Could Bitcoin ever replace conventional money?

[bitcoin20]

I think governors never let BTC to replaced of ordinary bank systems

[mayidid]

Let's just say that bitcoin and fiat would work together to foster the economy of the countries who have recognized, legalizing, and accepting bitcoin as a means of payments and transactions like Japan. There's no need to replace each other since it has its own place to shine. Bitcoins and fiats have its own respective uses hence there is no replacing one another.

[Paul stuart]

I love bitcoin, but I hope it will not replace cash, we need both, not one dominant

[queenlaurel]

No I don't think so. It might work for those in big companies and large scale businesses. What about the people we buy little things from. How do they get paid and most of them might not be interested in crypto currency. They'll want fiat. So no I don't think bitcoin will replace paper money.

[Targusluxe]

NO. Fiat money it backed by government who issued it. Cause instead of using gold or silver coins they would print paper money (fiat) to have a physical commodity to use when purchasing goods.

[Jackblack90909]

I think Bitcoin can't replace conventional money, at least in the nearest future. People around the world still using fiat currencies a lot more than crypto, and also Bitcoin is created to be a digital currency used mainly online. And right now most deals and trades are made offline and there is some people who even dont use Internet connection.

[genology]

No, It won't. Cryptocurrencies and conventional money have its own pros and cons. I think one of the reasons why it can't replace physical money is that it needs internet. Some transactions doesn't need internet. Another one is that cryptocurrencies are still volatile.

[Tux99]

No I don't think it could ever replace conventional money, it has been there for how many years. And I don't think the government would allow that too.

Its not just because fiat has been existed for many year longer than bitcoin and other cryptocurrency.
Its not about government will not allow is to defeat their fiat national currency with bitcoin.
Its not about well know fiat to all citizen national or international.
But the main reason is my proud to use my currency because my currency incude with language is the thing that keep all people and me nationalisme.

[ace4549]

Yes, there is a big possibility that the company of bitcoin will replace the conventional or the local money of each different state in the whole world.
It is good since it will provide a standard currency that the world will consider other than dollars.

[sheldonnnn]

No, never. The global economy still relies on cash as a lead role in the economic world. Governments have a pretty good reason to just stay on the cash side because it’s a good way to collect tax money. Furthermore, governments can ban alternative currencies, limiting their usage to the black market.

[SolutionBase]

No - and not merely because of what others on here have said (the government wouldn't allow it - which is probably true), but also the network transaction fees and speed as it scales have been (and will continue to be) too prohibitive to make it work for day to day transactions (the fees can't be more expensive then the things your purchasing - and for items under about $30 USD, that's presently the case).

That said, it its conceivable that a different/newly developed crypto could, but it would have to solve the above problem, and have to have a fast, scalable, and almost non-existent transaction fee.

[bitsharks95]

No I dont think bitcoin will replace cash, i think bitcoin will remain a store of value, digital gold with very high liquidity that can be transferred very easily.

[Stedsm]

There's a big difference in the infant Bitcoin that started few years back in 2009 and current Bitcoin.
Old Bitcoin - was created taking in mind - all the local fiat currencies that the guy behind the invention of Bitcoin was intended to replace with it.
It was created to allow people to do banking without the use of banks (intermediaries) with the lowest fee to send money to your loved ones anywhere in the world.

Current Modern Bitcoin - looks like more of a speculative asset (or a commodity) that's been traded just for the sake of making profits over the values bought. It is not getting used as a mode of payment, but rather a very volatile mode of making more money with the use of money. And fees? They went to extreme, until miners realized that it's really harming the value of Bitcoins. The speed is coming back gradually to take its pace between transaction confirmation times as once again, we are coming down to those $0.1-1 fee levels. But, which one according to you guys, is good? Old Bitcoin or this modern Bitcoin?

[pcdgroup]

I do not think so. It will lose control of the government

[Crash21]

I'm not sure it's possible because government will always try to protect their currency because they need to recive taxes and pay salary. Bitcoin is bad idea for making country on it.

[neo444]

Nothing impossible in the future and by technologie everything is possible so yes bitcoin can replace conventional money

[Bitbitmaker]

Paying with bitcoin is inefficient when making micro transactions, because of low speed and high TX fees, so BTC cannot replace conventional money.

[wiro 212]

Could Bitcoin ever replace conventional money?

I think that's not possible, bitcoin will not replace conventional money, because transaction bitcoin is very slow. Bitcoin is more inclined to investment.

[Rodon]

I don't think so, because governments will never allows it. As they can't control Bitcoin, they will always protect their currency.

[Leo Parrish]

Yes. If there is a credit based system to verify transactions instantaneously. That's how modern credit cards work -- there's no backing that there's money behind the transaction. It's just that the credit card company assumes the liability and hopefully the buyer will repay it back later. I believe TenX is doing something in that space. Until that happens, Litecoin is likely the next best option as it's closest in behavior to Bitcoin and transaction times are down to about 2 minutes (with very little transaction fees).