Do You Think Bitcoin Will Replace Dollar Soon?

[Abiky]

There are a lot of factors which make this situation, so it is not high time to say Bitcoin will replace Dollar soon. Dollar have already made its acceptability and credibility everywhere, people justify or measure every asset with dollar, Every international business is required of dollars. So....

Agree. The Dollar has a well established reputation and trust among its users. It is the reserve currency of the world, and it's widely used among businesses, merchants, and individuals. In addition, the Dollar doesn't have many issues like Bitcoin such as scalability and even privacy.

While the Bitcoin blockchain is fully transparent, that is not the case with the Dollar since it is physical and lacks a chain where anyone could see what you're doing your funds, among other things. With the Dollar, you just pay for stuff without leaving a trace of where it came from. Every Dollar is the same, unlike Bitcoin where it could be known the origin of it, because of its lack for privacy.

Nevertheless, while it may be possible that Bitcoin will never replace the Dollar, I believe that a digital Dollar may be in the works by the US, powered by their own private blockchain. Just my opinion.

[jaysabi]

with a fee of 1USD bitcoin will never be allways used, so we will still need an asset that you can touch.

With a large transaction fee like that, of course I and other users will not use bitcoin transactions frequently, A large fee would be disturbing
So I'm sure users will still use dollars or fiat to transact

There were 150-190 thousand unconfirmed transactions at different points in the last week as the spam attackers drive the transaction fees higher for everyone. (Last I checked it was around 80k now.) The problem is becoming larger and it threatens future adoption. People who aren't already involved in it won't like the uncertainty this scenario creates. I've been quite involved, and even I am tiring of it

There can be at least two opposite views on this issue

According to the first view, the escalating fees could in fact damage "future adoption" provided there is any in the first place. If there is in fact such potential, it will be inevitably filled either by Bitcoin or by some other currency, as with anything wherever there is free market (the genie is already out of his bottle). So for us, generic Bitcoin users, it all comes down to dumping bitcoins "in the right place at the right time". According to the second view, rising fees could actually play a positive role since they create the reason for fast change. In other words, without fees skyrocketing right now, we might drag on like this for many more years (though we still may), essentially stagnating while current problems (like slow confirmation times) would be turning into chronic ones which are hard to cure

This is a good point, but I don't have faith that a crisis will prompt the necessary changes to the ecosystem. The block-size problem has already been simmering for a couple years, and some key developers (like Mike Hearn) have left bitcoin over the foundation's inability or unwillingness to address the problem. I would hope the scenario you laid out would come to fruition, just like I would like to think that the people in charge are logical, long-term thinkers. However recent (in)actions and the current trajectory leads me to believe that influential insiders are plagued by the same conflict of interests that bog down every bureaucracy when there is significant wealth at stake: an unwillingness to do anything that will drastically change the current environment and threaten their vast bitcoin-related wealth.

[Avametra]

Will not replace the dollar, because the dollar is held by many people in world. That's, More scattered and more reliable than bitcoin for now. However, bitcoin can be an alternative dollar for our financial activities, in future it may be much easier to use bitcoin.

Yeah and dollar is physical in nature and people have more faith in something that they can hold physically so even if bitcoin gets more popular in future there will be many percentage of people who will prefer to use dollars and will use bitcoins only as a secondary currency.

Bitcoin can compete with the dollar only if it can be touched, and so it will only be a secondary electronic currency.

The physical dollar is on the way out as well. There are far more digital transaction denominated in USD now than there are paper currency transactions, and more money is moved electronically as well. This has been a long term trend, but even if the dollar completely loses its physical status, it will be far superior to bitcoin. Physicality is not the only place it beats bitcoin.

In the era of digital technology, the physical expression no longer matters. Now reliability, ease of use and security are important. All these properties are in bitcoin. But he has no support from the government. That's why bitcoin will never drive out the dollar

[Eternu]

Will not replace the dollar, because the dollar is held by many people in world. That's, More scattered and more reliable than bitcoin for now. However, bitcoin can be an alternative dollar for our financial activities, in future it may be much easier to use bitcoin.

Yeah and dollar is physical in nature and people have more faith in something that they can hold physically so even if bitcoin gets more popular in future there will be many percentage of people who will prefer to use dollars and will use bitcoins only as a secondary currency.

Bitcoin can compete with the dollar only if it can be touched, and so it will only be a secondary electronic currency.

The physical dollar is on the way out as well. There are far more digital transaction denominated in USD now than there are paper currency transactions, and more money is moved electronically as well. This has been a long term trend, but even if the dollar completely loses its physical status, it will be far superior to bitcoin. Physicality is not the only place it beats bitcoin.

In the era of digital technology, the physical expression no longer matters. Now reliability, ease of use and security are important. All these properties are in bitcoin. But he has no support from the government. That's why bitcoin will never drive out the dollar

There are more to fiat currencies, to dollar than you think. I think that there are psychological things that makes fiat currency good. Some people like more to have something in their hand, to know how much that is worth and to see it. Bitcoin is not as perfect as you think, and not as secure as you think. But i agree that electronic currency is future.

[stergium]

Will not replace the dollar, because the dollar is held by many people in world. That's, More scattered and more reliable than bitcoin for now. However, bitcoin can be an alternative dollar for our financial activities, in future it may be much easier to use bitcoin.

Yeah and dollar is physical in nature and people have more faith in something that they can hold physically so even if bitcoin gets more popular in future there will be many percentage of people who will prefer to use dollars and will use bitcoins only as a secondary currency.

Bitcoin can compete with the dollar only if it can be touched, and so it will only be a secondary electronic currency.

The physical dollar is on the way out as well. There are far more digital transaction denominated in USD now than there are paper currency transactions, and more money is moved electronically as well. This has been a long term trend, but even if the dollar completely loses its physical status, it will be far superior to bitcoin. Physicality is not the only place it beats bitcoin.

In the era of digital technology, the physical expression no longer matters. Now reliability, ease of use and security are important. All these properties are in bitcoin. But he has no support from the government. That's why bitcoin will never drive out the dollar

There are more to fiat currencies, to dollar than you think. I think that there are psychological things that makes fiat currency good. Some people like more to have something in their hand, to know how much that is worth and to see it. Bitcoin is not as perfect as you think, and not as secure as you think. But i agree that electronic currency is future.

so we can say that in near future it is not possible but in long run when the number of bitcoin users will increase then there are some possibilities that they will give preference to bitcoin and will mostly use bitcoin for their shopping online as well as for offline shopping in their area shops, then the use of fiat will defiantly decrease and their importance and value will also start declining. but i still think that it will take a lot of time.

[jaysabi]

Will not replace the dollar, because the dollar is held by many people in world. That's, More scattered and more reliable than bitcoin for now. However, bitcoin can be an alternative dollar for our financial activities, in future it may be much easier to use bitcoin.

Yeah and dollar is physical in nature and people have more faith in something that they can hold physically so even if bitcoin gets more popular in future there will be many percentage of people who will prefer to use dollars and will use bitcoins only as a secondary currency.

Bitcoin can compete with the dollar only if it can be touched, and so it will only be a secondary electronic currency.

The physical dollar is on the way out as well. There are far more digital transaction denominated in USD now than there are paper currency transactions, and more money is moved electronically as well. This has been a long term trend, but even if the dollar completely loses its physical status, it will be far superior to bitcoin. Physicality is not the only place it beats bitcoin.

In the era of digital technology, the physical expression no longer matters. Now reliability, ease of use and security are important. All these properties are in bitcoin. But he has no support from the government. That's why bitcoin will never drive out the dollar

Don't forget cost-efficiency. The average bitcoin transaction fee is around $5 right now. I suppose if you're spending a thousand dollars at a time, this might be relatively small for the transaction size compared to alternatives. If you're spending less than $100, that's an exorbitant fee. Online banking is generally cheaper than bitcoin by a very wide margin presently. Anecdotally, I don't pay any fees on digital transactions with fiat. Bitcoin can't touch that.

[Fatanut]

There are more to fiat currencies, to dollar than you think. I think that there are psychological things that makes fiat currency good. Some people like more to have something in their hand, to know how much that is worth and to see it. Bitcoin is not as perfect as you think, and not as secure as you think. But i agree that electronic currency is future.

I would really appreciate it if you elaborate more about saying that bitcoin is not as secure as we think. Did you ever get hacked? Did someone lose their bitcoins because someone successfully cracked their private keys? I don't see any people claiming that. If someone has such algorithm to do so, he'd probably hack someone that has the most bitcoins (or at least a good amount of it) but you don't see any news about that at all.

Other than your own negligence, I don't see how can someone get their bitcoins stolen.

Maybe you even meant the security of the network? Oh God, it's as secure as you need it to be because otherwise it should have been destroyed by now.

[ServBit]

SOON = in the distant future
Dollar is so strong now. And also bitcoins are limited so i don't think that bitcoin will replace dollar soon. It's can't be at my opinion

If bitcoin replaces the dollar, many early bitcoin adopters who have lots of bitcoin in store will dictate the world economy on their terms. Bitcoin supply is limited, those who have good amount of bitcoin in possession will manipulate the market and become a self proclaimed governments.

I hope bitcoin never ever replaces any fiat.

[Rostadom]

SOON = in the distant future
Dollar is so strong now. And also bitcoins are limited so i don't think that bitcoin will replace dollar soon. It's can't be at my opinion

If bitcoin replaces the dollar, many early bitcoin adopters who have lots of bitcoin in store will dictate the world economy on their terms. Bitcoin supply is limited, those who have good amount of bitcoin in possession will manipulate the market and become a self proclaimed governments.

I hope bitcoin never ever replaces any fiat.

I think you're right, honestly. Just take a look at the world right now. Those that have the most fiat money are the most respected people. Others can claim that they have the authority because of who they are, what they did to get to that place, and the things that they have achieved in life. But that's not the case to other rich people.

For example, you can become a Youtube sensation by just showing off the things that you have. You can make a video about a day in your life as a rich person and people are going to watch it. You will gain a lot of followers and you'll eventually become a social media influencer.

If bitcoin becomes the currency of most people, like you said, the first ones to buy bitcoins and continued saving it will rule the world. But does it make any difference to the world that we live in right now? Our world is already dictated by money. Bitcoin overthrowing fiat and having new rich people take over doesn't have any difference at all. Money has always made the world go round, so to speak.

[tukagero]

Its a big no .We already live  on fiat for so many years,and replacing it will give big problems to our economy.

[Nathland]

I don't think thats even possible because transaction in Bitcoin charge very high fees so small transactions in Bitcoin won't be possible. Moreover Bitcoin is decentralized and government will not allow it to replace their centralized currencies.

[BingoDog]

I don't think that bitcoin or any other cryptocurrency will replace dollar or any other fiat currency. There are no preconditions for that and that would mean that the economy should be turned upside down and everything should change from the ground in the whole world. I.just don't think this is possible.

[JofryTheKing]

I don't think thats even possible because transaction in Bitcoin charge very high fees so small transactions in Bitcoin won't be possible. Moreover Bitcoin is decentralized and government will not allow it to replace their centralized currencies.

You very accurately noticed the fact that soon we will not be able to make payments with small amounts. And this means that people can not buy goods for bitcoins, the price of which is small.
This is the reason that bitcoin will never replace the dollar

[SHAWN-MIDWAYS]

I guess I would not agree to the notion that Bitcoin will replace the dollar which has so much support from all over the world

Bitcoin has too many flaws that needs fixing, unlike the dollar which is very functional at the moment despite it being a centralized currency

[krisnt80]

Bitcoin cant and wont replace any fiat, companies had realized they can save a lot money they wasted on the last years with blockchain technology, bitcoin is being used as store of value, a lot people are saving bitcoins instead fiat already, but the thing is bitcoin isnt soo powerful to remove a currencie, and countries wont let it happen.

[karabasss]

Bitcoin cant and wont replace any fiat, companies had realized they can save a lot money they wasted on the last years with blockchain technology, bitcoin is being used as store of value, a lot people are saving bitcoins instead fiat already, but the thing is bitcoin isnt soo powerful to remove a currencie, and countries wont let it happen.

About bitkoin knows very few people. And because of this, he has non-social support and great popularity. Bitcoin can not replace the dollar in the fastest time. It can become on a par with the dollar

[Sled]

Bitcoin cant and wont replace any fiat, companies had realized they can save a lot money they wasted on the last years with blockchain technology, bitcoin is being used as store of value, a lot people are saving bitcoins instead fiat already, but the thing is bitcoin isnt soo powerful to remove a currencie, and countries wont let it happen.

About bitkoin knows very few people. And because of this, he has non-social support and great popularity. Bitcoin can not replace the dollar in the fastest time. It can become on a par with the dollar

I think you need to revise your beliefs because that is an old belief in bitcoin because now a days, there is a lot of people know bitcoin than before and they are almost all buying bitcoin as their investment and if you go to the most searched term in google then you will see the word bitcoin there and it is a proof that people now are getting interested in bitcoin and more and more demand are coming for bitcoin which means great support to its market and it will result also for a great foundation.

[3la9l_kolbaCa]

it is an absolutely NO bitcoin can't replace dollar easily,, bitcoin is the most valuable coin in the cryptocurrency but it doesn't mean that bitcoin will replace dollar, we can say that bitcoin is most expensive than dollar but the point here is dollar is hard money unlike bitcoin that is virtual only, and it needs transaction just to send money unlike the hard money which is dollar that can bought immediately

[djoko adi]

If amda think bitcoin will replace the dollar in my opinion it is impossible. Because the dollar is the currency that became the currency benchmark in other countries. Need official legality and inter-state agreement to make bitcoin as the official currency. For a while only the japanese state that mengginakan bitcoin as an official payment

[Rajamuda]

no, it's will not being happening i guess, it could happening but it's a bit impossible i guess. The dollar is already strongly on top, while the bitcoin is under it / part of it.. trying to creep higher, like someone trying to climb a mountain with his strength.