Bitcoin Forum

"Bitcoin will be used instead of paper money"
we all know about Bitcoin. Even a few years ago no one had any idea about the sale. At today's price of 18 thousand dollars, the price of 1 bitcoin. It is a remarkable revolution. Bitcoin needed only one thing. Big companies accept Bitcoin. But it has been
somewhat successful in 2020. Bitcoin is going to be the currency of the future. Its value will increase at such a rate in the next five to six years. Which no one could have imagined. One is just people believing in bitcoin. If you use paper money you can destroy that paper money. but you can never destroy Bitcoin. Which you can't catch. There is no question that you will ever destroy it. This is mainly due to the differences between Bitcoin and paper money.

No matter how much I like Bitcoins , it cannot be used instead of paper money.

It's Volatile
It does need internet
We need to solve the transaction fee problem
There is still updates needed in lightning network
Bitcoins is not acceptable everywhere in the world
Many banks are not in favour of Bitcoins and thus they usually ban the accounts if they are being used
Bitcoin will need fiat for sure
We have people living without electricity and mobile phones what about them ?
What about old people and super young kids ? How will they be able to buy anything ??

No it wouldn't be that way unless the investor would finally decides to use it as currency instead of investment tool.
And if it is going to be cashless society the government wouldn't allow Bitcoin to be the main currency they would surely create their own digital currency.

I wouldn't say it like that, @fiulpro. Bitcoin CAN be used as a means of exchange and IT IS used by a number of people. Of course that its main purpose nowadays is wealth preservation and growth.

You say that not many people are using Bitcoin instead of paper money because of the volatility. First of all, as more institutional players join the game and the accumulation phase is done, therefore the liquidity will be much bigger, the volatility swings won't be the same. I mean I'm sure that at some point in time Bitcoin will become a more stable currency like Gold is. Wouldn't you be willing to transact with gold if it were portable?

Second of all, if paper money would be replaced by Bitcoin there would be no more volatility as there won't be a fiat currency to compare it to. Its value would be completely dictated by the market.

Worldwide corporate companies have already started their investment on bitcoin and they are holding a big amount of BTC now. Its just a beginning IMO and we will see the list growing in upcoming days. Recently we have seen multiple companies who made their move with bitcoin and its definitely a good sign for bitcoin and its community.

You may take a look here, https://cointelegraph.com/news/corporate-bitcoin-treasuries-are-here-which-can-only-mean-good-things

I don't think development of bitcoin means it will completely reduce the use of paper money but yeah it will definitely put an effect on peoples habit of using paper currency. Through bitcoin worldwide people are getting introduced with a new payment system which is easy to use, secure and super fast. No one can exactly give prediction about bitcoin price after 2/3 years but we can easily say that bitcoin will cover lot more new countries and millions of new people will start to use bitcoin as a part of their daily payment method. 

Bitcoin getting used instead of paper money will happen soon. As a beginning for the same, already people have started to use bitcoin instead of paper money. Maybe the access and acceptance for the same is very low. As generations pass on, the development has made people adoptive to new technology. In such a way people who are into paper money usage have moved to card transactions and digital payments. Maybe the next generation will go completely on technology moving towards cryptocurrency usage.

It seems to me that the main question here is whether Bitcoin will be supported by the state? The answer is probably obvious that it is NO! Since it is decentralized, and the states will not be able to recognize the money they cannot control! In my opinion, other national cryptocurrencies will be created...

This opinion is only supported if the user wants it. As a payment system, bitcoin can of course be used as a mean of payment that can replace paper money. The increasing adoption has allowed bitcoin to be used as a payment system more than ever. However, as we all know so far, bitcoin still need more time to be used as a means of payment globally because the regulation of many countries still prohibit it. However, you are still free to use it as a substitute for paper money to pay for any item when shopping at a physical business that accept bitcoin in a country where it is legalized as a mean of payment..

There is no way that bitcoin will be used and paper money will be stopped and the government will allow that to happen. The government likes to be in charge for the monetary activities in the country and bitcoin won't allow their interest to be established on that, it will be a challenge and the people in government will do all in their powers to stop such. We don't need to think about that because there are many other issues you don't see now that will arise too.

For Covid-19, we are already using online transactions rather than paper money offline. I think people are getting habituated to do this internationally or unintentionally. Covid-19 is a thing that just pushes it more. By the way, we are getting digital nowadays and people are more interested to use a smartphone. By using the smartphone, they are also using various types of things and banks are giving us the chance of online transactions via their app. So it is getting easier to use and we are not thinking about Bitcoin which can be used instead of paper money. This trend already started and we will get it in public very soon all over the world after accepting it worldwide. So waiting for it to be accepted to most of the country than another will go for accepting it automatically. Already crypto is getting accepted and we need more legalization by the government then the dream will come true. After then, Bitcoin can be used instead of paper money.

