Digital Currency Take Over - page 21.

rizkyhiw

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Quote from: mwaqar17 on May 08, 2018, 03:49:04 PM

As we can see now everyone/every developed nation is moving towards digital currency. In your opinion how much time is required for digital currency to take over the current/existing market or it is impossible that digitisation will never be successful. If yes what are those factors ? In my opinion those countries which are not accepting digital currency, are doing wrong. They are only thinking about the tax. They are saying that we will not get any tax and digital currencies are fake. Fraud is very easy in digital world (that is true but it also happen in every market). Although when someone is doing business in digital currency then that person is bringing money to country that is beneficial for the country...

Bitcoin's popularity has skyrocketed in the past year. We can now see a lot of positive news in the media, such as the news that Japan legalized Bitcoin as a currency, countries and regulators that began discussing the rules that fit the Bitcoin industry, as well as the growth of the Bitcoin industry as a whole - the total value of digital currency assets globally has grown from $ 20 billion in early 2017 to about $ 150 billion now.
So why do they still think that crypto success will not happen.

ricardobs

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Quote from: Dancobit on May 09, 2018, 02:56:32 AM

Quote from: boyptc on May 08, 2018, 05:46:21 PM

Quote from: mwaqar17 on May 08, 2018, 03:49:04 PM

In your opinion how much time is required for digital currency to take over the current/existing market

No one will know on how much it needs for digital currency to take over the existing market.

Quote from: mwaqar17 on May 08, 2018, 03:49:04 PM

~~it is impossible that~~ digitisation will never be successful.

I'll rephrase it.
Digital currencies now are in success so what makes you think it won't?

most digital currencies can be broken down into parts. You can use and trade in small quantities.
buyers who want certain currencies and sellers who own the currency. I do not specify the price of Bitcoin or any digital currency

It is difficult to guess about the exact time but the world is turning towards digital currency. Everything is digital why not currency. I am waiting for that time when there will be only one currency in the whole world. Transactions will be easy and this is the big advantage of having one currency in the globe. It will take more time and we will have to wait for it.

Cacingkemi

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Quote from: ralle14 on May 12, 2018, 06:20:19 AM

It could take a couple of decades or until poverty is solved because not everyone can afford all the things needed for a crypto wallet (electricity,internet,device). Just because a certain country won't accept Bitcoin it doesn't mean that they're only thinking about the tax. Any country could tax Bitcoin and all crypto if they want to. Every country has different plans and Bitcoin might ruin their plan that's why they're banning it.

Right that taxes can be done in fact by every country that prohibits BTC but their plans are more than just about taxes or digital currencies,the state plan that prohibits BTC is about economic factors I think it is feared that local money will not be used and that the growing banks will not there will then be less state of affairs maybe that's what they fear cause BTC is freed from it all.And last Corruption in a country I think with existing money can not be read while with BTC and blockchain can be seen all the existing transactions are also a factor that led to the prohibition Wink

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justdimin

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Quote from: nonycinta on May 11, 2018, 03:01:52 AM

From the way and speed with which people are embracing digital currency, it is only a matter of time some countries will start adopting it as means of exchange.

If we really want to be referring to speed, I must say it is not that much and at the same time it is not that bad. It has been few years anyway and from the look of things, we have been growing stronger and better than where we started from.

If we keep seeing things going on like this, obviously the future is bright for cryptocurrency but obviously not at the position of taking over banks or local currencies. Come on! It is the government we are dealing with here and all they just need is to use regulation and some policies to put cryptocurrencies in its place.

Sum24

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Quote from: Vinalians on May 11, 2018, 12:07:13 AM

Digital cuurency is now success even though there has some countries that hasn't accepting this. Actually they are not doing wrong it is their decision and for sure there is an enough reason why they do it. They will realized it i guess when the time comes.

Same as a lot of countries who are now regret of not accepting bitcoin on right time they will be sad now price of bitcoin is improving and it is only because people are accepting it worldwide around us some has started to use bitcoin as legal currency, I am really happy for having bitcoin in my life as it use to change my earning to turn my status from poor to become rich, I am sure near future bitcoin will be famous enough and many people will be there to get it.

Dreamchaser21

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Quote from: nonycinta on May 11, 2018, 03:01:52 AM

From the way and speed with which people are embracing digital currency, it is only a matter of time some countries will start adopting it as means of exchange.

