Could Bitcoin ever replace conventional money?

[kolloh]

I believe that the fee amounts would need to go down before Bitcoin could replace fiat. Right now the fees are too high and it wouldn't make sense to fully replace fiat.

Additionally, I've heard the argument said that not everyone is technologically savvy and would understand how to use Bitcoin. Cash is easy and anyone can carry and spend it. Spending Bitcoin does take a bit of technical knowledge. This is probably easily resolved via apps that dumb it down for users. Still requires that the user be able to operate a computer or phone, but I'm sure most all of the newer generations won't have an issue with this.

[nightxglow]

No i think. Because bitcoin is intangible, and it'll be hard to make transaction with bitcoin while there's still many place who doesn't know about it, even doesn't have internet access.Also, nobody can control bitcoin while conventional money can be controlled by the goverment. It is quite important since there's something called inflation. And also, conventional money is well-known and spreaded through the world already, it'll take a long time if we want to change it to bitcoin. Well it's just my opinion, though.

[Yatsan]

Based on my opinion I think no because the bitcoin is not is the same level bitcoin is like a product online or can we just say that the uniqueness of it the limited supply of it and making in currency is very special so I think that the bitcoin cannot replace by a conventional money only because bitcoin is very unique and in the different level.

[ASHLIUSZ]

Based on my opinion I think no because the bitcoin is not is the same level bitcoin is like a product online or can we just say that the uniqueness of it the limited supply of it and making in currency is very special so I think that the bitcoin cannot replace by a conventional money only because bitcoin is very unique and in the different level.

Conventional currency won't be easily or in a short will never be replaced by bitcoin because of the uniqueness it has got. As an online asset the value of bitcoin has made it more popular and usage. Only the technical aspirants really understand the real value of bitcoin, others just know it as an investment similar to the forex or shares.

[deisik]

Could Bitcoin ever replace conventional money?

If any one thinking bitcoin will replace conventional currency, it won't happen if not for anything, considering the fact that the conventional currency has been with us from time immemorial  that people have gotten used to it  and comparing it to bitcoin in which the majority of people involved are youths who have some understanding of how the internet works and this category represent only a portion of the total population

I assume times immemorial start for you when you haven't yet been around, right?

Some folks here even remember when the US had still been officially backed up by gold, and this was less than 50 years ago. As to me, 50 years can't possibly count toward "times immemorial". After the US dollar had been finally divorced with gold in 1971, it essentially became a different kind of money prone to inflation and manipulation. In other words, as quickly people got used to "conventional money", they will as fast get used to Bitcoin (or whatever might come and overtake it)

[DoublerHunter]

Based on my opinion I think no because the bitcoin is not is the same level bitcoin is like a product online or can we just say that the uniqueness of it the limited supply of it and making in currency is very special so I think that the bitcoin cannot replace by a conventional money only because bitcoin is very unique and in the different level.

Conventional currency won't be easily or in a short will never be replaced by bitcoin because of the uniqueness it has got. As an online asset the value of bitcoin has made it more popular and usage. Only the technical aspirants really understand the real value of bitcoin, others just know it as an investment similar to the forex or shares.

Conventional currency will stay and as well as bitcoin, even after a lot of years of waiting for bitcoin to replace it. It won't happen, the government is one of the most powerful organization in the world and people there will not allow bitcoin to replace their asset. So the only option of bitcoin is, to cooperate or be banned by the government officials.

[Doms]

I believe that the fee amounts would need to go down before Bitcoin could replace fiat. Right now the fees are too high and it wouldn't make sense to fully replace fiat.

Additionally, I've heard the argument said that not everyone is technologically savvy and would understand how to use Bitcoin. Cash is easy and anyone can carry and spend it. Spending Bitcoin does take a bit of technical knowledge. This is probably easily resolved via apps that dumb it down for users. Still requires that the user be able to operate a computer or phone, but I'm sure most all of the newer generations won't have an issue with this.

Not only that. The speed at which transactions are processed would be another disadvantage for bitcoin, compared to conventional money that can be used for most kinds of transactions, be it online or offline. Also, if the governments don't take steps in support of using bitcoin, this will be another reason for it not to be able to replace fiat. Best thing that could happen is for bitcoin to co-exist with fiat where people would be given choices as to how they would want to use either under legal circumstances.

