Cryptocurrencies cannot replace the fiat / classic system. Let me explain now. Cryptocurrency, and specifically bitcoin, has one feature - the irreversibility of the operation. This, in my opinion, is a key property that does not allow using cryptocurrency instead of fiat funds. Let me explain - because of this property, the stolen funds cannot be returned to the rightful owner, in the absence of a password from the wallet, the funds of the deceased cannot be returned to the family, a forgotten password is equal to irreversibly lost funds, an erroneously sent transaction cannot be canceled. And there are many more situations that blockchain technology has, but fiat money does not have.
Fiat and Cryptocurrency have their own essence of existence. We cannot really easily say that cryptocurrency can replace fiat, we still need to do traditional transaction since the knowledge of cryptocurrency is not that famous and do not recognize by all countries, there are still countries that didn't recognize as a good way of payment method, and also an invesment. There are still disadvantages in cryptocurrency such as high fees when the price is at the peak, also it is irreversible when you sent it on the other wallet (mistake of sending it into another wallet). 
Topic: Will bitcoin ever succeed as a currency (Read 984 times)
As a currency I can't say but as a valuable asset (digital gold) then the answer is YES, to be honest bitcoin is digital gold alike, in fact it beats physical gold in value right now so there you have your answer, there are other cryptocurrencies that fits payment solution better than bitcoin
Cryptocurrencies cannot replace the fiat / classic system. Let me explain now. Cryptocurrency, and specifically bitcoin, has one feature - the irreversibility of the operation. This, in my opinion, is a key property that does not allow using cryptocurrency instead of fiat funds. Let me explain - because of this property, the stolen funds cannot be returned to the rightful owner, in the absence of a password from the wallet, the funds of the deceased cannot be returned to the family, a forgotten password is equal to irreversibly lost funds, an erroneously sent transaction cannot be canceled. And there are many more situations that blockchain technology has, but fiat money does not have.
Some experts are still skeptical about Bitcoin, but that there are things that can confirm Bitcoin is going to be the primary currency in the future. Large companies have their own interest in crypto. More people realize banking systems are pretty rigid, and they will be asked to provide a lot of your data when you try to make a transaction. Last but not least, the financial crisis is coming. Some experts predict that it will be much harder than the previous one. Bitcoin is considered as a safe heaven.
Bitcoin came long enough to prove to the public eye that he's worth it to named as the first and father of cryptocurrencies. The progress and achievements of bitcoin today's price was already a statement of success and worthy of the throne as the king of digital currencies. More milestone to come for bitcoin as we set a new year ahead of us and as well as the bitcoin adoption.
You said really well that btc has already shows us that it has been success .Btc is now the best and popular coin over the world and it surely worth to all .We have seen the strong price of it recently if its not been succeed how could it go so .So it is clear to us all that it is worth to the modern world .Bitcoin is very popular among the users as the store of value. I thnk that you must try to read again to understand the context dude.
You are missing the point.
For me, Bitcoin overcome so many problems already but still kicking out fiat when it comes to price and technology. Bitcoin is already succeeded in so many ways, and I think being stabilize is not enough reason to call a currency a successful one. Bitcoin has a lot of advantages versus fiat, that's why as you can see, a lot of big companies and names has already made their move which is to invest in Bitcoin. Now, they are included in the Bitcoin Enthusiast community that will further help the massive adaptation of Bitcoin.
The fact that Bitcoin could be use in daily transactions, it is already a gigantic proof that it is beyong successsful.
The fact that Bitcoin could be use in daily transactions, it is already a gigantic proof that it is beyong successsful.
Whats the need of bitcoin be recognised as a currency. As of now bitcoin and the cryptocurrency market is getting known by more number of people than the past. In simple terms people have known it an investment than a currency. As it hasn't got a paper or physical form people find it hard to give consideration to it as currency. It has been slowly getting more used on payments, and the same might make the future generation to prioritise it a currency as the upcoming generation will be completely functional on technology.
They are used to the convenience of the technology they are using. For example, people nowadays are starting to maximize the things they can do with their mobile wallet and with the pandemic still happening, these wallets and way of the transaction is safe. What I am saying is that bitcoin is not the only thing they are using right now, most of the people are not even using it and don't know it yet. Whats the need of bitcoin be recognised as a currency. As of now bitcoin and the cryptocurrency market is getting known by more number of people than the past. In simple terms people have known it an investment than a currency. As it hasn't got a paper or physical form people find it hard to give consideration to it as currency. It has been slowly getting more used on payments, and the same might make the future generation to prioritise it a currency as the upcoming generation will be completely functional on technology.
