Could Bitcoin ever replace conventional money?

[FomoATH]

Bitcoin can only become an additional digital currency instead of credit cards, but cash will remain for an alternative payment option.

[mrayazgul]

Bitcoin can only become an additional digital currency instead of credit cards, but cash will remain for an alternative payment option.

i think bitcoin will first replace credit card and then it will replace cash also, making bitcoin  a cashless society only, where people will only deal with digital currency only and no sign of fiat.

[care2yak]

We really are getting closer to becoming a "cashless society". It's happening. It may or may not be bitcoin -- depends on resolutions made on bitcoin scaling, but it will certainly be a digital asset/currency that will take the place of physical banknotes.

[fujyo86]

It seems not if bitcoin will replace conventional money. Conventional money still needed in people's lives. But bitcoin can be an alternative in future about payments.

[doomloop]

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.   

yes you are right that it is very hard for bitcoin to replace the conventional money, bitcoin will first need to become popular as all the world know about bitcoin as they know about conventional money and then it is need to be accepted by the government and then it is need to become in physical form but i think it will be happen in future after decades then i can say yes bitcoin can replace the conventional money.

[pitiflin]

Bitcoin replacing conventional money is really a challenge for bitcoin for it has to impress the countries that do not think bitcoin has enough potential to replace conventional money and bitcoin has to solve its own issues that it is dealing with and even if it replaces conventional money,it would become the only currency ,even then problems will arise ,so bitcoin replacing conventional currency is not possible in the coming  few years ,but maybe after two-three decades later,it might do so.

[Prodigan786]

Yes it will be it takes time because people has to start using digital currencies like lots of wallets and banking payment apps in each country once they use to it . They start to believe money in internet then after each country will have own crypto currencies and bitcoin will be the master of all

[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

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.

There is no abstract or global fiat in real life

So your points are automatically made both meaningless and irrelevant whenever you mention the word global. More specifically, a certain currency will fail if a local government goes totally nuts with printing excessive amounts of money (a glaring example of that is what happened in Zimbabwe). There are no global governments, and if the global financial system crashes, that will just mean that each local fiat currency will be on its own, some will fail, some will prevail. Apart from that, in most jurisdictions shops are not obliged to accept what is set as legal tender there. They are not even obliged to make business with you in the first place. You may want to learn more about what is legal tender

[Arindava]

Could Bitcoin ever replace conventional money?

One or two years to come may not be in place as a substitute for the money that now exists, but the future can be used as an alternative

[jovs]

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.

Although im seeing bitcoin as a working progress ofcourse that is now being acknowledge and used by many people i don't see it will replace each of country's conventional money. Yes it can help people in real life, i mean in some cases but many people will consider it as a secondary "money" or second option for paying such things.

[FLoving]

Bitcoin can only become an additional digital currency instead of credit cards, but cash will remain for an alternative payment option.

You are right but the chances in the future are more that people will use only digital form of payment method for their businesses and for their needs as the future is shifting to be in the digital form as many people like to do businesses online and many people like to shop online.

[Pab]

No and for what,bitcoin is alernative it is his value.Any nation needs his own money,it is country economical base,look euro zone,many countrys suffer becouse thay have lost his own money

[lemonade09]

Surely in the future the bitcoin will replace the conventional money we all know the bitcoin will be the future mainstream currency and it is the future of money bitcoin is still in a test today and we know that it is in a process of adoptation in all over the world and many countries.

[Gens09]

Maybe there will be an a new technology will be invented as a new currency and more advance than bitcoin or cryptocurrency so we know that it can be the reason that bitcoin cannot be replace the convectional money but in my opinion it is in the process of replacing the traditional money all we know it is already being develop in many countries.

[tosmartak]

I don't see that happening. Conventional money will still exist, as you can't impose bitcoin on everyone for transaction purposes. Sure, there really would have been widespread usage of bitcoin globally, but other fiat currencies still remains for other local use. Moreover,  I still always insist we don't have a clue what the future holds for bitcoin.

[mantra]

I don't see that happening. Conventional money will still exist, as you can't impose bitcoin on everyone for transaction purposes. Sure, there really would have been widespread usage of bitcoin globally, but other fiat currencies still remains for other local use. Moreover,  I still always insist we don't have a clue what the future holds for bitcoin.

True, conventional money will never be replaced by bitcoin and will always exist. Many things that make bitcoin can not replace the conventional currency, one of which is the regulation of the government, to date there are many countries that prohibit the use of bitcoin even though some countries allow transactions using bitcoin

[BitcoinsGreat]

I don't see that happening. Conventional money will still exist, as you can't impose bitcoin on everyone for transaction purposes. Sure, there really would have been widespread usage of bitcoin globally, but other fiat currencies still remains for other local use. Moreover,  I still always insist we don't have a clue what the future holds for bitcoin.

True, conventional money will never be replaced by bitcoin and will always exist. Many things that make bitcoin can not replace the conventional currency, one of which is the regulation of the government, to date there are many countries that prohibit the use of bitcoin even though some countries allow transactions using bitcoin

It is not likely to happen anytime soon, but nothing is impossible. I think we might see bitcoin replacing the fiat and all world a digital one in 10 to 20 years buts for now it is like impossible to happen.

[carlerha]

the confirmations of transactions could the weakest of bitcoin currently because even the bitcoin price was so high but the transactions was too slow and i think from this side bitcoin could not replace the conventional money because with the money people could do instant transactions between person to person without wait the confirmations and bitcoin could not do that

i think not just the ten minutes for confirmation time are the problem!!!
for the small transaction, paying with bitcoin still become too much expensive for the high fees
just think to buy a coffe...

i think 10 minutes for conformation of transaction is still a big time. because if a person is doing shopping from off line shops and when he come to the counter and pay the bell in bitcoin, then he must have to wait at least for the conformation message and he cannot leave the place without the conformation time. therefor he has to stay there and which is really not good for the future of bitcoin .

[lister storm]

Bitcoin can only become an additional digital currency instead of credit cards, but cash will remain for an alternative payment option.

To be honest, I cannot agree with that. Bitcoin is a way better currency than fiat and requires less time for transactions, besides that, the fees are really small. I think that bitcoin will definitely replace fiat at some point, the only question is when it will happen. Also it shouldn't be just bitcoins, there are tons of more cryptocurrencies that have the potential on becoming even bigger than bitcoin is right now.

[JimmieA]

Could Bitcoin ever replace conventional money?

One or two years to come may not be in place as a substitute for the money that now exists, but the future can be used as an alternative

whether one, two more years, or many more years bitcoin still will not replace conventional currencies. because, countries won't have benefit when their currencies wiped out and replaced by bitcoin, on the contrary, that can affect their economies. So, bitcoin will still is bitcoin, wil be a separate currency, not mixed or replace other currencies.