Could Bitcoin ever replace conventional money? - page 24.

GreenBits

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Quote from: White Christmas on June 20, 2017, 07:25:54 PM

Quote from: BingoDog on May 19, 2017, 05:14:37 AM

No, I think that it can't. It could be used along with traditional money but it can't entirely replace it. Unfortunately bitcoin has to many issues, weeknesses and characteristics that don't allow it to be fully used and implemented in traditional financial system. Volatility is just one of them.

Exactly, this will not happen because the fact that government still doesnt accept it because of it some characterics. In addition its now facing more problem unlike the conventional money. I think bitcoin will still remain as a virtual currency until it solved the problems about it.

Above the fact that no sane government will allow a decentralized, non regulatable currency to be 'the' currency', bitcoin and fiat don't really serve the same purpose. Yeah, they are both money, duh, but you can't hold a bitcoin in your hand. Nor can you make a bitcoin transaction while you don't have an internet connection. As useful as bitcoin is, its benefits rapidly degrade in a mostly offline world. Physical possession of the token (fiat) will always trump some numbers on a blockchain.

The wallet in your jeans pocket will never get stolen because of a virus. The 20 bucks fiat you have will still be 20 bucks when you wake up the next day. And most importantly to me, there is not a giant ass online record of what's in my wallet that everyone can peruse at their leisure Wink

mrcash02

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Quote from: White Christmas on June 20, 2017, 07:25:54 PM

Quote from: BingoDog on May 19, 2017, 05:14:37 AM

No, I think that it can't. It could be used along with traditional money but it can't entirely replace it. Unfortunately bitcoin has to many issues, weeknesses and characteristics that don't allow it to be fully used and implemented in traditional financial system. Volatility is just one of them.

Exactly, this will not happen because the fact that government still doesnt accept it because of it some characterics. In addition its now facing more problem unlike the conventional money. I think bitcoin will still remain as a virtual currency until it solved the problems about it.

Now it's really impossible to adopt Bitcoin as conventional money, impossible to use, but in the future it could be possible if some aspects would be upgraded. To be like conventional money Bitcoin must be able to buy anything, from the candy to the plane, the transactions must be fast and the price must be more stable. It will take much time, and it's not guaranteed to have BTC as conventional money, but at some point another Crypto-Currency can appear and replace fiat.

White Christmas

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Quote from: BingoDog on May 19, 2017, 05:14:37 AM

No, I think that it can't. It could be used along with traditional money but it can't entirely replace it. Unfortunately bitcoin has to many issues, weeknesses and characteristics that don't allow it to be fully used and implemented in traditional financial system. Volatility is just one of them.

Exactly, this will not happen because the fact that government still doesnt accept it because of it some characterics. In addition its now facing more problem unlike the conventional money. I think bitcoin will still remain as a virtual currency until it solved the problems about it.

Heartilly

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Quote from: hurain on June 20, 2017, 03:42:34 PM

Quote from: Bitdev iL on June 16, 2017, 12:06:32 PM

Bitcoin can never replace conventional money, different uses, bitcoin more as investment and speculation, just like stocks, in contrast to money that is fixed and stable value, and suitable for use as a means of exchange of goods and services

but to me i think there is always possibilities for that, it depend on the number of bitcoin users if the users of bitcoin are increasing continuously and if people will start using bitcoin for most of their buying selling activities then it is possible to reduce the use of conventional currency and eventually will disappear.

No it will not happen. Just look how worst the world financial system if all transactions are about using virtual currencies. Not all countries can adopt the cryptocurrency system especially those poor countries with no internet connection at all. Since it's virtual people need internet connection and a platform to access bitcoin.

And why people desire of $10,000,000 price of bitcoin if they want bitcoin to replace fiats. Then fiats is useless now even bitcoin will have that value.

ppaul15

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Bitcoin is a virtual currency money. I think it cannot replace the money that we are using in our everyday life. Although bitcoin got a high Price today, it is not yet widely known by others and not yet available in some other countries.

hurain

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Quote from: Bitdev iL on June 16, 2017, 12:06:32 PM

Bitcoin can never replace conventional money, different uses, bitcoin more as investment and speculation, just like stocks, in contrast to money that is fixed and stable value, and suitable for use as a means of exchange of goods and services

but to me i think there is always possibilities for that, it depend on the number of bitcoin users if the users of bitcoin are increasing continuously and if people will start using bitcoin for most of their buying selling activities then it is possible to reduce the use of conventional currency and eventually will disappear.

KingdomHearts

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Quote from: JimmieA on June 16, 2017, 08:43:40 AM

Quote from: Gunawan82 on June 06, 2017, 12:33:38 PM

It is possible that the next 10 years can replace it, with its rapid development all over the world I think there is nothing wrong. Grin

Even 20 years from now I think btc will not be replacing the conventional currency. By simply btc is just a digital currency. Countries will not let that happen because it will affect their economic candles.

Yes I agree bitcoin is not that powerful nor is it that much easily accessible to be used everywhere and it can replace the conventional currency. I don’t think it can be used everywhere in the world because we still have many backward areas where there is no concept of using technology.

Myropola

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No, it could not, because since the beggining of the world, money creation is a ruler power, and it will always be.

Supercrypt

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Quote from: aryana42 on June 16, 2017, 10:57:06 AM

As long as there a country, conventional money remains forever. Bitcoin's supply is limited, and its unlikely to be 5 billion more inhabitants of the world could have a bit of bitcoin. And there are still some countries or locations that are not yet connected to internet. Bitcoin always be digital currency.

Yes, bitcoin supply is very much limited to be used by all the world or to replace the conventional money. Bitcoin cannot reach all the people of the world nor will the countries allow it to happen so. Also the other main factor is that bitcoin needs an internet access to use and we have plenty of regions where there is no access to the internet which is a real challenge to bitcoin.

Ging

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Hi,
Bitcoin won’t be able to replace regular money unless there was a huge hype surrounding Bitcoin that allowed the Government to integrate Bitcoin into their Currency lists.

pinkpanther03

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Quote from: dinofelis on May 19, 2017, 05:25:35 AM

Even though one told you that in the beginning, bitcoin is not a currency. It is a speculative asset, and now that people with small holdings are slowly forced off the chain with increasing fees, it will become a speculative settlement layer for big players only, which is what it was designed to be. The small fish were only needed to make the thing rolling. Soon it will be a financial instrument for big sleazy business only.

If Bitcoin up to now is an speculative asset, why many of the traders became successful and millionaire because of this thing, moreover of the community of bitcoin are getting benefits of bitcoin in terms of profit. Meaning, Bitcoin is not an speculative assets instead it is a real money/cash

adzino

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I do not think bitcoin will ever replace the conventional fiat money anytime soon or ever. There are currently a lot of obstacles faced to it to become a mainstream/global/conventional money. Unstable price and volatility, scaling issues, fees etc are some reasons why bitcoin won't be a global currency.

Smarty14392

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Hello mate.
Virtual currency Bitcoin has trebled in value, as the financial crisis in Cyprus and beyond shakes consumer confidence in traditional banks.
Bitcoins are earned online, by completing difficult computing tasks, and exchanged between people directly, bypassing banks. Because they are stateless, they cannot be taxed, frozen or easily traced.
I personally dont think that bitcoin can replace money because it doesent have any central government.

kpcian

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I think it is not necessary to become or replace conventional money, Bitcoin will remain Bitcoin. It is an exceptional currency, though Bitcoin is not only a currency but also a platform of business platform, Bitcoin can bring to you huge profit as well as better future investment. So Bitcoin doesn't need to become a conventional money or replace with the conventional money...

Himanshu111

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I don't think Bitcoin can ever replace conventional money because money is something for whose exchange, we can get anything by anyone, anywhere in this world but that's not the case with Bitcoin as Bitcoin is not accepted by all. Moreover the government will not allow something decentralized such as Bitcoin to replace their currency, whose circulation the government can regulate.

foxbat

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Quote from: IsabelaFernandes on May 19, 2017, 05:08:19 AM

Could Bitcoin ever replace conventional money?

I think bitcoin can not replace conventional money, there are many obstacles to making that happen.On the world is still a number of countries banned bitcoin.And still a few not have to internet connection.Real disadvantage when we need to exchange the small valuables but fees of bitcoin even higher items, it will be like?

Bitdev iL

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Bitcoin can never replace conventional money, different uses, bitcoin more as investment and speculation, just like stocks, in contrast to money that is fixed and stable value, and suitable for use as a means of exchange of goods and services

mastadonballs

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In my opinion, Bitcoin (or even other Altcoins) can replace traditional money which are going to be used everywhere all over the world and we can pay or send by only one touch (there are also technologies that let that happen). But the future when money is replaced is not so soon that can be next 20 - 30 years from now

aryana42

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As long as there a country, conventional money remains forever. Bitcoin's supply is limited, and its unlikely to be 5 billion more inhabitants of the world could have a bit of bitcoin. And there are still some countries or locations that are not yet connected to internet. Bitcoin always be digital currency.

k@suy

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Quote from: JimmieA on June 16, 2017, 08:43:40 AM

Quote from: Gunawan82 on June 06, 2017, 12:33:38 PM

It is possible that the next 10 years can replace it, with its rapid development all over the world I think there is nothing wrong. Grin

Even 20 years from now I think btc will not be replacing the conventional currency. By simply btc is just a digital currency. Countries will not let that happen because it will affect their economic candles.

Now that many country are accepting bitcoin as legal tender also. Meaning bitcoin is here to stay not in ten years but maybe more.There are many cryptocurrency that is worth and having potential but still it will take years for it to be fully accepted.Bitcoin as a pioneer is already tested.

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