Do You Think Bitcoin Will Replace Dollar Soon? - page 122.

tech_solutions

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Quote from: tabas on May 28, 2017, 05:58:41 PM

Quote from: greese on May 28, 2017, 10:51:47 AM

I think governments will start using blockchain technologies in creating their currencies. A kind of replacement of dollar with a... bitdollar (biteuro, bityen, bitpound etc)

And it will be a digital dollar, yen, euro and everything. That will be the start of upgrade by technology when it comes to the financial matters of each country. I do believe that we are near to that place, the government just need to realize that there are still people that are computer illiterate but not in America but in some countries.

IF what you are telling is going to happen then i think the value of following this technology will become failed as same thing will happen that each country government will control digital currency also and which wont make it good for it. So i think their wont be another bitcoin and both bitcoin and dollare are different, one is used online and another is used in real life.

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Quote from: greese on May 28, 2017, 10:51:47 AM

I think governments will start using blockchain technologies in creating their currencies. A kind of replacement of dollar with a... bitdollar (biteuro, bityen, bitpound etc)

And it will be a digital dollar, yen, euro and everything. That will be the start of upgrade by technology when it comes to the financial matters of each country. I do believe that we are near to that place, the government just need to realize that there are still people that are computer illiterate but not in America but in some countries.

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The questioning is not whether it will but when.
The dollar will continue to exist, but it will be as it is today. The dollar will be replaced by bitcoin as the currency of value. This does not depend on governments, institutions and anything. It only depends on whether or not people accept bitcoin as the bargaining chip. What is the dollar's intrinsic value? What is Bitcoin's intrinsic value? This answer is completed by what people will accept and value these two monetary agents.
No government will be able to control bitcoin, because it does not depend on it to create more Bitcoin, different from the dollar.
When the global economy concludes that the US is unreliable to pay its debts, and this is close to happening, bitcoin will be the viable alternative to replace it. Whether you want it or not. This cryptocoin will serve as ballast, and there will be purchases and sales, transfers of values between countries based on dollars but in Bitcoin.

Note: When it comes to bitcoin, it may not be it, but any cryptocoin that fulfills the requirements of a good coin according to the concepts of Aristotle.

greese

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I think governments will start using blockchain technologies in creating their currencies. A kind of replacement of dollar with a... bitdollar (biteuro, bityen, bitpound etc)

Fatanut

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Quote from: deisik on May 28, 2017, 01:36:04 AM

Quote from: Fatanut on May 27, 2017, 10:50:27 PM

Quote from: joebrook on May 27, 2017, 06:05:16 PM

Bitcoins is a currency that doesn't have any economy to support and thus is going to be impossible for it to replace the dollar or any other world currency.

Isn't that, like, the best thing about bitcoins? Bitcoin is not supporting anything unlike fiat money. Bitcoin is being supported by its users which makes it more secure and much better than fiat that's only supported by the government. Even when people are using fiat, it's just because they don't have any other choice (because they don't know about cryptocurrencies yet). If the government chose to stop accepting their current main currency, then everyone will be devastated except those that stored their money in assets instead (which are mainly just rich people and those that knows about the truth behind fiat money)

I don't think that plenty of people will be "devastated"

In most developed countries (such as European ones or the US) people live on debt, so there monetary reserves are in fact negative. I don't think that they will be disappointed or otherwise unhappy if fiat ceased to be tomorrow. In respect to developing countries, most of population there are just poor, and they don't have cash reserves altogether, i.e. they are living paycheck to paycheck (if there is a paycheck at all). Obviously, it is the governments which will be affected most (especially holders of foreign debt), that's basically why fiat is not going anywhere any time soon

I honestly didn't thought about that even I just finished watching Mr. Robot maybe 3 months ago. It's a TV series about a group of hackers that encrypted the database of a major loaning company. They have caused a revolution that made people freed from debt. Bitcoin was also mentioned there. The company created their own cryptocurrency but that's just not enough since millions of debts have been erased. Basically everyone has debt in their country so everyone's actually happy except those people that totally paid everything (e.g. life insurance), didn't get a loan, and just lived with a positive balance in the bank.

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Quote from: Fatanut on May 27, 2017, 10:50:27 PM

Quote from: joebrook on May 27, 2017, 06:05:16 PM

Bitcoins is a currency that doesn't have any economy to support and thus is going to be impossible for it to replace the dollar or any other world currency.

