Do You Think Bitcoin Will Replace Dollar Soon? - page 128.

anami57

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Quote from: Lady Coquet on May 12, 2017, 04:53:12 AM

Quote from: Huobi-USD on July 29, 2015, 03:13:36 AM

Coinbase CEO believes bitcoin will replace dollar within 15 years.

Read the following news:
http://cointelegraph.com/news/114983/coinbase-ceo-bitcoin-will-replace-dollar-within-15-years

Do you think it will be true? Are you positive towards bitcoin's future status?

No i don't think so. There is no way that bitcoin can replace dollar because dollar is consider as a real money than bitcoin and dollar is use all over the world unlike bitcoin it is not very stable. There is no main reason that bitcoin can replace dollar.

Dollar cann't replaced from international currency by any currency. Bitcoin is a digital currency, unlike dollar though it does have the same benefits. Bitcoin may be better than dollar, but limited just at web world.

Lady Coquet

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Quote from: Huobi-USD on July 29, 2015, 03:13:36 AM

Coinbase CEO believes bitcoin will replace dollar within 15 years.

Read the following news:
http://cointelegraph.com/news/114983/coinbase-ceo-bitcoin-will-replace-dollar-within-15-years

Do you think it will be true? Are you positive towards bitcoin's future status?

No i don't think so. There is no way that bitcoin can replace dollar because dollar is consider as a real money than bitcoin and dollar is use all over the world unlike bitcoin it is not very stable. There is no main reason that bitcoin can replace dollar.

bitcoinisbest

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How can bitcoin replace dollar ? This cannot happen anytime because dollar is being accepted worldwide for ages and bitcoin firstly is not stable, not controlled by any authority and not used by all countries. So things which is not accepted worldwide will have less significance and for any currency to be used it has to be controlled and regulated by an authority.

Ashong Salonga

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Quote from: Huobi-USD on July 29, 2015, 03:13:36 AM

Coinbase CEO believes bitcoin will replace dollar within 15 years.

Read the following news:
http://cointelegraph.com/news/114983/coinbase-ceo-bitcoin-will-replace-dollar-within-15-years

Do you think it will be true? Are you positive towards bitcoin's future status?

There is no reason why bitcoin can not replace USD since our generation tends to modernized which mean that digital currency maybe adopted by all people. However, we can not tell or predict when will it happen since it's a big step for everyone and big change for all since we used fiat money as major currency for about centuries.

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Quote from: thebestgamer on May 11, 2017, 08:52:51 PM

bitcoin will never replace the dollar. Why? the government will never allow it to. If governments feel threatened by bitcoin, they will push it into a blackmarket currency, to protect their own currencies.

That's perfectly said, bitcoin has no power as it is only dictated by us and we are bound to follow the rules of the government and they might impose anything against bitcoin. Let's be thankful of what we see now, bitcoin was a successful but it's a different currency and will never take over this world.

thebestgamer

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bitcoin will never replace the dollar. Why? the government will never allow it to. If governments feel threatened by bitcoin, they will push it into a blackmarket currency, to protect their own currencies.

the rise

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Quote from: dmamigo on May 11, 2017, 03:19:50 PM

Quote from: shine1123 on May 11, 2017, 08:06:34 AM

Quote from: Ultegra134 on May 11, 2017, 08:02:05 AM

It's practically impossible for a cryptocurrency like BTC or any other crypto to replace a "real currency". USD is an international exchange currency. BTC has quite a long road till it becomes "renowned" and used by a large percentage of people.

Agreed, dollar is still being used by all people around the world even the bitcoin currency become popular. Actually both bitcoin and dollar can go along together and don't need to replace dollar. Bitcoin can be like a top digital currency and dollar is for offline transaction.

Yes, either they will both sustain simultaneously or they won't, but overpowering or replacing dollars is not possible. Even if US accepts it as a legal tender, then also I don't think they would disavow dollar as their primary local currency.

Bitcoin would be very good if it was made into common currency like euro currency, although it would be very much debate that occurs because bitcoin is a challenger of capitalism and centralization. I think in the end bitcoin will be a non-physical stock in world trading market, so Fiat can still run side by side to keep one level above bitcoin.

dmamigo

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Quote from: shine1123 on May 11, 2017, 08:06:34 AM

Quote from: Ultegra134 on May 11, 2017, 08:02:05 AM

It's practically impossible for a cryptocurrency like BTC or any other crypto to replace a "real currency". USD is an international exchange currency. BTC has quite a long road till it becomes "renowned" and used by a large percentage of people.

Agreed, dollar is still being used by all people around the world even the bitcoin currency become popular. Actually both bitcoin and dollar can go along together and don't need to replace dollar. Bitcoin can be like a top digital currency and dollar is for offline transaction.

Yes, either they will both sustain simultaneously or they won't, but overpowering or replacing dollars is not possible. Even if US accepts it as a legal tender, then also I don't think they would disavow dollar as their primary local currency.

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Analysis is the key.

In EU there is a way for that. There is a procedure:

One has to collect minimum 1M signatures of declaration of support from a minimum of seven European Union countries. The minimum number of signatures to be collected in each country is also determined, depending on the number of MEPs elected in the Member State, multiplied by 750; For example, Poland has 38 250 signatures, 54,000 for the United Kingdom and 16 500 for Portugal. Collection of statements of support may take up to 12 months.

Upon verification of the statement of support (up to 3 months), provided that the necessary minimum number of valid declarations and the minimum number of declarations from each country are collected, the initiative shall be submitted to the European Commission. This has another 3 months to consider the initiative, a public hearing in the European Parliament and answering. The Commission is not obliged to make a legislative proposal, but if it does (to the European Parliament and / or the Council) and the legislature adopts the proposal - the law will come into force.

http://www.europarl.europa.eu/parliament/public/staticDisplay.do?language=EN&id=49

https://www.secure.europarl.europa.eu/parliament/public/petition/secured/submit.do?language=EN

step-by-step guide:

http://ec.europa.eu/citizens-initiative/public/how-it-works?lg=en

and legislation act: http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=OJ:L:2011:065:FULL&from=PL

So, who wants to be the leader in own country to collect signatures?

AndreXavier

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Will be nice for bitcoin to became an official coin in world.

shine1123

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Quote from: Ultegra134 on May 11, 2017, 08:02:05 AM

It's practically impossible for a cryptocurrency like BTC or any other crypto to replace a "real currency". USD is an international exchange currency. BTC has quite a long road till it becomes "renowned" and used by a large percentage of people.

Agreed, dollar is still being used by all people around the world even the bitcoin currency become popular. Actually both bitcoin and dollar can go along together and don't need to replace dollar. Bitcoin can be like a top digital currency and dollar is for offline transaction.

Ultegra134

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It's practically impossible for a cryptocurrency like BTC or any other crypto to replace a "real currency". USD is an international exchange currency. BTC has quite a long road till it becomes "renowned" and used by a large percentage of people.

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Quote from: rhamzter on May 11, 2017, 03:17:45 AM

Dollars replace by bitcoin? That's impossible. Maybe it happen after hundred decades but for now it is not. Because dollars were still stand in the world currency. Also the value of this were still raised up in the market.

whoah a hundred decades we may not even recognize the monetary system that the people then are using or if even the same methods are being used for transactions. though for now, I think its hard to prove that the dollar will be replaced by anything as the dependency is still very high and that may not change for a long time

gregory51gosh

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Analysis is the key.

If digital coin ever replaces the standard one, it must be supported by the central bank of the specified country. Because the mechanism is based on the internal debt (money loose value in time) in difference to BTC approach, where value grows (because BTC is an IP acknowledge in the 'accounting language'), this makes it incompatible. However, these does not exclude emerge of specially prepared form of a token or altcoin, which will be compatible with the mechanism of money creation as central banks do. It is also related to the control of this asset, while BTC is more-or-less independent from the AML/KYC rules https://bitcointalksearch.org/topic/amlkyc-explained-454795

rhamzter

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Dollars replace by bitcoin? That's impossible. Maybe it happen after hundred decades but for now it is not. Because dollars were still stand in the world currency. Also the value of this were still raised up in the market.

Cherylstar86

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I think bitcoin will not replace dollar for now, because it of it's unpredictable price and many investors were using dollar fiat currency. Comparing digital currency to fiat currency as of now we still don't know how bitcoin will became more stable in the coming years. Despite of previous dollar economic devastations and the problems encountered on this currency, we already witnessed how they rise back again with the normal economy same as previous years dollars dominated the currency market exchanged. For now bitcoin will remain as is, and freedom financially is still there; but price fluctuations will possibly be happening as usual.

fujyo86

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If it's considered to replace the dollar, it seems cann't happen. Because dollar is a standard international exchange rate that has been agreed by all countries. But bitcoin is a masterpiece of technology in financial world. Where bitcoin becomes an alternative cash.

gregory51gosh

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Analysis is the key.

One of the advantages of BTC is its market cap and structure which has built-in diversification. It is a little bit similar to EURO currency - it is divided into several countries (BTC - users) that represent its value. Disadvantage is that it has its own hidden, reversed inflation or more sth like - devaluation. Owners of the BTC at present have much higher entry barrier to buy BTC in count to currencies, which more similar to the stock market or intangible assets. New users just pay for the 'amortization' of assets, which drives the value (because it is getting harder and harder to mine). Its like influence of the central bank in relation to devaluation (burned coins and lost wallets didn't help also).

I wonder if BTC reaches that point, where this difficulty and value will be so big that will lose the interest of the market switching into sth new. History showed this mechanism many times - railroad bonds, the crysis in 20's (non-controlled market of IPOs), petrodollars and penny-stocks, etc..

Anyway, digital coins are the future - time will show. Something has to replace the traditional currencies, as history showed.

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Quote from: madwica on May 10, 2017, 05:07:40 AM

Quote from: Aikonio on May 10, 2017, 04:30:06 AM

Quote from: Viviyang on May 10, 2017, 04:00:08 AM

Quote from: umbara ardian on May 10, 2017, 03:57:45 AM

What is clear for now is not, but 10 or 20 years in the future, maybe bitcoin can replace the dollar, because a lot of convenience that can be done bitcoin.semoga bitcoin can be applied in everyday life

As of what we can see today, it can't replace dollar soon and in the future it can replace dollar as more and more people are started using bitcoins and they see bitcoins as a store of value and feel secure using it.

It can replace the dollar only if it can be used without the Internet. And so it will only be an additional opportunity to invest.

I do not think that will happen, dollar is much powerful than other fiat, i think bitcoin will only remain as decentralized currency in the future but there will be an option to be used in offline and online transactions.
That would be happen in the future and it would be more popular that the current status of bitcoin.

Agree, bitcoin can not replace the dollar in the future because bitcoin is just a virtual currency, governments and banks around the world will not accept bitcoin because acceptance of bitcoin will affect the economies of many countries. And the use of bitcoin is very inconvenient, if there is no internet, we will not make bitcoin transactions. In the future the dollar is still the common currency of the world and is used in real life, Bitcoin can only become a new payment method on the internet

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Quote from: goldcoinminer on May 10, 2017, 09:55:12 AM

People who supported bitcoin are just too happy with what they are seeing, bitcoin's value is increasing and yet they think already that it will replace dollar. A realistic person would not think that way because it will never happen that a legal currency will be replace by an anonymous or decentralized one

As the wisdom says, never say never

We have by now seen quite a few spectacular crashes of fiat currencies. The German mark in the Weimar republic and the Zimbabwean dollar in the country of the same name are likely the most known and conspicuous examples of fiat currency complete collapse and fiasco. But there were a lot of other such downfalls which didn't get wide publicity. As a rule of thumb, when a state crashes, its currency crashes together with it. In the Weimar republic, the government had to effectively return to gold standard. Robert Mugabe, the Zimbabwean decrepit president since 1987, had to accept as Zimbabwean official currency (in fact, a number of official currencies) what regular people had been using by then instead of the completely devalued Zimbabwean dollar, i.e. the American dollar as well as a couple of other currencies. Therefore, if something similar is going to happen again in the future, Bitcoin may well become one such currency, especially if it gets wide traction between local people by that time

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