[northstarh]

Based on my opinion I think no because the bitcoin is not is the same level bitcoin is like a product online or can we just say that the uniqueness of it the limited supply of it and making in currency is very special so I think that the bitcoin cannot replace by a conventional money only because bitcoin is very unique and in the different level.

Conventional currency won't be easily or in a short will never be replaced by bitcoin because of the uniqueness it has got. As an online asset the value of bitcoin has made it more popular and usage. Only the technical aspirants really understand the real value of bitcoin, others just know it as an investment similar to the forex or shares.

Conventional currency will stay and as well as bitcoin, even after a lot of years of waiting for bitcoin to replace it. It won't happen, the government is one of the most powerful organization in the world and people there will not allow bitcoin to replace their asset. So the only option of bitcoin is, to cooperate or be banned by the government officials.

Agreed, cash represents the power of the government, thanks to which they can manage a nation's economy, cash is legal, so it will never be replaced.

[TheUltraElite]

Based on my opinion I think no because the bitcoin is not is the same level bitcoin is like a product online or can we just say that the uniqueness of it the limited supply of it and making in currency is very special so I think that the bitcoin cannot replace by a conventional money only because bitcoin is very unique and in the different level.

Conventional currency won't be easily or in a short will never be replaced by bitcoin because of the uniqueness it has got. As an online asset the value of bitcoin has made it more popular and usage. Only the technical aspirants really understand the real value of bitcoin, others just know it as an investment similar to the forex or shares.

Conventional currency will stay and as well as bitcoin, even after a lot of years of waiting for bitcoin to replace it. It won't happen, the government is one of the most powerful organization in the world and people there will not allow bitcoin to replace their asset. So the only option of bitcoin is, to cooperate or be banned by the government officials.

Agreed, cash represents the power of the government, thanks to which they can manage a nation's economy, cash is legal, so it will never be replaced.

Governments will be trying everything they can to stop people from using bitcoin if it becomes too popular. They will develop their own coin - like E-Coin in Mr.Robot series. Then its going to be all the same with fiat just getting another new name. Thing is you cannot escape the cycle on taxation. The ones who will try to revolt will be silenced by the government. Its better to just use bitcoin and fiat like we all do and not worry about the consequences.

[Ayers]

No because it's too slow!

conventional money are more slower than bitcoin for some transaction like when you send to another country your money, go check the time you need, it's huge, bitcoin is faster just pay the correct fee

Based on my opinion I think no because the bitcoin is not is the same level bitcoin is like a product online or can we just say that the uniqueness of it the limited supply of it and making in currency is very special so I think that the bitcoin cannot replace by a conventional money only because bitcoin is very unique and in the different level.

Conventional currency won't be easily or in a short will never be replaced by bitcoin because of the uniqueness it has got. As an online asset the value of bitcoin has made it more popular and usage. Only the technical aspirants really understand the real value of bitcoin, others just know it as an investment similar to the forex or shares.

Conventional currency will stay and as well as bitcoin, even after a lot of years of waiting for bitcoin to replace it. It won't happen, the government is one of the most powerful organization in the world and people there will not allow bitcoin to replace their asset. So the only option of bitcoin is, to cooperate or be banned by the government officials.

Agreed, cash represents the power of the government, thanks to which they can manage a nation's economy, cash is legal, so it will never be replaced.

whata bout those countries that are accepting bitcoin legally like it's a side way currency? they is it as a legal currency, maybe in those countries bitcoin will, one day, replace their currency? who know, it's a possibility

[Rizky Aditya]

Could Bitcoin ever replace conventional money?

I think no because because bitcoin is virtual cash  and i think it cannot replace money but bitcoin can help you a little i think well im just newbie i don't know how much i can earn through bitcoin. 

It can never replace conventional money until the price of BTC is increasing, people will just tend to save it and hope the price may reach 5k$ or 10k$ some day. Why will they use it for things when they can earn by holding them??

i think conventional currency will never replace by bitcoin although there is possibility that bitcoin will one day become the legal currency and it is also possible that it could become an international legal currency but i do not think that bitcoin will be used in place of conventional currency because people keep bitcoin only for profit when the price increases they convert it to conventional currency and take the profit.

[coinplus]

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.