Cryptocurrency will take more time before it become fully accepted in many countries but I think cryptocurrency can't take over fiat money because it still more convenient to have fiat money and this is where one's economy is being measured so government will keep on supporting fiat money for sure.

airdagon

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Quote from: coinplus on May 13, 2018, 02:47:02 PM

Quote from: airdagon on May 10, 2018, 10:45:59 PM

Quote from: Gozie51 on May 10, 2018, 12:59:31 PM

Quote from: btcdevil on May 10, 2018, 10:25:57 AM

Every thing depends on the country regulations, until then no one can tell how much time. If any big country show the good results of economy after regulating cryptocurrency then within very short time it will get success.

It is like who will kick the ball first but even with that, the possibility of it taken over is not seen yet in my view and one reason is because of its decentralized nature. Many country won't want their identity to be eroded.

the clearest and most obvious is the time that will answer all this, will the digital currency take over the finances in the banking or, alternatively, the government and the bank take over and control the digital currency becomes centralized.

We all know time will answer everything but we still have to understand that no matter what even if digital currency is taking a hold of the day, banks will still be functioning and so as local currencies. Now, regulation is not necessarily going to mean cryptocurrencies will become centralized as long as the protocol is not changed. The only thing that is going to be affected would be activities revolving round cryptocurrency as people obviously won't be free to make those decisions they have been making in the past.

I do not know much about it. all this is just a prediction of predictions alone, no matter how crypto money will take over the banking world in my opinion. but, I begin to agree with you, if the crypto currency takes over, the local currency will always be there for use. however we will never forget tradition.

yanixbtc

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Quote from: samcrypto on May 13, 2018, 06:26:50 PM

Quote from: jonland22 on May 13, 2018, 01:27:26 PM

without a doubt cashless payment has becoming more popular and in demand in every countries even though that country is still under development, this means that technology is progressing way much faster than before, i don't know if cryptocurrency will over take the fiat system but other forms of online payment will surely become a thing in the future.

Though I see some progress here in my country in terms of adopting this kind of technology, I still believe cryptocurrency can’t over take fiat money because our government will not let that things to happen. I’m just happy right now that we can easily use this thing, and I know in time more people will adopt the system.

Digital currency maybe can do over take fiat but it takes a long time due to government regulations.
Knowing some countries banning cryptocurrency, it will take some time for a full adaptation. Fiat and digital currency can work together smoothly.

samcrypto

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Quote from: jonland22 on May 13, 2018, 01:27:26 PM

without a doubt cashless payment has becoming more popular and in demand in every countries even though that country is still under development, this means that technology is progressing way much faster than before, i don't know if cryptocurrency will over take the fiat system but other forms of online payment will surely become a thing in the future.

Though I see some progress here in my country in terms of adopting this kind of technology, I still believe cryptocurrency can’t over take fiat money because our government will not let that things to happen. I’m just happy right now that we can easily use this thing, and I know in time more people will adopt the system.

ballerin and giroud

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Quote from: mwaqar17 on May 08, 2018, 03:49:04 PM

As we can see now everyone/every developed nation is moving towards digital currency. In your opinion how much time is required for digital currency to take over the current/existing market or it is impossible that digitisation will never be successful. If yes what are those factors ? In my opinion those countries which are not accepting digital currency, are doing wrong. They are only thinking about the tax. They are saying that we will not get any tax and digital currencies are fake. Fraud is very easy in digital world (that is true but it also happen in every market). Although when someone is doing business in digital currency then that person is bringing money to country that is beneficial for the country...

The government only thinks how to get profits and increase state revenues without a prior observation of the potential of digital currency to the economy of the country in the future. The government is only fixated that state revenues are only derived from the taxes imposed so that they are afraid that a decentralized bitcoin system can not provide income to the state because there is no tax regulation on it.

coinplus

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Quote from: airdagon on May 10, 2018, 10:45:59 PM

Quote from: Gozie51 on May 10, 2018, 12:59:31 PM

Quote from: btcdevil on May 10, 2018, 10:25:57 AM

Every thing depends on the country regulations, until then no one can tell how much time. If any big country show the good results of economy after regulating cryptocurrency then within very short time it will get success.

