Could Bitcoin ever replace conventional money? - page 4.

Hotel_Prodeo

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Quote from: Larsius on February 19, 2018, 05:24:16 PM

If Bitcoin get serious development and unlock much better scaling then it will replace the conventional money.
Conventional money is history. Crypto is future.

Yes it is time for the transaction system to change soon, many problems if using conventional money especially if the transaction with 2 different currency, there is always injustice because of the problem of exchange rate, it is time the world use bitcoin to replace conventional money.

missyqt29

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Quote from: IsabelaFernandes on May 19, 2017, 05:08:19 AM

Could Bitcoin ever replace conventional money?

It was like if bitcoin has replaced the fiat we use today, people will complain that no one could manage or regulate it. So I want to keep things the way they are now. Fiat got the every day finance while crypto currencies top the online market. I don't want them to fight over. I want to stop people mocking us and calling it bubble money.

freshm4ker

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To me that bitcoin can never completely replace paper money. The world's population will have access to the internet and the necessary knowledge in the field of crypto currency. In addition, small transactions are financially unprofitable in digital currencies because for the transaction it is necessary to pay a higher return than the cost of the purchase itself. Cool

Larsius

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If Bitcoin get serious development and unlock much better scaling then it will replace the conventional money.
Conventional money is history. Crypto is future.

callmeback

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Well, still many countries that do not recognize the legitimacy of bitcoin. They have their advantages and disadvantages which are almost indispensable to each other. However, they won't replace fiat either, but will work alongside it. I dont think that will happen in the future because I think bitcoin is not suitable to the requirement of being a conventional money of a certain country. But still I don't think it will replace conventional money.

Denisliternyjj

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I think that this is entirely possible! Since it is safe for citizens and you do not need to pay taxes to banks and officials!

GardenChristian

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Quote from: IsabelaFernandes on May 19, 2017, 05:08:19 AM

Could Bitcoin ever replace conventional money?

I don't know if bitcoin can replace traditional money, but it hasn't. There are still many countries that do not recognize the legitimacy of bitcoin, which cannot be traded in these countries.

TheSmo

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Quote from: Nexigen on February 18, 2018, 09:14:03 AM

Quote from: TheSmo on February 18, 2018, 09:11:45 AM

If banks all over the world recognize cryptocurrency as universal payment means, then it is more than possible. I think yes. Many of my friends believe this and would like it.

But the banks will not do it. It's easier to store everything in metals or fiat money. To pay retirement for older people with cryptocurrency? It will frighten them.

If in the shops, public transport and in any other places there will be installed devices for payment by cryptocurrency, then such money will become common. And they will replace fiat money.

Nexigen

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Quote from: TheSmo on February 18, 2018, 09:11:45 AM

If banks all over the world recognize cryptocurrency as universal payment means, then it is more than possible. I think yes. Many of my friends believe this and would like it.

But the banks will not do it. It's easier to store everything in metals or fiat money. To pay retirement for older people with cryptocurrency? It will frighten them.

TheSmo

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If banks all over the world recognize cryptocurrency as universal payment means, then it is more than possible. I think yes. Many of my friends believe this and would like it.

Nexigen

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Bitcoin and ordinary money? I doubt that he will be able to replace them once. Maybe in 50 years, when the generation changes, people will not be afraid of crypto currency. When each country has its own crypto currency or one for the whole world is universal.

wolfgang56

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Quote from: IsabelaFernandes on May 19, 2017, 05:08:19 AM

Could Bitcoin ever replace conventional money?

No, bitcoin can't ever replace conventional money because even the government is against of bitcoin because they do not trust bitcoin and i don't know why they don't trust it even it can give people money for their everyday life. Money is a tool that every people used and I think bitcoin can't be used by anyone especially for those people who doesn't know how to use computer or internet.

GunsNRose

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I don't see the likelihood that crypto currency will replace ordinary money. Crypto-currencies are inherently more like shares of various companies.

kirito1614

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Despite the fact that one disclosed to you that at the outset, bitcoin isn't a currency. It is a theoretical resource, and now that individuals with little possessions are gradually constrained off the chain with expanding expenses, it will end up being a speculative settlement layer for enormous players just, which is the thing that it was intended to be. The little fish were just expected to make the thing rolling. Before long it will be a money related instrument for huge unpleasant business as it were. No, I feel that it can't. It could be utilized alongside conventional cash however it can't completely supplant it. Lamentably bitcoin needs to numerous issues, weakness and qualities that don't enable it to be completely utilized and actualized in conventional budgetary framework. Unpredictability is only one of them.

e19293001

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Quote from: gvnsrbtc on February 17, 2018, 08:48:30 AM

I think it's not possible, even though technology evolves and people use more bitcoin, cash is still the only tool for making exchanges in everyday life. Bitcoin is dependent on the internet, and it needs a huge charge for every transaction, so people can not use bitcoin for everyday life, or in other words, it can not replace cash unless it solve fee problem.

That is what altcoins are currently trying to solve. Companies and communities are racing to replace bitcoin that will be a case of trial and error since the technology evolves faster and faster. Soon there will be a winners in the race. The one who hodls it will be the lucky one. But still I don't think it will replace conventional money.

sirkings0003

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Bitcoin will not and will never replace fiat currency or conventional money. They all have their advantages and disadvantages which are almost indispensable to each other. Bitcoin mostly solves cross border problem, while conventional money mostly solves local problem

hinterland

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No, however future cryptocurrencies have every possibility of doing so.

gvnsrbtc

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I think it's not possible, even though technology evolves and people use more bitcoin, cash is still the only tool for making exchanges in everyday life. Bitcoin is dependent on the internet, and it needs a huge charge for every transaction, so people can not use bitcoin for everyday life, or in other words, it can not replace cash unless it solve fee problem.

wiser

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Quote from: IsabelaFernandes on May 19, 2017, 05:08:19 AM

Could Bitcoin ever replace conventional money?

It won't for several reasons.
1. Bitcoin doesn't really work all that well. It certainly doesn't scale up. If the entire world, or even an entire small country, conducted all their daily transactions in Bitcoin, there wouldn't be enough room in the blocks to incorporate all those transactions. Bitcoin transactions take anywhere from ten minutes to over an hour to confirm, and that is way too long.
2. The current financial system stands a lot to lose by being replaced, and it won't just sit by and let itself be replaced. The smart financial institutions know they need to embrace cryptocurrency, which means that cryptocurrency will work alongside fiat money and current financial systems.
3. There are altcoins out there that work far better than Bitcoin and which can scale up. If any coin was going to replace fiat, it would be one or more of those altcoins. However, they won't replace fiat either, but will work alongside it.

BrianBrianBrian

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No I think It is not possible for the mean time!
Though we can't say for sure, it may actually be in the future.
When things are more stable and accepted.
Remember back then when markets use barter system then eventually coins where introduced, yet not accepted by many.
After a few decades we are all using coins.
History just repeats itself so it is possible

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