Bitcoin Forum

Im new to this forum, so while reading to get information, I realized if it will succeed, we wont be needing cash anymore. Will it be a threat to our current currency which we used cash during payments?

i don't think so. it doesn't have to be like this. for example when Paypal became popular it didn't kill banking system (not the best example i know). bitcoin will be somewhat similar. its success doesn't mean killing fiat. you can still see fiat as your country's currency (the centralized currency that the government issues and everyone uses) and see bitcoin as an additional option that some people accept and it is decentralized and global, not belonging to one country.

I do not think that bitkoyn directly is a threat to conventional currency. The fact that people themselves will choose the form of payment and no one is going to impose calculations on anyone in the crypto currency. In general, the crypto currency should squeeze the usual currency in financial calculations, but it can not completely replace conventional money.

Fiat currencies still have bright future. Digital currencies could take over, but not right now. Anyway, for the average Joe it is too complicated so it may take a hundred years for fiat to disappear.
Today, we are very far from the situation you describe with Bitcoin, due to what I have explained above and most importantly: fees and time needed for confirming a transaction.

In extreme situation, yes it will become the threat of the country currency, fiat also need transaction volume to balance the economic situation so it prevent inflation and deflation, but bitcoin volume is not really enough to jeopardise a country, but no matter how successful is bitcoin we still need cash because the country legal payment is fiat

 
Not a threat but a move to the real cashless policy advocated globally,Bitcoin is uniting the world.

Bitcoin will not be a threat to the one trust currency bitcoin because bitcoin can't beat out bitcoin because it is bitcoin. Fiat is infinite supply, decided by a handful of people. Bitcoin is the opposite. Anyone with fiat should dump that shit and get some real money before it's too late and they say that "bitcoin is so expensive". Nah, they supply is just low and monkeys are used to their 2 decimal points. Oh well. They'll be very sorry.

Now in some European countries and new Asian countries, cash has not been carried everyday. People only need a mobile phone to install the payment APP program on the phone, so they can pay electronically directly. I think there will be less and less places to need cash in the future.

Bitcoin and other cryptocurrencies are a threat to local fiat currency once people understand decentralization local currency will lose value . raise and raise crypto prices local currency will lose their ground people trend to use crypto in real life

It won't be a threat so long as governments find ways to make sure they retain their control over their currencies, since, at the end of the day, having a digital currency won't help much if there's someone who really, really needs to reign you in and can do so by projecting force on your life, in various ways. Bitcoin is setting up to be a large player in different way than you'd think. It might be a great secondary currency to the global fiat hegemony, but it won't be replacing the day-to-day currencies anytime soon.

Bitcoin or the blockchain is the future of payment systems. Not necessarily it will be bitcoin or any other crypto currency, but in future, governments will have to adopt the digital money approach. People will not need to carry cash anymore, probably the only thing they need is there smartphone and the payment can be done from that smartphone whenever needed.

But I don't see that's a threat to the current fiat system. because it is most unlikely that government will adopt any crypto currency to be used as a main stream currency for their economy. But the money will be represented by only numbers from your bank account without having the need to carry it in your pocket.

Bitcoin can never be a threat to fiat currency as physical money and digital money are two completely different things and has it's own importance in the ecosystem. Neither physical money can replace digital money or vice versa. Bitcoin is a good technology which is flourishing these days but it can't be used presently as a mode of payment in everyday life. There are issues such as instant confirmations and high transaction fees which needs to be solved before it can be used as a mode of payment in every shop. That's why Bitcoin is not a threat to any currency.

Maybe it is an threat to all the fiat currencies in the world because in future crypto currency will replace the most of the fiat currency but there is nothif problem for us if that happened we can convert our fiat currency into bitcoins or other crypto currencies.Still long way to reach that stage,crypto currency is still in the early stage so now we don't have to worry just think crypto currency as an asset and buy some for your bright future.