I find it too much to make bitcoin a substitute for paper money. I'm not at all sure and it's hard to happen. although currently the role of biitcoin is quite large, making it a substitute for paper money will not be realized. bitcoin is still bitcoin, and the role of paper money is paper money. both are mutually beneficial, but that does not mean having to change positions.
here we have to be a little bit wise, although we all love bitcoin, to make it the main exchange is not a good thing.

The transaction fee is going to be a big hurdle for it. I for example won't be using bitcoin to cash out for I know I'm going to pay at least more than $15 to get out of the exchange. Many of the bitcoin users will prefer to use altcoin when they see transaction fees going to go up more. Paying something to a store while the value of it is less than the transaction fee will just make you decide to just use the paper bill. Leave BTC for online transactions.

I can’t see it happening. The initial spirit of Bitcoin, with which to overthrow centralized bank control over our assets and payment methods, has been twisted in favour of a speculative eclosion. Whilst the underlying technology can very well lead to an array of paperless payment implementations, which could eradicate the usage of paper money (*), by means of some Central-Bank-to-be type of stablecoin, Bitcoin’s role has shifted, and it’s precisely it’s increase in value that plays against it’s own fundamental will to be a reigning payment method.

(*) May vary per set of countries, depending on the technological status of their population.

I believe one of the characteristics of money is acceptability. For Bitcoin to be a substitute for paper money, it has to be generally accepted. Some countries of the world do not still accept crypto currency so I doubt that it can be used as a substitute for paper money.
Come to think of it, if you want to give your kid money to spend at school, would you give him Bitcoin? How would it be measured and don't you think the fee that would be removed for minimal transactions would be too much?

All these tx fees issues will be resolved in future and when everyone will have bitcoins, there will be less volatility. Paper money will eventually end and it will only be the part of the history, although it may take some time for this transformation.

I am a wellwisher of Bitcoin but I don't think Bitcoin will ever replace fiat (paper) currency mainly due to it's volatility because the fluctuations will create chaos if people start using bitcoin instead of fiat, Stable coins like Tether (USDT) can be used instead of fiat as it holds the same value as USD. Bitcoin can be adopted by online-based business or payment gateways but cannot replace fiat. Let's be honest and reasonable as bitcoin can be an alternative but not a replacement for fiat

It is understandable that everyone in the crypto space loves Bitcoin and highly values it, but it is also wise for us to understand that some things can hardly happen. Bitcoin will be the digital currency of the future quite alright but can not get to a point where it will be a sole currency, the reason is, the advantages Bitcoin offers is a threat to fiat currencies, and since fiat currencies is owned by the government, they can't allow another currency to overtake it, replace it or becomes a currency wherein transactions can mainly be done with it.
However, it is right to say that, Bitcoin can be used where fiat is also used, that is to say, Bitcoin can now be adopted and be used as a payment option together with fiat and others like Visa etc.

How do you imagine Bitcoin replacing "paper money" if so far, in 11 years, this hasn't been happening, and Bitcoin's share of payments is so small that governments and companies aren't even feeling it. Do you think people will suddenly change their mind and open their eyes to how great Bitcoin is? When did such things happen in history? And Bitcoin's price increase isn't really a proof that it will replace fiat, it only means that there's more buying power than selling pressure.

I am not sure that instead of paper money the BTC will be used in global. There are too many places on the planet where digital money will not come very soon because there are places where the Internet is absent. Of course lots of people nowadays use BTC for buying something, but mostly it is used for investment. And in the crypto world there are also may happen things like loosing keys, or wallet may be hacked snd so on. Every direction has its pros and cons.

I think there is no way that Bitcoin is going to be used instead of fiat. Because cryptos are volatile, governments are not eagier to use it as their main currency. But Bitcoin can be a very good alternative to fiat. When fiat goes into trouble, people could choose Bitcoin instead of fiat.

Well, I dont agree that bitcoin will use instead of paper money, as I have observed-- bitcoin is not a form of payment, it is now a form of investment where people care about the value, not just the transaction. Even me, I will not use my bitcoin to purchase any stuff if it is not important. I rather use my fiat because I know that holding bitcoin in the future will make you a profit. Just like what happened right at this moment, if you held bitcoin since it is very cheap in the market, I am sure it will fold for how many times your profit.

It reasonable for Bitcoin to be used instead of fiat currency due to Bitcoin potential and the world going digital but the case of national currency been obsolete is the reason the government dont want to support Bitcoin and the Chinese government are the perfect example so I will say it too early to decide what will happen in the future despite the fact that Bitcoin seem to be supported by some banks/institutions.

Bitcoin cannot be used as a substitute for "paper money" due to scalability issues.  

The state can print as many banknotes as needed for exchange.  However, new bitcoins cannot be printed, they can only be mined.  

Bitcoin is no more than 300,000 transactions per day.  This is not enough to replace "paper money".  

Bitcoin is the perfect reserve currency.  

The US dollar used to be the world's reserve currency.  However, the US national debt is $ 27,000,000,000,000.  This is a big problem for the entire global financial system.  

Therefore, perhaps in the near future we will see Bitcoin as a new reserve currency in the world.

