Do You Think Bitcoin Will Replace Dollar Soon?

[financetalks]

According to the article, the CEO said that " but I think bitcoin could surpass the dollar as reserve currency within 10-15 years." Bitcoin will surpass it's use against the dollar. It will be great if the majority of the people around the world use Bitcoin. If that happens, I think that will be the start of the  ruling of Bitcoin. The wallet will be a reserve, instead of having banks to be used for storing your money.

Then at that time in the future, Bitcoin has surpassed the dollar.

That is too optimistic. It will be unlikely the majority of the people around the world use Bitcoin.

[Sithara007]

That is too optimistic. It will be unlikely the majority of the people around the world use Bitcoin.

It can happen only in an apocalypse-like scenario. Imagine a situation where all the fiat currencies in the world loses their value. In such a scenario, only de-centralized currencies such as Bitcoin and bullion coins (gold, platinum, silver.etc) will be used as currency.

[deisik]

That is too optimistic. It will be unlikely the majority of the people around the world use Bitcoin.

It can happen only in an apocalypse-like scenario. Imagine a situation where all the fiat currencies in the world loses their value. In such a scenario, only de-centralized currencies such as Bitcoin and bullion coins (gold, platinum, silver.etc) will be used as currency.

If something apocalyptic should happen, Bitcoin will be the first to kick the bucket since it doesn't take much to bring down the network. But without Internet Bitcoin is as useless and worthless as the dirt under your fingernails. In fact, just disrupting the Internet integrity for a long enough time (say, a few months) will most likely suffice to check it out. Paper money seems to be more resilient and durable in this respect and may last a little longer after governments disband and disperse...

But ultimately all paper will burn

[richardsNY]

If something apocalyptic should happen, Bitcoin will be the first to kick the bucket since it doesn't take much to bring down the network. But without Internet Bitcoin is as useless and worthless as the dirt under your fingernails. In fact, just disrupting the Internet integrity for a long enough time (say, a few months) will most likely suffice to check it out. Paper money seems to be more resilient and durable in this respect and may last a little longer after governments disband and disperse...

But ultimately all paper will burn

Internet might indeed be some sort of a bottleneck, but that just shows that spreading all mining farms and nodes around the world is a very important aspect. If you look at how many farms are hosted in China, then it would be an easy thing for the Chinese government to pull off the same blocking action that they do with various social media platforms and all kinds of other sites. But the operators of these farm are only interested in the financial aspect instead of looking how to decentralize Bitcoin even further...

[deisik]

If something apocalyptic should happen, Bitcoin will be the first to kick the bucket since it doesn't take much to bring down the network. But without Internet Bitcoin is as useless and worthless as the dirt under your fingernails. In fact, just disrupting the Internet integrity for a long enough time (say, a few months) will most likely suffice to check it out. Paper money seems to be more resilient and durable in this respect and may last a little longer after governments disband and disperse...

But ultimately all paper will burn

Internet might indeed be some sort of a bottleneck, but that just shows that spreading all mining farms and nodes around the world is a very important aspect. If you look at how many farms are hosted in China, then it would be an easy thing for the Chinese government to pull off the same blocking action that they do with various social media platforms and all kinds of other sites. But the operators of these farm are only interested in the financial aspect instead of looking how to decentralize Bitcoin even further...

That's why decentralization should be hard-coded

I don't really know if it is possible to do (I guess this can be made), but we shouldn't expect that people will behave somehow differently, i.e. not in their personal interests as they understand (or misunderstand) them. Anything built on free choice while ignoring that homespun truth is bound to fail in the end. Consequently, if something is serving these interests better than the rest of the pack, it will succeed and surpass the competitors eventually

[Cryptojunkiez]

No this will not happen the dollar is simply way too powerful these days it will not happen by any chance.

