Do you think cryptocurrencies have the potential to overtake regular currencies?

Izalcomax

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Quote from: Highryder on August 13, 2017, 10:00:01 AM

Would banks and governments actively work and implement countermeasures to undermine this process? Are the underestimating the potential of cryptocurrencies by investing in some of them?
Do you think there is a possibility of cryptocurrencies being banned in the future for the reason of being a threat to "normal" currencies?

No.. i dont think so, since every country had their own currency, and they have strict rules to protect their main currency.. There is no government on this earth would like to see their main currency to collapse. Well the possibility of crypto being banned in the future is real

ene1980

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Quote from: ToyotaFortuner on April 18, 2018, 01:26:38 AM

I think cryptocurrency is very difficult and seems very unsuitable to replace the regular currency, better cryptocurrency remains in use as an alternative currency only but if you want to replace the ragular currency then the total supply of the coin must be very much and have a very good developer.

Why would you need to increase the total supply of a coin to accommodate everyone, take the case of bitcoin, it has 21 million coins and it can be divisible to eight decimal places and so we do not need more coins and there will satoshi left for everyone to transact.

queenlaurel

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Cryptocurrency has the pontential of overtaking regular currency.

If it is widely accepted globally
If banks and the government agree to implement it
If the poor countries have regular light, good internet services.
If the uneducated folks are educated on and about cryptocurrency.
Less scam..

After all these, its a sure thing it will take over.

nightways

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Quote from: dubidooh on April 16, 2018, 12:48:11 AM

Quote from: Highryder on August 13, 2017, 10:00:01 AM

Would banks and governments actively work and implement countermeasures to undermine this process? Are the underestimating the potential of cryptocurrencies by investing in some of them?
Do you think there is a possibility of cryptocurrencies being banned in the future for the reason of being a threat to "normal" currencies?

It is for sure that government wouldn't allow cryptocurrencies to takeover fiat currencies. They wouldn't let something they can't control rule. If cryptocurrencies outpace cash in terms of usage, traditional currencies will lose value without any means of recourse. Should cryptocurrencies take over entirely, new infrastructure would have to be developed in order to allow the world to adapt. There would inevitably be difficulties with the transition, as cash could become incompatible quite quickly, leaving some people with lost assets. Established financial institutions would likely have to scramble to change their ways.

You are talking about the decentralized crypto currencies only. Indeed, these cannot be controlled by government and they also can’t have any record of transactions made in such coins.But if countries introduce their own crypto currency like Dubai or like Mark has introduced one recently, it won’t be wrong to say that paper money can get wiped out by digital currencies.

lennymat86

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Undoubtedly, every year the role of crypto currency in the market will grow. Already, many big companies are using Blockchain technology. What prevents them from making transactions in the crypto currency? The popularity of fiat money is falling.

Ambrosius

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Everything you mentioned is very potential. First, of course, cryptokurensi very potential to become the currency replaces the conventional currency. Secondly there is the possibility that the government will try to undermine the process, because perhaps the current cryptocuration system does not fit their way of working. Then regarding the ban of bitcoin, it's happened to some countries.

ToyotaFortuner

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Quote from: Highryder on August 13, 2017, 10:00:01 AM

Would banks and governments actively work and implement countermeasures to undermine this process? Are the underestimating the potential of cryptocurrencies by investing in some of them?
Do you think there is a possibility of cryptocurrencies being banned in the future for the reason of being a threat to "normal" currencies?

I think cryptocurrency is very difficult and seems very unsuitable to replace the regular currency, better cryptocurrency remains in use as an alternative currency only but if you want to replace the ragular currency then the total supply of the coin must be very much and have a very good developer.

zhuiyongliang8

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In the digital world, forgery has another name, "double payment", which is used twice for the same amount of money, so both transactions are fraudulent. Cryptocurrencies are designed to combat this "double payment" problem. In cryptocurrency algorithm, block chain technology and different consensus mechanism are embedded.

These features make the encrypted currency superior to the unit function of the notes.

Cryptocurrencies exist in networks, so they are not physical objects. There will be no physical wear. Another feature of cryptocurrency over paper money is that it outweighs it in terms of durability.

eagle10

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Quote from: Highryder on August 13, 2017, 10:00:01 AM

Would banks and governments actively work and implement countermeasures to undermine this process? Are the underestimating the potential of cryptocurrencies by investing in some of them?
Do you think there is a possibility of cryptocurrencies being banned in the future for the reason of being a threat to "normal" currencies?

Cryptocurrencies are already banned in some countries but there are also countries wholeheartedly accept bitcoin and altcoins like Japan and MALta and Australia too but they are subject to regulations. Stiffer regulation makes cryptocurrency move forward just like in Japan where exchanges are thinking to move its operation in a much crypto friendly regulation and environment country.

Sled

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Quote from: andrei56 on April 17, 2018, 11:46:44 PM

Quote from: yanxuanyunshan4 on April 15, 2018, 10:26:56 PM

I don't think the government would be happy to accept bitcoin as an alternative to its fiat money. If the cryptocurrency wants to replace the conventional currency, it needs the government's approval, or the government's own scrip.

