Will Crypto currencies make local currencies disappear?

Hirameki

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Quote from: Koadharber on May 06, 2018, 02:24:38 PM

crypto currencies rule over currency market and local currencies get disappear slowly in a decade or two?

This thing you had said would really be an impossible thing to happen. Cryptocurrencies might be highly adopted but it would just still remain as an alternative and wont really come to a point on where it would become the main trend. Government wont allow such thing and not all people will switch on a thing that hasn't being backed up by something.

It might happen dude. In china, particularly in Shenzhen, they dont use paper money anymore or atleast its minimal. The only problem I think with that scheme is that they're security is compromised and their government can tracks what they buy and do. I believe that these kind of problem would be solved by blockchain technology wherein they dont need to register their information.

Polkadott

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I do not think banks will allow cryptos to govern it would be tantamount to killing all the banks in the world. Not all countries are ready to use crypto currency so that the currency will never be replaced by cryptos. The time will come when bitcoin and altcoin will be accepted globally but that will only be an addition to the currency

mornabo

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Quote from: pelipurlara on May 26, 2018, 12:00:52 AM

Quote from: Aikidoka on May 14, 2018, 06:43:09 AM

Personally, I do believe that that time will come eventually. The governments will not be as powerful as bitcoin any longer. People will stop relying on banks. However, many are going to use bitcoin for illegal purposes, and no one will tell them what to do unless, for example, the US government puts regulations and rules of the usage of bitcoin. But after all, I do not want that to happen because people are not meant for total freedom.

there is still a country that does not regulate or accept crypto currency and Crypto currency is already in town and many are using them but at that time I can not say that cryptos can remove fiat currency in the world of finance, because many people still enjoy using the eyes fiat money

Yeah that's impossible, fiat will continue to be used as currency in every country, crypto is just a small sample of currency options in the world, the fiat function is too complex for everyone in all countries and can not be replaced by crypto just because the crypto innovations are different from the usual financial system

pelipurlara

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Quote from: Aikidoka on May 14, 2018, 06:43:09 AM

Personally, I do believe that that time will come eventually. The governments will not be as powerful as bitcoin any longer. People will stop relying on banks. However, many are going to use bitcoin for illegal purposes, and no one will tell them what to do unless, for example, the US government puts regulations and rules of the usage of bitcoin. But after all, I do not want that to happen because people are not meant for total freedom.

there is still a country that does not regulate or accept crypto currency and Crypto currency is already in town and many are using them but at that time I can not say that cryptos can remove fiat currency in the world of finance, because many people still enjoy using the eyes fiat money

dante golo

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If I think the money cryptocurrency can cause the local currency to sink so the government must really make the best possible regulation so that the local currency remains in use as a medium of exchange in the future.

BlackBeauty

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Quote from: kidamazo on May 25, 2018, 05:16:30 PM

Who knows, it can be actually easier to use only one worldwide currency, but I`m not an expert to know how it must operate then

Bitcoin will more popular and beneficial in future and that's why its price will also more high, so bitcoin will easily use in everywhere, so that's why its value will more high than local currency and maybe it will disappear from special places and its use will in small areas.

kidamazo

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Who knows, it can be actually easier to use only one worldwide currency, but I`m not an expert to know how it must operate then

kwarto

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cryptocurrency is imposible to take over fiat currency. although, cryptocurrency is widely used in so many countries but it has still a lot of issues and doubt, volatility and the use of technology are the main factors to considered why crypto has a long way before can reach the status of fiat now.

tinystone26

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Unleash the Power of the World's Crypto Data

It will not gonna happened most people in a country uses their own local currencies and don't even know how to use online currency to their life. But more people will gonna interested to use the crypto currency in time. That's why it is better to give some opportunity to other people who don't even know the existence of crypto currency that they can learn from it.

dumada

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Quote from: Ibrahim 2020 on May 25, 2018, 09:03:24 AM

Crypto currencies are not a big threat now for the fiat currencies because only very less people who knows about cryptos and even them uses crypto as an asset not an currency so if that continues forever there is no big threat for the fiat currencies because we need fiat to cashout the cryptos.But when the people starts to use crypto as direct payment surely it will replace the fiat in big part but not completely.

As time goes on, more people will use crypto, so crypto will become a threat gradually.

markleal

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Quote from: maarx on May 06, 2018, 12:42:43 PM

Competition between local currencies Vs crypto currencies are in peak now. Crypto currencies have occupied currency market causing local currencies enforce (banks) banning of crypto currencies. We can see number of investors have turned towards to bitcoin and other crypto currencies with large scale. Will there be a chance / time bitcoin and other crypto currencies rule over currency market and local currencies get disappear slowly in a decade or two?

Hi there maarx! I genuinely believe that cryptocurrency can't disappear the local currencies known as paper money because not all person on this world don’t have knowledge about the potential of cryptocurrency and not all stores, hotel and restaurant acknowledge the cryptocurrency as a form of payment. On this generation we have three types of payment the first is the local currency second is the credit or debit card and the last is digital currency know as cashless payment..

Angi

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It definitely disappeared because as you can see that there is a lot of investors who invest in crypto rather than a business that they can earn local currency or fiat so there is a chance that local currencies will replace by a decades.

