For me cryptocurrency becomes the distributing universal basic income and it help to get rid of intermidiaries in everyday transaction, which cut costs for businesses and help out consumers. If cryptocurrencies outpace cash in terms of usage, traditional currencies will lose value without any means of resource. Infrastructure will be developed in order the world to adapt. I think it will not make local currencies disappear because of the inevitably and difficulties with the transition as fiat could become incompatible. This will leave people lost their assets. Financial institutions will likely have to scramble to change their ways.
There is nothing about competition between paper and cryptocurrency. Local currency is only usable in local markets and cryptocurrency is usable all over the world. One thing more that crypto is only usable currency but also a coin business and you can make a huge profit from your holdings. When crypto will hold the market all other currencies will disappear from the market. 
Topic: Will Crypto currencies make local currencies disappear? - page 8. (Read 1129 times)
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 me, crypto currency can never replace local currency even after a decade or two. Yes maybe there is a competition between the two but the demands of local currency is very different. Almost all people all over the world uses local currencies on daily lives and daily expenses which we can never do if only use cryptocurrency. Cryptocurrency is a good asset and good for investment and it will not make local currency to disappear because it is important to all the people. 
Crypto currency can not make fiat currency disappear. The Crypto currency can only supplant ordinary paper money from circulation, but it can not replace it completely. Decentralized crypto currency has great volatility and therefore can not be accepted by any state as the main money instead of national paper money. Such a crypto currency can only go in parallel with the paper money of this state.
If a state recognizes the crypto currency as the main money of its country, the crypto-alaute very quickly disbalances the economy of this state.
If a state recognizes the crypto currency as the main money of its country, the crypto-alaute very quickly disbalances the economy of this state.
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?
A country's fiat cannot disappear without the country disappearing with it. I dont' think it's possible atleast for the next hundred years. Additionally from an economic perspective..Capitalism works because we have fiat that the government could directly inflate. If you introduce a monetary system that cannot be inflated the whole thing just blows up.
of course not. Bitcoin and Fiat are 2 different currency types. Bitcoin and other crypto are digital currencies. crypto users are we who know the technology and internet. while fiat is the currency of a country, and the world has so many countries. the currency of a country is a symbol of the country's economic power. and not every citizen of a country understands crypto, and in everyday life they use fiat currency, as a legal means of payment in their respective countries. bitcoin has a chance to become a means of payment. but very little chance of citcoin and crypto shifting fiat, unless the country's economy is destroyed, and legalizing crypto as a legitimate payment instrument.
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?
Yes there is a huge chance in the future that fiat may disappear if the governments think that cryptocurrency will really be useful for all of the people instead of using fiat today or paper 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?
It is too early to talk about a complete transition from local currencies to bitcoins. Crypto-currencies are not yet ready to take on this responsible role. Yes, in some moments, crypto currency is more convenient and practical, but there are a number of drawbacks when using them. For example, how to pay bitcoin in a place where there is no electricity and internet? ... the answer so far is obvious - no way. In short, the infrastructure of the crypto currency is not yet ready for a full transition of use as a means of payment.
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 think that will happen on the future cause people tend to use more on technology. They more like the technology term to use everything. So i think cryptocurrencies or tokens will used a currency in the future..thinking about the future is important msybe we should start invest at crypto right now 
it seems that cryptocurrency will not be able to make the common currency disappear because all still need paper money because digital currency technology such as bitcoin is greatly used if the country only accepts payments using digital 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?
No, bitcoin can not make the local currency disappear, local currency will still be used. I think the local currency and bitcoin will be used together.
Well my take on this is that, it is possible for cryptos to replace the fiat money but it will take a long long time for it to happen. Crypto currency is taking the world by storm, it is widely know and has a rapidly growing community of users, enthusiasts and believers, but no matter how great cryptos are, the governments of each nation will not just allow that to happen, it will take a lot of time and effort for it to happen but it is not impossible.
I don't think it's beyond impossible because country will protect their own fiat. Maybe they will accept cryptos but not to the extent that their own fiat will extinct. We still need our own fiat for our daily basic needs such as for transportation and smallest things that we are going to purchase.
People will stop relying on banks.
That may be true, but what's it worth when people switch from 'trusting' banks with their capital, to 'trusting' wallet services and exchanges with their capital? In both cases it's not you controlling your own wealth, but an external party. There is technically not one single difference with how everything is starting to become heavily regulated. 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.
Regulations can't prevent people from abusing Bitcoin as tool in whatever situation. Also, why would we care about what others do with their coins? I seriously don't give a shit about people using Bitcoin to buy drugs or weapons; it's not our task to care about that, but the task the authorities have to deal with. Stop relying on regulations to 'solve' problems, because they cant. 
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 you are asking if fiat will be gone then the answer is no, fiat will be always existing because there are a lot of people who still needs the paper money since not every people in the community do really have the capability of earning cryptocurrency for their daily needs.
Most probably it will make local currencies disappear. Already people moving more towards crypto currency due to low fees and fast exchange etc. So blockchain will rise up..
For full transition to cryptocurrency there has to be very high technological level. Actually even beggars have to have a gadget with free access in the Internet.
There is a chance that some form of digital money will replace the physical cash in the future. But even if that is going to happen, it is going to take at least 50 to 100 years. And who knows how the technology will advance by then. The concept of currency may become obsolete.
I think yes but it will take long time because till date many people even do not know the name of bitcoin. They need a long time to understand bitcoin and invest in it. I hope that in the far future bitcoin will be the only usable currency in the whole world and all other currencies will disappear because then there will be no need for any other currency.
It certainly will. The real question is how many cryptocurrencies (intended to be currencies) will survive.
I don’t think that it would never replace the local currency,
Just think about the transaction fee and the time to confirm a transaction,
I think it wouldn’t really be a good idea.
Just think about the transaction fee and the time to confirm a transaction,
I think it wouldn’t really be a good idea.
Not all countries are ready to use cryptocurrencies so fiat currencies will never be relplaced by cryptos yet. Time will come when bitcoin and altcoins will be globally accepted but those will be just an addition to fiat currencies because i don't think banks would allow cryptos to rule it would be tantamount to killing all the banks in the world.
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