Do you think cryptocurrencies have the potential to overtake regular currencies? - page 21.

deisik

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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?

They are sort of already doing something to this tune

And the seizure of Btc-e exchange may be the first herald of more to come (though there can be a lot of hidden political agenda behind this attack, of course). Regarding your last question about cryptocurrencies being a threat to conventional money, this is unlikely for the simple reason that neither Bitcoin nor other cryptocurrencies are used as currencies specifically (for the most part). They are no more than speculative assets and will most certainly remain those for the time being (and likely in the future too). So they are not competitors to fiat by any means to any significant degree. But this doesn't in the least mean that governments and banks are quite happy with crypto

just_Alice

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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?

Yes it is very possible that in the future cryptos will take over. But I don't think that governments, apart from those who already banned bitcoin, will be preventing the course of events. Most likely they will adapt and will use cryptocurrencies for their own good.

Lompe

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That is not possible, governments will never let their privilege to print money at will. Bitcoin can be however the most used currency, but will not make the others disappear.

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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?

Not possible as of now even though cryptocurrencies are already gaining attention worldwide because of its marketcap and its usage specially into bitcoin. Government wont really be on doubt that it will surpass local fiat anytime soon since they do really have the power to implement rules on their own country and they can anytime implement or restrict on usage of it or worst case possible is not to adopt it but for those believers or users cant really be stop no matter how government would restrict it and that's really an advantage specially for a certain person who do likes to have full control of its money.

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Yes they have a potential to overtake the regular currencies because the technology is evolving and having a lot of cryptocurrencies will make us to choose what is the best cryptocurrenciy for our needs. Bitcoin and other cryptocurrencies can be used for the future payment system which is a lot way faster and cheaper than the regular currencies so we can see more people getting into bitcoin and using it more often than the regular currencies.

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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 am not sure if government will implement countermeasures with cryptocurrencies, i think its not be good for government itself because technology cryptocurrencies is a new technology that could help the economy of the country. and if they banned cryptocurrencies then they are out in their own limit because new technology is always come out and release. if they underestimating this, they in future, they will be regret and they can not following cryptocurrencies.

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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 the government banks and cryptocurrency have their respective goals and I hope they do not touch each other. Because at this time many people have chosen cryptocurrency but on the other hand there are people who can not choose it because of certain factors, so there are people who will use the banks. Because both have advantages and disadvantages of each.

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Quote from: Kimi80 on August 13, 2017, 04:23:29 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?

Government always wins. Cryptocurrencies will be either banned or will be fully controlled by the government, they will not let anything to spoil their full people control project.

If bitcoin becoming, the goverment will take control on it, of course tax will be collected. Therefore, bitcoin and local currencies may equal because of that tax and that could be a huge income by the government. But to overtakes from local currencies, yes in some aspects because they are totally different. Bitcoin is just in online transactions, not like local currencies that can be used online and any regular transctions.

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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?

Government always wins. Cryptocurrencies will be either banned or will be fully controlled by the government, they will not let anything to spoil their full people control project.

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Welt Am Draht

No. They're not usable as currencies. If the world economy ran on them in their present form there wouldn't be much of an economy left as it's set up to make us buy as much tat as possible.

As long as governments charge tax, they're going to ask for tax in the currency they control and governments will always charge tax.

omonuyak

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Governments has seen the potential of bitcoin and others cryptocurrency and that is the reason they keep blocking the progress of bitcoin. In reality governments, group of people and individual can not banned bitcoin because bitcoin did not need them to be accepted because it is decentralized. I have seen bitcoin and cryptocurrency been used in the place of fiat in future because of it nature and cheap for governments compared to fiat.

theauthor

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Some cryptocurrencies are often considered as a commodity, given their overall supply is limited (21 million in the case of Bitcoin). In several notable cases, these cryptocurrencies are proving themselves as a valid complement to existing fiat currencies. However, their supply rate cannot be adjusted to respond to global or regional economic conditions, which is one of the secondary monetary functions of currencies. Their neutrality to the economic environment is also considered their limit to eventually replace fiat currencies.

channingwilmer

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it is hard to know, bro. There are still many issues inside which can not be solved yet. Bitcoin, as well as other cryptos, is created with the good purposes in order to help people in many ways. But, most of them are decentralized. The government, on the other hand, want to take control over the people. They want to know everything about their citizens. Well, I believe that once crypto overtake regular currencies, there will be no country in the world anymore

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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?

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.

Potato Chips

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yesssir! 🫡

Exactly, many countries are still having difficulties on having a stable internet connection. the not everyone can afford an internet connection is already obvious but in some

countries like mine, we have a very slow but expensive internet so it is the first problem that needs to be solved first. second, countries who have issued a risk assessment or a

warning regarding cryptocurrencies often said that it is not backed by anyone which is true as no one can control it so that fact will certainly become a reason on why they won't.

third, i think most countries are satisfied with our current money system right now so unless something terrible happens they won't replace it

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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?

Banking and Financial Institutions come under the category of 'service' which means serving the customers. The sole motive of such institutions is to work in accordance to people's needs. So rather than being dependent on banks or government to implement cryptocurrencies, we should start using them at personal level. When people use cryptocurrencies among them and start demanding them, banks would left with no alternative than refreshing the fiat with cryptos.
"If buyers demand apples then why would seller sell bananas."

TrumpD

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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?

Anything is possible, but in my opinion crypto-currencies have outgrown the reach of any particular government. they will try, Russia tried and abandoned the idea. I think the opposite will be the case and governments will embrace it but will develop their own blockchains.

onrise

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Quote from: GröBkAz on August 13, 2017, 10:27:22 AM

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

If you think Govt will allow to replace its country currency with cypto currency then this will be never happen. Yes both the currency will exists but cypto currency is not accepted in some countries and due to this this lack against the regular currency. And country currency is being regulated by govt and this is not so with the cypto currency.

sukamasoto

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Before bitcoin able overtake fiat , my goverment still not legalize at the moment as bitcoin may be act as threat on the future
For example : my country are against terorism and corruptor so when they are using bitcoin as their transaction will become their advantage to cover their transaction

Himanshu111

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I don't think cryptocurrencies can replace regular currencies simply because crypto don't work offline whereas regular currency does. Moreover, crypto are decentralized and the government would not allow the decentralized system to take over their centralized system, the one government can control.

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