It is like who will kick the ball first but even with that, the possibility of it taken over is not seen yet in my view and one reason is because of its decentralized nature. Many country won't want their identity to be eroded.

the clearest and most obvious is the time that will answer all this, will the digital currency take over the finances in the banking or, alternatively, the government and the bank take over and control the digital currency becomes centralized.

We all know time will answer everything but we still have to understand that no matter what even if digital currency is taking a hold of the day, banks will still be functioning and so as local currencies. Now, regulation is not necessarily going to mean cryptocurrencies will become centralized as long as the protocol is not changed. The only thing that is going to be affected would be activities revolving round cryptocurrency as people obviously won't be free to make those decisions they have been making in the past.

jonland22

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without a doubt cashless payment has becoming more popular and in demand in every countries even though that country is still under development, this means that technology is progressing way much faster than before, i don't know if cryptocurrency will over take the fiat system but other forms of online payment will surely become a thing in the future.

raven7886

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Quote from: ribowo76 on May 11, 2018, 01:07:35 AM

It seems like it will take a long time for the crypto currency to be able to dominate the global financial system, because as we both see. There are still many countries that are not ready with the presence of crypto. But I believe, someday the technology underlying the crypto currency will be applied in many countries

I doubt even if we are going to see any form of domination of cryptocurrency as no government will like the idea of being dominated by decentralization anyway and will do everything in their regulatory power to want to limit its usage which is part of some of the things we are seeing right now with the whole SEC issues with some cryptocurrency and clamp down going on.

Nevertheless, I believe nothing can be done to stop its future growth and the only thing we will get to see is just regulations that would even bring some level of maturity in the space, but dominating banks is one I would not bother dreaming about as it looks pretty impossible.

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Quote from: whirlcoin on May 13, 2018, 02:09:48 AM

Quote from: Fuhre on May 12, 2018, 03:31:39 AM

Quote from: ribowo76 on May 11, 2018, 04:58:12 AM

Quote from: St4yInTh3D4rk on May 11, 2018, 03:38:09 AM

Quote from: ribowo76 on May 11, 2018, 01:07:35 AM

It seems like it will take a long time for the crypto currency to be able to dominate the global financial system, because as we both see. There are still many countries that are not ready with the presence of crypto. But I believe, someday the technology underlying the crypto currency will be applied in many countries

Yes many governments are afraid of crypto currency but most of the people like that crypto currency as investment but still they don't have trust or don't want to invest on crypto currencies because they are scared that their government may ban it.But as you said the crypto currency will dominate in few years like in a decade at that time most of the governments will understand the importance of crypto currencies.

I agree with you, someday the crypto currency will play an important role in the global payment system. Let us both welcome those moments

yes, of course I myself also agree with you. but do not count your chickens until they hatch, everything takes process and it is not easy to create bitcoins that are in cryptocurrency into global currencies. just relax anything good in the world of crypto is sure to happen.

Bit it is indeed I think,governments need to adopt to the new system because the decentralization era will going to start soon.Akready the developed nation like Japan made it legal and more places accepting bitcoin as a payment method so other countries also need to follow their decision.

the government must immediately take a bitcoin decision in every country is acceptable. in my opinion, its legal bitcoin will facilitate transactions, even countries can transact with other countries, but in good things (positive). do you think that japan is one to be made an example of modern times and decentralized money.

whirlcoin

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Quote from: Fuhre on May 12, 2018, 03:31:39 AM

Quote from: ribowo76 on May 11, 2018, 04:58:12 AM

Quote from: St4yInTh3D4rk on May 11, 2018, 03:38:09 AM

Quote from: ribowo76 on May 11, 2018, 01:07:35 AM

It seems like it will take a long time for the crypto currency to be able to dominate the global financial system, because as we both see. There are still many countries that are not ready with the presence of crypto. But I believe, someday the technology underlying the crypto currency will be applied in many countries

Yes many governments are afraid of crypto currency but most of the people like that crypto currency as investment but still they don't have trust or don't want to invest on crypto currencies because they are scared that their government may ban it.But as you said the crypto currency will dominate in few years like in a decade at that time most of the governments will understand the importance of crypto currencies.

I agree with you, someday the crypto currency will play an important role in the global payment system. Let us both welcome those moments

yes, of course I myself also agree with you. but do not count your chickens until they hatch, everything takes process and it is not easy to create bitcoins that are in cryptocurrency into global currencies. just relax anything good in the world of crypto is sure to happen.

Bit it is indeed I think,governments need to adopt to the new system because the decentralization era will going to start soon.Akready the developed nation like Japan made it legal and more places accepting bitcoin as a payment method so other countries also need to follow their decision.

winterland

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Quote from: mwaqar17 on May 08, 2018, 03:49:04 PM

As we can see now everyone/every developed nation is moving towards digital currency. In your opinion how much time is required for digital currency to take over the current/existing market or it is impossible that digitisation will never be successful. If yes what are those factors ? In my opinion those countries which are not accepting digital currency, are doing wrong. They are only thinking about the tax. They are saying that we will not get any tax and digital currencies are fake. Fraud is very easy in digital world (that is true but it also happen in every market). Although when someone is doing business in digital currency then that person is bringing money to country that is beneficial for the country...

I do not know if when you're talking about digital currencies or you are referring to cryptocurrencies, because digital currencies are very common and you can use them everywhere, it is not something out of the world to get a debit or credit card and being able to use that card in ATMs all over the world, but if you're talking about cryptocurrencies then it is going to take a lot of time before they're able to replace the current system.

@prashant

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If you are thinking of removing Fiat currency then it is not possible in coming years,maybe after 15-20 year world will be fully digitalised in payment option.as far virtual currency i.e crypto goes then it will also take time to adopted across the globe but right now the bigger challenge is knowledge relate to crypto payment that should available to everyone.

ralle14

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It could take a couple of decades or until poverty is solved because not everyone can afford all the things needed for a crypto wallet (electricity,internet,device). Just because a certain country won't accept Bitcoin it doesn't mean that they're only thinking about the tax. Any country could tax Bitcoin and all crypto if they want to. Every country has different plans and Bitcoin might ruin their plan that's why they're banning it.

kateryana81

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Quote from: Kemarit on May 09, 2018, 04:45:39 AM

Quote from: mwaqar17 on May 08, 2018, 03:49:04 PM

As we can see now everyone/every developed nation is moving towards digital currency. In your opinion how much time is required for digital currency to take over the current/existing market or it is impossible that digitisation will never be successful. If yes what are those factors ? In my opinion those countries which are not accepting digital currency, are doing wrong. They are only thinking about the tax. They are saying that we will not get any tax and digital currencies are fake. Fraud is very easy in digital world (that is true but it also happen in every market). Although when someone is doing business in digital currency then that person is bringing money to country that is beneficial for the country...

Hard to say how much time is needed if digital currency will take over the current market. There are nation who is not fully developed like certain countries in Africa or even in Asia, so it will take a lot of time to even acknowledge digital currencies in those countries. But if we are taking about some European country, there are a lot of them experimenting cashless society so the rate of adoption must be pretty quick.

It is clear that the future is that of digital currency and no doubt it will take over the market. All other currencies will disappear from the market and digital currency will hold it forever. Time is not fixed because it is money and people want security against their money. They will take time to believe in cryptocurrency, but one day crypto will definitely take over.

Fuhre

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Quote from: ribowo76 on May 11, 2018, 04:58:12 AM

Quote from: St4yInTh3D4rk on May 11, 2018, 03:38:09 AM

Quote from: ribowo76 on May 11, 2018, 01:07:35 AM

It seems like it will take a long time for the crypto currency to be able to dominate the global financial system, because as we both see. There are still many countries that are not ready with the presence of crypto. But I believe, someday the technology underlying the crypto currency will be applied in many countries

Yes many governments are afraid of crypto currency but most of the people like that crypto currency as investment but still they don't have trust or don't want to invest on crypto currencies because they are scared that their government may ban it.But as you said the crypto currency will dominate in few years like in a decade at that time most of the governments will understand the importance of crypto currencies.

I agree with you, someday the crypto currency will play an important role in the global payment system. Let us both welcome those moments

yes, of course I myself also agree with you. but do not count your chickens until they hatch, everything takes process and it is not easy to create bitcoins that are in cryptocurrency into global currencies. just relax anything good in the world of crypto is sure to happen.

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