The future currency | Bitcointalksearch.org

Mr.right85

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Quote from: Edcrypto91 on January 24, 2023, 12:30:30 AM

As crypto currency is now a form of widely used transaction method of online businesses and many others, the question is will crypto currency overthrown our Normal real money in the future

I believe it may what do you think?

In what sense do you imply when you say its widely used for a method of transactions...
If you imply its ability to be used as a means of payment around the globe with me4chants that have this means available for its customers, then you've hot a point.

If your implying in terms of how popular amongst merchants for a means of payment, that might not be accurate. Majority of those offering some service and sale of products areore dependent on fiat currency for payment of there services or products.

Quote from: franky1 on January 24, 2023, 12:46:16 AM

over throw.. no
offer a extra choice.. yes

Jus like franky1, I don't see a world where the government would want to relinquish its power to a system where they've got nothing much to benefit other than a reduced work load on printing fiat currencies. Cryptocurrency cannot be accurately taxed, it lacks the controlling power they gain from fiat currency.

Obari

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Crypto currency according to how it works it is being explained and is known as a digital currency which is an alternative form of payment created using encrypted algorithm..
I don't think the essence of crypto currency is to raid away other currency operation you need a place to buy it and also need a place to put it we all know that bitcoin is the largest trade by market cap
People choice bitcoin because of it hIgh yield although it is a risky investment i think people only have trust in the trade

Alpha Marine

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First, was bitcoin which is the first cryptocurrency, created to overthrow fiat completely? Was that the goal of its creation?
Cryptocurrencies will not overthrow Fiat. I am tempted to say it might be possible in the future, like say, 3 centuries later but I don't see how that's going to work when there are so many cryptocurrencies available. If bitcoin were the only cryptocurrency then maybe in 100-300 years it might overthrow fiat but with the amount of crypto available today and more to come in the future I don't see how possible it is.

Cryptocurrencies would always be a medium of exchange. It has come to stay most especially BITCOIN. There are other acceptable mediums of exchange aside from fiat today and I think bitcoin would be one of them in the future. I don't know how long it will take to be accepted worldwide.
When I got on this platform, I began to see bitcoin differently; as a medium of exchange and not just an investment. Fiat is seen as a medium of exchange that is traded and also an investment so why can't bitcoin too be seen and used in that way?

pooya87

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We have to be clear that it will take a very long time for cryptocurrencies to start being used for any real transactions in real world on a scale that can make us call them "payment systems". So far we only have seen bitcoin reach that level and be used for real transfer of money in real world (both online and offline businesses) while altcoins remain on exchanges for trading (aka gambling) purposes.
But even if bitcoin reached mass adoption it still wouldn't replace the centralized payment systems that are controlled by the government and the banking system.

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Quote from: Edcrypto91 on January 24, 2023, 12:30:30 AM

As crypto currency is now a form of widely used transaction method of online businesses and many others, the question is will crypto currency overthrown our Normal real money in the future

I believe it may what do you think?

Digital currency will not replace, our current money, it will be just an additional currency at the moment it will take years or decades for it to happen, although it's not impossible, like in movies which are very futuristic, besides not all countries can adapt it this happens, having digital currencies alongside the money were are using are convenient, and easy to carry.

Darker45

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Overthrow is a big word. It won't happen. The most that could happen is that it would be accepted by all countries to be an alternative legal tender. When that happens, it still doesn't mean that fiat is overthrown. It simply means Bitcoin is accepted alongside fiat.

By the way, I know what you're referring to when you speak of "real money," but Bitcoin is also real money. It is not just a future real money; it is already real money today, although not yet as widely accepted as fiat. As a matter of fact, Bitcoin is probably more of a money than a piece of paper backed by nothing but debt.

