Will Bitcoin supersedes Cash in the near future?

CODE200

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Quote from: Kakmakr on August 15, 2017, 12:25:27 AM

As of July 2013, currency in circulation—that is, U.S. coins and paper currency in the hands of the public—totaled about $1.2 trillion dollars. The amount of cash in circulation has risen rapidly in recent decades and much of the increase has been caused by demand from abroad.

So we still have a long way to go to supersede fiat currency. The thing is, fiat cash is being printed like toilet paper and it decrease in value, where Bitcoin increase in value. ^smile^

Dollar has it owns circulating stocks in the market or in transaction. So it's system is quit different compare to bitcoin. We all know bitcoin as a form of crypto-currency which its stock is based on the web and it's value depends on the transaction on the block chain or the support of the people choosing bitcoin as a form of transaction. While fiat mainly base its value on the given value implemented by the government that somehow is stable. And Bitcoin depends on fiat more than fiat depends on crypto-currencies.

cluit

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Quote from: DoublerHunter on August 23, 2017, 03:13:36 AM

Quote from: Fappanu on August 22, 2017, 10:20:47 PM

It's likely that we will have it and that will be through many conversations and the worst will be a riot. We know that its price is down and up and the crypto is dependent on the buyer's demand. And if it loses it can be a lot of people will lose money and of course damage their lives. This is my opinion only based on my knowledge. But bitcoins can not be replaced with Fiat Currencies.

It is not bitcoin can not be replace with fiat currencies because it is opposite. Fiat currencies can not be replaced with bitcoin because bitcoin and other cryptocurrencies are not stable so its value may not be worth it to hold and to be used for daily basis and a lot of people will not be able to understand the technology behind this so it is not that possible to replace fiat.

Bitcoin supersedes cash/world currencies in every way round. Right from the time it was sold $50, it gained more worth than every currency. But, If what actually meant to say was that bitcoin will replace world currencies, then you’re wrong. Bitcoin is just a virtual currency, which means it’s unregulated and can’t replace any currency.

DoublerHunter

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Quote from: Fappanu on August 22, 2017, 10:20:47 PM

It's likely that we will have it and that will be through many conversations and the worst will be a riot. We know that its price is down and up and the crypto is dependent on the buyer's demand. And if it loses it can be a lot of people will lose money and of course damage their lives. This is my opinion only based on my knowledge. But bitcoins can not be replaced with Fiat Currencies.

It is not bitcoin can not be replace with fiat currencies because it is opposite. Fiat currencies can not be replaced with bitcoin because bitcoin and other cryptocurrencies are not stable so its value may not be worth it to hold and to be used for daily basis and a lot of people will not be able to understand the technology behind this so it is not that possible to replace fiat.

subSTRATA

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:^)

Quote from: JimmieA on August 21, 2017, 11:39:52 AM

It is true that btc maybe will dominate the money market in the future, but the question "will btc replace cash in the future?" Is a question that many people have asked many times and the answer is always Is "impossible". Although btc develops and has the high price then it will still not be able to replace cash because using btc in small transactions daily is really difficult, in addition to the inconvenience of trading , what is more important than is the fee we must pay per transaction is too high.

as far as fees are concerned, it wasn't always like this, and won't always be like this. even just 2 years ago we were looking at fees that equated to pennies.

Quote from: erickkyut on August 20, 2017, 10:57:38 AM

I don't think that Bitcoin can supersedes cash in the near future. Bitcoin has the potential to be the Universal Currency but it is still just a digital currency. There will be instances that Digital Payment is not accepted or not available therefore, we will still be needing cash or money for the transactions.

on the grand scheme of things, fiat is still relatively new. throughout human history, we've used various forms of currency ranging from salt, precious metals and gems, and even cattle before representative money in the form of paper or imprinted coins came about. we're just now entering the age of digital currency, and it may not be bitcoin, but cryptocurrency in general may be the next legal tender.