[Rinder]

Well for sure the big miners, are taking and assuming a big power over bitcoin, centralizing it, but the early adopters are the one with the main power, since a big part of coins has been mined with  some people just, and some of them still with their bitcoins. Bitcoin cant and wont replace any currencie it hasnt be created for such thing, bitcoin does returns the power to the people, and show others how to save money and keep doing their transactions.

[angaper]

It is interesting to know these points of view, however I doubt that this could happen because the fiat money never will disappear, just as Gold has never lost his value over the centuries as a reliable store of value.

[Rahar02]

According to the article, the CEO said that " but I think bitcoin could surpass the dollar as reserve currency within 10-15 years." Bitcoin will surpass it's use against the dollar. It will be great if the majority of the people around the world use Bitcoin. If that happens, I think that will be the start of the  ruling of Bitcoin. The wallet will be a reserve, instead of having banks to be used for storing your money.

Then at that time in the future, Bitcoin has surpassed the dollar.

That is too optimistic. It will be unlikely the majority of the people around the world use Bitcoin.

Bitcoin could do it within 10-15 years, adopted by majority of the people and no need apocalypse scenario due to people should notice existence of bitcoin as worldwide currency which has many advantages and highest exchange rate. Surpass maybe but  I don't think bitcoin will replace dollar as it a state currency and consider as international most acceptable too, bitcoin may get along others currencies.

[Positid]

According to the article, the CEO said that " but I think bitcoin could surpass the dollar as reserve currency within 10-15 years." Bitcoin will surpass it's use against the dollar. It will be great if the majority of the people around the world use Bitcoin. If that happens, I think that will be the start of the  ruling of Bitcoin. The wallet will be a reserve, instead of having banks to be used for storing your money.

Then at that time in the future, Bitcoin has surpassed the dollar.

That is too optimistic. It will be unlikely the majority of the people around the world use Bitcoin.

Bitcoin could do it within 10-15 years, adopted by majority of the people and no need apocalypse scenario due to people should notice existence of bitcoin as worldwide currency which has many advantages and highest exchange rate. Surpass maybe but  I don't think bitcoin will replace dollar as it a state currency and consider as international most acceptable too, bitcoin may get along others currencies.

Nah, I don't see it's going to happen, I think it's better to have bitcoin and fiat or dollar work together to give us convenience for the users, but if you will push what your prediction int he future, I do not see it is happening, dollar is too powerful.

[deisik]

According to the article, the CEO said that " but I think bitcoin could surpass the dollar as reserve currency within 10-15 years." Bitcoin will surpass it's use against the dollar. It will be great if the majority of the people around the world use Bitcoin. If that happens, I think that will be the start of the  ruling of Bitcoin. The wallet will be a reserve, instead of having banks to be used for storing your money.

Then at that time in the future, Bitcoin has surpassed the dollar.

That is too optimistic. It will be unlikely the majority of the people around the world use Bitcoin.

Bitcoin could do it within 10-15 years, adopted by majority of the people and no need apocalypse scenario due to people should notice existence of bitcoin as worldwide currency which has many advantages and highest exchange rate. Surpass maybe but  I don't think bitcoin will replace dollar as it a state currency and consider as international most acceptable too, bitcoin may get along others currencies.

Nah, I don't see it's going to happen, I think it's better to have bitcoin and fiat or dollar work together to give us convenience for the users, but if you will push what your prediction int he future, I do not see it is happening, dollar is too powerful.

Any fiat money is only as powerful as the state behind it

People trust dollars (or any other fiat currency, for that matter) because they believe that the state behind the currrency is powerful enough to keep the purchasing power of it constant or at least not losing half of its value overnight. Thereby, the trust in the US dollar is in effect the trust in the power and might of the US itself. If these qualities are going to fade away over time, so will the trust in the dollar. Bitcoin, on the other hand, doesn't depend on any state and its power, at least, directly, so it is not prone to such effects and consequences thereof

[Fireblade]

According to the article, the CEO said that " but I think bitcoin could surpass the dollar as reserve currency within 10-15 years." Bitcoin will surpass it's use against the dollar. It will be great if the majority of the people around the world use Bitcoin. If that happens, I think that will be the start of the  ruling of Bitcoin. The wallet will be a reserve, instead of having banks to be used for storing your money.

