Replacement? - page 2. | Bitcointalksearch.org

odunybiz

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Quote from: G_Besar on April 28, 2023, 12:51:56 PM

Quote from: odunybiz on April 27, 2023, 06:28:02 PM

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.

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Quote from: GlobalMilk99 on March 10, 2023, 12:35:11 AM

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?

Do we hope to live in a nation without borders some day? Or
Have some global system of governance?

If the answers to these are "NO", then there isn't any chance that we would have bitcoin or any other cryptocurrency out there to replace fiat. Fiat is very much government product and a very vital tool to centralisation as some way go ensure they maintain some control over its citizens.

Besides, bitcoin has got some downsides to it of which, fiat very much compliments or perhaps I should say fiat came into existence before bitcoin so yeah. There are times when you don't just have any need for digitalism and that's where hard currencies come in. Fiat and bitcoin working together is our best bet for the future.

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Quote from: GlobalMilk99 on March 10, 2023, 12:35:11 AM

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?

In a couple of decades much of the world's physical money was replaced with digital money, so the replacement has already started. Now the main problem with cryptocurrency is the status of already created cryptocurrencies: will they replace fiat money, or will fiat money controlling structures ban them and later adopt the technology of decentralised blockchain storage in order to improve the stability of digital fiat money systems...

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Quote from: GlobalMilk99 on March 10, 2023, 12:35:11 AM

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?

There are positive and negative sides if Cryptocurrency replaces physical money as the main transaction tool in human life. On the downside, due to volatility, prices can change at any time, which can have a significant adverse impact on economic and financial stability. While on the positive side Cryptocurrency has unlimited potential, for example as experienced by the people of Ukraine when Russia invaded their country. Some of them are very aware of the functions and uses of Cryptocurrency, those who switch or store their wealth in Cryptocurrency can still survive with the wealth they have in the form of crypto assets.

The realization of Cryptocurrency as the main transaction tool in everyday life depends on government policy. In the country where I live there are no signs from the government that cryptocurrency will replace physical money, instead the government makes Cryptocurrency a Commodity Traded on Futures Exchanges and the government has benefited from taxes taken on every transaction.

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Quote from: GlobalMilk99 on March 10, 2023, 12:35:11 AM

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?

As time goes on it may replace all forms of money but before then, we have to accept the use of the two altogether till when we get to that stage, also we need to clarify this that not all cryptos will probably be acceptable as currency for payment by then, because bitcoin is the only reliable cryptocurrency that everyone accepts for an exchange or payment of goods and services while some countries adopting it as their legitimate legal tender along with usd, so i can only say that we are getting closer to that time but not yet into it and bitcoin is fast growing.

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Quote from: cydrix on April 29, 2023, 10:59:27 AM

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.

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Quote from: cydrix on April 29, 2023, 10:59:27 AM

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.

Even if fiat is phased out, there is no guarantee that cryptocurrencies will replace fiat. This world is controlled by governments, as long as they exist, bitcoin will never be an option because they will never allow something decentralized to break their centralized system. I still believe that in the future, the fiat system will be replaced or upgraded but with a system created and controlled by them, not bitcoin.

fullhdpixel

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I don't think it's easy for the crypto industry to get that far, but it's the digital concept that will be imitated, regarding the issue of decentralization, I think it's still difficult to implement.
other things that may be imitated, but it is the concept of decentralization that banks and the government do not want to implement.

To imitate the digital concept? What do you mean by that? Is it the CBDC? And this will be the one that will be used as a replacement for fiats? This is more possible because they hardly have any differences. CBDCs don't have a limited supply and then they don't fluctuate that much like a typical crypto.

There is no need for the banks and governments to imitate decentralization. Remember they hate it right from the start because this makes the cryptos uncontrollable and this is why they create their own version of crypto which are centralized. It might still take time for the whole to convert into digital so let's not worry about this for a while.

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Quote from: GlobalMilk99 on March 10, 2023, 12:35:11 AM

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 the future, but not soonest it would take a very long time for all the people to able to adopt in using and transacting crypto currencies. We can see progress now in crypto currencies now but how many percentage of the people do know how to use it? The physical money cannot easily be replaced because a lot of people are still comfortable using it and it would depends on the government if they will adopt it 100%.

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Bitcoin is a trustable coin but it does not mean that by spreading bitcoin all over the world the paper money will loss its value. The value of paper money cannot be changed and bitcoin and paper money both have their own use cases and both cannot replace one another. paper money is acceptable throughout the globe but bitcoin is somewhat risky so I think paper money will sustain its beneficial role in economic system of a country. There is no possibility of altering the value of paper money so bitcoin is unable to replace it.

tjtonmoy

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It is already a world currency (not all crypto but BTC). We can see much progress and adoption all over the world now and then. But people's opinion will always remain different from each other. Some are positive and some are negative. So it is not possible to tell 100% accurately that Bitcoin will replace the fiat money system. Because there will always be a group of people who will stand against this concept. They will choose the fiat money system over crypto.
Both can co-exist at the same time. This will create a more friendly environment amongst the users. People can use whatever they prefer. But maybe one day it is possible to see the crypto as a replacement for traditional fiat money.

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Quote from: GlobalMilk99 on March 10, 2023, 12:35:11 AM

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?

FIAT money will eventually be replaced with digital FIAT. Bitcoin will be used like it's used today: investment, hedge, HODLing but on a much bigger scale, it will become more widespread imo.

cydrix

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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.

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Quote from: GlobalMilk99 on March 10, 2023, 12:35:11 AM

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?

Cryptocurrency progress has almost entered all corners of the world, people who understand how to make transactions using Cryptocurrency first adopt it as a currency that has the same uses as fiat currency. Maybe you have traded with Cryptocurrency, and so have I. When the seller accepts payments using Cryptocurrency, their function is in line with fiat money. If a country opens the door to Cryptocurrency in its territory, Cryptocurrency can coexist with physical currency.

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Quote from: GlobalMilk99 on March 10, 2023, 12:35:11 AM

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 would take a very long time before crypto currency can replace the physical money or fiat as a primary transactions. A lot of people still do not know how to use or transact crypto currencies, proper adoption or education should be learned by all the people. The government of each and every country are the ones who can make a law and implement that. A lot of people also are afraid to use crypto currencies because they think that they will get scammed, that is because of lack of education.

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Quote from: GlobalMilk99 on March 10, 2023, 12:35:11 AM

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?

While the idea of using cryptocurrency as the primary means of transaction in our everyday life seems possible, there are still some barriers that need to be addressed for this to become a reality. One of the main concerns is the level of security and regulation in the industry, as the decentralized nature of cryptocurrency makes it attractive to hackers and cybercriminals.

Additionally, widespread adoption of cryptocurrency would require a change in mindset and infrastructure, as the current financial system is built around physical money. Despite these challenges, there are many who believe that cryptocurrency will continue to grow and eventually become a viable alternative to traditional currencies. Only time will tell how this will play out ultimately.

bayu7adi

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Replacing traditional money completely? The possibility is very slim. Bitcoin and cryptocurrency have to overcome many barriers to replace FIAT as the main exchange tool in society.
First and foremost is infrastructure, where not all merchants can currently accept cashless payments. This is the main obstacle for Bitcoin and other digital currencies that rely on the internet for fund transfers.
Secondly, there is government fiat, which does not want to be replaced. Governments print money to regulate supply and control inflation.
Thirdly, public knowledge of crypto needs to be further improved so that they can understand the ins and outs of blockchain technology and not have difficulty adopting crypto as a payment tool.

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Quote from: odunybiz on April 27, 2023, 06:28:02 PM

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.

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Quote from: Dimitri94 on March 26, 2023, 06:57:52 PM

Maybe that's good news in that respect. Cryptocurrencies are now used in every part of the world. Everyone has started thinking of it as a transaction method. Its consumption will continue to increase in the coming days. As a result, there is no doubt that digital transactions will be completed at some point in the world. We are moving in that direction as people's confidence in Bitcoin is increasing in recent times. I believe these digital transactions with fiat money will also continue to grow.

If the government is going to move to Cryptocurrencies in the future I don't see how this is good for the space, a Centralised blockchain is bad, just look at how addresses of hackers holding USDC and USDT are blocked and blacklisted, if you are anti-government they can do this to you, change your balance to zero at whim, for Government, it is all about control and more power in the hands of Government is bad

odunybiz

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Quote from: GlobalMilk99 on March 10, 2023, 12:35:11 AM

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?

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.

Topic: Replacement? - page 2. (Read 990 times)