Topic: Do you think cryptocurrencies have the potential to overtake regular currencies? - page 16. (Read 4091 times)

For now I think bitcoin its not yet overtake the currency. But we believe that bitcoin can level the value of money. Because some us can use it. If the government  let to use the bitcoin. Maybe the potential of cryptocurrencies can go higher.

When potential is talked about, yes cryptocurrency has a huge potential to take the position the regular currency holds and senf regular currency to the back seat. But this is just the potential aspect, but in practicality, for this to happen, allot of time, awareness, knowledge and education is required to be vested upon the masses. There is a very large number, or actually majority of people who do not know about crypto currency at all. Familiarising them with this will take allpt of time. Also winning governments trust is always there in the hurdles. May be someday in future cryptocurrencies might find its place on a higher level.

I think some weak currencies will disappear like for example the vietnam money or maybe some rich country will make their own cryptocurrency and replace their national fiat.

Yes even if the Btcs are not under the legal currency list of any country yet but all we know is that governmental systems could take the control in their hands at any time .we have a lot many examples of such events the recent of them being china banning the ICO at once but it was temporary of course. China has its own criteria for usage and ban of the virtual assets so as to secure their own national currency. All we can say is that due to the involvement of the law system, Btcs can never take over the physical currency that is supported by the government.

I don't think crypto can takeover regular currencies from around the world and even it can the government of each countries will not gonna let that happen. Crypto is too volatile unlike regular currencies that are stable that is one of the reason why it can't and crypto came from the blockchain which i think alot of people who don't even have knowledge about the technology will trust it. They will not gonna invest into something they did'nt know where it camefrom and another one is regular currency is controlled which means it is centralized unlike crypto which is decentralized that when there is a problem who's gonna fix it.

Cryptocurrency are decebtralised and have nothing to do with the government but the national currencies are centralised. They totally depend on the government of the individual country. If cryptocurrency try to overtake national currency in future then perhaps, cryptocurrency may be banned but it will hardly happen. Cryptocurrency and national currency has many differences. They can't interchange between themselves. They both will stay on there place without disturbing the future of cryptos.

For now only American and Chinese governments are opposed to the crypto currency while on the other side Russia is very supportive of crypto currency, not all the counter government against crypto currency and yes, some of them there are worried about crypto currency will beat the fiat currency.

I dont understand your intentions, investing means it's support instead of weakening the crypto currency.

Yes, I think we will soon know which government will block the crypto currency, you know who.

It is likely gonna change soon

As the proverb goes, necessity is the mother of invention. People which are living paycheck-to-paycheck will likely stick to their local currencies (since they don't have plenty of choice anyway), but those who have some savings will look for ways to diversify their wealth (and earn some buck in the process). In this manner, they may get attracted to crypto once the knowledge about cryptocurrencies spreads. And when they get used to these currencies (even if for the sake of saving first), it won't take long till they come to understand that instant and cheap (transaction wise) cryptocoins may have an advantage before fiat, after all

it possible in future for businessmen probably

Litecoin and other alts are blazing fast - and it's more likely that they will get adopted in day-to-day stuff than bitcoin.

None will replace ordinary fiat currencies though - people are attached to their home currencies, they've dealt with them all their lives and it has the virtue of familiarity.

It's actually true because right now even if we have a lot of payment methods from credit cards to cryptocurrency, fiat currency is still the king of all payment methods or at least every one of them will end up having a fiat currency value. It is the physical evidence of someone who paid you this kind or amount of money no change in face value whatsoever. I guess the most realistic goal for a cryptocurrency especially Bitcoin is to be accepted in all countries as one of the payment options in there.

Yes! People are going to use both currencies side by side. Both currencies have their own perks and majority wants to enjoy them at a time. For international transactions, digital currencies will be used frequently whereas fiat s going to be used in face to face transactions. Let the world enjoy both.

Crptocurrency can surely become more accepted for transactions than fiat or credit card, but no matter what happens people would still prefer to carry out physical cash transactions.

It seems that I can't see this happening right now but someday I think it could happen where a cryptocurrencies will take over the regular currency but it needs readiness from all aspects and from all parties of government, society and equipment needed. 

It will definitely take some time because of these scaling issues but hopefully one day we will all wake up to find bitcoins it cryptocurrencies for that matter are being used more than fiat currencies and it's going to be the digital world like you put it.

Goverments like control everything i dont think they will allow some criptocurrency be uses like regular currencie, the only way some one that know about bitcoin be president and implement the cryptocurrency  like regular currency.

Well even if the cryptocurrency is controlled by the government it cannot make it stable as their Fiat currency as they are not the only ones who can influence the price, demand, and supply. Other people can control cryptocurrencies people such as big players can greatly influence the price. Also with this power it can be abused by the rich people making there Bitcoin have a higher purchasing power is on their will and power.

A currency is always backed up by something, be it the economy of the country that issues it or the trust of the people that it has value. Now if a government were to adopt cryptocurrencies and forfeit fiat, it is paramount to a guy selling his house to some shady guy in a dark alley whom you've known nothing about - the country is basically doomed.

Cryptocurrencies do have the potential to overtake fiat, but there is going to be tough resistance by governments and the Bitcoin is not likely to be accepted by the public very soon. First of all, fiat is a highly stable and “good” option when compared to the volatile and unruly cryptocurrency of Bitcoin. Bitcoin’s price is extremely volatile when compared to fiat. It also brings with it massive transaction fees. These both make Bitcoin a highly unfavourable option when compared to fiat. Moreover, since barely anyone knows anything about Bitcoin, mainstream adoption is going to be severed once again. And there most certainly is a possibility of cryptocurrencies being banned in the future. In fact, you don’t have to look to the future. Just take your map of the world and look to Ecuador. They have banned Bitcoin and implemented another cryptocurrency. Another “national” cryptocurrency. It goes by the name: Sistema de Dinero Electrónico. (electron money system) However, this system does not have the qualities of a decentralised platform like Bitcoin. Rather it is solely meant to support Ecuador’s dollar-based monetary system, not replace it. Therefore, is not a cryptocurrency in its literal sense. For more information about this Ecuadorian “cryptocurrency” just visit this site: https://www.cnbc.com/2015/02/06/ecuador-becomes-the-first-country-to-roll-out-its-own-digital-durrency.html

It will give you a basic understanding of the new digital currency.

Yes but it will take some time.. currently crypto having lot of issues to sort out..
hoping for a digital world soon