Will usage of bitcoin reduce the value of native currencies? - page 11.

jossiel

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Quote from: Ramya494 on November 06, 2018, 05:26:03 AM

Will the value of native currency fall down if the usage of bitcoin increases?

No assurance that it will fall just because of bitcoin's demand has increased. There should be many factors before local currency would fall and one of it is due to financial/world crisis.

Bitcoin is decentralized and the native currencies you are asking is centralized. There's no way that a government backed money will be reduce in value unless there's a big inflation for that country. That's another way of devaluing a currency just like what's happening to Venezuela today.

davis196

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The value of all "native" currencies is going down and will continue to decrease,with or without bitcoin.
We can't stop the massive printing machines ,called Federal Reserve System and European Central Bank.
The problem is that most of the people believe in the illusion that the USD and EUR are "stable" currencies.

Nnuego

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New technologies and designs are meant to improve upon and replace existing ones.
Currencies was invented and it replaced the existing system of trade by barter, a digital asset which is accepted as a currency could open a new door to how we transact.

Gaining acceptance as a currency is not cheaply done, especially as a decentralized system.
Bitcoin and fiat could function together in the same financial ecosystem without any giving way for the other... For now.

The_Tick

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Considering the obvious trend of digital value replacing physical value and government restrictions on data localization actually hampering countries' gdp growth, I think this is inevitable.
https://www.ft.com/video/b17bba5b-5c79-4534-b81d-24c2eb95d1b4

dothebeats

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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.

timotron

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Quote from: Ramya494 on November 06, 2018, 05:26:03 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?

I hope that native currencies like USD or EUR will not have the control they had last decades thanks to bitcoin. But I don't think this will happen anytime soon.

most people feel they need fiat for a transaction, most of them don't know about crypto.

Wich people are trying to let down BTC?

We can try to answer a few of them, keep the question coming. But make some research online, or in the forum, so much covered already.

OmegaStarScream

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Well, for now, I don't really see it happening for one reason. Whenever people trade something that involves bitcoin, they always see the equivalent of USD or other fiat currencies.

Shimmiry

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Quote from: Chiefmonkey on November 06, 2018, 06:17:30 AM

I think fiat currencies are loosing value all the time regardless of bitcoin... the price of bitcoin doesn't have to change for it to increase in value against fiat

Well probably it has a point. But then, the value of the currency depemds of what currency it is. As we can see the USD has a stable economy but then there are analyst who says that dollar is going down. But then we can conclude that today bitcoin do not have an effect.

Chiefmonkey

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I think fiat currencies are loosing value all the time regardless of bitcoin... the price of bitcoin doesn't have to change for it to increase in value against fiat

javadsalehi

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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.

Ramya494

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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?

Topic: Will usage of bitcoin reduce the value of native currencies? - page 11. (Read 2056 times)