Replacement? - page 6. | Bitcointalksearch.org

samcrypto

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Quote from: Scripture on March 21, 2023, 05:24:13 PM

Quote from: GlobalMilk99 on March 09, 2023, 11:35:11 PM

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?

Not a replacement but you can use both, fiat and crypto have their own pros and cons.
With the current situation of many banks, I'm pretty sure many are already considering to buy Crypto where they can have fully control with their money but again, you should not be complacent with crypto since there's still a risk on that. Fiat currency will also stay no matter what, they are made for that and the government will not allow that to happen if ever.

This has been discussed many times already, Crypto will not replace fiat currency but it can be a good alternative especially there’s a big threat of crisis and higher inflation. Let’s see if Crypto will really be the safe haven if there’s a financial crisis. US is on a big risk of entering this phase, many are on panic already so I’m wondering if they will invest in crypto or just pull out their money and put it on something else.

Scripture

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Quote from: GlobalMilk99 on March 09, 2023, 11:35:11 PM

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?

Not a replacement but you can use both, fiat and crypto have their own pros and cons.
With the current situation of many banks, I'm pretty sure many are already considering to buy Crypto where they can have fully control with their money but again, you should not be complacent with crypto since there's still a risk on that. Fiat currency will also stay no matter what, they are made for that and the government will not allow that to happen if ever.

nicolas1979

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Quote from: GlobalMilk99 on March 09, 2023, 11:35:11 PM

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?

Now cryptocurrency has become a means of transaction, even though this has not been officially stated by the government. Many websites provide transaction services through digital currency. In fact, we fellow crypto users have made Bitcoin a transaction tool.

Iroh

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Quote from: Sarah Azhari on March 15, 2023, 09:40:34 PM

Quote from: GlobalMilk99 on March 09, 2023, 11:35:11 PM

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 satoshi dream in last 2009 when he created bitcoin, but it's not easy to replace a system that running hundreds of years because need at least education and learning from beginning. Because not many people understand if the new system is better than old system.

Like others have promptly pointed out, I highly doubt Satoshi's dream when he created and released bitcoin to the world was to take over and replace the current system of payment which is to a large extent, the fiat system of payment. More likely, bitcoin is there as an alternative system(some would say a more better mode)of payment to the traditional fiat system.

While bitcoin has progressed and is steadily gaining more popularity and usage worldwide, I don’t see bitcoin replacing the traditional fiat currency anytime soon. No doubt, the world is evolving and changing rapidly so as the modes of payment for commerce is changing. But that would not edge out the fiat system so easily.
Obviously, if there would be any replacement at any time for the current system of payment, we would also need the governments nod of approval for bitcoin to actually healthily compete to replace the existing payment system.

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Quote from: GlobalMilk99 on March 09, 2023, 11:35:11 PM

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?

Well, we can say it could happen if we took consideration that just a few would be able to do that. If you're referring to the generality of the people being able to use it as a primary transaction channel, I think that will be impossible. I ain't trying to be pessimistic here. Despite how popular the dollar and pounds are, they aren't still recognized and used globally. Bitcoin/cryptocurrency is more complex than fiat.

Issa56

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It will be difficult for bitcoin to replace fiat, and bitcoin was not created to replace fiat even at the long run. It's going to take time before everyone will have to know about bitcoin, and if everyone knows about bitcoin, not everyone will be able to make transaction with bitcoin. people in some rural areas will find it difficult to use bitcoin, in some rural areas their is no internet connection, so how will those people be making daily transactions with bitcoin, it won't really be possible.

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Quote from: Questat on March 16, 2023, 04:18:53 AM

Quote from: GlobalMilk99 on March 09, 2023, 11:35:11 PM

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?

Not impossible to happen but the question is if the government will allow it. Or just about to accept that the government will control crypto then when it happens? In this situation, we are just like using fiat money.

Because for me, it was not necessary that we have to replace fiat money. While embracing digitalization and crypto gives us more options for which one to use in our comfort. Meaning, we can either use the two depending on what we choose or consider the place where we live.

Yes, there must be both. FIAT money is unsecured money whose use is forced on society. Bitcoin is honest money that freed the world from the fakes of FIAT currency. One of the biggest threats to a free society is the end of hard currency. Digital payments are NOT a good thing if that's the only option. Cash must remain for the security of the country.

Questat

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Quote from: GlobalMilk99 on March 09, 2023, 11:35:11 PM

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?

Not impossible to happen but the question is if the government will allow it. Or just about to accept that the government will control crypto then when it happens? In this situation, we are just like using fiat money.

Because for me, it was not necessary that we have to replace fiat money. While embracing digitalization and crypto gives us more options for which one to use in our comfort. Meaning, we can either use the two depending on what we choose or consider the place where we live.

fadhilz123

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Quote from: libert19 on March 15, 2023, 10:42:12 PM

Physical money is already replaced by digital money (cards, online banking). If you meant crypto as replacement for fiat money, my answer is, no. Both will go hand in hand.

I also hope that crypto and fiat money can go hand in hand even though fiat money has been replaced with digital money via online banking cards. Because when crypto and digital fiat money can run concurrently, of course the users of both will also be more numerous because they already have two options that can be used for any payment if both are running concurrently.

In addition, the development of technological sophistication will also be increasingly visible when the two options are used by many people in this world. Because this will definitely expand into the broader realm of business so that many people will really feel the benefits in the future. Even if crypto really goes hand in hand with digital fiat money like now.

xSkylarx

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Quote from: Sarah Azhari on March 15, 2023, 09:40:34 PM

Quote from: GlobalMilk99 on March 09, 2023, 11:35:11 PM

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 satoshi dream in last 2009 when he created bitcoin, but it's not easy to replace a system that running hundreds of years because need at least education and learning from beginning. Because not many people understand if the new system is better than old system.

