much where to take payment in bitcoins
It's not so popular yet

aleksej996

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Do not trust the government

Quote from: sebo.k on January 16, 2018, 08:43:18 AM

Never, it won't be possible for bitcoin to replace cash outright. Network fees and delay in confirmation are the major hurdles bitcoin miners need to solve before we can think of bitcoin replacing cash.

Sounds to me like you want the Lightning Network.

sebo.k

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Never, it won't be possible for bitcoin to replace cash outright. Network fees and delay in confirmation are the major hurdles bitcoin miners need to solve before we can think of bitcoin replacing cash.

Anti-Cen

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High fees = low BTC price

Quote from: illusioNiZt on January 15, 2018, 08:35:58 AM

Right now Bitcoin charges high tax on small transactions and takes time to confirm so its not really good for small transactions, I don't think its possible to use Bitcoin for your daily expenses BTC is more like a long term investment IMO.

Well that's like saying get paid in $USD but you must use £GBP when you do your shopping
and if Bitcoin cannot provide a total service then move over and let something else take over

Quite simply BTC won't scale and the fees have become a rip-off so if the digits don't offer something
of use then no point using it unless another digital currency was brought out and it's value was pegged
to BTC at say 100,000:1 and people could trade in that but demand payment in gold which would be BTC in this case.

Yes this is how fiat once worked so maybe it was crazy to suggest that we could repeat history

Caraphernalia

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Absolutely not, bitcoin is just made as an alternative medium that has the value of a money. What I mean is that what does a bitcoin do is not enough yet to be the same level of cash. Cash is literal thing and coukd be touched anytime while bitcoin is just a digital currency.

aleksej996

sr. member

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Do not trust the government

Other than the mentioned current technical issues, cash is still more useful than Bitcoin in certain rare cases.
Using paper cash is still more anonymous than Bitcoin. You can also use paper money without electricity, you don't want your phone battery to die and for you to be left without any cash on you. It also can be more secure for certain people that can have good physical security and is difficult for them to have good cybersecurity, perhaps due to lack of knowledge.

drunkcoin

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No, it won't replace fiat in nearest future. As it was mentioned, Bitcoin is slow and has high transaction fees. Also it's still not widely accepted and is hard to earn. Moreover, to pay with crypto you have to use devices connected to the internet. It's hardly possible in some countries.

Roukawa

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Quote from: caywin on January 15, 2018, 08:30:12 AM

Bitcoins are used to pay for purchases, bills and services availed, does this mean that it can possibly replace the existence of cash?

There are exceptions with bitcoin. I think that many firms as of now did not accept bitcoin as payment. Yes, it has the possibility to change fiat currency but it takes time before it will fully implemented. As we can see, it is impossible today for the bitcoin makes as current currency.

paul00

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Honestly, I think that this is not that ideal since the value of bitcoin still measured thru the value of fiat money that exists in each country. Even if more merchants will be willing to accept bitcoin as payment, I think that this will be an option for payment and not solely as the offered mode of payment

illusioNiZt

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Right now Bitcoin charges high tax on small transactions and takes time to confirm so its not really good for small transactions, I don't think its possible to use Bitcoin for your daily expenses BTC is more like a long term investment IMO.

caywin

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Bitcoins are used to pay for purchases, bills and services availed, does this mean that it can possibly replace the existence of cash?

Topic: Bitcoins in place of cash (Read 162 times)