Topic: Do you think cryptocurrencies have the potential to overtake regular currencies? - page 5. (Read 4078 times)
March 31, 2018, 02:46:44 PM
Cryptocurrencies have doubtless the potential to overtake regular currencies, at least in countries with a less famous regular currency. But the problem is that the bitcoin system has no enforcement power and can not overtake something from governments. The people would need to overtake the government system and install bitcoin or something similiar.
March 31, 2018, 02:42:42 PM
Although they have the potential, it is improbable that they will. There's a lot going on with national currencies and replacing them entirely with cryptocurrency would need a complete overhaul of their financial system. Which will take months to years creating setbacks making it counter productive. But if one country is brave enough and completely converted successfully then the rest would follow.
I really do believe so too. This is what the people out there that are vigorously pushing the replacement of fiat with crypto currencies or bitcoin to be exact should realize. They must understand that there are a lot of things involved when you talk about changing a national currency with crypto currency like the usage problems which are the fees and the confirmation delays depending on the number of people using it, plus the technology of a specific country or advancement in terms of internet connection speeds and access availability. Unless the issues of cryptos gets fixed and the country adopting it has what it takes to support the currency usage, crypto replacing fiat is completely impossible.
March 31, 2018, 12:32:34 PM
I think even the price of cryptocurrency reach the all time high value it cannot overtake fiat even though its value is so high than other currency and gold. Because we have a different currencies around the globe so its impossible to implement that crypto will replace fiat.
March 31, 2018, 12:17:41 PM
Although they have the potential, it is improbable that they will. There's a lot going on with national currencies and replacing them entirely with cryptocurrency would need a complete overhaul of their financial system. Which will take months to years creating setbacks making it counter productive. But if one country is brave enough and completely converted successfully then the rest would follow.
March 31, 2018, 12:11:07 PM
I think it's hard for the government to accept bitcoin as currency because bitcoin has a fluctuating price and is very risky, it takes some policy to be able to change the regular currency with crypto currency and I think the government will not be able to control the bitcoin
March 31, 2018, 11:47:24 AM
It can replace the regular currency of the cryptocurrency because bitcoin is so convenient to use rather than the regular currency. We as a supporter of bitcoin we can push through the importance of bitcoin to use.
March 31, 2018, 11:44:23 AM
It is true that the crypto currencies capture market and i know that it has the potential to grow more but for this to overtake the other regular currencies like dollar YEN, British Pound are not easy because the crypto are fulfill some transaction but due to virtual status many people don't like this but all the currencies are goes side by side so all of these are important to me.
People uses both currency. But majority of the people prefer to use fiat over crypto. As for me, it is not easy for cryptocurrency to overtake regular as it needs to udergo more process. And cryptocurrency is not fully accepted to all countries.
March 31, 2018, 10:28:38 AM
It is true that the crypto currencies capture market and i know that it has the potential to grow more but for this to overtake the other regular currencies like dollar YEN, British Pound are not easy because the crypto are fulfill some transaction but due to virtual status many people don't like this but all the currencies are goes side by side so all of these are important to me.
People uses both currency. But majority of the people prefer to use fiat over crypto. As for me, it is not easy for cryptocurrency to overtake regular as it needs to udergo more process. And cryptocurrency is not fully accepted to all countries.
March 31, 2018, 10:09:53 AM
For me they play important part of peoples lives. I mean Fiat and Cryptocurrency. For me fiat for every day life that we need for our daily life like foods, clothes and etc. .For cryptocurrency is a change for wealth. Rag to riches. Actually they already overtake the currencies. The only differences for me is their use for people who understand how to use them.
March 31, 2018, 12:45:07 AM
maybe it could happen. if all countries legalize and everyone knows how to use it then the digital currency can replace the existing currency. but it all requires a long process and requires equity of technology in all countries.
March 31, 2018, 12:18:33 AM
Yes, crypto currency have the maximum potential to overtake regular currency and this is the reason why some government,regulator and banks are against crypto currency in other to make people believe crypto currency is gamble.