I do understand for some people to be that bullish but talking about Bitcoin in replacing fiat is really impossible to happen.It would really be just remain as a
digital currency and as long government do exist then so fiat will be and its impossible that it will really pull out fiat into its current situation which had
been used since  from the beginning of time.It wont really fit out to be as a replacement if we do consider on price volatility which wont really be
that much appealing for most people who do depend or want to accept full exact of their funds.

No matter how obsolete fiat currencies are, Bitcoin can't replace their existence because Bitcoin isn't just a stable currency there are fees attached if you want to make use of Bitcoin for everyday purchase and sells.

I don't believe that Bitcoin will be used instead of paper money.
Bitcoin could be doing well todaybut it could never replace Fiat even if the price of Bitcoin reach a $100K+ I don't think that it would replace Fiat.
There are plenty of reason why it couldn't take over it.
The transaction takes time to confirm and also the fee,
Would you pay with extra fee when you are just buying a drink or snack compare to paying with Fiat?

Well, this is the most important thing to understand. All transactions using bitcoin require an internet network, so when there is no internet, transactions cannot be made. Moreover, bitcoin cannot replace the position of paper money, moreover, the money is officially issued by the government to control the country's economy. Then, how is it possible that something that cannot be controlled by the government can replace money that is completely official? the biggest possibility is, bitcoin is becoming a payment alternative, not a substitute. because we know, cryptocurrency and money generally have their respective advantages and disadvantages.

Bitcoin will never replace paper money, because there are still many shortcomings of Bitcoin that must be fixed first. After all,
the government will never allow Bitcoin to replace paper money, it is more realistic if Bitcoin is an alternative payment. So it is
not to replace paper money, but to provide payment options by becoming an alternative to paper money.

Nope, the bitter truth is that this will never be possible. For Bitcoin to replace paper money/fiat currency, that means Governments will have to accept it as a currency they can not control and generate at any time in a given nation which won't be possible.

We all know how manipulative and controlling Governments want to be when it comes to finance and the population and the reason behind the existence of Bitcoin is exactly the opposite.

But of course, Bitcoin will always be great in its own way.

Remember that bitcoin has a limited supply and it can not replace fiat money in the future. Yes, the value of bitcoin today was skyroketted and this is an example that others don't wanna buy it at high price like 19k usd.

But, I like how optimistic you are OP, there are already companies that are accepting bitcoin in different countries. Though there are still many glitches because fees now are really high unlike if we use stable fiat money where in we can just pay without thinking about the fees.

Maybe you can change your subject title to "Bitcoin will be used "ASIDE" from paper money"

Bitcoin to be used instead of paper money is just absurd. Yes there are some merchants/establishments that are accepting it but to use it instead of paper money?? I don't think so.

Not all of the people have access on it.
Not all of the people have the capability to buy the gadgets needed to have access on it.
Not all of the people have internet connection unfortunately and not all of the people are comfortable enough to use it in their daily transaction so why eliminating paper money and choosing Bitcoin instead.

Bitcoin will be difficult to become the main currency in a country, to admit it, there are still many countries that cannot accept it as a legal payment instrument. although there is no limit for bitcoin to do anything because bitcoin is standalone.
I'm also not sure bitcoin will replace banknotes in any country. because due to the covid-19 pandemic now every country already has digital money that is managed privately and by the state itself. although we admit that their digital money cannot beat bitcoin because bitcoin can be used wherever we are, if there is no acknowledgment it can be exchanged for fiat.

Sorry but a brief review mate,Bitcoin traded 20,000 in 2017 and that is 2 thousand higher than the price now.
Well the 2017 pump says a Bubble but this time?i think  this is legit growth as many investors are proclaiming their support in Public.
Well before becoming the currency of the world,Bitcoin first need to be adopted and accepted worldwide and that is the main problem here.

Of course, there are also some huge challenges and concerns with this scenario. If cryptocurrencies outpace cash in terms of usage, traditional currencies will lose value without any means of recourse.

I only knew some disadvantages on the list and I think that this helped me fortify my argument that bitcoin will not completely replace fiat in our time. What surprises me on the list is that banks are banning accounts that have an inkling affiliation with bitcoin, I don't think that it will be fruitful effort for the banks to do that because this will only shoo away their customers. Transaction is the a small problem that can be easily solved, if they can do a simple transfer without the fee I think it will solve the problem.

A very well said, fiat couldn't be totally obsolete maybe bitcoin could be one of the mode of currency in one country where each and every country would met without the means of exchanging from one currency to another but the used of fiat inside the respective country i guess would still be their. Each country has differenct economic growth like third world country where i bet so impossible to used bitcoin as a whole currency circulated inside the country.

In my opinion there is no way Bitcoin will replace banknotes in a country, because Bitcoin cannot be controlled by the government in any country, if that really happens there must be many people who have to understand and learn how Bitcoin works, it might seem very difficult to explain to everyone in one country who is completely unfamiliar with Bitcoin. Maybe in my opinion the point is not to replace banknotes but only the Bitcoin system which will be used for internal digital payments.

I think it's impossible for bitcoin to replace fiat money. First, it was decentralized digital currency which government doesn't like. Second, It was very volatile, it's value keep on change in just a second. Third, it needs internet everytime you need to use it and make transaction, you need to be connected to the internet everytime, anywhere if it will replace fiat/paper currency. Both Bitcoin and paper money has it's pros and cons but paper money is still be more popular and suitable to be use anytime, everywhere because all people young children or adult knows how to use it very well unlike in bitcoin that they need to learn it first with difficulty before they can use it.

I think that isn't actually a real issue.
In the future few satoshis may be enough to buy some things and if necessary bitcoin can be divided in more decimal houses like wiki says. So in theory it could really replace paper money which is a waste of money for our countries to print them.

https://en.bitcoin.it/wiki/Help:FAQ

We never know what might happen but still, I don't think that Bitcoin will be replacing fiats.

With the fiats still used despite the transmission of the virus, this pandemic proves that digital currencies can help lessen this kind of problem in the next few years. New diseases will emerge and online transactions would be of big help. Still, fiat will overcome as there are a lot of mobile wallets for fiat. I think in terms of investment, that would be the place where people would prefer Bitcoin instead of paper money.

To make things more clearer, we need to know that fiat and bitcoins are both a currency yet it has a different purposes. Bitcoin is a digital cryptocurrency where we can use in onlines and we can also convert into fiats yet fiats are we calle paper money or the physical cash that we used in our everyday needs and transactions. They both have unique uses and they also have both ideas. Yet I think bitcoin will not overcome or replaced paper money in terms currency we used nowadays. Bitcoin is a good idea of online currency and paper money has its own idea of physical curency.
Yes. The valid reason of bitcoins will not be able to replace fiat is that because it is a DECENTRALIZED and UNSTABLE online currency. Day by day the value of it has a possibility to change 100%. It may go up and it may go down. Many people will likely to lose and earn as well and I think thr ide of being instable value isn't gonna help or be a good idea in question wheter bitcoin may replace fiat today.

I agree that bitcoin is impossible to use instead of paper money. Bitcoin is not used in many countries and they have no idea about Bitcoin. If everyone is accustomed to using Fiat currency then will be very difficult to use Bitcoin instead of paper money. Paper money can be used everywhere but Bitcoin is used on the internet for transactions. It's prevalence is high in the online world. Externally there is very little use. Bitcoin can be broken down and converted to Fiat but not as paper money. To use Bitcoin instead of paper money proper money should be in use all over the world and all people will be ahead with the technology.

In the future it is possible that Bitcoin is used to replace paper money, because we will never know what will happen in the future.
But if you look at current facts, it seems impossible that Bitcoin will be used to replace paper money. Because the biggest problem
Bitcoin is that it cannot be controlled by the government, therefore from that which country wants to use a currency  that cannot be
controlled. If Bitcoin is used only as an alternative payment it may still be accepted by the government.

There is a possibility that it will happen in the future because we never really know what will happen to bitcoin and cryptocurrency in the future, but yes it will be difficult. The government will not allow the uncontrolled circulation of currency and bitcoin has one of them, namely decentralization.

In fact, we have never hesitated to use bitcoin as an alternative payment system to replace paper currency all this time, however, the lack of physical businesses accepting bitcoin as a mean of payment in various countries will slow down adoption. Regulation is certainly the biggest obstacle to adopting bitcoin as a legal tender.

We have options in terms of payment systems either be online (where to use Bitcoin) or usual transactions (where to use fiat money).
Though we know that Bitcoin is easy to use as a mode of payment but we know also that not all establishments are accepting this. Whether we like it or not, Bitcoin can't still be in major use even we wait for another decade. I think there is no such a push to make it accepted globally if it is not also applicable to some areas. We live this thing as an option and we have to live like that as well.

It is like innovations over livelihood, in which not all people are capable of using digital currency and not all of them do know what bitcoin is because in some areas around the world, there are still no internet signal that might use in order to make a transaction through online. Another thing is that not all of the establishments will be accepted bitcoin nor other cryptocurrency because although it is more convenient and easy to use as a mode of payment when buying products, many will still ask on how to do it.

If ever physical paper money will no longer be used, for some reasons, I guess it will not be Bitcoin and cryptos still which will be used in regular and daily transactions, more likely fiat based digital currency simply because it is supported by governments across the globe for being centralised. Unlike with cryptos which are in nature, volatile and decentralized. No matter how we look at it, support is more dominant in fiat and fiat based digital currencies over cryptos. Cryptos at this moment are better  used on investment purposes due to the benefits of its volatility. Will you spend your crypto to buy something on the Internet even if you have other options? Tendency is high that you won't simply because it would be profitable holding and selling it on the right time.

Not all people are familiar with Bitcoin and other cryptocurrency unlike paper money any person can easily use and access it in using Bitcoin or cryptocurrency you need device and internet plus you need good knowledge and efforts to understand all of crypto related information.