Isn't that, like, the best thing about bitcoins? Bitcoin is not supporting anything unlike fiat money. Bitcoin is being supported by its users which makes it more secure and much better than fiat that's only supported by the government. Even when people are using fiat, it's just because they don't have any other choice (because they don't know about cryptocurrencies yet). If the government chose to stop accepting their current main currency, then everyone will be devastated except those that stored their money in assets instead (which are mainly just rich people and those that knows about the truth behind fiat money)

I don't think that plenty of people will be "devastated"

In most developed countries (such as European ones or the US) people live on debt, so there monetary reserves are in fact negative. I don't think that they will be disappointed or otherwise unhappy if fiat ceased to be tomorrow. In respect to developing countries, most of population there are just poor, and they don't have cash reserves altogether, i.e. they are living paycheck to paycheck (if there is a paycheck at all). Obviously, it is the governments which will be affected most (especially holders of foreign debt), that's basically why fiat is not going anywhere any time soon

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Quote from: joebrook on May 27, 2017, 06:05:16 PM

Bitcoins is a currency that doesn't have any economy to support and thus is going to be impossible for it to replace the dollar or any other world currency.

Isn't that, like, the best thing about bitcoins? Bitcoin is not supporting anything unlike fiat money. Bitcoin is being supported by its users which makes it more secure and much better than fiat that's only supported by the government. Even when people are using fiat, it's just because they don't have any other choice (because they don't know about cryptocurrencies yet). If the government chose to stop accepting their current main currency, then everyone will be devastated except those that stored their money in assets instead (which are mainly just rich people and those that knows about the truth behind fiat money).

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Bitcoins is a currency that doesn't have any economy to support and thus is going to be impossible for it to replace the dollar or any other world currency.

legarde23

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I think in this question is no.
Fiat paper money dollar is the thing that people uses in every day life do you think bitcoin can replace it because of its value its a big no. Bitcoi is not that popular like dollar well maybe not this time but it'll come.

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There is no way Bitcoin can replace the American dollar even when the value is way ahead of the dollar. By the way, the dollar isn't the only international currency through which Bitcoin can be exchanged for. There's the Euros and the British pounds sterling too. The dollar and Bitcoin will continue to exist side by side.

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Quote from: cram03 on May 27, 2017, 03:05:53 PM

well right now that is impossible dollar is the money that uses in everyday life bitcoin is not that popular in some people but time will come and all of the people will understand it also the dollar will be replaced.

yes you are right that dollar is the money that is used in daily life but i think bitcoin is used worldwide like dollar the problem is only that t it is illegal although the popularity of bitcoin is not too much but i hope in the near future bitcoin will be used in place of dollars when the government accept it, and it will be used as an international currency.

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well right now that is impossible dollar is the money that uses in everyday life bitcoin is not that popular in some people but time will come and all of the people will understand it also the dollar will be replaced.

Cazkys

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Doubt it. But there's a good chance that they'll co-exist together. And it's very hard to replace a global currency, especially a currency that is considered the highest and strongest of value. and I think Bitcoin will not be replacing any fiat soon. Fiat is government issued money, and I doubt there will be a government who will be willing to give up control to give way to cryptocurrency, a currency still a foreign concept to most.

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Quote from: tittensor on May 21, 2017, 11:32:45 PM

Bitcoin can only be viewed as an electronic currency, widely used on the internet worldwide, but to replace it with a solid currency, this is not possible, the reason being:
1. Bitcoin is an anonymous coin, unable to determine who sent the recipient, leaving the world out of control of the coin!
2. Bitcoin can not impose taxes, which makes it difficult to develop a nation's infrastructure
3. Bitcoin is not safe. Frequent congestion occurs when financial markets are volatile
4. Bitcoin is a perfect place for criminals to conduct transactions, causing global turmoil due to its anonymous ability (ex: terrorism, drug trafficking and weapons, extortion such as viruses. WannaCry ...)

If Bitcoin can overcome the following factors, I think Bitcoin can replace the Dollar, but that's a distant thing.

1. And then? You received the coin. That's it. If you mysteriously received some coins, then thank you to whoever sent it to you. It's pretty obvious that the sender was the guy you were having a deal with since it's pretty unlikely that someone will mistakenly send money to your address.

2. Tax will be paid just like the same way. You buy a food, tax is already there. Before your salary goes to you, the tax has already been imposed.

3. If bitcoin replaces the dollar, the prices will depend on bitcoins and not dollar. Volatility isn't a problem anymore.

4. WannaCry? Really? It's just a recent thing and now it's a reason why bitcoin cannot replace dollar. Grin

Fiat is even more anonymous since there's no way you'll know who held the paper before you. In bitcoins, all the transaction history is out there.

