Topic: will there be a miracle of bitcoin to shift conventional currencies (Read 291 times)
August 25, 2021, 10:37:07 AM
In my opinion, conventional currency cannot be replaced by bitcoin, because bitcoin does not qualify to be a substitute for fiat money, BTC is a digital currency that fluctuates, so it is very appropriate if used as an investment that will later be exchanged for fiat currency, and that money This is what we will use for transaction tools.
August 27, 2021, 01:34:27 PM
The way I think about Bitcoin is that it sets the precedence for digital currency, which of course, shifts away from conventional currencies.
It may not be BTC itself to act as a currency that the globe can use daily due to its limited supply and not being enough to go around, but something based on blockchain technology might be more likely.
I don't feel qualified to comment on which current alts this might be as I think we don't have the scalability required on any of the existing coins/chains, but definitely this momentum will trickle into a major digital currency adoption.
Looking at how bitcoin is getting higher and higher adoption every single year, I would doubt that it would be something other than bitcoin that takes the digital currency crown and dethrown the fiat currencies, which is why I think it is quite obvious that we would all be using bitcoin in the future for many things. I am not saying that fiat will be gone, I am sure that will be still available, but instead of being fiat pegged to gold a century ago, we will have bitcoin pegged to dollar in the future and we will all use it.It may not be BTC itself to act as a currency that the globe can use daily due to its limited supply and not being enough to go around, but something based on blockchain technology might be more likely.
I don't feel qualified to comment on which current alts this might be as I think we don't have the scalability required on any of the existing coins/chains, but definitely this momentum will trickle into a major digital currency adoption.
So, it is not going to be that difficult, it is going to be common and we will definitely live to see it as well it is not going to be too distant in the future. I hope that everyone gets to realize this will be the case before it happens, so that we could profit from it before it happens and get rich.
August 25, 2021, 12:06:01 PM
Lots of similar topics and I still think bitcoin still lacks quantitative standards to be a regular currency even though bitcoin is deflationary but bitcoin is highly volatile and most of it is conceptualized as a currency. a speculative asset rather than using them in practice, bitcoins are still accepted for daily payments but i think bitcoin going towards a global payment method would be more reasonable.
August 25, 2021, 11:57:41 AM
Bitcoin is touted as a new miracle in this century, it has become an alternative to complement the needs of financial transactions at the global level now, Bitcoin can then be said to have succeeded in establishing itself as a universal currency, because we can say that Bitcoin is very qualified as a money because it is durable, rare, shareable, and recognizable, Bitcoin became the currency of the virtual world on its way Bitcoin (BTC) transactions exploded and shocked. The product is selling well and becoming a prestige of individual wealth in the international world, however, many are pessimistic that Bitcoin will be able to shift conventional currencies both at the local and global level, will there be a miracle of bitcoin to shift conventional currencies
The way I think about Bitcoin is that it sets the precedence for digital currency, which of course, shifts away from conventional currencies. It may not be BTC itself to act as a currency that the globe can use daily due to its limited supply and not being enough to go around, but something based on blockchain technology might be more likely.
I don't feel qualified to comment on which current alts this might be as I think we don't have the scalability required on any of the existing coins/chains, but definitely this momentum will trickle into a major digital currency adoption.
August 25, 2021, 11:47:40 AM
In-depth analysis, but everything is changing according to the times. I took the example of an auction, which was previously done with a manual system, in a certain place and face to face. What happens now? we can participate in online auctions anytime and anywhere without being constrained by distance and time. As well as regarding the application of blockchain technology throughout the industry, even though it is currently still in development, will gradually replace the pattern of financial transactions. Easier and simpler example the closest Elsavador has done it, that means, the future of money in crypto and BTC is future in my opinion.
August 25, 2021, 11:18:21 AM
The weakness of Bitcoin to date when compared to conventional currencies is the unstable value of Bitcoin or we often call it high volatility. Even though the value of Bitcoin, which has high fluctuations, is an advantage for Bitcoin traders and investors, because from here they can benefit.
I think it will be difficult for Bitcoin to replace conventional currencies, but Bitcoin can go along with it. With the provision that Bitcoin will be used more as a means of trade and investment than as a means of payment for goods and services.
I think it will be difficult for Bitcoin to replace conventional currencies, but Bitcoin can go along with it. With the provision that Bitcoin will be used more as a means of trade and investment than as a means of payment for goods and services.
