Will Crypto currencies make local currencies disappear? - page 2.

MiXxe

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Quote from: CarnagexD on May 25, 2018, 08:50:10 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?

When we say competition, it does not necessarily means that one will make the other disappear or actually fail. They may weakens the other but not completely occupy it entirely. Bitcoin and traditional money could actually co exist with each other while complimenting each potentiality. Total eradication of a certain system happens by decades of transition. History witness all kinds of successful changes and breakthrough, so, only time can tell the future of transactions.

I agree with everything you said. But actually, I am not sure about the local currency that is being talked about here. If it is the national currency of each countries, well I don't think cryptocurrrencies will ever be able to to make national currencies disappear.
At the end of the day, cryptocurrencies are highly used in investment and not as medium of exchange.

Ibrahim 2020

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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.

iged_war

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Quote from: Odelkaleng on May 25, 2018, 08:30:24 AM

Looks like bitcoin can not replace local currency for now. Because bitcoin is known only by certain people only. Moreover, crypto is still difficult to access and owned by certain local people.

goverment rules that make that condition.some people actually want to invest in crypto, but their goverment make a warning about that.so people difficult to access it.

CarnagexD

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Leading Crypto Sports Betting & Casino Platform

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?

When we say competition, it does not necessarily means that one will make the other disappear or actually fail. They may weakens the other but not completely occupy it entirely. Bitcoin and traditional money could actually co exist with each other while complimenting each potentiality. Total eradication of a certain system happens by decades of transition. History witness all kinds of successful changes and breakthrough, so, only time can tell the future of transactions.

ranochigo

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No. With fiat, the adoption rate is just basically 100%. Everyone uses fiat and its pretty much the only form of currency that is legally recognised. With that in mind, the only way for people to pay for their things is using fiat. Bitcoin is an alternative method but it can't be the main form of currency. Governments are unlikely to recognise it as a legal tender and thus the adoption rate would likely remain very low for a long time.

markk94

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Nah pal, i don't think that local currencies could dissapear. Because of not all people understand how things work in crypto, many others that not having the knowledge about this crypto. The medium of crypto is kinda hard too for people that poor, although you could say that just any smartphone and internet connection. But, poor people tend to complete their premier need first. To keep up with us, like a gadget and internet connection, i don't think it is wise for local currencies to dissapear. Local currencies would likely to walk together with the rises of cryptocurrencies.

Odelkaleng

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Looks like bitcoin can not replace local currency for now. Because bitcoin is known only by certain people only. Moreover, crypto is still difficult to access and owned by certain local people.

alex_gr_cc

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I am sure that the cryptocurrencies and local currencies will always exist side by side. No state can do without its local currency.

pelipurlara

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Quote from: Renampun on May 20, 2018, 11:43:25 AM

I think this is the capability of cryptocurrency that should be anticipated by the government, the government must do something for the paper currency that we are using is not lost because of the cryptocurrency, I hope the policy to be issued gives us a good impact, especially for the cryptocurrency and currency that we are using...

Digital currency technologies such as bitcoin are greatly used if the state only accepts payments using digital currency. It seems that cryptocurrency will not be able to make the common currency disappear because all still need paper money

Dimon8

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I think that in a few years in the technologically advanced countries (Korea, Japan, etc.), the crypto currency will supplant fiat money. The pretext for this will be found or come up)).

Dr.Nina

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In long run the fiat currency of local currency may replaced by crypto currency. But, I think it is not possible shortly. There is enough potentiality to replace local currency. But to replace the local currency there must some change of crypto currency. These are

1. Volatility should be less and price should be stable.
2. Number of user should be increased.
3. It should be reached every level of people.
4. It should be reached every corner of world.
5. Internet should reach to majority percent of people.

And so on...

Btcschool

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Quote from: darkphoenix2610 on May 13, 2018, 07:25:34 PM

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?

No it will never replace the true fiat and bitcoin is just a virtual crypto currency that don't have a paper money, and we cannot use a single currency for all the country because we use our own currency since we gave birth.