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Quote from: Kotone on May 23, 2017, 11:59:15 AM

Quote from: reuschman on May 21, 2017, 01:21:03 AM

I don't think so. It just a daydream.
How you can expect that Bitcoin is going to replace dollar, are you crazy.?? You can't imagine the platform of dollars and its credibility.
So there is no way to replace dollar by Bitcoin.

Yes it is true in others dream maybe dollars will replace bitcoin even bitcoin will be turn into millions or billion it will no longer replace dollars for sure. The platform of dollars is the most powerful money on earth where this is the central currency of all currencies how come that bitcoin will replace it.

yes there is no doubt that the platform of Dollar is powerful. but in fact it is all because of of the people interest and when people will stop using it it will become useless, and we can see that in future the interest of the people is in online currency and specially in modern world people have already started using bitcoin. and it is expected that in near future most of the people will start using bitcoin instead of USD.

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Quote from: peter23 on May 23, 2017, 12:12:57 PM

Well that depends when the world accept the bitcoins as a money. If bitcoins doesn't accept by the community then it cannot replace dollars.

In Japan, you will be able to use the bitcoin in 26 thousands shops soon.

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Well that depends when the world accept the bitcoins as a money. If bitcoins doesn't accept by the community then it cannot replace dollars.

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Quote from: reuschman on May 21, 2017, 01:21:03 AM

I don't think so. It just a daydream.
How you can expect that Bitcoin is going to replace dollar, are you crazy.?? You can't imagine the platform of dollars and its credibility.
So there is no way to replace dollar by Bitcoin.

Yes it is true in others dream maybe dollars will replace bitcoin even bitcoin will be turn into millions or billion it will no longer replace dollars for sure. The platform of dollars is the most powerful money on earth where this is the central currency of all currencies how come that bitcoin will replace it.

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Quote from: Raja_MBZ on May 23, 2017, 09:08:12 AM

Quote from: Natalim on May 23, 2017, 08:57:03 AM

Quote from: asriloni on May 23, 2017, 07:24:22 AM

Quote from: v0rtecxz on May 21, 2017, 09:03:22 AM

I think it's impossible, if bitcoint replaces the dollar, the current dollar effect is huge, and I think bitcoint is just a virtual currency that can be exchanged for dollars and not to replace dollars.

My thought if all of the people around the world need both of the currencies. It just becomes a nonsense think for bitcoin to replace dollar regarding from that fact if the p[rice of bitcoin still pegged on the fiat especially those will never leave for use paper money in their life.
It will never happen.

Even with the recent success of bitcoin we have to stay realistic, bitcoin cannot replace dollar because it is just a payment system.
It is considered not a legal currency and the government has all the power to do what is right for the people, if ever by chances happens
that bitcoin will be widely use, we cannot eliminate the fact that fiat or dollar has been here for years and it is part of our culture which
can be replace only when there is a new world order.

Bitcoin is not a payment system mate, its much more than that. Its an asset, a true demonstration of decentralization.

Bitcoin of course cannot replace any currency of any country, but it sure can become a secondary currency for them.

Your right, its not just a payment system . It is more of a bank for me where I can nanage,earn , and grow money. No matter what we see btc what important is we benefitted from it more than our fiats do. It may not replace dollar but for its user bitcoin is more than enough than real fiat.

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Quote from: Natalim on May 23, 2017, 08:57:03 AM

Quote from: asriloni on May 23, 2017, 07:24:22 AM

Quote from: v0rtecxz on May 21, 2017, 09:03:22 AM

I think it's impossible, if bitcoint replaces the dollar, the current dollar effect is huge, and I think bitcoint is just a virtual currency that can be exchanged for dollars and not to replace dollars.

My thought if all of the people around the world need both of the currencies. It just becomes a nonsense think for bitcoin to replace dollar regarding from that fact if the p[rice of bitcoin still pegged on the fiat especially those will never leave for use paper money in their life.
It will never happen.

Even with the recent success of bitcoin we have to stay realistic, bitcoin cannot replace dollar because it is just a payment system.
It is considered not a legal currency and the government has all the power to do what is right for the people, if ever by chances happens
that bitcoin will be widely use, we cannot eliminate the fact that fiat or dollar has been here for years and it is part of our culture which
can be replace only when there is a new world order.

Bitcoin is not a payment system mate, its much more than that. Its an asset, a true demonstration of decentralization.

Bitcoin of course cannot replace any currency of any country, but it sure can become a secondary currency for them.

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