Could Bitcoin ever replace conventional money?

[warrior333]

My thoughts are not possible. Because there are many disadvantages that need to be etched. Bitcoin payments are not appropriate for small payments. So it will grow with traditional currencies that can not replace traditional money.

It really hampers the development of the popularity of bitcoin. Traders will not risk large sums and to support the development of trade transaction costs for payments in bitcoins must be zero. I think those on whom it depends have to think about it.

[1714602422]

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[lucifochrome]

For now it wont since most government are still into traditional currency but there is a possibility that it might entirely replace the conventional money, maybe in 100-200 years in the future.

[PoorLad]

No. Something with a market cap of 21 million coins can never replace the whole worlds economy. It is also way too unstable, slow and fee'd up at this moment

[Akash1243]

I don't think Bitcoin will replace conventional money for a long period of time because Bitcoin needs time for confirmations and also the transaction fees are bit high while conventional money is fast and efficient for daily uses. Also I don't think there is any need for replacement as both forms are good in their own way

[majeed]

I think it should replace conventional money as it is very rapidly growing digital currency and it is already in use outside the Asian countries.
 

I think it can't. Nobody can deny that Bitcoin is the most trusted and it brings money, job to many unemployed people. Bitcoin saves many people's life. Therefore, Bitcoin is very important. However, being unit of currency is impossible. Conventional money has existed for a long time.

[rjenkin]

Today Bitcoin largely provides an alternative store of value. Even if all the proposed upgrades were to happen it's still orders of magnitude from being capable of processing the number of transactions that say Mastercard does on a per second basis.

There are other existing and future crypto currencies that will address those needs. I don't buy into the argument that traditional currency has been around for a long time so always will be. How many arrows do we use today? We don't because we have better methods of hunting or whatever.

Bitcoin is the gold of the crypto currency world, an established recognised store of value that has the penetration, adoption and liquidity that you want if you want to put something aside. Although it's increasing in price right now while conventional markets are doing well, it's key attraction (like gold) is that it's outside the conventional financial system and so will likely rise in value during times of crisis. Again this points to it's store of value attributes more than it's attractiveness as a daily means of exchange.

Cheers,

Robert
CEO
CloudSigma

[cluit]

Could Bitcoin ever replace conventional money?

Bitcoin would surely replace conventional money one day, but maybe not fully. The certainty of value that fiat money has is what bitcoin lacks and that’s what’s going to keep fiat money thriving. If bitcoin can have a pegged minimum value over a period of time then its surely going to beat fiat.

[richmcrich]

That’s very hard to predict, but going by the way bitcoin has been moving over the years, it could start
competition with conventional money in the years to come, since its that kind of money that keeps increasing value, people would prefer it

[congtuan001122asd]

I think bitcoin can not replace conventional money because not anywhere else can use it to pay.

[doujuan612]

I don't think Bitcoin can replace conventional money but can be as supplement

[Carlsen]

The way bitcoin is working right now it can't replace conventional money.
When you look at the blocks, you see that there are about 2000 transactions in each of them.
One block is created every ten minutes. Without segwit, that is the most bitcoin can do at the monent.
And even if everybody uses segwit, I guess that the number of transactions made by conventional money is far bigger than the bitcoin network can process.

[hridoyb]

NO.Bitcoin is popular payment  system .But some of countries are not allow this bitcoin.they think bitcoin are use many crimes.You heard a news some month ago online build up apps runswire and it destroy our file and system.many computer face this problem and hacker want to 3 bitcoin for solve this problem.Online hacker deside to their crime purpose by bitcoin transaction.bitcoin price is high and its stored coinbase or blockchain bt it s only identy by user email.At this time many country are illegal bitcoin there country.But one day bitcoin use all over the world legal

[Tron Foundation]

I think what is more probable is that some governments or investors can use bitcoin as a hedge or a reserve.

[lawlawlaw]

no. knowing that bitcoin is illegal in some other countries, the price goes up and down. banks holds fiat, most people in the world are using fiat. other companies use fiat as it's investment and foreground

[subSTRATA]

No. Something with a market cap of 21 million coins can never replace the whole worlds economy. It is also way too unstable, slow and fee'd up at this moment

so? it's not like an entire coin has to be used in a transaction; bitcoin is divisible into parts that equate to 10*-8 of a bitcoin: 1 satoshi. your logic here isn't quite solid, even though I do agree that bitcoin probably won't be the cryptocurrency of the future.
as for the second part of your argument, it's just a theoretical wall that bitcoin has hit; in the coming forks we should see the network congestion get worked out and the network should be stable again.

[balakang00]

Definitely no. Although bitcoin is used as medium of exchange, it will not replace conventional money because that is too wide range and is used since the beginning of time and it is hard to change the things we get used to especially the whole world is too big for that change.

[Cazkys]

If Bitcoin can replace conventional money will be no, Bitcoin cant fully replace conventional money. Since bitcoins rely on the use of devices which runs on electricity, without electricity to power the device it will be impossible to transact using bitcoins. That’s why conventional currency will still be widely used since it’s a physical currency that anyone can use even if a disaster or calamity struck an area or even without the use of any gadgets and available energy supply.

[Islampower]

Could Bitcoin ever replace conventional money?

I think that the classic currency like the Dollars $ or the euro will cohabit with the bitcoin and Altecoins

[subSTRATA]

Definitely no. Although bitcoin is used as medium of exchange, it will not replace conventional money because that is too wide range and is used since the beginning of time and it is hard to change the things we get used to especially the whole world is too big for that change.

so? the dollar is a medium of trade, what difference does it make that it's bitcoin and a digital means of financial value? paper money wasn't used at the beginning of time either, the egyptians bartered, in the medieval era, the iraqis used bread as a currency, hell even salt was a means of trading in the early days, and even not, people such as the amish communities have no need for paper currency, they barter and live in their own communities as long as they can be self - sustaining. currency is an ever evolving idea, and we've come a long way from using things like bread and salt, to gold and silver, to fiat currencies in our day and age. bitcoin and cryptocurrency is just the next step in the evolution.

[daenarys_stormborn]

Could Bitcoin ever replace conventional money?

I agree with almost all the answers from the members who answered your question, ie can not. because there are still many other countries out there that do not even have an electrical connection, let alone an internet connection. so it will take a very long time for it to happen, but it is not impossible that bitcoin can replace conventional money.