I believe that the fee amounts would need to go down before Bitcoin could replace fiat. Right now the fees are too high and it wouldn't make sense to fully replace fiat.
Additionally, I've heard the argument said that not everyone is technologically savvy and would understand how to use Bitcoin. Cash is easy and anyone can carry and spend it. Spending Bitcoin does take a bit of technical knowledge. This is probably easily resolved via apps that dumb it down for users. Still requires that the user be able to operate a computer or phone, but I'm sure most all of the newer generations won't have an issue with this.
Topic: Could Bitcoin ever replace conventional money? - page 33. (Read 13876 times)
Could Bitcoin ever replace conventional money?
I think no because because bitcoin is virtual cash and i think it cannot replace money but bitcoin can help you a little i think well im just newbie i don't know how much i can earn through bitcoin. 
It can never replace conventional money until the price of BTC is increasing, people will just tend to save it and hope the price may reach 5k$ or 10k$ some day. Why will they use it for things when they can earn by holding them??
Contrary to the popular vote here, I do believe it could and should and likely will replace tangible funds in the (distant) future. I doubt the transition could be in complete affect while anyone from our lifetime is still around. The time will come though that money will only be in the form of agreement, and will be held in data stores only, and not giant vaults made of metal. The weight and the feel of money is hard to let go of though, we are bound by what we are accustomed to.
I certainly believe that in future we will see a completely different form of money. But I don't think that would be bitcoin. The reason being it is decentralised and I don't think that any government will completely adopt bitcoin in place of conventional money. 
Contrary to the popular vote here, I do believe it could and should and likely will replace tangible funds in the (distant) future. I doubt the transition could be in complete affect while anyone from our lifetime is still around. The time will come though that money will only be in the form of agreement, and will be held in data stores only, and not giant vaults made of metal. The weight and the feel of money is hard to let go of though, we are bound by what we are accustomed to.
Could Bitcoin ever replace conventional money?
Certainly no as bitcoin's platform is only for online transaction which is not necessarily to replace conventional money as transactions can not just rely on blockchain/online based as government must have a control for the major currency to keep other people be overpowered. Regulation must be on the government's hand. 
Could Bitcoin ever replace conventional money?
I think no because because bitcoin is virtual cash and i think it cannot replace money but bitcoin can help you a little i think well im just newbie i don't know how much i can earn through bitcoin.
I think that it can't. It could be used along with traditional money but it can't entirely replace it. Conventional money needs price stability. If conventional money is unstable there will be massive and big inflation. We can not make bitcoin as conventional money. The country can be chaotic and the economy will be damaged
Could Bitcoin ever replace conventional money?
No and never it is because this is only the conventional money for which we are using Bitcoin .Any bitcoiner who is working hardwork in the Bitcoin , will sell his Bitcoin for the fiat .
The reason for this is not single one , but many .
No doubt currently the Bitcoin is much famouse but only a very small fraction of the population knows this , so lots of minority of the shops are available that can accept Bitcoin an an payment .
Secondly most of the bitcoiners who have shop can not sell Thier products for btc because of the problem of the confirmation .
And also currently we can't use Bitcoin for the small payments because the fee for the transaction needed minimum 0.5$+ .
So here we need only conventional money for the daily needs in our practical life .
Australia will accept it, I see countries like Sweden adopt it (they use cards to pay more that note bills or coins), Japan might also accept it.
I believe is just a question of having some countries getting into it and the others will follow.
Of course the poorest countries will adopt it later due to poorest technilogical infrastucture.
I believe is just a question of having some countries getting into it and the others will follow.
Of course the poorest countries will adopt it later due to poorest technilogical infrastucture.
I don't think that is ever possible in future as the users of fiat money are higher at a moment and not all are aware about bitcoins and even in future if bitcoin becomes more popular there will be many people who will prefer to use only paper money.
No, the people within the IMF would not allow Bitcoin to be a major Currency because they have no real control of the price and no real control of the people that use Bitcoin. If Bitcoin is funded for wars and other terrorism acts then the people within the IMF will receive no recognition from it.