Bitcoin cant be a threat to the current currency system. May be in future it can become a threat to the fiat currency, but not now. The reason is very simple. To use bitcoins, we need internet and internet is not available everywhere now. I don't know about tier1 countries. I am speaking about third world countries. Next thing is still 60percent of the population don't know how to use computers or smart phones. So how come bitcoin can overtake or replace the fiat currency? No chance.

How could this thing Happen, every bitcoiners know that bitcoin crypto/digital currency is dependent to FIAT. Bitcoin a Virtual money in Internet/Online, can be used only if converted to Fiat. Maybe the question can be reverse to OP. FIAT THREAT TO OUR CRYPTO CURRENCY. Understand deeply, study more.

Cash and digital currency are two different things. There are still people all over the world who don't know about bitcoin also every country have its own currency and its own regulatory to keep its cash flowing.

I do not think Bitcoin is too threatening the currency of a country. As we can see, many countries have legalized Bitcoin. Which indicates they are not threatened by Bitcoin. So, whether or not BTC depends on the regulations of a country.

In future yes , No we need cash more than anything and more than any time.

so if you want to start using bitcoin you must think in future not now

There is also something not many are talking about right now. Is Bitcoin really a currency? I think right now, Bitcoin is more of an asset (like gold) than a currency, as the possibilities to buy goods or services with Bitcoin are still very rare. People need to be aware of that. There is also the fees attached to the transactions which prevents Bitcoin from being a real currency today. It might change in the future.

It is an asset though, as I am personally quite pessimistic about the currency of my country (EUR), therefore holding Bitcoin is like holding gold, and obviously at a much better interest rate right now, that's why more and more people get interested into cryptos as a whole.

Not true. First of all, governments are trying to eliminate the need for cash for their fiat currencies. It lowers their cost of maintaining paper currency and (more importantly to the government) it allows more complete monitoring over all transactions, which means better monitoring over tax payments and activity that may be assumed to be criminal.

As for cryptocurrencies, they should coexist with fiat currencies. They aren't going to replace fiat currencies.

Even if Bitcoin did not exist, governments still push for a cashless society. Governments hate cash, because it can be 100% anonymous. They want to control and monitor all financial transactions, so their goals are to remove cash and promote debit and credit card payments via Banks. <You know governments have full access to these financial institutions>

Bitcoin or should I rather say Blockchain technologies are very appealing to them, if they can link everyone to their coins. This is why some Banks are working on private Blockchain technologies.  >:(

It won't kill fiat. Bitcoins as crypto currency, mostly using as virtual transaction, means needs Internet to using it.
Fiat not need any medium to using it, it can be using direct on dealing. Fiat still accepted using in global, while Bitcoins still need many regulation how it can be accepting into Country regions.

for some countries fue to its popularity I get why they think that there might be something in this for them to feel threatened. I however ak content with the fact thhat with bitcoin it must find a balance with paper money and that is the truth

Bitcoin is not a threat to fiat or any currency, Bitcoin is just the beginning of a crypto economy which will replace the present world economy soon. Remember, gold and silver changed the Barter System, paper money changed the Gold and Silver economy, and Bitcoin will replace present paper money system - it's just the evolution.

I agree. While bitcoin and crypto will not kill fiat, it will be a very good store of value and good for cross border payments without passing thru the bureaucratic banking system. 

That's a good point too, the best example right now is Sweden, more and more shops there do no longer accept cash, which may sound surprising but this is the future we are slowly heading at.
Even more interesting is that in Sweden more and more banks do not offer cash anymore  :)

The real threats to a government with regard to the use of a cryptocurrency is the governments ability to collect taxes on transactions, and law enforcements ability to fight crime transacted in a said cryptocurrency.

Bitcoin would not be a threat to our current currencies as we rely on fiat to back up the value of bitcoin. If there was to Fiat it would be difficult to put a true value on crypto currencies.

