Bitcoin Forum

As we have seen so far Bitcoin is a form of currency that has a bright future and that's something that makes it possible for it to replace if not all at least some other type of money out there. If not replace it can at least, with proper investments and movements, take it's spot as another currency that could potentially be used in the money transactions as any other form of money.

In my opinion this will be delayed because it has not yet passed on to all the internet.But later on it could be done in a few countries which have great development with technology.

There is no "other forms" of money.

There is only fiat that is currently being digitized as more and more people abandon cash.
Already cash is being almost "extinct" in Sweden.

What bitcoin can do is simply replace digital fiat with satoshis.
And surprisingly is not such a huge and impossible step to be taken since after all both forms are just lines of code and cells in a database.

Will bitcoin replace today's fiat? What are the advantages / disadvantages?
https://bitcointalk.org/index.php?topic=130544.0

Will Bitcoin be replaced by another cryptocurrency?
https://bitcointalk.org/index.php?topic=1502768.0

Will Bitcoin replace Fiat by 2030?
https://bitcointalk.org/index.php?topic=1540304.0

Use the search function before you open another discussion about the same topic.

I don't think it could replace other forms of money however it is possible it would be added as another form of currency based on its demand right now. It is higly possible in my own opinion..

Maybe it will ever happen, but it will definitely not soon. We ourselves are to blame. People keep bitcoins as deposits, and such actions create from the bitcoin bubble. The main purpose of bitcoin is a currency is required. When will be the turnover and development.

I don't think that bitcoin will replace the other forms of money because that is impossible because if the years will just go and pass then we will realize that the supply of bitcoin and even the current supply of bitcoin as of now is not good for a lot of population and it is just limited to 21 million people, if we will talk about 1:1 ratio.

I don't think so. There are many forms (if you consider bitcoin a form of money, gold and silver bullion is also one of them) and in some countries cash is used almost exclusively and even debit cards are extremely rare. Replacing all these forms is impossible in near future.

I am new to this but am starting to get interesting in Bitcoin (and doing some reading). I do not see how Bitcoin could replace money simply because of the scale. I probably do not understand blockchain but wouldn’t the vast number of transactions would make the blockchain grow so big that it ground to a halt (or transaction fees became so big as to make it not worth it)? Anyone explain simply to me how it would all scale to operate like a currency. Is it possible?

With the huge increase of users and growing acceptance across the globe  we can say that bitcoins have a great future and would most probably replace other forms of money.
BItcoins is gaining it's value over long term attracting many investors and traders .
People after knowing the advantages of bitcoins would surely strategy investing in them and also using the as a currency.

Yes it could, replacing money with bitcoin could increase its popularity and its value. However, by replacing it to a taxed form of transaction, bitcoin could develop or implement a tax if we are having a transaction to other people or country. But if this happens, banks would still be there but in addition there may be banks for bitcoins as well. If that happens, it would or wouldn't make things easier. Cause we only have to convert bitcoins to bitcoin banks and also, we still have the bitcoin it self as a legal to all country in the world.

Bitcoin is currently too expensive to use. You cannot do micro payments below $1, because the fees are too high. Yes, there are some people that are doing SegWit supported payments with fees below $1, but this is not the standard fees. Your third world countries will never replace their local fiat currency with some other currency, where they have to pay these high fees. < Most other currencies are much weaker than the US Dollar >

Fix this and you might see Bitcoin replacing currencies like the Zim Dollar. ^smile^

This will be delayed obviously as the majority of countries don’t have this service and even it has not prevailed to all the internet users. There is a small proportion of internet users that know about this. So ultimately it will take so longer to replace any kind of other currency.

I do believe in the near future we are gonna switch over to payments that are based on blockchain technology at least. If the government accepts Bitcoin as a global currency that is still far away. They most likely wanna keep control. Under tight watching maybe you can see Bitcoin happening as a global alternative next to the local money of a country. Time will really learn in this factor. Of course, I want to see a solution like this happening. But the chance it will is pretty small.

I am believing that one of these days, bitcoin might replace other forms of money or the currency we are using at this point. Your cryptocurrency. All it takes is one invention that bitcoin might not require internet connection for transferring of money.

Pretty sure that if Bitcoin would ever become our primary currency it would still take very long until that happened. It's still a pretty new currency and there's a lot of features needed we don't have yet

A possibility that bitcoin can replace other currencies are very big but it will surely be possible if the government would allow it, or if a country would surely replace their currency with bitcoin and if it is very successful then I think other country will surely be next if it goes well, bitcoin transaction can surely replace it but the fluctuation is very unpredictable that is why for now it can not replace the steadiness of other currency.

Have you heard the recent meeting of Vitalik and Putin in plans of creating Russia's own crypto currency? China has a plans of creating its own too. So the answer to your OP is NO. Someday all nations will have its own crypto currency. So we can trade Bitcoin with altcoins and with different country's crypto currency.

