Could Bitcoin ever replace conventional money? - page 26.

gracia0023

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

Could Bitcoin ever replace conventional money?

No, why? some government around the world did not accepted bitcoin example in Ecuador and Africa bitcoin is banned and unaccepted. Bitcoin is a cryptocurrency and the use of this coin is for digital payment system which means it is settle financial transactions through the transfer of monetary value, and includes the institutions, instruments, people, rules, procedures, standards, and technologies that make such an exchange possible. A common type of payment system is the operational network that links bank accounts and provides for monetary exchange using bank deposits.

lighpulsar07

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

Could Bitcoin ever replace conventional money?

well if you searched this forum, you will find answers about your question because this question answered many times already, since you are only a newbie in this forum, for your sake the answer is no, bitcoin cannot be replace fiat why? because the goverments of our countries will not be benefitted when bitcoin changed fiat currencies and besides, in countries accept bitcoin like Japan, bitcoin is treated as payment proccessor rather than a currency

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Quote from: Zadicar on June 06, 2017, 01:23:51 AM

Quote from: bluefirecorp on June 05, 2017, 10:46:16 AM

Quote from: JimmieA on June 01, 2017, 07:35:01 PM

Quote from: Arindava on June 01, 2017, 02:19:38 PM

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

Could Bitcoin ever replace conventional money?

One or two years to come may not be in place as a substitute for the money that now exists, but the future can be used as an alternative

whether one, two more years, or many more years bitcoin still will not replace conventional currencies. because, countries won't have benefit when their currencies wiped out and replaced by bitcoin, on the contrary, that can affect their economies. So, bitcoin will still is bitcoin, wil be a separate currency, not mixed or replace other currencies.

Yes. It is not easy to replace the conventional money, nor will any country allow it. By having a centralized currency of all the countries it is the strength of the country that they have gained over a period of time. I am not sure that any country including both the small and the large economies will allow the countries to let their monitory strength be vanished by the Bitcoin.

I agree on what you have said here they wont really allow such thing for bitcoin will rule over or will take place to their own centralized currency and yes their own money do really symbolizes their power and foundation of their economic status and government wont really allow for this thing to happen it might be possible to accept bitcoin but talking about replacing its impossible to happen.

Let's just say that bitcoin and fiat would work together to foster the economy of the countries who have recognized, legalizing, and accepting bitcoin as a means of payments and transactions like Japan. There's no need to replace each other since it has its own place to shine. Bitcoins and fiats have its own respective uses hence there is no replacing one another.

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Quote from: bluefirecorp on June 05, 2017, 10:46:16 AM

Quote from: JimmieA on June 01, 2017, 07:35:01 PM

Quote from: Arindava on June 01, 2017, 02:19:38 PM

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

Could Bitcoin ever replace conventional money?

One or two years to come may not be in place as a substitute for the money that now exists, but the future can be used as an alternative

whether one, two more years, or many more years bitcoin still will not replace conventional currencies. because, countries won't have benefit when their currencies wiped out and replaced by bitcoin, on the contrary, that can affect their economies. So, bitcoin will still is bitcoin, wil be a separate currency, not mixed or replace other currencies.

Yes. It is not easy to replace the conventional money, nor will any country allow it. By having a centralized currency of all the countries it is the strength of the country that they have gained over a period of time. I am not sure that any country including both the small and the large economies will allow the countries to let their monitory strength be vanished by the Bitcoin.

I agree on what you have said here they wont really allow such thing for bitcoin will rule over or will take place to their own centralized currency and yes their own money do really symbolizes their power and foundation of their economic status and government wont really allow for this thing to happen it might be possible to accept bitcoin but talking about replacing its impossible to happen.

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Quote from: raven7886 on June 04, 2017, 12:19:26 PM

Quote from: Vohoanghiep on June 01, 2017, 11:02:16 PM

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

Could Bitcoin ever replace conventional money?

Bitcoin can not replace money because we still need a regular currency in daily living expenses or sales. On the other hand, in transactions, cash is always faster and easier than Bitcoin many times. I think that the amount of Bitcoin in the world will not meet our needs because it is so new and too little so we just need the mines to dig up Bitcoin while the real money just prints out. and use

Yes, bitcoin no doubt is a very potential currency with a lot of acceptance and adoption in the world but still it cannot replace the conventional currency. I have a reason to say it, like if you go somewhere to a vegetable or meat shop and you have the option to pay via fiat or the Bitcoin I will pay the fiat for such purpose. The reason is that the fiat has no charges to pay while for the bitcoin I have to pay extra charges for a transaction. So in this case the traditional money is more convenient

These are in fact minor technical issues

If Bitcoin gets more traction and adoption, goes mainstream in a sense (and doesn't die in the interim), they will be solved via Segwit, Lightning Network, or whatever. Though there is another, more plausible and profound reason why Bitcoin won't replace regular fiat money. Basically, Bitcoin is "good" money (i.e. the money which appreciates over time) while fiat, without exception, is "bad" money (i.e. the money which loses its value in the long run). Thus everyone would be first spending fiat and hoarding coins

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Quote from: carlfebz2 on May 19, 2017, 04:14:19 AM

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

Could Bitcoin ever replace conventional money?

No it wont,knowing the fact that most governments on entire globe is still have negative impressions about bitcoin and making it as a conventional money doesn't fit on the criteria since its just a digital currency and making a physical would not make any sense considering the entire supply of 21 Million BTC would not really be sufficient on a particular place or globally.

