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Author Topic: Can cryptocurrency make real money disappear?  (Read 28307 times)
AlienSeeker
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September 08, 2017, 04:53:40 PM
 #481

Now that we are in a digital age generation, this question really is not an impossible thing to happen. As people are satisfied how transactions are getting more faster and convenient, I can say that real money or paper money can disappear soon.

According to NIST and ECRYPT II, the cryptographic algorithms used in Bitcoin are expected to be strong until at least 2030. (After that, it will not be too difficult to transition to different algorithms.)
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Lomberjack
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September 08, 2017, 04:53:54 PM
 #482

What are the chances of living in a world with no actual money ?  Shocked
I think that event might be impossible to happen since bitcoin cannot be easily accessed by those people living in the rural or let us just say not yet civilized country wherein internet is abundant. They will still prefer fiat usage rather than using bitcoin. In addition to that crypricurrencies are the improvement of our natural money that is just put into virtual or online usage so usage of bitcoin cannot merely imply that bitcoin can make real moneys disappear.

valucash
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September 08, 2017, 05:43:06 PM
 #483

Real money will never disappear, not everyone have access to the technology that drives bitcoin or knowledgeable enough to use it, especially in the developing nations
Strught85
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September 10, 2017, 07:55:30 AM
 #484

No, due to the fact bitcoin is true funds to the identical extent as USD or EUR, what you most likely indicate is "paper income", I wouldn't be stunned at that variety of planet, considering how paper is currently getting rid of bulk of it truly is utilizes in US and Europe, absolutely everyone pays with a Credit history Card.Now envision a bitcoin credit card-like system, you pay out with directly to an address when scanned, Which is the thought of making use of digital bitcoin wallets.
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September 10, 2017, 08:22:15 AM
 #485

What are the chances of living in a world with no actual money ?  Shocked
Well a few countries do like the concept of making this world a cashless society like India but the concept of crypto currency is not mentioned over there  ,by cashless society they mean using debit cards and credit cards and online banking and stuff like that, but let time pass by and they might be interested in crypto currency.

Sasuke102001
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September 10, 2017, 08:28:02 AM
 #486

I don't think that crypto currency will make real money disappear that easily, Bitcoin will sure become a new face of currency but will not replace real paper money.
Sasuke102001
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September 10, 2017, 08:33:06 AM
 #487

What are the chances of living in a world with no actual money ?  Shocked
Well a few countries do like the concept of making this world a cashless society like India but the concept of crypto currency is not mentioned over there  ,by cashless society they mean using debit cards and credit cards and online banking and stuff like that, but let time pass by and they might be interested in crypto currency.
but many people in India didn't like the concept of a cashless society and many people in India don't use credit or debit cards but people have somewhat started to use mobile wallets like Paytm and other ones but still, not many shops or retailers here accept this wallet money. I myself use this wallets to transfer and pay money for services but the local shops don't accept online wallet money.
catlovedog
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September 10, 2017, 02:50:26 PM
 #488

I don't see my parents paying with crypto anytime soon, thus it is unlikely.
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September 10, 2017, 02:55:14 PM
 #489

What are the chances of living in a world with no actual money ?  Shocked
I highly doubt, and I think both should co-exist. Maybe , fiat or regular currency is the basis of the market value of Bitcoin and other cryptocurrency. because there are still countries wherein cryptocurrency is not yet legal as a currency and it won't be acceoted by local retailers therefore  they prefer regular currency because they doubt the advantages of Bitcoin and its function. Maybe in the future it will be dominant but won't totally make regular currency disappear.

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September 10, 2017, 02:55:34 PM
 #490

What are the chances of living in a world with no actual money ?  Shocked
Bitcoin will be boomed because of its high value, it will become popular and a lot of people will use it but in the end it cant disappear the Fiat Money because it is always need by people to buy anything. Yes we must say that Bitcoin is a kind of money but now it cant be used to buy products in small stores.

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September 11, 2017, 04:10:05 AM
 #491

The chances would be pretty low since cryptocurrencies is still not widely accepted and not everyone has accessibility to internet specially in third world countries. But observing the trend I think it is bound to happen in the near future.  Grin

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September 11, 2017, 06:29:23 AM
 #492

The chance by now I think is very small. Fiat is still needed, and I don't see the world becoming digital all at the same time. Some places in the world don't even have internet and some people can't even afford to buy themselves a gadget. That means, it's a lot of work before it happens.

Government initiative might be good, if they would start distributing to people their own gadget to send and receive Bitcoin. However, I am thinking that there is not enough bitcoin for all.

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September 11, 2017, 06:43:03 AM
 #493

Currently cryptocurrency is only used as an investment, but not a few also use it as viat money, but it will cause harm to those who use it. because the price is more expensive.

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September 11, 2017, 09:20:16 AM
 #494

For me, i think cryptocurrency can't make that real money disappear even in the future because so many challenges are waiting and big study of every individual countries need to do. The fact that we only use it through digital and knowing that not all children or adults can use computers,cellphone to transact on any kind of transaction that accept bitcoin. So we need to be realistic that in our world real money would not dissapear.

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September 11, 2017, 10:17:02 AM
 #495

Currently cryptocurrency is only used as an investment, but not a few also use it as viat money, but it will cause harm to those who use it. because the price is more expensive.
If the price of cryptocurrencies are high then it will be more worth it to use it as a fiat money because it will give you more chances to buy more things in the store and get more stuff that you want rather than having a single paper of real money or fiat money which its value is fixed and not volatile like the cryptocurrencies.

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September 11, 2017, 10:20:22 AM
 #496

No this won't happen, ever. I don't think any country would be dumb enough to replace its own currency as a whole with bitcoin or any other crypto coin. Bitcoin may become huge, it may even become the main way to pay (doubt it though), but it will never replace a country's currency.

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SoulBargain
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September 11, 2017, 10:25:51 AM
 #497

What are the chances of living in a world with no actual money ?  Shocked

Low. I think personally that cryptocurrencies wont make FIAT useless, but I think that cryptocurrencies will work hand-in-hand with FIAT money. Especially in countries like the United States, and the other first-world countries; I don't see FIAT going anywhere soon.

Exactly as I thought. Fiats are needed especially to make a quick transaction or a transaction without involving gadgets or internet which might not be available or accessible hence using digital assets would be useless and would delay the transaction. Both digital cash or cryptocurrencies and fiats need to work together hand in hand to offer a much convenient way to provide more options to do a transaction.

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September 11, 2017, 03:35:27 PM
 #498

Not currently because too many problems remain unsolved : scalability with high security, low latency, no or quasi no fees.
Destroyeroff98
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September 11, 2017, 04:30:51 PM
 #499

Cryptocurrency never replace the usual currency of each country, this is my personal opinion. Wink

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September 11, 2017, 04:38:56 PM
 #500

The question is what you mean by cryptocurrency.
I think that one day we will live in a cashless society. Every payment will be made digital.
Digital fiat money counts as a form of crypto currency as far as I know.
So yes, I am sure that one day crypto currencies will replace the cash money.

What I do not think will happen is that a crypto currency that is not backed up by a nation can replace a fiat money.

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