Bitcoin Forum

I am, admittedly, new to Bitcoin but this question never leaves me. If bitcoin is not a bubble, if bitcoin somehow makes itself the international standard currency, what happens to the people who never bought bitcoin? Will they be provided a timeframe in which they will have to exchange their money from traditional currency to the cryptocurrency before traditional currency is phased out and deemed worthless or will there be another method of transition?

BTC will never replace fiat, that's a fact.. it just wont.
It might become a side currency for payment (think paypal for example and many others way to pay) recognized worldwide but it will never make fiat disappear, there are way too many interest behind (politics, taxes, government, laws, etc.).
The whole world is not prepared, not even close, for this switch and humans are in an even worse position, what about old people? I remember when my country switched from our own currency to Euro, it was hell on earth for a big part of the population.

Regular currencies will never disappear. Bitcoin's price is based on the fiat and we cannot appreciate bitcoin because we won't know its value without knowing its price in fiat currencies. Also, bitcoin can only be accessed through internet connection and it will be useless without it. The currencies we use in our countries is the part of the identity of our country, so it is not possible for fiat to be gone.

the currencies do not rise. can not get up more. because it is an important and serious infrastructure work. banks, different countries, universal global values. they are a whole. after so many years maybe. we can see it as a result of this technology. You know, 30 years ago, he did not use such a common credit card. but there are still places where the credit card has not passed against the last 30 years. it is not so easy to integrate it into every aspect of our lives. but this system may come for many years. which must be done everywhere in every town in every village.

Firstly I don't think bitcoin will ever replace fiat but if it were to then yes some scenario like yours would occur, this is always the case when a new currency is phased in, there is a transitional period put in place. You can look at the many examples of this across europe in the 2000s with currencies transitioning to the euro.

If Bitcoin really one day becomes the standard international currency, i think the other currency will not be obsolete because as of now we already have an international standard currency and it is the US dollar, but still every country still have their own currency. currency is one nations identity there is no need to make them obsolete.

Fiat can't be replaced. Some industries don't need internet. Such industries also don't need bitcoins, because bitcoin is attached to the Internet. I think in the next ten or twenty years, the application of bitcoin and other encrypted currencies will be more and more, and this will be an ongoing trend!

Though bitcoin is now the most popular currency in the world. It will never replace paper money. Nowadays, there are still 98% out of 100% people who is still using money in payments. But we can use bitcoin as side currency, Before bitcoin replace fiat money, bitcoin must be known by all people in world first which is impossible for now. As old traditional, Most of people still use money than bitcoins.

To me, this question is not very meaningful. If we assume that bitcoin or some other cryptocurrency eventually crowds out fiat currencies from circulation all over the world, which is a very big assumption mind you, it won't happen all of a sudden or just within just one day. It will be a gradual process, kind of natural, when people will start receiving their wages and salaries in a cryptocurrency. This may take decades, so it shouldn't be an issue if it really comes to that. Though, I should say, I highly doubt we will ever live up to such times.

Indeed. While it's unlikely for Fiat to be replaced by BTC, the process will not be so sudden as many might think. (IF it does happen)

I am not sure it is time to think about it. May be some day Bitcoin will crush regular currencies. But this day won't happen soon. I hope i'll have a chance to see it on my own, but it is still so far.

Cryptocurrencies are not created to replace fiat currencies and it won't. It was made as an alternative. It would be a nonsense to use cryptocurrencies in buying something as simple as a cheap food in the convenience store.

That's so far from happening . Lets focus on the present ,bitcoin with its current scalability and the problem of high fees and transaction time will never get a chance against fiat money . No retailer will adopt bitcoin as a payment. So the value of having it won't last for long if the problem of scalability wasn't fixed soon.

Even if BTC becomes the international standard currency, fiat currencies won't become worthless, they will still be used as they are now..

But if they become worthless then the answer is: No. You won't get a chance to exchange your fiat to bitcoin.. They'll just become worthless and you'll just lose your money.. And it's the same as bitcoin.. If bitcoin ever becomes worthless would there be a chance for holders to exchange their BTC into fiat? Of course not!

Bitcoin is not affect the regular currency. So it will use for the future transaction proces. Bitcoin is connect the all country people for share more information. So you will chage the bitcoin any country currency. It will helpful to save the bitcoin for the future investment. It will good to for the future business process improve. So bitcoin is help to for the future growth. It will not affect the other currency.

There is high chance of bitcoin to replace the fiat currency in the future, because as we are observing the current situations of the market so it can be said easily that in the future bitcoin will replace the fiat currencies. Also bitcoin have some unique qualities which will help bitcoin to become the main currency of the world market and  replace the fiat currencies.i.e high value in the market, high rising value and high security.

