Could Bitcoin ever replace conventional money?

[pelipurlara]

No, because bitcoin isn't prepared to be used as conventional money. Bitcoin transactions take too much time to be approved and in daily life we need to confirm our transactions instantly, otherwise it's inviable for us.
Bitcoin isn't being used to pay cheap items too, it's a big problem to adopt the currency to replace conventional money.

I agree that Bitcoin will not be able to change the conventional currency and I think the coin crypto bitcoin or altcoin is not a good match in the currency, better suited to be an alternative investment for the future

[hot_ads]

btc will never replace the traditional cash, there are several reasons 1, the currency of the transfer fee is too high, and block confirmation is slow, can't immediate confirmation, 2 COINS or cannot be accepted by traditional people, broad enough.

[Ambrosius]

It will never happen because government won't let this happen, they will need currency that has fundamental to keep their asset value. Bitcoin only could be as a support to help in transaction or payment.

[jcarlo]

I don't think bitcoin can replace traditional money as it is under the control of the government of country, maybe there is a greater chance that traditional money would be replaced by a digital currency which would be under the control of governments and central banks.

Central Bank or Goverment must do not want to lose control on their currency if fiat replace with bitcoin. Bitcoin is decentralized cryptocurrency and not under control by goverment or central bank. I am agree with your opinion on this

[miang]

I think it is possible for bitcoin to replace the conventional money considering the diminishing number of materials that we need.Also bitcoins can be transferred more easily that the conventional money itself by the means of internet.But bitcoin still needs to improve itself to be able to replace the conventional money that we have.

[mi56374100]

Currency should not be a reason of currency liquidation is too slow, confirm that at least 10 minutes, high fee is another issue, micropayments not reality, he is a good demand, the black market for anonymity is ten thousand times more important than 10 minutes.

[WhoWho]

Possible Concerns if Cryptocurrencies Replace Cash
Of course, there are some huge challenges and concerns with this scenario. If cryptocurrencies outpace cash in terms of usage, traditional currencies will lose value without any means of recourse. Should cryptocurrencies take over entirely, new infrastructure would have to be developed in order to allow the world to adapt. There would inevitably be difficulties with the transition, as cash could become incompatible quite quickly, leaving some people with lost assets. Established financial institutions would likely have to scramble to change their ways.

It is important to note that while the initial Bitcoin-mania saw quite a few businesses offer to accept the cryptocurrency, that list has steadily dwindled brining back the skepticism about its use a medium of exchange.

Beyond the impact of a cryptocurrency future on individual consumers and on financial institutions, governments themselves would suffer. Governmental control over central currencies is key to regulation in many ways, and cryptocurrencies would operate with much less government purview. Governments could no longer, for example, determine how much of a currency to print in response to external and internal pressures. Rather, the generation of new coins or tokens would be dependent upon independent mining operations.


Regardless of how individual investors may feel about the prospect of a switch from standard cash to cryptocurrencies, it is likely out of anyone’s hands. Of course, with ample speculation abounding that the cryptocurrency industry is a bubble that is destined to pop, it’s also possible that predictions of a crypto future could be overblown. What is difficult for investors is that, as with all things crypto-related, changes happen incredibly quickly, and predicting them is always tough.



Read more: Could Cryptocurrencies Replace Cash? | Investopedia https://www.investopedia.com/news/could-cryptocurrencies-replace-cash-bitcoin-flippening/#ixzz58BwQ41dA
Follow us: Investopedia on Facebook

[online73]

Can bitcoin ever replace ordinary money?
I am more than confident that sooner or later it is crypto finance that will oust conventional money. There are a lot of advantages with crypto sitems. Over time, adapt to life and the money that we are accustomed to see to this day will disappear. Moreover, Blokchain generally everywhere will supplant any old accounting systems, and vital functions. I think that we took the first step - it is not strengthened and it is not clear which way it leads, but the fact that the movement has moved to a new stage of human activity - I think no one will argue.

[budiarmed]

Could Bitcoin ever replace conventional money?

For now bitcoin can not replace conventional money in terms of transactions, Conventional Money is more common and easy to use. But we do not know the future, whether conventional money remains the transaction money in general, or bitcoin can replace conventional money in all transactions. No one knows the future and everything can happen.

[Ojodibanned]

Could Bitcoin ever replace conventional money?

I do not think this is very likely. Because each country has its own currency. Of course, the Government of every country will defend its country's currency and not accept it if Bitcoin replaces it.

[danjonbit]

Id like to think that way,!
Bitcoin or the cryptocurrency is an easier way doing a transactions than fiat currency.
we can do so much in digital  with cryptocurrency, but as we all know cryptocurrency is decentralized and no government are handling on it, .
so government will soon find a way to centralized controling it on how they like and so on!
and thats the reason it would not replace fiat money.. (hope im wrong)
and it is just my opinion! cheers!

[Bacotan Bae]

Could Bitcoin ever replace conventional money?

I do not think this is very likely. Because each country has its own currency. Of course, the Government of every country will defend its country's currency and not accept it if Bitcoin replaces it.

Yes, the country will maintain its own currency rather than bitcoin, if the government assesses bitcoin as a threat then the easiest way for the state is banned bitcoin to strict access with exchanges.

[nagobinga]

can actually if approved by the president and the real currency will be lost that will be replaced with digital currency, but if all countries will approve it.

[obinine]

I don't figure bitcoin will supervene upon typical money because it is underneath the management of the administration of nation, maybe there's a a lot of noteworthy shot that customary money would be supplanted by a computerised cash which might be underneath the management of governments and national banks.

[thya1]

I think not because now in many bitcoin countries it is considered controversial

[Sithara007]

I think not because now in many bitcoin countries it is considered controversial

Even when computers were invented, they were very controversial. But that doesn't stopped them from getting popular across the globe in less than two decades. Bitcoin is also something similar. We are only a few years away from global adoption and acceptability.

[Boknoyz]

I think its no, because there are many people who do not know what is the use of crypto currency or the bitcoin and not all people can afford to have their wallet where they stock their bitcoin. It is to hard to use bitcoin in a simple person and the kids also.

[adriaymati58]

I think bitcoin is already on its way to replace conventional money. Maybe in 10 years we will use only bitcoin and other cryptocurrencies as payment methods

[shezu007]

Notwithstanding when PCs were designed, they were exceptionally dubious. In any case, that doesn't prevented them from getting prevalent over the globe in under two decades. Bitcoin is likewise something comparative. We are just a couple of years from worldwide appropriation and adequacy.

[handsomes]

No its because if the bitcoin replace conventional money it takes to inventors lose because and they will earn more in physical they would rather choose it the bitcoin is going down and maybe it will stopped transaction in the country.