Then at that time in the future, Bitcoin has surpassed the dollar.

That is too optimistic. It will be unlikely the majority of the people around the world use Bitcoin.

Bitcoin could do it within 10-15 years, adopted by majority of the people and no need apocalypse scenario due to people should notice existence of bitcoin as worldwide currency which has many advantages and highest exchange rate. Surpass maybe but  I don't think bitcoin will replace dollar as it a state currency and consider as international most acceptable too, bitcoin may get along others currencies.

Nah, I don't see it's going to happen, I think it's better to have bitcoin and fiat or dollar work together to give us convenience for the users, but if you will push what your prediction int he future, I do not see it is happening, dollar is too powerful.

i think bitcoin is not made to devalue any fiat currency, it is made only for the purpose to facilitate the people equally in all over the world. specially those people who are taking interest in online business and jobs. therefore bitcoin has no concern with any other fiat currency or crypto currency to devalue it.

[stark101]

Can bitcoin really replace the US Dollar? While bitcoin has been dubbed as the worst investment for last year, many enthusiasts still believe that the cryptocurrnecy can surpass fiat currencies as the main mode of payment around the world. If people believe a single  bitcoin is worth five US dollars, then thats what its worth. But i think bitcoin cant replace the US dollar because for me bitcoin is the other way to earn extra income not literally replace the fiat currency.

[X-ray]

According to the article, the CEO said that " but I think bitcoin could surpass the dollar as reserve currency within 10-15 years." Bitcoin will surpass it's use against the dollar. It will be great if the majority of the people around the world use Bitcoin. If that happens, I think that will be the start of the  ruling of Bitcoin. The wallet will be a reserve, instead of having banks to be used for storing your money.

Then at that time in the future, Bitcoin has surpassed the dollar.

That is too optimistic. It will be unlikely the majority of the people around the world use Bitcoin.

Bitcoin could do it within 10-15 years, adopted by majority of the people and no need apocalypse scenario due to people should notice existence of bitcoin as worldwide currency which has many advantages and highest exchange rate. Surpass maybe but  I don't think bitcoin will replace dollar as it a state currency and consider as international most acceptable too, bitcoin may get along others currencies.

Nah, I don't see it's going to happen, I think it's better to have bitcoin and fiat or dollar work together to give us convenience for the users, but if you will push what your prediction int he future, I do not see it is happening, dollar is too powerful.

i think bitcoin is not made to devalue any fiat currency, it is made only for the purpose to facilitate the people equally in all over the world. specially those people who are taking interest in online business and jobs. therefore bitcoin has no concern with any other fiat currency or crypto currency to devalue it.

bitcoin may have concern to another cryptocurrencies on competition and another currencies on value. bitcoin are often being said having value based on dollar which is definitely make it have a relation to fiat or an ordinary currencies, therefore bitcoin could have concern to those thing and could possibly devaluate them by making bitcoin price even higher

[Mr.grin]

I feel that, as long as bitcoin has a price that is not stable, then bitcoin will never replace the dollar, although bitcoin has the potential for it. bitcoin prices are very easy to drop in case of panic selling, so, I feel that for the moment, bitcoin can not replace the dollar. in fact, not all people accept bitcoin

[1Referee]

I feel that, as long as bitcoin has a price that is not stable, then bitcoin will never replace the dollar, although bitcoin has the potential for it. bitcoin prices are very easy to drop in case of panic selling, so, I feel that for the moment, bitcoin can not replace the dollar. in fact, not all people accept bitcoin

Even with a stable price Bitcoin won't ever be able to hurt the us dollar. We must accept that Bitcoin is only here to function as an alternative, where we benefit from features as storing our wealth outside the banking and governmental system. You can send money to any part in the world instantly without the need of a third party service. Not so much an interesting option anymore due to the higher fees, but Bitcoin lends itself also nicely to be used as a currency tool as in buying stuff. Governments are the only entity to force through a change in their fiat system. Bitcoin can't even make a dent in this case.

