Is Bitcoin capable of stepping into the US dollar shoes one day?

Erza

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Quote from: Amph on April 26, 2015, 03:31:21 AM

Quote from: Erza on April 24, 2015, 11:30:14 PM

Quote from: BitmoreCoin on April 24, 2015, 03:38:32 AM

Quote from: tyz on April 23, 2015, 12:41:00 PM

As long as the world economic growing is built on debt there will always be inflationary fiat money like the USDollar. But Bitcoin and cryptocoins in common can coexists and offer a stable and secure alternative for people.

In this scenario, the value of bitcoin will increase against USD.

The value of bitcoin wont increase against US dollar because nowadays many people still get their viat money to buy things and that will weaken bitcoin value and make dollar raise in a couple of months but still that thing is being in polemic

does not need to rise in price to trample fiat, bitcoin is already terrorizing, fiat, with its technology, this is the reason for which the banks are "buying" that tech, because they see it as a threat, and want to protect themselves in the future by creating a similar system, in case bitcoin becomes big enough

And why does the bank need to used that their technology for the bank safety if they see it as a threat? If they used it somebody can try to hack into their system and fiat will be gone forever and that things become more threatening and gov will make sure to close bitcoin immidiately

operrajunk74

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I think that is possible in future that Bitcoin will be more valuable then US dollar and no wonder if its accepted as a traditional currency. The existence of Bitcoin is only 6 years but I think it gonna be revolutionary in future and would become a traditional currency across the globe.

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Quote from: bornil267645 on April 26, 2015, 03:51:13 AM

It doesn't have to, I mean the reason we love Bitcoin so much is that it fills some of the lacking of US dollar and if the US dollar is not there then I don't think Bitcoin alone will have the capability. So it should be better if they both co-exist.

Nope, if dollar is missing from this world bitcoin still can rise because so many country that want to use ir or may be invested in it so it doesnt have to be both. Dollar is the reason why bitcoin can't become the main currency

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It doesn't have to, I mean the reason we love Bitcoin so much is that it fills some of the lacking of US dollar and if the US dollar is not there then I don't think Bitcoin alone will have the capability. So it should be better if they both co-exist.

Amph

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Quote from: Erza on April 24, 2015, 11:30:14 PM

Quote from: BitmoreCoin on April 24, 2015, 03:38:32 AM

Quote from: tyz on April 23, 2015, 12:41:00 PM

As long as the world economic growing is built on debt there will always be inflationary fiat money like the USDollar. But Bitcoin and cryptocoins in common can coexists and offer a stable and secure alternative for people.

In this scenario, the value of bitcoin will increase against USD.

The value of bitcoin wont increase against US dollar because nowadays many people still get their viat money to buy things and that will weaken bitcoin value and make dollar raise in a couple of months but still that thing is being in polemic

does not need to rise in price to trample fiat, bitcoin is already terrorizing, fiat, with its technology, this is the reason for which the banks are "buying" that tech, because they see it as a threat, and want to protect themselves in the future by creating a similar system, in case bitcoin becomes big enough

qiwoman2

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I think we are a long way for any digital currency to replace fiat money. Unless the mass populations around the world wake up and choose to live in alternative and more sustainable economic structures, the takeover can't happen. People's awareness must be changed and if we are heading towards a resource-based economic world, then yes it has a slight chance to be a bridge and a transition to a more elevated and civilized mode of life. Now everything is still too Gung Ho so we don't know how the tides will turn, but there is always hope

.

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Quote from: Lauda on April 24, 2015, 11:36:16 PM

I'm not sure that this is a likely or possible scenario. I'm thinking that Bitcoin shall grow next to other currencies. Bitcoin will however crush companies like WU.
It will be quite hard to replace something as simple as cash with something a bit more complicated as Bitcoin.

Companies are smart. If Western Union realizes that its days of charging 10% for remittances is over, it still might survive. If it resists and tries to hang on, it will become obsolete.

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Terminated.

I'm not sure that this is a likely or possible scenario. I'm thinking that Bitcoin shall grow next to other currencies. Bitcoin will however crush companies like WU.
It will be quite hard to replace something as simple as cash with something a bit more complicated as Bitcoin.

Erza

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Quote from: BitmoreCoin on April 24, 2015, 03:38:32 AM

Quote from: tyz on April 23, 2015, 12:41:00 PM

As long as the world economic growing is built on debt there will always be inflationary fiat money like the USDollar. But Bitcoin and cryptocoins in common can coexists and offer a stable and secure alternative for people.

In this scenario, the value of bitcoin will increase against USD.