Fappanu

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It's likely that we will have it and that will be through many conversations and the worst will be a riot. We know that its price is down and up and the crypto is dependent on the buyer's demand. And if it loses it can be a lot of people will lose money and of course damage their lives. This is my opinion only based on my knowledge. But bitcoins can not be replaced with Fiat Currencies.

Rishabh riyz

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According to the increase in number of people using bitcoins it would surely supersedes cash in near future .
In this decade we observed many changes , the world is now developing and has started using digital ways like for buying goods , dresses and even groceries people prefer online shopping , with new apps coming around people are also going with the flow , we started using digital currencies instead of physical .
But if we see it would become hard for the people who live below poverty line, they don't know how to access smart phones . How would they earn.!? Everyone does not has access to smart phones , and everyone is not that literate that they can use bitcoins .

micher143

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Quote from: Hammonds on August 15, 2017, 01:41:22 AM

Quote from: Misshi on August 14, 2017, 11:13:22 PM

Being the first digital currency to really establish deep and firmly in the market. Do you think in the near future Bitcoin will dominate our current currency?

It seems that it will be difficult to be true, because the price of bitcoin is not stable. Plus there are still many people who do not know bitcoin, if it will happen is not in the near future, it took about 10-5 years again so bitcoin became known by everyone in world.

If we are going to analyze bitcoin system in a wider scale we could actually see that bitcoin does not need to compete ti fiat or to cash. Because bitcoin much depends on the price of fiat or dollar on regards to its development on price, value and transaction. So the best to happened is to actually to have a helping or a compact relationship between bitcoin system and the system of fiat which could bring a good thing for us investors and traders to gain more income and to have a good profit out of bitcoin.

JimmieA

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It is true that btc maybe will dominate the money market in the future, but the question "will btc replace cash in the future?" Is a question that many people have asked many times and the answer is always Is "impossible". Although btc develops and has the high price then it will still not be able to replace cash because using btc in small transactions daily is really difficult, in addition to the inconvenience of trading , what is more important than is the fee we must pay per transaction is too high.

balakang00

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Over long period of time, cash have been the default currency that is being used until now. It is the base type of meduim of exchange so I honestly think that bitcoin wouldn't supersede the job of money by any chance. It is because bills/cash covers up too large community. Bitcoin can be used as an alternative but it will never surpass cash. But I don't know in the future since everything is unpredictable in this world due to technological innovations

erickkyut

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I don't think that Bitcoin can supersedes cash in the near future. Bitcoin has the potential to be the Universal Currency but it is still just a digital currency. There will be instances that Digital Payment is not accepted or not available therefore, we will still be needing cash or money for the transactions.

CryptoBry

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Quote from: Misshi on August 14, 2017, 11:13:22 PM

Being the first digital currency to really establish deep and firmly in the market. Do you think in the near future Bitcoin will dominate our current currency?

You mean to say that in the future Bitcoin will overtake the use of the fiat money? Sadly, it can be nearly impossible to have that scenario given the way Bitcoin is progressing as a currency because many of its holders are not really using it just like an everyday money but speculating in its value. Now, it is acting now like the digital gold. We don't use gold to purchase anything everyday, right? But gold has a good intrinsic value...I think Bitcoin can be like this.

mrayazgul

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Bitcoin is going to have to do something at all the other systems did not do in order to get rid of hard currency altogether. For whatever reason whether it be Trust, paranoia, or perhaps the fees for taking debit credit cards are still a little too high at the merchant, but hard currency is a puzzle for those who have tried to get rid of it.

JohnBitCo

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Now, add in PayPal and other systems like that and hard currency had even less reason to be around. At the final nail in the coffin when you didn't even need a card but you could use your smartphone or app to pay at the register. And yet, hard currency is still around. So a minimum of five years has been around with absolutely no need for hard currency whatsoever.

Osarman

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Quote from: JimmieA on August 15, 2017, 03:26:24 AM

Quote from: Misshi on August 14, 2017, 11:13:22 PM

Being the first digital currency to really establish deep and firmly in the market. Do you think in the near future Bitcoin will dominate our current currency?

