Will Crypto currencies make local currencies disappear? - page 14.

manish9841

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Quote from: maarx on May 06, 2018, 11:42:43 AM

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?

If any government decides to use cryptocurrencies then obviously the local currencies get disappeared. But remember there is whole lot of monetary economics involved there and things are not easy as we do in crypto.

sunsilk

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Quote from: maarx on May 06, 2018, 11:42:43 AM

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 that fiat will be gone due to cryptocurrencies.

But people really likes decentralized currencies such as bitcoin and this makes every investor/user to see a lot of better opportunities than using the traditional money.

It won't let the old money gone but this will make every holder and investor sees a lot of ways to make money.

Government will not allow to replace fiat through crypto's, they don't have the control over it.

Alkhalifi69

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I think the type of currency crypto will never be able to replace fiat currency. Even if it is slowly still can never be. Crypto money way to access it must use the internet, while not everyone can use the internet. people whose homes are remote are definitely away from the internet network and surely they will be difficult
if you want to access the type of currency the crypto. and most importantly not everyone knows the type of crypto currency so I think the crypto currency is not a threat to replace the type of fiat currency.

Fuhre

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hmm, although the digital money in the cryptocurrency world is growing and improving, but I think it's never going to replace paper currency, man! however we can never forget the history of paper currency.
There is a significant difference between banknotes in your bank account and Cryptocurrency such as Bitcoin. One of the biggest differences between the two is the bitcoin deflation attribute supported by 21 million capped currency inventories. Many economists believe this is very beneficial because people know that there is little bitcoin, which causes people to save, and purchasing power usually increases.
With banknotes reserves, no one knows how much money is circulating, and no one knows whether the central bank is printing the money correctly. Economists who oppose such monetary practices, such as those from Austrian schools. Sometimes central banks such as the Federal Reserve tell the public that they are creating more money with concepts like quantitative easing and recent bank bailouts.
actually at the conclusion of all this, no one knows how the future of digital currency cryptocurrency and paper currency. we'll see the next few years, only time will answer all this.

GregH37

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Quote from: Koadharber on May 06, 2018, 01:24:38 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.

Yes man you’re right. Real currencies are the true currencies and Bitcoin and other cryptocurrencies cannot replace it. No matter how high the price of Bitcoin goes, no matter how much it is worth, no matter what it is still just meant for investment and not to replace our local currencies. Bitcoin doesn’t have the potential to become a real currency and from the way it is, I don’t know what word to us for it, maybe vulnerable or unstable, cause it fluctuates a lot (bubbles) whatever you call it.

marsmyname

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The truth is just that you are deceiving yourself. There is no competition between local/conventional currencies and Cryptocurrencies (Bitcoin). Bitcoin is an asset and the main reason for creating it is just to make an easy way of sending money peer-to-peer without having to need the help of a middleman just like banks. Another reason why Bitcoin was made is for investment and when you’re investing into Bitcoin you invest with real currencies, showing that real currencies are still in control.

DilanBrown

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Cryptocurrency will not be able to fully replace fiat, I think that in 20 years the proportion of using crypto and fiat will equal, 50/50.

ralle14

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Quote from: semobo on May 07, 2018, 02:53:32 AM

Yes, crypto currencies can't replace the fiat currency system completely but in future the use if fiat will decrease if the crypto got more repuatation and it will make the banks fade away gradually.But still we need cryptos for emergency needs at the time when we cant access the internet which is must to use crypto currencies.

In a decade or two? It's unlikely to see the demand for fiat would decrease because not all are knowledgeable enough to understand the basics of cryptocurrencies. Maybe if all countries decides to adapt and makes their own crypto fiat could become obsolete but it's not possible because of poverty. If you're the receiver you don't need to access the internet and if you do need to access the internet you could just buy some mobile airtime use that to buy some mobile data before heading out.

semobo

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Quote from: Gozie51 on May 07, 2018, 02:06:18 AM

Every country has her flag (⛳) as identity which is known as there national identity, likewise fiat currency. Therefore, no country would like her identity taken away from them. Fiat is there sovereign identity. It is a means of control of her citizenry and aliens residing in the land and as a means of interaction and identity to the global world.

Consequently, I don't think is possible but I'm sure cryptos will keep existing as optional means to fiat.

Yes, crypto currencies can't replace the fiat currency system completely but in future the use if fiat will decrease if the crypto got more repuatation and it will make the banks fade away gradually.But still we need fiat for emergency needs at the time when we cant access the internet which is must to use crypto currencies.

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Every country has her flag (⛳) as identity which is known as there national identity, likewise fiat currency. Therefore, no country would like her identity taken away from them. Fiat is there sovereign identity. It is a means of control of her citizenry and aliens residing in the land and as a means of interaction and identity to the global world.

Consequently, I don't think is possible but I'm sure cryptos will keep existing as optional means to fiat.

Oasisman

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The people are just being overwhelmed by Bitcoin, but honestly no crypto or digital currency can replace fiat money and the traditional banking system. Since Bitcoin isnt easy to use for everyone, specially with the security, one of its example is the irreversability of transaction.
And the main concern is its high volatility.

bitcoworld

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Well, i think they will because of the decetralization of Cryptos & also the privacy is a big factor which means that the people will realize more and more that if enough people use Bitcoin or any other Cryptocurrency which might overtake the Market everything can be Managed like now just in Crypto. If everyone gets his Pay Check in Crypto on the End of the Month people will also realize that no Banks are needed for beeing liquid. It will be a normal Peer to Peer Transaction in the Future i think which means automaticaly there is no 3rd Party between My "Send" and your "Receive" aka Everyone will be his own Bank.

snaper14

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this is the whole discussion and the reason for introduction of btc, so if btc successes in its pathway than yes it would be possible to make local currencies dissapear.

spirali

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A trust-less monetary system is better than the actual system. This is by far the best system invented since the creation of money. So I am convinced cryptocurrencies will overrule fiat currencies ultimately. It's just a matter of time. A very long time for sure as people will probably need other inflationary crisis to realize it.

But even if citizens don't realize it or fail to elect/convince their respective government to lose the control of its money creation, the pressure might come from governments of different countries between themselves. For instance, as the central banks of China, the European Union, etc... hold a lot of USD (in debt or in reserve), they need to trust the central bank of USA to not create USD out of thin air (otherwise they would also be affected by the inflation). And vice-versa. So it is in the interest of everybody to adopt a neutral, trust-less system at worldwide level. I guess it doesn't affect the national control of interest rates which is a powerful instrument for central banks anyway.

Imagine an "international mining farm" in a neutral territory such as Antarctica or the moon Cheesy

mostkey

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this can indeed be called competition. and now, the dominance of bitcoin is very large and visible.
if we can know some point where we start with crypto market trading and the like. I think the local currency will be defeated by bitcoin

Tenderino

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The competition between local currencies and crypto currencies is surely not at peak right now. At the point where we will reach the peakt, we can expect civil wars because the governments will not be able anymore to finance their robbery system if too much people use crypto currencies instead. However, as long as governments have the enforcement power through police and military the official currency will not disappear.

ayiaye

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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.

BillCoin

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Totally not, but they could be changing the way people pays for online goods.
We all can agree that bitcoin is really a game changer in the online payments section, because it is was impossible for people all over the world to be connected into one payment system who has one kind of currency, and to be able to send fund to other parts of the world without the need of a bank account and without the need of relying on a 3rd party to store your funds.

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Quote from: maarx on May 06, 2018, 11:42:43 AM

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 is impossible for a country to disappear their fiat currency, apart from that cryptocurrency is just an asset and not a physical currency that can be used directly to transact in real life. Although bitcoin will likely be big in the future, but fiat will remain the main currency.

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Quote from: maarx on May 06, 2018, 11:42:43 AM

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?

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.

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