Topic: Could Bitcoin ever replace conventional money? - page 6. (Read 13876 times)

I don't think so. The world is not ready for this and it will never be while we have national states. Because every national state wants to control the financial system of the country

But it is difficult, we all know that bitcoin transactions depend heavily on the Internet, many big and big countries like Brazil, Indonesia, India which would be difficult to get 100% internet access, even the information in that country is not 100% affordable for electricity service.

I think its no, because there are many people who do not know what is the use of crypto currency or the bitcoin and not all people can afford to have their wallet where they stock their bitcoin. It is to hard to use bitcoin in a simple person and the kids also.

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Government money or money from some high ranking official is going to be there, Bitcoin is nothing compared to that.

No one can give you the exact answer right now. Bitcoin is no substitute for traditional money. But there are countries that recognize the legitimacy of bitcoin, and in Japan there are merchants who support bitcoin payments, and perhaps in the future, bitcoin will replace traditional currencies.

Here's on interesting statement by perhaps the greatest bitcoiner of us all - “Sometimes I speak to various regional banks, the ones that are not afraid of bitcoin. They tell me things like 80 percent of our population is a hundred miles from the nearest bank branch and we can’t serve them. In one case, they said a hundred miles by canoe. I’ll let you guess which country that was. Yet, even in the remotest places on Earth, now there is a cell-phone tower. Even in the poorest places on Earth, we often see a little solar panel on a little hut that feeds a Nokia 1000 phone, the most produced device in the history of manufacturing, billions of them have shipped. We can turn every one of those into, not a bank account, but a bank. Two weeks ago, President Obama at South by Southwest did a presentation and he talked about our privacy. He said, ”If we can’t unlock the phones, that means that everyone has a Swiss bank account in their pocket." That is not entirely accurate. I don’t have a Swiss bank account in my pocket. I have a Swiss bank, with the ability to generate 2 billion addresses off a single seed and use a different address for every transaction. That bank is completely encrypted, so even if you do unlock the phone, I still have access to my bank. That represents the cognitive dissonance between the powers of centralized secrecy and the power of privacy as a human right that we now have within our grasp. If you think this is going to be easy or that it’s going to be without struggle, you’re very mistaken.” Andreas Antonopoulos

There is a huge chance that cryptocurrency will be implemented nation wide because most of the people wants to live a cashless country aside from the governments because they are just stealing money from their people. Market is volatile and that is the reason why bitcoins is good for long term investment.

I think, cryptocurrencies are gonna be the real money in the future, in fact there are countries nowadays that are using bit coin as payment, and I think that is a start for the crypto world. Using cryptocurrencies has lots of advantages as well, and I believe that people are gonna be wanting to use crypto currencies instead of our current money today.

The thought of BTC replacing conventional money is almost close to being astronomical. Conventional money, is one element that allows BTC to even exist and have value. Conventional money is already a global consensus, subliminally implanted in the thoughts and culture of many communities or the society in its entirety. If BTC cannot be exchanged for a certain amount of conventional money/FIAT/Currency, then it won't have value. It is being accepted by most members of the populations because, it can be exchanged for money. So I think, it would take awhile before the astronomical thought can even be realized in its earlier stages. Good thing is, the BTC has value.

both will not be replaced by me even thinks that btc and konvesional future can be simultaneously will not be a competitor user can decide to make payment with money or bitcoin

For so many reasons right now, I don't think it can.. But if the cryptocurrency world is able meet up some conditions in the nearest future, then theres a possibility it can exist along side conventional money but not replace it.

Now for me it cant replace physical money but we can used it everyday in our daily life.  We all know bitcoin is big help to us,  and if its became stabilized I think we can hold it physical. And we can used it for our better future.

Bitcoin's virtual currency has treble value, because the financial crisis in Cyprus and beyond rid of consumer confidence in traditional banks.
Bitcoin is obtained online via the internet, by completing difficult computational tasks, and exchanging information directly, bypassing the bank. Because they are stateless, they can not be taxed, frozen or easily known.
I personally do not think that bitcoin can change money someday because there is a central government that already exists.

I think no.
Eventhough there are so many people who are interested to bitcoin but its imposible to change or replace the conventional money.
We all know that the supply of btc is not enough.

First of all, I must say that Bitcoin or in this case cryptocurrency can not be equated with conventional money. Money like cash, and local currency has its own uniqueness and advantages over Bitcoin. If the local money and cash money does not change much, it can give us an advantage because we need not be afraid of sudden price changes and we will not lose, but we also will not be able to profit anything. In contrast to cryptocurrency like Bitcoin, we may be able to get profit with rising prices, but we will lose if a time the price of Bitcoin decreased as it is today. But there is also a crypto whose price is not changed much like Dogecoin.

I would also feel that bitcoin never replace the conventional money, certain rules and regulations are there to become official currency of any country, but bitcoin is still not given official status in many places then how could it replaces the conventional money, government may not agree for this to happen.

Nobody knows. There are real question marks around whether a blockchain can ever scale to serve billions while remaining decentralised. But the competition Bitcoin brings to the financial world will drive up standards, essentially bringing much of the benefit of BTC to non-Bitcoin currencies.

Governments seeking to cover their mistakes with devaluations have a new reality to deal with.

Yes. If there is a credit based system to verify transactions instantaneously. That's how modern credit cards work -- there's no backing that there's money behind the transaction. It's just that the credit card company assumes the liability and hopefully the buyer will repay it back later. I believe TenX is doing something in that space. Until that happens, Litecoin is likely the next best option as it's closest in behavior to Bitcoin and transaction times are down to about 2 minutes (with very little transaction fees).

I don't think so, because governments will never allows it. As they can't control Bitcoin, they will always protect their currency.