There were a lot of people asking questions like yours and the answer for them was: no. No matter how btc future growth and development can not replace cash. Crypto systems are just digital coin, which is based on the web and transactional systems, and can not replace the role of cash in life services. The implementation of a btc transaction today can be said to be very fast but the fee per transaction is quite high, which is difficult to accept when btc is widely used daily as cash.

I heard you now I would like you to take a deeper look. First, the transaction fees are high but in small ones. Bitcoin was created for large transactions only and fees are not high in this case. Nobody knew that it will have this much users who want it for daily life payments. Once, the fees are reduced and cheap then it is also possible that it will dominate cash one day.

GreenBits

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Quote from: HabBear on August 15, 2017, 12:32:58 AM

Quote from: Kakmakr on August 15, 2017, 12:25:27 AM

As of July 2013, currency in circulation—that is, U.S. coins and paper currency in the hands of the public—totaled about $1.2 trillion dollars.

The amount of cash in circulation has risen rapidly in recent decades and much of the increase has been caused by demand from abroad.

I'll challenge that. Over the recent decades we've seen the widespread adoption of credit and debit cards and in the last ten years that's turned to online payments. The volume of cash, i.e., paper money, used in the last decades has declined significantly.

EDIT: I stand corrected. Just found this article from the New Yorker which claims the amount of US paper currency in existence has increased. This is must be an indicator of how much the money supply has increased over the same time period...because the developed world has certainly shifted to a more electronic payment system.

Not only has the supply of actual Fiat increased, the amount of "e dollars" or fractionally reserved value has increased as well. I live out in the sticks, so I still encounter people using a majority of cash. A lot of folks don't have access to a bank; and given the low wealth a large number of folks simply can no longer have a bank account (checksys blacklist). It's so bad they sometimes won't give you an option the make a card transaction under x, for example I must spend at least 5 dollars to make any purchase at my nearest tobacco shop. And the icing on the cake is that one out of three businesses simply don't accept cards, only cash.

Yezzir, cash is still King, dammit.

subSTRATA

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Quote from: winderx on August 15, 2017, 09:10:36 PM

Cash as in, notes? coins?

I think it will be hard to completely replace notes and coins. Governments will still need to take into consideration for older generations on their ability to pick up / use modern technology.

i dont think it has anything to do with the older generation, age gap, whatever. i personally think there will always be a need for a currency backed and accepted by a central organization, in this case the government of whatever country you belong to. bitcoin in itself is too volatile and personally, i don't think there's enough to go around for everyone and establish a global economy off of.

Quote from: ajmapalo22 on August 15, 2017, 09:20:23 PM

I think not exactly dominate our current currency but somehow became the major crypto currency in the market...It's really obvious that bitcoin is getting more popular and many people are now looking into bitcoin but it cannot supersedes cash because bitcoin somehow has limitations unlike cash.

thats not true. fiat currency has all the limitations; it's prone to inflation and only holds value because of the faith people place in that currency. fiat is easily influenced and can be devalued (in comparison to other similar fiat currecies), just look at what happened to the british pound after the brexit vote.

pepoaly007

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i think not yet cos the bitcoin need more time to be more poweful and need more support to be strong just more time i think

ajmapalo22

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I think not exactly dominate our current currency but somehow became the major crypto currency in the market...It's really obvious that bitcoin is getting more popular and many people are now looking into bitcoin but it cannot supersedes cash because bitcoin somehow has limitations unlike cash.

winderx

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Cash as in, notes? coins?

I think it will be hard to completely replace notes and coins. Governments will still need to take into consideration for older generations on their ability to pick up / use modern technology.

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Quote from: Misshi on August 14, 2017, 11:13:22 PM

Being the first digital currency to really establish deep and firmly in the market. Do you think in the near future Bitcoin will dominate our current currency?

I think bitcoin should continue to grow independently and not compete with cash. Each currency has a different range of uses. Cash will be suitable for daily life. Bitcoin brings out the best potential when dealing in the world. Bitcoin and cash should grow in parallel.

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