Do You Think Bitcoin Will Replace Dollar Soon?

[deisik]

This question depends on what definition of the dollar is being considered.  If the definition of a US dollar is defined as the actual tender that is used as the medium of exchange, then it is possible that the dollar be replaced by bitcoin.  However, keep in mind that most of the transactions that take place in USD are already transmitted in digital form.  I think that when we are considering the US dollar, we are implicitly considering the fractional reserve banking system that controls it's value which changes the original question significantly.  Powerful people are in control of the worlds banking systems....If the world's banking systems are to be replaced, they will be replaced gradually, and wont be replaced anytime soon

Could you explain in detail what you mean?

As far as I'm familiar with the fractional reserve system, the only way in which it can be used to control the value of the US dollar is through reserve requirements. They set the minimum amount of cash that should be held by a commercial bank itself in its vaults or at the central bank (Fed in this case) to cover possible withdrawals by the clients. But since today money is mostly digital, these requirements play insignificant role. I guess by FRB you actually meant fiat money itself and how it is created by the banks, but that has basically nothing to do with the FRB as such

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[cjmoles]

This question depends on what definition of the dollar is being considered.  If the definition of a US dollar is defined as the actual tender that is used as the medium of exchange, then it is possible that the dollar be replaced by bitcoin.  However, keep in mind that most of the transactions that take place in USD are already transmitted in digital form.  I think that when we are considering the US dollar, we are implicitly considering the fractional reserve banking system that controls it's value which changes the original question significantly.  Powerful people are in control of the worlds banking systems....If the world's banking systems are to be replaced, they will be replaced gradually, and wont be replaced anytime soon

Could you explain in detail what you mean?

As far as I'm familiar with the fractional reserve system, the only way in which it can be used to control the value of the US dollar is through reserve requirements. They set the minimum amount of cash that should be held by a commercial bank itself in its vaults or at the central bank (Fed in this case) to cover possible withdrawals by the clients. But since today money is mostly digital, these requirements play insignificant role. I guess by FRB you actually meant fiat money itself and how it is created by the banks, but that has basically nothing to do with the FRB as such

Debt....The US dollar is backed by debt.  Most real property possession is based upon future abilities to pay which in turn is translated into real time purchasing power through the mechanisms implemented by the Federal Reserve Banking System.  It would not be practical to replace that debt with bitcoin....Now, the liquid portion of USD could be translated into bitcoin, but the other portion of USD associated with debt would not translate from the Federal Reserve's implicitly "cooked" ledger to bitcoin's explicitly published ledger without severely debilitating the global economy.

[gabmen]

Never, but damn the price of Bitcoin looking good. Breaking 900 some places as of late. We haven't seen this type of price in years.

Yeah and the rate it goes up is pretty quick. And i agree with you dude it may never replace the dollar but definitely people who use bitcoin would be getting a whole lot of benefits especially if the price hikes a bit more. Seems we' re in for a good 2017

[RhodaGila]

They walk alone by itself, with the respective system, will not be replaced. Even Dollar and Bitcoin will need each other instead of replacing one with the other.
So it's not going to happen, they would walk on their own with the respective system and their mutual support and mutual need between one another.

[choppork]

They walk alone by itself, with the respective system, will not be replaced. Even Dollar and Bitcoin will need each other instead of replacing one with the other.
So it's not going to happen, they would walk on their own with the respective system and their mutual support and mutual need between one another.

I don't think dollar will need bitcoin at all. Bitcoin needs dollar (fiat) because without the dollar, we don't know the value of bitcoins unless people start selling things online with fixed bitcoin value. It's quite pointless to have a lot of bitcoins when you can't actually spend it to buy things that you want in the real world. You have to change your bitcoins into dollars first before you spend it so bitcoins need dollar. Dollar on the other hand doesn't have to be converted into bitcoins first before you can use it online. Not unless if the shop only accepts bitcoin which we don't have much at the moment.

[Taki]

Nah this is not possible, the bitcoin is in fact on a good way but the dollar is still way bigger and the bitcoin also need it so for this time it will not happen, maybe in the far future.

I am agree. Bitcoin is too strong currency to be replaced by low number of people known bitcoin. Everything that I can suppose is that one day bitcoin will be same known and everywhere accepted as dollar.

[mehrdadkey2]

I don't think Bitcoin will ever replace the dollar or euro. One of the facts is that it's price is very volatile. But I do think that it will become mainstream one day. 

it will become mainstream one day

[megynacuna]

Bitcoin isn't going to replace the currency of a country, but bitcoin will become a universal currency for the entire world, in Europe we are already familiar with the euro as a currency, I believe bitcoin will be greater than that.

Wrong if we think cryptocurrency and physical currencies will not collide. If cryptocurrency market received more attention, and majority of people in the world are familiar with bitcoin, then the global economy will change. This will not happen in the near future, only a third world war which could make it faster.

That is very impossible that bitcoin  will replace dollar because people doesn't want to change the currency system of a country.
I will believe if gold will be the next currency and if the government will implement again the ancient times of law.
But with bitcoin, I really don't think it will happen.

i think everything is possible in this world, but to me it is not such an easy job, as bitcoin is in its initial state and it will take a lot of time to reach to such position to replace dollar, it can only be possible if all the people stop using USD.

I agree that bitcoins will at some point or generations to come be accepted by all but I don't think it will then be replacing the USD alone but the entire world currencies will be supplanted with bitcoins as it gains that global acceptance. There are a lot of features bitcoins possess that fiat don't have have at the moment but the problem with bitcoins is that it is currently known and used by a few people so if it gets to the point that the whole world wakes up to bitcoins that's when bitcoins will be further developed to meet the features that it doesn't presently have but fiat currencies have.

[ged00u]

Nah this is not possible, the bitcoin is in fact on a good way but the dollar is still way bigger and the bitcoin also need it so for this time it will not happen, maybe in the far future.

When countries are tired of reproducing their paper money and metal coins, I'm sure that it will come, but I doubt it if they will replace it with bitcoin. Maybe they will just copy bitcoin and run it under their control it will be a digital form of their currency. Bitcoin would just dominate other currencies if someone with great influence uses it and introduce it to the public.

Well, you must not know anything about politic and the government. They will surely continue to make more paper money and metal coins because the more they reproduce, the more income tax they can have. And, they will absolutely prevent people from using bitcoin because Bitcoin kills the income tax.

[jaysabi]

This question depends on what definition of the dollar is being considered.  If the definition of a US dollar is defined as the actual tender that is used as the medium of exchange, then it is possible that the dollar be replaced by bitcoin.  However, keep in mind that most of the transactions that take place in USD are already transmitted in digital form.  I think that when we are considering the US dollar, we are implicitly considering the fractional reserve banking system that controls it's value which changes the original question significantly.  Powerful people are in control of the worlds banking systems....If the world's banking systems are to be replaced, they will be replaced gradually, and wont be replaced anytime soon

Could you explain in detail what you mean?

As far as I'm familiar with the fractional reserve system, the only way in which it can be used to control the value of the US dollar is through reserve requirements. They set the minimum amount of cash that should be held by a commercial bank itself in its vaults or at the central bank (Fed in this case) to cover possible withdrawals by the clients. But since today money is mostly digital, these requirements play insignificant role. I guess by FRB you actually meant fiat money itself and how it is created by the banks, but that has basically nothing to do with the FRB as such

Interest rates as well. When the fed is raising rates, it increases the money banks have to pay to the fed, thereby taking money out of circulation. This will also affect the value of the dollar.

[jaysabi]

Nah this is not possible, the bitcoin is in fact on a good way but the dollar is still way bigger and the bitcoin also need it so for this time it will not happen, maybe in the far future.

When countries are tired of reproducing their paper money and metal coins, I'm sure that it will come, but I doubt it if they will replace it with bitcoin. Maybe they will just copy bitcoin and run it under their control it will be a digital form of their currency. Bitcoin would just dominate other currencies if someone with great influence uses it and introduce it to the public.

Well, you must not know anything about politic and the government. They will surely continue to make more paper money and metal coins because the more they reproduce, the more income tax they can have. And, they will absolutely prevent people from using bitcoin because Bitcoin kills the income tax.

Bitcoin doesn't kill the income tax any more than fiat does. If people are being paid their wages in Bitcoin, the same requirements for withholding still apply to the employer and the individual. It's no easier to get around hem with Bitcoin than it would be to pay with cash off the books, so Bitcoin doesn't make income tax less likely than cash does.

[MMA]

Nah this is not possible, the bitcoin is in fact on a good way but the dollar is still way bigger and the bitcoin also need it so for this time it will not happen, maybe in the far future.

When countries are tired of reproducing their paper money and metal coins, I'm sure that it will come, but I doubt it if they will replace it with bitcoin. Maybe they will just copy bitcoin and run it under their control it will be a digital form of their currency. Bitcoin would just dominate other currencies if someone with great influence uses it and introduce it to the public.

Well, you must not know anything about politic and the government. They will surely continue to make more paper money and metal coins because the more they reproduce, the more income tax they can have. And, they will absolutely prevent people from using bitcoin because Bitcoin kills the income tax.

but if they regulate bitcoin and make some strategy to collect income tax on bitcoin i think they will collect good income tax from bitcoin, i think the will never feel the need to banned bitcoin and print more fiat currency.

[KingdomHearts]

Nah this is not possible, the bitcoin is in fact on a good way but the dollar is still way bigger and the bitcoin also need it so for this time it will not happen, maybe in the far future.

but sometime i think bitcoin can be replace dollar soon because bitcoin adopting is increasing too much faster than dollar around the world a lot of people investing their money in bitcoin and bitcoin is very much useful currency.

[PanZerrr]

Nah this is not possible, the bitcoin is in fact on a good way but the dollar is still way bigger and the bitcoin also need it so for this time it will not happen, maybe in the far future.

but sometime i think bitcoin can be replace dollar soon because bitcoin adopting is increasing too much faster than dollar around the world a lot of people investing their money in bitcoin and bitcoin is very much useful currency.

I am sure that this will not happen. Yes, people like Bitcoin, but the government does not like. That is why the government will not allow Bitcoin replace the dollar

[Doamader]

Nah this is not possible, the bitcoin is in fact on a good way but the dollar is still way bigger and the bitcoin also need it so for this time it will not happen, maybe in the far future.

but sometime i think bitcoin can be replace dollar soon because bitcoin adopting is increasing too much faster than dollar around the world a lot of people investing their money in bitcoin and bitcoin is very much useful currency.

At some countries people does store their local currencie into dollars, that is less volatil then their currencie. Bitcoin is used with the main interest of make money with the changes it has, and there isnt any best coin to try get an easy profit without taking several risks. Bitcoin is just another option to those wich does make a lot of transactions online, since its low cost, easy to use and huge potencial to grow over time.

[Yutikas_11920]

Nah this is not possible, the bitcoin is in fact on a good way but the dollar is still way bigger and the bitcoin also need it so for this time it will not happen, maybe in the far future.

but sometime i think bitcoin can be replace dollar soon because bitcoin adopting is increasing too much faster than dollar around the world a lot of people investing their money in bitcoin and bitcoin is very much useful currency.

At some countries people does store their local currencie into dollars, that is less volatil then their currencie. Bitcoin is used with the main interest of make money with the changes it has, and there isnt any best coin to try get an easy profit without taking several risks. Bitcoin is just another option to those wich does make a lot of transactions online, since its low cost, easy to use and huge potencial to grow over time.

