Bitcoin Forum

Being the first digital currency to really establish deep and firmly in the market. Do you think in the near future Bitcoin will dominate our current currency?

That's hard to say, what's your current currency?

Bitcoin will not dominate the world reserve currency. We shouldn't want it to. If it does we'll invite intervention and interference from the world powers as they try to gain control and/or keep their domestic currency systems dominant in their local region.

You should read up on money and currency. What it is, what drives it's uses and value, etc.

To say that Bitcoin could be cash is a fallacy...it is cash (digital of course, but the same). Cash is just slang for money. Bitcoin is money.

As of July 2013, currency in circulation—that is, U.S. coins and paper currency in the hands of the public—totaled about $1.2 trillion dollars. The amount of cash in circulation has risen rapidly in recent decades and much of the increase has been caused by demand from abroad.

So we still have a long way to go to supersede fiat currency. The thing is, fiat cash is being printed like toilet paper and it decrease in value, where Bitcoin increase in value. ^smile^

I'll challenge that. Over the recent decades we've seen the widespread adoption of credit and debit cards and in the last ten years that's turned to online payments. The volume of cash, i.e., paper money, used in the last decades has declined significantly.

EDIT: I stand corrected. Just found this article (http://www.newyorker.com/business/currency/why-digital-money-hasnt-killed-cash) from the New Yorker which claims the amount of US paper currency in existence has increased. This is must be an indicator of how much the money supply has increased over the same time period...because the developed world has certainly shifted to a more electronic payment system.

The fact that everyone in the world uses credit and debit cards now, but the amount of paper currency is increasing just shows how much they are printing and how fast and why Bitcoin is doing so well.

bitcoin is not the first "crypto currency" :D
there were a couple of others before bitcoin that nobody remembers anymore!

and no, i have always said from day 1 that bitcoin will never replace, dominate,... fiat currencies. it is impossible to do so. bitcoin is global, fiat is local. also there is a government behind the fiat who won't give up control over their country's fiat currency to be replaced by the decentralized bitcoin!

It will not likely replace cash as daily trading currency.

It is likely though that more and more people will buy it like gold. To hoard and as a store of wealth.

Nice research. Crypto definitely has a ton of room to grow.

Transaction speeds will need to increase by a lot if it suddenly had billions of users. People can't wait 10 minutes to check out at the grocery store. Look at how pissed people are by chip credit cards, and that's just a few extra seconds.

Not in the near future (if you mean in the next 5-10 years). Not at all. That might happen in the long term but nowadays most people don't understand what bitcoin is and they associate cryptocurrencies with "bubble" "pyramid", "fraud" and so on. It will take time to be massively adopted by the average Joe.

It seems that it will be difficult to be true, because the price of bitcoin is not stable. Plus there are still many people who do not know bitcoin, if it will happen is not in the near future, it took about 10-5 years again so bitcoin became known by everyone in world.

It will not. Digital currency needs big network to be in place all over the world. With few countries as exception I think there are many countries who are away from the digitalisation. In the process these countries may not participate and thus it won't be worth loosing them.

Todays currency is governed by rules, thats why it works so smoothly all over the world. We exchange currency with different values which makes the balance of financial system. With bitcoin being equal everywhere it would be chaos because all countries will stand at the same stage and there will be issues with power empowering with goods and services. Everyone will have power to buy everything, For Example, military, food and fuel which are limited in the world. That will bring devaluation of everything as every country will have the money in equal stats. I hope you understand what I'm trying to say here. The equalisation of the world will actually imbalance the countries!
May be it won't happen and not all government will approve this change.

Hi I think no. And dont even wish for it it'll be a sure chaos around the world. As bitcoin is capped to  21million only. You mean the whole will struggle with all of that 21 million coins?? :D Isnt it going to be hard.

It is hard to make a full conclusion on, but to me I would say NO, rather they will both work hand-in-hand with each other. Cause no country will want to let go of their home currency and take a digital currency as a substitute.

I think no because it's too expensive to make little amount transactions by Bitcoin and also because BTC is only viable to make large transactions. You can't buy small items with Bitcoin. So we need fiat currency or another cryptocurrency to buy cheap items.