Yes,  for more domestic items to be purchased we need a prompt payment, the merchandisers accept the cash easily for the petty things that we purchase in the market for our day to day life such as vegetables, meat and fruit. I am sure none of the mentioned dealer will prefer to accept the bitcoin for a small quantity of sales.

[doomloop]

Couldn't Bitcoin ever replace conventional money cause of its own popularity is still not sufficient .

yes you are right that one thing is that the bitcoin popularity is not sufficient but i think if bitcoin gain such a popularity like conventional currency then it will never be used in place of conventional currency because conventional currency is like the recognition of a country or state and also it will need to be legalize by all the governments which seems to be difficult.

[Vikingr]

I have doubt that the use of bitcoin will increase so much that we will hardly see any fiat/conventional currency transaction. Many services are going to be in the form of digital so in this way every transaction is going to be preferred in bitcoin.

[machinek20]

No it will never happened, the country need fiat to stabilize the country's economics, and fiat also got its own advantage, the government will not allowed the people to control the economics, so fiat will never be replaced by bitcoin or alt coins

[Omegasun]

No it will never happened, the country need fiat to stabilize the country's economics, and fiat also got its own advantage, the government will not allowed the people to control the economics, so fiat will never be replaced by bitcoin or alt coins

Same with it will be hard to implement or introduced bitcoin as a exchange for country fiats, it will be impossible for government needs to ficus on national issues than change currency ,but btc can be the lead in online terms.

[ogoowinner]

Slower transactions, price going up and down drastically,... bitcoin will never replace conventional money for quite a few reasons and just as dinofelis said, it's an asset and if the current situation with the blocks and fees isn't resolved soon, people might start investing in some other coins.

Some day bitcoin may become an everyday options for paying but will never fully replace fiat.

I think I agree with you on this. Bitcoin can not fully replace fiat, because of so many reasons. And the countless scams involved in cryptocurrencies is a major setback for Bitcoin replacing fiat. The fact still remains that, most people holding bitcoin still believe that fiat is safer, so they still convert a reasonable amount cryptocurrency and hold in fiat as well.

[Wintersoldier]

Could Bitcoin ever replace conventional money?

No it wont,knowing the fact that most governments on entire globe is still have negative impressions about bitcoin and making it as a conventional money doesn't fit on the criteria since its just a digital currency and making a physical would not make any sense considering the entire supply of 21 Million BTC would not  really be sufficient on a particular place or globally.

The government is the who handle and manage the production of fiat or what you called conventional money. In reality the legal matters is need if we want bitcoin to access on all transaction all over the world. Because if the government does not support bitcoin on the legal action ban system or method may come up on the situation. And for me bitcoin does not need to replace fiat itslef because bitcoin need fiat for it development and for its transaction. So the best way to do is to develop more the security and transaction if bitcoin for more support of the community.

[Creepings]

No it will never happened, the country need fiat to stabilize the country's economics, and fiat also got its own advantage, the government will not allowed the people to control the economics, so fiat will never be replaced by bitcoin or alt coins

Same with it will be hard to implement or introduced bitcoin as a exchange for country fiats, it will be impossible for government needs to ficus on national issues than change currency ,but btc can be the lead in online terms.

I also cannot imagine people buying things and buyers, not knowing where to deliver it because of the anonymity. And if bitcoin becane a fiat, I wonder of the third world country will be riding the same wave as the first worlds. I just hope it can be treated more like a currecy, than an asset.

[oegarod]

Slower transactions, price going up and down drastically,... bitcoin will never replace conventional money for quite a few reasons and just as dinofelis said, it's an asset and if the current situation with the blocks and fees isn't resolved soon, people might start investing in some other coins.

Some day bitcoin may become an everyday options for paying but will never fully replace fiat.

I think I agree with you on this. Bitcoin can not fully replace fiat, because of so many reasons. And the countless scams involved in cryptocurrencies is a major setback for Bitcoin replacing fiat. The fact still remains that, most people holding bitcoin still believe that fiat is safer, so they still convert a reasonable amount cryptocurrency and hold in fiat as well.

As quoted in terms of security bitcoin lacks, because one cannot assure that hacking is impossible anymore. A ransomware took control of several banking network, but it haven't affected the bitcoin network. The same if happened with bitcoin cryptocurrency on a whole might have experienced a fall. So fearing this people keep hold in terms of fiat.