Bitcoin replaces the money? Could happen?

[rektDude]

Nothing will change because there is always real gold. Don´t know why he would disappear but if the coin does he will only come back stronger. There is no way he will disappear i know for sure. he only will grow

[1714207621]

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[1714207621]

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[Pseudo-Random]

Governments & Large institutions aren't stupid.

They can simply create their own controlled blockchains, they've 0 need whatsoever to opt in to some already distributed decentralized token ledger system.

So without their stamp of approval, no, trustless decentralized publicly-distributed 'libertarian' cryptocurrencies such as BTC cannot get 'legal tender' status[recognized officially as money for all payments of debts, goods, services, by the State itself]. Meaning they don't replace money.

But.

For a decentralized cryptocurrency w/ a well-established network effect, such as BTC, to achieve one or two major orders of magnitude of mass adoption, can happen without government support &/or 'officially approved as legal tender' status.

How?

Simple :

1] [Demand] Create a zeitgeist movement convincing/marketing to the mainstream public that banks are not safe, not your friend, they control your funds and you have little recourse, whereas trustless crypto like Bitcoin allows you to have full control, be your own bank.

2] [Security] Make wallets & payment gateways/crypto website GUI's a lot safer to use, idiot-proof, insured, and user-friendly/less technical-inclined.

3] [Access] Last but not least, exploit most people's laziness by paying them in BTC instead of fiat. Now that you have tens, possibly hundreds of millions of employees being paid in Bitcoin for their regular job's income, as long as there is even more merchant adoption for them to freely, easily spend their BTC at - Will they bother switching their 'crypto paycheck' every 2 weeks, back into fiat..? Of course not. They don't buy BTC right now because their main sources of income come in fiat. The minute you switch this around - they receive payment in BTC instead, on a regular basis - then they don't bother swapping it to fiat. Boom. You just created a self-reinforcing Bitcoin mass adoption feedback loop.

[Next BillG]

It will take many years for the bitcoin to be a main stream payment method. I only use bitoin for less than 1% of my payment.

[mark coins]

It will take many years for the bitcoin to be a main stream payment method. I only use bitoin for less than 1% of my payment.

Bitcoin cannot be used everywhere right now, but in future it will we widely accepted as a mode of payment, but it will never replace fiat for sure.

[Altcoinsupporter]

Bitcoin will be just another kind of money and you also can see now indeed that the Bitcoin is rising slowly in the value and also in using so that is perfect for the currency.
The only bad thing is that you are not for sure what will happen with the value later in the future so that is the most risky thing also of the Bitcoin.

[Next BillG]

Bitcoin will be just another kind of money and you also can see now indeed that the Bitcoin is rising slowly in the value and also in using so that is perfect for the currency.
The only bad thing is that you are not for sure what will happen with the value later in the future so that is the most risky thing also of the Bitcoin.

The number of people using the bitcoin has risen over the past few years, so is the price. When the price rises, more people will use it.

[InsideBjorn]

Bitcoin is not going to replace any money at the moment they have to be able to manage allot of people if they want to do that. They also have to make some real banks and hire more people to come work for them.

[pooya87]

i am always skeptical about this. i believe bitcoin is on the right path to get popular and reach that mass adoption stage that everybody is talking about but i don't think people (the majority of them at least) will ever leave fiat behind so it can never be replaced by anything like bitcoin.

[blackmachinegun]

No I do not think this is gonna happen, other currency's are just way to big compared with other currency's in my eyes.
This is just not possible and unrealistic.

agree with you dude bitcoin will not replace any currency countries will always defend their currencies. the government only took proscribing bitcoin in the country and all already ends ?
maybe I would think as a payment option

[Viyamore]

Bitcoin is not going to replace any money at the moment they have to be able to manage allot of people if they want to do that. They also have to make some real banks and hire more people to come work for them.

Yes ,it is true that if it happens they will need real banks and more people ,but the disadvantage are ,bitcoins will be stable price and it will have a tax on a government . The better is to remain bitcoins only as online currency .

[panju1]

Bitcoin is not going to replace any money at the moment they have to be able to manage allot of people if they want to do that. They also have to make some real banks and hire more people to come work for them.

Nope, not necessarily. Existing people and banks can just shift to bitcoins.
Bitcoin adoption would of course result in more global trade and higher employment, but there is no 'need' to hire more people.

