Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: uzair on August 24, 2018, 05:38:10 AM
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Could Bitcoin ever replace conventional money?
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Could Bitcoin ever replace conventional money?
I think It is difficult. It will take several years. Bitcoin maybe will replace conventional money at the coming future.
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Probably not bitcoin but some other cryptocurrency could replace money. The problem with bitcoin though is the price fluctuates wildly every day, are prices just constantly going to change for things you want to buy? That puts a huge strain on retailers as they'd have to have constantly changing prices as well. You could always just use BTC as if it were fiat currency and exchange it at whatever the current rate is, but then there's also transaction feeds. It's just not practical as it is right now.
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It is very difficult to beat conventional money, because the money is very clearly used by the public in general.
Maybe my advice is like this: Cryptocurrency, the Bank and the Government will continue to co-exist for all time.
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Taipei City Council Candidate Receives Taiwan's First Political Donation in Bitcoin
A Candidate for the Taipei City Council (TCC) has received the country's first political donation in bitcoin, saying the development had both political and technological implications, Yahoo News reported on September 20, 2018.
- Read More https://btcmanager.com/taipei-city-council-candidate-political-donation-bitcoin/
It is mean the bitcoin to be payment system in real life although the usage of it is still no massive or mass addoption.
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I not seeing this thing to happen, though the possibility is slim. Conventional money is existing way before a thousand years wherein the exchange of goods is in the form of representation of something. Gold and silver are the first money created as a form of payment system way before in our ancestors. Today, paper money was created in exchange to the product or services render. Bitcoin is an imaginary value which doesn't have any form of representation except numbers in the computers. It's hard even to thing that this form of numbers could replace the conventional way.
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I agree about nothing is impossible but if bitcoin replace the conventional money seems unlikely to happen. I always said with that way in many discussion about this. This is not first time discussing about it. As long as many governments don't accept bitcoin and crypto, it is hard to replace conventional money. In my opinion, it should not replace but add a new payment instrument.
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Bitcoin is a digital currency, where many people don't understand this yet. And I think only modern people know about it, and traditional people don't understand this yet. and I never thought bitcoin would replace conventional currency, because the price of bitcoin that fluctuated rapidly would make people think of bitcoin as an investment asset, not as a currency like conventional money in general.
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Could Bitcoin ever replace conventional money?
In my opinion It will happen at the coming future. Bitcoin will replace conventional money. Lets see , I think.
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Conventional money is regulated by the government and people are used to using it. To replace conventional money I think it will be difficult for bitcoin.
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I am sure that someday the possibility will occur where the paper currency will be replaced with digital currency, in the future technology will surely grow rapidly because everyone competes with each other ..
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Could Bitcoin ever replace conventional money?
Of course. Because Bitcoin is the future currency, It will be more stable and will replace convetional money.
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Cannot, Bitcoin and Conventional money do have the same function, but they are different. but I'm sure Bitcoin won't be able to replace conventional money. they will run together, according to their respective functions.