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franco123
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August 09, 2017, 05:22:50 AM |
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Yes, it is true that Bitcoin can not replace the actual currencies in the world. However, the reason is not because the price of Bitcoin is not stable. All the currencies are not stable to be exact. If you look at the graphs of Forex (Foreign Exchange) Trading, you can observe that from time to time, day by day, there are a lot of movements happening in the currencies of the different countries. This is because of the factors like GDP, export, import, supply, demand etc.
The reason that it can not replace the actual currencies is because of the fact that it is just a cryptocurrency. It does not belong to any nation and can not be owned by any of them because it is being utilized by different countries around the globe through the internet.
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ekoice
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August 09, 2017, 05:31:17 AM |
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bitcoin cannot replace currency in the world because price is not stable.
currency should be more stable.
you may reply me. currency is not stable also but you should think
USD currency price is up and down 1-2% in 1 month.
bitcoin price is up and down 20% in 1 month.
what will people think if they just change USD to bitcoin then their money down 10% in 10 minutes?
bitcoin can become stock but cannot become currency
Definitely.Volatility is the biggest drawback of bitcoin.It is due to this volatile nature,most retailers don't come forward to accept bitcoin as payment.Many countries also rethink of legalizing bitcoin due to this feature.But it could not be made stable since there is no central authority to do so.But bitcoin could remain as a secondary currency. |
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kynaz
Sr. Member
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Activity: 1078
Merit: 250
http://unidapp.app
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August 09, 2017, 05:39:17 AM |
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Yes, it is true that Bitcoin can not replace the actual currencies in the world. However, the reason is not because the price of Bitcoin is not stable. All the currencies are not stable to be exact. If you look at the graphs of Forex (Foreign Exchange) Trading, you can observe that from time to time, day by day, there are a lot of movements happening in the currencies of the different countries. This is because of the factors like GDP, export, import, supply, demand etc.
The reason that it can not replace the actual currencies is because of the fact that it is just a cryptocurrency. It does not belong to any nation and can not be owned by any of them because it is being utilized by different countries around the globe through the internet.
I agree with you . Bitcoin is not the actual currencies, but in the future all the actual currencies will disappear because of the industrial revolution of the Cryptocurrency market. I think if that happens surely the Cryptocurrency market will also transform into real market, but will be more profitable. |
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krishnapramod
Legendary
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Activity: 1470
Merit: 1079
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August 09, 2017, 06:18:30 AM |
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bitcoin cannot replace currency in the world because price is not stable.
currency should be more stable.
you may reply me. currency is not stable also but you should think
USD currency price is up and down 1-2% in 1 month.
bitcoin price is up and down 20% in 1 month.
what will people think if they just change USD to bitcoin then their money down 10% in 10 minutes?
bitcoin can become stock but cannot become currency
Bitcoin was created as a P2P payment system, but since a highly volatile, unstable currency cannot be used as a reliable medium of exchange, rather than a currency it is more of a speculative asset now. Bitcoins supply is limited and as far as there is speculative demand, bitcoin would be volatile and this is what is preventing mass adoption. And even if bitcoin gets adopted globally no corrections can be made in bitcoins fixed supply (divisible) to match an increased demand so it would always be somewhat volatile, but much more stable and maybe in future it would be stable enough to be used as a medium of day-to-day exchange. Bitcoin wasn't meant to replace or would replace conventional currency. |
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Pleione527
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August 09, 2017, 06:56:45 AM |
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Yes it cannot replace currency because it's value was not stable in addition to that even if it has stable value the limitations of supply of bitcoin is also a reason why it can replace any currency circulating the market unless the supply of bitcoin will increase in the coming years
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DoublerHunter
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August 09, 2017, 07:02:47 AM |
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Yes it cannot replace currency because it's value was not stable in addition to that even if it has stable value the limitations of supply of bitcoin is also a reason why it can replace any currency circulating the market unless the supply of bitcoin will increase in the coming years
That is the biggest disadvantage of bitcoin compare to the other currency right now, the limited supply of bitcoin is a big deal if most of the countries will decide to adopt bitcoin and make it as their official currency. Stability of bitcoin is not that big deal because we can easily get stable if bitcoin is well regulated in most of the countries and exchange. |
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Stripple
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August 09, 2017, 07:05:42 AM |
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Well not right now no, but the technology behind it may well be a viable option in the future. It may also not be bitcoin itself, but a combination or front technology that uses any coin (like TenX or Centra) or just the technology (when banks choose a certain partner to implement). But it's far too volatile to pay people's salary with any crypto, or the price of a cup of coffee may range from $1 to 50$ on a daily basis. Too unpredictable but I do think the technology will be used some way or another even if it starts with the traffic between banks (such as Ripple).
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Bagaji
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August 09, 2017, 07:36:16 AM |
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bitcoin cannot replace currency in the world because price is not stable.
currency should be more stable.
you may reply me. currency is not stable also but you should think
USD currency price is up and down 1-2% in 1 month.
bitcoin price is up and down 20% in 1 month.
what will people think if they just change USD to bitcoin then their money down 10% in 10 minutes?
bitcoin can become stock but cannot become currency
Op so many factors are responsible for the volatility of Bitcoin price when compared with fait currency. Numbers of Bitcoin users are very little when compared to fait currency. Bitcoin came into existence bearly a decade as compared to fait currency that has been in existence for time immemorial. Institutions and government would not allow bitcoin to replace fait currency for reasons best known to them. I believe bitcoin and fait currency can be existence simultaneously. |
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fredrickodo
Member
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Activity: 66
Merit: 10
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August 09, 2017, 08:32:17 AM |
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Bitcoin is certainly not a globally accepted currency but, it's decentralised. It's cashless, it's secure and cannot be stolen. It's value increases what beyond what one can imagine. You can buy and sell using Bitcoins.