Not even bitcoin by any can't replace  regular money. Because it has been connected with each and every thing in our daily life. May be there is a chance to convert physical currency in to digital currency. Bitcoin is volatile in nature , so it never can't take place instead of regular currency.

I think bitcoins will never replace 100% of fiat so people don't have bitcoins still can use fiat for their need even if bitcoin was an international currency.People can buy bitcoins whenever they want so it changing from fiat to bitcoin so it will not be problem.

The fiat currencies will become obsolete once bitcoin uses as real currency.

If you are worried about the existence of the traditional currencies then there is a good news for you that traditional fiat currencies are not going anywhere at least for next 100 years from now but we will see the change in the form of it over the time. If we are talking about the theoretical case then governments will legalize cryptocurrencies in worst case scenario in and try to regulate it in order to prevent the devaluation of traditional fiat currencies.

In the long run fiat currencies will become irrelevant but for now, under the current complex forex system, these fiat currencies are here to stay .

Fiat will never be irrelevant. You really think governments will let go of the power to create and regulate money? Governments would crack down on cryptocurrencies the moment they realize crypto and fiat cannot coexist.

Nothing happens, why? Regular currency printing by banks under goverment conrtoll and it correlates with goods and commodities that the country has, while bitcoin is not.

Existing fiat currencies are going to be digital in some years time. As smart mobile phones are spreading all over the world, the forms of payment will change and we'll use less paper and coin as money but debit and credit cards as well as debit and credit cards digitized into the mobile phones (using NFC payment method like MasterCard's PayPass solution). It's not bitcoin which will replace the physical money but the digitalization (that contains bitcoin, too). But, digitalization will help bitcoin, at the end, because if people will get used to pay with their smartphones, they will accept easier the usage of bitcoin on the same smartphone. Bitcoin will be just a 'foreign' currency for them, just like if you live in the EU, you know USD and maybe you have some USD as well, but it will always be a 'foreign' currency for you, but this won't stop you trying and using it, as well as trying and using bitcoin in the future.

Bitcoin would remain as a secondary currency and it would not replace any government's fiat currency.It is a decentralized currency and so no one have to fear that they would be left alone in future by having only fiat currency.Its baseless to fear about this.bitcoin has just been legalized in japan and in some micro nations like liberland.it would take a long time even for more countries to legalize bitcoin,

Bitcoin would be like an asset as is the gold where fiat money can be depended on, so if btc will have success there is no need to dismantle the fiat currency.

Bitcoin can never replace fiat without fiat will never know the value of it after all bitcoin's price is based on fiat and that is USD. Bitcoin can also never be use offline without internet it's useless this is one of bitcoin's greatest disadvantage. It might be possible in the future to become an international standard currency that coexist with other fiat.

The usual currency will never disappear. The Bitcoin price is based on fiat and we can not appreciate bitcoin because we will not know its value without knowing the price in fiat currency. The currency we use in our country is part of our country's identity, maybe ordinary currency will be lost.

Until and unless bitcoin is accessed in every rural area and each and every person have internet access Regular Currency will live. It almost impossible to replace regular currency because each and every country has his won currency and value and they will let finish their countries identity so due to cryptocurrencies the circulation of regular currency will be reduced drastically in future.

Fiat currencies are already existing mostly in digital form. There is paper money, but it adds ups only to a small percentage of all the money circulating in the economy. Let's remember that modern money is not just digital nowadays, it is also virtual to a certain degree and a lot more virtual than bitcoin at that. Here I mean money created by banks via loans and which exists only as bank accounts from which people can make payments for their expenses.

Everything will happen. Industries will be using internet because they have to use bitcoins. Just see the trend go bitcoins now. Even restaurants and schools and shopping centers are accepting this bitcoin as a source of transaction. Like you have said, after sometime there would be more applications and then everyone will be preferring to use bitcoins because they will be fast and easier.

The regular currency will remain a favorite. Because ordinary currency has become the basic payment of each country and I am sure every Country is proud of their country's currency. Although Bitcoin becomes a legal means of payment though.

Bitcoin will never become an international currency but will be an alternative currency which belongs in the cryptocurrency. The paper currency in every country will remain as medium for payment. The bitcoin is the secondary option of payment once the business establishment will accept cryptocurrency.

Bitcoin Lightning network and massive economical disater. After the 2 of it yeah bitcoin will be THE currency.

If indeed someday bitcoin will be a valid means of payment does not mean bitcoin will replace the paper money. as is the case today, not all of our communities use credit cards even though the government has implemented a policy to use them.

Just in case bitcoin will become a national currency surely people will be able to adopt it in such a way that governments will replace whatever fiat they are holding into bitcoin and they don't need to buy, others may acquire bitcoin by having it thru a salary from their job. But as we can see the situation today I think it is quite impossible for now that bitcoin will become a national currency.

