Topic: Can cryptocurrency make real money disappear? - page 78. (Read 28831 times)

I also think that this is impossible. Many countries nowadays still restrict access to the Internet and crypto-currencies.  Many people can not use the inventions of civilization even today. In these circumstances the crypto currency can not replace the real money with physical value.

True, that is impossible, for that to happen all the people should learn about crypto, internet and all the things needed in daily transaction.

I dont think that Fiat money will disappear because of cryptocurrency. First, it is because that different types of money have different functions and uses. Cryptocurrency is for Internet World while Fiat monet is for Both Online and Offline; and is usually used for daily lives.

No, it will not happen. Inspite of the popularity of the cryptocurrency in our present time still the government or nation needs the real money in order to control the monetary policy since the government has no control with all the cryptocurrencies.

I don't think anything like this is going to happen in at least next 100 years. We will have people who will always prefer fiat currencies (yes, the form will keep changing). There is a strong possibility of government's adoption of blockchain technology and we might see blockchain version of fiat currencies. Thus, I think the form of fiat currencies will keep changing but it won't disappear completely.

This is our future to physical money go in history. Everything is showing for that. Yes, I'm for an idea of cashless society, but I don't think it is going to happen so fast, cause of the biggest part of people is still leaving in a country side. I don't say that people there don't know a thing about technologies, no, oppositely, many people today chose technological equipped peaceful life in a country. But the progress is unstoppable and paper money are going to go in the past one day.

Probably no.but i'm sure cryptocurrency will be a partner for real money. as of now, it is good for alternative and convinient use. i'm guessing too that it will work hand-to-hand with fiat. cryptocurrency will also be available to banks.

I think cryptocurrency can make real money disappear because the technology opens up posibility of paperless money and seeing how bitcoin is being accepted in the market nowadays it seems that paper money can become obsolete in future time

I do not know, every cryptocurrency has their own function. there are only a few of the cryptocurrencies that are always on the platform to form other cryptocurrencies. But, so many people assume that cryptocurrency is a substitute for money.

Living in a world with no actual money and only use digital currency is really good and better. The biggest advantage of cashless society is that keeping track of economic transaction through digital mode help to control back practices. So the number crime activity will be decrease.

In my opinion there are no chances to live in a world without classic currency. As I know Sweden does not have cash money since two or three years now, but for all the money to be replaced with crypto-currency, this is something that governments should impose. Bitcoin is beginning to be very accepted in Asia, but in Europe and other parts of the world there are many things to be done to be accepted. Here where I am there are no physical shops to accept bitcoin. So in my opinion the chances to live in a world without classic money are very slim.

Indeed it is basically in the world will all be spinning, so we were basically will surely have the same thoughts. Does BTC or cryptocurrency that is currently emerging would give an advantage to the future or even vice versa. We cannot give a guarantee, but I am sure that it will remain profitable and life. Because the system and also the benefits are much more profitable.

fiat already made real money disappear, bitcoin, however can make fiat money disappear, if you check your history, we use paper notes, in order to but goods and services because it is much easy, rather than carrying around with you gold coins, silver coins or copper. back then, there was only barter exchange, it works like if you have an apple, and you your neighbor has oranges, you trade your apple with them for oranges and it will depend on the both of you how many apples will you give for a number of oranges, if your neighbor wants oranges, then came along the coins, which is the first rel money, people will trade gold coins, silver coins or copper, just to have goods or services, in which majority of the people accepted that the trade can be done with those coins, then people started to create banks, and within those banks the gold that you deposited, so paper money or notes have a value, for example if you have an ounce of gold in the bank back then that has a value of 2 USD, you can use your notes to pay others, and without having the trouble of going into a banks, opening the vault in order to get your gold in exchange for goods and services. the paper notes however, lost its value when the dollar was taken off the gold standard and they used it as petro dollar, which became the fiat money today, it is not backed up by any other commodities, it is just used as a basis to trade for oil, the value goes up and down, depending on the so-called stock market, which we all know can be manipulated, then the banks just started printing out money, without us having any idea, why do they print paper which has no value, but just a basis for exchange. however for cryptocurrencies they can make fiat money obsolete, for example if all countries in the world will use bitcoin for transactions, there is no need for banks, however today, we still need to exchange our bitcoins to fiat, just to see its value, but when the time comes and banks began to close, cryptocurrencies will take over, specifically bitcoin, being the dominant cryptocurrency, fiat money will just have to make an innovation in order for it to survive since bitcoins along with other cryptocurrencies, can be use for exchange of goods and services.

Imposible because cryptocurrency only exists in cyberworld. compare to real money you can touch and see the real face of a money. What if we have a global shutdown of electricity. many users of bitcoin will lose money.

Not in this lifetime I guess. There is no reason why all the people across the entire world will use only cryptocurrency. I think that will not happen. I don't know what the world is 500 years from now, perhaps everything will be digital so perhaps some kind of digital currency will be the one in use. The question is whether BTC is still alive by then.

Real money will not be replaced and will never be extinct, crypto money will not replace the real money, because crypto money is money online and the government does not support it yet.

No.

Why would anything like that happen? Crypto world is different thing and the real world money is different thing. They have got no reason to be mixed with each other. Bitcoin is different currency and its working can not be same as fiat currency. It works on block chain which is artwork of internet stuff and algorithms etc etc. They will be used as asset always to trade on the network but they will never come to real life application and make disappear the money/fiat currency. Besides that, government will never allow that to happen because it will take decades to change the world's currency and its not good for economic growth.

No unless we can buy our daily life expenses with Bitcoin. And most people use crypto for investment purposes so I hardly believe real money can disappeared.

Some problems:

1. Transaction time and transaction costs are too high

2. Proof or work costs are too high (energy spend on mining is non negligible (http://digiconomist.net/bitcoin-energy-consumption)

3. Lack of monetary flexibility as economic conditions change, make this currency too rigid to handle changes in economic landscape over time (ie recession)

4. Limited supply of crypto makes them fundamentally volatile and deflationary (people hoard instead of spend hoping to capture financial gains from limited supply)

Bitcoin was never intended, by design, to replace fiat. Our greed has grown this into the monolith that it is currently; this was for small, informal debt settling and value transfer.

There is a low chance that it will happen because as we see now, there are still few people who knows about cryptocurrency and for people to access it, they need to have the tools needed to have it like mobile or computer, internet connection and most of all electricity. It maybe possible for the developed countries to implement this kind of no actual money but for those developing countries it would be hard. There are people in developing countries that even don't have electricity so it would not be possible for them to access it.

I think cryptocurrency would exist together with fiat money and would be one of the payment option and there is a slimmer chance to actually replace the fiat money. If the transaction fee is getting higher then maybe people who have access to it may treat it as store of value instead of currency because it would be expensive to buy a small value item and then have a transaction fee half the value of it.