It will take long, yes. But speed of growth rate of newcomers to BTC is constantly growing. I think we can expect in next 2 years more new BTC users than in last 5 years. Still there is long way to reaching some important world wide use, but again, there is nothing that can stop it.

In my opinion I don't think Bitcoin or Altcoins will replace other forms of money because digital money is different from fiat money. Bitcoin is although a type of currency because it is money if converted so that may be the reason why some think it could replace other forms of money.

Can cryptocurrency make real money disappear?
https://bitcointalk.org/index.php?topic=1964610.0

bitcoin cannot replace currency in the world because price is not stable
https://bitcointalk.org/index.php?topic=2007569.0

Bitcoin WILL become one world currency.
https://bitcointalk.org/index.php?topic=2100401.0

Do you think digital currency will ever replace paper money?
https://bitcointalk.org/index.php?topic=2131880.0

I suppose it is easier for some people to open a new topic than to use the search function ...

who remembers the search bar whenever they’ve got a question? By the way, this is not a topic that’s being repeated often z there are also other topics that has been repeated several times. By the way, bitcoin is never going to replace real currencies like USD and others.

It is true that sometimes repeat the topic without them searching for it first, but more and more topics will also get more knowledge because the content of the topic will be different, Bitcoin want to replace other money, I think bitcoin can not change paper money, because BItcoin only digital money and maybe just for media exchange on the Internet.

I don’t believe that bitcoin can replace any single currency of the world no matter how much the economy of the country may be down but any country will never let this happen. For a common man a 1$ bill might be a simple piece of paper with a power to purchase value equal to 1$ but for the country it is a lot more.

Countries don’t look at the things like the individuals do. Currency of a country means for it as its sovereignty and its independence.

I dont think that btc can replace other forms of money complitly one day, but some kind of crypto currency will do it in future for sure.

It did not seem possible, although the use of bitcoin very massive and regular beat bitcoin transaction value of money but I'm sure bitcoin will never replace forms of money.

At some point, fiat currencies all over the world will suffer high devaluation, and we may see insane levels of instability. People will look for something better... but it will take time before they see that Bitcoin is the right way.

Simply put, no and that's an emphatic no. There are plenty of reasons why, scalability, resistance to change and tech, no unified global economy and vision...all sorts, literally dozens and dozens of reasons why it can't ever be the case. At least not in any of our lifetimes, or our kids...
Bitcoin won't be that solution, it's not good enough. It is, however, a pioneer. Blockchain technology, Ethereum technology is the future - bitcoin is not. I love bitcoin, it's been kind to me, and I support what it stands for and hope for it to progress and be grow in its usage, but anyone that thinks that it can actually replace FIAT is naive.

if this is happen, many government will trying to find better way for example with bitcoin so the government can use it to replace their currency. but i don't think that fiat currencies will have the high devaluation although possibility is always there. i think if we have bad situations like world war in every place then all fiat currencies will be interrupt.

It goes through many tests before becoming a substitute for our fiat moneys. We know that bitcoins are very good and can make our lives worse, but on the one hand it also has bad effects. especially if it would be a money. Because the bitcoins may fall. Of course, its value will also fall, So if you pay bitcoins and its value is $ 50. In case it falls as long as the amount you receive is also equal. How about if the 50 $ you pay is just a bet for a week? and it will be less because bitcoins crash. So it's really hard to think it's going to be our money. But let's see that we can not read the future. And only what it can do is the progress of today that can be a contribution to the future

Bitcoin is a digital currency whose popularity is increasing day by day.Its skyrocketing price make it the best investment asset that provides huge profits in short period of time.It has many other features but along with that it has some disadvantages also such as it has no physical form , its price keep on fluctuating, as it is decentralized so government will not accept it as the only currency for financial transactions .So i dont think Bitcoin will replace other forms of money but it will work hand in hand with them.

Less possibility. Although bitcoin is becoming famous among everyone, some of the countries doesn't feel it comfortable to use bitcoins officially for all the purposes.

Maybe. Cashless world would be cool. But there are disadvantages of cashless society. If cash reaplce by Bitcoin. I don't think Bitcoin is developed enough for replacing cash. Bitcoin only relying on technology like internet and devices in able to use or spend bitcoin. Unlike traditional money like cash. You can buy everything you want with cash. It's also the fastest way to pay. Bitcoin is fast, but that depends on the fee you put at the transaction. The faster, the more expensive. Cash also don't rely on technology like internet or any tech stuffs. But who knows what will happen in the future? Let's wait and see.

Bitcoin is definitely becoming more famous. But the problem is that not all of this coverage is positive. There is a lot of negative coverage as well, such as its association with the ransom software (such as wannacry) and just a few days back the media went ballistic over comments by the JP Morgan CEO Jamie Dimon. Anyway, IMO any sort of media coverage is good for Bitcoin.