Of course they are never going to accept that willingly, it sounds impossible but they will need to be forced to accept that and while many people think that is impossible it is not, it is only going to be very difficult, the economies of the world will need to get in real trouble before that happens but if that scenario happened they will need to accept bitcoin as an alternative to fiat currency

Bitcoin and other cryptocurrencies are just an investment or an asset and it is not that fiat currencies that can be act as a daily basis money because if they can then a lot of people are already using it but we can see that there is no people that started to use it because they know that it is not that wise since the transactions fees are a little bit expensive compare to fiat.

ju5510993

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From the current situation, the users of digital encryption money are still a small part!

However, with the development of block chain technology and extensive application, digital cryptographic currency will be used by more people!

In the future it may exceed the legal tender!

andrei56

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Quote from: yanxuanyunshan4 on April 15, 2018, 10:26:56 PM

I don't think the government would be happy to accept bitcoin as an alternative to its fiat money. If the cryptocurrency wants to replace the conventional currency, it needs the government's approval, or the government's own scrip.

Of course they are never going to accept that willingly, it sounds impossible but they will need to be forced to accept that and while many people think that is impossible it is not, it is only going to be very difficult, the economies of the world will need to get in real trouble before that happens but if that scenario happened they will need to accept bitcoin as an alternative to fiat currency

surbanaB

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Buy, sell and store real cryptocurrencies

Quote from: katrimans on April 17, 2018, 09:21:37 AM

Quote from: yanxuanyunshan4 on April 15, 2018, 10:26:56 PM

I don't think the government would be happy to accept bitcoin as an alternative to its fiat money. If the cryptocurrency wants to replace the conventional currency, it needs the government's approval, or the government's own scrip.

If we only talk about the potential of the crypto currencies without taking in account the power of the government and the other influential factors, then we can claim that crypto currencies can take over other regular currencies and that they can lead the world in a better way. However, this is not an easy thing to do and that this will surely take lot of time and efforts.

As far as many of us know that almost governments find way to eliminate bitcoin or cryptocurrency out of our reach. Because they definitely know much about bitcoin and always keep thinking that bitcoin is a bad influence to economy and especially they don’t get any benefit from each one who use bitcoin. Hence it’s not much more likely to bitcoin overtake fiat. Moreover, fiat is a basical currency not for one but also many countries in the world. In anyway, although bitcoin is really popular these days, it still keeps in its limitation, only few country now are accepting bitcoin. Therefore, it’s hard for bitcoin to overlook the fiat.

gabmen

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Quote from: kwabeedat on April 17, 2018, 09:55:19 AM

Quote from: Highryder on August 13, 2017, 10:00:01 AM

Would banks and governments actively work and implement countermeasures to undermine this process? Are the underestimating the potential of cryptocurrencies by investing in some of them?
Do you think there is a possibility of cryptocurrencies being banned in the future for the reason of being a threat to "normal" currencies?

I don't believe cryptocurrency will totally be banned. I think the only that will happen will just be the regulations as we are witnessing now.

If its just about the potential to overtake, then i guess yeah especially when digitalizing transactions are becoming more and more common nowadays. And banks know that. And obviously they're doing actions to limit people's crypto access through their credit and debit cards. Even account transfers from a bank account to a crypto wallet or exchange is being disabled now by many banks

kwabeedat

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Quote from: Highryder on August 13, 2017, 10:00:01 AM

Would banks and governments actively work and implement countermeasures to undermine this process? Are the underestimating the potential of cryptocurrencies by investing in some of them?
Do you think there is a possibility of cryptocurrencies being banned in the future for the reason of being a threat to "normal" currencies?

I don't believe cryptocurrency will totally be banned. I think the only that will happen will just be the regulations as we are witnessing now.

felicity06

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I think in the future it is not impossible... Making cryptocurrency as a national currency of all of us is really good but beyond its goodness still it will face a lots of problem... It takes time before cryptocurrency will replace the regular money of the world... It is part of the changes we cant control it... Someday it will surpass this problem today until it will recognize by everyone...

Kersh768

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Well honestly,i do really think that in the future, digital currency particularly cryptocurrencies are the future currencies to be used by the majority of the people due to the advancement in teachnology whereas most of the things are using technology nowadays. So maybe,if problems with cryptos will be solved, the changes will soon happen on ehat currency will be more used.

katrimans

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Quote from: yanxuanyunshan4 on April 15, 2018, 10:26:56 PM

I don't think the government would be happy to accept bitcoin as an alternative to its fiat money. If the cryptocurrency wants to replace the conventional currency, it needs the government's approval, or the government's own scrip.

If we only talk about the potential of the crypto currencies without taking in account the power of the government and the other influential factors, then we can claim that crypto currencies can take over other regular currencies and that they can lead the world in a better way. However, this is not an easy thing to do and that this will surely take lot of time and efforts.

ivandu

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Quote from: natsu_koo on April 16, 2018, 08:38:44 PM

Other countries are already banned cryptocurrencies. I guess their government really found it as a threat that someday cryptocurrencies will overtake fiat money and they can't control it.

they felt like this someday.right now cryptocurrency has a technology that make it possible as payment for around world transaction.low fees and fast transcation make people want use this as main currency.

natsu_koo

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Other countries are already banned cryptocurrencies. I guess their government really found it as a threat that someday cryptocurrencies will overtake fiat money and they can't control it.

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