Do You Think Bitcoin Will Replace Dollar Soon?

[hurain]

Bitcoin can not replace the dollar and will never be a tool for exchange of goods and services, can you imagine when you buy pizza using bitcoin, when bitcoin prices go up twice or ten times whether you will pay the same bitcoin? Bitcoin prices can change dramatically in just minutes and hours

yes that is right, bitcoin cannot replace dollar so soon, but in future it is really possible. when bitcoin will  become too much popular and when all the people of the world start accepting bitcoin. but I think it will take a lot of time because the users of bitcoin are still negligible.

[kensai7]

What do you guys think of the following aphorism: "Money is supposed to serve three purposes: it functions as a medium of exchange, a unit of account, and a store of value. Bitcoin arguably satisfies the first criterion, because a growing number of merchants accept it as payment. But it performs poorly as a unit of account and a store of value."?

I saw a similar definition in Mishkin's latest edition of The Economics of Money, Banking, and Financial Institutions which spares two pages on Bitcoin (as of 2015). It is also online on this old blog post.

[deisik]

What do you guys think of the following aphorism: "Money is supposed to serve three purposes: it functions as a medium of exchange, a unit of account, and a store of value. Bitcoin arguably satisfies the first criterion, because a growing number of merchants accept it as payment. But it performs poorly as a unit of account and a store of value."?

I saw a similar definition in Mishkin's latest edition of The Economics of Money, Banking, and Financial Institutions which spares two pages on Bitcoin (as of 2015). It is also online on this old blog post

Unit of account is the primary function of money

This is what makes something into money. All other functions are basically derivatives of this function. It is still possible for something (say, gold) to be a good store of value but lacking the unit of account function won't let it become money, as simple as it gets. Further, it is just impossible to be a genuine means of exchange without being a unit of account in the first place (merchants accepting Bitcoin as a means of payment are still using fiat for reference in setting their prices). Thereby, Bitcoin simply cannot be a good medium of exchange (or payment, which is the same) without being a unit of account. In other words, Bitcoin may be a good payment system as such but until Bitcoin becomes a unit of account in its own right, it is mostly useless specifically as a payment system

[chineseprancing]

 For me it's no, because if the bitcoin change the Dollar, I think bitcoin value were going down because bitcoin is the basis of Bitcoin price in the market. Moreover, billion years bitcoin beat the Dollar in the market because trust of all people were already earn by Dollar.

[FlightyPouch]

For me it's no, because if the bitcoin change the Dollar, I think bitcoin value were going down because bitcoin is the basis of Bitcoin price in the market. Moreover, billion years bitcoin beat the Dollar in the market because trust of all people were already earn by Dollar.

That is right, besides, what can they gain using bitcoin? the fact that it is a good asset, it has a slow transaction, I mean slow confirmation especially when you pay cheap for the fee. Only some of the stores accept bitcoin because of it's volatility. And yeah, the trust of people is on fiats, we are using these fiats for a long time now, they can't just forget about it at that time.

[tabas]

For me it's no, because if the bitcoin change the Dollar, I think bitcoin value were going down because bitcoin is the basis of Bitcoin price in the market. Moreover, billion years bitcoin beat the Dollar in the market because trust of all people were already earn by Dollar.

No, bitcoin's value will not go down "IF ever" it will replace dollar on it's position as the main currency of the USA. But that is not going to happen, bitcoin is far from replacing dollar soon. But the people has choice whether they will choose to use bitcoin moreover than dollar or they can just depend simply on both currencies.

[kensai7]

For me it's no, because if the bitcoin change the Dollar, I think bitcoin value were going down because bitcoin is the basis of Bitcoin price in the market. Moreover, billion years bitcoin beat the Dollar in the market because trust of all people were already earn by Dollar.

What if the Bitcoin was officially pegged to the Dollar in some way? I mean by the Federal Reserve. Or, if the Federal Reserve made its own e-coin (BitDollar/eDollar) on a blockchain with its own rules, including pegging to the physical Dollar?

[savioroshan]

For me it's no, because if the bitcoin change the Dollar, I think bitcoin value were going down because bitcoin is the basis of Bitcoin price in the market. Moreover, billion years bitcoin beat the Dollar in the market because trust of all people were already earn by Dollar.

That is right, besides, what can they gain using bitcoin? the fact that it is a good asset, it has a slow transaction, I mean slow confirmation especially when you pay cheap for the fee. Only some of the stores accept bitcoin because of it's volatility. And yeah, the trust of people is on fiats, we are using these fiats for a long time now, they can't just forget about it at that time.

How can bitcoin replace dollar? I can't understand this. Bitcoin is a digital currency and dollar is a fiat currency. At present all the trading of stocks etc are done using dollars. Just imagine if dollar is replaced by bitcoin. So to trade with US, all other nations should use bitcoins. Is it practically possible ? Its possible only when the entire population is aware of bitcoins and know how to use computers. Such a situation will only come,I mean replacing dollars with bitcoins, when all fiat currencies are replaced by bitcoins and that is really not possible.

[Fatanut]

For me it's no, because if the bitcoin change the Dollar, I think bitcoin value were going down because bitcoin is the basis of Bitcoin price in the market. Moreover, billion years bitcoin beat the Dollar in the market because trust of all people were already earn by Dollar.

That is right, besides, what can they gain using bitcoin? the fact that it is a good asset, it has a slow transaction, I mean slow confirmation especially when you pay cheap for the fee. Only some of the stores accept bitcoin because of it's volatility. And yeah, the trust of people is on fiats, we are using these fiats for a long time now, they can't just forget about it at that time.

How can bitcoin replace dollar? I can't understand this. Bitcoin is a digital currency and dollar is a fiat currency. At present all the trading of stocks etc are done using dollars. Just imagine if dollar is replaced by bitcoin. So to trade with US, all other nations should use bitcoins. Is it practically possible ? Its possible only when the entire population is aware of bitcoins and know how to use computers. Such a situation will only come,I mean replacing dollars with bitcoins, when all fiat currencies are replaced by bitcoins and that is really not possible.

Keep in mind that growth is exponential and ones a good percentage of the population is already using bitcoins, other people are just going to start using it as well especially when famous celebrities start to promote it. It will spread like a virus in the whole world. It would be quicker than you think but only when we reach that good amount of bitcoin population.

It is practically possible? Yes, it is. After all, bitcoin can be divided in much smaller units and by the time mass adoption happens, surely all the transaction fee, transaction time, and scaling problems will already be resolved. It will take a lot of time, though, as not everyone's open minded about this new concept of money.

[logicgate]

It cannot be happen never.. dollar is a main money each of every country so its impossible.. bitcoin is just a digital currency that has no stable price is just like other mineral like gold..

yes its true it cannot be happen that bitcoin will replace dollar because everyone measure every thing with dollar. not measure with gold because gold has more valuable than dollar. and bitcoin are just digital currency there price has more fluctuating in every month  and  more people not know about bitcoin especially elders. i think its will never be replace with dollar.

And i think bitcoin can replace dollar soon in future because the knowledge of bitcoin is increased in day to day and many people have invest their money in bitcoin , investors are also increased day to day and i think the time will come in future that all people have own business change into the bitcoin currency and will all transaction doing in bitcoin and that way bitcoin replace dollar soon in future.

[Abiky]

For me it's no, because if the bitcoin change the Dollar, I think bitcoin value were going down because bitcoin is the basis of Bitcoin price in the market. Moreover, billion years bitcoin beat the Dollar in the market because trust of all people were already earn by Dollar.

Yeah. Bitcoin is very unlikely to replace the dollar, since it has many issues which prevent it to become used as "cash". Its slow confirmation times, among many other things are quite disappointing which limits its ability to become used in the mainstream world and be seen as the dollar's sucessor.

But still, Bitcoin has managed to become more valuable than the dollar and even a well-known asset like Gold. While I believe that Bitcoin will continue to improve over time, it may not replace the dollar, but the dollar may become "digitalized" when the US government decides to run its own private blockchain for it sometime in the future. Just sharing my thoughts. 

[rickadone]

It will not happen so bitcoin can replace the existing dollar in fact bitcoin will be the same position as the dollar because the value of other coins should be exchanged into bitcoin as well as the currency of all countries increase in price following the movement of the dollar.

It's not going to happen as dollar is in the world a lot of years already. People will choose to use dollar instead of bitcoin. No matter what happens, bitcoin will be used digitally and when it comes to fiat, that's the place where dollar will dominate almost all countries from their foreign exchange rates.

Bitcoin could be a great fuel to increase dollar circulation in this world and the same with other legal currency, there is nothing to compare and both can help a faster online transaction. Bitcoin is limited only for online transaction and it is not regulated by the government, it has its unique purpose and it's a compete opposite of dollar so it will not surpass the value or popularity of dollar.

Nice words, no need to compare as bitcoin is going to be the medium to make the circulation of dollar in a positive way. I believe that bitcoin will play an important role together with dollar and, let's just stop comparing these two great currencies as we are both depending on their values. These two are helpful and gives us good stability.

Yes, absolutely we shall stop comparing the Bitcoin and the dollar, as we know they both are the currencies of the different format.

There is no doubt that we depend on them both because in fiat we need the Dollar which is the most reliable and trusted currency for transactions all over the world and the Bitcoin on the other side is a currency of the new era which is expanding very fast in the world. They both can’t stand alone and will be in collaboration for the best results.

[King Sastro]

I think it's difficult and it took a long time (over 20 years), the main reason is because the USD is still predominantly used for transactions in the world and while the bitcoin is still not many countries are accepted.

[stadus]

I think it's difficult and it took a long time (over 20 years), the main reason is because the USD is still predominantly used for transactions in the world and while the bitcoin is still not many countries are accepted.

I guess it will never happen, replacing dollar is a big dream which I think is too unrealistic.
Every government needs to protect the interest of the people and they cannot protect it if they are not in control of the system that has been followed, bitcoin is decentralized so it's impossible.

[iyan33]

I think it's difficult and it took a long time (over 20 years), the main reason is because the USD is still predominantly used for transactions in the world and while the bitcoin is still not many countries are accepted.

I guess it will never happen, replacing dollar is a big dream which I think is too unrealistic.
Every government needs to protect the interest of the people and they cannot protect it if they are not in control of the system that has been followed, bitcoin is decentralized so it's impossible.

I agree with you that dollar seems to stick to its function as a real currency even though bitcoin is growing more rapidly. I think the dollar will not be replaced as an official payment transaction tool.

[VanDeinsberg12]

For me it's no, because if the bitcoin change the Dollar, I think bitcoin value were going down because bitcoin is the basis of Bitcoin price in the market. Moreover, billion years bitcoin beat the Dollar in the market because trust of all people were already earn by Dollar.

that makes non-sense to understand what are you saying, dude. The only sense thing if the price of bitcoin still pegged on the dollar itself to reach the real usage of bitcoin for the human's life.

All of your words look strange for me and there some sentences can't be understandable by me.

[Ayiranorea]

I think it's difficult and it took a long time (over 20 years), the main reason is because the USD is still predominantly used for transactions in the world and while the bitcoin is still not many countries are accepted.

As stated bitcoin has got into usage quite few years back compared to the USD that's used all around for transaction. As dollar is much used compared​ to bitcoin, surely for this reason replacement of USD with bitcoin won't happen in a short or long.

[NEWGOODOUBLE]

For me it's no, because if the bitcoin change the Dollar, I think bitcoin value were going down because bitcoin is the basis of Bitcoin price in the market. Moreover, billion years bitcoin beat the Dollar in the market because trust of all people were already earn by Dollar.

But despite the dollar being replaced by bitcoin. Then the market will still run the dollar / btc or btc / dollar it will not change anything. But just calm bitcoin will not be possible to replace the dollar

[zulkarnaen]

It is possible that bitcoin progresses as a virtual currency that has legality, but I think its fixed in its function as virtual currency is not possible bitcoin can replace the dollar as the official currency

[kpcian]

Still long way to go...
Dollar has huge popularity and acceptance,it can be transacted everywhere in the world,but Bitcoin is only used on the virtual world. Bitcoin is becoming a powerful currency day by day but it's not high time to compare with dollar. Bitcoin should be kept its acceptability for a long time,then people can trust easily. If its happen then Bitcoin will replace with dollar otherwise not....