Will usage of bitcoin reduce the value of native currencies?

conected

hero member

Activity: 1302

Merit: 503

Quote from: Crafts12 on December 30, 2018, 03:36:51 AM

Quote from: javadsalehi on November 06, 2018, 06:36:02 AM

I don't think this happens. Fiat currencies are controlled by central banks and governments and do not let this to happen. It will happen only if cryptocurrencies completely replace fiat money. The probability of this is very low.

I couldn't agree more. Bitcoin being use by a massive number of people will not reduce the value of the fiat currency for a reason that bitcoin does not replace it completely and for that the value of fiat currency stay the same. Also as what you have said, governments will not allow it to happen because fiat currency is still what they want and whay they control.

- I really don't see bitcoin being used by a large number of people if we compare the number of users to the world's population, the percentage is extremely low, and with such data, using bitcoin will not reduce the value or affect the native currency. In addition, most users only use bitcoin for investing, trading altcoin, they never plan to use bitcoin as a currency, and as you say, the government does not allow this to happen, this is not a legal currency, combining all the information, we can see the impact of using bitcoin on native currency is almost zero

jerrison

full member

Activity: 1442

Merit: 106

it is already a thing that people have made up their mind on. the idea of native currencies don't rule the finance industry that much again if you ask crypto die-hard fans. it is crypto all the way even 60 percent of online transaction are now crypto. the global adoption of crypto will see the elimination of native conventional money

Crafts12

full member

Activity: 405

Merit: 105

Quote from: javadsalehi on November 06, 2018, 06:36:02 AM

I don't think this happens. Fiat currencies are controlled by central banks and governments and do not let this to happen. It will happen only if cryptocurrencies completely replace fiat money. The probability of this is very low.

I couldn't agree more. Bitcoin being use by a massive number of people will not reduce the value of the fiat currency for a reason that bitcoin does not replace it completely and for that the value of fiat currency stay the same. Also as what you have said, governments will not allow it to happen because fiat currency is still what they want and whay they control.

Nanda Dewi277

sr. member

Activity: 784

Merit: 251

Quote from: Elerntta on December 29, 2018, 05:19:32 PM

Even if this happens, it is not very soon. It is unlikely that people very quickly switch from the usual national currency to the use of bitcoin. For example, in my country, not all people even use a Bank card, let alone a digital currency.

Certainly, bitcoin and national currencies have advantages in their respective fields, these two currencies will not clash. both will run together in their fields. I think bitcoin will only be a strong alternative intermediary. Bitcoin users who are increasing will not affect the value of the national currency.

ranman09

full member

Activity: 756

Merit: 112

Quote from: javadsalehi on November 06, 2018, 06:36:02 AM

I don't think this happens. Fiat currencies are controlled by central banks and governments and do not let this to happen. It will happen only if cryptocurrencies completely replace fiat money. The probability of this is very low.

I agree. This is possible but it is hard for cryptocurrencies to cope. Investors of bitcoin or any other cryptocurrencies are always looking for the fiat conversion.

For the sake of OP's question, yes I think it will decrease the value of fiat. People will more be concentrated on one medium and so it will decrease the other medium. Though I know the government will never let this happen.

setialovers

member

Activity: 812

Merit: 11

Quote from: WebTera on December 29, 2018, 05:57:46 PM

I strongly believe in the prospects of bitcoin and that it will be a single global currency. But unfortunately, there are so many people who will continue to use Fiat no matter what. Therefore, I do not think that there is a serious problem of replacing national money with bitcoin. They will be used in parallel.

I think hard for bitcoin become world single currency because most country in the world againts bitcoin. I am believe bitcoin can side by side with fiat money but i dont think bitcoin can be a single currency and replacing national currency

Dread Pirate Roberts

sr. member

Activity: 1512

Merit: 326

Quote from: Ramya494 on November 06, 2018, 06:26:03 AM

Will the value of native currency fall down if the usage of bitcoin increases?do people feel that they don't need fiat anymore for the transactions to happen?Is that why people are trying to let down bitcoin ? Many questions are just wandering in my mind at the moment. Can anyone answer atleast few of them?

Everything not related in crypto should not get affected of crypto and alt coin . micro transaction its needed daily . and hand to hand transaction ofcourse people still needed . no way people in this world become fully digital . crypto currency more like for Digital transaction or alternative digital payment .

minhlee95

full member

Activity: 527

Merit: 101

DIA | Data infrastructure for DeFi

I am also more inclined to believe that bitcoin will simply be a great alternative to national money, but will not replace them completely. So maybe he will reduce the usage of Fiat, but in a very slight degree.

WebTera

member

Activity: 322

Merit: 10

I strongly believe in the prospects of bitcoin and that it will be a single global currency. But unfortunately, there are so many people who will continue to use Fiat no matter what. Therefore, I do not think that there is a serious problem of replacing national money with bitcoin. They will be used in parallel.

12tribes

member

Activity: 378

Merit: 11

The value of individual currencies is not determined by the use or non-use of cryptocurrency. Economic indices affect the value of a nation's currency. the use of atm cards or the use of cashless technology has not and does not affect the value of the currency. The use of bitcoin will open up the economy and financial sectors to alternative channels and means of doing business. Let's exploit it.

Elerntta

member

Activity: 490

Merit: 10

Even if this happens, it is not very soon. It is unlikely that people very quickly switch from the usual national currency to the use of bitcoin. For example, in my country, not all people even use a Bank card, let alone a digital currency.

minatour

member

Activity: 687

Merit: 11

Quote from: Ramya494 on November 06, 2018, 06:26:03 AM

Will the value of native currency fall down if the usage of bitcoin increases?do people feel that they don't need fiat anymore for the transactions to happen?Is that why people are trying to let down bitcoin ? Many questions are just wandering in my mind at the moment. Can anyone answer atleast few of them?

no, forever bitcoin can never dominate fiat money. fiat will remain the primary payment tool.

coinwizard_

jr. member

Activity: 336

Merit: 5

Most Advanced Crypto Exchange on the Blockchain

If people switch over to bitcoin for purchasing then the governments will lose a lot of tax revenue, which won't help the debt situation. Native currencies will fall when bitcoin goes global mainstream

Argoo

full member

Activity: 2352

Merit: 245

Quote from: dothebeats on November 06, 2018, 07:47:14 AM

It's not gonna happen. Firstly, governments would sure prohibit the use of foreign currencies from the start and forex wouldn't even exist. Secondly, there's not much people using bitcoin for daily transactions as most things are still priced in fiat. Even online stores are hesitant to accept bitcoin as a payment method due to the risk volatility carries. Lastly, bitcoin will never be a currency that could take on USD and EUR. While it can exist side-by-side with the said currencies, it can never go head-to-head with these guys in terms of usage.

Totally agree with you. We do not yet see the negative impact of cryptocurrency on lower prices fiat. For example, Japan last year received a few tenths of a percent of its gross income from the use of cryptocurrency, that is, the economy only benefits from this, which means that local money is strengthening, that is on the contrary, fiat only grows in price.

MULTIK888

jr. member

Activity: 123

Merit: 8

I don't think that's going to happen for any reason.
Bitcoin is too volatile until and until its price is stabilized people will not hold bitcoin for real application.
There are no places to use bitcoin. Payment for goods and services plays an important role in the formation of the cryptocurrency, and while we see only rare transactions for purchase or transfers in some more developed countries.

irenegaming

full member

Activity: 476

Merit: 102

Kuvacash.com

Uhmm I do not think, it would have to be something too massive for that to happen, remember that many businesses are made with gold and silver, so the fiat did not displace that exchange rate, the same surely that will happen with cryptos too, like a type more currency, that we can use for our transactions.

aris av

copper member

Activity: 409

Merit: 1

The Standard Protocol - Solving Inflation

I think it depends on the use of bitcoin, if it is used as a payment method, bitcoin will be able to influence the decline in the value of the original currency.

levvv

member

Activity: 532

Merit: 17

Quote from: Ramya494 on November 06, 2018, 06:26:03 AM

Will the value of native currency fall down if the usage of bitcoin increases?do people feel that they don't need fiat anymore for the transactions to happen?Is that why people are trying to let down bitcoin ? Many questions are just wandering in my mind at the moment. Can anyone answer atleast few of them?

If most peoples start to prefer using bitcoin than common currency / money, then of course it will makes bitcoin more valueable than
fiat currencies / money, but not reducing the value of fiat currencies. For now, peoples still need fiat money to buying and selling things.

Finestream

hero member

Activity: 3052

Merit: 606

Quote from: Kasabus on December 28, 2018, 07:32:58 PM

Quote from: thankyoulord on December 28, 2018, 07:18:04 PM

well sincerely no one knows but it will be better if native currency remains where it is as there are several things one could purchase with native currency easily than using bitcoin

The purpose of digital currencies creation isn't for making native or local currency become no value. Instead it provide us other option to make easier for us doing Online transactions as mostly engage into today.
Local currency will still remain in its value as we used it regularly.

I agree.Bitcoin is not created to compete with the native currencies.And it's really far from possibility because bitcoin is not yet adopted by the government so people are still using it as another option for payment particularly in online.Majority of the people are still using native currencies.But maybe if bitcoin will have a mass adoption in the future,then that time our native currencies might be already affected.

Kasabus

hero member

Activity: 2814

Merit: 576

Quote from: thankyoulord on December 28, 2018, 07:18:04 PM

well sincerely no one knows but it will be better if native currency remains where it is as there are several things one could purchase with native currency easily than using bitcoin

The purpose of digital currencies creation isn't for making native or local currency become no value. Instead it provide us other option to make easier for us doing Online transactions as mostly engage into today.
Local currency will still remain in its value as we used it regularly.

Topic: Will usage of bitcoin reduce the value of native currencies? (Read 2017 times)