Is your country giving up on your fiat? Why did this question crossed your mind?

Unless a country abandoned their fiat, there is no one forcing anyone to switch to any crytocurrency. Fiat will remain as long as the government in a country supports it.

And bitcoin is decentralized in nature, when you said there will be a time frame to switch, who will dictate that?

The existence that you mean with fiat currency has not been surpassed by bitcoin yet mate, because as of now the people still uses fiat currency after all bitcoin tradings succeed. Well digital currency isn't just a currency like fiat cash or regular currency which to be spend directly, but its a currency that to be doubled as what fiat cash became so popular and nowadays bitcoin digital currency is a mode of investments for us to earn huge fiat amounts stored in our personal bank account.

There's a very BIG difference between those regular currencies and bitcoin. Bitcoin wont ever be able to replace fiat currencies no matter what. But bitcoin may surely affect the world market. And may do some sorts of effect to fiats. Another reason why cant bitcoin replace fiat, is that not everyone is accessible to internet, with no internet there is no bitcoin. Regular currency is still the standard with means of marketing. Plus it is regulated, no risk of popping in midair.

It looks impossible indeed as the day goes by for bitcoijn to become or replace our regular currencies because globally it is becoming popular and many are embracing its usage but no single country will risk adopting it as their local currency as they will not be able to properly regulate it ad their fiat and risk others regulating it from their country and so this makes it impossible  for bitcoin to become  a regular currency of any country.

There is no way possible for bitcoin to replace fiat currency.  Usage of bitcoin as a currency demands literacy on the part of the citizens, internet services everywhere across the nation and endorsement by the government. It is only when these are available can bitcoin replace fiat as a currency. 
But then,  there is no way everyone can be literate most especially in developing countries. Most people also do not get access to internet especially in rural areas and most government of the world despise bitcoin and would not accept it as a currency.
So there's definitely no way bitcoin can replace fiat.

Bitcoin will replace regular currency around the world. Fiat as we know it won't exist for much longer i think.

Actually, I do not believe that bitcoin will become the currency in common use for the majority of the world's citizens ever, because at this moment a third of the world's population does not even have access to basic health services and could not aspire to the devices and knowledge required to enter the bitcoin technology. I think that at least for the next 15 years the cryptocurrencies will continue to live with the fiat money with no problem.

You haven't really got a grasp on what currency is, its just a store of value. If bitcoin were(which it won't) to start taking over fiat in all cases your fiat would still be able to be exchanges to bitcoin, it wouldn't just become worthless out of nowhere.

I think what we value to bitcoin is its convenience and system of transactions.
We don't really need to make it as a standard currency as it will break the economic system of the country.
The government will not gain allowance for different agricultural, infrastructural projects which benefits its people.

We can use it for transactions after we convert our money. We use it for investments to gain profits. We use it for much more things. We enjoy it because we can convert it to fiats for us to spend. What we just want is for countries to adapt it. To accept it as a form of currency but not use it full time to abandon their own form of currency.

How does not having access health services predetermine someone to not possess the knowledge to be able to enter in to bitcoin? Granted it may have a correlation with not having access to the devices to access bitcoin. Bitcoin can live with FIAT for an infinite period, bitcoin does not have to reach the 'end goal' so to speak, to be able to offer utility to users.

Bitcoin is designed as an alternative of fiat currency and not as replacement. But if the government adopt Blockchain technology, it would be possible to have a cashless society. However there are many challenges because in Blockchain technology,  government cannot reproduce  another coin that can support the nation in case of emergency unlike in fiat they can easily  reprint another bills if they want to.

I don't think it's likely for it to disappear, but it could undergo changes.

I doubt bitcoin can stand on its own, it works while coupled to the existing system. Issue is if that fiat losses enough ground, then governments as we have them might disappear. Without the common laws, many things you take for granted wouldn't work anymore.

Bitcoin still in the early of development, it's way too far to think about bitcoin become the international standard currency
In fact, I don't think bitcoin can achieve that due to some basic reasons such as;
- Fiat currency is the legal means of payment in every country, bitcoin is not.
- Bitcoin can't afford massive transactions due to scale problem
- Bitcoin is an alternative currency, doesn't meant to be the main currency to replace fiat currencies such as dollar or euro.

Yes it could. It is not true that some industries don't need internet, it is just they are not using them, but once bitcoin will be the world's currency, then they don't have a choice but to use bitcoin and of course to access the internet also. We are in the age where technology is our partner on our works, in order to make things easy and to save time.

And bitcoin could be the one that lead us to a bright future, a whole world using bitcoin is a world with full of hopes and dreams, in my opinion.