Yup, indeed at first everyone using the dollar as a place to invest or safeguard their money from shifting or a decrease in the price of the currency of the country they came from. But for now most who've known them migrated more and bitcoin started to give a good effect to everyone using bitcoin. The dollar is indeed better, however if seen from all points of view then bitcoin is much better than all the stuff that is in dollars. And you're absolutely right, that growth will be high bitcoin

[Natalim]

Nah this is not possible, the bitcoin is in fact on a good way but the dollar is still way bigger and the bitcoin also need it so for this time it will not happen, maybe in the far future.

but sometime i think bitcoin can be replace dollar soon because bitcoin adopting is increasing too much faster than dollar around the world a lot of people investing their money in bitcoin and bitcoin is very much useful currency.

At some countries people does store their local currencie into dollars, that is less volatil then their currencie. Bitcoin is used with the main interest of make money with the changes it has, and there isnt any best coin to try get an easy profit without taking several risks. Bitcoin is just another option to those wich does make a lot of transactions online, since its low cost, easy to use and huge potencial to grow over time.

Yup, indeed at first everyone using the dollar as a place to invest or safeguard their money from shifting or a decrease in the price of the currency of the country they came from. But for now most who've known them migrated more and bitcoin started to give a good effect to everyone using bitcoin. The dollar is indeed better, however if seen from all points of view then bitcoin is much better than all the stuff that is in dollars. And you're absolutely right, that growth will be high bitcoin

We do know that some people are not really putting in bitcoin there money, despite of the reality that we know how profitable investing with bitcoin, we are still hesitant to put all our money with bitcoin as the risk still exist and we do not want that one day when bad things happen we lose everything that we temporarily have enjoyed.

[Mr.grin]

Nah this is not possible, the bitcoin is in fact on a good way but the dollar is still way bigger and the bitcoin also need it so for this time it will not happen, maybe in the far future.

but sometime i think bitcoin can be replace dollar soon because bitcoin adopting is increasing too much faster than dollar around the world a lot of people investing their money in bitcoin and bitcoin is very much useful currency.

At some countries people does store their local currencie into dollars, that is less volatil then their currencie. Bitcoin is used with the main interest of make money with the changes it has, and there isnt any best coin to try get an easy profit without taking several risks. Bitcoin is just another option to those wich does make a lot of transactions online, since its low cost, easy to use and huge potencial to grow over time.

Yup, indeed at first everyone using the dollar as a place to invest or safeguard their money from shifting or a decrease in the price of the currency of the country they came from. But for now most who've known them migrated more and bitcoin started to give a good effect to everyone using bitcoin. The dollar is indeed better, however if seen from all points of view then bitcoin is much better than all the stuff that is in dollars. And you're absolutely right, that growth will be high bitcoin

We do know that some people are not really putting in bitcoin there money, despite of the reality that we know how profitable investing with bitcoin, we are still hesitant to put all our money with bitcoin as the risk still exist and we do not want that one day when bad things happen we lose everything that we temporarily have enjoyed.

It is true that today the dollar is much better than on bitcoin, but it did not cover the possibility that someday bitcoin will be better than the dollar. Well, as we suspect, the current high price of bitcoin rose. perhaps with circumstances like that, so a lot of people who put their money in the form of bitcoin. it will make the investment and confidence in bitcoin increases. Day by day, more and more people who have such thoughts, and one day, I feel that bitcoin will become a substitute for the dollar in terms of business, transaction, even replacing the dollar became the currency of international

[rajasumi3]

No i dont think that bitcoin will be replaced by fiat anyhow .as fiat s value is even much more popular and bitcoin will never ever fullfill the global population .and there s only a limit of only 21 million which in my sense is pretty less in the sense.

[emezh10]

No i dont think that bitcoin will be replaced by fiat anyhow .as fiat s value is even much more popular and bitcoin will never ever fullfill the global population .and there s only a limit of only 21 million which in my sense is pretty less in the sense.

It is possible for the future as long as all of people will consider bitcoin as a digital money. Like your money in the bank it so possible as the time passed by our technology will upgraded so it is possible to pay your things using bitcoin or QR code so I think there are big possibilities of the bitcoin replace the dollar as international money.