They are used to the convenience of the technology they are using. For example, people nowadays are starting to maximize the things they can do with their mobile wallet and with the pandemic still happening, these wallets and way of the transaction is safe. What I am saying is that bitcoin is not the only thing they are using right now, most of the people are not even using it and don't know it yet.
Whats the need of bitcoin be recognised as a currency. As of now bitcoin and the cryptocurrency market is getting known by more number of people than the past. In simple terms people have known it an investment than a currency. As it hasn't got a paper or physical form people find it hard to give consideration to it as currency. It has been slowly getting more used on payments, and the same might make the future generation to prioritise it a currency as the upcoming generation will be completely functional on technology.
There are several issues that make Bitcoin unsuitable for usage as a currency. It is not just the high transaction fee, but also the delays in getting confirmations. A few days back, I had to wait for almost 75 minutes to get a single confirmation. I put the transaction fee at a very high level, but unfortunately there were no blocks mined during a period of 1 hour 15 minutes. Such scenarios are very rare, but I was unlucky that it happened when I made the transaction.
Those are technical stuff and not ideological stuff and that is where the problem lies. We are now using fiat money, if we are using cash we just give some paper and get some coins back, and that's it which is very fast, if we are using debit/credit card we are just swiping something and we are done, it is very fast. However that is still fiat money and that's still unfair. You want to look at unfairness at fiat world?Recently USA passed a stimulus bill, the bill was for a total of 900 billion dollars, they gave everyone 600 dollars, there is 328 million, who will get it, 328 million times 600 makes 196 billion dollars.
Do you know where the other 704 billion dollars went? It went to already rich people so they can keep being richer than everyone else. Fiat money will keep producing more slaves, whereas crypto is here to free you, so it is not about waiting times or fee's, if you wait 75 minutes instead of doing it instantly, you are getting your freedom.
This is a gross exaggeration. The bill included a tremendous amount of small business support in addition to the individual support. What's problematic is the abuse of the small business support by businesses that didn't need assistance or took it while not being qualified. There need to be steep penalties for those businesses and their owners who did so. But republicans keep blocking all attempts at accountability.
And for stable prices there are fiat currencies and even stable coins now available in crypto market. the whole concept of Bitcoins was based on demand and supply where the demand was always going to rise while the supply was limited and took efforts to mine them. Any early investors knew this and they saw the potential which is the reason behind the unexplained growth of Bitcoins from a cent to now 40k.
People who complain about volatile price baffle me because there are so many payment methods if you want to just have stable prices and for a change we needed something different which finally Bitcoins has achieved, with time the supply will become even lesser and price even higher.
It's just that people who are captivated by the magic of words about digital currencies do not fully understand the difference between real currencies such as fiat currencies and bitcoin. Modern fiat currencies serve more as a means of payment than as a speculative or investment asset. This is exactly the niche that bitcoin is trying to occupy in modern times, and it is strange to demand price stability from this cryptocurrency in this role. People who complain about volatile price baffle me because there are so many payment methods if you want to just have stable prices and for a change we needed something different which finally Bitcoins has achieved, with time the supply will become even lesser and price even higher.
Bitcoin is a digital currency. It's a cryptocurrency. It's one of the versatile cryptocurrency. It's a system by which people can send money via internet. Actually it's a file which can be stored in a computer. There are many advantages of bitcoin. Like: bitcoin is a very easy transaction system, it's accepted by most of the people, it's beneficial than other cryptocurrencies, people can earn bitcoin by mining, people are using bitcoin all over the world,it's a faster and easier transaction system.
Despite having a lot of benefits bitcoin is not still succeed as a currency. As it's a digital currency poor and underdeveloped countries can't use it. There are some security issues of bitcoin transaction system. Government or financial authority can't control bitcoin as a result most of the governments don't like bitcoin as a currency. It uses a lot of electricity. As a result it's very costly for a country. The software and machine which is used in bitcoin system is very costly too. There are a lot of complaints against bitcoin.
