Do You Think Bitcoin Will Replace Dollar Soon? - page 90.

Abiky

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Quote from: zidanw on August 06, 2017, 11:40:40 AM

Now bitcoin is mostly used as an investment not for transactions, transact with bitcoin using expensive fee especially for small value transactions, I don't think bitcoin can replace the dollar

True. People use Bitcoin mostly as an investment or speculative tool nowadays. Since it has struggled with high fees and low transaction throughput, people have looked into other alternatives to use for their everyday transactions.

However, with the SegWit activation on the Bitcoin network, and the upcoming block size increase, along with the Lightning Network, it will greatly boost Bitcoin's transaction capacity, and make a positive effect in reducing the fees, so that the pioneer cryptocurrency can become used more by the masses.

When all these upgrades come in, then Bitcoin may become further adopted in the mainstream world and have a positive effect in its value. Perhaps, Bitcoin prices will soar to $10,000 and beyond when this comes into effect, so it would be wise to save some Bitcoins now for the long term. Just my thoughts. Grin

EdenHazard

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Quote from: Botnake on August 08, 2017, 02:51:07 AM

Quote from: ?? on ??

i think not. but somehow bitcoin will be part of our everyday living but replacing cash it will be hard. A lot of business man who is involve in banks can be affected negatively when that happens so they won't let that happen unless they can get an advantage or they could benefit to it.

True, cash has been with us even since and it is not only regulated by the government but they created it, bitcoin was created to aid cash
to make a transaction faster and cheap but without cash bitcoin is nothing. We have to know their usage so we will always remain realistic
on our speculation in the future.

i disagree , without cash bitcoin could still so worthy. as long as people have adopted bitcoin evenly around the world which it is something that will takes long time. the usage itself could be like how dollar works , how fiat works . something really possible but not now.

dollar are the strongest currency , and bitcoin are the most expensive currency. pretty contrast isn't it?

Yutikas_11920

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Quote from: YTBitcoin on August 06, 2017, 03:46:46 PM

Quote from: carlisle1 on August 06, 2017, 12:55:18 PM

Quote from: akar87 on August 06, 2017, 11:45:22 AM

Dollar remains a global currency. And bitcoins are created to make it easier to transact. Owned networks have not exceeded the ability of dollar making it difficult to replace dollar.

precisely and the issue's which raises about bitcoin fork are also influenced the negative side of btc as dollar already establish its existence there's a lots
of improvement which is needed if bitcoin really loves replacing dollar in the main stream digital venues,.

Bitcoins need to go a lot of improvements before removing bitcoins from the face of earth. I think bitcoins will simply be treated like bitcoins without replacing them forever. I believe that bitcoins will be made legal soon but treated at a level equal to conventional currencies.

One of the things I thought would never get approved is at the level of anonymous bitcoin which could not be penetrated the Government in some things that indeed they have a very big losses and want to take all the evidence to be entered into the State Treasury. Indeed if we see from all the system or thing that exists in the bitcoin is very profitable and good, but if we do not see the downside then it is a very bad way of looking and not true

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Quote from: Lampaster on August 08, 2017, 06:30:51 AM

I'm not sure that bitcoin can replace the dollar. The government and US bankers will not allow it, but the fact that bitcoin can really make life difficult for the dollar that's for sure. We constantly see the outflows from the dollar in favor of bitcoin.

Well one thing i'm sure of is that bitcoin won't replace any major currency. It's very likely that we'll see a lot of options in the future about how to do our transactions. Bitcoin may be a favorite among people who are always doing things online and the dollar will still be the major currency for regular transactions

Lampaster

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I'm not sure that bitcoin can replace the dollar. The government and US bankers will not allow it, but the fact that bitcoin can really make life difficult for the dollar that's for sure. We constantly see the outflows from the dollar in favor of bitcoin.

joseafonso123az

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For bitcoin to replace dollar, I guess the big countries and respective bankers will try to regulate the coin, or maybe create a different blockchain in an attempt to make bitcoin fall. For them this is not so good, as this make illegal transactions easy, and also many people may become rich without them knowing how richer are those people ( and this make bankers quite mad )

Janation

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Quote from: unyil on August 08, 2017, 02:22:03 AM

Although now bitcoin has become a strong crypto currency but I think bitcoin will not replace dollar, bitcoin is just a digital currency that will not be the world currency because bitcoin users are very anonymous.

Yes, it will never replace dollar but you cannot say that the users are anonymous. As I had read on this forum, bitcoin is not really anonymous and it was proven. Bitcoin Adress can still be tracked and they can still identify who are using those addresses. They are like tracking an IP to know where the address was used.

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Quote from: lordquanta on August 08, 2017, 03:05:36 AM

Neither soon nor later, bitcoin going to replace currency of any nation. Bitcoin currency has its positive side which is making it more popular but the technical problem like scalability is its biggest hurdle. Bitcoin is missing micro-transaction capabilities which will neutralize its chances of becoming widely acceptable.

Point well taken, Bitcoin is still costly for the micro transactions and it is kind of barrier in the growth of it in small scale payment transactions. Technically there is no fee to use cash and no one (even the government) would care if you doing 10 or 50 micro transactions a day thus there is no point in offering anonymity for those transactions so we must come up with some practical advantage if we want Bitcoin to be adopted by the micro transaction industry.

lordquanta

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Neither soon nor later, bitcoin going to replace currency of any nation. Bitcoin currency has its positive side which is making it more popular but the technical problem like scalability is its biggest hurdle. Bitcoin is missing micro-transaction capabilities which will neutralize its chances of becoming widely acceptable.