There were a lot of people asking questions like yours and the answer for them was: no. No matter how btc future growth and development can not replace cash. Crypto systems are just digital coin, which is based on the web and transactional systems, and can not replace the role of cash in life services. The implementation of a btc transaction today can be said to be very fast but the fee per transaction is quite high, which is difficult to accept when btc is widely used daily as cash.

Bitcoin would be vastly used in future.But it would not dominate other currencies.Every country's currency is supported by appropriate governments which ensures its value.But bitcoin is not controlled by any authority and no one could ensure its value.Bitcoin's price is driven by community support.More over,today most of us don't like to use bitcoin as a currency and spend it,rather we all want to just save it as a profitable investment for future.So,in no way,bitcoin could supersede cash.

If we will talk about the usage compare to our current currency then yes, bitcoin can really dominate our current currency because people now are getting smarter and they want to use smart ways to get things done like paying bills, transferring money via remittance and earning money without putting a lot of effort. They can do all of that things if they will use bitcoin which in the near future will become the mainstream.

i don't think so. specially not in the near future.

bitcoin is rising fast and it is actually being adopted fast. with things like Lightning Network it will be adopted even more and be used a lot more like cash but with high security and fast speed while having low fees.
but dominating cash is not an easy thing. cash has been being used for ages. it is backed by the country and the government. and it is hard to replace an already adopted and working system which people trust.

Do you mean overtake paper money such as cash or do you mean will bitcoin overtake credit cards and other forms of online payment methods?

I don't really ever think that Bitcoin will ever overtake cash since they have too much of a difference and comparing them is like comparing apples and oranges. I think that cash will be here for a long time, until everything gets computised.

Bitcoin could overtake credit cards, they have better features than them and it would work well.

To be honestly telling Bitcoin will not going to supersede cash in the near future and we wish not to replace because if no comparison the value of Bitcoin cant be evaluate. so Bitcoin will not supersedes cash.

when you say 'cash' im assuming you mean fiat currency; my personal thought is no. not in this decade at least, for a simple reason: not enough of the world will pick up on bitcoin and be proficient enough in the basics that would warrant mass adoption. even though we are moving towards a digital age (imo), the ins and outs of bitcoin isn't something that many of the older population (middle age) would pick up easily out even be receptive to.

i am not sure about this because as long as bitcoin is not approve by the government then its difficult to dominate current currency. but if only using in internet, i think right now we are dominate every currency and bitcoin price is the highest price right now if i am not wrong. maybe in future, this will happen and bitcoin will be using as current currency.

,OP like what you are saying it is just the same that maybe one day bitcion could replace our fiats in terms of value, but i guess its really hard to replace fiat w;th bitcoin alone, maybe for now but we do not know about the next years or generation that will come, anyway it may took time to organize bitcoin to people, as well as still plenty of people doesn't know bitcoin very well.

No i cant see such reason for Bitcoin to be considered to dominate our own local fiat currency because they would really stood firm and knowing that government would be always there and this thing cant really be considered at all. No matter how bitcoin would progress it would really just still remain as digital currency and this is why there no need to think off on this kind of situation regarding surpassing fiat anytime soon because it wont really happen at all.

We cannot predict anything. Waves and ether are good competitors for bitcoin if you consider among digital currencies. Waves and ether price will increase gradually . But if you compare it with fiat currencies, definitely it cannot supersede fiat currencies. I agree that bitcoin has got so many advantages, but fiat currencies also have many advantages and it can be used even by uneducated people.So in my opinion its not possible.

Cash is an enigma. There was a time and a place when hard currency served its purpose. That time in that place was a long time ago. As early as the 90s , hard hard currency could have easily been done away with. Debit card, and other digital currency mediums could have replaced it long before Bitcoin.

It is not possible in the near future. Very few percentage of world population uses bitcoin as we write, about 0.01% is estimated and with only such small amount of persons using it , its impossible that bitcoin surpasses cash. However I am very optimistic that for the new up coming generations, bitcoin may have achieved the same level of being used as cash.

For me Bitcoin doesn't need specifically to take over the system of cash or fiat. Because as you said dollar or what we consider paper money has a lot of circulating portion around the world and it is consider as a universal current in terms of fiat. So I think Bitcoin much need to develop its system to make it as a more universal current compare to fiat. Serving a better option on transaction specially on investing and trading.

Yes, although my country still development if compare with other rich country as Japan, US ... but in recently, special in this year, most shops changes the payment system to use Visa/Mastercard. This is a signal for remind us know paper money will be not good in future.

The last hurdle that currency replacement had watch the fact that not every person had a bank account or a debit account. Over the past 15 years, the US government has ensured that even those that are on government payment plans instead of work based income, have access to their money through an account and through a debit card. Once that happened there was still no reason at all to have cash.

In my opinion it will be difficult for bitcoin to supersede fait currency in future, but I believe both of them could exist simultaneously. There are a lot of bottleneck like internet access, electricity, knowledge of how to operate computer in some part of the world that need to be take care off before one can think of Bitcoin supersede fait currency.

Yeah i believe too it wont specially for the poor countries when most of the people are poor that they didnt know how to use computers and other digital devices. They will just rely on paper money to buy food than to learn the digitals because of poor education. Possible bitcoin will take over paper money if the country is rich and have a powerful economy that their people are mostly computer literate.

I am 100% sure that bitcoin will never be able to dominate fiat currency in any way. At least for next 15 years, I don't see that happening. Bitcoin has already created a parallel economy a lot of people are earning money from it and living a decent life. However, being decentralized in nature, bitcoin will never be accepted a primary currency in any country. Also the government will not want to distribute the power of money to their citizens freely.

Bitcoin will remain as the most strong digital asset and probably few more countries will allow merchants to accept bitcoin but it can never replace a mainstream fiat. 

Yes absolutely correct. Even I don't think that bitcoin will supersede fiat, both bitcoin and fiat will coexist like they do now. I don't even think if there's a need for bitcoin to supersede fiat as both have their own respective advantages and disadvantages. In fact I am of the opinion that the coexistence of bitcoin and fiat both will make the economies of most of the countries much better than the lack of anyone of the two.

Could be yes, could be no. Although BTC prices are very high and dominate the market, Bitcoin still needs time to be the best. And BTC prices are now still far from expectations.

BTC or any digital currency will ONLY take over fiat if and when we are under a police state, period.

Why?

Do you know CASH makes up nearly HALF of the economy, get rid of that and good bye economics of survival.

Case closed, praying for a digital currency to rule and replace all cash is like praying for a prison state.

I think bitcoin should continue to grow independently and not compete with cash. Each currency has a different range of uses. Cash will be suitable for daily life. Bitcoin brings out the best potential when dealing in the world. Bitcoin and cash should grow in parallel.

Cash as in, notes? coins?

I think it will be hard to completely replace notes and coins. Governments will still need to take into consideration for older generations on their ability to pick up / use modern technology.

I think not exactly dominate our current currency but somehow became the major crypto currency in the market...It's really obvious that bitcoin is getting more popular and many people are now looking into bitcoin but it cannot supersedes cash because bitcoin somehow has limitations unlike cash.

i think not yet cos the bitcoin need more time to be more poweful and need more support to be strong just more time i  think

i dont think it has anything to do with the older generation, age gap, whatever. i personally think there will always be a need for a currency backed and accepted by a central organization, in this case the government of whatever country you belong to. bitcoin in itself is too volatile and personally, i don't think there's enough to go around for everyone and establish a global economy off of.

thats not true. fiat currency has all the limitations; it's prone to inflation and only holds value because of the faith people place in that currency. fiat is easily influenced and can be devalued (in comparison to other similar fiat currecies), just look at what happened to the british pound after the brexit vote.

Not only has the supply of actual Fiat increased, the amount of "e dollars" or fractionally reserved value has increased as well. I live out in the sticks, so I still encounter people using a majority of cash. A lot of folks don't have access to a bank; and given the low wealth a large number of folks simply can no longer have a bank account (checksys blacklist). It's so bad they sometimes won't give you an option the make a card transaction under x, for example I must spend at least 5 dollars to make any purchase at my nearest tobacco shop. And the icing on the cake is that one out of three businesses simply don't accept cards, only cash.

Yezzir, cash is still King, dammit.

I heard you now I would like you to take a deeper look. First, the transaction fees are high but in small ones. Bitcoin was created for large transactions only and fees are not high in this case. Nobody knew that it will have this much users who want it for daily life payments. Once, the fees are reduced and cheap then it is also possible that it will dominate cash one day.

Now, add in PayPal and other systems like that and hard currency had even less reason to be around. At the final nail in the coffin when you didn't even need a card but you could use your smartphone or app to pay at the register. And yet, hard currency is still around. So a minimum of five years has been around with absolutely no need for hard currency whatsoever.

Bitcoin is going to have to do something at all the other systems did not do in order to get rid of hard currency altogether. For whatever reason whether it be Trust, paranoia, or perhaps the fees for taking debit credit cards are still a little too high at the merchant, but hard currency is a puzzle for those who have tried to get rid of it.

You mean to say that in the future Bitcoin will overtake the use of the fiat money? Sadly, it can be nearly impossible to have that scenario given the way Bitcoin is progressing as a currency because many of its holders are not really using it just like an everyday money but speculating in its value. Now, it is acting now like the digital gold. We don't use gold to purchase anything everyday, right? But gold has a good intrinsic value...I think Bitcoin can be like this.

I don't think that Bitcoin can supersedes cash in the near future. Bitcoin has the potential to be the Universal Currency but it is still just a digital currency. There will be instances that Digital Payment is not accepted or not available therefore, we will still be needing cash or money for the transactions.

Over long period of time, cash have been the default currency that is being used until now. It is the base type of meduim of exchange so I honestly think that bitcoin wouldn't supersede the job of money by any chance. It is because bills/cash covers up too large community. Bitcoin can be used as an alternative but it will never surpass cash. But I don't know in the future since everything is unpredictable in this world due to technological innovations

It is true that btc maybe will dominate the money market in the future, but the question "will btc replace cash in the future?" Is a question that many people have asked many times and the answer is always Is "impossible". Although btc develops and has the high price then it will still not be able to replace cash because using  btc in small transactions daily is really difficult, in addition to the inconvenience of trading , what is more important than is the fee we must pay  per transaction is too high.

If we are going to analyze bitcoin system in a wider scale we could actually see that bitcoin does not need to compete ti fiat or to cash. Because bitcoin much depends on the price of fiat or dollar on regards to its development on price, value and transaction. So the best to happened is to actually to have a helping or a compact relationship between bitcoin system and the system of fiat which could bring a good thing for us investors and traders to gain more income and to have a good profit out of bitcoin.

According to the increase in number of people using bitcoins it would surely supersedes cash in near future .
In this decade we observed many changes , the world is now developing and has started using digital ways like for buying goods , dresses and even groceries people prefer online shopping , with new apps coming around people are also going with the flow , we started using digital currencies instead of physical .
But if we see it would become hard for the people who live  below poverty line, they don't know how to access smart phones . How would they earn.!? Everyone does not has access to smart phones , and everyone is not that literate that they can use bitcoins .

It's likely that we will have it and that will be through many conversations and the worst will be a riot. We know that its price is down and up and the crypto is dependent on the buyer's demand. And if it loses it can be a lot of people will lose money and of course damage their lives. This is my opinion only based on my knowledge. But bitcoins can not be replaced with Fiat Currencies.

as far as fees are concerned, it wasn't always like this, and won't always be like this. even just 2 years ago we were looking at fees that equated to pennies.

on the grand scheme of things, fiat is still relatively new. throughout human history, we've used various forms of currency ranging from salt, precious metals and gems, and even cattle before representative money in the form of paper or imprinted coins came about. we're just now entering the age of digital currency, and it may not be bitcoin, but cryptocurrency in general may be the next legal tender.

It is not bitcoin can not be replace with fiat currencies because it is opposite. Fiat currencies can not be replaced with bitcoin because bitcoin and other cryptocurrencies are not stable so its value may not be worth it to hold and to be used for daily basis and a lot of people will not be able to understand the technology behind this so it is not that possible to replace fiat.

Bitcoin supersedes cash/world currencies in every way round. Right from the time it was sold $50, it gained more worth than every currency. But, If what actually meant to say was that bitcoin will replace world currencies, then you’re wrong. Bitcoin is just a virtual currency, which means it’s unregulated and can’t replace any currency.

Dollar has it owns circulating stocks in the market or in transaction. So it's system is quit different compare to bitcoin. We all know bitcoin as a form of crypto-currency which its stock is based on the web and it's value depends on the transaction on the block chain or the support of the people choosing bitcoin as a form of transaction. While fiat mainly base its value on the given value implemented by the government that somehow is stable. And Bitcoin depends on fiat more than fiat depends on crypto-currencies.