Do You Think Bitcoin Will Replace Dollar Soon? - page 126.

CryptoRama

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Quote from: Jewell on May 17, 2017, 11:11:24 AM

Quote from: Marma Kalari on May 15, 2017, 03:02:11 PM

Quote from: fujyo86 on May 15, 2017, 12:27:36 PM

Will not replace the dollar, because the dollar is held by many people in world. That's, More scattered and more reliable than bitcoin for now. However, bitcoin can be an alternative dollar for our financial activities, in future it may be much easier to use bitcoin.

If you think dollar has more reach than bitcoin when bitcoin can reach every nook and corner of the world in an instant when dollar or any fiat could not,it is a global currency and if you are holding bitcoin it can be transferred to any currency you need according to your choice but dollar cannot be used for local purchases outside of US and so bitcoin wins there too. Wink

i personally do not think that bitcoin will replace dollar soon, although it is possible there is no doubt about that but still i will like to say that it will take decades and not days. i think still the number of bitcoin users are not more than 1% therefor we can expect that in next few decades when the users of bitcoin will increase more and more then it can effect USD,

Bitcoin will never replace that with those fees, it's more likely that for this role will be there other cryptocurrencyes... BTC now: you go in a shop, and buy some Bread, and you will pay extra dollar for transaction?

Vaculin

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We can never really tell what will happen next in the future.In the first place why won't it happen?When in fact bitcoin as of now have gone so far that we're not really expecting it at all.Oh common.. we just have to believe.

ozaeri

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"Soon" is too soon. ask again in 10 years then the answer could be yes, right now its still light years away.

Jewell

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Quote from: Marma Kalari on May 15, 2017, 03:02:11 PM

Quote from: fujyo86 on May 15, 2017, 12:27:36 PM

Will not replace the dollar, because the dollar is held by many people in world. That's, More scattered and more reliable than bitcoin for now. However, bitcoin can be an alternative dollar for our financial activities, in future it may be much easier to use bitcoin.

If you think dollar has more reach than bitcoin when bitcoin can reach every nook and corner of the world in an instant when dollar or any fiat could not,it is a global currency and if you are holding bitcoin it can be transferred to any currency you need according to your choice but dollar cannot be used for local purchases outside of US and so bitcoin wins there too. Wink

i personally do not think that bitcoin will replace dollar soon, although it is possible there is no doubt about that but still i will like to say that it will take decades and not days. i think still the number of bitcoin users are not more than 1% therefor we can expect that in next few decades when the users of bitcoin will increase more and more then it can effect USD,

rebel92

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with this attack of WannaCry i guess there is a lote of risk if BTC replace Dollar but i always i wish that happend Grin

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Quote from: Fatanut on May 16, 2017, 09:51:09 AM

Quote from: ?? on ??

Quote from: fujyo86 on May 15, 2017, 12:27:36 PM

Will not replace the dollar, because the dollar is held by many people in world. That's, More scattered and more reliable than bitcoin for now. However, bitcoin can be an alternative dollar for our financial activities, in future it may be much easier to use bitcoin.

Yeah and dollar is physical in nature and people have more faith in something that they can hold physically so even if bitcoin gets more popular in future there will be many percentage of people who will prefer to use dollars and will use bitcoins only as a secondary currency.

People are starting to adopt to their environment. They are starting to think that things that you can physically hold can physically be stolen. Things that reside on the Internet such as bitcoin can only be stolen if your security isn't that tight. People especially those that know how to make their bitcoins (or any other digital currency for that matter) will choose using it over dollar because they know the technicalities that allows their money to be almost unhackable/unstealable.

But still even if when it comes to the point that Bitcoin is widely use in the world, I don't think that it will be replacing any currency. Because it is decentralize no government has control over it and I don't think it will be an official currency of any country as they won't replace their Fiat currency over it. Also Bitcoin's value is valued at Fiat Currency, I don't think it will have any value if there is no Fiat Currency involve, as for a fact that people will still prefer Fiat Currency over Bitcoin.

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Quote from: Andrew1337 on May 16, 2017, 10:03:40 AM

You can't compare a real currency with a digital currency .
USD is one real , bitcoin is one virtual

. Generally , dollar has same value , but bitcoin can majorly grow up and down

and the good thing about this is that you can use both the dollar and btc at the same time to make life a bit more easier when dping transactions. I don't believe that btc should, in the future, replace any currency as it can very well work with the dollar

Andrew1337

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You can't compare a real currency with a digital currency .
USD is one real , bitcoin is one virtual

. Generally , dollar has same value , but bitcoin can majorly grow up and down

Fatanut

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Quote from: fujyo86 on May 15, 2017, 12:27:36 PM

Will not replace the dollar, because the dollar is held by many people in world. That's, More scattered and more reliable than bitcoin for now. However, bitcoin can be an alternative dollar for our financial activities, in future it may be much easier to use bitcoin.

Yeah and dollar is physical in nature and people have more faith in something that they can hold physically so even if bitcoin gets more popular in future there will be many percentage of people who will prefer to use dollars and will use bitcoins only as a secondary currency.

People are starting to adopt to their environment. They are starting to think that things that you can physically hold can physically be stolen. Things that reside on the Internet such as bitcoin can only be stolen if your security isn't that tight. People especially those that know how to make their bitcoins (or any other digital currency for that matter) will choose using it over dollar because they know the technicalities that allows their money to be almost unhackable/unstealable.

Jewell

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Quote from: fujyo86 on May 15, 2017, 12:27:36 PM

Will not replace the dollar, because the dollar is held by many people in world. That's, More scattered and more reliable than bitcoin for now. However, bitcoin can be an alternative dollar for our financial activities, in future it may be much easier to use bitcoin.

yes i am also not agree with that, that bitcoin is not gong to replace bitcoin. but bitcoin is becoming more and more stronger as compare to its previous position. although its users are increasing from time to time but still the users of bitcoin not more that 1% of the total population of the world and therefore it will take much more time to replace Dollar, as dollar is the main currency of the so many countries of the world.

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Quote from: jaysabi on May 15, 2017, 12:20:09 AM

Quote from: BeGoods on May 15, 2017, 12:04:13 AM

Quote from: CryptoRama on May 13, 2017, 01:06:53 PM

with a fee of 1USD bitcoin will never be allways used, so we will still need an asset that you can touch.

With a large transaction fee like that, of course I and other users will not use bitcoin transactions frequently, A large fee would be disturbing
So I'm sure users will still use dollars or fiat to transact

There were 150-190 thousand unconfirmed transactions at different points in the last week as the spam attackers drive the transaction fees higher for everyone. (Last I checked it was around 80k now.) The problem is becoming larger and it threatens future adoption. People who aren't already involved in it won't like the uncertainty this scenario creates. I've been quite involved, and even I am tiring of it

There can be at least two opposite views on this issue

According to the first view, the escalating fees could in fact damage "future adoption" provided there is any in the first place. If there is in fact such potential, it will be inevitably filled either by Bitcoin or by some other currency, as with anything wherever there is free market (the genie is already out of his bottle). So for us, generic Bitcoin users, it all comes down to dumping bitcoins "in the right place at the right time". According to the second view, rising fees could actually play a positive role since they create the reason for fast change. In other words, without fees skyrocketing right now, we might drag on like this for many more years (though we still may), essentially stagnating while current problems (like slow confirmation times) would be turning into chronic ones which are hard to cure

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Quote from: fujyo86 on May 15, 2017, 12:27:36 PM

Will not replace the dollar, because the dollar is held by many people in world. That's, More scattered and more reliable than bitcoin for now. However, bitcoin can be an alternative dollar for our financial activities, in future it may be much easier to use bitcoin.

If you think dollar has more reach than bitcoin when bitcoin can reach every nook and corner of the world in an instant when dollar or any fiat could not,it is a global currency and if you are holding bitcoin it can be transferred to any currency you need according to your choice but dollar cannot be used for local purchases outside of US and so bitcoin wins there too. Wink

Kp4everK

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Quote from: fujyo86 on May 15, 2017, 12:27:36 PM

Will not replace the dollar, because the dollar is held by many people in world. That's, More scattered and more reliable than bitcoin for now. However, bitcoin can be an alternative dollar for our financial activities, in future it may be much easier to use bitcoin.

