Topic: Crypto VS national currency - page 29. (Read 3027 times)

In its development, a number of other digital currencies will one day replace the position of banknotes as a medium of exchange. The reason, this currency can fix problems that exist in paper currency, and indeed in history, the same thing always happens in the new currency that replaces the old currency.
This illustrates a technically well-established virtual currency system, but there is still no uniform international legal law covering the use of bitcoin.

First, because people believe what they are told in the news. If they hear a famous banker say that bitcoin is a bubble and its just useless. (They normally say that the technology “the blockchain” is good but bitcoin is stupid or useless or whatever. They keep repeating the same all the time.) Normal average people like me tend to be manipulated easily. If I hear my friends say that “bitcoin sucks” i will tend to think the same as them. Today, in my Snapchat Discovery news, I saw that they talked about bitcoin. “Bitcoin BONANZA for real?” was the name of the article. The article wasnt that bad. The reporter or whatever its called, said that there was a cryptohype with this weird coin. As usual, they quoted the bankers and said that bitcoin was sketchy and very volatile (this point is sadly true). he also showed a graph which looked like the sinus curve but with edges and with the numbers +200% and -150%. At the end the guy said that he had tried to buy 0.053 bitcoin but the transaction was still “pending”. My friends now that I am interested in Bitcoin, so after watching this, they came to me and said: “dude, bitcoin sucks”. They think they know what bitcoin is just because they watched this 1 minute news video. Now they think its just a “sketchy” “hype”.

The other reason why I think Bitcoin wont replace national currencies is because its very volatile. This point is one of the few things where surprisingly bankers dont lie. People dont want to pay daily life stuff with bitcoin because they view it as an investment rather than a currency. In my point of view, Bitcoin wont probably never replace other currencies because bitcoin is like an upgraded version of gold. Its not a currency to pay with, its more like a store of value, like gold. I think, that less volatile, cheaper and faster coins like Litecoin or Dash(its actually quite volatile) are the perfect candidates for replacing fiat currency.

Government bans and too tied regulations. Few governments like Switzerland, Luxembourg or Philipines are friendly with cryptos. Otther countries see them as a danger. What bitcoin actually does or at least tries to do is take the power away from a few people and put it in the peoples hands. What governments do is exactly the opposite thing.

In my opinion, we could see either a future where fiat currencies will transform into centralised versions of bitcoin (like a real version of “petro” with more transaprecy) and still dominate, with Bitcoin being a store of value or cryptos taking over and destroying totally fiat currencies. (This is more likely to happen after a bic economic crash). The problem is that if cryptos became widely adopted, the governements would try to ban it. (Nothing good would happen here)

I think the national currency is easier to use by all community groups and of course by some small communities because from the first they use the national currency to transact and to sell and buy and I think the crypto currency is only its users who only know and I also hope that bitcoin can be better known in the community so people from the lower middle class know and know what bitcoin it is and how to use crypto money so people can use the crypto currency anytime in their country paper money will be replaced with money crypto

I think crypto can not replace the national currency. Not everyone knows crypto and want to use it. In my country, the government can not control the crypto so they do not accept it.

Yes,it is really possible, but I think that we won't see it regretfully. But our children will use crypto like we use dollars now, no doubt

you know people don't want to change , very hard to convince all people but the future is cryptocurrency .

To my mind, cryptocurrencies are a more advance currencies that mainly used online while national currencies are the old fashioned currencies released by banks. I think that at the moment the national currency of any country is much more stable than the rate of the Crypto-currency, therefore it is stronger!

The national currency is printed and issued based on many different conventions and internationally recognized.
Currency is issued as coins, banknotes and you can handle it. And the particular thing is that the currency is only for that country to use, the number is unlimited.
Most crypto are conventionally numbered and organized by a group of people who conventionally and administratively regulates that crypto technology. They are the developers of the source code and cooperate with many other organizations to make their crypto known to everyone. Crypto is only circulated by the internet and there are many people or organizations using it to its known value.

I think that at the moment the national currency of any country is much more stable than the rate of the Crypto-currency, therefore it is stronger! It's too early to compare them!

I think otherwise, I do not believe that crypto currency will be able to replace any country's national currency. Cryptos are great and I believe in their bright future especially Bitcoin, but I do not think that any government and big corporations will allow that to ever happen. Plus the fact tha crypto currency can be very volatile which is not really suited to for it to be a national currency.

I agree with you. But I believe that national crypto money should be a single currency. Single for all countries. LIka a "WorldCoin"

In my opinion, i think it depends in the country because, majority of the countries did not support cryptocurrency as their money so it is impossible for them to replace their national money as crypo. While some countries were allowed to use bitcoin so it can change their national money as crypto. So i think that it depends in the country.

Indeed, the end of this money crypto and national money is always compared. Until crypto money will replace the national money in each country. But if I do not think that's possible, because the national money has been built long and will not be replaced by crypto money. Crypto is more deserved to be an asset to invest or become a digital gold.

Cryptocurrency requires a little more education before it can be used compared to fiat money. Cryptocurrency is not coming to obliterate fiat money, at least for the now. between now and 2023, a lot of developments will take place and though many technologies may birth inventions you can be sure that many people will still not be able to properly use cryptocurrencies. The idea of having an ATM will only make it a bit generalised but how do you convince an elderly woman who is not learned, who sells potatoes you have paid her money into her account what is her due? We'll have to do more crypto awareness before that time.

my vote goes to crypto currency

The OP reminds me of a scenario where almost everybody is talking about in the future and how it feels like to be part of a cashless society. But perhaps, these are just speculations that is due to happen or not. And with the current drawbacks which the crypto has, i don't really think that a cashless society is going to happen unless these disadvantages are finally addressed.

according to me I believe crypto money will not be able to replace the national money as a medium of payment transactions. Local government regulations that prohibit crypto money as a medium of payment and unstable price of crypto money becomes a major obstacle to be able to replace the national money

I think it's possible. But there must be a lot of things to change, maybe it should take even more than a dozen years

Crypto versus national currency is no joke and is a very top competition for both of it. But in the current state of bitcoin it is clearly that this is to far away from national currency. It is like one versus a million because a national currency has a billion supporters rather than almost a million users of bitcoin. This is also one of the reasons why some government are stopping or prohibiting bitcoin to run in thier country. It is to avoid future competition which may result to crisis or problem. We just hope that someday if people or the country  have to choose between national currency and bitcoin the good one will be the one to stay and must bring a good benefits to all of us.

It's impossible because national currency cannot replaced because it's the used money by every people in a country and also because bitcoin is a digital currency. It can be use in a country but will not replace national currency.