Do You Think Bitcoin Will Replace Dollar Soon? - page 170.

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Quote from: goldcoinminer on November 25, 2016, 12:20:29 AM

Quote from: avikz on November 24, 2016, 11:51:11 PM

No and never. I don't see any chance of happening this anytime in future. Dollar is the most widely accepted currency worldwide. Even people are also measuring the bitcoin price with dollar.

Also dollar is a government backed currency and also backed by a physical asset like Gold. So it is impossible for bitcoin to replace dollar. But yes, it may replace Zimbabwean dollar though

Yeah, that's the reality, we are not so big to take over a great nation. Dollar is one of the strongest currency so we cannot expect to eliminate them in circulation, it's like saying we can replace paper money which is impossible to happen considering our status now.

Actually bitcoin status now is getting stronger but we cant just compare it to USD or any other currency. We dont really have to fight against it but work with it. Making a war over it will just make it worse.

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Quote from: avikz on November 24, 2016, 11:51:11 PM

No and never. I don't see any chance of happening this anytime in future. Dollar is the most widely accepted currency worldwide. Even people are also measuring the bitcoin price with dollar.

Also dollar is a government backed currency and also backed by a physical asset like Gold. So it is impossible for bitcoin to replace dollar. But yes, it may replace Zimbabwean dollar though

Yeah, that's the reality, we are not so big to take over a great nation. Dollar is one of the strongest currency so we cannot expect to eliminate them in circulation, it's like saying we can replace paper money which is impossible to happen considering our status now.

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No and never. I don't see any chance of happening this anytime in future. Dollar is the most widely accepted currency worldwide. Even people are also measuring the bitcoin price with dollar.

Also dollar is a government backed currency and also backed by a physical asset like Gold. So it is impossible for bitcoin to replace dollar. But yes, it may replace Zimbabwean dollar though

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Quote from: diegz on November 24, 2016, 09:25:57 PM

Quote from: Shenzou on November 24, 2016, 02:49:14 PM

In 15 years, hmmmm that is a short time the only way that bitcoin is going to replace USD is if there was a major economic crisis and banks wouldn't be able to provide any currency for their customers then the only alternative they will have will be the online payment which is bitcoin, Any one who watched MR Robot will understand what i am talking about Wink

Nowadays, economic crisis can be predicted and government of a certain country where the crisis will came, could do preventive measures, or if they can't do it, they will do something to lessen the effect. When it comes to alternatives, they will consider what is legal first before ending up with bitcoin. Regarding about the dollar, bitcoin will need a very strong force to dethrone it.

That's why I don't believe that bitcoin will be able to replace dollar soon. Instead of being replace maybe the government will do something to make the popularity of bitcoin lost. Especially when they can see that bitcoin is a big threat to their economy when their constituents started to use and consume bitcoins instead of their paper money.

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Quote from: Shenzou on November 24, 2016, 02:49:14 PM

In 15 years, hmmmm that is a short time the only way that bitcoin is going to replace USD is if there was a major economic crisis and banks wouldn't be able to provide any currency for their customers then the only alternative they will have will be the online payment which is bitcoin, Any one who watched MR Robot will understand what i am talking about Wink

Nowadays, economic crisis can be predicted and government of a certain country where the crisis will came, could do preventive measures, or if they can't do it, they will do something to lessen the effect. When it comes to alternatives, they will consider what is legal first before ending up with bitcoin. Regarding about the dollar, bitcoin will need a very strong force to dethrone it.

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Quote from: deisik on November 24, 2016, 12:07:46 PM

Quote from: Abiky on November 23, 2016, 12:18:43 PM

Quote from: PhilPrime on November 23, 2016, 09:27:12 AM

All quoted above are true.Bitcoin is now getting more stable than it is before, the adaption of the users are increasing in number and transactions and features were happening in an instant. But still it is not yet absorbed or even heard by atleast half of the worlds population so it will never be imagined that in 15years it will be the universal currency.

Agree. As Bitcoin grows stronger everyday, in development and user acceptance worldwide, we could probably see it become used as a universal currency sometime in the future. However, by that time, Bitcoin scalability would've faced major improvements in order to handle all of the world's transactions. Speaking of which, considering Bitshares capability of handling 100,000 TPS, it definitely shows that it is not too far from cryptocurrencies like Bitcoin to be able to handle superior TPS and become used as a mainstream payment method that would surpass even VISA and MasterCard worldwide. The only thing that I'm concerned with, is whenever scalability solutions like these could affect Bitcoin's decentralization. Undecided

Some folks here claim that this is next to impossible without losing Bitcoin decentralization

On the other hand, though, we already have mining effectively centralized in the hands of the Chinese miners. Figures differ strongly but the miners from China certainly have more than 51% of hashing power accumulated in their hands. Since miners are basically the same guys who process transactions, what real difference would further centralization make if they already essentially control the Bitcoin network? In other words, making transaction processing more centralized for the purpose of scaling up Bitcoin couldn't make things any worse than they are already

You make "all chinese miners" sound like one cohesive block, like they all belong to a hive mind or something. I don't think that's any more accurate than assuming any other ethnic group is one group. It doesn't seem likely to me. China is still going to have regional groups, or pools, not simply be "all those Chinese." Further centralization in China, though, at the expense of other areas of the world would mean larger concentrations of the pools that operate there, so ostensibly, further centralization would bring greater power to the groups that don't currently have a majority of the network, except when you group an entire ethnicity together for the sake of claiming they control the network, without regard for whether they are all actually working in concert.

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In 15 years, hmmmm that is a short time the only way that bitcoin is going to replace USD is if there was a major economic crisis and banks wouldn't be able to provide any currency for their customers then the only alternative they will have will be the online payment which is bitcoin, Any one who watched MR Robot will understand what i am talking about Wink

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Quote from: Xester on November 24, 2016, 02:18:48 PM

Quote from: OrangeII on November 24, 2016, 12:21:52 PM

Quote from: el kaka22 on November 24, 2016, 05:44:00 AM

Quote from: Ocalebeth on November 23, 2016, 12:15:06 PM

No I do not think that the bitcoin is busy trying to replace it and the fact is that the dollar is also way to powerful right now!!

Yes I also do not thing that bitcoin can replace USD so soon, as USD is one of the most popular currency of the world, as most of the country are depending on dollar for their business therefore it is not such any easy job that bitcoin will replace bitcoin, but I think in future we cannot ignore the possibilities if all the people of the world start using bitcoin.

Well, maybe in the future people will start using bitcoin. but I guess it will not be enough to make the dollar was replaced by bitcoin. Well, even today bitcoin can not replace the dollar in the real world. people have been accustomed to using dollars from the bitcoin. maybe if iitu occur may be the economic crisis, due to the change dollars to bitcoin. bitcoin might just still be used as an alternative and as currency on the internet

Yes!i agree!there is no enough reason to replace dollars, bitcoins are very useful and very popular now especially in united states and other foreign country but that does'nt mean that bitcoins should replace dollars. I think trump will not allow this things to happen too because dollar is an international currency worldwide, so if bitcoin replace dollar, are we removing the favor from united states of america?

I also agree with your opinion. Bitcoin has taken its place. And to displace the dollar it will not. Bitcoin is an alternative cryptocurrency. There are people who support it, and there are those who do not trust

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Quote from: OrangeII on November 24, 2016, 12:21:52 PM

Quote from: el kaka22 on November 24, 2016, 05:44:00 AM

Quote from: Ocalebeth on November 23, 2016, 12:15:06 PM

No I do not think that the bitcoin is busy trying to replace it and the fact is that the dollar is also way to powerful right now!!

Yes I also do not thing that bitcoin can replace USD so soon, as USD is one of the most popular currency of the world, as most of the country are depending on dollar for their business therefore it is not such any easy job that bitcoin will replace bitcoin, but I think in future we cannot ignore the possibilities if all the people of the world start using bitcoin.

Well, maybe in the future people will start using bitcoin. but I guess it will not be enough to make the dollar was replaced by bitcoin. Well, even today bitcoin can not replace the dollar in the real world. people have been accustomed to using dollars from the bitcoin. maybe if iitu occur may be the economic crisis, due to the change dollars to bitcoin. bitcoin might just still be used as an alternative and as currency on the internet

Yes!i agree!there is no enough reason to replace dollars, bitcoins are very useful and very popular now especially in united states and other foreign country but that does'nt mean that bitcoins should replace dollars. I think trump will not allow this things to happen too because dollar is an international currency worldwide, so if bitcoin replace dollar, are we removing the favor from united states of america?

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Quote from: el kaka22 on November 24, 2016, 05:44:00 AM

Quote from: Ocalebeth on November 23, 2016, 12:15:06 PM

No I do not think that the bitcoin is busy trying to replace it and the fact is that the dollar is also way to powerful right now!!

Yes I also do not thing that bitcoin can replace USD so soon, as USD is one of the most popular currency of the world, as most of the country are depending on dollar for their business therefore it is not such any easy job that bitcoin will replace bitcoin, but I think in future we cannot ignore the possibilities if all the people of the world start using bitcoin.

Well, maybe in the future people will start using bitcoin. but I guess it will not be enough to make the dollar was replaced by bitcoin. Well, even today bitcoin can not replace the dollar in the real world. people have been accustomed to using dollars from the bitcoin. maybe if iitu occur may be the economic crisis, due to the change dollars to bitcoin. bitcoin might just still be used as an alternative and as currency on the internet

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Quote from: Abiky on November 23, 2016, 12:18:43 PM

Quote from: PhilPrime on November 23, 2016, 09:27:12 AM

All quoted above are true.Bitcoin is now getting more stable than it is before, the adaption of the users are increasing in number and transactions and features were happening in an instant. But still it is not yet absorbed or even heard by atleast half of the worlds population so it will never be imagined that in 15years it will be the universal currency.

