Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Articles about Cryptocurrency => Topic started by: jamespatrick on January 05, 2020, 05:43:51 PM
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At the beginning of the cryptocurrency boom, Bitcoin seemed to be the unquestioned leader. Up until early this year, Bitcoin accounted for the vast majority of the industry’s market capitalization; then, in a span of just weeks, Ethereum, Ripple, and other currencies rushed to catch up. While Bitcoin is still in the lead, the rapid turnover in the industry has some analysts debating if cryptocurrencies are actually currencies. Some are predicting that even bigger changes could be ahead. Among them? The idea that cryptocurrencies could come to replace cash entirely.
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Possible Advantages to a Crypto Future
A report by futurism highlights some of the possible outcomes, should cryptocurrencies surpass fiat currencies at some point in the future. One important consideration is that cryptocurrencies cannot be manipulated quite as easily as fiat currency, largely due to their decentralized and unregulated status. Beyond that, cryptocurrencies could better support the concept of a universal basic income than fiat currencies would. As a matter of fact, some programs have already experimented with the use of cryptocurrencies as means of distributing a universal basic income.
Further, cryptocurrencies could help to get rid of intermediaries in everyday transactions. This could cut costs for businesses and help out consumers.
Possible Concerns if Cryptocurrencies Replace Cash
Of course, there are also some huge challenges and concerns with this scenario. If cryptocurrencies outpace cash in terms of usage, traditional currencies will lose value without any means of recourse. Should cryptocurrencies take over entirely, new infrastructure would have to be developed in order to allow the world to adapt. There would inevitably be difficulties with the transition, as cash could become incompatible quite quickly, leaving some people with lost assets. Established financial institutions would likely have to scramble to change their ways.
It is important to note that while the initial Bitcoin-mania saw quite a few businesses offer to accept the cryptocurrency, that list has steadily dwindled brining back the skepticism about its use a medium of exchange.
Beyond the impact of a cryptocurrency future on individual consumers and on financial institutions, governments themselves would suffer. Governmental control over central currencies is key to regulation in many ways, and cryptocurrencies would operate with much less government purview. Governments could no longer, for example, determine how much of a currency to print in response to external and internal pressures. Rather, the generation of new coins or tokens would be dependent upon independent mining operations.
Regardless of how individual investors may feel about the prospect of a switch from standard cash to cryptocurrencies, it is likely out of anyone’s hands. Of course, with ample speculation abounding that the cryptocurrency industry is a bubble that is destined to pop, it’s also possible that predictions of a crypto future could be overblown. What is difficult for investors is that, as with all things crypto-related, changes happen incredibly quickly, and predicting them is always tough.
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Bitcoin or Altcoins Maybe replaced
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Bitcoin or Altcoins Maybe replaced
I do believe Bitcoins and altcoins will replace the paper money eventually.
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Paper money is being superseded by non-cash forms of payment. This is the current global trend. However, in general, paper money will remain for now, since a significant part of the world's population cannot or does not want to use non-cash payments.
Cryptocurrency is not able to replace the paper money of states. It can only go along with the national currency - cash or non-cash. No state will ever give up its national money, since they are an integral sign of statehood.
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I don´t think [url°https://www.worldcoinindex.com/coin/bitcoin]Bitcoin[/url] or Altcoins will replace all paper cash, maybe some percentage. Cryptocurrency fluctuates to much and there is a lot of misstrust in Cryptocurrency.
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I don't think that bitcoin or altcoin can replace paper currency totally as cashless policy is being adopted worldwide bitcoin and other altcoins might be used more in future than paper currency but it cannot extinct paper currency
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It will be too difficult for us to say it now because we all know that nowadays paper money is much more priority so far worldwide. This was the real thing that happens. But in terms of online payment to some of the merchants who accepted
some of the cryptocurrencies can be a replacement via online only, for now, I mean optional payment.
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Bitcoin or Altcoins Maybe replaced
replace with what? Bitcoin and Altcoin will not be able to replace paper money and vice versa, both have their respective roles and advantages..