Topic: Replacement? (Read 1040 times)
Bitcoin is here to stay but the design of Bitcoin won't help it cause to totally replace Fiat currencies, we only have 21 million BTC, and it is not enough for a country not to talk of the whole nations in the world. The idea that Bitcoin will totally replace Fiat currencies to me is wishful thinking and it just needs to play its role in the economy, if Gold was not able to replace Fiat, there is no chance of Bitcoin doing so.
When bitcoin is getting more and more popular, many people hope to replace fiat with bitcoin, this is certainly an enthusiasm that must be proven in practice, many things become barriers to bitcoin completely replacing fiat, and I believe it will be very difficult to completely remove fiat and replace with bitcoins.
I have been seeing the progress of cryptocurrency these past few years, and I've been thinking, will it definitely be a replacement for physical money and use crypto as a primary transactions in our everyday life?
Of course it still takes a long time to be able to say that crypto is a substitute for physical money, especially now that the biggest challenge is that there are still many countries that are banned cryptocurrencies, but I'm sure even though cryptocurrencies are very popular, it will never be able to replace Fiat and the government will protect Fiat.
As some have said, that happens if the government finds a way to control bitcoin in the future. While there is currently no way for them to control it, the future is difficult to predict as technology always evolves. But if they controlled it, we wouldn't need it either, because once bitcoin becomes centralized, it's no different from their fiat currency. So I don't expect them to be able to control it, and it doesn't really matter if bitcoin replaces fiat. As long as bitcoin is always decentralized.
I have been seeing the progress of cryptocurrency these past few years, and I've been thinking, will it definitely be a replacement for physical money and use crypto as a primary transactions in our everyday life?
It could happen in many people's lives, but I still don't think that physical money will be forgotten by many people even though one day cryptocurrencies can replace traditional transactions that are often carried out by fiat money. Until now I only thought that cryptocurrency was just an additional currency that could be used by many people in ways and methods that were different from fiat money. So what you are asking is indeed very possible, but to replace physical money, the progress of cryptocurrency needs to cover every corner of the world, including remote areas that currently still rely heavily on fiat money.
These methods can be applied to Nigeria, where banks where refuse to put money in ATMs for people to withdraw cash, so you can see that if bitcoin is well adopted by then it will be easy for people who believe in bitcoin to use it for their transactions until the cashless period has ended.
Indeed right, it can be a good alternative when banks or the primary financial institutions failed to provide the service that is being need by the people, but on the OP sentiment, I don't see it yet as there are many factors that still avoiding many people to start learning and using this system, some might don't have that capability to understand while for most they are doubting the system.
They are not willing to take the risk with a potential big losses due to heavy volatility in this industry. Conservatives will continue to use physical fiat currency as a main channel of their transactions.
I have been seeing the progress of cryptocurrency these past few years, and I've been thinking, will it definitely be a replacement for physical money and use crypto as a primary transactions in our everyday life?
Of course it still takes a long time to be able to say that crypto is a substitute for physical money, especially now that the biggest challenge is that there are still many countries that are banned cryptocurrencies, but I'm sure even though cryptocurrencies are very popular, it will never be able to replace Fiat and the government will protect Fiat.
I have been seeing the progress of cryptocurrency these past few years, and I've been thinking, will it definitely be a replacement for physical money and use crypto as a primary transactions in our everyday life?
It could happen in many people's lives, but I still don't think that physical money will be forgotten by many people even though one day cryptocurrencies can replace traditional transactions that are often carried out by fiat money. Until now I only thought that cryptocurrency was just an additional currency that could be used by many people in ways and methods that were different from fiat money. So what you are asking is indeed very possible, but to replace physical money, the progress of cryptocurrency needs to cover every corner of the world, including remote areas that currently still rely heavily on fiat money.
These methods can be applied to Nigeria, where banks where refuse to put money in ATMs for people to withdraw cash, so you can see that if bitcoin is well adopted by then it will be easy for people who believe in bitcoin to use it for their transactions until the cashless period has ended.
I have been seeing the progress of cryptocurrency these past few years, and I've been thinking, will it definitely be a replacement for physical money and use crypto as a primary transactions in our everyday life?
Maybe in 30-50 years, but not right now. The first step would be to get rid of physical cash and only use electronic money, the second step would then be to switch from fiat money to crypto currencies. The problem is that already the first step can't be done in a few years and will take probably 15 years. If I look at my grandmother for example, she only uses cash. All the banking and using her cards is done by my uncle, without cash she would be lost. I think that most elderly people can't be forced to stop using cash, and the politicians won't push it as they are afraid to lose the votes. With the second step to switch to cryptos it would be difficult to get all people to adopt them. If I look at my parents, they have heard of bitcoin but never owned any and are quite sceptical to use them.
Satoshi Nakamoto actually launched the evolution of digital money.
Of course, this great cypherpunk and libertarian did not plan to create Central Bank Digital Money (CBDC). However, the success of Bitcoin, Ethereum and other cryptocurrencies prompted the powers that be to decide on the introduction of such a financial instrument as CBDC into circulation.