Agree. As Bitcoin grows stronger everyday, in development and user acceptance worldwide, we could probably see it become used as a universal currency sometime in the future. However, by that time, Bitcoin scalability would've faced major improvements in order to handle all of the world's transactions. Speaking of which, considering Bitshares capability of handling 100,000 TPS, it definitely shows that it is not too far from cryptocurrencies like Bitcoin to be able to handle superior TPS and become used as a mainstream payment method that would surpass even VISA and MasterCard worldwide. The only thing that I'm concerned with, is whenever scalability solutions like these could affect Bitcoin's decentralization. Undecided

Some folks here claim that this is next to impossible without losing Bitcoin decentralization

On the other hand, though, we already have mining effectively centralized in the hands of the Chinese miners. Figures differ strongly but the miners from China certainly have more than 51% of hashing power accumulated in their hands. Since miners are basically the same guys who process transactions, what real difference would further centralization make if they already essentially control the Bitcoin network? In other words, making transaction processing more centralized for the purpose of scaling up Bitcoin couldn't make things any worse than they are already

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Quote from: Ocalebeth on November 23, 2016, 12:15:06 PM

No I do not think that the bitcoin is busy trying to replace it and the fact is that the dollar is also way to powerful right now!!

Yes I also do not thing that bitcoin can replace USD so soon, as USD is one of the most popular currency of the world, as most of the country are depending on dollar for their business therefore it is not such any easy job that bitcoin will replace bitcoin, but I think in future we cannot ignore the possibilities if all the people of the world start using bitcoin.

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Quote from: PhilPrime on November 23, 2016, 09:27:12 AM

All quoted above are true.Bitcoin is now getting more stable than it is before, the adaption of the users are increasing in number and transactions and features were happening in an instant. But still it is not yet absorbed or even heard by atleast half of the worlds population so it will never be imagined that in 15years it will be the universal currency.

Agree. As Bitcoin grows stronger everyday, in development and user acceptance worldwide, we could probably see it become used as a universal currency sometime in the future. However, by that time, Bitcoin scalability would've faced major improvements in order to handle all of the world's transactions. Speaking of which, considering Bitshares capability of handling 100,000 TPS, it definitely shows that it is not too far from cryptocurrencies like Bitcoin to be able to handle superior TPS and become used as a mainstream payment method that would surpass even VISA and MasterCard worldwide. The only thing that I'm concerned with, is whenever scalability solutions like these could affect Bitcoin's decentralization. Undecided

Other than that, I think that fiat currencies will stay for quite some time, until cryptocurrencies prove to address above issues.

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Bitcoin has nothing to replace any other currencie, neither dollar, and i doubt Trump would let something similiar to happen at USA. Bitcoin may be used as gold, and the way dollar is used, as store of value over countries, since dollars its a currencie very strong thas has low volatility.

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No I do not think that the bitcoin is busy trying to replace it and the fact is that the dollar is also way to powerful right now!!

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Quote from: Betwrong on November 23, 2016, 11:02:13 AM

Why do you say "ever"? Nobody knows about what will happen in the future. Also if Americans are so smart that they managed to make USD the most powerful currency in the whole world, why can't they make Bitcoin to serve them by adopting most of the coins and then profiting from the price rising? If they are smart they won't hold what is old but they will rather adopt what is new and better.

Even if americans accept bitcoins and adopt the most part of it but they would probably not let it replace dollar at all, but they will surely use it as an alternative, so in that way bitcoin will surely be accepted all over the world, but what is not assured is that it will replace any currency, though it may does but not the major ones like Us dollar or euro etc.

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Quote from: sunsilk on November 23, 2016, 10:40:25 AM

Quote from: gabmen on November 23, 2016, 07:58:27 AM

Quote from: Bitcoin0916 on November 23, 2016, 07:48:08 AM

I'm not sure this happen will come true as soon, we know that dollar is the largest currency in the world, if the transactions that using bitcoin increase and use more than 30% peoples in this world, maybe the one sign that bitcoin replace dollar.

yeah you're right about that. a lot of currencies are relying on how the dollar moves and I don't think any currency, crypto or regular can replace the status of the dollar any time soon. though we also can't be sure but that's just my opinion for now. bitcoin or gold or other fiat currencies may be able to challenge the dollar in time but that's just about it.

No crypto will ever replace dollar. Because it is the most powerful currency in the whole world. And American's will not allow it to happen.

That dollar will be replace by any other currency, but I don't know if dollar will still be that powerful on Trump's term.

Because America on the a big debt.

Why do you say "ever"? Nobody knows about what will happen in the future. Also if Americans are so smart that they managed to make USD the most powerful currency in the whole world, why can't they make Bitcoin to serve them by adopting most of the coins and then profiting from the price rising? If they are smart they won't hold what is old but they will rather adopt what is new and better.

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Quote from: gabmen on November 23, 2016, 07:58:27 AM

Quote from: Bitcoin0916 on November 23, 2016, 07:48:08 AM

I'm not sure this happen will come true as soon, we know that dollar is the largest currency in the world, if the transactions that using bitcoin increase and use more than 30% peoples in this world, maybe the one sign that bitcoin replace dollar.

yeah you're right about that. a lot of currencies are relying on how the dollar moves and I don't think any currency, crypto or regular can replace the status of the dollar any time soon. though we also can't be sure but that's just my opinion for now. bitcoin or gold or other fiat currencies may be able to challenge the dollar in time but that's just about it.

No crypto will ever replace dollar. Because it is the most powerful currency in the whole world. And American's will not allow it to happen.

That dollar will be replace by any other currency, but I don't know if dollar will still be that powerful on Trump's term.

Because America on the a big debt.

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Quote from: deisik on November 23, 2016, 09:19:20 AM

Quote from: uneng on November 22, 2016, 07:48:56 PM

Quote from: Abiky on November 22, 2016, 07:31:18 PM

Quote from: mastica on November 21, 2016, 03:31:02 PM

Dollar is the main currency, and is used for every transaction, atleast it looks like that way, people does store their currencie into dollar, bitcoin has nothing to replace any other currencie, bitcoin its just an option. Even if bitcoin wanna to replace it would need more value and management, control bitcoin its something no one can make alone otherwise it will kill bitcoin.

True. But also, another thing, in my own opinion, that limits Bitcoin's ability to replace the dollar or any fiat currency, is scalability and fungibility. Especially scalability, as Bitcoin won't be able to handle all of the world's transactions without a proper scalable solution, in which nodes may need a huge amount of resources like storage, to be able to store the ever growing blockchain database.

Nevertheless, I think that Bitcoin works fine alongside fiat currencies, instead of becoming a main currency itself, reducing the massive blockchain bloat that it would have if used by everyone in the world. Just sharing my thoughts.

If Bitcoin would be the main currency of the world, imagine how many daily and simutaneously transactions we would have.
The fees would be much higher or we could never complete our transactions. Bitcoin doesn't have capacity yet to be the main currency, some upgrades and updates are needed yet... Scalability is the problem and I agree with you.

Fees might not be the main concern then

It seems that the whole paradigm of a centralized blockchain should be replaced with something more scalable and robust, since right now every transaction gets propagated endless number of times through network because each node should keep an up-to-date version of the blockchain. This may be completely unfeasible to support once Bitcoin gets past a certain point in adoption across the world unless a totally different approach to confirming transactions is applied

All quoted above are true.Bitcoin is now getting more stable than it is before, the adaption of the users are increasing in number and transactions and features were happening in an instant. But still it is not yet absorbed or even heard by atleast half of the worlds population so it will never be imagined that in 15years it will be the universal currency.

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Quote from: uneng on November 22, 2016, 07:48:56 PM

Quote from: Abiky on November 22, 2016, 07:31:18 PM

Quote from: mastica on November 21, 2016, 03:31:02 PM

Dollar is the main currency, and is used for every transaction, atleast it looks like that way, people does store their currencie into dollar, bitcoin has nothing to replace any other currencie, bitcoin its just an option. Even if bitcoin wanna to replace it would need more value and management, control bitcoin its something no one can make alone otherwise it will kill bitcoin.

True. But also, another thing, in my own opinion, that limits Bitcoin's ability to replace the dollar or any fiat currency, is scalability and fungibility. Especially scalability, as Bitcoin won't be able to handle all of the world's transactions without a proper scalable solution, in which nodes may need a huge amount of resources like storage, to be able to store the ever growing blockchain database.

Nevertheless, I think that Bitcoin works fine alongside fiat currencies, instead of becoming a main currency itself, reducing the massive blockchain bloat that it would have if used by everyone in the world. Just sharing my thoughts.

If Bitcoin would be the main currency of the world, imagine how many daily and simutaneously transactions we would have.
The fees would be much higher or we could never complete our transactions. Bitcoin doesn't have capacity yet to be the main currency, some upgrades and updates are needed yet... Scalability is the problem and I agree with you.

Fees might not be the main concern then

It seems that the whole paradigm of a centralized blockchain should be replaced with something more scalable and robust, since right now every transaction gets propagated endless number of times through network because each node should keep an up-to-date version of the blockchain. This may be completely unfeasible to support once Bitcoin gets past a certain point in adoption across the world unless a totally different approach to confirming transactions is developed and applied

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