Botnake

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Quote from: ?? on ??

i think not. but somehow bitcoin will be part of our everyday living but replacing cash it will be hard. A lot of business man who is involve in banks can be affected negatively when that happens so they won't let that happen unless they can get an advantage or they could benefit to it.

True, cash has been with us even since and it is not only regulated by the government but they created it, bitcoin was created to aid cash
to make a transaction faster and cheap but without cash bitcoin is nothing. We have to know their usage so we will always remain realistic
on our speculation in the future.

janedt

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Nope, it won't. Even when someday bitcoin become super popular, it will not replace dollar. Because dollar is already known by all people around the world and people also trust dollar too. It's hard for bitcoin to replace dollar but bitcoin is really suit to become a popular digital money/currency.

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Although now bitcoin has become a strong crypto currency but I think bitcoin will not replace dollar, bitcoin is just a digital currency that will not be the world currency because bitcoin users are very anonymous.

millgates

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The usd exchange rate continues to weaken. This is due to the internal problems of the United States and also the attention of market participants to the policies issued by the president of the United States Donald Trump. United States economic growth is plagued by trade restrictions and immigration issue. But that's not enough for bitcoin to replace usd.

MRlong

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Quote from: Bestwishes745 on August 07, 2017, 07:44:41 PM

Quote from: Hatuferu on August 07, 2017, 03:57:51 AM

Quote from: Konthol Ngaceng on August 06, 2017, 10:58:39 PM

I'm not sure bitcoin and all cryptocurrency can replace the currency let alone the dollar which is the world's largest currency. Certainly to replace the dollar must be calculated from marketcap, and according to existing data, bitcoin is not more than 1% of USD marketcap.

As bitcoin increase it's adoption dollar will to continue to be popular as well as their economy is improving.
Bitcoin is a new invention and I like this to progress but when it will be regulated by the government the hindrance will be bigger
and it will not grow as much as we expected.

People are trusting bitcoin because it's away from the government's platform, bitocin is decentralized which is opposite from the government.

I second your thought that people are investing into bitcoins because governments have no role in the transactions of bitcoins. The legalization will definitely give governments somewhat control over bitcoins resulting in heavy taxation. Eventually, this will decrease the popularity of bitcoins.

Actually Bitcoin interesting because it's anonymous, privacy and not have anyone can track source our transaction. And when we need send a huge money, we not need verify ID national or the source earned this money, just need spend small fees and waiting confirm, we can create any transactions.

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Quote from: Barcode_ on August 07, 2017, 11:33:49 PM

I don't think it is possible for bitcoin to replace the position of Dollar in the future, because bitcoin is a currency that can't be control by any government, and this would means the volatility risk would be too big for any companies to bear if bitcoin is used to pay for goods or services in huge volume.

The volatility has been said as a major part for the market acceptance of bitcoin. I never agree with it, because before regulating a currency a country makes a clear study in whatever way it's possible. If it doesn't help in growing the economy surely it won't be given priority similar to the currency used in the country. So this will fade of when people understand it better.

glowing10

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This is practically not possible beacuse dollar it's being accepted and recogized worldwide from decades and Bitcoin existence is of only few years and that too majority of countries have to legalise it to be accepted . Many people are unaware about it or do not want to invest due to its high volatility .

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I don't think it is possible for bitcoin to replace the position of Dollar in the future, because bitcoin is a currency that can't be control by any government, and this would means the volatility risk would be too big for any companies to bear if bitcoin is used to pay for goods or services in huge volume.

batang_bitcoin

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Quote from: TheKeyLongThumbI on August 07, 2017, 10:24:25 PM

It will not happen soon but maybe on a long term. The bitcoin is also depending on the dollar these days.There is also another downside if that happens because the dollar is used a lot by average people and also the banks will not let this happen.

Very likely it's impossible to happen but dollar to be digital can copy bitcoin's idea of making a blockchain network but the currency is dollar. I had read a lot of conspiracy that cash less society is about to happen and if bitcoin is not the currency will be used then it's like dollar and other currency that will be supported by the government.

The_Dark_Knight

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Quote from: PoorLad on August 05, 2017, 07:08:25 AM

Quote from: The_Dark_Knight on August 05, 2017, 12:10:08 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?

Bitcoin is never going to replace the dollar not now not never, however bitcoin is going to be able to gain market share as people begin to use bitcoin, basically I think in the future people will accept bitcoin all over the world, so you could pay in your local currency, dollars or bitcoin.

More like Euro or BTC. You'd be surprised how few countries/restaurants outside of US accept USD without adding a huge fee. It is not a safe currency

Most touristic spots accept dollars and euros and in many other places that are not touristic even if they charge you a fee they will accept dollars, that is the point, but I think the day will come when bitcoin is as widely accepted, this is happening in Japan and I think it is going to happen all over the world in the next 20 years.

yndye

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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?

It's possible but it would be hard because the government will not give up their right to let go of something they have control of. We know that bitcoin's demand has been increasing but still there are so many people who doesn't know about it and these people will not just easily give up their bank account because of a currency that the government has no control of. It's something new to them and unless if majority of people will shift then they would also do it. Bitcoin will not replace dollar soon but will be an alternative currency or investment option.

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