Yeah and dollar is physical in nature and people have more faith in something that they can hold physically so even if bitcoin gets more popular in future there will be many percentage of people who will prefer to use dollars and will use bitcoins only as a secondary currency.

Bitcoin can compete with the dollar only if it can be touched, and so it will only be a secondary electronic currency.

fujyo86

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Will not replace the dollar, because the dollar is held by many people in world. That's, More scattered and more reliable than bitcoin for now. However, bitcoin can be an alternative dollar for our financial activities, in future it may be much easier to use bitcoin.

GlassMaster

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Quote from: kpcian on May 15, 2017, 08:35:13 AM

I don't think that would be possible in very soon because dollar has already gained a huge popularity and acceptance. In the purpose of transaction, people may seek a trusted sector. I don't say that Bitcoin hasn't it but I want to say Bitcoin requires more way to go. It needs more availability and credibility which makes more dependable to use as a money..

Bitcoin needs even more time to become as popular as the dollar and it is desirable to carry out operations without the Internet.

kpcian

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I don't think that would be possible in very soon because dollar has already gained a huge popularity and acceptance. In the purpose of transaction, people may seek a trusted sector. I don't say that Bitcoin hasn't it but I want to say Bitcoin requires more way to go. It needs more availability and credibility which makes more dependable to use as a money..

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Quote from: BeGoods on May 15, 2017, 12:04:13 AM

Quote from: CryptoRama on May 13, 2017, 01:06:53 PM

with a fee of 1USD bitcoin will never be allways used, so we will still need an asset that you can touch.

With a large transaction fee like that, of course I and other users will not use bitcoin transactions frequently, A large fee would be disturbing
So I'm sure users will still use dollars or fiat to transact

There were 150-190 thousand unconfirmed transactions at different points in the last week as the spam attackers drive the transaction fees higher for everyone. (Last I checked it was around 80k now.) The problem is becoming larger and it threatens future adoption. People who aren't already involved in it won't like the uncertainty this scenario creates. I've been quite involved, and even I am tiring of it.

BeGoods

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Quote from: CryptoRama on May 13, 2017, 01:06:53 PM

with a fee of 1USD bitcoin will never be allways used, so we will still need an asset that you can touch.

With a large transaction fee like that, of course I and other users will not use bitcoin transactions frequently, A large fee would be disturbing
So I'm sure users will still use dollars or fiat to transact

Pattart

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Quote from: CryptoRama on May 13, 2017, 01:06:53 PM

with a fee of 1USD bitcoin will never be allways used, so we will still need an asset that you can touch.

Yeah fee is a big issue nowadays. See prices continue to rise this makes the fee becomes very large. Of course users can not use bitcoin for daily transactions because of course it will harm them, because the fee is very large

noone000

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Quote from: MingLee on May 14, 2017, 07:17:56 PM

Quote from: noone000 on May 14, 2017, 05:31:54 PM

From my basic understanding of economics, I doubt the American government would ever allow the bitcoin to replace the dollar. Their control over the dollar not only allows them to control the flow of trade through the exchange rate, but also implement contractionary/expansionary monetary policy when necessary. To be quite frank, I'm not quite sure if any country would want to to fix their currency to the dollar simply because the value of their currency is so expensive and this will likely lead to a massive trade deficit.

Even though the US may not want for the dollar's grip on the world to be weakening, it is, regardless of how they want to look at it and there isn't much that can be done right now. The economies of all countries are too tied together for a war to occur between the offending countries and the US, and the US is decaying on the inside, now just being propped up by the government and the fact it retains the position as the controller of the world reserve currency.
The next few decades are going to be interesting.

I'm not quite sure how this all ties in the the United States currency. You stated how the dollar's influence on the rest of the world is weakening, but my question is how so? I'm also not entirely sure what you mean about them being the controllers of the world reserve currency. Are you referring to their influence on the IMF and World Bank. I'm sorry you might actually have a point but I don't quite understand it.

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