August 25, 2021, 09:45:34 AM
I am not sure if authorities might put up with Bitcoin to become a legal currency. They are used to controlling all spheres of people lifes, including finances. But in case with Bitcoin they can’t ban transactions, they will not know why you send such amounts of money. If you use some platforms for privacy they are unlikely to know who you are, so I am not sure if it is possible for Bitcoin to replace fiat in the nearest future.
August 25, 2021, 07:43:54 AM
Bitcoin is touted as a new miracle in this century, it has become an alternative to complement the needs of financial transactions at the global level now, Bitcoin can then be said to have succeeded in establishing itself as a universal currency, because we can say that Bitcoin is very qualified as a money because it is durable, rare, shareable, and recognizable, Bitcoin became the currency of the virtual world on its way Bitcoin (BTC) transactions exploded and shocked. The product is selling well and becoming a prestige of individual wealth in the international world, however, many are pessimistic that Bitcoin will be able to shift conventional currencies both at the local and global level, will there be a miracle of bitcoin to shift conventional currencies
To some extent, the emergence of Bitcoin can really be called a miracle, but it would be a great miracle if ordinary people could earn more money on it right now, and not everyone is lucky. But no matter how it was, the appearance of BTC showed that the development of a new financial system begins and BTC plays a far from last role in this. We will see how seriously BTC will affect the future financial system in the future, but now we can say that BTC has become a really attractive and affordable asset for the rich. Whether it is good or bad, everyone will decide for himself, but as long as there is an opportunity to benefit from BTC, then you need to do it.
August 25, 2021, 07:13:42 AM
many are pessimistic that Bitcoin will be able to shift conventional currencies both at the local and global level, will there be a miracle of bitcoin to shift conventional currencies
Not gonna happened. Bitcoin is created to have a decentralized aspect of peer to peer where people can do trade without any intervention of government or any centralized authority. I myself started to like the use of blockchain rather than relying on bank for some reason. Maybe because government can freeze your account if they suspected you of something. Unlike on blockchain that everything seems transparent and also the anonimity is there for anyone who are not into broadcasting their asset. August 25, 2021, 06:59:26 AM
Every country hve their own currency now, besides bitcoin is widely use that will not determine as one country currency. Every currency of each country represents meaning as well managed by government which will not happen in crypto having decemtralized system. It is still far in being use by any country as a replacement for their current currencies.
August 25, 2021, 06:09:02 AM
It is impossible for crypto to replace conventional currencies, because replacing conventional money takes centuries, because in every country not everyone can use the virtual world as a way of crypto transactions, but if conventional money can still be used by illiterate people or the cloud it's as stupid as using conventional money,
August 25, 2021, 05:24:59 AM
It's impossible after all and any country will still maintain conventional currency, because conventional money is ingrained in people in remote areas and cities and in any country, and to change crypto currency as an official currency is not easy. to make management like conventional money, so crypto currency cannot shift as easily as conventional currency
August 25, 2021, 04:47:00 AM
I like what most of what you've said but, let me quote it.
The product is selling well and becoming a prestige of individual wealth in the international world,
Bitcoin isn't a product, as we're saying about it as a product, there's a company owns and produces it. Bitcoin isn't like that, the supply of bitcoin is being mined and there's no central authority that owns and produces it. It is the miners that mines bitcoin and confirms transaction.however, many are pessimistic that Bitcoin will be able to shift conventional currencies both at the local and global level, will there be a miracle of bitcoin to shift conventional currencies
There's no need to think of that, bitcoin has became a legal tender to El Salvador and people still doubt it. 
August 25, 2021, 03:25:04 AM
None can predict the future but if the salvador will be very successfully implementing bitcoin as a legal tender in its country and i guess another country will be starting to follow it. The central bank was hating what had already been done by salvador to make bitcoin a legal tender. The growth of cryptocurrencies can't be prevented. As long as more and more people are aware if they can use decentralized finance instead of being pegged with centralized finance and bitcoin can be a conventional currency for the internet.
Bitcoin was a currency of the internet.
The time will tell us what will be happening with bitcoin but we will always have the chance to see bitcoin to be as big as fiat currency even this doesn't controlled by any entities.
The currency of freedom and that might suit with bitcoin in the future,
Bitcoin was a currency of the internet.
The time will tell us what will be happening with bitcoin but we will always have the chance to see bitcoin to be as big as fiat currency even this doesn't controlled by any entities.
The currency of freedom and that might suit with bitcoin in the future,
August 24, 2021, 06:20:16 PM
In the future maybe we will see Bitcoin accepted by many countries as in this list https://en.m.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory
but as we know, Bitcoin can only be used as an investment asset in some other countries, there are countries that make coins stable like reminbi and several other countries are doing research on accepting Bitcoin for payments, I support all regulations regarding payment transaction systems, but we need a little patience to see BTC can be used for payments because many countries are still worried about volatility price of BTC.
but as we know, Bitcoin can only be used as an investment asset in some other countries, there are countries that make coins stable like reminbi and several other countries are doing research on accepting Bitcoin for payments, I support all regulations regarding payment transaction systems, but we need a little patience to see BTC can be used for payments because many countries are still worried about volatility price of BTC.
August 24, 2021, 06:01:12 PM
It's not just about bitcoin but the new ways and opportunities bitcoin has brought in international finance. Just an example on what level of disruption bitcoin and crypto has caused and where it's heading.
https://markets.businessinsider.com/news/currencies/crypto-to-replace-fiat-within-10-years-financial-execs-say-deloitte-2021-8
76% of finance industry executives suggested that crypto would replace fiat within 10 years. Bitcoin alone would not have created this situation. Bitcoin solves many problems and is a good overall currencies. But specific use currency would certainly excel on specific jobs. There are still a few problems left to be solved or with the rise and high degree adoption of crypto, the economy too would adopt to integrate it.
https://markets.businessinsider.com/news/currencies/crypto-to-replace-fiat-within-10-years-financial-execs-say-deloitte-2021-8
76% of finance industry executives suggested that crypto would replace fiat within 10 years. Bitcoin alone would not have created this situation. Bitcoin solves many problems and is a good overall currencies. But specific use currency would certainly excel on specific jobs. There are still a few problems left to be solved or with the rise and high degree adoption of crypto, the economy too would adopt to integrate it.
August 24, 2021, 05:58:07 PM
Aeternity provide new ideas for coins, i think it's ambition project
Aeternity didn't related to the topic, aeternity was also getting so many negative review in the past as some people were saying it's abandoned project but the dev was coming and then denied all of the negative comments.
Bitcoin didn't even need to be a conventional currency or competitor of fiat. Bitcoin was providing an alternative way for the people to be free from the centralized fiat currency. People were not even feeling pessimistic but people just try to realize the fact if we need both. Bitcoin itself can become an alternative to the fiat and that's enough.
Remember that sometime bitcoin can be seen as commodity as well. Bitcoin has been used widely
August 24, 2021, 04:54:31 PM
~snip
many are pessimistic that Bitcoin will be able to shift conventional currencies both at the local and global level, will there be a miracle of bitcoin to shift conventional currencies
Such kind of pessimistic views is pretty plausible if you look at a different perspective. It's kind of hard for governments to fully implement Bitcoin as a currency without a strict regulations and laws about it. Not to mention Bitcoin is built within its decentralized nature, and we all know that governments are dislike anythings beyond their control.many are pessimistic that Bitcoin will be able to shift conventional currencies both at the local and global level, will there be a miracle of bitcoin to shift conventional currencies
For some of us, using seeing Bitcoin widely acceptable like in El Salvador seems a heaven for us, but every government have its own motive to maximizing their own FIAT currencies. Even, if we talking about conventional currencies, some of the third-world countries are still fighting their own way long about the unbanked society.
August 24, 2021, 10:02:49 AM
Bitcoin is already a universal currency there is no doubt about that and I have been using it to send/receive money from all around the world for nearly half a decade now, probably a bit longer. Which is why I believe that we should not be focusing on anything that will be shocking like "universal currency soon!" because it is already like that.
The difference is that USD is also a universal currency, it looks like it is just the money for USA people but all around the world even when USA is not involved people do pay each other in dollars, like you could be doing a transaction from Netherlands to Pakistan and can still be asked to pay in dollars instead of euro, which is why it is hard for bitcoin to grow just from that logic. Being a universal currency is one thing but beating USD to become the most used universal currency will not happen anytime soon.
The difference is that USD is also a universal currency, it looks like it is just the money for USA people but all around the world even when USA is not involved people do pay each other in dollars, like you could be doing a transaction from Netherlands to Pakistan and can still be asked to pay in dollars instead of euro, which is why it is hard for bitcoin to grow just from that logic. Being a universal currency is one thing but beating USD to become the most used universal currency will not happen anytime soon.