So, it can be said that bitcoin can't be succeed as governments don't like bitcoin as a currency. But, in future if governments change their mindset then things will be better.
Despite having a lot of benefits bitcoin is not still succeed as a currency. As it's a digital currency poor and underdeveloped countries can't use it. There are some security issues of bitcoin transaction system. Government or financial authority can't control bitcoin as a result most of the governments don't like bitcoin as a currency. It uses a lot of electricity. As a result it's very costly for a country. The software and machine which is used in bitcoin system is very costly too. There are a lot of complaints against bitcoin.
So, it can be said that bitcoin can't be succeed as governments don't like bitcoin as a currency. But, in future if governments change their mindset then things will be better.
The main issue is scalability and adaptability. Bitcoin is still too slow to be used for ubiquitous calculations in everyday life.
However, it is already fast enough that any person in the world could invest in it as an investment. In addition, it is too volatile for people to use it as the main tool for keeping money.
However, it is already fast enough that any person in the world could invest in it as an investment. In addition, it is too volatile for people to use it as the main tool for keeping money.
But as the price changes, doesn't it become better? The more people use it might've make it more volatile but that also means that the amount of bitcoin they will be using is not that much. Fees might be a problem but there are mobile wallets that could accept and send transactions almost instantaneously without fees. If that would be used by stores or merchants, that would be really great.
People who complain about volatile price baffle me because there are so many payment methods if you want to just have stable prices and for a change we needed something different which finally Bitcoins has achieved, with time the supply will become even lesser and price even higher.
Bitcoin came long enough to prove to the public eye that he's worth it to named as the first and father of cryptocurrencies. The progress and achievements of bitcoin today's price was already a statement of success and worthy of the throne as the king of digital currencies. More milestone to come for bitcoin as we set a new year ahead of us and as well as the bitcoin adoption.
You said really well that btc has already shows us that it has been success .Btc is now the best and popular coin over the world and it surely worth to all .We have seen the strong price of it recently if its not been succeed how could it go so .So it is clear to us all that it is worth to the modern world . Is it not already a currency?
Not really. It has never fulfilled the most important aspect of a useable currency and that’s price stability. An inability to hold a consistent value makes bitcoin a poor currency. Store of value and speculative assets aren’t the same thing as a currency and that’s primarily how we see bitcoin being used.
Yeah, being used for remittances is another use-case for bitcoin where it's better than the traditional alternatives. Sending wires across borders remains relatively slow and expensive compared to bitcoin. But as an everyday currency, bitcoin is still woeful in just about every regard.
Bitcoin has been getting used as an alternate currency to the traditional mainstream currency for some needs. This will slowly get widened, because people are getting more awareness about bitcoin and has started using it for different needs. Right now very few countries have legalized the usage, and for that reason bitcoin is being considered more as an investment than a currency. The scenario will change with time when people get adopted to technology.
I think bitcoin has become a currency that can be used to buy goods and services in certain regions, but to be a currency that can replace fiat currency in my opinion it is not possible.
Bitcoin is suitable for investment and online payments.
Bitcoin is suitable for investment and online payments.
as far as i can see and i know bitcoin has been very successful as a currency. many people buy, sell, use it, it is proof that bitcoin has become a successful currency. And I think people are interested to digital currency because of bitcoin, which is easier to use for investing and making a profit. people will be interested by the benefits that are easy to get, and bitcoin is the answer, if you are smart to play it.
I think BTC is a successful currency yet. But in this platform nothing is stable. This is highly volatile by its character. BTC started its journey in a full negative time. But it struggled very hard to change the situation. Now people accepting BTC very fast and increase the use of online currency. Maybe in the future BTC will take a place that no other currency ever gain before.
With an increasing number of institutions investing in Bitcoin, the hype surrounding cryptocurrency is going to increase and more and more people will start using Bitcoin. As a result, the number of transactions will increase. But here the problem is that, with limited block size, users can expect lengthy delays. And that makes Bitcoin unsuitable for usage as a currency.
delays are fine if they are buying btc for investing . more companies investing in btc is great but that only proves that btc is great for investment and not as a currency .id be more happy if those companies also use btc on their service, for paying as a currency and not just for investment but then again there is a flaw that holds them back for doing this . we can only hope for a change in the btc code but hoping that it doesnt break the thing that we love the most
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