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Topic: Replacement? - page 4. (Read 1054 times)

sr. member
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March 25, 2023, 09:06:20 AM
#93
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?
Crypto is part of the currency that allows it to be used as a transaction tool. Will crypto replace fiat? Maybe not. But crypto will run parallel to fiat.
In general, crypto has an unstable value, this cannot be used by the state as a transaction tool. Second, the principle of transparency which makes it contrary to the interests of the mafia, this limits the mafia's movements in conducting transactions. The interests of the mafia in the form of fiat currency are much higher than the interests of the state.
member
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March 25, 2023, 08:12:09 AM
#92
the technology behind cryptocurrency has the potential to revolutionize the financial industry, and we are likely to see further adoption and integration of cryptocurrencies in various industries. It's possible that in the future, we may see a hybrid system where physical money and cryptocurrencies coexist and complement each other, depending on the needs and preferences of individuals and businesses.
hero member
Activity: 2716
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March 25, 2023, 06:42:04 AM
#91
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?

Why would people always thought of replacing the fiat currency or the traditional banking system? I thought everyone understands how difficult for it to happen. Going cashless ain't never easy because there are still a lot of flaws in the system created. Bitcoin has it's own flaws too. We cannot always rely to a single option, like we don't only rely with ATM cards that's why we have checks and passbooks too - so if the system fails, you have options to do it manually.
Bitcoin and fiat will co-exist from now on, nothing is replacing fiat currency, simply because not everyone are too techy to handle online transactions especially that Bitcoin transactions are not reversible. 
full member
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March 25, 2023, 06:26:00 AM
#90
In general, there is no consensus on the regulation of accepting cryptocurrencies today with each country, and I see some barriers such as economic limitations and influence from major powers leading to Some economies have no autonomy and they are almost dominated by powerful countries. Every time the US and China release information related to crypto, it affects the level of people's access to this space.
But we should also be happy that things have changed for the better when it comes to this market.
legendary
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March 25, 2023, 06:13:46 AM
#89
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?

The trading system continually evolved with time from the beginning of human history, Paper Currency can be considered the most short-lived payment system which is fastly replaced by digital currency. Cryptocurrency can be a replacement for the payment system but I think currently it's not the time. For now, the traditional banking system is resisting the regulation and regularity of crypto as a payment system. It will cause great destruction in the banking system and it will eliminate their dirty business.

For the major regulation, I think besides Bitcoin other currencies don't even stand a chance and Bitcoin regulation is going to be easy because whenever a particular region support Bitcoin the other directly target the Bitcoin and vice versa so I think it might take this cycle to take things to a neutral level.
full member
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Pepemo.vip
March 25, 2023, 01:17:35 AM
#88
To replace fiat currency in everyday life may not happen in the near future because there are many things that must be considered by the government to replace fiat currency by using crypto, but this will not be impossible because some countries are already using bitcoin as a legal means of transaction, and I believe other countries are considering crypto currencies as legal tender.
Yes, there are a few countries that use bitcoin as a payment method, but they still use it in tandem with fiat, they have never abandoned fiat completely. Moreover, the countries that accept bitcoin are poor countries on the verge of default, and they see bitcoin as a solution to save their crumbling economy. Developed countries have no intention of using bitcoin to replace fiat, they don't even care about it. Bitcoin is just an alternative, it will never replace fiat money.
at this time it may still be hard to replace fiat to give bitcoin a chance. although there are countries that use or legalize bitcoin, only countries that have economic problems, we can see that there are no developed countries that have legalized bitcoin, even if only as an alternative. Enjoying bitcoins for money is the main goal nowadays by most of the investors
sr. member
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March 24, 2023, 11:55:27 PM
#87
To replace fiat currency in everyday life may not happen in the near future because there are many things that must be considered by the government to replace fiat currency by using crypto, but this will not be impossible because some countries are already using bitcoin as a legal means of transaction, and I believe other countries are considering crypto currencies as legal tender.
Yes, there are a few countries that use bitcoin as a payment method, but they still use it in tandem with fiat, they have never abandoned fiat completely. Moreover, the countries that accept bitcoin are poor countries on the verge of default, and they see bitcoin as a solution to save their crumbling economy. Developed countries have no intention of using bitcoin to replace fiat, they don't even care about it. Bitcoin is just an alternative, it will never replace fiat money.
hero member
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March 24, 2023, 11:35:18 PM
#86
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?