Could Bitcoin ever replace conventional money?
If any one thinking bitcoin will replace conventional currency, it won't happen if not for anything, considering the fact that the conventional currency has been with us from time immemorial that people have gotten used to it and comparing it to bitcoin in which the majority of people involved are youths who have some understanding of how the internet works and this category represent only a portion of the total population.
Could Bitcoin ever replace conventional money?
Not enterely, the most of the people in the world are used to the paper money, changing that will take several time to introduce to theyr life a virtual coin like bitcoins.I believe that is possible time will tell
Paper money might become obsolete and be replaced by another kind of currency but I doubt that bitcoin will replace the conventional money. Governments are in love with centralization that is an exact opposite of one of the features of bitcoin (decentralization). So definitely government may accept it but not a primary currency but an alternative one. So I believe, bitcoin will not replace the conventional money.
Could Bitcoin ever replace conventional money?
Not enterely, the most of the people in the world are used to the paper money, changing that will take several time to introduce to theyr life a virtual coin like bitcoins.I believe that is possible time will tell
Couldn't Bitcoin ever replace conventional money cause of its own popularity is still not sufficient .
Popularity is not the key that will unlock the event "Bitcoin replaced Fiat" instead, it will be acceptance. Even though Bitcoin reaches the highest possible level of popularity, it will not replace fiat easily without acceptance. Bitcoin should be accepted by everyone, the government mainly, regardless if it popular or not. Though popularity may contribute, still, acceptance is the key
I tend to disagree with this stance
First, it is not clear what you exactly mean by acceptance. It is one thing for Bitcoin to be accepted as a foreign currency and an entirely different one as legal tender. Further, it is unlikely that any government would accept Bitcoin "just for fun" or for the sake of accepting it as such. Obviously, this acceptance (whatever you may mean by that) is not possible without wide popularity preceding this event. In other words, popularity necessarily comes first, and, as to me, formal acceptance may be completely inconsequential in the end. For example, when the Zimbabwean dollar turned to complete trash at the end of its life cycle, people in that country had already been actively using other currencies so official denouncement and termination of the Zimbabwean dollar basically amounted to nothing by that time. It's essentially the same with acceptance
If everything gets digital in future and if bitcoin is used and accepted everywhere like fiat money then there is a possibility that people will prefer to use bitcoins as even now people prefer to go cashless for shopping as they prefer more to use credit/debit cards for their purchases so if bitcoin gets on the mainstream then I am sure that more people will start using it but even at that stage there will be few people who will prefer only to use fiat money.
Couldn't Bitcoin ever replace conventional money cause of its own popularity is still not sufficient .
Popularity is not the key that will unlock the event "Bitcoin replaced Fiat" instead, it will be acceptance. Even though Bitcoin reaches the highest possible level of popularity, it will not replace fiat easily without acceptance. Bitcoin should be accepted by everyone, the government mainly, regardless if it popular or not. Though popularity may contribute, still, acceptance is the key.
Couldn't Bitcoin ever replace conventional money cause of its own popularity is still not sufficient .
Could Bitcoin ever replace conventional money?
Another similar question. My answer is 'no'
Basic reason is spread! Conventional money is at present available to everyone anywhere in world and he/she can easily use it. But when we talk about Bitcoin, it is presently being used by less than 1% of the population. Also with its increase use, problems associated with blockchain keep causing trouble and restricting its development. Thousands of transactions are presently unconfirmed on btc network and when Bitcoin will spread further this number may rise to millions.
BItcoin is also a currency but I think it can not replace the usual currency that we use every day. Although very high value, Bitcoin is not yet widely available and some countries still do not accept it. Governments fear that there will be no control over Bitcoin as it is a decentralized, free-flowing user. In addition, use cash in daily activities is also much easier than using Bitcoin. I think Bitcoin will still be used normally but it can not completely replace the traditional currency
Jump to: