Do You Think Bitcoin Will Replace Dollar Soon? - page 76.

cryptojac17

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Quote from: udonmez on September 07, 2017, 08:39:42 AM

Quote from: Stgsurya on September 07, 2017, 08:36:14 AM

In the past 25 years over 21 countries have suffered incidents of severe inflation. In these cases, as the national currency became increasingly devalued, either due to government over-printing or large injections of counterfeit bills, citizens have privileged foreign currency in order to maintain the import of goods.

You make a very good point. Each county want to control their money supply. Controlling bitcoin is not possible by design so It is not possible to replace any national money.

For me bitcoin and fiat money will work in parallel because BTC is just like gold it has a monetary value usually measured in terms Dollar or in other currency around the world, if buy BTC in value of dollars it is just like Goods that you can sell and buy in terms of monetary value.

prtty2gal2

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Quote from: TrumpD on September 05, 2017, 12:44:03 PM

I doubt It, the dollar does not need replacing. It is what it is and bitcoin is something completely different. They compliment each other, there should be no hurry to replace unless of course you are Chinese.

Bitcoins have worth more than dollar but the problem is both have different nature. Diamond can never replace gold or vice versa, world needs both for proper working.

I do see bitcoins as the future international currency but I don’t think it is going to replace any paper currency whether it is dollar or some else.

poldanmig

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As popular as anything, bitcoin cann't replace dollar. Because, dollar exists as an international currency with a supply that is maintained by their government. While bitcoin, suplly is limited so that developing is the value. Bitcoin has 8 decimals (too many numbers behind the comma in my opinion).

udonmez

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Quote from: Stgsurya on September 07, 2017, 08:36:14 AM

In the past 25 years over 21 countries have suffered incidents of severe inflation. In these cases, as the national currency became increasingly devalued, either due to government over-printing or large injections of counterfeit bills, citizens have privileged foreign currency in order to maintain the import of goods.

You make a very good point. Each county want to control their money supply. Controlling bitcoin is not possible by design so It is not possible to replace any national money.

Stgsurya

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In the past 25 years over 21 countries have suffered incidents of severe inflation. In these cases, as the national currency became increasingly devalued, either due to government over-printing or large injections of counterfeit bills, citizens have privileged foreign currency in order to maintain the import of goods.

btcdepo

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Thinking that Bitcoin may replace USD, in the first sight it may seem like a fantasy but when people were talking about cyrptocurrency some years ago it seemed like dream to most of people as it is so now too. I think not soon but eventually will happen. Unevitable result.

julius caesar

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Quote from: BitProdigy on July 29, 2015, 02:19:33 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 dont think so, even though bitcoin is being popularized by number of people who were actually using it to be profitable and be able to pay expenditures online is still and must not replace dollars because accept the fact that it is not 100% sure that every person worldwide is open to bitcoin potential and capabilities, fiat must still be function for all years because people will still need paper money to pay simple transactions, it may be higher than its value but nver the term replace.

Lenzie

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It could be. That is possible but I don't think US is ready to lose there identity. US dollar is dying, as the article says but I don't buy that it will go somewhere either. Bitcoin can be a global substitute for fiat and I've got a huge hope on that. Bircoin might surpass Dollar, but it can never replace it. That was an informative article btw.

darkangel

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Quote from: Huobi-USD on July 29, 2015, 02:13:36 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?

In the future, we all can not predict what will happen. The future of bitcoin, too, is just people's guess. Should bitcoin be able to replace the dollar or maybe not. Currently the dollar is a valuable currency and bitcoin payments are also in dollars.

cas606

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Quote from: Huobi-USD on July 29, 2015, 02:13:36 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?

I think so. We need to inovate some banking system and money system where we need to conserve nature. I think digital currency will have help us with this.

This is interesting! Keen to learn more. Do you have any ideas where I could learn more potential digital currency applications in conserving nature, and perhaps more detail about how banking and money system could be innovate better?

Getmon

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Bitcoin cannot easily replace dollar. Dollar is an international money that is deemed legal tender to all parts of the world. Bitcoin is not allowed to all the parts of the world. Dollar is established by all legitimate financial bodies in the world while Bitcoin is not yet. Time will probably come for Bitcoin soon.

Ipwich

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Quote from: Ivan16 on September 06, 2017, 04:24:29 PM

I think no,maybe in next 50 years,he have potential to be global currency but many people dont know nothing about bitcoin,and this system dont have any rules,taxes dont exist,and his value is not stabile,dollar yes,many things must be better then we must talk about this subject.

It's not certain that bitcoin will last for at least 50 years, we might see new technology in the future that will lead bitcoin obsolete
but one thing for sure is that Dollar will continue to exist and even develop on the way it will be spent, we will surely see online and offline money in
dollar with the latest system adopted.

stunvn

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It can't. And never can.

majdoso

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the dollar is a powerful currency that controls the majority of economical dealings in the world witch makes the road of glory hard for the bitcoin.

Ivan16

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I think no,maybe in next 50 years,he have potential to be global currency but many people dont know nothing about bitcoin,and this system dont have any rules,taxes dont exist,and his value is not stabile,dollar yes,many things must be better then we must talk about this subject.

ASNT

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I side with those who think the governement won't relinquish controle over fiat/virtual fiat currency. It is too good of a manipulation tool and blockchain based currencies would prevent many frauds from happening which doesn't go in hand with gov plans.

udonmez

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I dont believe this stuff will be happen in the future. Actually dolar and bitcoin are not same thing can not replace each others in my opinion.

Trela

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Quote from: TrumpD on September 05, 2017, 12:44:03 PM

I doubt It, the dollar does not need replacing. It is what it is and bitcoin is something completely different. They compliment each other, there should be no hurry to replace unless of course you are Chinese.

Very normal if you doubt that, because the future of Cryptocurrency always affected by governments and they can make crypto world dies anytime if they want us stop using Bitcoin and cryptocurrency. Banned ICO in China is an alert for make us consider about invest to cryptocurrency.

Maarten91

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Quote from: Abiky on September 06, 2017, 12:57:57 PM

Quote from: drachman on August 30, 2017, 05:44:02 PM

Bitcoin does not need the dollar, right now the most powerful currency is the dollar and that is why every currency is compared to it, when bitcoin takes that spot then every currency will be compared to bitcoin instead.

...
Nevertheless, while Bitcoin may be far from replacing the dollar soon, it could stand alongside it, that can be used as an alternative payment system in the time of need. Just my thoughts Grin

Definitely agree on this one. Transitions like this go slowly. And governments won't be too fond about having zero control on their currencies. So if it would actually replace fiat currency, my guess is that we could easily wait 50 years. But more likely it will complement fiat currency .

Abiky

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Quote from: drachman on August 30, 2017, 05:44:02 PM

Bitcoin does not need the dollar, right now the most powerful currency is the dollar and that is why every currency is compared to it, when bitcoin takes that spot then every currency will be compared to bitcoin instead.

Agree. Bitcoin being decentralized in nature, is well against government's ideals, making it quite difficult to replace the dollar anytime soon. As the pioneer cryptocurrency is not capable of handling all of the world's transactions, the dollar will have quite an advantage in this regard for many years to come.

However, if cryptocurrencies like Bitcoin become stronger and fiat currencies become weaker, at some point, the former will have the possibility of replacing the most well-known currencies in the world like the US Dollar and the Euro. But given the fact, that governments are exploring into blockchain technology, fiat currencies will survive for the long term once the switch is made, leading them towards the same level as cryptocurrencies.

Nevertheless, while Bitcoin may be far from replacing the dollar soon, it could stand alongside it, that can be used as an alternative payment system in the time of need. Just my thoughts Grin

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