August 24, 2021, 02:17:12 AM
it's interesting to talk about bitcoin as a substitute for territorial and even world currencies but before going there it must go through a regulatory mechanism because there are countries that still refuse and accept when it agrees then the possibility is big.
many are pessimistic that Bitcoin will be able to shift conventional currencies both at the local and global level,
August 23, 2021, 10:14:47 AM
however, many are pessimistic that Bitcoin will be able to shift conventional currencies both at the local and global level, will there be a miracle of bitcoin to shift conventional currencies
It seems like you need to reach the bitcoin whitepaper again. Bitcoin can be considered as a new way for people to get out from the centralized economic system related to the fiat money as a currency that is fully controlled by the government. that gives so many restrictions for the users that were not able to be free from the intervention created by the regulators.Bitcoin and conventional currency will co-exist. A replacement can be made by bitcoin as a digital currency but when it comes to the fiat money in real life and then fiat will always become fiat.
Bitcoin has become a new standard in the digital currency right now.
August 23, 2021, 09:54:12 AM
No, Bitcoins can't go back and forth like conventional money as long as this happens no miracles can happen, Bitcoin is not money to store value, Bitcoin can only be exchanged not yet fully functioned as a trading tool or medium of exchange, as happens with conventional money obviously that's impossible.
August 23, 2021, 08:45:07 AM
Each country has a policy towards the currency. This may prevent Bitcoin from becoming a conventional currency. The main reason is when bitcoin is made into a conventional currency that cannot be seen by the government because it can hold many assets without identity, then this will be considered as tax evasion. unless there is a country that actually has a transparency policy for bitcoin holders, it doesn't seem like a miracle for bitcoin and altcoins to become conventional currencies. the question now is, are they willing to disclose their identity and the number of assets value they have to the government?
August 23, 2021, 08:23:28 AM
Bitcoin is touted as a new miracle in this century, it has become an alternative to complement the needs of financial transactions at the global level now, Bitcoin can then be said to have succeeded in establishing itself as a universal currency, because we can say that Bitcoin is very qualified as a money because it is durable, rare, shareable, and recognizable, Bitcoin became the currency of the virtual world on its way Bitcoin (BTC) transactions exploded and shocked. The product is selling well and becoming a prestige of individual wealth in the international world, however, many are pessimistic that Bitcoin will be able to shift conventional currencies both at the local and global level, will there be a miracle of bitcoin to shift conventional currencies
Your points about Bitcoin are valid and actually true, Bitcoin has grown to be the best cryptocurrency today because it solves the issues limiting people to carryout various transactions easy, cheap and fast, unlike going to the financial institutions where you will wait for hours, with Bitcoin a payment can be done easily from your own comfort place.
Secondly, I don't think and have not buy the idea that Bitcoin will one day shift or replace conventional currencies (that is fiat), the world government will not even buy into the idea.
Thirdly it is my own understanding that Bitcoin will fill in the gaps or lapses created by fiat monetary system, it will work alongside with fiat to make payments easy and fast, it will solve the issues which has limited a lot of people to access certain financial services freely without any intermediaries, and the list continues.
August 23, 2021, 04:53:03 AM
Bitcoin is touted as a new miracle in this century, it has become an alternative to complement the needs of financial transactions at the global level now, Bitcoin can then be said to have succeeded in establishing itself as a universal currency, because we can say that Bitcoin is very qualified as a money because it is durable, rare, shareable, and recognizable, Bitcoin became the currency of the virtual world on its way Bitcoin (BTC) transactions exploded and shocked. The product is selling well and becoming a prestige of individual wealth in the international world, however, many are pessimistic that Bitcoin will be able to shift conventional currencies both at the local and global level, will there be a miracle of bitcoin to shift conventional currencies
I like your analysis, but it is not the target of crypto to replace fiat currency / paper currency, this is very Contrary to the basic foundation in building crypto from the past until now, I think this is not true.
But if you mention that alternative bitcoin as a necessity today is quite convincing and even today the only coin that has stability is bitcoin, compared to altcoins and other coins, today I have not seen the function of cryptocurrence as a fiat currency shifter or conventional.
August 23, 2021, 03:47:59 AM
Bitcoin is touted as a new miracle in this century, it has become an alternative to complement the needs of financial transactions at the global level now, Bitcoin can then be said to have succeeded in establishing itself as a universal currency, because we can say that Bitcoin is very qualified as a money because it is durable, rare, shareable, and recognizable, Bitcoin became the currency of the virtual world on its way Bitcoin (BTC) transactions exploded and shocked. The product is selling well and becoming a prestige of individual wealth in the international world, however, many are pessimistic that Bitcoin will be able to shift conventional currencies both at the local and global level, will there be a miracle of bitcoin to shift conventional currencies
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