[tampazeus]

No I do not think this is gonna happen, other currency's are just way to big compared with other currency's in my eyes.
This is just not possible and unrealistic.

agree with you dude bitcoin will not replace any currency countries will always defend their currencies. the government only took proscribing bitcoin in the country and all already ends ?
maybe I would think as a payment option

We cannot expect that each and every individual will be earning or using bitcoin in future, and you cannot expect that every company will start paying their employees in bitcoin, that is impossible.

[Mr.grin]

Bitcoin is not going to replace any money at the moment they have to be able to manage allot of people if they want to do that. They also have to make some real banks and hire more people to come work for them.

Nope, not necessarily. Existing people and banks can just shift to bitcoins.
Bitcoin adoption would of course result in more global trade and higher employment, but there is no 'need' to hire more people.

after I think about the world in need of money as a means of transaction, and it is impossible if bitcoin could replace it. people would have been difficult for using bitcoin in the real world. so, I think bitcoin will only shine in Internet transactions

[Akupuniard]

Impossible to replace money by money  Bitcoin is so young and people don't really trust on it, so they will use fiat currencies till bitcoin become more popular.

[Next BillG]

Impossible to replace money by money  Bitcoin is so young and people don't really trust on it, so they will use fiat currencies till bitcoin become more popular.

The Chinese government is considering issuing digital currency. That will replace most functions of the paper money.

[DuckKeeper]

again, it does not need tor eplace fiat money to be successful, why people always see all black or white

it can perfectly work in conjuction with it and be vastly adopted

Yes bitcoin does not need to replace fiats to get it's own future. Along with fiats there are big possibilities to become more successful in terms of value and user base, like people use fiats for some purpose and bitcoin for some other purpose like online transactions or as investments. 

Yes both dollars and bitcoin will exist and will serve the human beings with their own features.
People may argue that bitcoin has all the features of fiat currencies. Then what is the need for fiats. But all the people in this world does not have knowledge on Internet and crypto-currencies.

You got the point. To replace dollars, bitcoin needs to come in physical form. Otherwise all the people in this world need to have internet and knowledge on cryptocurrencies. Without knowledge on internet and online transaction, it would be hard for bitcoin to replace fiats

could happen pfff are you stupid or something it would never happen what will bitcoin be worth without real money. You did not think about that at all dont ya. I dont think you all thinking clear he will never replaces the money because he is worth money

[hermanhs09]

As soon as bitcoins are used to price goods directly, bitcoin will be money and this will happen very soon.

Right now you can buy goods for bitcoins directly, but you have to deal with the always fluctuating exchange rates, and the prices are based on USD or equivalents. That will be replaced by a price constant in BTC soon.

[BitsandBites]

again, it does not need tor eplace fiat money to be successful, why people always see all black or white

it can perfectly work in conjuction with it and be vastly adopted

Yes bitcoin does not need to replace fiats to get it's own future. Along with fiats there are big possibilities to become more successful in terms of value and user base, like people use fiats for some purpose and bitcoin for some other purpose like online transactions or as investments. 

Yes both dollars and bitcoin will exist and will serve the human beings with their own features.
People may argue that bitcoin has all the features of fiat currencies. Then what is the need for fiats. But all the people in this world does not have knowledge on Internet and crypto-currencies.

Yes, as long as all the people have knowledge on Internet and using of online currencies, there would be room for bitcoin and dollars to exist and to serve.
Because unlike dollars, all the common people cannot use bitcoin suddenly. It requires at least one day of studying or guidelines about bitcoin system.

I dont think that could ever happen and i think that you all can now that it does not happen. Bitcoin replace gold how bitcoin is worth gold. So what if he replaced it you only got a coin without a worth

[Galiatram]

That will not happen of course and that is because there are still a lot of people that is using their own payment method and Bitcoin is not known by everyone so that have to change.
You can of course see now that it is becoming more popular and used but it is not that much.

[Ayers]

That will not happen of course and that is because there are still a lot of people that is using their own payment method and Bitcoin is not known by everyone so that have to change.
You can of course see now that it is becoming more popular and used but it is not that much.

perhaps it will happen in the next century, one never know, evolution will force adoption at some point, it's always like that with new technology, just a matter of time