I think it will be difficult for Bitcoin to replace paper money. Because after all Bitcoin is very volatile, it is very easy to change in price. So it is less suitable for everyday payment instruments. It will even be troublesome of course. It is suitable as an investment tool, but not for daily transactions, I think.

Debt is choking many countries on the globe. Inflation is getting out of hands because governments are printing more money to pay the debts. Due to an increase in inflation, the value of fiat currency is decreasing and investors are losing trust in paper money investments.
Bitcoin is the first ever digital currency and it gained popularity because there are no governments or banks involved. People can sell and purchase directly with each other and transaction are made in seconds. People use digital wallets and personal keys to store bitcoins. That's why turning bitcoin into paper money is a bad idea and probably it won’t work either.

Bitcoin is really helping the general economy a lot due to its halving mechanism. But it is unlikely that Bitcoin will always help the economy. If governments loosen the law on Cryptocurrency, it will also make the criminals in their own country more and more acting. Especially, money laundering is the most difficult problem for terrorists and criminals :)
So this bull run will end soon and Bitcoin will not grow forever in the future. So if you are already profitable in holding Bitcoin, split it and sell it while its price is increasing, don't be greedy. ;)

In the past, we have an idea of a universal currency that can be used wherever and whatever country you go to. Wouldn't it be great if bitcoin is that currency? I know that fiat currencies won't be replaced but since bitcoin has its value, in the future this might be a thing. Each country has its own fiat and the world has bitcoin as the universal currency.

I'm not sure about it, until now bitcoin is known as an invetsment place and a lot of people who just choosing it compared to using it as a mean of payment. Also, we have to face government regulation, are they able to accept it? I guess no, they will not make a decision to regulate it. They will still consider it as an investment place, no more than that. And yeah it so long to compate bitcoin and money fiat especially for payment system because until now I can't see many people using bitcoin for payment system in all their daily life and it will always be like that.

There's a lot of big company that already accepted bitcoin. The problem why bitcoin can't be the currency to replace paper money is because of it's volatility and internet access. Not all knows bitcoin, not all knows how to use gadgets and computers, not all have an internet connect and other area has a poor network connection. There's a lot of factor to be consider first.

Both Bitcoin and paper money are existential because of their own unique usage that suits human preference. It does not barely mean that upon using Bitcoin, you are already lessening or aiming to destroy the usage of paper money in terms of becoming a payment option or becoming term of transaction. People have always in mind ideas of bumping those two well in fact that both have their own good point of existing and usage that depends on the type of person that is using them. Well, it can come to reality that people will use Bitcoin more often in the future because of the qualities it to do have which is gaining the interest of the people but it does not mean that paper money will be eliminated or be left behind because there are still people that are preferably using paper money instead of Bitcoin and so the other way around.

Well, that is right, --it will never replace paper money because it existed for a long time, and people were comfortable to use it in any place they want. But how about when it comes to online transactions? Possible bitcoin is a good alternative than fiat, because it is faster and being anonymous to everyone if you care about your privacy for possible stealing of your asset. For now, we can't conclude that bitcoin is be always used instead of paper money, perhaps it will be a good alternative to paper money.

If that only applicable to my place and if I have bitcoins, I should have to use it as it was very convenient this time. However, the situation isn't in favor of me and possibly the same for the majority. To draw conclusions, the use of Bitcoin is optional but the use of fiat is different, and most likely it is still the money that people have to use for the next years.

Besides, we can't deny also that some government is still not in full support of crypto and the way that it drags people and business owners to doubt to adopt the system but rather to keep fiat on their control.

Indeed, cryptocurrency and fiat have its own essence based on the usage and I don't think that fiat can be replaced that easily because the cryptocurrency has to be more known all around the world and the adoption is not that easy, especially in payment method, we can say that cryptocurrency is safer and faster than fiat when we are doing some transaction, crypto has a wider range of payment method since you only need a device and internet connection for you to make a transaction. There are still countries that are banning the usage of cryptocurrency, so it is hard to foresee if the fiat to be replaced by cryptocurrency.

I agree with what you said about Bitcoin not to replace the existence of fiat currencies but Bitcoin is volatile in nature is not the reason why Bitcoin can not replace fiat, the is that.
1) Every country's fiat currency carries the symbol of each country. Example € which represents Europe
2) Fiat currency represents the dignity, history, etc of each country that the reason why the image of heros are used in fiat currency.
With that been said, Bitcoin was created as an alternative so dont confuse that but the government needs to create a digital national currency that will save the country's economy.

Bitcoin has a great appeal, the way of trading is not everyone's grasp, Bitcoin is very vulnerable to Hacker attacks and theft. Bitcoin cannot replace paper money because Government banknotes can control inflation but the government cannot control Bitcoin. It is therefore difficult to completely replace paper money. Besides Bitcoin's price is not stable and changes many things make the economy unstable. But I like and support Bitcoin in this technology age. because it can give us more opportunities to get richer.

Bitcoin will be always a digital currency, can't change that fact no matter what we do. It also requires the internet for the transaction while paper money is an actual thing that we can see. We can't also replace paper money since it was made many decades ago and it symbolizes the country. Many banks are not in favor of bitcoin because they're centralized while the bitcoin is decentralized. Also, bitcoin has blockchain so how can you implement that if it's paper money.