It is not dream by Satoshi his dream was only used by everybody and take part of its technology which also gives people freedom financially and also to take away those expensive fees on transferring money before. Though it has a chance of replacing fiat but it wont be happening soon as it is difficult to do it as there are a lot of factors and our fiat is very establish right now but a lot of loop holes. Lets not think about replacing the fiat by bitcoin lets focus on what we can achieve more by using bitcoin.

libert19

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Physical money is already replaced by digital money (cards, online banking). If you meant crypto as replacement for fiat money, my answer is, no. Both will go hand in hand.

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Quote from: Sarah Azhari on March 15, 2023, 09:40:34 PM

Quote from: GlobalMilk99 on March 09, 2023, 11:35:11 PM

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 satoshi dream in last 2009 when he created bitcoin, but it's not easy to replace a system that running hundreds of years because need at least education and learning from beginning. Because not many people understand if the new system is better than old system.

No, it's not satoshi's dream, bitcoin was created as an alternative to centralized banking system, he never said bitcoin would replace physical money. We are moving towards a digital world, so physical currency will soon be replaced, but it will not be a cryptocurrency, but rather a digital currency developed by the government. Crypto would also be a candidate, but unless the government finds a way to completely control the crypto industry, including bitcoin, and it will be almost impossible.

Sarah Azhari

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Quote from: GlobalMilk99 on March 09, 2023, 11:35:11 PM

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 satoshi dream in last 2009 when he created bitcoin, but it's not easy to replace a system that running hundreds of years because need at least education and learning from beginning. Because not many people understand if the new system is better than old system.

Xampeuu

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indeed the original purpose of bitcoin was created as a currency, a means of payment. but government regulations so far have not made it possible to make it happen, in its journey because it uses a few people and continues to grow, price fluctuations are unavoidable, so that in the end many people use it as an investment or trading tool, where the main goal is to make a profit. I think it's still a long time to see bitcoin as a means of payment let alone a substitute for money, seeing as the government still chooses a centralized system

Hydrogen

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Quote from: GlobalMilk99 on March 09, 2023, 11:35:11 PM

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 concept of crypto replacing cash or other forms of digital transaction carries a negative slant to it.

There is a positive trend where cash and digital currencies learn from crypto and become better as a result of it existing. Providing better value and assets for wealth storage to consumers and economies of the world.

Being mad at crypto is like being mad about the pentium processor being the latest evolution of an abacus. Crypto never truly replaces money. It is simply an evolution and branching of it.

It is not crypto that people hate and fear. It is change. Some are unhappy that the world is changing. They want things to remain the same.

If we look at history we can see that this never happens. Change is one of few relative constants.

Dr.Bitcoin_Strange

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OP, for this to happen, a country must have fully adopted Bitcoin or another cryptocurrency as a legal tender and be able to control the volatility of it or other cryptocurrencies. If you must know,cryptocurrency volatility means more profit or loss for users crypto investments. When the crypto market is so high, that means your investment will be generating profit, but when the market is down, it means your profit or asset value will also be going down, and to make profit on our crypto investment, we really need the volatility, and Bitcoin volatility cannot be controlled because Bitcoin is a decentralized crypto. For the sake of volatility, Bitcoin cannot replace the physical cash because we sometimes need the cash to remain stable, so crypto violet stability rule and go against money integrity. Some investors would mostly convert their crypto to fiat some times.

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Quote from: GlobalMilk99 on March 09, 2023, 11:35:11 PM

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 you can, there are even some countries that accept crypto as a medium of exchange, but for now cryptocurrency users are still very limited. One reason why crypto is still very limited is high price volatility and crypto can change significantly in a short time.

AnonBitCoiner

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Crypto is necessary for making cash but it cannot occupy the space of physical money. Not every individual can utilize bitcoin as a payment method and I think physical money is very easy to understand but crypto is not understandable for everyone.

Those people are a part of bitcoin and rely on it who have some experience with it but most of individuals are not familiar with crypto so they find it hard and will not easily take it serious.

Physical money has its own space and utility and it cannot be changes and will never replace by crypto.

darewaller

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Quote from: isaac_clarke22 on March 11, 2023, 02:13:43 PM

Quote from: GlobalMilk99 on March 09, 2023, 11:35:11 PM

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?

If it is Bitcoin that we're talking about, then I highly doubt it though I mean that in a good way. If Bitcoin is going to replace the physical money, then surely government would intervene in this "replacement" idea happening and we all know that we use Bitcoin not just for investment but also to how decentralized it is.

There might be other cryptos into mind that "might" replace physical money considering how the common blah blah blah technological evolution happens, but take that with a grain of salt, OP.

He was talking about crypto as a whole but Bitcoin will still come as the first choice of the people because it's already been tested through time. The only thing is, is that this it is unlikely because both are not the same. It's already in their names, that is one is physical (physical money) and the other is crypto (crypto/digital currency) and like you said, cryptos are also not good in the eyes of most governments so its unlikely that they will agree that it will replace the current currency that we have.

Bitcoin can be used as an investment other than a currency but that is not an issue here but decentralization can be a big deal to the governments because they can not totally control BTC this way.

gaston castano

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I think if the use of digital money will develop in the future, it doesn't mean that fiat will disappear but change form to digital.
crypto and fiat will still exist and be used concurrently.

Topic: Replacement? - page 6. (Read 1040 times)