Could Bitcoin ever replace conventional money?

[AmericanBit]

It might be possible if other cryptos will work and became acceptable everywhere, but than it will be more regulated, and I think it will lose some of its futures.

[Seeker#9]

Could Bitcoin ever replace conventional money?

It is not possible unless a government allow the bitcoin first to be use as a legal tender or approved by the central bank to be one of the main currency. Internet availability in the far flunged areas should be also address to make bitcoin accessible. You can not successfully implement a plan like replacing conventional money by bitcoin if the technological infrastructure in your area is poor. Modernization take time so it is not yet possible in the near future.

[J Gambler]

Could Bitcoin ever replace conventional money?

It cannot replace conventional money and I think that the reason is people would always be a stickler for the tradtitional things in life and having paper money provides comfort and solace that their money is with them and they can touch them. Putting a value on something that is intangible makes it harder for them and gives them an uncomfortable knowledge that they can’t control their money

[lunaalthea]

Only if it started to function as digital money or currency and not as a stock then I would say yes. The problem here is that the foundation of this crypto is not too stabilized and also, it is limited. And that will create even more problems. Second, government, banks and other corporations will deem to disagree and put an end to this thought. Capitalism at its finest.

[Bitcoinjheta]

Only if it started to function as digital money or currency and not as a stock then I would say yes. The problem here is that the foundation of this crypto is not too stabilized and also, it is limited. And that will create even more problems. Second, government, banks and other corporations will deem to disagree and put an end to this thought. Capitalism at its finest.

Well, i think it's hard to replace conventional money in whole world  because in the first place government has the authority to agree upon the economic stability of the country in which is suitable for every people including business sector and to the growth of financial capasity of the nation.

[arteezyy]

I think there would be a small chance of that happening. Because we need tangible evidence for everything. It's also very inconvenient to pay upfront especially when you only need to pay in small amount, the commission can sometimes overwhelm the price of the goods being bought. It will be also not that comfortable if you need to always have a data connection just to pay something. There would be many disadvantages and advantages but i think it would be okay not to replace conventional money with bitcoin.

[Granxis]

Only if it started to function as digital money or currency and not as a stock then I would say yes. The problem here is that the foundation of this crypto is not too stabilized and also, it is limited. And that will create even more problems. Second, government, banks and other corporations will deem to disagree and put an end to this thought. Capitalism at its finest.

It is closely related to banks, governments and companies. For this reason, the obstacles in front of the crypt money are actually too much. It is easy to control currency, they can also be registered.

[Cloak1]

Conventional money will continue to dominate as long as there are nation states and governments which are powerful enough to enforce their laws. It says so because bitcoin is not what it is advertised to be. It is not cheaper to transmit. It is not easy to use.

[Onyx0]

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

many of people are saying this because bitcoin is the digital currency and it is not attached with the government so this is main reason why bitcoin is not able to do this according to you but mate this is some other thing, if we look at the demand we will see bitcoin is high in demand and people are preferring to sue bitcoin instead of conventional money as it is more easy to use for shopping and to buy food or house so we can say it is going to happen in future.

[Spades77]

No, I don't think it can. given the facts that most governments are not in favor of legalizing Bitcoin in their countries, how can Bitcoin replace the conventional money. Also the maximum supply of Bitcoin is just 21 million, remember?

[P3]

I don't figure bitcoin can supplant conventional cash as it is under the control of the administration of nation, perhaps there is a more noteworthy shot that customary cash would be supplanted by a computerized money which would be under the control of governments and national banks.

[Naurah03]

i think it can't, because some country right now still disagree (policy) with bitcoin (Cryptocurrency). I think the most likely is bitcoin can be second currency.

[edwardnortonn]

It will take time but yes it can, as soon as its globally accepted, there will be no stopping bitcoin, its safer to transact with, something that conventional money isn't, faster and very reliable. its just about time. bitcoin will however not face the conventinal currency out completely but it will be the main medium of exchange.

[Memenya]

But it is difficult, we all know that bitcoin transactions depend heavily on the Internet, many big and big countries like Brazil, Indonesia, India which would be difficult to get 100% internet access, even the information in that country is not 100% affordable for electricity service.

Indonesia is not very trouble to access internet. Now in whole country there are many provider that build signal tower and it can make better signal to access internet.
However, internet is another problem because many country had improved their internet quality. The main problem for this is the slow transaction of bitcoin. It make not many people use bitcoin as payment processor.

[eifer0910]

I dont think that will happen in the future coz I think btc not suitable to the requirement of being a conventional money of a certain country. Other government would not agree on it for sure.

[jona]

Can not speak of other countries especially those that approve bitcoin to be legal but as for my own country it will not because the government never accept it as a legal currency.

[kmrunner]

It is likely to happen especially if everyone else realizes the superiority of crypto, they would want to switch over and the value of the conventional money will fall down.

[aliceayag]

I'd rather say no, bitcoin is only a digital currency. it is use online,

[BrianBrianBrian]

No I think It is not possible for the mean time!
Though we can't say for sure, it may actually be in the future.
When things are more stable and accepted.
Remember back then when markets use barter system then eventually coins where introduced, yet not accepted by many.
After a few decades we are all using coins.
History just repeats itself so it is possible

[wiser]

Could Bitcoin ever replace conventional money?

It won't for several reasons.
1. Bitcoin doesn't really work all that well. It certainly doesn't scale up. If the entire world, or even an entire small country, conducted all their daily transactions in Bitcoin, there wouldn't be enough room in the blocks to incorporate all those transactions. Bitcoin transactions take anywhere from ten minutes to over an hour to confirm, and that is way too long.
2. The current financial system stands a lot to lose by being replaced, and it won't just sit by and let itself be replaced. The smart financial institutions know they need to embrace cryptocurrency, which means that cryptocurrency will work alongside fiat money and current financial systems.
3. There are altcoins out there that work far better than Bitcoin and which can scale up. If any coin was going to replace fiat, it would be one or more of those altcoins. However, they won't replace fiat either, but will work alongside it.