Could Bitcoin ever replace conventional money? - page 19.

michnelli6

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Quote from: nicster551 on September 22, 2017, 04:03:28 AM

Quote from: stompix on September 22, 2017, 03:55:03 AM

Quote from: Theb on September 14, 2017, 10:19:51 AM

I think of many reasons or the possibilities of Bitcoin replacing Fiat Currency and I see the following flaws in which makes the chance of it smaller.

1. Transaction Time - When you are in a hurry or inside a line of the store by paying Bitcoin you are both wasting your time and the store's time as it will take longer compared to a fiat currency which is instant.
2. Transaction Fee - Also by using Bitcoin you are also adding additional cost over your purchase price in which is needed in order to complete the transferring of money,
3. Adaptability for Older people or for people who are not technically inclined - It may take some time for them to adapt something that is not useful for them.

Well this reasons might be debatable but this are the obvious hindrances that Bitcoin will face if it ever want to replace Fiat currency.

Both number 1 and number two can be adjusted and solved.
Number 3 will change with time. A century ago old poeple were wondering what a tv is, nowadays I see a lot of them with smartphones.

The real problem is that you need internet.You need a way to communicate with a node.
And in countries where running water is a a problem this one won;t be solved to quick.

Yes the real problem is internet because there are some country that offers a low speed internet and also the payment is too high. Internet is the way to connect the other people from different places but their are some people that cannot use internet because of poverty.

I don’t think it’s actually going to happen; crypto currency is in no way going to replace conventional money. There are reasons every country is supposed to use their own currency, and I believe most of the countries will feel cheated if in any way, Bitcoin is used to replace regular currencies. Bitcoin is an investment stock, which is why it’s decentralized and that’s what it remains.

lovesybitz

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Quote from: IsabelaFernandes on May 19, 2017, 04:08:19 AM

Could Bitcoin ever replace conventional money?

I know bitcoin is full of potentiality and it has a big future as well, were someday in the near future it can be happen that bitcoin can replace paper money but we don't know when will it happen? it maybe or maybe not. Perhaps now, I think its not time yet for bitcoin to replace conventional money due to majority of the nations now all around the world is not positively welcome to their territory.

josucoin

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Perhaps in the future conventional money will no longer be viable, the world market will have to change. The BTC can indeed become a universal currency where all the people of the world will have BTC.

RonaldCEtchison

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They tried to remove Bitcoin when it was set up as part of the system. If they take too long to do something like that, the game ends and Bitcoin will win. Not many people want Bitcoin, they can not really buy a lot of stuff with it. Bitcoin can also be used universally in the global and online worlds as the primary means of dealing can actually happen more than conventional money alternatives. Bitcoin is still not controlled by By itself, it can not be controlled but is completely reversed with the existing funds.

khaled0111

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We all hope so. But, in fact that's really difficult if it's not even impossible.
First, you have to convince the hole world to use bitcoin, and that's something really hard since there are many people that don't even have Internet or know how to use it.
Second, do you think that goverments and banks will allow people to make all their transactions without controlling them or getting some of the profits?
That remains a dream and we have to work hard to make it true.

alex 666

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for short range bitcoin can’t but after 100 years may be find way

nicster551

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Quote from: stompix on September 22, 2017, 03:55:03 AM

Quote from: Theb on September 14, 2017, 10:19:51 AM

I think of many reasons or the possibilities of Bitcoin replacing Fiat Currency and I see the following flaws in which makes the chance of it smaller.

1. Transaction Time - When you are in a hurry or inside a line of the store by paying Bitcoin you are both wasting your time and the store's time as it will take longer compared to a fiat currency which is instant.
2. Transaction Fee - Also by using Bitcoin you are also adding additional cost over your purchase price in which is needed in order to complete the transferring of money,
3. Adaptability for Older people or for people who are not technically inclined - It may take some time for them to adapt something that is not useful for them.

Well this reasons might be debatable but this are the obvious hindrances that Bitcoin will face if it ever want to replace Fiat currency.

Both number 1 and number two can be adjusted and solved.
Number 3 will change with time. A century ago old poeple were wondering what a tv is, nowadays I see a lot of them with smartphones.

The real problem is that you need internet.You need a way to communicate with a node.
And in countries where running water is a a problem this one won;t be solved to quick.

Yes the real problem is internet because there are some country that offers a low speed internet and also the payment is too high. Internet is the way to connect the other people from different places but their are some people that cannot use internet because of poverty.

stompix

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Quote from: Theb on September 14, 2017, 10:19:51 AM

I think of many reasons or the possibilities of Bitcoin replacing Fiat Currency and I see the following flaws in which makes the chance of it smaller.

1. Transaction Time - When you are in a hurry or inside a line of the store by paying Bitcoin you are both wasting your time and the store's time as it will take longer compared to a fiat currency which is instant.
2. Transaction Fee - Also by using Bitcoin you are also adding additional cost over your purchase price in which is needed in order to complete the transferring of money,
3. Adaptability for Older people or for people who are not technically inclined - It may take some time for them to adapt something that is not useful for them.

Well this reasons might be debatable but this are the obvious hindrances that Bitcoin will face if it ever want to replace Fiat currency.

Both number 1 and number two can be adjusted and solved.
Number 3 will change with time. A century ago old poeple were wondering what a tv is, nowadays I see a lot of them with smartphones.

The real problem is that you need internet.You need a way to communicate with a node.
And in countries where running water is a a problem this one won;t be solved to quick.

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Quote from: chichigirl on September 22, 2017, 03:16:19 AM

It can replace money if the the government will support for it. But, it is not an easy, it will take more years before everyone may accept it.

Agree with that, it depend on the government if they push their people to used it.
But because of it's unstable price maybe the government won't go for that. Still they could prefer in local money than bitcoin, but still bitcoin currency is used in other transactions.

chichigirl

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It can replace money if the the government will support for it. But, it is not an easy, it will take more years before everyone may accept it.

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Quote from: IsabelaFernandes on May 19, 2017, 04:08:19 AM

Could Bitcoin ever replace conventional money?

I always believe BTC won't completely replace FIAT but they will eventually work in parallel

For BTC to replace FIAT.....It needs to be adopted by all people (all ages) in all places in all countries around the globe....At least we can say that is extremely hard (if not impossible)

Ocytrem

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we have to admit that the current market cap bitcoin reached more than 40 billion USD, even bigger than many countries foreign exchange witch is insane.

ilhamsugihamin

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I think it can not, because to make transactions using bitcoin in need of a device, whereas not everyone has a device and also not everyone knows what bitcoin.

Bittoshi

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As long as consumers use fiat and not BTC in most cases when they go shopping, Bitcoin will not replace conventional money. And the central banks and governments will do everything to prevent Bitcoin from becoming number one. But in my opinion, it is not necessary to replace fiat with Bitcoin. It is enough if Bitcoin is just an alternate way to purchase things. And it is deflationary, so people will more use it as an asset instead of using it as a daily way to buy things.

Minionnn

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There is no substitute for bitcoin. Although bitcoin is booming, money is still the number one. All bitcoin users are making money.

monkeydominicorobin

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Quote from: IsabelaFernandes on May 19, 2017, 04:08:19 AM

Could Bitcoin ever replace conventional money?

As we speak it is replacing central bank money with money which is accessible to all. Bitcoin and the gang.

Siopao

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I dont think bitcoin will ever replace fiat currency. Conventional money have been used by people for a long time for their transactions. Besides bitcoin's value is changing from now and then, and not all people have access to internet. It would also be hard for elderly since most of them are not familiar in new technology.

mehcat11

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It will be difficult if bitcoin will replace the fiat because society and government will think about security issues, unstable exchange rates, possibly used for the sale of illegal goods and acts of terrorism. But, I agree if bitcoin is used as an alternative payment method or medium of exchange. Digital currencies such as bitcoin can have a major impact on fiat currency systems in the world, but it can't replace fiat currency.

Theb

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I think of many reasons or the possibilities of Bitcoin replacing Fiat Currency and I see the following flaws in which makes the chance of it smaller.

1. Transaction Time - When you are in a hurry or inside a line of the store by paying Bitcoin you are both wasting your time and the store's time as it will take longer compared to a fiat currency which is instant.
2. Transaction Fee - Also by using Bitcoin you are also adding additional cost over your purchase price in which is needed in order to complete the transferring of money,
3. Adaptability for Older people or for people who are not technically inclined - It may take some time for them to adapt something that is not useful for them.

Well this reasons might be debatable but this are the obvious hindrances that Bitcoin will face if it ever want to replace Fiat currency.

daenarys_stormborn

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Quote from: IsabelaFernandes on May 19, 2017, 04:08:19 AM

Could Bitcoin ever replace conventional money?

I agree with almost all the answers from the members who answered your question, ie can not. because there are still many other countries out there that do not even have an electrical connection, let alone an internet connection. so it will take a very long time for it to happen, but it is not impossible that bitcoin can replace conventional money.

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