Completely replacing fiat? Nope not going to happen, and if eventually happens it's going to take long time.
If you take about been adopted by lots of countries then I'll agre on that but for Bitcoin / crypto to completely replace physical case then I'll have to doubt that.
We have so many difficulty as to why it's going to be extremely difficult to do, because most communities have those that are not even educated and can't even operate an Android phone not to talk about transacting with Bitcoin and crypto. It's going to talk a lot of work for it to become a possibility.
sr. member
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March 24, 2023, 11:15:26 PM
#85
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?
Doesn't rule out the possibility but certainly not in the near future. the world's economic situation is unstable and in the post-pandemic recovery period, of course the government also doesn't want to take risks by providing crypto as a means of payment because crypto is also volatile and very risky to use for transactions at this time.
legendary
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March 24, 2023, 09:40:04 PM
#84
To replace fiat currency in everyday life may not happen in the near future because there are many things that must be considered by the government to replace fiat currency by using crypto, but this will not be impossible because some countries are already using bitcoin as a legal means of transaction, and I believe other countries are considering crypto currencies as legal tender.
The replacement of fiat currencies by bitcoin seems to be the dream of some market enthusiasts, but it does not seems as a realistic dream or even as something necessary, as long as we could exchange bitcoin for the products and services that we need and the regulation in place at the time does not need that we have to keep track of every single transaction we make to the government that will be enough for me, after all it is not as if every single person out there is ready to become their own banks, and if we forced them I am sure many of them will lose their coins during the first weeks.
member
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March 24, 2023, 12:57:14 PM
#83
It will be used for daily transactions as there is improvement in technology and awareness about crypto,  but won't  be a total replacement. I think it will be used together.
sr. member
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March 24, 2023, 08:36:41 AM
#82
To replace fiat currency in everyday life may not happen in the near future because there are many things that must be considered by the government to replace fiat currency by using crypto, but this will not be impossible because some countries are already using bitcoin as a legal means of transaction, and I believe other countries are considering crypto currencies as legal tender.
sr. member
Activity: 1932
Merit: 370
March 24, 2023, 08:13:45 AM
#81
In conclusion, while cryptocurrencies have certainly gained a lot of momentum and popularity, their future as a replacement for physical money and as the primary medium of exchange in our everyday lives is still uncertain. It will depend on factors like regulatory acceptance, stability, and widespread adoption.

I agree and I think it would really take time before we could see physical money to be fully replaced bycryptocurrencies. Yes, cryptos' are gaining popularity but majority would think of it immediately as something technical and overwhelming. I think people would take time to absorb the technicalities of this. Government also plays a role in this as majority of countries are still hesitant to whether use it as a currency. But is is a good thing that some countries are now legalizing it since it would become a great way for other to see its advantage and disadvantage as well.
sr. member
Activity: 686
Merit: 286
March 24, 2023, 08:11:55 AM
#80
Currently, digital currencies have gained a lot of popularity.  Every digital currency is very familiar to people. However, even after gaining so much popularity, digital currencies have not yet become one of the means of transactions. For example, people currently transact in various places through digital banking services in addition to paper money, but they are not getting the opportunity to transact through digital currencies. 

But I've read some news lately that I really like.  A few days ago, two gentlemen from Portugal used Bitcoin as a transaction medium to buy and sell their house, which is very good news for the bright future of Bitcoin. Hopefully, in this way, Bitcoin and other digital currencies will become one of the means of transaction.
sr. member
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March 24, 2023, 07:52:22 AM
#79
In conclusion, while cryptocurrencies have certainly gained a lot of momentum and popularity, their future as a replacement for physical money and as the primary medium of exchange in our everyday lives is still uncertain. It will depend on factors like regulatory acceptance, stability, and widespread adoption.
sr. member
Activity: 2828
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win lambo...
March 24, 2023, 07:38:59 AM
#78
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 think it will not become or replacement for fiat, even we will using it right now but still there is a lot of people who still wanted to use fiat than cryptocurrency and there are also people who don't know about it specially to those who are very old they don't even know it for sure, we still don't know what happen in the future so i think there is a little chances in the future generation.

