Will usage of bitcoin reduce the value of native currencies? - page 4.

setialovers

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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?

Its like demand and supply, if bitcoin used more than fiat and demand on bitcoin increasing, fiat value must be down againts bitcoin. But maybe its not affecting with others fiat money.

ufalo3

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Quote from: saumang2m on November 29, 2018, 12:37:39 PM

I do not think the use of bitcoin can reduce the value of indigenous currencies. Because Bitcoin is a crypto currency. Whose market is independent. And many countries have valid the crypto currency in their country. Despite this, there has not been any difference in the value of their national currency.

Crypto and the national cryptocurrencies live their own lives. There is no connection between them. Even when a person is a trader, he will always use fiat and credit cards as well.

kalstarzz

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Reducing the use of fiat is not possible with the use of crypto, because currently crypto users still cannot use ceypto anywhere and anytime. however, if crypto is legal throughout the world, fiat usage can actually occur.

owlman

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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?

At the moment, Bitcoin (and other cryptocurrencies) cannot replace Fiat. Digital currencies are used more as a means of investment and value preservation than as a means of payment, so at the moment there is no reason to worry that cryptocurrencies can harm local currencies.

coinnumber

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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 don't think the use of bitcoin has any effect on the value of fiat currencies beside the goal of bitcoin is to eradicate or affect traditional currencies. I believe without the fiat currencies such as dollar USD it will very difficult to make use of cryptocurrencies in many countries so I will say both work together.

Blocktopian88

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It's hard to say value of native currencies will reduce because of usage of bitcoin. Actually, many factors could impact on native currencies' reduction, such as usage of mobile payment and credit card, national economy and so on.

realcrypto

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Bitcoin is not here to eradicate our traditional fiat currency but to work together with our traditional banking system to bring improvement and make financial transaction accessible to all. Even with email our traditional postal agencies are still in existence.

Koenraad Lange

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Quote from: Roukawa on November 28, 2018, 04:59:09 PM

There is no connection between digital currency and fiat currency. In fact, USD will not fall once the value of bitcoin goes up. Unless they have only one usage. But in this case, they are use in different aspects. Bitcoin is for investment while fiat is to buy our daily consumption. It does not affect the price of dollar since USD does not based upon the value of BTC.

Of course it will not affect each other, because the segments are different. For bitcoin, the USD currency is only a value reference for one bitcoin. So anything that happens with bitcoin does not affect the value of USD, and vice versa.

Haticem

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Bitcoin does not completely destroy local currencies. However, it will be used with domestic currencies. This has no negative impact on the currencies of countries.

bdc2343

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Quote from: Sihab76 on December 01, 2018, 09:41:26 AM

Naturally it would be happened because day-to-day people concerned with bitcoin, blockchain, online virtual currency and they lost their agreement from Fiat native currency. So just be natural.

And according to the phenomenon that I recently observed is that if it continues to be a replacement for the currency and a common currency for all sectors and people. As I see it, this is no longer a movement but a new personality, new behavior in the future. And I'm happy if it comes any sooner in the near future Roll Eyes

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Sihab76

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Naturally it would be happened because day-to-day people concerned with bitcoin, blockchain, online virtual currency and they lost their agreement from Fiat native currency. So just be natural.

Sexie

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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?

Everything now will happen. Bitcoin as a digital currency has been created for every online transactions If the usage will increases, The demand is high and it will give better effect of course to the native currency. But it depends upon the volatility of bitcoin. Still we need native currencies as the central banks to monitor and control the economy of the country. We still both need them for the better future.

b3llsf1l3s

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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

what you say is reversed, FIAT is still good, what value is down?
even altcoins that only have a pair with USDT even remain stable and can still go up, precisely if the pairing with btc altcoin will worsen the atmosphere, people still sell altcoins with btc pairs, then they sell again with FIAT pairs. that's the plot. If it is intended for investment, it will be seen that BTC and Alts look good. But to get ROI, I'm sure you will definitely return everything to FIAT

Bitdressa

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of course not because the real thing that has an increase and a decrease in price or currency is actually bitcoin which can sometimes fall very badly, now starting from here we have to be smart in carrying out this investment.

drumamat

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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?

By and large, bitcoin is created to unite people and remove borders between States.Someone is mining bitcoin and selling it for Fiat and someone buys it.(within the borders of one country).The total capitalization of bitcoin today is 73 billion dollars.That is, it is unlikely to radically reduce the cost of its own currency.Even if hypothetically imagine that all mined bitcoin is within the same country it will be unlikely.The fact is that all extracted bitcoin is scattered around the world, and it is unlikely that it will unite with all holders and somehow affect the value of any national currency.

betty11

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Fiat has always been here and will always be here. It value will continue to be determined by the strength of that nation economy and forces of demand and supply. Although, currency are not forever. The fiat might come to an end someday.

jollydart

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I think for this to happen BTC must be available and the best option of payment in any part of life. My long term hope is this but we are talking about much into the future.

project_delta

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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?

Though it was intended to be like that, I don't think that cryptos will ever replace fiats completely. Since, it would be a long process and it would have some very big loopholes that need to be taken care of. In the mean time, why don't we all focus on making crypto better, eradicating every problem that comes with it?

conected

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Quote from: sgenuine on December 01, 2018, 05:09:05 AM

Quote from: Roukawa on November 28, 2018, 04:59:09 PM

There is no connection between digital currency and fiat currency. In fact, USD will not fall once the value of bitcoin goes up. Unless they have only one usage. But in this case, they are use in different aspects. Bitcoin is for investment while fiat is to buy our daily consumption. It does not affect the price of dollar since USD does not based upon the value of BTC.

Absolutely right! It is weird to try making any connection between the cryptocurrency and the traditional money. Even when all people will start using crypto, it will not affect national currency.

- Sure, the use of bitcoin will not reduce the value or affect the national currency because most people who know about bitcoin, understand the benefits of it, they always choose bitcoin as their number one investment, they do not consider it as a currency, that will waste the features and value of bitcoin. In addition, the number of users and know about Bitcoin worldwide remain at a very low level and with such numbers, it is difficult to form influential for national currency, this is also the reason why bitcoin can exist so far without being destroyed by the government

sgenuine

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Quote from: Roukawa on November 28, 2018, 04:59:09 PM

There is no connection between digital currency and fiat currency. In fact, USD will not fall once the value of bitcoin goes up. Unless they have only one usage. But in this case, they are use in different aspects. Bitcoin is for investment while fiat is to buy our daily consumption. It does not affect the price of dollar since USD does not based upon the value of BTC.

Absolutely right! It is weird to try making any connection between the cryptocurrency and the traditional money. Even when all people will start using crypto, it will not affect national currency.

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