Feuerbach

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Quote from: maarx on May 06, 2018, 12:42:43 PM

Competition between local currencies Vs crypto currencies are in peak now. Crypto currencies have occupied currency market causing local currencies enforce (banks) banning of crypto currencies. We can see number of investors have turned towards to bitcoin and other crypto currencies with large scale. Will there be a chance / time bitcoin and other crypto currencies rule over currency market and local currencies get disappear slowly in a decade or two?

In the near future, the Crypto currency will not replace Fiat. Her popularity is exaggerated. And many perceive the cryptocurrency as an investment asset for making money.

zhelis74

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Quote from: potatocorner on May 25, 2018, 10:36:10 AM

Quote from: Koadharber on May 06, 2018, 02:24:38 PM

crypto currencies rule over currency market and local currencies get disappear slowly in a decade or two?

This thing you had said would really be an impossible thing to happen. Cryptocurrencies might be highly adopted but it would just still remain as an alternative and wont really come to a point on where it would become the main trend. Government wont allow such thing and not all people will switch on a thing that hasn't being backed up by something.

Local currencies are one of the factors how we identify a country, and as what is has said above, it is impossible to happen that crypro currencies will replace the local currencies in the future. Nearly possible that crypto currencies are famous and used all over the world, but local currencies won't be gone.

Certainly, real currency is the country's economic identifier because each country has different gross domestic product or GDP and different kind of trading that they have, that is why we have a central bank that are monitoring and control our money value. If crypto currencies will replaced our local currency then that is very hard to do. Bitcoin and real money are both needed in this world.

Hulh

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Quote from: ayiaye on May 06, 2018, 03:45:11 PM

how also fiat currency will never disappear, because replaced by currency cryptocurrency. because the crypto currency can not be used to buy basic commodities of life. as we know, the currency of the crypto is always unstable, making it very difficult to become a substitute for fiat currency. Crypto currency is just an asset for the future, and a tool to pay on the internet.

Local currencies will still remain even the crytocurrencies will much very known to the market. It takes a long debate and need to follow a due process before each government will take a look to consider if cryptocurrencies as the only currencies. And i think it is not a good idea that crytocurrencies is the main currencies because it means that government has a controlled on it we might not enjoy what we enjoy right now.

jakoylantern

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For me, it will never happen that crypto will make local currency disappear because local currencies are legal and bitcoin and another cryptocurrency are illegal. That is the main reason why some country bans bitcoin because their state has own money that their people must use. But on the other side yes bitcoin can make some small local currencies disappear if most nation agrees that they will accept bitcoin as a real currency and they will make it legal. But for now, bitcoin’s percentage rate to make the local currencies to disappear is very meager especially in that country that planning to ban or prohibit it.

potatocorner

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Quote from: Koadharber on May 06, 2018, 02:24:38 PM

crypto currencies rule over currency market and local currencies get disappear slowly in a decade or two?

This thing you had said would really be an impossible thing to happen. Cryptocurrencies might be highly adopted but it would just still remain as an alternative and wont really come to a point on where it would become the main trend. Government wont allow such thing and not all people will switch on a thing that hasn't being backed up by something.

Local currencies are one of the factors how we identify a country, and as what is has said above, it is impossible to happen that crypro currencies will replace the local currencies in the future. Nearly possible that crypto currencies are famous and used all over the world, but local currencies won't be gone.

bajigur894784

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Crypto currency is better than konvencional currency, but it does not mean Crypto currency can replace conventional currency that already exists.

Bitcoin technology is a technology that can make money move between countries easier and get the cost down quite dramatically. But, I think, bitcoin will not be the dominant system or currency. because the bitcoin is unstable to become a reliable currency.

Sled

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Bitcoin- in bullish time

Quote from: LadyCoin on May 25, 2018, 09:14:00 AM

Quote from: maarx on May 06, 2018, 12:42:43 PM

Competition between local currencies Vs crypto currencies are in peak now. Crypto currencies have occupied currency market causing local currencies enforce (banks) banning of crypto currencies. We can see number of investors have turned towards to bitcoin and other crypto currencies with large scale. Will there be a chance / time bitcoin and other crypto currencies rule over currency market and local currencies get disappear slowly in a decade or two?

It could happen, like where first the first gold replaces the barter system as a transaction tool, then paper money replaces gold as a tool of value storage. Then, bitcoin and other cryptocurrencies will replace the banknotes as a means of transactions because of its increasingly sophisticated technology even though it can not be realized in a short time.

I don't think that it is possible because the volatility is not suited for the environment of the bank notes and other type of paper money that we have in this world because they are fixed and they are not that type of money that like the cryptocurrency which is fast in changing on price because they are just stable which is the best for the market but in terms of cryptocurrencies going to replace the fiat money, it is not possible.

LadyCoin

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Quote from: maarx on May 06, 2018, 12:42:43 PM

Competition between local currencies Vs crypto currencies are in peak now. Crypto currencies have occupied currency market causing local currencies enforce (banks) banning of crypto currencies. We can see number of investors have turned towards to bitcoin and other crypto currencies with large scale. Will there be a chance / time bitcoin and other crypto currencies rule over currency market and local currencies get disappear slowly in a decade or two?

It could happen, like where first the first gold replaces the barter system as a transaction tool, then paper money replaces gold as a tool of value storage. Then, bitcoin and other cryptocurrencies will replace the banknotes as a means of transactions because of its increasingly sophisticated technology even though it can not be realized in a short time.

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