No, bitcoin will never be a threat to current currency. Fiat currencies have long history. It has evolved from so many years. Fiat currencies are the most common currencies accepted all over the world by almost all countries. Every country, weather developed or developing has its own fiat currency controlled and distributed by its central authority. Centralised currencies help governments to have a control over their economies. Bitcoin transactions need some basic infrastructure like internet, mobile, wallet etc which is not possible in every part of the country.  Digital currency never replace physical currency and vies versa because both works on different platforms.

In my own opinion, bitcoin and fiat are two different things. Bitcoin isn't good type of payment method since bitcoin price is very volatile. And I am sure my government won't allowed it to be used as a means of payment. Therefore, bitcoin isn't a threat for the existence of fiat in this regard.

Of course you can still use fiat as your country currency but in future, bitcoin would have much higher influence than any fiat currency.
What i think is that bitcoin is must have currency, and if every part of world accepts it properly, the use of fiat is guaranteed to be scarce.
May be world get cashless but we have no ideas about these bizarre changes

I think even if time will come that bitcoin will become our legal currency the paper money we are currently using will not be gone because as much as digital currency want to keep on the top there are certain cases where using if will not be applicable especially to those lower member of the society who cannot afford to use internet and acces bitcoin and even so they don't have enough knowledge on how to use it.

Right now I don't think bitcoin, or any crypto for that matter, are any threats to fiat. Bitcoin has a very small market cap, so it can't really be compared to fiat currencies. I think fiat will always exist, but I do understand that if bitcoin gets larger, it could pose a threat to fiat. Gold itself could be a huge threat to fiat, if it was easy to spend. Gold is also decentralized so it's not influenced by the economy of any particular country, and this is the main reason why we see people buying gold as a safe haven, specially in time o crisis. So we know that every time fiat tends to decline, gold normally increases.

Since bitcoin has the same concept of gold, but it solved most of its "flaws" (it's easier to store, it can be easily be "broken" in smaller pieces, it's easier to carry, etc.), it could actually become a convenient way to perform payments as well. So if Bitcoin ends up being regulated and accepted, I'm sure people will return to it at a much larger scale than they return to gold, and we will see fiat losing value.

I do not see bitcoin as a threat to the current currency. In fact, bitcoin helps the users to earn money and save it for the future since it is very easy to store bitcoin like gold. I think bitcoin rather helps the economy and no reason to cause any negativity on the economy.

If Bitcoin succeeds, I don't think it means the death of fiat currencies. I don't think the potential outcomes are so binary. Bitcoin is not revolutionary in the sense of government or capital. It won't replace fiat currency unless it ends government entirely. That seems unlikely.

I see it as a partial transfer of wealth from the currently dominating stores of value (including fiat currencies) into Bitcoin and other crypto. But I also think that central banks/governments and commercial banks will start issuing "competing cryptocurrencies." As long as governments remain relevant and taxes are mandated in the national currency, I don't see fiat being replaced.

I don't think that may be a threat to the current physical currency as bitcoin is a digital currency and both a two different things. It might take atleast few more years for bitcoin to be recognized as an official currency as in many countries trading or even owning bitcoin is illegal. Bitcoin is the future of digital payment system where people may be able to purchase stuff online by using bitcoins.

Real money I think is important for us since it has a stable value while we are buying stuffs or anything. Unlike in bitcoin, maybe it is still better to have real money when we buy stuff than we just use online payment every single day when we are just buying on a store.

I dont think so, but if you are thinking what are the medium to use this currency like mobile phones, computer and internet. Not all country can implement this kind of currency to use or replace their physical money.

Actually we are going to be needing cash for a very long time, there is no way that the governments of the world will allow bitcoin and the other cryptocurrency be the only payment method in the entire world. And i really don't see the threat it poses to our economy nor our currencies.

Though BTC is continuously growing, yet it could not completely end up paper currency. Yes, I could agree with this fact that in the coming decades it could reduce the use of paper currency and in the coming future, digitalizing will come and even the people are also not willing to carry lots of money with them and this digital money provides some sort of ease, being used and carry by the person and even the continuously inflating valuation of cryptocurrency itself is a source of income and this could not easily be stolen. So being currency with benefits, it could reduce the use of paper currency but could not remove the paper currency.

