I don't think cryptocurrencies can ever replace fiat. There will always be high demand for fiat among certain groups of people and there are people who will never consider using anything except fiat
yes you are right to some extent but I think the bitcoin and the crypto currency do have the potential to overcome the normal currency but they cannot finish the value of the real currency and the normal currency in the society. As the time knows the currency and the fiat money is being more important than the bitcoin but if we look at the importance and the price of the currency then we must say that bitcoin is better than the currency. 
Topic: Do you think cryptocurrencies have the potential to overtake regular currencies? - page 19. (Read 4078 times)
August 24, 2017, 03:18:53 AM
August 24, 2017, 02:56:18 AM
I don't think cryptocurrencies can ever replace fiat. There will always be high demand for fiat among certain groups of people and there are people who will never consider using anything except fiat
yes you are right to some extent but I think the bitcoin and the crypto currency do have the potential to overcome the normal currency but they cannot finish the value of the real currency and the normal currency in the society. As the time knows the currency and the fiat money is being more important than the bitcoin but if we look at the importance and the price of the currency then we must say that bitcoin is better than the currency. August 24, 2017, 01:07:47 AM
I don't think so because the regular currencies are regulated by the government and bitcoin is not ,for sure the government won't allow that to happen even if the popularity and acceptance for bitcoin is really that high nowadays
August 24, 2017, 12:58:21 AM
I am confident of one thing cryptocurrencies will probably a hit in future time, many will adopt it such as establishment and other countries but I don't think it will become a threat to normal currencies because it can never replace them.
I don't think it was really intended to replace them. Replacing fiat currencies means dismantling governments themselves. Controlling national currencies is how governments keep their economies stable. They also work with the banking system to monitor the movement of money and catch tax evaders. Governments will never give this power up.
The market of crypto currencies is limited to those people who have the knowledge in using internet and not all the members of the society can adopt that.
This is true for early adopters. In the coming years, interfacing with wallets and exchanges will be much easier and more intuitive for average folks. Even grandmas will be using bitcoin (whether or not they know it).
August 23, 2017, 11:59:08 PM
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 think so, the government cannot intervene to take care of Bitcoin, because Bitcoin is Do you think there is a possibility of cryptocurrencies being banned in the future for the reason of being a threat to "normal" currencies?
decentralization system. So, I think the Bitcoin can walk along with other local currencies in the future.
August 23, 2017, 11:46:25 PM
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?
Normal currencies? to what extent? Currency is the physical one, while cryptocurrencies are the virtual one, even if this debates will always surely show in bitcoin forum, There is no way that a cryptocurrencies will take over fiat, and since we must always know that all cryptocurrency will always be involved with fiat money, describing it as a threat is unimaginable. For me Cryptocurrencies is another medium to drive people to use fiat money more to drive cryptocurrencies. Do you think there is a possibility of cryptocurrencies being banned in the future for the reason of being a threat to "normal" currencies?
August 23, 2017, 11:29:08 PM
There are lot of features bitcoin have to deal with before it over take the current currency. Like better way of transaction, currently its not practical to use bitcoin because in every transaction you made there has to be transaction fee. It wont be attractive with the majority, it has to be attractive. Majority cares about fast,simple and cheap payment. If this features cant be offer by the bitcoin system, few people would only benefit with it, specially those who like decentralization. Moreover, bitcoin is was not made to overtake the traditional currency, they can go along side.
August 23, 2017, 10:56:27 PM
I am confident of one thing cryptocurrencies will probably a hit in future time, many will adopt it such as establishment and other countries but I don't think it will become a threat to normal currencies because it can never replace them. The market of crypto currencies is limited to those people who have the knowledge in using internet and not all the members of the society can adopt that. For it to overtake regular currencies many aspect must be consider.
August 23, 2017, 07:09:29 PM
I don't think the government is underestimate crypto currencies, the government used to underestimate it but after a huge implementation, the government started to take precaution steps, the potential of replacing regular currency is none, but crypto currency can be the cause the tax income to decrease and can be disrupted the economic balance for a country
Crypto currencies can be banned if the usage is over and the country's income tax become really small and being used for illegal purchasing
Crypto currencies can be banned if the usage is over and the country's income tax become really small and being used for illegal purchasing
August 23, 2017, 06:18:29 PM
Would banks and governments actively work and implement countermeasures to undermine this process?
A single government working alone can never stop bitcoin from been used regardless of which ever counter measures are used their efforts will all be in vein as people will find alternative waysto use their bitcoins.Are the underestimating the potential of cryptocurrencies by investing in some of them?
If the government choose to invest in cryptocurrencies then the have recognized that change is near, if you cant beat them join 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?
This will remain a speculation but i do not think bitcoin has any bad intentions... 
August 23, 2017, 05:49:44 PM
Overtake in what way? Because if you are talking about prices then cryptocurrencies won the game. But I think when you are talking about being the first choice or an official currency of anything then I think you might be dreaming because Cryptocurrencies won't be a first option to any country with an official fiat currency, its like you are accepting that your country's economy be controlled by another person
I don't think we could say that
Well, at least, not in respect to properly decentralized currencies (or cryptocurrencies which are allowed to be mined by only citizens of that country). In the past, many governments used gold as money, and whoever held most of gold could be said to have been controlling the world. As to me, it is rather a question of establishing a truly universal and genuinely decentralized currency (most likely a PoS coin) as a prerequisite for countries using it on par with their local currency (or instead of it)
But would there be any difference?
