Will usage of bitcoin reduce the value of native currencies? - page 6.

Menawi12

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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?

Because cryptocurrency like bitcoin not controlled by any authorities, i think bitcoin and fiat money will run side by side. I am still thinking that people still need fiat because it already used for many years and to measure economic growth.

kickdapa

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Not really bitcoin is a digital currency which is decentralized. There are still so many people don't dare to adopt bitcoin as it is extremely volatile it might bring them a huge loss. So it will not possible to happen to reduce the value of the native currency even native currency is totally controlled and maintained by government and bank.

Stac

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The usage of Bitcoin will never reduce the value of native currencies Bitcoin value is determined with fiat and that is determined with fiat currency value of the localities local currency so it is difficult to believe that Bitcoin transactions will affect the currencies of their locality it may only reflect in value . Even though Bitcoin has attains a popularity globally some countries do not legalize Bitcoin, the value of Bitcoin fluctuates in every hour all are not aware of this digital currency even though Bitcoin is a decentralized in nature that means no third party influence in the transaction of Bitcoin .The transactions are cheap and easy for international uses since there is no third party or even the bank interference its transaction is peer to peer . Bitcoin transaction is done with the blockchain technology so it is corruption free this transparency leads people to trust Bitcoin even though it has grown Bitcoin can't stand by its own without the reflection of fiat currency.

altercreed

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I don't really think that bitcoin can reduce the value of native currencies. Afterall, it's the native currencies that people are still using as their medium to buy products that they want in everyday living. Bitcoin is just an alternative to fiat and other people are making bitcoin as source of income to earn fiat.

BigBrother

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I believe that bitcoin will be widely used in the future. But we still can't do without the fiat money. Therefore, it is unlikely that bitcoin will be able to affect the cost of fiat money.

jonaire99

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Majority of the people will continue to prefer their native currency because it is more convenient for them than the cryptocurrencies. Their usage for fiat will continue to boost its value and the virtual coins will remain as alternative currencies because they ard not yet fully adopted in many countries. Digital currencies need internet to be able to use it while native currencies are always available offline.

delphic

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Now nothing depends on Bitcoin at all.He is too much from what depend.While the situation on the market is not stabilized, these issues are not relevant at all.Don't know what they're doing with bitcoin,but the schedule just looks dramatically.

Ben

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It's a faraway future, I guess. Meanwhile, they co-exist and do not influence each other

fulmetal08larz

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They may co-exist with each other and people will have more options to choose from whether they utilize the traditional ones or opted for a more convenient way of transacting financially. It all comes down to user acceptance and trust. So far, for BTC, it may seem that the trust is fading. But, let us not lose hope. Better days will surely come.

teejayrichard2

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i dont think the usage of bitcoin will reduce the value of native currency but rather they will both co-exist as one cannot buy small items with bitcoin especially to petty traders. bitcoin has its onw special function while native currency has its and it will be much better if they both co-exist.

ribowo76

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In my opinion, that possibility can happen. If the use of bitcoin as a tool for payment has gone global. Where people prefer bitcoin for global transactions, instead of using fiat money

stayeduptolate

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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 and only if the bitcoin will be started using in day to day needs then I think that bitcoin can increase in value and people will ditch their official currencies of their country and then maybe bitcoin will be officially recognized world cryptocurrency. This will surely impact the national currencies but the bitcoin adaption will be a problem in those counties where there isn't a reliable internet connection and infrastructure for people to use the services and thus they would have to stick to fiat only.

Peacemaker1994

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This is still a topic for debating on. At the moment cryptocurrency that is bitcoin and the rest has not gotten a wide acceptance as that of native currencies and bitcoin is not a physical currency and it's technological based there are some hindrances to bitcoin out muscling native currencies

Treasurer

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Quote from: NelfiNovita on November 16, 2018, 10:48:20 AM

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?

it will not happen because the fiat currency is controlled by the government and banking, and people are still comfortable with this situation. Another thing if the cryptocurrency completely replaces the fiat currency, but it's very difficult because there are still many people out there not yet recognizing the crypto world at all.

Older people will never understand or accept crypto at all. In addition, the crypto address is easy to lose, forget the key to it. And no one will return the lost money. How to deal with this? The state must take care of its citizens and protect them. And how to do it, if the crypto currency is anonymous?

Tagus45

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For the short term, bitcoin does not affect the value of fiat currency, but for the future when bitcoin is widely accepted, bitcoin will be able to reduce the value of fiat currency.

Chairul Muttaqin

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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?

Yes, if native currency still in form of paper money/then the answer is yes but if the native currency is in form of gold then bitcoin can't give any impact to gold because usually the price of gold is move inline with commodity such as rice, weath, meat and etc. People prefer like to do transactions via credit cards rather than cash, the trend is move, in the future people will prefer like to use bitcoin and other cryptocurrencies for online transaction.

tramadols

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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?

I don't think so, however, we will need fiat money as a transaction in the real world. except if every country has adopted digital technology such as bitcoin to be legal.
what you say is sure to happen

globalking

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POINTPAY

no, I don't think so it will take some more time to bitcoin for mass adoption and after that also fiat money will be there it will no vanish.

cizatext

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Bitcoin can not replace the usage of any country fait money but bitcoin can reduce the value and usage of such currency due to the unique role it play's, why bitcoin can not totally take over the entire economy from the traditional currency is due to the fact that there are some goods that can be paid for only with paper money and bitcoin is a digital currency. So at that bitcoin can only be use as a secondary currency.

ongkok87

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Quote from: messito on November 13, 2018, 10:07:14 AM

surely fiat money will lose its leading position and after a while will simply disappear if the cryptocurrency takes their place

it seems that whenever the fiat currency will never be lost in the presence of a rotated currency, because the digital currency is to be used as an asset to earn income and certainly also little use for the transaction tool

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