[epitome]

I feel that, as long as bitcoin has a price that is not stable, then bitcoin will never replace the dollar, although bitcoin has the potential for it. bitcoin prices are very easy to drop in case of panic selling, so, I feel that for the moment, bitcoin can not replace the dollar. in fact, not all people accept bitcoin

Fiat and digital currency will co exist and i have seen many people viewing this as the only possible way forward.The volatility of bitcoin is an attractive thing for traders who really like to see the fluctuation and can reap the maximum reward and no other trading platform will provide these sort of profits.

[KoinKartel]

Coinbase CEO believes bitcoin will replace dollar within 15 years.

Read the following news:
http://cointelegraph.com/news/114983/coinbase-ceo-bitcoin-will-replace-dollar-within-15-years

Do you think it will be true? Are you positive towards bitcoin's future status?

It's a feasible argument. But, this is such a 2009 - 2013 perspective to take on Bitcoin. Quite immature and naive when you consider all that we've learnt about this market from 2013 and onwards.

Quite frankly, Bitcoin doesn't need to replace any established Fiat currency to be 'successful.'

Just imagine how ridiculous it would have been if the EU had ran some promotional campaign, promising that their new currency 'The Euro' would "replace the dollar" within 15 years. It would have been a foolish statement to make, because the point of a currency is to promote and enable economic activity - not to compete with other currencies.

By continuously touting this "Bitcoin will replace the dollar" nonsense, most people are forced to miss the more important bigger picture.

Bitcoin is the first, globally recognized currency of the internet.  

In the years ahead, this will have a much bigger impact on world economics than it does currently.

So I state again, Bitcoin is not in competition with the Dollar. It is designed to be used in tandem with the fiat currency system, not as an alternative. This is very important, if you can grasp what this means - as far as the internet is concerned.

[deisik]

I feel that, as long as bitcoin has a price that is not stable, then bitcoin will never replace the dollar, although bitcoin has the potential for it. bitcoin prices are very easy to drop in case of panic selling, so, I feel that for the moment, bitcoin can not replace the dollar. in fact, not all people accept bitcoin

Even with a stable price Bitcoin won't ever be able to hurt the us dollar. We must accept that Bitcoin is only here to function as an alternative, where we benefit from features as storing our wealth outside the banking and governmental system. You can send money to any part in the world instantly without the need of a third party service. Not so much an interesting option anymore due to the higher fees, but Bitcoin lends itself also nicely to be used as a currency tool as in buying stuff. Governments are the only entity to force through a change in their fiat system. Bitcoin can't even make a dent in this case

I tend to disagree with that point

If Bitcoin starts being used as a means of payment, it will necessarily compete with, say, dollars. Some goods and services that were formerly exchanged for dollars now will be exchanged for bitcoins. That means that these dollars will be used as payment for other goods, and overall more dollars will be chasing less goods (since some goods will be exchanged for bitcoins). If Bitcoin use as a means of payment remains tiny, it wouldn't be a big deal, but if things get serious, that will lead to inflation in dollar prices of goods and depreciation of the dollar itself

[traderethereum]

I feel that, as long as bitcoin has a price that is not stable, then bitcoin will never replace the dollar, although bitcoin has the potential for it. bitcoin prices are very easy to drop in case of panic selling, so, I feel that for the moment, bitcoin can not replace the dollar. in fact, not all people accept bitcoin

i think for replacing dollar its not so soon as we want but i will said this could be happen in future, and its need many preparation before bitcoin can be used as new currency and we know about it.