Right, I couldn't agree more. Because of the total anonymity of transactions, the government wouldn't allow it yet.

Some say that bitcoin could replace paper money within a decade. But others tell its just an unrealistic speculation since digital money is taking time to be adopted. Bitcoin still can not replace paper money but it has a considerable impact in currency systems.

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Quote from: JimmieA on June 01, 2017, 07:35:01 PM

Quote from: Arindava on June 01, 2017, 02:19:38 PM

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

Could Bitcoin ever replace conventional money?

One or two years to come may not be in place as a substitute for the money that now exists, but the future can be used as an alternative

whether one, two more years, or many more years bitcoin still will not replace conventional currencies. because, countries won't have benefit when their currencies wiped out and replaced by bitcoin, on the contrary, that can affect their economies. So, bitcoin will still is bitcoin, wil be a separate currency, not mixed or replace other currencies.

Yes. It is not easy to replace the conventional money, nor will any country allow it. By having a centralized currency of all the countries it is the strength of the country that they have gained over a period of time. I am not sure that any country including both the small and the large economies will allow the countries to let their monitory strength be vanished by the Bitcoin.

jayohby

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No, i don't think so. there are too many sheeps in the world who believes in fiat.

However, I believe bitcoin to be the best asset in the world. Its upside is unlimited because fiat is being printed every day.

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Quote from: zedsacs on June 03, 2017, 12:28:30 AM

I don't think it would, it have a small chance but close to impossible. 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.

In my view, no matter how people think about btc, btc will not replace conventional money. Because btc is inherently btc, a digital currency, it may be that after many years btc is more and more known and accepted, however, countries will not let conventional money be replaced by btc.

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Quote from: Heartilly on June 04, 2017, 10:07:13 PM

We all know the answer. Of course, it won't!

We can use bitcoin together with our traditional money but to replace it all, won't be possible.

Right, however blockchain technology will evolve, bitcoin will never replace conventional money. Its unstable value makes it impossible, I think bitcoin can not be categorized as money because of that instability

Heartilly

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We all know the answer. Of course, it won't!

We can use bitcoin together with our traditional money but to replace it all, won't be possible.

Ewinsane

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Quote from: zedsacs on June 03, 2017, 12:28:30 AM

I don't think it would, it have a small chance but close to impossible. 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.

I don’t even think that the bitcoin have a chance to replace the traditional money completely. People are wise and they know when to make a transaction with the traditional money and when with a Bitcoin. The bitcoin is more suitable for online transactions and for the far distance transactions whereas the traditional money can be used for local transactions easily.

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Quote from: Vohoanghiep on June 01, 2017, 11:02:16 PM

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

Could Bitcoin ever replace conventional money?

Bitcoin can not replace money because we still need a regular currency in daily living expenses or sales. On the other hand, in transactions, cash is always faster and easier than Bitcoin many times. I think that the amount of Bitcoin in the world will not meet our needs because it is so new and too little so we just need the mines to dig up Bitcoin while the real money just prints out. and use

Yes, bitcoin no doubt is a very potential currency with a lot of acceptance and adoption in the world but still it cannot replace the conventional currency. I have a reason to say it, like if you go somewhere to a vegetable or meat shop and you have the option to pay via fiat or the Bitcoin I will pay the fiat for such purpose. The reason is that the fiat has no charges to pay while for the bitcoin I have to pay extra charges for a transaction. So in this case the traditional money is more convenient.

zedsacs

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I don't think it would, it have a small chance but close to impossible. 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.

erickkyut

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I don't think that bitcoin can replace the conventional money but it can be one of the major currency in the future. The conventional money still has advantages over bitcoin like that when there is a power outage, you cannot do some online transactions because you need electricity to open your online wallet.

FlightyPouch

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Quote from: Cofee.BLUE on June 01, 2017, 10:20:27 PM

I think it is possible for bitcoin to replace the conventional money considering the diminishing number of materials that we need.Also bitcoins can be transferred more easily that the conventional money itself by the means of internet.But bitcoin still needs to improve itself to be able to replace the conventional money that we have.

That is right, bitcoin cannot replace bitcoin, but it has a possibility. But what makes bitcoin impossible to replace bitcoin is it's value, without fiats, bitcoin has no value, bitcoin has it's value because it has a corresponding price, and that price use fiats or the conventional money. There's also decentralization and it's volatility.

qqpp

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Biggest barrier IMO is price stability. BTC is probably the most stable cryptocurrency of all but it is still far too volatile to replace conventional money in the near term. Undecided

Vohoanghiep

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

Could Bitcoin ever replace conventional money?

Bitcoin can not replace money because we still need a regular currency in daily living expenses or sales. On the other hand, in transactions, cash is always faster and easier than Bitcoin many times. I think that the amount of Bitcoin in the world will not meet our needs because it is so new and too little so we just need the mines to dig up Bitcoin while the real money just prints out. and use

Cofee.BLUE

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I think it is possible for bitcoin to replace the conventional money considering the diminishing number of materials that we need.Also bitcoins can be transferred more easily that the conventional money itself by the means of internet.But bitcoin still needs to improve itself to be able to replace the conventional money that we have.

_Legendary_

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Conventional money in the third countries is very small compare with marketcap of the bitcoin. Yes of course, we have to admit the current marketcap bitcoin reached more than 40 billion usd, even bigger than many countries foreign exchange.

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