There is a big difference between having the potential to do something and actually accomplishing that something, the potential of bitcoin is great and it is almost unlimited but there are still a lot of things that need to go right in order for bitcoin to reach that goal, that is why this is something I'm not expecting as long as bitcoin still exist after many decades and it has value I am fine with that. 
March 31, 2018, 12:13:34 AM
It is true that the crypto currencies capture market and i know that it has the potential to grow more but for this to overtake the other regular currencies like dollar YEN, British Pound are not easy because the crypto are fulfill some transaction but due to virtual status many people don't like this but all the currencies are goes side by side so all of these are important to me.
March 31, 2018, 12:05:06 AM
As we push through the cashless society era, it is highly possible that fiat money would be replace by cryptocurrency because of its security and its good way of tracking transactions. Government and banks might be against it because they cannot hide under the table transactions anymore, if ever they are bad, if not maybe just because they would not benefit from it like the way tgey did in fiat money.
March 30, 2018, 11:09:49 PM
to change the main currency, I think it will be difficult. because I'm sure everyone thinks bitcoin is an investment asset, not a major transaction tool. although bitcoin is also a very convenient, safe and convenient transaction tool. but it can not be denied also if everyone is more interested in bitcoin investment. so in this case, bitcoin has succeeded in replacing gold as a valuable investment asset instead of replacing the major currencies.
March 30, 2018, 10:47:27 PM
Yes it has but it is not possible to completely remove the fiat system,because we need internet to use bitcoin and other crypto currencies but it is not possible to have internet access in every corner and at the emergeny situation crypto currency may not be usable,so crypto and fiat will combined together to make a health economy.
The world is developing much faster and we are seeing many unbelievable thing coming to invest before us. In this age it is also possible and is not hard that internet reach to every corner of the world and in that time then it will be possible that we use bitcoin in every corner of the world any time we want. Then at that time it will be the possibility that bitcoin become much powerful that it will be thought that it will replace fiat currency. 
March 30, 2018, 10:19:11 PM
Fiat currency has regulatory authority which will never want cryptocurrency to overtake fiat currency.
there are some reason why -
Crypto currency can be used in illegal activities like Black money etc.
Decentralize currency can never be fiat currency.
there are some reason why -
Crypto currency can be used in illegal activities like Black money etc.
Decentralize currency can never be fiat currency.
March 30, 2018, 09:53:42 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?
Do you think there is a possibility of cryptocurrencies being banned in the future for the reason of being a threat to "normal" currencies?
Im not sure governments are going to happily accept bitcoin as a replacement for their fiat currencies. You have to ask yourself: why? what do they win doing that?
Why would governments replace their currencies, which they control, for a currency that nobody controls? It makes no sense.
I see bitcoin as a neutral asset like gold primarily, secondarily as a currency, and it will depend on the people using it or not. The big mistake is considering bitcoin before digital gold, because that's where big blockers ruin everything.
I agree with you men government not gonna give up that easily with there currency that they control and may the government be afaird of bitcoin that will rise cause nowadays the population that bitcoin has been multiple because this is also a digital gold currency that easy to earn.
March 30, 2018, 08:57:49 PM
I think it can be for some countries that have already received cryptocurrency but for countries that have not received will be very difficult because of lack of understanding of the cryptocurrency itself
March 30, 2018, 08:52:12 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?
Do you think there is a possibility of cryptocurrencies being banned in the future for the reason of being a threat to "normal" currencies?
Bitcoin and other cryptocurrency can disrupt bussiness bank and thats why banks always hate cryptomarket. I think,banning on cryptocurrency doesnt have big effect because crypto actually decentralized and regulation just make investor more confident
March 30, 2018, 07:41:33 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?
if as a threat to the normal currency I feel it will not be made as a reason, their most frequent reason and that they will continue to say is Bitcoin will be used to fund terrorists, Bitcoin will be used for corruption and Bitcoin is an scam investment.... Do you think there is a possibility of cryptocurrencies being banned in the future for the reason of being a threat to "normal" currencies?
Jump to: