Do You Think Bitcoin Will Replace Dollar Soon? - page 171.

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Quote from: deisik on November 23, 2016, 10:19:20 AM

Quote from: uneng on November 22, 2016, 08:48:56 PM

Quote from: Abiky on November 22, 2016, 08:31:18 PM

Quote from: mastica on November 21, 2016, 04:31:02 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, 08:48:56 PM

Quote from: Abiky on November 22, 2016, 08:31:18 PM

Quote from: mastica on November 21, 2016, 04:31:02 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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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?

Nope maybe coinbase is thinking myth ideas and this is gonna be hoax if ever and bitcoin will never be replace dollar soon ever in the future yes let's say that bitcoin has very very big feature but there are no assurance that bitcoin will be in the top list of payment method or currencies. Dollar is the no. money in the whole world that we are using in every country we going too.

The thought of that is so true. Indeed bitcoin is a currency that's far better than the Dollar, because of the bitcoin has the features and potential market as well and will always give you an advantage because the market demand is very remarkable. All of this will not be a barrier to keep struggling and evolving bitcoin, fear not against real or yet News News opinion

What you thought that my statement is true? are you in drugs mate just kidding bitcoin curren is far and better now but if bitcoin will going to replace dollar soon then the price of bitcoin will be 1 bitcoin into 1bitcoin it will be price by it self and no price? And i think that's the OP really meant.

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Quote from: Bitcoin0916 on November 23, 2016, 08:48:08 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.

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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.

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Quote from: diodio5 on November 22, 2016, 01:04:32 AM

Quote from: mastica on November 21, 2016, 04:31:02 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.

I agree with you, I think bitcoin no match for fiat, now all bitcoin users rely on fiat and I think this situation will continue, because the government would always use a fiat to the transaction bitcoin only option for fiat

indeed, unless people don't trust again with their fiat and moving into bitcoin, then fiat will not use by almost people and this is a good chance for bitcoin to replace fiat. but its not be happen in short time and i think it will need more than 5 years before we can see this is happen and maybe some of us will not see the changing of currency from fiat into bitcoin.

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Quote from: Abiky on November 22, 2016, 08:31:18 PM

Quote from: mastica on November 21, 2016, 04:31:02 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.

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Quote from: mastica on November 21, 2016, 04:31:02 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.

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Quote from: mastica on November 21, 2016, 04:31:02 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.

I agree with you, I think bitcoin no match for fiat, now all bitcoin users rely on fiat and I think this situation will continue, because the government would always use a fiat to the transaction bitcoin only option for fiat

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Quote from: sportis on November 21, 2016, 03:43:05 PM

No way at least in nearby future. People worldwide are not familiar with the use of bitcoin even though they live in developed countries. On the other hand, dollar is very strong fiat money in world exchange markets used in almost all global transactions.

Yes and that is not going to happen because many are more trusting dollar rather than bitcoin. And people who doesn't have knowledge with bitcoin will probably believe those overheard out there that bitcoin is just for illegal activities without knowing what is the real fact about it. But we can't tell what is going to happen in the future, anything can collapse and be built with technology.

Let's no debate this one, we know already that dollar is a strong currency and widely use by the people, it will not be replace by bitcoin.

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I wish bitcoin could replace dollar but if wishes were horses, beggars would ride so I would say no to the possibility of bitcoin replacing dollar in 15 years but yes I believe that after dollar bitcoin will emerge as one of widely accepted and popular currency in the next 15 years and not in 15 years maybe sooner than that.

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Quote from: mastica on November 21, 2016, 04:31:02 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.

I guess many people would happily disagree with this assertion

Indeed, the US dollar is widely user in world trade, and it may well be that it is the most used currency to settle international accounts with, but to say that it is used for every transaction is bordering on insane, figuratively speaking, of course. If we exclude international trade, dollars are not widely used anywhere in the world save only for the US itself and a few small countries like Honduras, Panama or Zimbabwe that couldn't successfully manage their national currencies and ended up using the US dollar instead as their legal money

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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.

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No way at least in nearby future. People worldwide are not familiar with the use of bitcoin even though they live in developed countries. On the other hand, dollar is very strong fiat money in world exchange markets used in almost all global transactions.

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Quote from: Positid on November 19, 2016, 09:03:36 AM

Quote from: deisik on November 19, 2016, 08:47:14 AM

Quote from: zombie007 on November 18, 2016, 01:49:20 PM

yes that is a fact that in present time USD is really one of the most popular fiat currency of the world and most of the countries economy is also depending on dollar but in fact bitcoin is going popular as now the new generation is interested in online business and shopping therefore the use of bitcoin is increasing day by day, hope that a time will come when all the people of the world will start using bitcoin ans bitcoin will become the world number one crypto currency.

The countries where Bitcoin adoption is important are in no case dependent on the American dollar, barring the US itself, indeed. The economy of the EU is as large as that of the US, so it can't possibly depend on the US dollar. China is said to be stealing the American jobs as well as flood the American markets with their goods, so it is really hard to tell which of these two countries is in greater dependency on the other...

Taking into account that both Bitcoin miners and buyers are Chinese, I'd rather say that Bitcoin depends on the Renminbi, not the US dollar

I certainly agree with your statement, chinese people are dictating the price of bitcoin because they have the larger investor in the total circulation. Maybe the price that we have seen now that's increasing is cause by them. We cannot underestimate them because their economy is also booming.

That could be right. The Chinese people are smart investors. They own most of the newly minted coins.

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Quote from: deisik on November 19, 2016, 08:47:14 AM

Quote from: zombie007 on November 18, 2016, 01:49:20 PM

yes that is a fact that in present time USD is really one of the most popular fiat currency of the world and most of the countries economy is also depending on dollar but in fact bitcoin is going popular as now the new generation is interested in online business and shopping therefore the use of bitcoin is increasing day by day, hope that a time will come when all the people of the world will start using bitcoin ans bitcoin will become the world number one crypto currency.

The countries where Bitcoin adoption is important are in no case dependent on the American dollar, barring the US itself, indeed. The economy of the EU is as large as that of the US, so it can't possibly depend on the US dollar. China is said to be stealing the American jobs as well as flood the American markets with their goods, so it is really hard to tell which of these two countries is in greater dependency on the other...

Taking into account that both Bitcoin miners and buyers are Chinese, I'd rather say that Bitcoin depends on the Renminbi, not the US dollar

I certainly agree with your statement, chinese people are dictating the price of bitcoin because they have the larger investor in the total circulation. Maybe the price that we have seen now that's increasing is cause by them. We cannot underestimate them because their economy is also booming.

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Quote from: zombie007 on November 18, 2016, 01:49:20 PM

yes that is a fact that in present time USD is really one of the most popular fiat currency of the world and most of the countries economy is also depending on dollar but in fact bitcoin is going popular as now the new generation is interested in online business and shopping therefore the use of bitcoin is increasing day by day, hope that a time will come when all the people of the world will start using bitcoin ans bitcoin will become the world number one crypto currency.

The countries where Bitcoin adoption is important are in no case dependent on the American dollar, barring the US itself, indeed. The economy of the EU is as large as that of the US, so it can't possibly depend on the US dollar. China is said to be stealing the American jobs as well as flood the American markets with their goods, so it is really hard to tell which of these two countries is in greater dependency on the other...

Taking into account that both Bitcoin miners and buyers are Chinese, I'd rather say that Bitcoin depends on the Renminbi, not the US dollar

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Quote from: deisik on November 18, 2016, 02:24:34 PM

Quote from: bamboylee on November 18, 2016, 11:43:59 AM

Quote from: arseaboy on November 17, 2016, 11:15:21 AM

Quote from: saiha on November 17, 2016, 04:32:47 AM

Quote from: digaran on November 17, 2016, 03:49:39 AM

I don't know anything about replacing it but I'm sure more people will come to know bitcoin and use it but never can bitcoin actually replace dollar because 90% of world's wealth depends on dollar.

You are right with it, we may think that it is really impossible to replace dollar by bitcoin and many thinks bitcoin is still too young.

But with the worlds economy I don't think this will be easy for bitcoin to replace a very old currency that has being dependent to its subordinates.

And many are supporting dollar so this will be hard for bitcoin to make it happen.

I totally agree some people really think that bitcoin will replace dollar. for me, it's not possible since USD.. bitcoin price relies on dollars and without it bitcoin will lose it's value.

Bitcoin does not rely on dollars or any other fiat. Bitcoin value is from our trust to its system. And we measure that value with dollar. Even without usd, bitcoin will still stand and survived. In fact, it may even get more valuable.

There is absolutely no doubt about it. If casual things start being priced in bitcoins directly and Bitcoin itself gets finally used mostly as a currency (as a means of payment, before all) and not as a vehicle for speculation as of now, that would mark the universal acceptance and wide adoption of Bitcoin by the general public...

And likely the beginning of a new, Bitcoin era and probably the end of the fiat era

Well i don't think its likely that that things are going to be prices in bitcoin and that transactions would be directly in bitcoin. It may happen but i dont think it will be soon. And even if bitcoin can make it to mainstream transaction, dollar or fiat would still be the preferred method or currency

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Quote from: bamboylee on November 18, 2016, 11:43:59 AM

Quote from: arseaboy on November 17, 2016, 11:15:21 AM

Quote from: saiha on November 17, 2016, 04:32:47 AM

Quote from: digaran on November 17, 2016, 03:49:39 AM

I don't know anything about replacing it but I'm sure more people will come to know bitcoin and use it but never can bitcoin actually replace dollar because 90% of world's wealth depends on dollar.

You are right with it, we may think that it is really impossible to replace dollar by bitcoin and many thinks bitcoin is still too young.

But with the worlds economy I don't think this will be easy for bitcoin to replace a very old currency that has being dependent to its subordinates.

And many are supporting dollar so this will be hard for bitcoin to make it happen.

I totally agree some people really think that bitcoin will replace dollar. for me, it's not possible since USD.. bitcoin price relies on dollars and without it bitcoin will lose it's value.

Bitcoin does not rely on dollars or any other fiat. Bitcoin value is from our trust to its system. And we measure that value with dollar. Even without usd, bitcoin will still stand and survived. In fact, it may even get more valuable.

There is absolutely no doubt about it. If casual things start being priced in bitcoins directly and Bitcoin itself gets finally used mostly as a currency (as a means of payment, before all) and not as a vehicle for speculation as of now, that would mark the universal acceptance and wide adoption of Bitcoin by the general public...

And likely the beginning of a new, Bitcoin era and probably the end of the fiat era

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