Could Bitcoin ever replace conventional money? - page 34.

TheUltraElite

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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.

I think the term totally digital is going to be more hurtful to the world than be better than what it is today. Remember that the sole energy source is still from the environment and (god forbid) nuclear, and once we get enough power to run such devices worldwide it will be tough be remain eco-friendly.

Not being skeptical but I also hope that bitcoin will take over fiat in maybe another decade or so but I cant say about the consequences for sure. People have never really accepted bitcoin as something usable in the first place due to high transaction fees and heavy network congestion - in some cases where paper bills are much more friendlier.

Still considering bitcoin will prevail in future but the acceptance of bitcoin also needs to grow - which is growing at a slow rate at present.

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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.

Bitcoin can be used together with the fiat for now because bitcoin also need the value of money to develop. I also do not think that bitcoin can replace fiat for transaction it can either be a option for people on doing their transaction. Because the legal matters of fiat is much trusted because the stock is on the government hands. But bitcoin may develop also for more changes that may lead for more people to chose bitcoin than fiat in doing transaction on a daily basis.

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

Could Bitcoin ever replace conventional money?

If Bitcoin solves its scalability issues, that may become a viable option, after all

It won't replace US dollar or euro (or any other major currency, for that matter), but some minor currencies or the ones close to complete collapse (like Venezuelan Bolivar right now or Zimbabwean dollar in the past) may fall easy victim to Bitcoin fangs, and that may in fact turn into reality (what reality remains to be seen, though). For example, if Bitcoin transactions become ping-time fast, fees amount to nothing, and Bitcoin itself becomes wildly popular among population of such country, it may pretty fast crowd out "conventional money" (as you termed it), i.e. some hyperinflating local currency

Beparanf

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A decentralized currency will never be accepted by a government since there will be no benefit for the government when they accept using it. Imagine that many rich people can evade tax by putting all their money on BTC. Grin

Harlot

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Let us be real for a moment shall we, fiat currency won't be replace by Bitcoin in any way even if the proce of Bitcoin goes up any higher Fiat currency will still be there. You know why? Because a government of any country won't allow something like that to happen as much as they are concern they can go as far as accepting it as a mode of payment and never anything more. Can you imagine how economy of a country will be affected of the use Bitcoin as their medium of exchange? It would be devastating.

Rinder

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There is no way to bitcoin replace any currencie, would be easy to some countrie to buy all btc around then the reverse, bitcoin has a lot issues to be handled and i doubt any merchant would like to wait 30 minutes to get money, something they get instant with fiat currencie.

dinofelis

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

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.

Actually, this is not true. I was close to one of the first digital currencies, and a predecessor of bitcoin: ecash.

https://en.wikipedia.org/wiki/Ecash

If failed miserably.

And most fiat currency is digital currency.

The big difference between crypto currencies and other digital currencies is their claimed decentralization, and their highly speculative emission curves (a lot for early adopters, and scarcity when more general adoption sets in, making early adopters profit from huge seigniorage).

fujyo86

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Bitcoin will not be able to replace conventional currency positions. Bitcoin remains a digital currency, while conventional money is still and will always used many people

emezh10

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NO ways i guess it will never happened i guess bitcoin will replace the money or cash we are using right now but money can not replace the bitcoin i guess bitcoin giving us so many opportunities and perk like investing in this new technology like cryptocurrency it will be the future of money.

Farcoin12

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There is an extremely high chance that Bitcoin will never replace fiat. The main problem for Bitcoin is that governments will never replace fiat with it. Also, if we really wanted Bitcoin to overtake fiat, literally everyone in the world would have to use it. Otherwise governments will receive a ton of shit from their citizens for introducing a new currency that most of them don't know about, let alone have some.

kpcian

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I don't want to say that it's not possible, I want to say that it's really challenging. Because conventional money is already made its acceptability and credibility so it will stay for a long period of time.
on the other hand, Bitcoin is a virtual currency, it needs to go more way to be a replacement of conversational money..

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Quote from: DoublerHunter on May 22, 2017, 04:48:30 AM

Quote from: farharhadi on May 22, 2017, 04:10:14 AM

Can not because this bitcoin is traditional money but can not be all the same, bitcoin is also a lot of trouble from there unfortunately.

I agree with you, bitcoin doesn't function the same with the conventional money because it is not that the same and bitcoin has a limited supply so it not that suited for the whole world to use as a daily money and bitcoin also needs internet so it is not that convenient to use in offline transactions. Bitcoin will stay here as well as the conventional money and they will just help each other.

Don't you think that technology always growing so fast that the internet is now almost reached every corner of a developed country? It's really possible that in the future we'll all across this world have a good internet connection and the use of bitcoin for daily life will be very possible.
The conventional money will fade alongside with the growth of educated people, they'll know exactly why conventional money is not effective anymore. We'll soon come to a digital world where everything will be done digitally to increase the security and safety.

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Quote from: farharhadi on May 22, 2017, 04:10:14 AM

Can not because this bitcoin is traditional money but can not be all the same, bitcoin is also a lot of trouble from there unfortunately.

I agree with you, bitcoin doesn't function the same with the conventional money because it is not that the same and bitcoin has a limited supply so it not that suited for the whole world to use as a daily money and bitcoin also needs internet so it is not that convenient to use in offline transactions. Bitcoin will stay here as well as the conventional money and they will just help each other.

farharhadi

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Can not because this bitcoin is traditional money but can not be all the same, bitcoin is also a lot of trouble from there unfortunately.

xypos

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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.

ecnalubma

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Not gonna happen i think, bitcoin is just good alternative to cash but it can't replace cash and people always prefer traditional cash.

lionheart78

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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.

I do not think so, even though bitcoin is much better than paper currency, the scalability issue and the government's regulation towards bitcoin will stop it from being used as main currency. And if ever government decided to adopt cryptocurrency, they will just create their own currency where they have 100% control.

uneng

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No, because bitcoin isn't prepared to be used as conventional money. Bitcoin transactions take too much time to be approved and in daily life we need to confirm our transactions instantly, otherwise it's inviable for us.
Bitcoin isn't being used to pay cheap items too, it's a big problem to adopt the currency to replace conventional money.

aakashsangwan

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I don't think bitcoin can replace traditional money as it is under the control of the government of country, maybe there is a greater chance that traditional money would be replaced by a digital currency which would be under the control of governments and central banks.

dwieyani

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I still have to think again because it can not replace with conventional money and I think the government will not allow it

Topic: Could Bitcoin ever replace conventional money? - page 34. (Read 13878 times)