Topic: Replacement? - page 7. (Read 990 times)
For now I think everything needs a process because there are still many considerations from the government to adopt bitcoin as a legal currency in everyday life, because some people do not fully understand how to use bitcoin and do not know how bitcoin performs, but I am sure that with the development of an increasingly sophisticated era, everything will be possible, and currently the government is exploring the performance of bitcoin and will consider making it an eye money that is legal to use in everyday life.
Not for now at least, I'm optimistic that we will be able to do that one day but not for now.
There are significant difficulties with the use of Bitcoin for daily payment so it is not likely to replace banks at the moment, but given the problems of large banks and inflation and the endless problems in the current financial system, I am optimistic that this can be achieved over time with the continuous improvement of the Bitcoin network to be eligible for payment daily.
There are significant difficulties with the use of Bitcoin for daily payment so it is not likely to replace banks at the moment, but given the problems of large banks and inflation and the endless problems in the current financial system, I am optimistic that this can be achieved over time with the continuous improvement of the Bitcoin network to be eligible for payment daily.
Although cryptocurrency is becoming more popular as a payment method, it has not yet completely replaced physical money in everyday transactions. Although some businesses accept it as a payment method, several obstacles, including the ability to handle large numbers of transactions, the need for regulations, and concerns about illegal activities, keep cryptocurrency from becoming the primary form of transaction. Nonetheless, the cryptocurrency industry is constantly evolving, and new developments may emerge in the future that will make cryptocurrency a more mainstream form of payment, but there is no guarantee that it will completely replace physical money.
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?
No, cryptocurrency cannot be a replacement to physical money because it was not the intention of the creator of Bitcoin as the king of cryptocurrency for bitcoin to replace physical money.
Bitcoin was created as an alternative to physical money. Which means if you want to use the physical cash you are free, but if you instead want to use bitcoin you are also free to use. But let us pull down the idea of cryptocurrency wants to battle against physical cash. Let both of them go together for the benefits of the Society
I consider myself to be a capitalism absolutism in terms of currency -- I'd appreciate a healthy competition between crypto and fiat and allow the consumer to choose which currency fits their needs. That being said, Bitcoin could absolutely replace physical money if the physical currency you're talking about destabilizes itself and if the central banks introduce CBDC's as an alternative.
Seems the government backers of traditional currencies themselves would be the first to tell you that physical money is outdated in order to give leeway towards the intro of their own digitalized currency. Surely it would be in their interest -- digitalized currency means more centralization and control.
Cryptocurrencies have been gaining popularity and acceptance as a form of payment for goods and services. However, there are still several challenges that need to be addressed before they can completely replace physical money. Some of these challenges include:
1. Adoption: Cryptocurrencies are still not widely adopted as a form of payment, and many people are not familiar with them. This could be a barrier to widespread adoption.
2. Volatility: Cryptocurrencies are highly volatile and their value can fluctuate rapidly. This makes them a risky investment and could deter some people from using them as a primary form of payment.
3. Security: Cryptocurrencies are stored in digital wallets, which can be vulnerable to hacking and theft. This poses a risk to users and could undermine confidence in cryptocurrencies as a secure form of payment.
4. Regulation: Cryptocurrencies are largely unregulated, which can make them susceptible to fraud and other illegal activities. Governments and regulatory bodies are still grappling with how to regulate cryptocurrencies effectively.
Despite these challenges, some experts believe that cryptocurrencies have the potential to become a primary form of payment in the future. As technology continues to evolve, it's possible that these challenges will be addressed, and cryptocurrencies will become more mainstream.
1. Adoption: Cryptocurrencies are still not widely adopted as a form of payment, and many people are not familiar with them. This could be a barrier to widespread adoption.
2. Volatility: Cryptocurrencies are highly volatile and their value can fluctuate rapidly. This makes them a risky investment and could deter some people from using them as a primary form of payment.
3. Security: Cryptocurrencies are stored in digital wallets, which can be vulnerable to hacking and theft. This poses a risk to users and could undermine confidence in cryptocurrencies as a secure form of payment.
4. Regulation: Cryptocurrencies are largely unregulated, which can make them susceptible to fraud and other illegal activities. Governments and regulatory bodies are still grappling with how to regulate cryptocurrencies effectively.
Despite these challenges, some experts believe that cryptocurrencies have the potential to become a primary form of payment in the future. As technology continues to evolve, it's possible that these challenges will be addressed, and cryptocurrencies will become more mainstream.
But it wouldn't guarantee that it will replace physical money for daily transactions. As far as we know there is already digital form of money that can easily replace physical cash and is already controlled and managed by the government. So I think, the government will not bother to use decentralized cryptocurrency to replace physical cash. Cryptocurrency as created will always be an alternative may it becomes mainstream or not.
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.
Again there is no chance that the government will allow decentralized cryptocurrency or not issued by the government to replace physical money.
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.
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 far as I know, someone has given a prediction like that before, but of course that is just his opinion and opinion. Right now, no one can say that to be honest.
Although it may or may not happen, it probably depends on the situation that all countries around the world will do if that happens. But if you say now, it will remain just speculations of an individual here in the field of cryptocurrency.
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?
What do you mean by cryptocurrency? If bitcoin, then it is unlikely to replace physical money. Governments of countries will not allow this and they have their own version of cryptocurrency for these purposes. It's about the CDBC.But CDBC is likely to replace both physical and electronic money and will be used in everyday life. Otherwise, why would they develop it? Of course, in order to prevent the influence of cryptocurrencys. In particular, bitcoin.
So, there will be a replacement, but not the one we would like.
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 will never replace conventional money.All countries will have their own national currencies.Cryptocurrency is a universal way to transfer funds that suits two parties,both the one who sends the payment and the one who receives it.There is development in the industry, and it can be seen that it has been very good over the past year.More and more payment systems work specifically with cryptocurrencies and can quickly convert crypto to 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?
No, cryptocurrency cannot be a replacement to physical money because it was not the intention of the creator of Bitcoin as the king of cryptocurrency for bitcoin to replace physical money.
Bitcoin was created as an alternative to physical money. Which means if you want to use the physical cash you are free, but if you instead want to use bitcoin you are also free to use. But let us pull down the idea of cryptocurrency wants to battle against physical cash. Let both of them go together for the benefits of the Society
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?
No, i do not believe that bitcoin and crypto currency will be a replacement to the worldwide fiat system; Instead, bitcoin and crypto currency can become a quality alternative when it involves sending money from one continent to another continent all under couple of minutes. If you have noticed; you would realize that the chain movements involves the following chain cycle
fiat (cash) = bitcoin = trade = take profit = withdraw profit = back to fiat (cash)
I agree, imagine people especially old people had to use online rather than physical money which is complicated for them to use in any transaction. Its true that they can be assisted but in everyday life I dont see it functioning very well. It can be use thru larger assets transaction its also gives less fee.
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'll be adopted as a currency, but it wouldn't replace fiat itself. Physical money WILL be digitalized so physical money will be phased out at some point in time. That doesn't mean that fiat will disappear though no, the medium would just be transferred from physical to digital. The government wouldn't like their current situation to disappear, especially if you consider how crypto is good on the side of us users, and not for the controllers. They couldn't exactly stop crypto from growing on the other hand though, so a side by side kind of existence would be my bet. 
This will be impossible since some countries have placed ban on bitcoin and crptocurrency at large,this means that those countries must first accept bitcoin as an alternative means. Bitcoin will first be accepted as a legal tender all over the world before this can happen,which I don't see it coming easily.
The volatile nature of bitcoin will also be a big challenge for this to happen. In a twinkle of an eye bitcoin price goes very dip,do you think that its users will be able to accept this loss ? No,bitcoin is also a decentralized system which doesn't need a third party for transactions to be made. Government will never accept this because they are always in charge of every financial institutions in their country which makes it impossible for them to control the citizens financial activities.
The volatile nature of bitcoin will also be a big challenge for this to happen. In a twinkle of an eye bitcoin price goes very dip,do you think that its users will be able to accept this loss ? No,bitcoin is also a decentralized system which doesn't need a third party for transactions to be made. Government will never accept this because they are always in charge of every financial institutions in their country which makes it impossible for them to control the citizens financial activities.
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Everything can happen in the future, especially if more people or governments realize the potential benefits of crypto that are bigger and can be used by many people. But for now, I don't think crypto can be the main transaction in our daily lives because people still use fiat.
Maybe for now, we should use crypto as an investment that can provide benefits in the future. So as time goes on and the acceptance of crypto has increased, we are ready to use it as the main transaction and have more and more of it.
Maybe for now, we should use crypto as an investment that can provide benefits in the future. So as time goes on and the acceptance of crypto has increased, we are ready to use it as the main transaction and have more and more of it.
It has a possibility in the future, but for now, it's a no because cryptocurrency was not made to replace our current system; it was made for us to transact. Though the possibility of going cashless in the future is very possible, there is a chance that it will be derived from cryptocurrency. But for now, let's focus more on using it as well as getting profit from it since if this well happens in the future, then we would be happy, but for sure, this will take more time.
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?
No, not soon.
Sovereign governments and nations have proven themselves to be jealous over the power they have to control the economy to please the plans of their party. Look what happened to the project of cryptocurrency by Facebook/Meta, it was tackled by regulators until it ceased to exist.
That happened because the agencies are aware that Facebook could have replaced much of the traditional banking system of several countries and become a big competitor within the United States and the world, thanks to their user base.
Bitcoin would have suffered the same destine if it was not a decentralized and open source project from the beginning. Since the agencies won't be able to tackle it in the same way they did to Libra/Diem, they will try to delay the adoption as much as possible.
As a replacement, I doubt it. It may be possible in the next several decades, but right now it is hard to imagine sovereign countries completely abandoning their own currencies in favor of Bitcoin. Fiat evolves. By the time Bitcoin becomes relevant, which is gradually happening as we speak, fiat is also making adjustments. Bitcoin may become an inspiration of the next fiat designs but it lacks something vital that government or central banks might need in dispensing their power.
At best, Bitcoin will be accepted alongside fiat, and probably even achieve a reserve currency status.
At best, Bitcoin will be accepted alongside fiat, and probably even achieve a reserve currency status.
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.The transition from physical cash to digital cash is possible though I think it will take decades to centuries to happen. Of course physical money will not be forgotten because if the time comes when physical money become obsolete, it will become a collector's item where it can be the content of several museums.
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.
I think of cryptocurrency as an alternative way of online payment. It never came to my mind that cryptocurrency will replace fiat currency ever.
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?
IMHO.There's no need to think about it anymore. Beforehand, it's like a topic that's on the everyday discussion but with things right now, it's no longer an interesting to talk about.
And that is because whether there's an approval from the government, it won't really matter because the power is on our hands whether we're in a place where the crypto community is truly supportive.
Coming to the point that most merchants accepts it lightly without any problem and all are voluntarily happily accepting it.
It wouldn't be an easy transition, but it's sure as hell that we'll see the digitization of money slowly thanks to the idea of cryptocurrency. A lot of countries are already in the works of releasing their own CBDCs, and a lot are already in R&D for it. It's quite an investment to all the tech, hardware, etc. but eventually it will pay off and offset the expenses that they have compared to minting physical money.
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