Vyeon11

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Quote from: Edcrypto91 on January 24, 2023, 12:30:30 AM

As crypto currency is now a form of widely used transaction method of online businesses and many others, the question is will crypto currency overthrown our Normal real money in the future

I believe it may what do you think?

such a possibility is very small, bitcoin in the future will definitely be more advanced than now.
but if it comes to overthrowing fiat money, things like this are quite difficult.
because you also know yourself, there are still many countries that don't like bitcoin, and of course that will be a big obstacle for bitcoin to spread its wings wider.
I also hope that bitcoin can be accepted in all countries, we'll see in the future. Wink

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Quote from: Edcrypto91 on January 24, 2023, 12:30:30 AM

As crypto currency is now a form of widely used transaction method of online businesses and many others, the question is will crypto currency overthrown our Normal real money in the future

I believe it may what do you think?

Crypto is a form of currency but is not widely used. It is not that popular yet as a currency, most people use bitcoin as an investment asset. Even I can't remember the last time when I buy something with crypto, in my case maybe I don't want to exchange my bitcoin for something or any service.

Quote

the question is will crypto currency overthrown our Normal real money in the future

Maybe, but I don't see this happening soon. Governments are going strong with banks.

Stalker22

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Quote from: Edcrypto91 on January 24, 2023, 12:30:30 AM

I believe it may what do you think?

It is possible that cryptocurrency could play a larger role in the future of financial transactions, but I doubt it will completely replace traditional forms of currency. Many governments and central banks around the world are considering issuing their own digital currencies, known as CBDCs. However, it is too early to tell how that will affect other types of money such as cash or credit cards.

For the time being, the use of cryptocurrency in everyday life is still very limited. For example, there are only a limited number of stores where you can buy products using Bitcoin, and there are only a handful of ATMs that allow people to exchange cash for cryptocurrency. But, i think it is worth paying attention to developments in the cryptocurrency space because of its potential impact on traditional financial systems.

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Get one thing very important about cryptocurrency bitcoin inclusively, it wasn't created to overthrown fiat but rather it's created to support fiat and fasten the way of transaction that's why it's said to be a financial freedom.
E.g, you can send billion dollars using bitcoin without any questioning from any authorities but you can't freely do that with bank without going through questions and hard time, maybe this might takes days to process but with bitcoin and any other altcoin out there will be just some seconds to send and process and without time the receivers gets it immediately.

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Quote from: Edcrypto91 on January 24, 2023, 12:30:30 AM

As crypto currency is now a form of widely used transaction method of online businesses and many others, the question is will crypto currency overthrown our Normal real money in the future

I believe it may what do you think?

more precisely not to overthrow the existing fiat, it's just that cryptocurrency will be an alternative for anyone who wants to transact or invest, until whenever cryptocurrency will not be removed from circulation because millions of people have used it and are comfortable with it.

Quote from: franky1 on January 24, 2023, 12:46:16 AM

...
governments will still keep THEIR product(fiat/CBDC) in power. with laws like minimum wage/tax/court fines and debts
however people will have more choices

because the government was not successful in stopping cryptocurrencies, they created CBDCs and claimed it was the real evolution of money and more sophisticated - safe - efficient than bitcoin and other cryptocurrencies. in fact, CBDCs was a trick the government used to print more digital fiat for interests not the needs of citizens.

Razmirraz

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Real/fiat money will still exist even though the government has issued a digital currency (CBDC), the existence of a CBDC can provide additional options in making transactions. There are factors/risks to be considered that prevent the government from freezing fiat money, laws on state benefits will continue to operate even though currency technology continues to develop. The government will guarantee the existence of fiat money and will continue to maintain its circulation among the public even though CBDC has been widely used as a transaction tool.

Majestic-milf

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I doubt that fiat will be replaced by crypto. Granted, this is the 21st century and everyone or mostly everyone is tech savvy but one would also consider the older generation who are not either interested in leaving the traditional method of accepting money, or do not have a means of transacting digitally
Understandable that these digital currencies can't be easily manipulated like the fiat, yet it's better to have an alternative so people can have what to choose from.