Bitcoin has a huge market cap,  probably $200 billion as i write this. However this is literally nothing in comparison to BTCs primary competitors in the economic zone - USD and EURO. I do believe that cryptocurrency is the future,  and there will be a time when every service and payment will be on blockchain or atleast paid with crypto. But this will take a long long time,  decades. TLDR, cash isnt disappearing from the world anytime soon.

Yes this decade would almost be the end of cash. We are surely going to see a cashless society after this decade but its not necessary that bitcoin is the answer or even crypto is the answer. You are new to the forum that is why you have such a view. As you will grow old here you will realize cryptos have endless flaws. These flaws makes it almost impossible to adopt crypto as our mainstream method for transactions.

I don't think so, not yet at least. Bitcoin, cryptocurreny in general today is not being use as a currency or a mode for payment for services or goods. It is more like being use a an "investment" because of it's appreciating value. People would rather keep/hold their crypto rather than "spend" it around. So, crypto replacing fiat is not realistic today.

I do not think if the fiat currency has been threatened by the existence of a new currency like bitcoin, but the currency that has been used in their country is still safe, since new digital currencies such as bitcoin are very difficult to replace the official currency, bitcoin indeed can take over for replacing the old currency like fiat and it depends on the government whether they will replace the fiat and use bitcoin as the new currency in their country or not

Bitcoin is a threat to the people that don't have it. It is also a threat to the people that are already rich.

True! It is a threat of course however i don't think that the government will let this affect their current currency that's why they don't educate people about bitcoin to prevent it from being used by the people. It will take some time before it could replace a country's currency because not everyone is into bitcoin and not everyone is interested about cryptocurrency.

I already don't like our current currency and that's a reason for me to support bitcoin. Anyway, bitcoin can't replace cash because it can't be used offline.

No,fiat currencies would get destroyed completely.Both fiat currency and bitcoin would co exist.Bitcoin might be used as a secondary currency.

Currently there is a seemingly global trend to kill the cash and move all of the payment to electronic means. With this in mind, i'm more than happy that there is a way to transact which cannot be controlled by the governments or the banks. Without the cash, you're much easier to control.

Digital currencies are different from fiat currencies because they have their own interests, digital currencies can not replace fiat currency or vice versa and bitcoin is a technology that is highly developed up to now, while fiat currency can make payments in life daily.

Bitcoin can now be said to be different or reliable from other currencies. So it seems that it will not be threatened. Because there is no coin to leave it behind. Every investor knows that Bitcoin is a digital currency that relies on FIAT. Perhaps the question can be reversed, crypto can never be.

Actually there is no threat in the local or current currency in bitcoins because these local currencies are used as a medium to start a investment in the company of bitcoins. 
The money is already attach in the government existence so you cannot do anything to destroy it,  instead of being threatened used this as a advantage in the competition.

rest assured, we still need cash or other fiat currency because bitcoin price is still not stable.
before it stabled, it wont be used in our daily currency. imagine if we buy anything with money that the value is changing over time.

Bitcoin is just a new technology invented or just a new option to make our money transaction become fast and hassle-free. Don't label it as a threat for our current fiat money. We will still be using fiat money in our life because it is still the most approved currency in the world. Bitcoin is for investment to make our fiat money grow.

I think it'll make more sense to think of it as an upgrade to current monetary system rather than a threat. Because security and convenience to use stands out pretty well.

I hardly think that it`s a global threat. To me, it`s just an additional tool for earning money, an alternative to an existing currency. It`s too early to think that it`s a global threat. Bankers and financial specialists used to national currency. Moreover, Bitcoin and other cryptocurrencies are too volatile and for now there`s no certain regulations of this sector.

bitcoin is not stable as other currency value. therefore, bitcoin still cannot be used for replacing the existing currency i guess.
but we dont know about what will happened in the future. This is still has a possibility to occur.