Could Bitcoin ever replace conventional money?

[iqlimasyadiqa]

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.

We are not talking about tomorrow. I believe that digital currency will replace conventional money indeed. I am actually for the idea of micro chip that will be installed in human's body and which will hold all the information about the person and all his money. I'm sure it's our future.

The future is still long and there is still any chance to happen. Bitcoin is a new technology used as a medium of exchange and trade. We all certainly expect bitcoin to turn into a global digital currency that replaces the conventional currency in the future. Because one day we are predicted to be difficult to get money making media such as paper and metal. This is the best alternative that could happen.

[Jimmy_H]

a really difficult question, bitcoin enthusiast say so, but practically speaking, it's hard to see our conventional money going away anytime soon and majority of the people in the world are not ready for this "the absolute majority" so it's still to early to even talk about that.

[iram3130]

a really difficult question, bitcoin enthusiast say so, but practically speaking, it's hard to see our conventional money going away anytime soon and majority of the people in the world are not ready for this "the absolute majority" so it's still to early to even talk about that.

For this to be happening, everyone in the world should have the basic amenities. A mobile and a proper internet connection is must and more than 50% of the world lack these. So bitcoin replacing conventional money is far in the future, may happen one day, who knows.

[sasaku bitbit]

Crypto will definitely replace conventional paper money. Every government is already investigating it. Govs will have their version which will suck but then we will have our real money crypto like bitcoin.

If every government starts their own coins to trade then it will became same like fiat currency where each country have their own fiat currency and its value. So i think this idea wont work and it will only kill the coins developed and in the final Bitcoin will only be their to lead it.

I agree with your opinion, indeed if every Government has their own coins to trade then it will be the same as the currency of where each country has their own currency and value. and it will kill the coin which is growing, is ultimately a bitcoin be strong

[JimmieA]

No because it's too slow!

I think that is not the main reason. The use of cash in transactions, investment will also have considerable procedures. In my opinion, the main reason is the bitcoin transaction fees and the popularity of bitcoin in the community. Will you be willing to pay $ 200 for a transaction to be worth 1bitcoin about $ 2000. But, though what happens, bitcoin won't still substitute conventional money because if bitcoin is used universally, it is only a currency and will not replace the other currencies.

[Kisanaq]

Yes sure can, I am saddened when the conversion of many currency from 3rd countries too far with USD and EURO, then the solution is the unification with 1 currency, if the world had 1 currency then the economy will be stable and not affected by inflation.

[aso118]

Yes sure can, I am saddened when the conversion of many currency from 3rd countries too far with USD and EURO, then the solution is the unification with 1 currency, if the world had 1 currency then the economy will be stable and not affected by inflation.

If the world had 1 currency (and it is not Bitcoin), there would be a  huge hue and cry about monetary policy. Who decides how much money to print and at what rate? If there is a Central Bank, how are its members selected? What would its objective be?

[Reid]

Many points should be considered before that could happen.
1. Stability on price. People would not want their money dropping in value in an instant.
2. The transaction time should be fixed. Who would stay being a merchant when he cant see the payment coming after the trade.
3. A country with a high technology. Japan did it because of that. Not all are like Japan and it will take years before other countries could be just like that.

[CheapVccSeller]

I see it more or so having a battle with dollars where 50% want btc and 50% want dollars so it could go either way to be honest but for btc to be adopted globally will be hard.

[DaFuture]

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.

technically a bitcoin can be broken down into 1 million shatoshi's so there would be a supply of 21 trillion shatoshi's available for trade when mining rewards end

[Mpamaegbu]

For reasoning sakes! This will NEVER happen! Bitcoin can never replace fiat worldwide. If that were ever going to be possible, that means there won't be any measure to evaluate its worth as no fiat will exist, and all countries will have the same financial strength? Come on, this is a wild dream!

Even at the moment, there over 750 cryptos in the world and each trying to get as popular and useful as bitcoin. One of these altcoins may even become the Bitcoin of tomorrow, and Bitcoin already dead and forgotten. By the way, Bitcoin isn't even heard of or known in many countries if the world yet.

[deisik]

For reasoning sakes! This will NEVER happen! Bitcoin can never replace fiat worldwide. If that were ever going to be possible, that means there won't be any measure to evaluate its worth as no fiat will exist, and all countries will have the same financial strength? Come on, this is a wild dream!

It is not a wild dream, it is only you being delusional (or just poorly informed)

Bitcoin may not replace fiat but not for the reasons you mentioned. To tell the truth, you didn't bring forth any reasons apart from claiming that there "won't be any measure to evaluate its worth as no fiat will exist". If you think that this counts as a reason, in that case you may want to explain how fiat itself gets valued in the first place. Bitcoin right now is not suitable to substitute fiat to the full (and likely will never be), but this has nothing to do with the lack of such a measure. If there were no fiat, Bitcoin itself would be that fiat and thus the measure that you refer to

[Xavofat]

For reasoning sakes! This will NEVER happen! Bitcoin can never replace fiat worldwide. If that were ever going to be possible, that means there won't be any measure to evaluate its worth as no fiat will exist, and all countries will have the same financial strength? Come on, this is a wild dream!

