Topic: Do You Think Bitcoin Will Replace Dollar Soon? - page 108. (Read 417177 times)

You have no idea what you are saying, I'm sorry.
Bitcoin is not bound to replace dollar, it's popular, I admit it because I also support bitcoin but I truly understand its
limitation and one of those is the limitation to replace any regulated currency.

But you can see that on internet it is already replacing bitcoin on a large scale so if it is started on other fields then it will replace dollar even from that places. On the starting timing of my online earning there was every where the use of dollar for earning and for other different type of purchases but now I am seeing that on a large scale they have replaced their payment system to bitcoin.

I don't think he meant replacing the dollar seems to suggest that the dollar then will become useless butbth n the Bitcoin will take preeminence and the dollar will be secondary.

It will not replace dollars as it is the main currency of the USA and it has a lot of followers. And I doubt it that the federal government of US will be using bitcoin or any crypto currency as their major currency. They know the risk in crypto currency and that's why they aren't fully endorsing the usage of it to the people.

Absolutely true...
Bitcoin and dollar are different types of currency, Bitcoin is not hard money which can't​ be used by mass people, Bitcoin basically is a virtual currency. On the other hand, dollar has been influenced by many years in many countries so Bitcoin can't be compared with dollar...

Agree. 15 years is just a short amount of time, for Bitcoin to fully mature as a cryptocurrency that would be able to handle daily payments at a large scale. Also, it has a limited supply unlike the Dollar which makes it more ideal to be used as a long term store of value like Gold, instead of digital cash.

Furthermore, the Dollar has a solid reputation and trust from around the world. People are more used to the Dollar since is backed by the government, giving them feel more trusted than using Bitcoin itself. In addition, cryptocurrencies are still difficult to grasp for non tech-savvy users. User friendliness is key towards making a cryptocurrency widely used by the masses. Thus, people would prefer an easier way for them to transact without any technical knowledge whatsoever.

In the bright side, cryptocurrencies are the future since they're much secure and transparent than ordinary fiat currencies, but I believe that it needs more time for it to become solid and well established in the rapidly evolving world. Perhaps, 20 to 30 years from now, the blockchain technology would become improved enough to handle any kind of transaction load at it. By then, it would be either Bitcoin that will replace the Dollar, or the Dollar becomes a digital fiat currency instead. Just my thoughts.

I dont think so it will change Dollar . Its hard to replace it with country currency !

Yes I agree. I don't think any country would change their currency only with bitcoin because every country has its own value of rupiah amount if disamaratakan would probably take many years in fact may never be completed. but most likely it will be used only for the needs of the reasonably necessary to use the bitcoin for example only for transactions in order to facilitate such activities and has its own currency.

Inflation in USD is nowhere near the volatile swings of Bitcoin. USD inflation is currently around 1.8% per year, Bitcoin trades up and down 25% in a week quite frequently. People who are buying Bitcoin to "escape inflation" can't see the forest for the trees. They're taking on immense risk to try to manage a much smaller risk.

But there definitely is a reason why people should convert their fiat into bitcoins. The major thing is the constant inflation of money. Your 1$ can buy a lot more stuffs back then. The prices of stuffs are getting higher and higher but that's just because of the inflation of the currency that you have. When people convert their fiat to bitcoins, bitcoin might replace fiat. As of now that can still never happen because microtransaction is still expensive in bitcoins. There's still a scaling issue.

Nevertheless, the inflation issue of the fiat alone is enough for people to convert their fiat to bitcoins. Bitcoin is a good way to store value but the price fluctuation discourages a lot of people.

USD could be the most popular currency in this world but bitcoin is also leading in the crypto currency world. The who has it's unique purpose and bitcoin cannot live without fiat so I would say bitcoin will never replace any currency regulated by the government.
We are thinking of an impossible thing to happen because the government will surely protect something they can control and dollar will always be precious than any payment system.

I don't think so. We are not talking about fiat currency, OP is pertaining to dollar which is only a one of currency in fiat system. In this case, I don't see any reason why bitcoin can't replace dollar in terms of volume, price, and security.

Bitcoin cannot replace any fiat currency and if you think that it could do so it is just a joke,you are not aware how the economy works and do not expect any government to accept that,OP does not have a clue about the scaling issue of bitcoin,learn about it and then we can have a debate.

Yes I do. Bitcoin's price is continously increasing its value and volume as time goes by. For this reason, it can beat one currency but I don't think it can beat all currencies that exist in foreign exchange.

15 years is not enough. Because there a lot of instances there are lot of country or areas that will not cover an internet connection so they wont be able to use their bitcoin, also it really takes time to make all of the people in the world to know what is bitcoin. It would really take a lot of years before it would be replace and i dont think it would be replace though

Nah, you are wrong mate, bitcoin will not replace dollar. That could happen just in case if bitcoin become worlds currency, and that is like a dream too. Dollar is American currency and there is no reason why bitcoin would replace it. Japan accepted bitcoin as legal way of paying, but i do not see that bitcoin replaced Yen.

It might happen. And if that happens then the next 15 years the dollar is no longer a standard in the world's finances

It's very impossible that bitcoin could replace dollar within 15 years because i think that the government don't have any plan to accept bitcoin as a legal payment, so it's very impossible to believe in some news that in 15 years bitcoin could be replace dollars. Dollar is more popular than bitcoin and dollar is morely been used than bitcoin so there is no other reason that dollar could be replaced.

Agreed, dollar has got a systematic value because of the long time presence and due to the decreased volatility. With bitcoin the same cannot be expected to happen long. Now with the increased value it tries to go higher and higher with the potential it has got and the rest is always a fortune.

no, it's will not being happening i guess, it could happening but it's a bit impossible i guess. The dollar is already strongly on top, while the bitcoin is under it / part of it.. trying to creep higher, like someone trying to climb a mountain with his strength.