Could Bitcoin ever replace conventional money? - page 30.

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Quote from: carlisle1 on May 26, 2017, 12:12:18 PM

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

Could Bitcoin ever replace conventional money?

It don't think it can be possible because bitcoin is just supposed to be an alternate for our traditional medium of exchamge and in my opinion the government won't tolerate it to become a generally used money or currency or to totally replace fiat because they can not be able to control its production as well as its circulations .

The purpose of Bitcoin is different from that of fiat currency. But even then, the government authorities can be hostile to the usage of Bitcoin, due to the high anonymity which it provides to the user.

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Bitcoin can be a daily option to pay. I do not think it's easy to make bitcoin into conventional currency, bitcoin has many problems, periods and characteristics that can not be used and applied in traditional financial systems.

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

Could Bitcoin ever replace conventional money?

It don't think it can be possible because bitcoin is just supposed to be an alternate for our traditional medium of exchamge and in my opinion the government won't tolerate it to become a generally used money or currency or to totally replace fiat because they can not be able to control its production as well as its circulations .

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Quote from: xypos on May 22, 2017, 03:13:22 AM

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

Could Bitcoin ever replace conventional money?

Definitely could.

Conventional money is already dying, and getting replaced by plastic cards.

However even plastic cards have a serious issue - they are susceptible to chargebacks, fraud, scam, all sorts of things that you don't want in your day to day transaction tool. You want a simple tool that avoids government intervention, and that's bitcoin.

Bitcoin is like banks 2.0. It operates without any sort of administration, thus making it trustworthy. I think it has a lot of potential.

Yeah this is true, today the plastic cards are more in for the mode of payments in the developed countries and same can be done with the bitcoin if they issue a debit or a credit card. It will be more convenient for the users to have a plastic card and can work with a swiping device for the payments.

Not just conventional money, hopefully bitcoin will be replacing how so far we are transacting / banking.
People are now using bitcoin only for store of value, when we start using bitcoin as currency we are going to see many drastic changes will be happening around our traditional financial systems.

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Quote from: BingoDog on May 19, 2017, 04:14:37 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.

I agree. It could - IF there were enough bitcoins to supply 7.5 billion or so people around the world.

If fractions of bitcoin were divided among the population, that fraction would have to be worth so much as the smallest unit or satoshi would be used to purchase basic commodities. But micropayments in bitcoin is an issue now with the miners' fees and the time it takes for transactions to get confirmed. Also, some satoshis get orphaned, affecting the supply. So there really won't be enough for the whole world to share 21 million bitcoins (provided that all 21M are in circulation) and so I guess bitcoin won't replace conventional money (after all it isn't considered a currency). Perhaps some other crypto will replace money since it was foretold that future money will be digital anyway...

But, bitcoin can be a very valuable commodity - like gold or better Wink

. So if you sell it, you could reap gains.

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Bitcoin cannot replace convectional money the reason is that there is slow adoption of this currency globally, although it has some influence on currency system in some part of the world. Bitcoin can just be an alternative money system for now with no physical currency.
Moreso, some private individual may have started using Bitcoin to commit nefarious activities e.g money laundering which will bring about serious regulations on Bitcoins.

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Nope, as national governments are always in the act of having authority and control for their respective local currencies. As of today bitcoin is still deregulated ang on its own, it cannot be controlled which is the exact opposite of what existing monies are. Possibilities cannot be etased but it suits all well that bitcoins and monies can be used as what they are now today.

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Quote from: TrissMerigold on May 25, 2017, 10:06:30 AM

its almost impossible for bitcoin could replace real money , i mean some countries didnt accept bitcoin as digital currency ,,, they thought this was illegal ..bitcoin is unique on its own way .., but we dont know what happen on future

I guess everything has its good and bad things. Bitcoin has been associated with criminal history for long and many people have been having this idea that bitcoin = hackers money. But then many people do understand that even fiat is not a clean money and it has been used for many shady work for a long period. Then again the correlation of bitcoin and cybercrime is a bad mark and hence it is very much normal for people to think of it as a ponzi scheme method/ fraud money scheme of future - though it is not true.

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Quote from: virasog on May 21, 2017, 11:33:24 PM

Quote from: megynacuna on May 19, 2017, 12:42:16 PM

I think at some point in time this can be realized when global acceptance is established and the issues regarding delayed confirmations and huge f es are resolved to th satisfaction of all. It's going to be a tough journey but I'll not rule out the possibility of Bitcoin replacing conventional currency one day.

Bitcoin will soon replace the Fiat and all the paper currency which is currently being used. At the moment this seems a bit unrealistic thing to be happen but then no one thought 20 years ago there could be any digital currency. Things are happening rapidly and many companies are integrated bitcoins into their business. Slowly we are moving towards a totally digital world.

Yes, I believe that things are happening rapidly and in the last two decades the technology grew on a large scale and many developments are made in the field of technology but saying that the bitcoin will replace the conventional money or simply the fiat, it is just a fantasy with no real connection to happening.

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Quote from: izanagi narukami on May 25, 2017, 10:25:29 AM

It's impossible at my place since my goverment forbid bitcoin usage especially my goverment seeing some terorism accident at my place yesterday , named Kampung Melayu. They commit to suicide , at least 5 cops were dead on location

As we know also, ransomware also require bitcoin as their ransom money which affect bitcoin popularity at my place

Your government do not know about the real benefits of bitcoin and they do not have knowledge about bitcoin that is why they have banned it. But I am sure that very sooner they will start to allow it in their country and they will learn that bitcoin is a better option for their state.

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It's impossible at my place since my goverment forbid bitcoin usage especially my goverment seeing some terorism accident at my place yesterday , named Kampung Melayu. They commit to suicide , at least 5 cops were dead on location

As we know also, ransomware also require bitcoin as their ransom money which affect bitcoin popularity at my place

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its almost impossible for bitcoin could replace real money , i mean some countries didnt accept bitcoin as digital currency ,,, they thought this was illegal ..bitcoin is unique on its own way .., but we dont know what happen on future

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Quote from: wahb on May 24, 2017, 06:41:04 PM

Quote from: Diced90 on May 24, 2017, 05:34:18 PM

Quote from: fathur.aza on May 23, 2017, 11:55:49 PM

I think it is impossible to replace with conventional money, even the government alone is not possible to allow it.

Our governments can never allow this to happen that is why in some countries bitcoin has not be legalized because the see bitcoin
as a threat which can replace conventional money and lead to the collapse of the systems used to regulate cash flows.

to me when our people will put pressure on our government by using bitcoin in a large scale they will defiantly start thinking about bitcoin and will try to legalize bitcoin.

Dont ever expect governments to legalize bitcoin - because there is no such thing. Bitcoin is not controlled by any central authority and so no one can legalize it. It is upto the users who use bitcoin think about whether bitcoin should be used or not. It is their choice whether they will use bot fiat and bitcoin or stop using fiat and only bitcoin. Governments want to tax users based on bitcoin - but that wont happen soon since one of the ideas of bitcoin is to stop taxation.

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Conventional money is the one that makes bitcoin more valuable. Though bitcoin has got denomination starting from very small value people do calculate the value in terms of USD or to the local fiat. So replacing the conventional money and going mainstream usage is not gonna happen.

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Quote from: SoulBargain on May 24, 2017, 08:42:31 PM

Quote from: wahb on May 24, 2017, 06:41:04 PM

Quote from: Diced90 on May 24, 2017, 05:34:18 PM

Quote from: fathur.aza on May 23, 2017, 11:55:49 PM

I think it is impossible to replace with conventional money, even the government alone is not possible to allow it.

Our governments can never allow this to happen that is why in some countries bitcoin has not be legalized because the see bitcoin
as a threat which can replace conventional money and lead to the collapse of the systems used to regulate cash flows.

to me when our people will put pressure on our government by using bitcoin in a large scale they will defiantly start thinking about bitcoin and will try to legalize bitcoin.

The fact is conventional money is much easier to regulate and is accessible to anyone unlike Bitcoin which limits everyone if you don't have the means to access the internet. I think that Bitcoin would rather stand, hand in hand, with the conventional money that will lead to economic growth and financial stability to its citizens especially those who use Bitcoin. Also Bitcoin would rather be use popularly in global field and online world as the major means of transactions which really is much probable than replacing the conventional money.

This is all my talking points in a nutshell. I don't think Satoshi ever wanted to replace fiat; the supreme understanding of money that created bitcoin would understand the necessity of fiat in a global economy. It's supposed to be an alternative damned near the opposite of fiat. Deregulated, decentralized, trustless and deflationary. They complement each other, and can strengthen each other when used in tandem, because they address the weaknesses of each other in their implementation (this was intentional).

Bitcoin is the yin to the yang of fiat Wink

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Quote from: wahb on May 24, 2017, 06:41:04 PM

Quote from: Diced90 on May 24, 2017, 05:34:18 PM

Quote from: fathur.aza on May 23, 2017, 11:55:49 PM

I think it is impossible to replace with conventional money, even the government alone is not possible to allow it.

Our governments can never allow this to happen that is why in some countries bitcoin has not be legalized because the see bitcoin
as a threat which can replace conventional money and lead to the collapse of the systems used to regulate cash flows.

to me when our people will put pressure on our government by using bitcoin in a large scale they will defiantly start thinking about bitcoin and will try to legalize bitcoin.

The fact is conventional money is much easier to regulate and is accessible to anyone unlike Bitcoin which limits everyone if you don't have the means to access the internet. I think that Bitcoin would rather stand, hand in hand, with the conventional money that will lead to economic growth and financial stability to its citizens especially those who use Bitcoin. Also Bitcoin would rather be use popularly in global field and online world as the major means of transactions which really is much probable than replacing the conventional money.

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Quote from: Diced90 on May 24, 2017, 05:34:18 PM

Quote from: fathur.aza on May 23, 2017, 11:55:49 PM

I think it is impossible to replace with conventional money, even the government alone is not possible to allow it.

Our governments can never allow this to happen that is why in some countries bitcoin has not be legalized because the see bitcoin
as a threat which can replace conventional money and lead to the collapse of the systems used to regulate cash flows.

to me when our people will put pressure on our government by using bitcoin in a large scale they will defiantly start thinking about bitcoin and will try to legalize bitcoin.

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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. If Bitcoin actually grew to a Currency that almost everyone wanted then it has a chance to outperform Cash.
From the looks of how things are working right now, it seems that Cash will stay a victor when compared against Digital Currencies and Bitcoin. Not that much people wants Bitcoin, they can’t really buy that much things with it.

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Quote from: Diced90 on May 24, 2017, 05:34:18 PM

Quote from: fathur.aza on May 23, 2017, 11:55:49 PM

I think it is impossible to replace with conventional money, even the government alone is not possible to allow it.

Our governments can never allow this to happen that is why in some countries bitcoin has not be legalized because the see bitcoin
as a threat which can replace conventional money and lead to the collapse of the systems used to regulate cash flows.

The beauty of decentralization is the Govs cant do anything! And they know it. Besides more govs like it that do not.

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Quote from: Diced90 on May 24, 2017, 05:34:18 PM

Quote from: fathur.aza on May 23, 2017, 11:55:49 PM

I think it is impossible to replace with conventional money, even the government alone is not possible to allow it.

Our governments can never allow this to happen that is why in some countries bitcoin has not be legalized because the see bitcoin
as a threat which can replace conventional money and lead to the collapse of the systems used to regulate cash flows.

Their only bet would be quash any sort of national interest in Bitcoin before it gets anywhere, otherwise, they might end up destroying their economy if they try to get rid of Bitcoin when it is already established as part of the system. If they take too long to do something like that, the game is over and Bitcoin would essentially win, and the government would have to design itself around that.
I assume this would happen at around 10%-25% participation.

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