Another thing is, what's the solution for the volatility of bitcoin? It's impossible that's why bitcoin will remain to be a digital currency.

The main obstacle to deterring bitcoins is government institutions and banks that fear the growth of Bitcoin and thus the collapse of fiat currencies

That's not the main problem imho, the biggest obstacle is bitcoin scalability, bitcoin network can't keep up with paper money due to the block size limit which leads to the number of transactions that can be confirmed on the network approximately every 10 minutes. Although the bitcoin blocks now have a maximum size of 2 megabytes, the transaction fee still increases whenever the rally starts, too many queues of transactions on the mempool and people begin to pay a higher fee to get transactions confirmed.

The problem with some of you guys is that you either don't want or can't imagine the fact that you can use paper money virtually. Have you ever seen visa/mastercard? Or any other card by your bank? You can have following: $100 real cash or $100 on a virtual account, the only difference is that in the first case you have that cash and in the second case - the bank owns it but allows you to spend it. Bank offers you following: It saves your cash while allowing you to spend the way you wish but you have to pay some fees for it's services.

Bitcoin isn't the only digital solution, it has it's pros and cons and personally I think that it's better alternative of current money system but at the same time bitcoin alone with current form can't be used globally for daily needs, we need another solution and it's a very difficult task.

I doubt Bitcoin will replace paper money, try to count how many countries allow Bitcoin as payment. The amount is very small,
because the government objected to the decentralized Bitcoin being used as payment. Therefore, most countries that accept
Bitcoin are only limited to investment, maybe Bitcoin as an alternative payment is still acceptable to the government.

Absolutely, Bitcoin posed the best features for international trading, and aside from every country having different economic growth, rules and regulations in terms of international trading fiat currency are still needed to balance the act of making payment in the rural area. However, the fiat currency represents the trademark of every country.

Bitcoin and other cryptocurrencies as a payment method in exchange for goods and services, but it will be risky for stores and businesses to accept bitcoin as payment because of its volatility that makes it completely unpredictable. There are some people who also have some trouble paying expensive fees in a bitcoin transaction, so it might take a long time for the government to regulate bitcoin as an alternative payment.

in my opinion it is also impossible if bitcoin is used as a substitute for paper money. Bitcoin is a digital currency that cannot be controlled by the government, therefore the government will not legalize bitcoin as a substitute for paper money. Bitcoin can only run as it is today and will not be able to exchange positions with paper currency.

too quick to say Bitcoin to replace paper money, because the government has rules and authority that will be difficult to match centralized Bitcoin,
and the comfortable world bank with banknotes,
does the bank want to replace it with Bitcoin ?,
There are many obstacles Bitcoin to replace banknotes, but it is not impossible that this will happen

What you are currently projecting might be possible but Bitcoin as a substitute for paper money is quite hard because of the fact that not all people is knowledgeable about Bitcoin. Its also impossible for Bitcoin to be widely distributed since its not even widely known or studied by the government. It would be necessary to also introduce Bitcoin into Universities and Schools to study it and learning about Bitcoin will be very useful if we aim to change our financial system.

Bitcoin is a good choice actually if you wishes to transact in anonymous to protect your privacy especially of it involves huge transactions that surely the banks will getting. The  bitcoin uses peer to peer network and does not needing any third party services needed that can take high taxes or transaction fee. This is not the way bitcoin is created and nor it will not happen to bitcoin instead it could only apply to banks and their services. However, bitcoin supply is only 21M and that is too.short if all the people around the world will get each a bitcoin.

Bitcoin is great, but I don't see any possibilities for bitcoin to be the mainstream currency in the world. Yes, its an easy and reliable payment method that help us live an easy lives and all the benefits and great profits. But still, Bitcoin has a lot of things to show the world before it can replace the traditional fiat or the physical money that we usually used in our daily spending. Maybe in the future, but I really doubt it because there are a lot of things to be considered.

Maybe it will happen after many years. A few years ago nobody knows BTC but BTC took a place. So the way BTC continues will not smooth but BTC will reach a position one day. Maybe one-day paper money will vanish and people will use digital currency.

paper money is stable and more suitable for purchase but btc price is growing massive and if this continue it will be hard to use btc for purchase but even before people already find it hard to use thier btc for purchase because of regrets that it will grow and because of other issues that exist in Bitcoin .
durable wise , btc is more better because it's virtual but money is easy to damage but will you destroy you money intentionally ? We all keep our money securely

Bitcoin can't be a fiat currency because of the way it was designed to operate, it's an internet money and will remains as such till the close of ages. The paper money will be different from the digital money and the two will be use for same purpose except that, the internet money will require internet and the paper money won't just my honest opinion.

We are near to that to happen , at this moment there are many marketplace already accepting crypto currency as mode of payment.  you can now use your Bitcoin in different ways like hotel booking or flight bookings in a place where its already accepted.

we are so advanced that even games will adopt crypto currency and blockchain next time we will see in the mainstream media more works that use  blockchain technology and have real value and not just  for enjoyment.

