Do you think cryptocurrencies have the potential to overtake regular currencies? - page 17.

rodel caling

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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?

as of now i think bitcoin are not threat to the local currency and the proof is also the other country is accepting bitcoin to help there in the economy, and i think nothing worry about bieng banned bitcoin use in the world of crypto because bitcoin can change to the local currency to for the daily needs.

ss890

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I think it will get banned because no government will want to get disturbed by external currency or third party currency. They will never want their traditional currency to be dissolved just because of bitcoin or other coins due to it's high rates. There is difference in them and bitcoin might get troubles, a lot of trouble when it will come as currency to trade in the real life. The first thing is, it's decentralised and price of which would be fluctuating as always. This will lead o chaos when we will buy or sell stuff for it, as the rates wouldn't be fixed we may need to pay more or less all the time.

Ctn

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I see no reason for crypto currencies to take over the fiat currency. How could that happen when the price is volatile for bitcoin which is major currency. Moreover I will you tackle the fact that bitcoin is limited coins and not more emission is possible as set by Satoshi sir.

Banks and governments will never fear of it, they never go in loss because they can print as much money as they want if its crisis or something else like bitcoin is taking over. They can but it in no time. So for sure that's not gonna happen.

deadsilent

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That is bad if that happen. That means everyone now will rely on technology now since cryptocurrencies are needed device in able to use them. And i think it's going to happen since most of them are decentralized which is against the government. Government will not allow that because everyone will evade their taxes. Bitcoin surpasses the price of regular currencies. But it doesn't mean it will take over regular currencies.

Cash or regular currency still the best since it's way more convenient to use than cryptocurrencies. Like i said cryptocurrencies uses device or technology in able to use it. While cash can be use to buy anything with ease and don't use technology.

megynacuna

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Quote from: BaraxLo on August 26, 2017, 04:09:09 PM

Quote from: Palmerson on August 25, 2017, 11:02:27 AM

It remains to be seen. Now people are attracted to constant growth rates, but this is because a lot of people are holding bitcoin, with the goal of getting rich. Also, a lot of speculators invested their money in bitcoin. If circumstances change then the price may start to fall again, it will trigger a panic, but a much larger scale.

Let hope that these circumstances don’t change. And holding bitcoin in my sight is not a good activity. And holding it I think will never let any crypto to take over other monetary system ever. Because they don’t use them and keep them as a useless material. In this way less bitcoin keep into the use of anyone and other people are still unaware of this thing.

The circumstances he listed above are inevitable and bound to happen one day but we just don't know when. If we don't develop a different perception and expect anything as we hold or spend bitcoins onevrwy we may be awakened to what we never expected.

BaraxLo

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Quote from: Palmerson on August 25, 2017, 11:02:27 AM

It remains to be seen. Now people are attracted to constant growth rates, but this is because a lot of people are holding bitcoin, with the goal of getting rich. Also, a lot of speculators invested their money in bitcoin. If circumstances change then the price may start to fall again, it will trigger a panic, but a much larger scale.

Let hope that these circumstances don’t change. And holding bitcoin in my sight is not a good activity. And holding it I think will never let any crypto to take over other monetary system ever. Because they don’t use them and keep them as a useless material. In this way less bitcoin keep into the use of anyone and other people are still unaware of this thing.

supercanada1

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Quote from: Ilegendph on August 26, 2017, 07:07:47 AM

Yes , as we can see now bitcoin is at $4000 and still growing up and to be expected at this rate until it becomes $10000. In our country bitcoin surpasses our regular currency making it ideal to work online and earn bitcoin than to apply for a company at a minimum wage.

bitcoin is being more popular than the regular currency and it will be more profitable as the time passing it is increasing the worth of the bitcoin. Today it is not very hard to overtake the regular currency for the bitcoin because the term of the bitcoin usage and the acceptance is very high. The crypto currency is growing with high p-potential and to overtake the regular currency a small effort and support is required by all the levels now so it is possible now.

deisik

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Quote from: Hydrogen on August 25, 2017, 07:30:04 PM

Bitcoin definitely has the potential to overtake digital/electronic currencies. Bitcoin is cheaper, faster and more reliable than many forms of electronic payment & exchange. Old and potentially obsolete technologies like automated clearing houses and wire transfers are typically inferior to bitcoin in many ways. These deficiencies translate to bitcoin fulfilling an essential need in certain industries which have not evolved much over the last few decades.

Even if bitcoin transfer costs rise to $20 per transaction that will still be cheaper than many wire transfer services which charge twice that amount

How long ago did you make a Bitcoin payment yourself?

People are complaining that they have to wait hours before they get a single confirmation on the blockchain. I don't think it goes quite well with your claim of a "cheaper, faster and more reliable" way of transferring value across the world. Indeed, you can add more fees, and your transaction will likely get confirmed faster, but please don't say that Bitcoin is a reliable way payment since this is in no way guaranteed (let's remain real here). Right now it turned into an outright shitty way of payment. A few days ago I sent a few litecoins from my personal wallet with the fee set to the lowest possible amount. The transaction got confirmed faster that I switched from the wallet back to the browser to see this very transaction

ImHash

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Nah, have you seen how BIG WU infiltrated into the blockchain? if you noticed now there is sat per WU that means we're paying him some fees for every transaction as well Cheesy

I don't care if that stands for Weight Units that is just a distraction from their main goal.
The entire world's economy revolves around fiat, replacing it will take a very long time, maybe more than 50 years but the potential is there for real, people just need to realize it on their own terms.

Ilegendph

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Yes , as we can see now bitcoin is at $4000 and still growing up and to be expected at this rate until it becomes $10000. In our country bitcoin surpasses our regular currency making it ideal to work online and earn bitcoin than to apply for a company at a minimum wage.

Omegasun

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Quote from: SirLancelot on August 26, 2017, 06:47:48 AM

Quote from: TheBTCAlex on August 25, 2017, 07:53:09 AM

Cryptocurrencies definitely have the potential to become the currency of the future, however the governments won't be happy to let that happen as there is no way they can control/monitor the usage of BTC. They won't, in any way be able to tax it too.

Definitely, if BTC was made a kind of replacement for regular currencies from any country, it may reduce the amount of security hacks, but only if the user is careful enough.

However, one negative I see to this things is that if a country has BTC as its regular currency, then if, due to the volatility of BTC, the market value of BTC takes a huge dip, the country may even get bankrupted, so there is no chance of BTC overtaking the regular currencies, until and unless there is stability of the market price.

That’s true. Basically I don’t consider the primary function of the bitcoins to be used as currency. What I believe is that they should be treated as investments and this s how maximum people look at bitcoins. Bitcoins volatile natures make them more suitable for investments rather than currency.

definitely,as predicted it's value will increase to$5000 this montha ,and will increase in more years . It can be a good investment even by just holdung. Our wallet alone can act as a bank and we can monetor how it progress.

SirLancelot

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Quote from: TheBTCAlex on August 25, 2017, 07:53:09 AM

Cryptocurrencies definitely have the potential to become the currency of the future, however the governments won't be happy to let that happen as there is no way they can control/monitor the usage of BTC. They won't, in any way be able to tax it too.

Definitely, if BTC was made a kind of replacement for regular currencies from any country, it may reduce the amount of security hacks, but only if the user is careful enough.

However, one negative I see to this things is that if a country has BTC as its regular currency, then if, due to the volatility of BTC, the market value of BTC takes a huge dip, the country may even get bankrupted, so there is no chance of BTC overtaking the regular currencies, until and unless there is stability of the market price.

That’s true. Basically I don’t consider the primary function of the bitcoins to be used as currency. What I believe is that they should be treated as investments and this s how maximum people look at bitcoins. Bitcoins volatile natures make them more suitable for investments rather than currency.

Mbah Djoko

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this is not easy, because introducing bitcoin en masse to all citizens is not easy, many government programs that citizens do not know so can not be effective. Cryptocurrency is difficult to officially use en masse and overtake regular currency.

hardforkcoin

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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?

The fact that any government and or bank would be involved with a crypto currency is the exact defintion of undermining the entire point of a crypto currency.

We want things to be decentralized, and away from all of the governments and banks. By getting them working with code developers and all that it would create new coins people would be confused about, many average people would be duped into the crypto world, when in reality whatever those coins the banks/governments make are just as crap as fiat and central banking.

finzyoj

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Quote from: onrise on August 13, 2017, 11:47:56 AM

Quote from: GröBkAz on August 13, 2017, 11:27:22 AM

Indeed it got the potential.. crypto is fast, stable, secure and trusted as well

I think it has a potential in other country.specifically those who have a strong and stable connection. And i thought crypto can overtake regular currencies due to its poupularity but it can't easily replace the regular currencies. There's so much things/factors that should be consider first before it will happen.

jimn

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Yes, i think crypto currencies have the potential to overtake fiat and regular currencies, and especially Bitcoin nowadays is having such potential, and that's obvious. But it will need a bit more time, because till now there is many marketplaces not supporting crypto currencies as payment methods.

conspirosphere.tk

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Quote from: cramcram21 on August 25, 2017, 07:46:39 PM

No I don't really think it could overtake the regular currencies,
As long as the government wouldn't legalize it.

At maybe 70 Billions $ the monetary base of BTC is already higher than the monetary base of 1/3 or more of countries in the world. So in this sense BTC already overtook them.
Even if they ban it, the informal economy accounts about 30% of the whole world economy and keeps growing. When there is demand from the public the law does not apply, especially on the internet.

cramcram21

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No I don't really think it could overtake the regular currencies,
As long as the government wouldn't legalize it.

conspirosphere.tk

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yes crypto can (and likely will relatively soon) overtake fiat because:
- it can (and often does) go up;
- uncensorable and private, in your possession.

To try to ban crypto would be ineffective and counterproductive, but they can try with market manipulations and other dirty tricks like they have been doing with gold/silver or the bigblocker plants in btc to destroy the price expectations and confidence, because they still have money printers and the state apparatus.

Hydrogen

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Bitcoin definitely has the potential to overtake digital/electronic currencies. Bitcoin is cheaper, faster and more reliable than many forms of electronic payment & exchange. Old and potentially obsolete technologies like automated clearing houses and wire transfers are typically inferior to bitcoin in many ways. These deficiencies translate to bitcoin fulfilling an essential need in certain industries which have not evolved much over the last few decades.

Even if bitcoin transfer costs rise to $20 per transaction that will still be cheaper than many wire transfer services which charge twice that amount.

Topic: Do you think cryptocurrencies have the potential to overtake regular currencies? - page 17. (Read 4078 times)