Do you think cryptocurrencies have the potential to overtake regular currencies? - page 2.

samycoin

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Quote from: Highryder on August 13, 2017, 09:00:01 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?

There's a lot of circumstances that need to be consider before government accept the bitcoin as a normal or regular currency and I think it will not be fair and will manipulate of them and that's the reason why some people use bitcoin the their own currency.

JCO05

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Quote from: Highryder on August 13, 2017, 09:00:01 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 that's really possible given the fact that we are just following the advancement in technology whereas nowadays most of th things are digital or are using trchnology. Digital currencies may be the future currency to be used by most of the people but I do also think that jn the future,fiat will still exist.

laravuemaster

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When Football meets Crypto

Quote from: Highryder on August 13, 2017, 09:00:01 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?

Yes it has the potential to overtake fiat because most of the people today are truly interested on investing in cryptocurrency and because of that there is a huge chance for bitcoins to grow further and become the currency nation wide.

YNAGS Team

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Maybe one day we will face it, but for now I am pursuated, that this day is very very far from today. The countries are still not ready to accept crypto as a common way of payments.

Sum24

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Quote from: yanxuanyunshan4 on April 15, 2018, 09:26:56 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.

Well to some extent you are right that bitcoin is not legal and government has not command over bitcoin till now, but at some extent we cannot regrets that bitcoin has more power than cash or regular currency, people feel really free for using bitcoin as it make them feel really free, so this is reason bitcoin is found more powerful and more easy to use, bitcoin has safer than faith or cash which attract a lot of people towards it, bitcoin use to increase for holding but money cash will remain the same as much as if you hold will not get you to the profit,. So gradually cash is vanishing because of crypto currency invention.

daarul50

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Unwittingly people have actually been diverted into a digital-based economy. Do we realize when we save the money in the bank and that we can only a book of contents only nominal numbers of the money we deposit money without knowing where the money we save or deposited to the bank. This transition suggests that the potential crypto used for today's economy is very open where people who use banking services are not comfortable with interest rates applied by banks.

Valer4ik

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I believe that the blockchain is one of the most outstanding inventions in the history of mankind and the emergence of blockade, crypto-currency, crypto-economics, fintech and ICO has forever changed the financial market, allowing people involved in the economy to be deprived of the opportunity to use banking services.

BigDig

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This is a likely scenario with time. Digital money quickly pushed paper, and crypto is the next step. The question is how quickly people's consciousness will accept this idea.

tailwate07

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Quote from: IndzheborgC on April 13, 2018, 01:07:07 AM

With the help of ICO, not only coinage scamcoins are made, but interesting startups that would not have appeared under the usual investment scheme. These projects increase the economy, and therefore collect more taxes, direct and indirect for states. Therefore, they will not banned.

If you only talk the potential and the capabilities of the crypto currencies, then I must say that all the crypto currencies are very much capable of over taking any of the regular currencies and they can lead the world in a better way. The only thing which comes in the way of the crypto currencies is that there are so many factors like that of the role of the government and similar things like that and if we can manage to address those things, then things will be very much different.

dubidooh

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Quote from: Highryder on August 13, 2017, 09:00:01 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.

Sitipxz

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Quote from: hatshepsut93 on August 13, 2017, 01:24:17 PM

Quote from: Highryder on August 13, 2017, 09:00:01 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?

First, there is the scaling problem. You might think that this only affects Bitcoin, but in fact it's the same for any other cryptocurrency - they can't process more than 20-30 transactions per second at best, while visa is processing around 3000 transactions per second. There will be lots of improvments with cryptocurrencies that will increase their capacity, but demand will also be growing, because right now only around 40% of humanity has access to banks.

The other factor is how attractive they look, in comparison with traditional currencies. Most users won't care about decentralization and financial freedom, they need fast, simple, cheap payments, and if cryptocurrencies won't be able to provide this, than they will be mostly used by people who need their special features.

I'm sure that cryptocurrencies have a bright future as assets, but their utility as currency remains uncertain. I have a very high hopes for the Lightning Network though.

Linggis

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I think there is the possibility of cryptocurrency being banned in the future because of the threat of "normal" currency.
Banks and governments have compactly prohibited the use of Cryptocurrency for use in their country.
Because the Government and the Bank consider Cryptocurrency has a great risk if used.
Though behind it all, they are worried about paper currency could be threatened because there is Cryptocurrency which is currently a currency that is more desirable to many people.

yanxuanyunshan4

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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.

kyucryp

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CAT.EX Exchange

in my opinion cryptocurrency will not be able to replace fiat money. fiat money and cryptocurrency two things that can run together, fiat money is used for everyday transactions. whereas cryptocurrency is more widely used to invest or store as an asset. bitcoin like valuable digital gold and has a high value and tends to increase every year.

mackenzie5

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I think bitcoin is the first crypto currency which has the potential to over take the regular currencies near future. Bitcoins popularity is widening world wide because of its specific features and usefulness to human being.The bitcoin legalized countries the people are using it for their domestic bill payment,local purchase from the near by shops for the daily consumable items and the international shopping from anywhere any thing at any time. Bitcoin has a very strong depth in the market and its market capital is very high which have the potential to replace such regular currencies.

Norihiro

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APOLLOX Protocol

I think that it will happen, but cryptocurrencies will strongly change the shape up to that time. We'll see.

hhussain

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Yes as the way they are growing now I am sure soon the world will adapt to accept cryptocurrency and we will see cryptocurrencies will be used same as regular currencies.

futuret

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Quote from: phelbaby on April 13, 2018, 02:35:43 AM

This will be possible in a well civilized country, but a country were there are still uncivilized and uneducated one this will be very impossible, and the local currency will still take the lead.

There is no country in this world where hundred percent population is civilized. Take out the advanced or developed countries. You will find out beggar’s community everywhere. This is the way of world. I agree that it is not possible to use crypt coins without knowledge of internet and stuff but with the passage of time, everyone will learn using digital currencies. It is not difficult at all.

Firefox07

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Cryptocurrency can overtake regular currency when it comes to value. But regular currencies are more accesible for all people and the only edge of crypto over regular is the price only.

phelbaby

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This will be possible in a well civilized country, but a country were there are still uncivilized and uneducated one this will be very impossible, and the local currency will still take the lead.

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