It is not a wild dream, it is only you being delusional (or just poorly informed)

Bitcoin may not replace fiat but not for the reasons you mentioned. To tell the truth, you didn't bring forth any reasons apart from claiming that there "won't be any measure to evaluate its worth as no fiat will exist". If you think that this counts as a reason, in that case you may want to explain how fiat itself gets valued in the first place. Bitcoin right now is not suitable to substitute fiat to the full (and likely will never be), but this has nothing to do with the lack of such a measure. If there were no fiat, Bitcoin itself would be that fiat and thus the measure that you refer to

Fiat gets valued because it's legal tender.  It's given its value by governments, and thus could only lose its value in:

-An entire collapse of the global financial system and a financial crisis
-An entire collapse of global governments

Shops are forced to accept legal tender.

Of course this could change but in the world's current state, Bitcoin would remain a secondary payment method.  Regardless of whether or not some people use it frequently.

[JimmieA]

Could Bitcoin ever replace conventional money?

I think it is possible for the Bitcoin to replace the conventional money it is because the trend of Bitcoins increasing day by day and most of the countries who developed fully are accepting the Bitcoin for the legal payment purpose and also declared the Bitcoin as legal asset for the investment .
So it is possible that in the future every people use the Bitcoin for buy and sell their products in online as well in offline and that will results into the lack of use of conventional money .
But currently the problem of confirmation of Bitcoin is a less is really a miserable think for the use of Bitcoin and I am sure that their Bitcoin confirmation system will be improved in the future and will make the use Bitcoin more easily .

 That in the future every person use the bitcoin to buy and sell their products online as well as inline which is absolutely possible. But bitcoin will remain bitcoin and will not be able to replace the conventional currency.Because countries with their own currency with high prices will not benefit when their currency is replaced by bitcoin so they will not let that happen. On the other hand, bitcoin is easily delivered in cities with commercial centers, while in rural areas and suburbs it is not  convenient.

[Buerra]

All big payment providers already are looking for ways to legalize this crypto coins. They cant simply ignore this payment method unless it will used for illegal transactions. Both Skrill and Neteller  are accepting bitcoins as deposit method. Paypal accepts bitcoin debit cards. Guys, time goes and  there isnt any space for fiat money in future. Bitcoin will find it's real value when price will hit 15000$ on market

[DoublerHunter]

All big payment providers already are looking for ways to legalize this crypto coins. They cant simply ignore this payment method unless it will used for illegal transactions. Both Skrill and Neteller  are accepting bitcoins as deposit method. Paypal accepts bitcoin debit cards. Guys, time goes and  there isnt any space for fiat money in future. Bitcoin will find it's real value when price will hit 15000$ on market

I agree with you, the price of bitcoin is very cheap and for sale and soon it will pump more for a higher price in the future and it will happen if almost all the popular companies will accept bitcoin because bitcoin is the future type of money and there is a chance for bitcoin to be close for being widely accepted like the dollar and it will be a very historic moment for us.

[mrBTCman]

Of course, everything is possible, but I tend to believe that it is hardly implementable at the government level. The decades should have passed before bitcoin is adopted globally. To make bitcoin replace conventional money it is essential to restructure world financial system, which is not that easy.   

[Pinkris128]

No, I think that it can't. It could be used along with traditional money but it can't entirely replace it. Unfortunately bitcoin has to many issues, weeknesses and characteristics that don't allow it to be fully used and implemented in traditional financial system. Volatility is just one of them.

Exactly bitcoin can never replaced conventional money. Why? because as of now government still didn't accept it as a money. Bitcoin is still a big illusion for them and they considered it as just a virtual currency. Bitcoin has so many issue just like what youve said unlike the conventional money.

[Vaskiy]

No, I think that it can't. It could be used along with traditional money but it can't entirely replace it. Unfortunately bitcoin has to many issues, weeknesses and characteristics that don't allow it to be fully used and implemented in traditional financial system. Volatility is just one of them.

Exactly bitcoin can never replaced conventional money. Why? because as of now government still didn't accept it as a money. Bitcoin is still a big illusion for them and they considered it as just a virtual currency. Bitcoin has so many issue just like what youve said unlike the conventional money.

Even when it gets accepted as an legalized money bitcoin won't replace the Monetory system or the conventional money. In the past it was seen as an illusion just because of its virtual presence. Now things have changed a lot and the growth in acquired has made it among the top value currency.

[pecson134]

For now I don't think bitcoin can replace conventional money. There are many things to consider before bitcoins can catch up like stability of price which  conventional money excels at because if you can see the fluctuation of the two you bitcoins had much larger gaps rather than conventional was. Bitcoins should be available for payment for any transaction made regardless of how small or large the transactions is just like how we can buy conventional money on local stores.