Could Bitcoin ever replace conventional money? - page 35.

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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.

Sadlife

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Nope, because most of governments in the world hates bitcoin due because they see it as an competition to their fiat currency that they use to gain profit from the people using their banks to track and tax their consumers.
While bitcoin on the other hand is not controlled by any formed of government it is run by many people in the world that's why most people like because of it's decentralized feature and you can send and receive transactions anonymously.

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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.

Definitely,governments don't want to accept bitcoin due to its high volatile nature.More over,governments will not be ready to accept a currency which they could not control.Since bitcoin supply is limited to only 21 million coins,it would not be possible for a government to make bitcoin as a conventional money.

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Quote from: btcdevil on May 21, 2017, 03:10:09 PM

Quote from: TheWallStreetCrew on May 21, 2017, 02:47:15 PM

Crypto will definitely replace conventional paper money. Every government is already investigating it. Govs will have their version which will suck but then we will have our real money crypto like bitcoin.

If every government starts their own coins to trade then it will became same like fiat currency where each country have their own fiat currency and its value. So i think this idea wont work and it will only kill the coins developed and in the final Bitcoin will only be their to lead it.

They might use bitcoin as their basis,when they make such coins they might use services,types and form of bitcoin,so in the end it will only be like bitcoin and will still continue to acquire btc.

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Quote from: TheWallStreetCrew on May 21, 2017, 02:47:15 PM

Crypto will definitely replace conventional paper money. Every government is already investigating it. Govs will have their version which will suck but then we will have our real money crypto like bitcoin.

If every government starts their own coins to trade then it will became same like fiat currency where each country have their own fiat currency and its value. So i think this idea wont work and it will only kill the coins developed and in the final Bitcoin will only be their to lead it.

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

Could Bitcoin ever replace conventional money?

The only way for that to happen is if there are more than 8 decimal places put in. We would need something like 10 to 12 decimal places for BTC to be used like that. Where 1 satoshi would be worth a penny, 10 worth 10 pennies and so on. We would need the ability to get into the trillions. With a full bitcoin being worth a million or 10 million for there to be enough.

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Crypto will definitely replace conventional paper money. Every government is already investigating it. Govs will have their version which will suck but then we will have our real money crypto like bitcoin.

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Quote from: hurain on May 19, 2017, 03:52:34 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.

yes that is right, as nothing is impossible in this world but in fact it will take a lot of time and it is not such an easy job, beacause small number of people are using bitcoin. i think in future when the number of bitcoin users will increase then it will become possible that bitcoin will replace conventional money.

With bitcoin, the government or central bank would lose its ability to manipulate the money supply. Regardless of how well bitcoin works and how efficient and easy to use it is, it will never be acceptable to replace a national currency, because the government will have to give up control and the ability to manipulate, the ability for favor special interests at the cost of the general population.

Bitcoin is great as an alternative currency.

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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.

I disagree. I've actually come to believe that it was the US government who developed bitcoin and deployed it in response to the 2008-09 housing crisis. The entire financial system could have been potentially destroyed, leaving citizens without banking. It would have been the end of the system as we know it, and bitcoin was released to the world as an alternative financial system, for the next time shit like that happened. Call me crazy, but that's what I'm thinking. The whole Satoshi Nakamoto thing is just a smokescreen, and it's also why the genesis block hasn't moved. That's for the government to use in case of emergency, and when bitcoin finally gets to $100,000 or wherever.

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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.

yes that is right, as nothing is impossible in this world but in fact it will take a lot of time and it is not such an easy job, beacause small number of people are using bitcoin. i think in future when the number of bitcoin users will increase then it will become possible that bitcoin will replace conventional money.

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This thread has been discussed over and over and the answer is still a big NO.

Fiat is backed by almost all government (if not all) around the world as well as all the banking system across the globe. Governments will not let digital currency to surpass the fiat. This is because they cannot regulate that type of currency, thus the Bitcoin. Instead of surpassing fiat, Bitcoin will just coexist with them. Bitcoin will just be an alternate mode of payment and that is just about it. This is for the most case scenario.

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

Could Bitcoin ever replace conventional money?

Probably not for a number of reasons.
1. Conventional money is faster when it comes down to transaction times that are not international (think credit cards or cash)
2. Fiat money is the go-to of governments around the globe and they will not loosen their grip on their control over their monetary system
3. Bitcoin is far more effective as an investment tool or speculative commodity than as a currency (as of right now)
Those are the ones off of the top of my head.
Chances are there are good arguments in the other direction as well, but that's a quick rundown I got for right now.

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Fiat is slowly being replaced by Government crypto not bitcoin. They want to maintain control. But as the sheeple catch on to decentralized money and see they dont need the gov. the gov crypto will got the same way as gov paper money.

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Conventional currency were the one that has got the support of a government. So anything happens with bitcoin will be taken responsibility by the government as well it is the value based system. Bitcoin is completely technology depending without any control and varies with the change in the market adoption. So replacing of conventional money won't takes place, but might serve as an alternative.

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

Could Bitcoin ever replace conventional money?

It's made no sense Bitcoin ever replace conventional money. But both of having good importance in our life. It's true Bitcoin’s popularity continues to grow throughout the world, but some governments are beginning to realize its potential are direct alarming in their economy. I believe There have some countries will not change their stance on Bitcoin.

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

Could Bitcoin ever replace conventional money?

This is not the first time that we see this question here, this will be discussed for many more years probably. I`m not sure that bitcoin can replace convectional money, not alone, maybe with help of other altcoins, and that can happen only when we see full acceptance of crypto currencies on global level. For this to happen we need to wait couple more decades, at least, domination of dollar is far from over, and I think we can not expect fiat to fall that easily, so years of fight will pass before we can see bitcoin on throne.

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

Could Bitcoin ever replace conventional money?

Why should it? Both can Co exist. Bitcoin can supplant it, rather than make it extint. And Bitcoin is yet not legal plus it's not unlimited in supply. And it's fluctuations in price, means it can never be the full currency, we should continue using it as it is. And honestly it's best the way it is, no need to make it a centralized system currency. Plus the chances of this happening are next to nil.

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Bitcoin might be able to replace regular money if the Government allows it to. I have a feeling that Bitcoin won’t have that amount of good reputation to where the Government would allow Bitcoin to just get accepted by the IMF without much discussions because they usually like to have people post things that make the coin look bad when they incorporate Bitcoin’s with terrorists and tall other kinds of people that bring a negative influence to the civilians within their countries.

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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.

kpcian

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It really tough to say about that at now,
Since, every conversation money already made a good impression and credibility to the people so it'll need a lot of time to replace by Bitcoin.
Bitcoin needs to go long way and to earn the acceptance to the mass people to use, not only that but also Bitcoin needs to be more available to them.

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