Do You Think Bitcoin Will Replace Dollar Soon?

[Nathland]

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?

I doubt if this will happen soon, maybe in the future if we advance in technology, we can replace fiat money with crypto currency. The government wouldn't allow cryptocurrency to take over fiat money because they would lose control over it. The government controls fiat money and since bitcoin is decentralized, it would give them a hard time if cryptocurrency will be the main currency that would be use for transactions.

Indeed the government wont allow that to happen also because not anyone can access to internet where mostly bitcoin transaction is used. The poor population who cannot afford to buy electronics and connect to internet will suffer if dollar is replace by bitcoin. And I think not all are interested about this digital currency, its a big hit for the new generation but not for the old ones. So i think its not going to happen any time soon.

No Bitcoin cannot replace the Dollar at any cost.Bitcoin' s value is volatile but dollar is stable.Dollar is famous all over the world and all the international transactions are done through the dollar.The government will not allow any cryptocurrency to take over the dollar and will take strong measures to maintain its integrity.

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[Jeger]

Yes I think so, Bitcoin will replace dollar in a few decades if things goes smoothly without any problem. If Bitcoin is really a currency, then it is the highest valued currency in the world right now. Unfortunately, many people are using Bitcoin as an asset, not as a currency this is what is holding Bitcoin back from becoming a real currency. So yes probably in couple of decades Bitcoin may replace Dollar.

[GregH37]

Why does he even think like that in first place. It is the price difference and exchange capability of bitcoin and fiat currency which us making is rich. If that gets replaced with one currency then how we can get the profits or how we can differentiate ourselves with that price tag. I think it's not possible because it's just not well possible! There can not be two sun in the single solar system, it will burn the life. So there can not be two currency otherwise it will just break down the economy of country. The dollar bill is something related to traditions, old ways of trading and it will never get replaced in any time soon. Bitcoin is perfect fit in the internet world and might not just fit in the real world. So may be not this time.

While I do agree that two currencies cannot be the main currency of a country, I don't really agree that the world is all about tradition. The traditional way might be sending money with dollars. The traditional way might even be physical fiat but that's clearly not the case anymore. In this modern age, people don't really embrace traditions that much anymore. People seek something new everyday and bitcoin is something new. It's only a matter of time before bitcoin gets considered as a "cool" thing and people will follow the trend. These days, people are into bitcoin because of the ridiculous gains it had given us in the past couple of months.

Another thing, I do agree that bitcoin cannot be the main currency of a country together with their local currency because bitcoin is not taxable. The country will have no funds and so they will be forced to ban bitcoins (which is quite hard to do, impossible even) or put a huge percentage of tax for fiat currency users, which will then of course force them to use bitcoins instead.

I think yes because of the decreasing value of dollar and increasing value of bitcoin. All over the world many people use bitcoin instead of dollars any especially those people who works online even with the US Company from their homes.

The companies often pay their remote employees in bitcoins and not in dollars. The reason is easy transactions and worldwide use. All these things will remove dollar from the market.

[tyronecoinbit]

No, because dollar is too powerful. Even if bitcoin is gaining more popularity today, still it can't defeat dollar. Dollar is being accepted everywhere in the world while bitcoin, only few stores accepts it. Bitcoin is not regulated by government so it will have a hard time being recognized as an official currency.

[Pumapipa]

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?

I'm guessing not. I think no other currency (paper money fiat)can replace the dollar. Dollar dictates the movement of other foreign exchanges all around the globe. Even have the control over world market and even have an affectation on each countries loan from the world bank. Dollar is life when it comes to paper. But on the other hand, its electronic counterpart which is the bitcoin is dominating the cyber world by storm. For me, other cryptocurrencies already depends on bitcoin. Or have been birthed from bitcoin. These are two different currencies but both are the ALPHA in its own territories. So that does not make one superior than the other.

[Inarantyio96]

No because bitcoin is a crypto currency and dollar is a real life currency i mean with paper money and if it you even would be able to compare bitcoin with dollar doesn't bitcoin already has replaced it because 1 bitcoin is $4000 and that is a lot.

[Jose Mourinho]

It seems difficult, and it took a long time to replace the dollar, this is because the market share of dollars is very large and dominant, even the dollar into the world currency because almost all the currency makes the dollar as a benchmark transaction.

[AMHURSICKUS]

Replacing dollar is not that simple it takes a.lot of time to do that. They have a lot of difference, bitcoin is a crypto currency while dollar is a type of paper money that we always use. Thats why its hard to replace that and maybe it will not happen.