Currently, government officials deny that the CBDC will replace cash and all other forms of fiat money. However, most likely it is.
Using the example of China, we can conclude that CBDC is an integral and very necessary element of a digital concentration camp. In my opinion, CBDC is a very strong competitor for cryptocurrencies.
After all, the introduction of CBDC is supported by the state.
I have been seeing the progress of cryptocurrency these past few years, and I've been thinking, will it definitely be a replacement for physical money and use crypto as a primary transactions in our everyday life?
Maybe in 30-50 years, but not right now. The first step would be to get rid of physical cash and only use electronic money, the second step would then be to switch from fiat money to crypto currencies. The problem is that already the first step can't be done in a few years and will take probably 15 years. If I look at my grandmother for example, she only uses cash. All the banking and using her cards is done by my uncle, without cash she would be lost. I think that most elderly people can't be forced to stop using cash, and the politicians won't push it as they are afraid to lose the votes. With the second step to switch to cryptos it would be difficult to get all people to adopt them. If I look at my parents, they have heard of bitcoin but never owned any and are quite sceptical to use them.
Bitcoin will not be used as a substitute for physical money, but as an alternative to physical money. Because while large amounts of physical money cannot be carried, bitcoins can be easily carried. And Bitcoin is easy and safe to carry.
This is what El Salvador is currently doing. Bitcoin is accepted there as well as their currency. And Bitcoin is being used as an alternative medium of transaction in various sections. Direct transactions are being done through Bitcoin in coffee shops, sealing stations, various restaurants. It is hoped that such a transaction system will be launched worldwide in the future.
This is what El Salvador is currently doing. Bitcoin is accepted there as well as their currency. And Bitcoin is being used as an alternative medium of transaction in various sections. Direct transactions are being done through Bitcoin in coffee shops, sealing stations, various restaurants. It is hoped that such a transaction system will be launched worldwide in the future.
But El Salvador has accepted bitcoin as a legal currency because they have no national currency, they use USD as national currency. Moreover, the fact that they accept bitcoin is because the country is on the verge of default, and bitcoin can be said to be the last solution they can think of.
I don't know how bitcoin grows there, but from what I see, the president of El Salvador is just using bitcoin for investment rather than seeing it as an alternative to USD. So I don't think other countries will follow their actions, this year, we haven't seen a single country accept bitcoin as a legal tender method.
Bitcoin will not be used as a substitute for physical money, but as an alternative to physical money. Because while large amounts of physical money cannot be carried, bitcoins can be easily carried. And Bitcoin is easy and safe to carry.
This is what El Salvador is currently doing. Bitcoin is accepted there as well as their currency. And Bitcoin is being used as an alternative medium of transaction in various sections. Direct transactions are being done through Bitcoin in coffee shops, sealing stations, various restaurants. It is hoped that such a transaction system will be launched worldwide in the future.
This is what El Salvador is currently doing. Bitcoin is accepted there as well as their currency. And Bitcoin is being used as an alternative medium of transaction in various sections. Direct transactions are being done through Bitcoin in coffee shops, sealing stations, various restaurants. It is hoped that such a transaction system will be launched worldwide in the future.
Cryptocurrency will definitely not be able to replace the national currencies of states. Without the decision of the states themselves, such a replacement is impossible, and the states will never give up their currency, since their economy is firmly connected with them. Cryptocurrency still has a long way to go in terms of development and acceptance, but it will most likely only be an alternative to fiat, as was intended when it was created.
Completely replacing it is indeed not possible because fiat has been around for a very long time in the community and has been used for a long time as well in paying for everything that is needed by the community. But if it becomes an option that is almost like fiat, I think it is still very possible because Cryptocurrency also has value and also has uniqueness as a digital currency. So making it an alternative when someone doesn't have money is also not wrong, because even if no one wants to receive it directly in life, everyone can also exchange it first into fiat. 
Well, Fiat currency prices and value are generally more stable than cryptocurrency along with this we cannot underestimate the power and value of cryptocurrency. Most of the Country is trying to replace cryptocurrency by fiat but it is still very far away because Cryptocurrency is still new, so it may turn out to be as stable as fiat in the future. I personally don't think it will be able to fully eradicate fiat but rather I believe both cryptocurrency and fiat will be used together, getting the same recognition and adoption.
From my perspective, I totally doubt if Bitcoin or generally Cryptocurrencies will replace FIAT in the near future. As you see the governments and banks are still against digital currencies and they are attempting so hard to break the market down specifically Bitcoin due to the whole market is dependent by it. In addition to that, the crypto could be an alternative but not a replacement of FIAT currencies at this moment. The global economy would be in danger if it happens. Are the governments able to track billions of transactions? Absolutely not. Additionally, It will probably be achieved depending on Bitcoin’s development in next years although in long term maybe in 2030 or 2035.
Well, Fiat currency prices and value are generally more stable than cryptocurrency along with this we cannot underestimate the power and value of cryptocurrency. Most of the Country is trying to replace cryptocurrency by fiat but it is still very far away because Cryptocurrency is still new, so it may turn out to be as stable as fiat in the future. I personally don't think it will be able to fully eradicate fiat but rather I believe both cryptocurrency and fiat will be used together, getting the same recognition and adoption.
From my perspective, I totally doubt if Bitcoin or generally Cryptocurrencies will replace FIAT in the near future. As you see the governments and banks are still against digital currencies and they are attempting so hard to break the market down specifically Bitcoin due to the whole market is dependent by it. In addition to that, the crypto could be an alternative but not a replacement of FIAT currencies at this moment. The global economy would be in danger if it happens. Are the governments able to track billions of transactions? Absolutely not. Additionally, It will probably be achieved depending on Bitcoin’s development in next years although in long term maybe in 2030 or 2035.
Not yet, as long as fiat continues to exist in every nation on the planet. Even while several nations now accept payments in the form of Bitcoin or other cryptocurrencies, money will still be the primary means of exchange for all transactions. But I already have the impression that the two go hand in hand right now. They are learning about the attempts made by several nations to have CBDC immediately in the context of varied economic restrictions. The CBDC convention is disapproved by some nations.
Bitcoin is hard for some people to use, I mean normal people find it hard to use like the normal money because they are used to Fiat already, but the digitalization is changing things gradually but even with that, everybody will not use bitcoin. I personally don't think BTC is a good replacement of Fiat because I don't know we are going to handle our value when the it crash the way it use to do every 4 cycle halving, it will kill the economy very fast as some people might think, some people that are asking BTC to be used as mode pf payment are selfisly doing it for their own sake, they don't care if it affect economy or not, they only want te news to pump there bags.
different. Its not hard to learn up because even with just knowing with the basics then you could completely be able to understand on how it works and how it would really be able to make transactions.
Speaking about being replacement of fiat then it is really that impossible. Why? Here's the reason.
1. Government wont let fiat would cease to exist.
2. Fees arent something could compete with fiat
3. Reversible transactions
4. Centralized
5. Stable
We know that Bitcoin or crypto is really totally opposing those key points above.
Bitcoin is moving steps-by-steps to the point of becoming a universal currency. Bitcoin is the first preferred currency which might impact a lot of country to their economic status. But for sure government would take action from it, as I said there's already countries that are open to BTC and still have a stable economic status. Cryptocurrency as the main transaction tool in everyday life depends on government policy. In the countries where we lived there are no signs from the government that cryptocurrency will replace physical money, but I still believe in the future, the fiat system will be replaced by Bitcoin. Because everyday the technology is upgrading and the technology is getting stronger. And before that time many younger ones and youths are also more dipper in Bitcoin investments, you know the old would not rule forever.
Cryptocurrencies have shown progress, but it remains uncertain if they will fully replace physical money. Challenges like scalability, regulation, and government acceptance play significant roles. While they offer benefits like faster transactions and increased security, their widespread adoption is influenced by various factors.
While I am not so particular about the dominance of cryptocurrency over fiat, In my opinion it's not really possible to fully replace paper money by bitcoin. As compare with past bitcoin increase in value over time but side by side Paper money never loss it's value they both have their equal importance in their own place. They can't replace each other but it can be good alternative for each other. Nothing is much more good alternatives then cryptocurrency because it is decentralize and secure in nature.
I have been seeing the progress of cryptocurrency these past few years, and I've been thinking, will it definitely be a replacement for physical money and use crypto as a primary transactions in our everyday life?
I agree with you that crypto currency had made a great progress, but certainly it is difficult to predict the future although we know that the crypto currency has the potential to become a widely accepted form of payment in the future. Even crypto currencies are popular now, not everyone do know how to use it and they are skeptical on how to use crypto currencies. From the time being physical money would still remains to be seen and will see what will happen in the future if the crypto currencies will truly replace the physical money.
This is what will generally happen in some years time. Some countries has adopt Bitcoin as a means of making payment and I believe the list will keep increasing till the whole world make it an acceptable means of payment.
It was only about time for all countries to eventually adopt Bitcoin like some countries are already doing now. Because when all countries have really analyzed Bitcoin and it has not harmed the country, Bitcoin adoption will continue to increase over time. In addition, several large companies have also accepted Bitcoin for payment so that Bitcoin payment services are currently starting to penetrate more widely.I see Bitcoin as a general currency that will later be used by the whole world for transaction. This is just a matter of time. 5 years ago, how many people know about Bitcoin? That's to tell us Bitcoin is moving gradually to the point of becoming a universal currency.
In just a few decades Bitcoin would be acceptable transactions around the world since many countries already acknowledge the existence of Bitcoin. But before that to happen, of course it would affect the economic situation of one country as they prefer already the alternative currency which is the Bitcoin. People wouldn't even use fiat if Bitcoin is the first preferred currency which might impact a lot of country to their economic status. But for sure government would take action from it, as I said there's already countries that are open to BTC and still have a stable economic status.
Jump to: