Topic: Replacement? - page 8. (Read 1054 times)

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.

I don't think so that will happen, each country has a different fiat value.
It should be an alternative but not replacing, the one potential advantage of cryptocurrency is that it can provide a more secure and decentralized method of conducting transactions, it cannot be reversed. But still, fiat is very important to all of us --while crypto has the potential to disrupt and transform the financial world, fiat currency remains an important and reliable form of currency for conducting everyday transactions and facilitating global trade.

It will be an alternative but I still in the belief that the government will never allow it to replace their national currency. I also think instead of cryptocurrency, the government of financial system will use digital cash to replace the physical cash in day to day transaction because it is way more cheaper than any cryptocurrency especially the POW one.


This is another reason why the government will not use cryptocurrency, banks prioritized privacy, not because of the customer but because they wanted their embezzling of customers' fund secret.

So far I hope so, because cryptocurrencies make it very easy for us to transact and be transparent.
but in the future it could happen but not anytime soon for the whole

Cryptocurrencies have the potential to change the way we think about money and transactions, but it is unlikely that they will completely replace traditional money shortly. While some businesses and individuals may prefer to use cryptocurrencies for particular transactions, such as international transfers, they are not yet widely accepted as a means of payment for everyday goods and services. This lack of widespread adoption can be attributed to several factors, including legal and regulatory issues, security concerns, and the volatility of cryptocurrency values.

One of the main challenges facing cryptocurrencies is the lack of clear regulations governing their use. While some countries have embraced cryptocurrencies and created regulatory frameworks to support them, others have banned their use outright, creating uncertainty for businesses and individuals who want to use them. In addition, security concerns remain a significant issue for cryptocurrencies, as they are vulnerable to hacking and other forms of cybercrime.

Finally, the highly volatile nature of cryptocurrency values can make them an unattractive option for use as a primary transactional currency unless you are going to HODL it and try to profit from it. The value of cryptocurrencies can fluctuate wildly in a short period, making it difficult for businesses and individuals to price goods and services accurately. While some investors have profited from the rapid rise in cryptocurrency values in recent years, others have lost substantial amounts of money due to sudden drops in value.

In conclusion, while cryptocurrencies have the potential to revolutionize the way we think about money and transactions, it is unlikely that they will replace entirely traditional money immediately. Widespread adoption will require a lot more effort from everyone.

Rather than replacement, it will provide an alternative, an option different from the regular traditional payment method. For a category of people that want cryptocurrency to become what they use primarily for transactions, it may be possible to some extent and with some vendors, but not with all vendors especially those whose business majorly requires that they have physical money.

Recently in my country, there is a scarcity of physical money, banks do not have money to give and people have resorted to alternatives of which are the online banking, USSD transfer and use of their debit cards for transactions. But in all these there are still some businesses that do not accept transfer because their wholesalers who are majorly people in the rural areas and villages who need money because people in their communities where population is dominated by aged men and women have no interest in anything that they cannot see.

Because these people still exist, cryptocurrency cannot completely replace physical money.

I know how cryptocurrency is progressing when mass adoption is being heralded by advances in blockchain technology and even several countries have legalized bitcoin as a means of payment but once again it is a small country that is different from several other countries which are stronger on their fiat finances.

I don't think that bitcoin can completely replace physical money, I even consider bitcoin as a second option for those of us who want to use it, while fiat is our daily life in any transaction and this is still being strengthened by any government to defend their currency.

The government already has regulations and there are always those who oppose bitcoin as a means of payment because of its high volatility.

An a replacement in what way? If technically speaking, probably not, Bitcoin is still unable to process the transactions of billions of people daily.
It may succeed in this in the coming years, but it is unlikely that billions of people will use Bitcoin during the next few years, so the scalability of Bitcoin looks good now.
As for rules and laws, this matter may take tens of years, and it may not happen. Therefore, it will not be a replacement, but rather a reliable and deliberate payment system and an alternative to international trade and transactions between banks and individuals, and perhaps even countries.

Crypto cannot necessarily be a substitute for physical money, but crypto can work together with physical money because using crypto requires approval from regulators and governments worldwide. At this time, several countries have legalized crypto as payment, but many other countries still have not legalized crypto but have allowed their citizens to use it as an investment.

But for the future, maybe crypto can substitute physical money or the government will launch its physical money into digital money like crypto that people can use it. Meanwhile, the government can also legalize crypto so that its citizens can use it apart from using digital money from that country.

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 don’t think bitcoin will replace fiat anytime soon. Unless every person has bitcoin and are willing to spend it as a currency, it cannot be replace fiat. In my country, many people are stuck at home because they don’t have physical cash to pay for transportation to work. The little cash they have left is spent on food and electricity. We try to use digital banking when we can but some of the sellers are either unbanked or do not feel comfortable with bank transfers. Bitcoin has a long way to go before it can replace traditional forms of money.

It's either bitcoin/crypto will be adopted by the masses as a day-to-day currency, or it will be a massive sort of 'underground currency' that sovereign people would be using. It will heavily depend on regulations of specific countries.

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?