Topic: Could Bitcoin ever replace conventional money? - page 2. (Read 13876 times)
Not totally, since bitcoin is very in demand and it is used in various online transaction and business, maybe someday will come it will be a part of the standard way of payments.
Gold and bitcoin are valuable means of storage that have not been released by the central bank. Therefore, bitcoin and gold can not print massively as when felt unsafe evolving economy approves the order print more money. You can dig gold or bitcoin, but gold diggers use shovels, while mining bitcoin you must have a computer system strong enough or buy a bit of cash coins. so gold and bitcoin are similar.
I doubt it. Governments are going to keep fighting it because cryptocurrency is going to be non-taxable. Also, flat money is the most convenient method of transaction. It's not hard to understand for the average person. Accessibility to technology is also a factor. People living in developing countries or from the lower class won't be able to be a part of this system.
Could Bitcoin ever replace conventional money?
When we use Bitcoin as a currency to pay, Bitcoin has many great features that financial technology must strive to achieve. Many hope Bitcoin can replace paper money, but in my opinion, it will be in the distant future because Bitcoin only works with Internet. At present, information technology in some places, some territories are not developed, also affected by war, strict rules ... And especially when the government does not manage Bitcoin, The market Bitcoin is constantly fluctuating, it can not replace the paper money completely.
The first main advantage of Bitcoins is that they are free of them. This means that governments can not block bitcoins, thus block someone's wealth. Therefore, Bitcoins' users will have complete freedom to do whatever they want with their money, I believe and I hope that bitcoin can replace ordinary money!!!!!
I don't think so, because most people around the worl still using fiat currencies, and conventional money a lot more than using Bitcoin or crypto currencies.
Also the governments keep fighting BTC and crypto, and some even banned it in many countries.
It will take more time until BTC become so popular and used such conventional money.
Also the governments keep fighting BTC and crypto, and some even banned it in many countries.
It will take more time until BTC become so popular and used such conventional money.
I think for the near future could not be, because the Government will fully to protect conventional currency as this issue concerns the security of the state.
I think not because now in many bitcoin countries it is considered controversial
I think that it will be impossible to totally replace the flat currency with crypto currency.
As cryptocurrency. government cant collect tax from transaction made by the holders.
But i watched a video from NAS DAILY where theres a country which flat currency is almost useless and they're using digital currency in transactions.
I think that it will be totally impossible to implement to all country but theres a possibility that some will implement it.
Heres the link.
https://www.youtube.com/watch?v=eQHEIIc6etA
Could Bitcoin ever replace conventional money?
bitcoin as of now won't be able to replace conventional money because not all people are engaged in cryptocurrencies and there are still places where internet is not that good like for examples are in the mountains and some people are not yet computer literate and don't have the gadgets to use like in poor countries..
In one form or another, he will replace. It is enough to look at the existing map of exchangers in order to understand how quickly this develops. But we must understand that the crypto-currencies in the form in which they are represented now is more analogous to gold than money. They are: labor-producing, they are finite.
Trust in bitcoin is now based on trust in the cryptographic algorithms on which it is based, which is much better than trust in the bank.
Of course, you do not need to put on rose-colored glasses and think that bitkoyn will solve all the problems of mankind. Nevertheless, this is a very interesting thing, which brought a lot of new things to the digital world. In fact, this is the first independent currency for the last several thousand years.
Of course, you do not need to put on rose-colored glasses and think that bitkoyn will solve all the problems of mankind. Nevertheless, this is a very interesting thing, which brought a lot of new things to the digital world. In fact, this is the first independent currency for the last several thousand years.
We all know that some of countries out there have a negative thinking about bitcoin, and with that negative thinking, it have a big impact on bitcoin replacing conventional money.
Could Bitcoin ever replace conventional money?
A big no. Fiat money is still the most convinient way for transacting hand to hand. Bitcoin could only offer electronic transactions. Plus elderly citizens won't be able to cope up with advance technology because of low literacy which is needed for bitcoin.
Could Bitcoin ever replace conventional money?
At its current condition with slow speeds high costs and other problems i am 100% sure it wont. IF it improves with the lighting network it has a chance. Still i would bet other alts like ripple have a way higher chance of mass adoption.
In the end the most probable scenario is that we are going to have fiat along with cryptos working fine together.
Eventually bitcoin will replace conventional money,this will happen slowly bt some countries wil lead this repllacement,and once its successful in those countries like japan.The rest of the world will follow
Bitcoin is suitable in the Cryptocurrency market, applied in the payment of services such as restaurants, hotels, online purchases ... Bitcoin can not replace cash, in transactions. Although many people nowadays use personal accounts to pay for their services, using cash is a difficult habit to replace. Cash is a historical trading method that will last very long in society.
Bitcoin is a famous crypto now but that cannot replace the conventional money, looking at the percentage of users dependent on conventional money is huge and they are all convenient with the use of fiat currency so it will be very difficult to replace it.
Bitcoin is suitable in the Cryptocurrency market, applied in the payment of services such as restaurants, hotels, online purchases ... Bitcoin can not replace cash, in transactions. Although many people nowadays use personal accounts to pay for their services, using cash is a difficult habit to replace. Cash is a historical trading method that will last very long in society.
it could, someday. When the peoples cannot hold the paper money anymore.
when the peoples can't trust centralized systems in our world such as banks, bitcoin is the best option for us.
if that happened, i am sure bitcoin price won't be cheap anymore.
when the peoples can't trust centralized systems in our world such as banks, bitcoin is the best option for us.
if that happened, i am sure bitcoin price won't be cheap anymore.
No its because if the bitcoin replace conventional money it takes to inventors lose because and they will earn more in physical they would rather choose it the bitcoin is going down and maybe it will stopped transaction in the country.
Notwithstanding when PCs were designed, they were exceptionally dubious. In any case, that doesn't prevented them from getting prevalent over the globe in under two decades. Bitcoin is likewise something comparative. We are just a couple of years from worldwide appropriation and adequacy.
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