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andylowe
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August 09, 2017, 09:50:45 AM |
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Bitcoin is certainly not a globally accepted currency but, it's decentralised. It's cashless, it's secure and cannot be stolen. It's value increases what beyond what one can imagine. You can buy and sell using Bitcoins.
Well, at this time it cannot replace currency in the world but we never knew what the future holds. With technology advancements, decades from now we don't have a choice but to use bitcoin as the world's currency. There will come a time that iits volatility will be minimized. |
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8Habits
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August 09, 2017, 10:28:43 AM |
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Bitcoin is certainly not a globally accepted currency but, it's decentralised. It's cashless, it's secure and cannot be stolen. It's value increases what beyond what one can imagine. You can buy and sell using Bitcoins.
correct about bitcoin as not globally accepted currency but anyone in the world can use bitcoin to any transactions that accept bitcoin. This is the beauty of it because anyone can use it and there is no limitation like with each country currency, there is a need to convert them into dollars for certain type of transactions before it gets through but with bitcoin, it can be done easily. |
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777Bitcoin
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August 09, 2017, 10:41:11 AM |
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Bitcoin is not even close to the year of existance of real currency that has been 100 more years while bitcoin is just a 10 years below. But in the future will see.
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jpoker272727
Legendary
Offline
Activity: 1137
Merit: 1000
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August 10, 2017, 07:22:30 AM |
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Yes, it is true that Bitcoin can not replace the actual currencies in the world. However, the reason is not because the price of Bitcoin is not stable. All the currencies are not stable to be exact. If you look at the graphs of Forex (Foreign Exchange) Trading, you can observe that from time to time, day by day, there are a lot of movements happening in the currencies of the different countries. This is because of the factors like GDP, export, import, supply, demand etc.
The reason that it can not replace the actual currencies is because of the fact that it is just a cryptocurrency. It does not belong to any nation and can not be owned by any of them because it is being utilized by different countries around the globe through the internet.
I agree with the statement that non-stability of bitcoin is not a valid reason to be a world currency because variation exist in the exchanges markets regarding all currencies. I would like to mention that currently we cannot say that dollar is just a currency, I think like gold dollar is also has the position of a resource and bitcoin is going toward the race to compete gold and dollar. |
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oegarod
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August 10, 2017, 07:28:01 AM |
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Price being unstable is not at all an issue with bitcoin. Real users were much attracted towards it just because of the volatility. Bitcoin will be used longer and keep growing reach a larger market around the globe. Same will not help with the bitcoin going mainstream.
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Stripple
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August 10, 2017, 08:53:53 AM |
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Price being unstable is not at all an issue with bitcoin. Real users were much attracted towards it just because of the volatility. Bitcoin will be used longer and keep growing reach a larger market around the globe. Same will not help with the bitcoin going mainstream.
Well it is an issue in the sense of acceptance for services people need to rely on. The unstable price is not an issue in the sense that the people who are into bitcoin now want to (A) change the world with the philosophy that bitcoin represents or (B) get rich and/or lambo's. Think the people you mean are of group B  |
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DoublerHunter
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August 10, 2017, 11:34:41 AM |
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Price being unstable is not at all an issue with bitcoin. Real users were much attracted towards it just because of the volatility. Bitcoin will be used longer and keep growing reach a larger market around the globe. Same will not help with the bitcoin going mainstream.
It's still issue to other or most of the people within bitcoin because as an investor they want to have a stable price but the movement of the price is going up. That is what they like and the volatility is one of the factor why some of the investor just back off and cancel their investment because they are afraid to lose some money. |
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marcuslong
Legendary
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Activity: 1036
Merit: 1002
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August 10, 2017, 11:38:49 AM |
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Bitcoin is already a global currency already and it will become more powerful when bitcoin becomes the payment of all store and online store and can be usen to other payments i use bitcoin to pay my bills every month and even bitcoin is not stable we don't care as long as bitcoin is still kicking and we are earning from it.
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fathur.aza
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August 10, 2017, 12:50:12 PM |
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Indeed now bitcoin can not be used to replace the world currency because it is still unstable, but look at it later. Bitcoin is very meaningful for us all to improve the oconomy in a country, just look at its long term bitcoin.
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_Legendary_
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August 10, 2017, 02:17:00 PM |
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This matter will continue to be a debate, bitcoin users continue to increase and should the country legalize the use of bitcoin. But I know that this is a difficult decision because they put the legal currency first.
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Cazkys
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August 11, 2017, 04:08:02 AM |
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In my opinion, Bitcoin will not replace currency in the world any time soon in the future. It will continue coexisting with fiat just like as it does now. Maybe it will be more used than fiat but they will continue to coexist. I can’t really imagine our banks giving up their control on the money business to give way to a currency that doesn’t need any middleman or currency that they can’t tax.
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