Bitcoin will never replace fiat currency. Simple because a decentralized currency like bitcoin cannot work in a society run by a government. The government needs to be able to 'control and monitor' the flow of money. Yes that sucks but that's why people here use bitcoin. Despite that, bitcoin can still coexist with fiat currencies.

it is a nice thought but it is unrealistic because there are a lot of forms of money and a lot of currencies belonging to different countries and different governments. these are not just going to disappear or even go down without a fight. and people are still happily using them.
bitcoin is more like an additional option.

Nothing is impossible, if crypto currency like Bitcoin starts outpace cash in terms of usage it is quite possible that traditional currencies might lose their value and eventually replaced by Bitcoin. But government will never want that as it will take finical control from their hands and they will try every possible method to stop it.

no one can explain or predict what might can happen to bitcoin .but if bitcoin replace other forms of money, i don't think it will be easy for the people who don't know about the bitcoin they need to adjust and they need to learn about bitcoin how to earn and used it .but i don't think it will happen because the traditional cash or country money will not dis appear until the government was have it.like in the other country their prioritize their country money that's why bitcoin can't used .

I think replacing other currencies is not necessary because many users of bitcoin convert bitcoin to their local currencies and use them in spending it, FOR NOW. If these curent currencies we use will be removed, I think that is the time when everyone is using bitcoins and we can use it in our daily needs.

Frankly speaking it’s a possibility but still it will take a long time before it happens. For now people prefer to have cash of their local nation as a form of value since that’s how everyone got used to. But in the near future maybe it might started to replace some forms of money specially the express transfer because technology keeps evolving and the demand of having to transact faster will put the bitcoin into a good candidate.

if bitcoin makes other money, it would be a problem in terms of its own economy, which makes Bitcoin and the like judged unsuitable for currency. This is due to the fact that Bitcoin's supply is limited, in contrast to reprinted banknotes with serious observations by the central bank

I think for now bitcoin cannot replace any currency because aside from the fact that it is unstable bitcoin also has a very limited numbers which I think is not enough to sustain the growing demand but if time comes that the value of bitcoin reaches 1million dollars maybe it can replace a currency

I do not think that's going to happen, bitcoin is just as an alternative to online payment and safer payment for a larger amount. Fiat money will still be used in countries where the majority of the population has not utilized the technology to the fullest.

No, it's not practical for various reasons. I think it will become a form of investment. If a cryptocurrency is going to replace fiat money then it would have to be a much faster, more user friendly form of Bitcoin. But I don't see that happening anytime soon.

Maybe in the future but who knows right in my opinion i think the very main reason why its hard for bitcoin or any other crypto take over the fiat money is because crypto is volatile and no stable price unlike fiat money

If we do really try to see this thing i would say its really complicated since there are lots of factors to be questioned first before bitcoin would replace any currency in the world. Yes,its price is unstable and yet it is just limited.How could this thing would able to supply all people who would tend to use it if it would replace local fiat system?

Replacing whole fiat system with bitcoins is not good idea.Volaitily will kill system which result in hyper inflation.But there are good alternative coins that offers unvolatile,stable payments with keeping price change in range.

Bitcoin is already on it's way to replacing other forms of money. It is far superior so it makes sense, it will just take time as the rest of the world still needs to lose faith in governments and fiat money. That's a surprise.

Like one of the most important factor in Bitcoin is that it is highly volatile which means the value can increase or decrease within one sec which might gain you better profit but at the same time the value might decrease subsequently leading to a greater loss on your investment. Other than that, there are many factors like issue of legality, prone to illegal activities, bad news and rumors and much more.

it may be, as the year the bitcoin price goes up and then people are increasingly interested in finding out about bitcoin. This could be one reason bitcoin could be the currency used for everyday

Will bitcoin one day replace other form of money? Yes it is posible...now lots of people knew about bitcoin and the positive impact on it can be the way to became a method of any payment...

No doubt that because of bitcoin many country wil change and it can replace the fiat money in the future becuase the value is still increasing bumping and bumping up so if you're lucky to have bitcoin please hold you'll get a lot of money someday

No, It is not going to happen Bitcoin cannot replace money, Bitcoin is a crypto currency and it will stay a crypto currency, However, yes it will be used by everyone somehow but that doesn't mean it will replace fiat.
As we see many people many shops are not accepting Bitcoins which is just a sources to evade tax and get payments fast from anywhere in the world.
Government will never let that happen.

it could happen, but I think it will take a very long time, because not all small countries understand what bitcoin is, maybe because of the lack of access to technology and the internet there

Actually, bitcoin isn't the first digital form of money, there are a lot of digital fiat currencies issued by banks and payment processor//third party in form of debit cards which have been used more than 50 years or over a century. If you ask about bitcoin replace other forms of money? It may not, even for another century due to people still need cash for daily transactions, especially in third world countries. Digital form of currency has some limitations/disadvantages, and physical form of money such as cash or even gold will always have its advantages compare to bitcoin.