Bitcoin Forum

I want us to discuss on this topic. Do you see bitcoin kicking other paper money out in the nearest feature?

I will love to hear your views guys.

If it was an objective type question I would have selected NO.
As of now, United States Dollar is considered to be the most powerful fiat currency. But has it kicked out any other currency? All currencies, including digital currencies like Bitcoins will exist, but their value will rise or go down in due time.

I don't think so

do you want to buy a $1 item on a store and pay btc for it? imagine how much transaction fee you need to pay for that $1 item and not all people are into crypto world

Will never happen. Though the price of a single bitcoin is higher than any fiat money not all have an access to it. If all people in the world including those living in third world countries have an access to a computer or mobile then MAYBE it will be possible but most unlikely to happen.

even if we take every citizen is literate and have basic understanding of bitcoin usage,then also bitcoin will not be used for daily purposes,we have to understand one simple thing bitcoin is not meant for day to day daily purchase ,it has become most profitable virtual asset like you do with stock or forex. though blockchain technology can replaced current transaction system but fiat money can not be replaced.

True, if bitcoin will be used as a common money the value of this will plummet and of course no miner will be ever willing to mine for 10 sats per transaction.

We believe that our solution, a stable cryptocurrency named X8C, can build a bridge between fiat currencies and crypto world. X8C is 100% backed with fiat currency and gold coins, redeemable at any time. In the background, X8C price is pegged to 8 main currencies + gold coins price, but also 1-2% yearly gain is obtainable through portfolio management.

Read more here: x8currency web page (https://x8currency.com/) and Medium blog (https://medium.com/x8currency).

i agree with you dollar is the currency that has been certified in the world of the first money maker is the dollar can not be kicked by bitcoin and bitcoin is a means of substitute dollars on the internet that has not been validly the world hope soon in the legal

Maybe in the future will most bitcoin is indeed to be used in a variety of ways, because it is a system that we can get is the thing that most give much advantage from other things. So it is indeed in the future bitcoin has the potential to kick the paper money, but it all will never reduce the value of the banknote. Because it is used only for the benefit of bitcoin and not for the currency. Remain confident and work hard

As for me, I guess that bitcoin and some other cryptocurrencies may become equal to fiat, but never kick it. The point is that governments can not tax cryptocurrencies, so it`s not in their interest to support bitcoin. How do you think?

Maybe in ten years or so. Don't expect to see each merchant accepting Bitcoin before we have features making transactions much faster, such as Lightning Network. After that, we need to heavily promote Bitcoin, to make merchants see its potential.

I don't think that is going to happen ever. The possibility is nearly zero. How can you do offline transaction with bitcoin? Still a large number of people like to trade in hard cash it is an ancient practice it cannot be eliminate easily. Beside to provide bitcoin as money to everyone we needed to educate all and internet connection should be provided all over the world which is a tough task.

it wont for my opinion as we knew that there's still a government that will needed to be considered since bitcoin cant be controlled so they wont allow that to happen to their currency even we want that to happen still a big question mark if the government behind this paper money will be willing not to control their currency and allow accumulating non taxable money.

bankers control the world behind the scenes, do they want crypto?

I believe the banks have to have some holding of BTC.

It cannot replace currency, not yet anyway. But in saying that another coin possibly could.

Yes..That scenario seems to be pretty likely in the future..

We all know that the real value of fiat is zero...

Unless of course they bring back the Gold Standard

I dont think so. Paper money is the one supportd by the governments. Besides not everywhere bitcoin is accepted so even if we say that in the future bitcoins coud be accepted as payment i dont think it will carry all.

that's impossible, too impossible. the human need for paper money is higher than bitcoin. paper money can be used easily and reach up to the village. while bitcoin use is very complicated for people who do not know IT

not impossible... 20 year olds, become 30, become 40.

Kids grow up with this tech ALWAYs now. Watch what happens.

Its 20+ years away but still, currency will be dead.

no, there will always be a demand for a physical form of any currency that can be easily traded off without hassle, fees, and other procedures that might hinder the process of a simple trade. why go through the process of sending a transaction, paying a fee, and waiting for confirmation times for a small, everyday transaction? it's just incredibly inefficient. what im reading about the lightning network is supposed to rectify this issue, but im not too sure yet, ive still got reading and catching up on the subject to do. physical forms of currency provide a practical, simple solution as well as an alternative form of payment that doesn't require a network connection for people (i would imagine the connectivity might be an issue for some people in various parts of the world).

hopefully that does not happen, because I think bitcoin to transact in the real world will experience a bit of complexity, and even more bitccoain unstable.