Just because bitcoin "can't be destroyed or has limited supply" doesn't automatically make it perfect for using it instead of paper money. There are still a lot of problems that needs to be addressed and people are still working for finding solutions to current problems. Once we have a perfect system, then we might be able to replace fiat currency, but that is not going to happen anytime soon. Maybe after few decades if nothing goes wrong?

No matter how eager we are to transition from fiat money to cryptocurrency those factors above are stopping us from evolving. But those factors really need to be considered because if a country changed a system, all of the people living in that country shall follow and have the capability to follow. Maybe cryptocurrency is only for privileged people. People who have access to the internet, have digital wallets, have cellphones, have a proper education. Thus, maybe this cryptocurrency is not for all. Not for lower-class people. Not for a third-world country whose poverty is at a high rate.

It's kinda hard to predict bitcoin's price in the next five to six years so I don't know if what you have said that it will increase like no one ever imagined will really happen. Bitcoin is doing good and it's also gaining more attention even from big companies but for me, paper money will still be used in the future regardless of how bitcoin becomes more popular in the coming years. People will eventually accept and adopt bitcoin but paper money will still remain.

This should be etched on the minds of the people on thinking if Bitcoin could be created physically. It would be impossible to create Bitcoin because of its high value and it would not be normal to carry out a single coin that would have a value of $18k USD. If Bitcoin would be used, it would be because the human age is so advance that everybody would be knowledgeable about Cryptocurrencies.

Bitcoin is just a payment solution and it is difficult to replace paper money when Bitcoin is still not popular among the people. Even though I have been using bitcoin for many years, there are still a few stores that accept Bitcoin in my country, which hinders the widespread use of Bitcoin. Some other reasons are the confirmation time of a transaction and the cost of Bitcoin is too high, to use Bitcoin, everyone must have a mobile device with an internet connection so Bitcoin will never be able to change so is the convenience of paper money.

Bitcoin simply cannot replace paper money.  In addition, for this to happen, it is necessary for the government to take an appropriate decision and a number of practical measures to translate it into practice.  However, no government will take such a decision, since the national currency is an integral attribute of the existence of a sovereign state.  Therefore, national money in non-cash or cash form will exist as long as states exist.

This is because it's the digital currency that will be used in the future. Even the CEO of PayPal indicates that BTC can be used to buy to the merchants using them and they will take care of the conversion to digital fiat as said here https://twitter.com/SquawkCNBC/status/1330874151410814976

Somehow this is going to be useful to BTC although paypal is going to profit more from it because they can accumulate BTC, it's still adoption.

It is a big claim that fiat money will be replaced by Bitcoin. Because it is not the Bitcoin's main purpose. Many governments won't be so willing to do such thing. Because they don't want to take a big risk by replacing fiat by a volatile cryptocurrency. But I can say that we will definitely be using digital currencies (created by governments) instead of fiat in the future.

It is not too far away that people will use Bitcoin or other currencies as digital currency instead of paper currency.  The circulation of paper money is slowly declining. People are now using digital cards instead of paper money for shopping.  Maybe there will be a time when people will not use this card.  They will directly use the digital currency Bitcoin of the future.

Bitcoin acceptability and usability instead of paper money will take the centre stage soonest. I had realizee that, people have started to use bitcoin instead of paper money in certain transactions online. Though the access and acceptance may be minimal at the moment, but the future looks bright for bitcoin.
The generation next may go completely on technology advancing towards cryptocurrency utilization. Anything is possible in our current world.

In the next five to six years Bitcoin Its value will increase which no one could have imagined. But if Bitcoin getting used instead of paper money, will not happen soon. Although now many people already mass adoption of bitcoin. such as American companies, PayPal and the richest people in Mexico have already adopted bitcoin.
That’s because of several reasons because the inflation rate on fiat money is higher, thus resulting in increasing people’s concerns about the continuation of fiat currencies.
It is this case that causes people to switch to alternative cryptocurrencies such as bitcoin. I don’t know in the future whether bitcoin can be used instead of as paper money. But nowadays the existence of bitcoin is increasingly positive among the world community.

I am surprised that some of the users are still considering Bitcoin as a currency. Nowadays, Bitcoin is behaving more like an investment asset and it can't be considered as a currency. In order to qualify as a currency, it needs much greater acceptance, quicker confirmations and lower fee. Until that happens, Bitcoin will be mostly used as a speculative investment asset.

it is Happening now,Because there are Big companies that Starting to Bond with Bitcoin like PayPal in which in denial for long time but now here they are.
On what Basis that you are saying this?Value that we cannot Imagined?i am imagining Bitcoin will reached 500,000 is this not enough?
Why need to destroy one of them when we can use them Both?Let Bitcoin user use Bitcoin and let Fiat user use Fiat.

Bitcoin is definitely brought a revolutionary solution for future economics and finance but at the same time, every crypto enthusiast must have acknowledged that crypto is nothing without having its exchange value against fiat or paper money.

