Bitcoin Forum

Bitcoin to replace cash?
Maybe, but let's please first focus on Gold 2.0

Winklevoss twins believe bitcoin will ‘wipe out’ cash
http://nypost.com/2015/03/17/winklevoss-twins-believe-bitcoin-will-wipe-out-cash-in-future/

"Bitcoin won't replace national currencies"
"Bitcoin, The New Gold Standard by Wences Casares"
Video: https://twitter.com/brian_armstrong/status/577332571408756736
https://i.imgur.com/rPB6H4N.png

Many people predict many different things about future of BTC.
In ideal scenario, BTC will become main world currency, but right now we are very far from that.
We have to promote BTC, specially to ''big'' merchants, and educate average users that BTC is not just some kind of investment but real, future money.
I predict that BTC will become mainstream in next 5 years.

winklevoss also said Facebook was there idea.   

It is still far away from their target! Maybe something new will take the place of bitcoin and better the features of Bitcoin. Even bitcoin outperforms the fiat money, there are many obstacles bitcoin will face such as government, conservative attitude, security or bandwidth requirement!

Its nicely presented comparison between bitcoin and gold, and finally someone said it wont replace national currencies, because i had enough of people who are thinking that will happen, and some are even developing altcoins for certain countries.. what a way to ignore the most basic idea of bitcoin; its not supposed to "belong" to any nationality, its made to be universal!
Bitcoin does have many advantages above gold, its obvious, but it will take time for people to realize that gold is nothing special (other than a good conductor), theres more gold each year mined,
and its going to get even more successfully mined in the future due to advancement in technology.

What i dont like is the fact that each person that makes a presentation talks only about the advantages, and keeps disadvantages under the rug, but its those issues that will make bitcoin recognized, when theyre solved, mainly theft issues that have no real way of being stopped at this point, and that leads to loss of trust,and is the key factor to why bitcoin isnt 10 or 100 times the price it is today.

cheers

The total number of BitCoins that can be mined has been pre-set at 21 million, whereas the amount of gold that can be mined is a more complicated question. Over time, the increase in the supply of gold has increased at roughly 1-3% per year, but on a short-term basis there can conceivably be a lot of volatility in the price of gold due to new discoveries. Of course, as a new technology, BitCoin is subject to much more volatility than gold. But over the long run, given the fact that no new BitCoins will be mined after the 21-millionth, we can expect it to ultimately serve as a better store of value than gold.

I see Bitcoin as the invention of wheel. So its a base for other innovations. For example , stock exchanges can use blockchain technology it will reduce lots of their operating costs.

For cash, I have another analogy.Email and national post services. Both bitcoin and cash will be used in the future. And in some of countries Bitcoin will be main stream for daily life , HOWEVER, cash will still be used (rarely).

But I don't want Bitcoin to be a commodity.  It annoys me that peoply buy Bitcoin as an investment that they will just sit on and hope to increase in value.
Bitcoin is a new technology, no one went and bought the first generation iPods just to keep at home as an investment, they are supposed to be used.

In the case of Bitcoin, that means going out and spending you bitcoin, and sending them to people instead of cash transfers.  You can always buy more after you have used them, being Gold 2.0 is a bad goal for bitcoin to have.

I would imagine bitcoin functioning similar like gold and that as a store of value. But however, before I go further, one might argue that buying at 1200 and now the price at less than 300 might not necessarily suggest it to be that way. So let's look at the overall picture and that means analyzing long term. For one, there is certainly no limit as to how much fiat can be created in the system but for bitcoin, there is always the fixed capped amount. As long as the demand remains and supply continue to drop, we ought to see the value increases over time.

And then, when it went crazy, wanted a piece of it and went to court. They are hoping Bitcoin will be their first successful investment, so they can finally say "we told you so!"  ;D

They make the prediction of Bitcoin replacing cash in 10 years (2025). Im not sure, sooner or later it will happen, but 10 years seem too quick for such prediction. Then again, in todays society, 10 years is 100 years from the past.

10 years is a ludicrous prediction. Half the people I know don't use internet banking at all. Millions of people in first world countries don't use the internet or have smart phones or mobiles at all.

It may be the case in Silicon Valley but there's a whole wide world beyond it that'll sooner return to hunting and gathering than give up cash.

They tried to get rid of check payments in the UK a while back but it was quickly made clear that that's the only way a lot of people still pay for things.

Bitcoin becoming a new gold isn't exactly wha tI would expect for...
I mean, gold is meant to be a "secure way of keeping your money without begin victim of inflation".
You don't pay things with gold. Most o the time you don't even look to your gold.

Thats what I expect. A true market, where people sell and buy either products, so that the main value of Bitcoin isn't speculative.