It is dependent because we have decided to make it dependent. Sure, their value is measured mostly in USD, but that does not really mean they cannot stand on their own, or we can get to make P2P transactions easily without having anything to do with fiat. Nevertheless, even with all these aside, local currencies have nowhere to go unless we want to deceive ourselves. As it is, with regulation, we end up seeing them co existing and that is what I believe we will get to keep seeing over time.

prudencetoller

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Quote from: lol1yatme on May 25, 2018, 01:47:38 AM

Quote from: DRVX on May 20, 2018, 06:46:54 AM

Quote from: Hannahanto on May 17, 2018, 02:27:33 AM

There is a big competition is going on between local currency and cryptocurrecies. If crypto enters in to the market surely it will disappear the local currency. Because the benefits is large when compared to local currency. So people automatically use cryptocurrency only. In future surely bitcoin will rule the crypto market.

Man, I do not see any competition between the cryptocurrencies and fiat. Local money will always exist as each country has many old people that will never understand crypto. Nothing to be afraid of.

It is too early to say anything like that and that I don’t think so that any such thing will ever happen in near future. however, if there comes a situation when people are more inclined towards the crypto currencies, then the usage of the paper money will be reduced and that in that case, we may experience that people will then start investing more money into the crypto currencies instead of keeping the paper money into the banks.

Hard to know. Cryptocurrency is still new to many people and it can not be implemented to the currency system yet. Moreover, VISA is still doing a great job here and it is hard for the government to use cryptocurrency instead of VISA. I think that both VISA and cryptocurrency are two of the humankind's best inventions

Altf4

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Quote from: Janation on May 25, 2018, 04:34:58 AM

Quote from: reverseflash on May 25, 2018, 03:23:36 AM

I think that such option will be possible: with sufficient technical base, the state can release the cryptocurrency and replace usual cash.

Even with a sufficient technical base, I don't think that Bitcoin or other digital currencies will be able make local currencies disappear. Digital currencies are so volatile so there is no way that it will be a fiat. Also, digital currencies are decentralized, meaning no one is controlling the price of these digital currencies and that will be a problem to government since no one will be able to control the money in a certain country.

If the government have no control of this cryptocurrency because it is decentralized then , it can not replace local currencies and make them dissappear because people are used of using the local currency with value and the crypto is changing its value now and then, so it might be the local and crypto will be both use in certain locality but it will not disappear entirely.

Janation

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Quote from: reverseflash on May 25, 2018, 03:23:36 AM

I think that such option will be possible: with sufficient technical base, the state can release the cryptocurrency and replace usual cash.

Even with a sufficient technical base, I don't think that Bitcoin or other digital currencies will be able make local currencies disappear. Digital currencies are so volatile so there is no way that it will be a fiat. Also, digital currencies are decentralized, meaning no one is controlling the price of these digital currencies and that will be a problem to government since no one will be able to control the money in a certain country.

nebiki

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if in my opinion it would never happen to local currency could be replaced with crypto currency. because in the world there are still many countries that have not received bitcoin. so surely will never be willing for the government to replace its currency to replace the crypto currency or other digital currencies of the country

BILGPS

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In my opinion crypto is good and if we compare local currencies with crypto so many things make difference among them like the local is accepted in their home land country and crypto is universally valuable and we can use it so it is good to use both of them because the new technology will change things and it is good to become the holders of local as well as crypto currency.

camelson

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Quote from: reverseflash on May 25, 2018, 03:23:36 AM

I think that such option will be possible: with sufficient technical base, the state can release the cryptocurrency and replace usual cash.

I don't think there is any possibility of crypto currency taking over local currencies because of its high volatility. One more thing crypto currencies price is based on speculation and for replacement of local currency it should have stability in price.

reverseflash

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I think that such option will be possible: with sufficient technical base, the state can release the cryptocurrency and replace usual cash.

doraegun

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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?

for the possible worst situation of being Crypto currency dominated and become primary use in the world. the number one affected here is Bank, that's the big problem of bank company on how they collaborate and combined the system of BITCOIN. fiat money is easy to accept if totally disappear and replaced of Digital Currency.

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