So according to consideration of the system of fiat currency which is already established in every country, cannot be taken down, rather it must have to be sustained for the survival of common people who are still not aware or educate about the crypto world due to lack of knowledge, lack of education, or even lack of technology and instruments.

Nope, This is way too far. Let me clarify first, DIGITAL TRANSACTION and DIGITAL CURRENCY are 2 different things.

The circulation of paper money, is NOT declining but instead it is continuously circulating whether people are using "Credit/debit Cards". To co-relate this to digital transaction, this paper money is still part of the digital cards by of Credit and Debit.

Maybe I can agree on not using of cards, as Technology is upgrading from time to time. This physical cards can or could be upgraded digitally, but, this is far more riskier than using the these cards traditionally. Meaning, the more we virtualized everything, the more we are prone to digital hacking and etc.

Plus, as I always say not all country accepts cryptos. So, let's view it realistically. Yes, we wanted to legalize the use of Cryptos but let's not forget it will undergo a lot of complicated process and studies. Especially, A Government will do what it takes to fully Centralized everything which is not the nature of the cryptos.

Actually, to make Bitcoin accepted as the currency is not only about the big companies that accept BTC. the most important thing is about its utility, whether it is acceptable in the small and traditional market or not. As we know, people and countries condition in the world is very different. We cannot make them the same in the term of technology acceptance. As like what happens in my country. It is likely very impossible for all of us to receive BTC only as a payment method. Although BTC can be one of the payment methods, it will never replace paper money. Except if it happens in the next hundred years later.

I really dont see bitcoins being use as currency instead of paper money.Bitcoins are viewed as an investment asset and bitcoins are too much volatile and needs a bit higher confirmation fees for faster transactions.And many countries have not yet legalized bitcoins and also governments wont like bitcoins replace fiat I think.

Even now bitcoin usage is very small compared to the paper money usage in the entire world. Right now it isn't an easy thing to abolish and replace the paper money with bitcoin. Lot many changes were supposed to take place in the global market for the same. Already through the banking system most of the fiat transactions were digitized,  and towards the next step of growth cryptocurrency uplifting is done through the increased usage. Bitcoin used instead of fiat won't happen soon or within few years of time.

I think this is one of the main reason why bitcoin can never be used as the paper money, without an internet connection there's no way you can send or receive bitcoin, unlike the paper money that won't require an internet connection to be available before any transactions can be done, so yeah there's no way bitcoin can ever be used like the paper money,also the transaction fees are just something else, yes bitcoin is fast but it's only for those who can afford to pay those high tx fees charged by the miners,for those who use low tx fees to transfer they tend to wait for a while before receiving it, sometimes a week, which is really bad.

Indeed. The fact that fiat currencies are more supported by governments compared to cryptocurrencies, replacement won come to existence. Bitcoin has advantages when it comes to convenience in every transaction but it still has issues regarding wide acceptance across the globe. Let's say fees are lower if transaction was made using Bitcoin, but your savings is at risk if it would stay in BTC form because its market value changes from time to time. This is probably the reason why it is more often being used in investment purposes more than a currency.

Why we are supporting bitcoin only when the prices are in the increasing trend, if you beleive that bitcoin technology is revolutionary then we should encourage it to be used as payment mode irrespective of their current prices. But one thing for a paper currency is its stable value which is missing in bitcoin.

Bitcoin in lieu of paper money must have a permit from a certain country, if it doesn't get permission it will still be illegal, I also hope that in the future bitcoin will become a legal currency in the eyes of the government

it's not possible, government will only permit something they can regulate, and they won't allow that some tech will replace their power to create money, they will be the one who will make a paper money or a digital money, all belongs to fiat money.

Their rule is, centralized over decentralized.

I agree with your opinion.  The government will never allow bitcoin to replace fiat currency because Bitcoin is a digital currency that is not centralized and is not controlled by anyone.  Another problem is that bitcoin cannot replace fiat currency because of the fluctuating nature of bitcoin and has a very high risk of being used as a reami currency. Even so, bitcoin can be an optional digital payment instrument, you can use it or not.  but it all depends on the regulations given by each head of government.

The transaction using bitcoin is not always convenient because there are traffics wherein there are also delays, for me there is also another factor which is the fees where there are times that the fees goes expensive. Using bitcoin as main payment have still a lot of problems so for me it can only be an option and not set as main payment system. The volatility is also so huge wherein a lot of businesses cannot handle that kind of volatility that can make them to incur losses.

Once you can Use as payment that is automatically a currency so How come that you can't see Bitcoin using as currency?maybe not in Physical form but in digital.
Viewed ?yeah maybe but the use?still a currency,making this as an asset is a part of How Bitcoin is important and worthy because if not?no fool that will put His millions of dollar in this.
Lol Government did not like Bitcoin over fiat for no reason ,because they are afraid that Bitcoin cannot be control by them.

This is insane.  So people will paying with btc in their mobile wallets?  So wouldn't that mean nobody would carry that much coins in their phone then?