Could Bitcoin ever replace conventional money?

[jorneyflair]

That would never happen due to the slow confirmation times, transaction fees and other faults.
 
Say you went to buy groceries using bitcoin, you bought 100 dollars of groceries and paid a 5 dollar transaction fee, while if you just used cash you would have saved 5 dollars. How would the shop, you are purchasing from feel waiting a couple for a couple of hours for bitcoin to arrive in their account?
 
There are also governments and people who are opposed to bitcoin, how do you think they would feel if their currency was replaced with bitcoin, the currency that they OPPOSE. The reason cash works is because it is already accepted everywhere in that country and it is rarely opposed.
 
The only way for this to happen is for bitcoin to overtake card and fiat currency is to become popular, but I don’t think that will happen soon since people hate change.

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[hisuka]

I dont think this would happen for now because bitcoin is not stable. Government still did not have plans to legalized bitcoin here even in my country but some did. Also, other people in my country doesnt know bitcoin and dont have an idea whats the use of it. Means bitcoin here is lack of awareness to some people so it will not replace the conventional money.

[Raven91]

Could Bitcoin ever replace conventional money?

i guess its the complete reverse because bitcoin will replace the conventional money because bitcoin is all bacause of technology and it is a hightech so we all know that bitcoin will be a future currency because of this reason no doubt about it.

[Gastotade]

Could Bitcoin ever replace conventional money?

i guess its the complete reverse because bitcoin will replace the conventional money because bitcoin is all bacause of technology and it is a hightech so we all know that bitcoin will be a future currency because of this reason no doubt about it.

It will only happen when physical businesses embrace btc as a mode of payment like how they accept cards for payment. If so btc will be a lot of use for now it act like a bank.

[Cazkys]

Not at present, but could be in the future. Not all people are into Bitcoins, but lately most of the people online are informed about it and some of them are using this one to transfer money and transact money. They need to introduce this even to the lowest member of the family before they make the currency be official just like every currency. Unfortunately, this is digital money so everyone should know how to use computer.

[IGNation]

The possibility of bitcoin replace conventional money is very low though its not impossible but it has a very low possibility, since not all the government in all country accept bitcoin and some of them find Bitcoin not that impressive.

[pat4cryptoreal]

Bitcoin will never be replace by conventional money because no matter how we say we are now in internet age or information age there are large number of people that does not have access to internet in some developing or underdeveloping countries.

[krishnapramod]

Could Bitcoin ever replace conventional money?

No. A conventional currency has to be stable, at most fluctuating between 0.1 to 0.5%, but the fixed monetary base of bitcoin makes it too volatile. Maybe in the next few years with increasing user base it would get less volatile. Many governments are testing the blockchain technology. So it would not be a surprise in future, if the governments gradually phase out physical money and replace it with their own centralized cryptocurrencies backed by private blockchains.

[Colt81]

Could Bitcoin ever replace conventional money?

Certainly not. Bitcoin is for online transaction purpose only thus it can't be used for offline transactions. Besides, why do we have to replace if we can use them both for better srvices.

[alexnikon911]

Unfortunately, its anonymity has caused Bitcoin to take on a somewhat nefarious reputation. A number of websites and private individuals used the digital currency to transact various illegal dealings, such as selling drugs, guns, and prostitution. As a result, governments around the world famously cracked down on a number of these websites.

[Slark]

Could Bitcoin ever replace conventional money?

Certainly not. Bitcoin is for online transaction purpose only thus it can't be used for offline transactions. Besides, why do we have to replace if we can use them both for better srvices.

Paper money and standard physical cash is leaving the scene and will be replaced in the future by digital payments.
Governments would like that to happen so they could control the flow of money better.
Bitcoin won't replace fiat or official fiat based digital payments but  will be used as auxiliary monetary system/store value.

[Marma Kalari]

Bitcoin will never be replace by conventional money because no matter how we say we are now in internet age or information age there are large number of people that does not have access to internet in some developing or underdeveloping countries.

What about the case of developed countries ,does they have the privilege to replace conventional money and start using other modes of digital payments.Say for example small countries like UAE,it is possible for them to adapt to technology,i highly doubt they could completely,but they are implementing where ever they can.

[Xester]

I do not think so.  Maybe 100 years from now that is possible when every corner of the world has access to computers and internet and electricity.  When all the people knew how to use computers and hava an idea with digital currency especially the bitcoins.  But still it would be hard considering soem things like buying a candy on the street.  Money still the best I think.

[pearlmen]

Like others have rightly expressed their opinions, I don't see bitcoin replacing conventional currencies not now not in the future even if government should legalize and recognise the currency there won't be wishing away conventional currencies because that's individual country's identity which I am not sure a reasonable government will want to eradicate for bitcoin in other to be uniform and in addition to the concern of how they will be able to get their own share in terms of taxes and levies.

[deisik]

Unfortunately, its anonymity has caused Bitcoin to take on a somewhat nefarious reputation. A number of websites and private individuals used the digital currency to transact various illegal dealings, such as selling drugs, guns, and prostitution. As a result, governments around the world famously cracked down on a number of these websites.

It would be fun to see how you are going to buy a gun from a web site

Anyway, I think you are greatly exaggerating things in respect to Bitcoin's "somewhat nefarious reputation". It might have been the case ("somewhat") circa 2011 (though this is debatable), but right now "it's different". Bitcoin today is a valuable asset that respectable gentlemen invest their dollars, euro and pounds in. It is no longer some marginal coin known only to computer geeks and cryptography techies as well as dark market dealers and backstreet tycoons

[Bunsomjelican]

Could Bitcoin ever replace conventional money?

That is very much possible actually..And if ever that happen not this time maybe in the near future,
Because at this point of time Dollar was still the number one currency that being used to all countries compare
to all country.

[digez]

Although it might not be able to replace conventional money in physical life but can easily replace it in the digital/internet world within few years, and after a little more even offline transactions using hardware wallets in the same way as Credit Cards, it has a big potential to become the next "money".

[Rizky Aditya]

I do not think so.  Maybe 100 years from now that is possible when every corner of the world has access to computers and internet and electricity.  When all the people knew how to use computers and hava an idea with digital currency especially the bitcoins.  But still it would be hard considering soem things like buying a candy on the street.  Money still the best I think.

yes you are right it will take a long time that it will replace the conventional currency and in my point of view bitcoin will take over 100 years or much long time to replace conventional currency. well the thing you said that it only needs internet and computers but still it seems difficult that government will legalize bitcoin as a currency or not. I'm pretty sure it will be a currency just because of large number of people who are investing in bitcoin and due to them i think bitcoin will be legalized by the govt.

[fasdorcas]

I do not think so.  Maybe 100 years from now that is possible when every corner of the world has access to computers and internet and electricity.  When all the people knew how to use computers and hava an idea with digital currency especially the bitcoins.  But still it would be hard considering soem things like buying a candy on the street.  Money still the best I think.

It will less than 1 year or maybe more than 100 years as my mate said.It is depended on technology that people are looking for to develop a high technology to use bitcoin every where or not if there is anyone or any group available then they will develop or modify the infrastructure to accept bitcoin as a convention money.

[South Park]

Could Bitcoin ever replace conventional money?

No, even if a crash came that made the great depression look like a party full of food, drinks and fun, I do not think that is going to happen, the destruction of wealth needed for the average person to turn their backs at fiat money will be so great that I have my doubts that services could be kept running and that includes the electricity network so the chances of that happening are zero.