The value of bitcoin wont increase against US dollar because nowadays many people still get their viat money to buy things and that will weaken bitcoin value and make dollar raise in a couple of months but still that thing is being in polemic

BitmoreCoin

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Quote from: tyz on April 23, 2015, 12:41:00 PM

As long as the world economic growing is built on debt there will always be inflationary fiat money like the USDollar. But Bitcoin and cryptocoins in common can coexists and offer a stable and secure alternative for people.

In this scenario, the value of bitcoin will increase against USD.

Gyfts

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In my opinion Bitcoin will not compete with fiat currency. There should be a voice of a typical, low income to mid income citizen because they are the type of people that would make the switch from fiat to Bitcoin. Rich people would never trade their wealth for BTC so there input wouldn't be as highly valued, under the circumstance fiat still has value of course. But going to my main point, there is no reason for them to adopt Bitcoin unless fiat currency goes corrupt so I feel the mainstream public won't take the initiative to hop on an unstable currency. Hypothetically speaking, if the economy were to completely crash and fiat currency is completely worthless, people would take on precious metals as value faster they would Bitcoin.

tyz

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As long as the world economic growing is built on debt there will always be inflationary fiat money like the USDollar. But Bitcoin and cryptocoins in common can coexists and offer a stable and secure alternative for people.

BitmoreCoin

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Bitcoin will coexist with other fiats in the foreseeable future.

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Quote from: johnyj on April 21, 2015, 08:08:25 AM

Saving will be done in bitcoin and spending in fiat currency, you only get fiat currency when you try to spend

i for one think you are million miles away from the reality. we trying so hard to implement "bitcoin spending", and you say that bitcoin would be for saving.
i would not convert my spendings to bitcoin because of the high volatility

Amph

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Quote from: Erza on April 22, 2015, 11:08:02 AM

Quote from: Amph on April 21, 2015, 07:59:50 AM

Quote from: ?? on ??

Quote from: ensurance982 on April 21, 2015, 06:14:46 AM

They're two completely different assets in many ways. Has the Dollar replaced Gold as an investment? No! Many different forms of assets, money, investments, stocks, etc. exist at the same time, profit from one another, challenge one another, or just don't interfere with the other at all.

+1

Bitcoin won't replace dollar as it would require bitcoin not only to become accepted by all the countries that are now accepting dollar but also to surpass it, become more important to make people convert their whole USD holdings into BTC. I don't think we'll ever see it happen.

there is only one way that bitcoin could replace it, if the dollar collapse one day, otherwise there is always the possibility that bitcoin is just accepted more without necessarily take out the dollar, like duo dollar/euro right now

Yeah that will be possible, but dont you think dollar is so strong for now? And it even rise higher since this past year and let say 'if' one day dollar is collapse that means all market will be drop too so the bitcoin dont have the chance they will lose the circulation on their market too

the dollar is getting some stamina, because of the recent fall of the euro, so userr that play on market stock are all there at the moment, bitcoin should drop only momentarily, until everyone realize that there will be no alternative

mcplums

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I think USD going to shit and being replaced by bitcoin is very plausible:

1) [insert country] decides to replace its USD reserves with bitcoin to reduce US hegemony (Russia & China have talked about getting rid of USD reserves for years)
2) $bns dumped onto the market, causing increased inflation and devaluation
3) $ now becomes a less attractive store of wealth. As a result, another country jumps ship and sells its $
4) Vicious circle starts of countries/individuals dropping their USD in exchange for bitcoin (or any other currency)
5) USD quickly becomes worthless

There is no historical precedent for this as in the past there has never been a single currency held in such large quantities by so many foreign governments.

Obviously if this ever happens it won't be for many years. But one day? Who knows.

randy8777

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don't think bitcoin itself will. but that doesn't say there won't be another digital currency taking over the us dollar. but then again, it will just re-create the same situation as with the us dollar.

Twipple

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Quote from: sana54210 on April 22, 2015, 10:44:10 AM

I think within a decade it is possible that Bitcoin can outdo US dollar, it all depends on the mainstream adoption of the bitcoins, and when more people start to use bitcoins and more establishments start to accept bitcoins as a payment, bitcoin can overshadow US dollars, already bitcoin is above few currencies.

I doubt it will ever happen, like someone said it will only coexist. For bitcoin to exist, there is a strict necessity of having the internet , and thats a main thing it relies on. Also there is no way to replace all the existing dollar system for the bitcoin

Erza

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Quote from: Amph on April 21, 2015, 07:59:50 AM

Quote from: ?? on ??

Quote from: ensurance982 on April 21, 2015, 06:14:46 AM

They're two completely different assets in many ways. Has the Dollar replaced Gold as an investment? No! Many different forms of assets, money, investments, stocks, etc. exist at the same time, profit from one another, challenge one another, or just don't interfere with the other at all.

+1

Bitcoin won't replace dollar as it would require bitcoin not only to become accepted by all the countries that are now accepting dollar but also to surpass it, become more important to make people convert their whole USD holdings into BTC. I don't think we'll ever see it happen.

there is only one way that bitcoin could replace it, if the dollar collapse one day, otherwise there is always the possibility that bitcoin is just accepted more without necessarily take out the dollar, like duo dollar/euro right now

Yeah that will be possible, but dont you think dollar is so strong for now? And it even rise higher since this past year and let say 'if' one day dollar is collapse that means all market will be drop too so the bitcoin dont have the chance they will lose the circulation on their market too

sana54210

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I think within a decade it is possible that Bitcoin can outdo US dollar, it all depends on the mainstream adoption of the bitcoins, and when more people start to use bitcoins and more establishments start to accept bitcoins as a payment, bitcoin can overshadow US dollars, already bitcoin is above few currencies.

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To do that it should be more stable. Don't know if that's possibe, at least not right now

BIT-Sharon

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It will outdo, it is an upgrade for traditional currency.

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Quote from: Amph on April 21, 2015, 07:59:50 AM

Quote from: ?? on ??

Quote from: ensurance982 on April 21, 2015, 06:14:46 AM

They're two completely different assets in many ways. Has the Dollar replaced Gold as an investment? No! Many different forms of assets, money, investments, stocks, etc. exist at the same time, profit from one another, challenge one another, or just don't interfere with the other at all.

+1

Bitcoin won't replace dollar as it would require bitcoin not only to become accepted by all the countries that are now accepting dollar but also to surpass it, become more important to make people convert their whole USD holdings into BTC. I don't think we'll ever see it happen.

there is only one way that bitcoin could replace it, if the dollar collapse one day, otherwise there is always the possibility that bitcoin is just accepted more without necessarily take out the dollar, like duo dollar/euro right now

It is not about collapsin, we are talking about how Bitcoin can be better equivalent of potentially global paying system. And for not it can't happen as bitcon won't be able to replace FIATs in normal everyday life due to its problem with long confirmation times. I would like to buy my groceries and not wait 10-30 minutes for a confirmation.

johnyj

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Saving will be done in bitcoin and spending in fiat currency, you only get fiat currency when you try to spend

Amph

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Quote from: ?? on ??

Quote from: ensurance982 on April 21, 2015, 06:14:46 AM

They're two completely different assets in many ways. Has the Dollar replaced Gold as an investment? No! Many different forms of assets, money, investments, stocks, etc. exist at the same time, profit from one another, challenge one another, or just don't interfere with the other at all.

+1

Bitcoin won't replace dollar as it would require bitcoin not only to become accepted by all the countries that are now accepting dollar but also to surpass it, become more important to make people convert their whole USD holdings into BTC. I don't think we'll ever see it happen.

there is only one way that bitcoin could replace it, if the dollar collapse one day, otherwise there is always the possibility that bitcoin is just accepted more without necessarily take out the dollar, like duo dollar/euro right now

BitUsher

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It is very unlikely Bitcoin will become the world reserve currency in the next 20 years , but it certainly has the ability to scale with implementations like the lightning network.

I could see it becoming a popular option for micro payments, international payments and internet purchases in the next 20 years.

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Quote from: SpanishSoldier on April 21, 2015, 06:00:56 AM

The kicking picture is incorrect. They will co-exist.

I tend to agree on this too. It will be like some sort of ying yang relationship, blockchain with a deflationary currency-fiat with their QE madness

ensurance982

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Trust me!

They're two completely different assets in many ways. Has the Dollar replaced Gold as an investment? No! Many different forms of assets, money, investments, stocks, etc. exist at the same time, profit from one another, challenge one another, or just don't interfere with the other at all.

NeuroticFish

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Did the fighter jet replace the tanks? No.

Governments will not let go their paper money. Especially the most powerful government.
Bicoin has the chance to be something bigger than any paper money: international currency, not tied to any government.
But for that the bitcoin market needs to be much more stable (or at least rising) and .. some sort of regulation / insurance against scams is still needed.

SpanishSoldier

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The kicking picture is incorrect. They will co-exist.

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Despite BTC being claimed the world’s most unstable asset in terms of investments in 2014, many still think it has all opportunities to outdo traditional currencies.

- Read full article HERE

Topic: Is Bitcoin capable of stepping into the US dollar shoes one day? (Read 1749 times)