It will definitely be a digital currency but won't be Bitcoin. Kicking fiat means Bitcoin will become an international currency. All the countries would be depending upon Bitcoin. This is not at all viable. Bitcoin is deflationary and hence not suitable to run the economy of a country. Also, Bitcoin is decentralised. Thus, government won't have any control over it. Government need to have control over inflow and outflow of money for a health running of monetary system. Bitcoin is not suitable for that. We will definitely see a digital currency replacing fiat but that currency would be backed by government.

No, Bitcoin was created as a global currency with decentralization, it is not suitable to replace any paper money, and Fiat is really needed by the country so their inflation and the citizen economic life can be controlled, if you put a country economic into decentralization,then the country will had a difficulty to control inflation and it will ruined the country

my answer is No. why? because fiat money are traditionally and epic in terms of mode of payment since then. so even if this bitcoin exist it will never kick off fiat money to replace . and even bitcoin has a huge value in terms of virtual really (cryptosystem) it will never ever kick this fiat money for everyday uses.

No, not really. Bitcoin can, but it will be met with massive resistance from the global governments. If everyone starts using Bitcoin, then where does the economy go? Down. Global markets will crash and they will crash bad. Bitcoin price on the other hand will surge.

Another reason is because Bitcoin’s price is extremely volatile and transaction fees are astronomical. Just for an example of its volatility, look at the Bitcoin’s price about last week. The price dropped around 200 to 300 dollars in 2 hours. Then it rose back and it is nudging 6000 AU. If for example a loaf of bread was worth 0.0005. Last week, you would have paid less than you did this week. This is why most merchants don’t accept Bitcoin as payment. Moreover, transaction fees are huge. I had to pay around 2$ for a 6$ transaction! Way too much!

I do not think bitcoin will replace fiat money, because sometimes fiat money there is a historical value that concerns the country, for example Indonesia where money will always be pictured heroes or historic places. Besides the bitcoin that is always changing and the government can not control it is certainly not suitable to build a country's economy.

Another reason for bitcoin cannot replace flat currency is that blockchain technology cannot hold worldwide transactions including micro transactions like buying food to cafiteria or giving allowance to your son or daughter. Up to date, the speed of confirming transactions of blockchain gets slower due to its large number of users, if paper currency is to be replaced by crpytocurrency like bitcoin you would need large amount of hash power and it is not practical.

Nope, I certainly think not. Because people who don't use bitcoin doesn't need bitcoins at all because they don't know about it or don't give a bull's crap about it. But we, who use bitcoins a lot certainly need those paper currencies. And won't survive without them for now because not a lot of stores accept bitcoins. And it certainly wouldn't be healthy buying cheap things with bitcoins. Imagine how much transaction fees would cost and how long till every confirmation. That alone should be enough reason why bitcoIn won't be kicking any fiat ass any time soon.

YES it will...

We will have a tremendous number of Blockchain based crypto currency users in the future but at any given point, I don't think that cryptocurrencies will destroy paper/fiat currencies. There will be people who will be using both fiat as well as crypto currencies and some people would stick to fiat currencies. Even after 50 years, there is no such possibility. Yes, the form of fiat currency might transform and we might see fiat currencies on Blockchain but it won't finish at all.

I think no because first of all for replacing paper currency btc needs to be more stabilized. Second if you got to buy something which is like 5$ or 10$ then you are also paying the bitcoin fees which is too high when you are buying something which is just 5$ or 10$.

Not in the foreseeable future, right now US is the strongest fiat currency and Bitcoin has barely enough users to match that. And to add to that the transaction fees of bitcoin, especially when you compare that to the none existant fees of fiat currencies.

i don't want it to happen ever because both are different things from each other i don't want them to come in the world of both. i think bitcoin is the king of internet world and it is most used currency for trading and use for transaction purpose. i think bitcoin to deal with daily usage of the people to buy thing excluding internet and pay bills not on internet is difficult for it.

I agree, people will try to be flexible than focusing on one thing so basically if bitcoin will be considered as a worldwide currency it will not kick out the other currency as it can still be used, we know that the more the choices the higher the chance to compromise a better possibility. The other example is that bitcoin never kicked out any other cryptocurrency, it just control the majority of investors and has much users but other crypto insist to be gone.

First off bitcoin shouldn't only be looked upon as an alternative to fiat currencies, it's not possible nor is it desirable for the bitcoin to replace fiat altogether. In my opinion both should stay there together, both will coexist. I agree governments of various countries may come up with their own digital currencies but bitcoin being that currency and bitcoin kicking out paper money is not going to happen at least in the near future. Where as bitcoin has it's own merits and good features, it has some demerits too and it's those demerits which don't make it viable to be used as a day to day currency at least for as long as these demerits or disadvantages are addressed and removed.

I say No for now because because there are still who do not have knowledge about bitcoins or even know it, there are still who contradict to the idea of digital currency.
It's very hard to imagine a scenario where you only want to buy stuff from the vendors along the street and use btc as a payment. I think using btc in that scenario is not very practical. :)
As long as people can see disadvantages in Bitcoins, it cannot remove the kind of money that we're using over hundreds of years. :)

Bitcoin can not substitute any of the big fiat currencies.
Just look at the transaction times and fees we have at the moment.
Nobody is going to use it to buy a coffee when you have to wait for a confirmation twenty minutes.
Or pay the extra dollar for the fees.
People will use that payment form that is most comfortable to them.
And that will be cash or credit card.

When gold was used for buying and selling and then fiat was introduced for the first time, gold was stored as an asset than but never got replaced. Now bitcoins are here threatening paper money but this time there are chances in long term that fiat may die forever.

Threatening paper money? Gold exists alongside fiat perfectly fine as well right?

there is a chance that bitcoin will replace paper money or fiat, i think it will not happen in this generation but the next. we all need to remember why is there fiat or paper money, they invented it in replacement of real currency which is gold or silver, before they took the dollar out of the gold standard every paper note is equivalent to gold, then it was replaced by petro dollar a.k.a fiat money. now that bitcoin is around and we all know that in the future, we are just going to use the internet for transactions and bitcoin is digital money, and is not regulated by banks, not being subjext to taxes, it is just practical to use bitcoins, in turn fiat maybe will be gone, and be raplaced by bitcoin, value however, i think will depend on what people would like to use as basis for the rate of bitcoin.

Bitcoin will never kick every other paper money out of business. Bitcoin is a digital currency while paper money have physical appearance. There are store which do not accepts Bitcoin and only paper money are accepted. Bitcoin can be the universal currency but it cannot make the paper money to get out of the monetary system.

I don't think so, not so near, paper money will be still the basis of a local money or fiat money in each countries, maybe bitcoin will be universally used but not to extent that it will kick out paper money.

Bitcoin can become to currency for using international. In future, we do not need worry about transfer money between countries and fees, there are Bitcoin help us solve this problems, it faster than other payment method today.

I do not think so, bitcoin and fiat money have advantages and disadvantages and both are still very much we need, on the one hand people prefer bitcoin and on the other side people prefer fiat money with their own reasons. so I think it would be better if both still exist

Can you please check the construction of your sentence, it's an eyesore. Please learn the basic construction of sentence before you post here. I get the thought of your sentence, but it's an eyesore for me specially when i try to read it, please fix your grammar.

it is no doubt that bitcoin has become one of my biggest income .. but to beat the paper money out of business seems that it can not happen ,, because the world's finances are still dominated by paper money ,, has been running very long .. hence the bitcoin also seems not to be a mecca of world currencies

you are right mate because everything has some value and importance so I think the paper money and the bitcoin are related to each other I mean… if a person has a lot of money but he does not have bitcoin, he can buy bitcoin with money so that he will keep it holed and will earn income with it the beating property of the bitcoin is good it can beat a lot of other currencies but paper money is using in a lot of them are so bitcoin and the paper money both are very important both has values and qualities of profit.

Bitcoins price has risen like anything as this year it has risen from $900 to $4800 And might cross $5000 before this year ends.This price spike has attracted many new investors and users and has rise the demand of bitcoins in the market thus bitcoin has became popular and has been legalised in many countries.But bitcoins replacing paper money might be hard as each country's paper cash price depends and show a country's status and economy. Currently paper money is dominating but in future bitcoins will as the technology advances new bitcoin features might be introduce which can make bitcoins dominant the market.

i think no, even the bitcoin is popular, it cannot kick out paper money because not all people in the world know bitcoin, so many people can't use bitcoin for payment transaction  as everyday thing like going to grocery store with only small payment. so if the paper money got kicked out, what they will going to use.

It's okay that bitcoin could beat the gold price, but NO with it's popularity in the whole place, and all economic class. And You ask will bitcoin kick every other paper money. I don't think so, Not even a single one. It's not easy to eliminate all kind of money in a country. there will be an economic changes which has an impact on the country's development. Probably We will not see it happen if its true will happen.

I do not think it will ever be. There are uses of paper money that bitcoin cannot cover and there are good uses of bitcoin that paper money cannot cover. They are meant to co-exist, not out-do each other.

this is  a question with 2 answer, YES or NO, all of the answer is not wrong, but it think no bitcoin can't change the real money or paper money, because paper money have many advantages than bitcoin, it can work 100% offline, you dont need password to save paper money(exclude back account and something like that) and in paper money we don't need transaction fee if we want to buy or sell something

In my opinion, I don't think it will ever kick the paper money out of business because it had been established a long long time ago, it's hard to take that down. But bitcoin can be of great use in the future together with paper money, it's just that mostly people will use bitcoin in the future than paper money; I mean that's how I see it.

I think your point gave the best explanation to that question. Digital currencies and fiat will keep existing but the existence of digital currencies can never be a threat to fiat. After all, it is the same fiat we are using as conversion basis. However, from your point, you said their value will either rise or go down in due time. Can you explain what you meant by the go down?

Paper money will continue to put in use for some reason and as it may co-exist with Bitcoin.

Beside, Bitcoin has a different purpose and reason for existence, not just to compete with fiat.

Bitcoin may kick it out but that's only possible if governments decide to accept it as a global currency. After all they may never decide to ruin things for themselves because if they do, the biggest thing they are gaining too much money through is forex and that will get rooted out. Believe it or not, but paper money and other currencies are still needed if we need fluctuations in bitcoin values.

I do not think that bitcoin is going to replace the big currencies of the world but I think there is a chance that bitcoin eats up smaller currencies, look at what is happening in Venezuela, I will not be surprised that after this regime ends that people are going to use dollars and bitcoin and to never rely on a currency printed by their government ever again.

Paper money has no future imo. It's terribly uncomfortable. However, FIAT might still be used as electronic money.

Bitcoin and FIAT might be complementary.

Paper money is losing ground that is true. but to think that it has no future when not everyone can get access to banking and other online payment systems seems to be a little bit exaggerated, paper money may disappear in developed countries but in poorer countries paper money will keep on existing.

Bitcoin replacing paper money is still far from being possible. Using paper money is what people are used to this days and we have to admit it not a lot of people like change so Its gonna be hard for people to accept it. And also not many people know about bitcoin or even care about it or even care about it so its still impossible at this time.

The Bitters can not remove paper wallets. Many processes pass through the bitcoins and of course the city or the world must first improve. There are many obstacles to realizing that one here is that all people need to know bitcoins. Everybody needs to know how to use a computer. Everybody has Computer or Androind phones I like to buy. And that's hard because not everyone in the world is equal. There is much more to do so that bitcoins will become the world's official currency.

I think it's more likely that BTC and other cryptocurrencies would fail rather than dollar or euro. It's not what I prefer, but I'm afraid this is the reality.

not possible it takes the place of paper money, if it grows up and accepted in all world, will be able to be used with them in daily life.

Don't think it will happen any time soon, if at all.

Bitcoin is great, but it also shows what problems we can expect with digital currencies. Would you accept it if your regular bank would charge you 7$ for each transaction? Do you accept 5 days for a money transfer to go through? No, you probably won't, but things like this happen all the time with Bitcoin.

Well bitcoins was made so that people can get freedom from any third party to manage and handle our earnings .
Bitcoins definitely have the potential to overcome physical currency, people would start using bitcoins in near future.
Accepting Bitcoins does not means that we should stop fiats .
And bitcoins need some time to become a global currency, they have to face some problems like spreading basic knowledge of transaction, people in the countries should be literate enough to use them , they have to decrease the transaction fees , and many more things.

It has always seemed to me that bitcoin is aimed at a very specific sector of the economy, which are people very involved in the affairs of technology and information technology. I doubt very much that someday it will be used by large sections of the population, so fiat money will always be a necessary evil to satisfy at least partially the needs of everyday economy.

I doubt but i think in the future bitcoin will have more relevance than it does now...as more people embrace it

I think it's impossible even after all country legaized bitcoin and all cryptocurrency, maybe bitcoin will have a brighter future and I'll bet on that, but I feel it will not happen because bitcoin itself does not have but that might happen if the internet grows and there's a network where where because in some country sometimes the network is difficult to get.

Internet availability is another ppint. But most of all i think its education and awareness that will drive demand

The dollar already failed once and it could fail again and the euro is just a matter of time before the union vanishes, cryptocurrencies are still in the early stages so they could fail but if they are able to gather strength in the next years then it is possible we are always going to have some crypto around.

And other than that, many people don't even want to leave their old traditional ways. Maybe, with time they will accept bitcoins but it does not mean they will stop using fiat. It is just that simple. Bitcoins is the currency of coming generations. They will be the true admirer of this invention.

I don't think bitcoin will be able to do that because the government will become very mad for that because that kind of thing for bitcoin is against to what is want of the government from different countries and if bitcoin will kick every other paper money then the government will immediately ban bitcoin from their country.

Waiting for so long has never happened to me and I have made several transactions, my only guess is that they have sent a transaction with a very low fee since most of the time you are going to get confirmation in hours and not in days as you state, second the issues with the fees is the reason for the most recent upgrade of the network so that should be solved next year.

It will never happen I think because even though Bitcoin is a world wide digital currency and anyone can use it Fiat money of every single country in the world is the most important thing in their economy and that is also their identity as a nation, kicking one currency with another will not help the other one to increase though.

Bitcoin will soon be very well known with every of your family member but the old people that is used to trade locally will not fully recognize the potential of bitcoin no matter how we teach them.

Yes I also agree with this statement. It will definitely overcome on all the paper money. It is just like when I have a smart phone then why I could use the old one. The same is here when we will have the new digital currency, which can be used everywhere in the world then why would we use the old currency I mean the paper money, which also needs to be exchange while travelling or buying something outside your country.

Digital currency kicking paper money out may not happen in decades. But digital currency will be used in many things. Just my speculation.

Well for me its yes because bitcoin is the most popular cryptocurrency in the web we can use it to buy, pay some stuff and etc. And people nowadays are always in the web and they wont hesitate to use bitcoin for their transactions to make it easier.

No, not in a forseeable future at least. paper money has been the way to pay for a very long time, and sure, crypto gain ground every day but its still compared to fiat in value and most people who are into crypto still pay for their food, mortgages etc with fiat.

No because there is a big difference with bitcoins and paper money because the price of bitcoin can go up and now but the price of money would still stay the same that's why i don't think bitcoin will kick every paper money.

In the near future that as we notice all of item that we buy are in the highest fee compare on old price all the price that we need to buy in a paper money are increasing so how about if it will happen in the near future that all of that are in the higher amount i think bitcoin would be one that lead no need to pay even though 1btc is too much for now how about in the future.

As in my opinion yes it will kick paper money because everyone now a days looking for bitcoin instead local currencies so i would like to say it will kick the paper money.

Yes I agree, Bitcoin is valued against them and not vize versa, people often take it as a commodity rather than a currency, I yet don't get it, why does Bitcoin have to replace existing Fiat, they are happily Co existing with each other no need to for any of them to supplant with each other. Bitcoin is limited, paper currencies are not, so no in my opinion Bitcoin will never replace them, but will supplant them, and that's the way it should be.

I would say even if it could be a possibility; it wouldn't be good for BTC in the long run. You need competitors to grow.

Let's focus on the very basic difference between fiat and BTC. BTC transfer is FAST and cheap as compared to fiat; due to Blockchain. Just think, if fiat card companies like Visa, Master Card, Amex, etc switches to Blockchain; then their rates and speed would be extremely competitive to BTC transfers as well.

And I am expecting this to happen. BTC; I am not sure. But Blockchain is going to be a household technology. Avoiding it is not easy. Blockchain right now is bullying; My way or Highway...  :D

Still this bitcoin is too new in the market and most of the people doesn't even know about the coin system. It takes more than 2 years for spreading the news everywhere in the world.

I don't think that can happen because Bitcoin depends on the value of paper money in the real world.

Kick paper money does not means Bitcoin will replace paper money in future, maybe Bitcoin will become a payment method important and useful for us. To be honest with the function of Bitcoin now, I do not think it can replace paper money or visa card, it needs a lot of time to confirm transaction while we can do that faster than with other payment method like my said.

In the nearest future no,and here is why. Banks are afraid of bitcoin and they are finding ways for people not to go for bitcoin as people will stop depositing money in banks as the interest rates are low and bitcoin on the other hand has its price increased more than 300% this year,so people will think its an easy profit for any one ,so what one of the banks did was spread this utter nonsense saying that "Bitcoin is a fraud and will blow up",people got scared and they started selling and the price went down probably because of this,if this continues to go on ,then it will be very difficult for bitcoin to overthrow fiat not only in the near future but forever.

I`ve found one project - PlusCoin. It seems pretty interesting. It`s not trying to "Kick Every Paper Money Out of Busines", but it tries to become an alternative. You can find some info in the official tread https://bitcointalk.org/index.php?topic=2067375.0.