Fara Chan

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Quote from: Edcrypto91 on January 24, 2023, 12:30:30 AM

I believe it may what do you think?

Impossible to happen, returning to the original purpose of cryptocurrency and overthrowing fiat currency is not one of its goals, cryptocurrency currency was created as a medium of exchange and a medium for transactions, buying and selling online, and every government will still maintain Fiat in its power.
But how happy would it be for holders of cryptocurrencies to have things like you want to happen, and in fact these two currencies will continue to grow side by side and leave people free to make their choices as they wish.

inthelongrun

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By saying cryptocurrencies overthrowing the normal and old-fashioned fiat means overthrowing also the many governments around the world as well which seems impossible. What you are seeing OP right now is many governments are being tolerant of cryptocurrencies and are keen on regulating them. Governments will have their own centralized versions of cryptocurrencies sooner or later or CBDC which will co-exist with decentralized cryptocurrencies.

What we should be hoping for in the near future is legalizing cryptocurrencies, particularly bitcoin as legal tender. So far we only have El Salvador and the Central African Republic. Let's see who's next to follow in their footsteps.

BenCodie

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Quote from: franky1 on January 24, 2023, 12:46:16 AM

over throw.. no
offer a extra choice.. yes

governments will still keep THEIR product(fiat/CBDC) in power. with laws like minimum wage/tax/court fines and debts
however people will have more choices

Right.

Empowerment will not be given to people. People will need to empower themselves. Those who are stuck in the old ways of the world will remain there. They won't have their hand held to the better alternative/choice. Over time though, the transition will be made easier. People will be come more educated and will see that it will be vital to help their family and friends to make the transition. In the long future, being apart of the fiat system willingly will be futile the average person. Its surrounding infrastructure though, as franky1 mentioned, will likely remain useful or unavoidable to remove from life in some way. It's interesting to think about this future!

Jawhead999

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Bitcoin doesn't need to be accepted as legal tender, it's only need to be legal to buy, sell or hold Bitcoin.

Even you can use Bitcoin to pay groceries in your country, I don't think there's a lot demand to use Bitcoin as a currency, moreover I think there might be a possible drama where the owner doesn't really understand how to keep safe their Bitcoin e.g. seeds, private key, password etc. It's really need a lot of time until everyone understand about Bitcoin and there will be no problem to accept Bitcoin as legal tender.

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Quote from: Edcrypto91 on January 24, 2023, 12:30:30 AM

As crypto currency is now a form of widely used transaction method of online businesses and many others, the question is will crypto currency overthrown our Normal real money in the future

I believe it may what do you think?

Nope.

I also believe before that it can not until I've been struct by the reality that bitcoin is good as an alternative and not going to be the main currency and it's due to the conflict that the governments have.

They just can't allow solely bitcoin to overtake their fiat currencies unless they're like El Salvador that declared it as a legal tender and the same as Central African Republic. Despite that, they've got two main currencies and that's why it will be used the same as their main money.

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Quote from: Edcrypto91 on January 24, 2023, 12:30:30 AM

As crypto currency is now a form of widely used transaction method of online businesses and many others, the question is will crypto currency overthrown our Normal real money in the future

I believe it may what do you think?

I don't think cryptocurrency aims to push aside fiat. As the use of cryptocurrencies keeps increasing people would have to choose between them and fiat. Most countries would keep enacting policies that would either increase or decrease the rate of Bitcoin adoption and use. Bitcoin and others would always be an important alternative to fiat. It might be easy for Bitcoin to overshadow fiat in countries such as El Salvador and the Central African Republic that have made Bitcoin a legal tender. But this would take many years because the necessary awareness programs, infrastructure, and policies have to be put in place.

mk4

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Both will coexist, and people will use whatever they see fit for their needs. One will not overthrow the other — the question is just how much percentage of market share will bitcoin/crypto actually take.

Topic: The future currency (Read 223 times)