I mean in comparison with today's fiat system based on commercial banks and digital fiat? Most transactions nowadays are already cashless, and the government can easily trace them if such a need should arise. So it is basically six of one and half a dozen of the other. Regarding cash transactions, introducing local cryptocurrencies is unlikely to change anything in this regard. People will continue to use cash as before, crypto or fiat
August 23, 2017, 05:30:06 PM
Nah. There will always be die-hard fiat fans who want to spend physical cash. Well, at least for another century.
August 23, 2017, 04:45:06 PM
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?
'm not sure if they'll ban Bitcoin just because it is a threat to fiat. If you mean threat as Bitcoin being more in demand or being more often to be used than regular currency. I think government can't do such thing if people would want Bitcoin to be usedcompared to fiat because the power is on people. Yhey might check its effect or benefits fir thselves. Do you think there is a possibility of cryptocurrencies being banned in the future for the reason of being a threat to "normal" currencies?
August 23, 2017, 04:01:18 PM
Overtake in what way? Because if you are talking about prices then cryptocurrencies won the game. But I think when you are talking about being the first choice or an official currency of anything then I think you might be dreaming because Cryptocurrencies won't be a first option to any country with an official fiat currency, its like you are accepting that your country's economy be controlled by another person
I don't think we could say that
Well, at least, not in respect to properly decentralized currencies (or cryptocurrencies which are allowed to be mined by only citizens of that country). In the past, many governments used gold as money, and whoever held most of gold could be said to have been controlling the world. As to me, it is rather a question of establishing a truly universal and genuinely decentralized currency (most likely a PoS coin) as a prerequisite for countries using it on par with their local currency (or instead of it)
August 23, 2017, 03:58:12 PM
A cryptocurrency will not overtake the fiat of a country.
First of all, basically all cryptocurrencies have turned out to be investments, not currencies.
A currency is something that has about the same value every day. Crypto currencies are much to volatile for that.
The second thing is that a national currency needs to be influenceable by the government.
Crypto currencies are just influenced by the market.
Up to some extent, you are right. Crypto currencies are much more treated as investments than as currencies but the good thing is they can be treated in both ways. Crypto currencies will probably not over take fiat but are going to work side by side with fiat. In future, both forms currencies will be available for use. First of all, basically all cryptocurrencies have turned out to be investments, not currencies.
A currency is something that has about the same value every day. Crypto currencies are much to volatile for that.
The second thing is that a national currency needs to be influenceable by the government.
Crypto currencies are just influenced by the market.
August 23, 2017, 03:50:00 PM
I don't think cryptocurrencies can ever replace fiat. There will always be high demand for fiat among certain groups of people and there are people who will never consider using anything except fiat
I agree, usually people needs something that actually they can hold too, or rather they see to call that they are holding big assets -bank statements accounts. Cryptocurrency is online currency and not all people knows about it, try asking old ones if they knew bitcoin, they will just ask you what is that, then if you have explained it they will never believe that it existed nor they believe that there is an internet based money. Regarding legality, people usually trust something that is commonly uses like fiats, they can invest in bitcoin but minority will try to transact using bitcoin. Although cryptocurrency have higher value than most of the fiats, it can never replace the value for which the fiat reflects the power of the government.
August 23, 2017, 03:27:03 PM
Overtake in what way? Because if you are talking about prices then cryptocurrencies won the game. But I think when you are talking about being the first choice or an official currency of anything then I think you might be dreaming because Cryptocurrencies won't be a first option to any country with an official fiat currency, its like you are accepting that your country's economy be controlled by another person
I don't think we could say that
Well, at least, not in respect to properly decentralized currencies (or cryptocurrencies which are allowed to be mined by only citizens of that country). In the past, many governments used gold as money, and whoever held most of gold could be said to have been controlling the world. As to me, it is rather a question of establishing a truly universal and genuinely decentralized currency (most likely a PoS coin) as a prerequisite for countries using it on par with their local currency (or instead of it)
August 23, 2017, 02:23:10 PM
I am willing to bet there will be at least 1 country out there in a few years who primarily uses bitcoin, probably not anything like the united states though. In fact, I believe a man is trying to create his own country named Liberland, and its primary currency is going to be bitcoin!
August 23, 2017, 02:22:34 PM
That's what going to happen in the future, government and banks will try to control the bitcoin growth. The success of bitcoin is scaring banks and the government, mostly governments want to regulate bitcoins according their own benefit and interests.
But it will be hard for them to do it so. Bitcoin is decentralized and can do transactions anonymously. In an advance government fully associated in technology programs they might find a way to track it,but why bother when there are more issues in their country needs to attend too. Regular currency will always have its use but it can be lessen it's uaer as time passed by for many believes btc is the future crypto and we are starting on saving it in. 
August 23, 2017, 02:17:54 PM
I know this question has been asked before, and my thought
at the time was 'no, never' but I kinda now think it would be possible
under certain circumstances. Like hyperinflation. In certain
countries like Zimbabwe or Venezuela. It would take a lot for
people to choose crypto over gold & silver or another stable asset.
Unlikely, but possible.
at the time was 'no, never' but I kinda now think it would be possible
under certain circumstances. Like hyperinflation. In certain
countries like Zimbabwe or Venezuela. It would take a lot for
people to choose crypto over gold & silver or another stable asset.
Unlikely, but possible.
Jump to: