Do You Think Bitcoin Will Replace Dollar Soon? - page 68.

passwordnow

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Quote from: Sled on October 02, 2017, 08:22:06 PM

Quote from: passwordnow on October 02, 2017, 07:21:59 PM

My answer is no. We are far from seeing bitcoin replace dollar very soon, when we say "soon" it's near to come but without any certain verdict that's exactly going to happen. Bitcoin will not be considered as the main currency for a country nor will replace dollar. It's still risky for the gov't to fully focus to cryptocurrency and depend their transactions to bitcoin but this is on their part.

Indeed, bitcoin will not replace the dollar because of its lack of supply and stability and the government will never acknowledge bitcoin for being a main currency for their country because of the decentralization. Bitcoin will just become an addition to the use of fiat currency but it will not become a replacement ever.

The government will not turn themselves into crypto economy if they don't have assurance that they can control the supply and market of bitcoin. But they are aware of the volatility and they are not into decentralization. Bitcoin can't be considered as the replacement of dollar but it's a good alternative for us that are subject to the centralized system of the government. And it's a digital money and by generating it to physical thing needs a lot of many stuffs.

Pinkris128

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Quote from: BitProdigy on July 29, 2015, 03:19:33 AM

I don't think "soon" but I do think after 15 years or so it is a definite possibility. "soon" i guess is a relative term.

I agree. Dollar is not that easy to be replaced by bitcoin. Because as we know bitcoin is not legalized like dollar. We can also observed that there are some characteristic that bitcoin doesnt have compared to dollar. Maybe after many years it is possible because there are any changes that may happen to bitcoin but soon i dont think its easy as what other thinking.

Kronos21

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Bitcoin will be hard to replace the dollar. They were released a lot. The number of bitcoins is limited. But what a lot of people who have used the dollar to protect their savings from inflation of the local currency will pay attention to bitcoin that's for sure. The dollar and us economy will be no ordinary times.

abyaby123

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The U.S dollar, as the world’s leading reserve currency has been that money of choice. Approximately 65% of all U.S. dollars are currently being used outside the United States, 80% of trade finance was conducted in dollars and close to 85% of forex trade volume involved the dollar.

But dollars are hard to come by in legal ways. Aggravated by limited foreign reserves and fixed exchange rates pegging the national currency at artificially high rates to other currencies, black market currency trading has flourished.

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Quote from: Sled on October 02, 2017, 08:22:06 PM

Quote from: passwordnow on October 02, 2017, 07:21:59 PM

My answer is no. We are far from seeing bitcoin replace dollar very soon, when we say "soon" it's near to come but without any certain verdict that's exactly going to happen. Bitcoin will not be considered as the main currency for a country nor will replace dollar. It's still risky for the gov't to fully focus to cryptocurrency and depend their transactions to bitcoin but this is on their part.

Indeed, bitcoin will not replace the dollar because of its lack of supply and stability and the government will never acknowledge bitcoin for being a main currency for their country because of the decentralization. Bitcoin will just become an addition to the use of fiat currency but it will not become a replacement ever.

I think the two can coexist and help us financially. I don't agree with the total replacement of fiats by Bitcoin because they both have their pros and cons and if we merge both together they can easily complement each other.

Sled

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Quote from: passwordnow on October 02, 2017, 07:21:59 PM

My answer is no. We are far from seeing bitcoin replace dollar very soon, when we say "soon" it's near to come but without any certain verdict that's exactly going to happen. Bitcoin will not be considered as the main currency for a country nor will replace dollar. It's still risky for the gov't to fully focus to cryptocurrency and depend their transactions to bitcoin but this is on their part.

Indeed, bitcoin will not replace the dollar because of its lack of supply and stability and the government will never acknowledge bitcoin for being a main currency for their country because of the decentralization. Bitcoin will just become an addition to the use of fiat currency but it will not become a replacement ever.

muhammad-adnanzain

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Maybe no, bitcoin not a currency bitcoin only a commodity and have a value. Bitcoin cann't replace a real currency because a currency was identity of a nation.

passwordnow

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My answer is no. We are far from seeing bitcoin replace dollar very soon, when we say "soon" it's near to come but without any certain verdict that's exactly going to happen. Bitcoin will not be considered as the main currency for a country nor will replace dollar. It's still risky for the gov't to fully focus to cryptocurrency and depend their transactions to bitcoin but this is on their part.

The_Dark_Knight

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Quote from: Fatanut on September 23, 2017, 04:59:48 AM

Quote from: frowsiter on September 23, 2017, 03:15:35 AM

Why does he even think like that in first place. It is the price difference and exchange capability of bitcoin and fiat currency which us making is rich. If that gets replaced with one currency then how we can get the profits or how we can differentiate ourselves with that price tag. I think it's not possible because it's just not well possible! There can not be two sun in the single solar system, it will burn the life. So there can not be two currency otherwise it will just break down the economy of country. The dollar bill is something related to traditions, old ways of trading and it will never get replaced in any time soon. Bitcoin is perfect fit in the internet world and might not just fit in the real world. So may be not this time.

While I do agree that two currencies cannot be the main currency of a country, I don't really agree that the world is all about tradition. The traditional way might be sending money with dollars. The traditional way might even be physical fiat but that's clearly not the case anymore. In this modern age, people don't really embrace traditions that much anymore. People seek something new everyday and bitcoin is something new. It's only a matter of time before bitcoin gets considered as a "cool" thing and people will follow the trend. These days, people are into bitcoin because of the ridiculous gains it had given us in the past couple of months.

Another thing, I do agree that bitcoin cannot be the main currency of a country together with their local currency because bitcoin is not taxable. The country will have no funds and so they will be forced to ban bitcoins (which is quite hard to do, impossible even) or put a huge percentage of tax for fiat currency users, which will then of course force them to use bitcoins instead.

Correct, traditions may be important to people when it comes to aspects of their lives that are very intimate, like their religion and stuff like that, but when it comes to money functionality is the only thing that matters, bitcoin is not used widely because it is slow and expensive, once it becomes fast and cheap then bitcoin is going to be used by many people all around the world.

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Quote from: BitProdigy on July 29, 2015, 03:19:33 AM

I don't think "soon" but I do think after 15 years or so it is a definite possibility. "soon" i guess is a relative term.

Maybe in the future. If the bitcoin is succesfully ligal in other country they consider bitcoin is a national coin in the world. Hope someday i have a lots of botcoin,

tengek37

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It could happen if all countries make rules and legality against bitcoin, but if not, as it is today bitcoin is unlikely to replace the dollar because there has been no legitimate recognition from the state.

julzcoinbit

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I don't think it is possible for bitcoin to replace dollar. I don't see any reasons why dollar should be replaced. The government obviously won't allow that to happen. Bitcoin's volatility would result to the unbalance of world economic system. Bitcoin's popularity keeps on increasing day by day but that doesn't mean it will replace the dollar.

BossMacko

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It is not possible because if government let Bitcoin replace dollar then they don't have any control for that they will not get anything from the transaction so they will not let replace the dollar. As long as we are living under a government this will not be possible.

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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?

Indeed the use of Bitcoin in the US is becoming a trend.
But I think the government will make efforts to limit its use so it is very difficult to replace Bitcoin Dollar.

Ains_sama

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we need more than 100year to do it

JonahCallan

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While bitcoin has been dubbed as the worst investment for last year, many enthusiasts still believe that the cryptocurrency can surpass fiat currencies as the main mode of payment around the world. Its scarcity and the use of the blockchain are its defining features but it could also be it source of weakness. Can bitcoin really replace the U.S. dollar or other currencies at some point?
Fiat currencies draw their value from being backed by assets or by central banks. In contrast, bitcoin draws its value from scarcity in that there are only a limited number available in circulation or from mining operations. Bitcoin is not dependent on any change in value of underlying assets, such as gold or silver, but is backed by the basic market principles of supply and demand.
Using bitcoin can transform the global payments arena into an open-source one, which means that its increased adoption can also drive up its value. More and more online merchants and large companies are opening up to the idea of accepting bitcoin payments while clients are also enjoying better transparency, lower costs, and quicker transactions on these.

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Will it be used a lot in the future, probably yes. But if it will replace dollar, definitely no.

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Quote from: Pejoh Asu on September 28, 2017, 05:42:44 AM

Bitcoin could replace the dollar if the user continues to increase, according to data that the user is circulating that bitcoin is not more than 1% of the world population, if it could reach 30% then I'm sure the bitcoin can already beat the dollar.

Even if it does, there will still definitely be fiat basis in place for us to know its value or sometimes make transactions unless of course we want to switch totally from crypto to crypto and we both know that will be hard on cryptocurrency itself.
I feel both will still go hand in hand eventually and people will then decide which they want to choose to use or how they want to make use of what they have with them.

nskendrovic

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I think Bitcoin will replace the dollar sooner or later for sure because it is far more superior. It is just going to take time before the masses catch on, but wait until the momentum swings, wow.

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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?

Nope. First bitcoin isn't that stable than a dollar. Bitcoin is a decentralized currency that somehow didn't determine if it will drop or rise. But dollar is stable one in the market and as we can see dollar is the most accepted currency and somehow it is the most usable here in our country. Bitcoin wil not replace the dollar.

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