In the future it is sure that it will be cashless and for sure if it is not cryptocurrency then it should be derive from it.  There are still a lot of reason that it is not possible for us to replace fiat with this that is why we treat it as another form of payment which we use to purchase and it is cashless. I dont why still people insisting to replace fiat with this as the cryptocurrency was not created to replace anything it is just for us to be our own banks. transact online and have an investment on it
It is probably we fully adopt digitalization which could eliminate paper money to a fully cashless system and you are right, it can't be just only cryptocurrency as credit/debit cards can do as well. But it takes many years to impose because as to know that people still need to educate and also it was a big challenge in the place where internet is not avaliable or there is intermitent connections as this only function well if we have stable connections.
hero member
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BTC, a coin of today and tomorrow.
March 24, 2023, 06:03:36 AM
#77
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 and bitcoin is an alternative to the fiat money and it is not coming to replace it in anyway, however, I understand that the use of cryptocurrency will increase very much in online shopping and businesses.
But in the real world the use of fiat would never be replaced and also the essence of Bitcoin is not to replace the fiat, but rather the essence of Bitcoin is to give users alternative to either use bitcoin or fiat or chose to used both.
hero member
Activity: 2366
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March 23, 2023, 11:08:12 PM
#76
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 think it will not become or replacement for fiat, even we will using it right now but still there is a lot of people who still wanted to use fiat than cryptocurrency and there are also people who don't know about it specially to those who are very old they don't even know it for sure, we still don't know what happen in the future so i think there is a little chances in the future generation.

In the future it is sure that it will be cashless and for sure if it is not cryptocurrency then it should be derive from it.  There are still a lot of reason that it is not possible for us to replace fiat with this that is why we treat it as another form of payment which we use to purchase and it is cashless. I dont why still people insisting to replace fiat with this as the cryptocurrency was not created to replace anything it is just for us to be our own banks. transact online and have an investment on it
legendary
Activity: 1358
Merit: 1565
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March 23, 2023, 10:59:07 PM
#75
I think it will not become or replacement for fiat, even we will using it right now but still there is a lot of people who still wanted to use fiat than cryptocurrency and there are also people who don't know about it specially to those who are very old they don't even know it for sure, we still don't know what happen in the future so i think there is a little chances in the future generation.

In reality what is going to happen is that the current fiat money is going to be replaced by CBDCs, which is an improved digital form of money for central banks, although it is a worse form of money for us citizens, as it allows for greater manipulation and control. Bitcoin will continue to be used but it will not replace fiat. In El Salvador, where it is legal tender, bitcoin is not widely used, yet, and people generally exchange it for dollars to avoid volatility. I am referring to the common people, not the foreigners who have gone there attracted by the bitcoin industry.
hero member
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March 23, 2023, 10:39:16 PM
#74
I don't think crypto needs to be a substitute for physical money but it can provide an alternative to users that when they can't use physical money, they can use crypto to make payments. Fiat will remain as we know it. Maybe it will only change physically from paper to digital because it has been transformed into a digital form. And fiat will still be used but it would be better if the government could start legalizing crypto as an alternative means of payment when banking cannot work optimally. The public will be happy to see something like that because they can use fiat and crypto together.
No, they won't. They will not legalize crypto because it will beat the value of fiat in the market. You have to be sure of that.
All over the world almost all countries want fiat currencies to have a high value in the market and we can see how the USD competes with the euro.
Although not and/or not necessarily true, their efforts in pursuing CBDC is as an alternative to not wanting to legalize crypto.
For me it doesn't matter because we can still use crypto amid the difficult economic conditions of the banking world or vice versa.
That's why I hope to see crypto go hand in hand with fiat to help people have a better life and the government supports this. So if each country legalizes crypto for its people, the government can apply its taxes to crypto users. As long as the government can be a good link between fiat and crypto, the government will also benefit because these crypto users will pay their taxes as long as it's reasonable.

We are lucky to still survive amid this difficult banking world economy because we have known crypto for a long time. But imagine how people out there haven't had the opportunity to get to know crypto. It will be difficult for them to survive this situation. the hard one. But I'm sure they can survive even though their government still doesn't want to legalize crypto.
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