[KennyR]

It seems difficult, and it took a long time to replace the dollar, this is because the market share of dollars is very large and dominant, even the dollar into the world currency because almost all the currency makes the dollar as a benchmark transaction.

Yes, it's pretty difficult thing to be achieved. The value of bitcoin is completely based on the trust and technology backing, but with dollar it has got a backing which is commodity based. Also the market share is much higher compared to bitcoin, which won't let it get replaced in a short or long.

[sbrys]

I think we have to see Bitcoin similar to gold. Gold is also not able to replace dollar since its an investment vehicle and not a scalable currency

[Smallthermo]

I don't see bitcoin replace dollar but i can see like bitcoin will be the second buying method in the world. Because bitcoin is growing so much and so fast. And it only gets more popular so that is why i think bitcoin will become the second paying method.

[spngebob]

Yes I think so, Bitcoin will replace dollar in a few decades if things goes smoothly without any problem.

Things?

If Bitcoin is really a currency, then it is the highest valued currency in the world right now. Unfortunately, many people are using Bitcoin as an asset, not as a currency this is what is holding Bitcoin back from becoming a real currency.

But bitcoin is a currency, people are holding and saving paper money too and yet nobody is calling that asset.

So yes probably in couple of decades Bitcoin may replace Dollar.

I don't think so because it is almost impossible to control it. We will be facing lots of tax evades, frauds, money laundry in larger number than it is the case with money and governments won't allow it to happen.

[ankit05]

Bitcoin marketing value is increasing day by bay. looking at the marketing value of bitcoin, it seems  that in some years this will replace the value of the dollar. if you talk about  now marketing value of   US dollars 5133.11 equal to one bitcoin.

[Grim149x]

There is a possibility soon but not too soon I think. I believe it would take a decade or more but it's very possible.

[Nonakryse]

nah.. don't even think the goverment would allow something like that. It's too risky and they will lose control of the entire economy. Bitcoin's supply/demand can't be adjusted unlike the dollar, which means they can't stimulate the economy or influence inflation/deflation, which are both prerequisites for a healthy economy. BTC will probably always be a secondary market and might even be regulated one day, which would be interesting to see. But that's too far ahead and the different governmental bodies don't know yet how to handle this new technology.. we'll have to wait

[twicezeroiszero]

It seems difficult, and it took a long time to replace the dollar, this is because the market share of dollars is very large and dominant, even the dollar into the world currency because almost all the currency makes the dollar as a benchmark transaction.

Yes, it's pretty difficult thing to be achieved. The value of bitcoin is completely based on the trust and technology backing, but with dollar it has got a backing which is commodity based. Also the market share is much higher compared to bitcoin, which won't let it get replaced in a short or long.

In present, I think the price of Bitcoin is depends on the faith of the traders on the market than its technology.
The technology will be important if Bitcoin can be famous and get accept from the government in future.

[Himanshu111]

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?

I don't think that Bitcoin is goon to replace dollar simply because of the fact that Bitcoin is decentralized and no oraganization can regulate it's circulation. The government will never adopt anything which they can't control. Moreover, dollar is regarded as global currency and it is the most popular currency. Bitcoin is nowhere as popular as dollar.

[Deathgamer]

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?

Nope. I very doubt government will want to relinquish control...

As a sub currency it could gain mainstream use but i think there will be much blood before BTC replace the Dollar.

I hope that dollar will be change by bitcoin because bitcoin has a high currency and if dollar will be replace then its good but if the government will not allow it so lets respect their decision.

[kafeelniazi]

There is a possibility soon but not too soon I think. I believe it would take a decade or more but it's very possible.

bitcoin is good as it is, because bitcoin is popular due to dollars, if dollar doesn't exist bitcoin never makes such reputation, if bitcoin replace dollar then i think there is no profit left for bitcoin holder.

[Sled]

There is a possibility soon but not too soon I think. I believe it would take a decade or more but it's very possible.

bitcoin is good as it is, because bitcoin is popular due to dollars, if dollar doesn't exist bitcoin never makes such reputation, if bitcoin replace dollar then i think there is no profit left for bitcoin holder.

If bitcoin will replaced dollar then it means that there is no paper money or any fiat that we are going to use in this kind of world and we are all be relying on the cryptocurrencies that are created and all in online and that is how we will do transaction and for paying things but it will be a chaotic scene for sure so i think the government will never allow this to happen.