Topic: Will Crypto currencies make local currencies disappear? - page 10. (Read 1129 times)
Every country has its own currency (local currency) its spend of which local currency has created employment for some people(banks). If cryptocurrency is to override the local currency, this will end up making some people loose their jobs especially those in the banks. Moreover, in Africa(especially the developing countries), it will be very difficult for local currencies to disappear because, cryptocurrency is not officially meant for trading since no one will ever accept a cryptocurrency after rendering service for you especially if the person knows nothing about cryptocurrency. Per my opinion, local currencies will never disappear at the expense of cryptocurrency but rather, can operate hand in hand across the globe. This is because, you work hard for the cryptocurrency, then you convert it into a local currency to be able to do transactions especially in Africa.
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?
I don't think so. Local currencies have a long standing history with their own locales or countries to speak of, therefore, it's not easy to actually dethrone them because they are more establish, and simply, people trust them more than cryptocurrencies. Although cryptocurrencies reach far more than some currencies because it is used globally, but when it comes to the conversation of one country, their currency is more trustworthy for them.
Well to me I don't think cryptocurrencies will completely eliminate the Fiat. Cryptos also have popularity because of its competition against the Fiat. Let's say, if there is no fiat to compare (or more specifically of there is no competition), how will you gain popularity? Who will you be compared to? So I think Fiat will be around but Cryptos will be the major form of utilized currency because the world itself is turning digital.
So it means that fiat will not disappear and will always be present even though our world keeps evolving especially our technology. Cryptos may have so many advantages compared to fiat but this doesn't mean that it's a threat. Let's just say that it's a great pleasure that there is another form of currency that will help the nation to be more highly advanced in terms of paying goods and services.
Well to me I don't think cryptocurrencies will completely eliminate the Fiat. Cryptos also have popularity because of its competition against the Fiat. Let's say, if there is no fiat to compare (or more specifically of there is no competition), how will you gain popularity? Who will you be compared to? So I think Fiat will be around but Cryptos will be the major form of utilized currency because the world itself is turning digital.
Cryptos are on the way to make that possible but I believe the local currency will just be modernize into local cryptos copying the decentralized crypto currency.
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 my own opinion cryptocurrencies can't make local currencies disappear because they are different. Crypto is digital while local currency is tangible and it is use daily for buying,payments and everyday transactions. Another thing that it can't disappear local currency because local currency is centralized currency issued by the government while cryptocurrency is decentralized.
Apart from that, globally, there are so many people and places where they find it hard to even blend with anything related to the internet or probably have low facilities when it comes to that, in that case, we should expect that this category of people will prefer to stick to what they have over the time gotten used to.
Maybe someday, but I think it would happen not so soon, that we expect it! Because just imagine what would it take to change whole world
In terms of local currencies going extinct, i do believe if cryptocurrencies are going to make it go away then it's going to be that's been created by the various countries in the world. The likes of Bitcoins will not have a chance against a government backed crypto.
I do not think so, between Cryptocurrency money and Conventional Money is different. although both can be made transactions, but Conventional Money has a physical form, and Money Crypto in the form of Digital. and only modern people with vast knowledge who understand and can wear them. whereas traditional people I believe would prefer to use conventional money.
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 my own opinion cryptocurrencies can't make local currencies disappear because they are different. Crypto is digital while local currency is tangible and it is use daily for buying,payments and everyday transactions. Another thing that it can't disappear local currency because local currency is centralized currency issued by the government while cryptocurrency is decentralized.
Apart from that, globally, there are so many people and places where they find it hard to even blend with anything related to the internet or probably have low facilities when it comes to that, in that case, we should expect that this category of people will prefer to stick to what they have over the time gotten used to.
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 my opinion cryptocurrency will not take over fiat currency because it seems to me that cryptocurrencies are now considered as an investment asset but not as a currency.
If it ever happens then it won't happen anytime soon, maybe after 50 years from now. But it has a very slim chance because governments won't let it happen easily.
well i dont think so, considering the economically active poor, not many people are cryptocurrency inclined and besides cryptocurrency is posing a big threat to the banking sector, so they might not want to allow that.
Maybe someday, but I think it would happen not so soon, that we expect it! Because just imagine what would it take to change whole world
It is very difficult anyway for cryptocurrency to replace the local currency. Moreover, if cryptocurrency has different functions and functions of local currency. Then local currency seems easier to use and owned by people than crypto who must always connect internet connection.
I think personally that we (small business owners) will be forced to adapt someway to that, recieving payments in bitcoin or what.
The use of crypto currencies are widening now a days due to its positive features to the humanity. It will be better to operate both the virtual and the local currencies together .According to the present trend it will not be advisable to disappear the local currency to replace the crypto currency because the entire global community is not in a position to handle or to operate the crypto coins Any how the use of virtual currencies are increasing day by day to supper seed the local currencies.
I dont think cryptocurrencies will ever replace the existing local or fiat currencies. Both can exist together but not that the other one will lose its value. The government would never allow such idea, because it would greatly affect each country's economy.
Cryptocurrencies will definitely gain a space as a major player in fund transfer industry in the coming decades but it won't replace the traditional fiat currencies because one should have literacy in terms of technology, electricity in order to run the devices and internet connectivity. On a global level, we don't have 100% availability of these aspects in most of the countries and hence people will always prefer to use the fiat currency irrespective of the benefit getting through cryptocurrencies. On the top of that governments will definitely try to implement blockchain technology for fiat currencies through banks and thus it won't vanish overnight.
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?
Local currencies will not disappear because the role of the Crypto currencies specially Bitcoin is pure for investments only to earn more local currencies which is the reality. Just imagine if the dollar or the other local currencies won't accept Crypto currencies for investment do you think the Crypto will continue to exist? It is clearly that without the local currencies the Crypto currencies will be nothing.
Currency such as the US dollar is now used for international payments, the US government is holding the international monetary market
So it is unlikely that the crypto coins will make the currency disappear
So it is unlikely that the crypto coins will make the currency disappear
The use of crypto currencies are widening now a days due to its positive features to the humanity. It will be better to operate both the virtual and the local currencies together .According to the present trend it will not be advisable to disappear the local currency to replace the crypto currency because the entire global community is not in a position to handle or to operate the crypto coins Any how the use of virtual currencies are increasing day by day to supper seed the local currencies.
I dont think cryptocurrencies will ever replace the existing local or fiat currencies. Both can exist together but not that the other one will lose its value. The government would never allow such idea, because it would greatly affect each country's economy.
The use of crypto currencies are widening now a days due to its positive features to the humanity. It will be better to operate both the virtual and the local currencies together .According to the present trend it will not be advisable to disappear the local currency to replace the crypto currency because the entire global community is not in a position to handle or to operate the crypto coins Any how the use of virtual currencies are increasing day by day to supper seed the local currencies.
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