Do you think cryptocurrencies have the potential to overtake regular currencies?

[JoshMart]

For me crypto currencies are not really here to replace fiats, they are options that we can use, they can work along side of any fiat currency, they can co-exist. I think it is best for the people to have options on what they really want to use. Besides I don't think any government will allow anything to replace their fiats.

[Xester]

I think the cryptocurrencies have excellent chances to become real money in about 15 years from now

You mean physical money?  Then what is special with bitcoin if it becomes a currency  a tangible one.  Bitcoin is a digital currency and its potential is very high.  It can do greater than our fiat money.  Maybe some country will use it as alternative to their currency because it has the potential but no so soon I guess.

[barontamago]

I don't think that bitcoin will overtake fiat currencies because the government will not allow bitcoin to take place of their fiat currencies because they cannot control the bitcoin because nobody controls it unlike their fiat currencies that they can control

[esa2782]

I think yes, it is like asking a question about digital and manual, do people think digital system will replace manual system? eventually yes, but not that soon, until everybody is interconnected and rely on digital system, which mean they have to use the crypto system of exchange.

[winterland]

It's very unlikely, at least in the short period.
Firstly, there is no general acceptance: there is a lot of talking about cryptocurrencies, but they are still used by a limited number of pieoneers.
Second, when banks and governments will realize that there is the risk to lose their power, they will start a real war against crypto.
We'll see.

People are not going to accept bitcoin as massively as that unless they have no option, people are never going to accept the truth unless they are hit in the face by it, people are never going to accept the current system cannot last and it is a scam until they see it with their own eyes and see the economy in ruins, so until that point we cannot expect that crypto replaces fiat.

[buternasek]

maybe here you are thinking, if one day crypto money can replace the position of paper money?
the answer is impossible, because there will be no state government willing to change their old payment system with a new one. let alone whit bitcoin.

[BlueStackz]

It's very unlikely, at least in the short period.
Firstly, there is no general acceptance: there is a lot of talking about cryptocurrencies, but they are still used by a limited number of pieoneers.
Second, when banks and governments will realize that there is the risk to lose their power, they will start a real war against crypto.
We'll see.

People are not going to accept bitcoin as massively as that unless they have no option, people are never going to accept the truth unless they are hit in the face by it, people are never going to accept the current system cannot last and it is a scam until they see it with their own eyes and see the economy in ruins, so until that point we cannot expect that crypto replaces fiat.

Shortly, it is hard to be implemented. Majority of us want this to be practically happening but this would be ending as a dream. No one can replace fiat money with bitcoins. Reason is obvious and you already told it that people are not accepting new system.

They are calling it scam and many others are doing propagandas about bitcoins. It may happen after three to four decades but not in near future.

[ssuchy]

maybe here you are thinking, if one day crypto money can replace the position of paper money?
the answer is impossible, because there will be no state government willing to change their old payment system with a new one. let alone whit bitcoin.

The fact is that the new government of the state has already stated its attitude regarding the crypto currency. at least in their words there are phrases about the national threat to their security.

[jeysonserafini1]

Yes, i do think they can because there was already an example about it, it's Bitcoin, the most valuable currency in this world.

[sevenbits]

I think that this is not as distant perspective as is commonly believed. Traditional financial institutions in deep crisis and crypto can become their chance to upgrade.

[doomloop]

Yes, i do think they can because there was already an example about it, it's Bitcoin, the most valuable currency in this world.

Anything is possible in the world but certainly for some new initiatives in the world you have to control the media while the thing is in the initial phase which in the case of bitcoin is not in the sight. The media and the banking sector, both are giving the negative news about the uncertain future of the bitcoin and that is the reason most of the people are not ready to take bitcoin as a currency yet, but hopefully this will be cleared with the time and in some time (may be a bit later) bitcoin will take over the currency system.

[DiamondCardz]

I'll be honest - as much as I'm an advocate of cryptocurrencies, I don't see them overtaking regular currencies such as fiat. The trouble is that they have too many issues right now and the population is not technologically literate enough. I do see a world where cryptocurrencies are as popular as fiat and run alongside them, but only for specific purposes.

[francis2]

Would banks and governments actively work and implement countermeasures to undermine this process? Are the underestimating the potential of cryptocurrencies by investing in some of them?
Do you think there is a possibility of cryptocurrencies being banned in the future for the reason of being a threat to "normal" currencies?

I really think that cryptocurrencies will be banned in many countries especially in those countries which are not very strong economically since they are the ones that are going to be affected first by bitcoin but since they do not have as much strength the ban they impose is not going to be followed as strictly by people as they know they can get away with it.

[sana54210]

Not really. First thing that matters a lot in everything is the population of people that are making a use of it. If lots of people are using it, then there would be higher rate of success. Bitcoin is just an asset anyway, so you shouldn’t expect it to be able to compete with real currencies. No country will allow Bitcoin to take over their currencies or spoil it.

Such thing happening will lead to that country banning Bitcoin for good. So Bitcoin doesn’t have the potential to overtake regular currencies. Even from the name you mentioned, you can already tell that– Regular” which means it is being used more often.

[btcprospecter]

Mass adoption is the biggest hurdle. Majority use fiat and that's what they know best it is going to be hard to convince people with no interest in crypto currencies that it is the future. Over time more will see the benefits of crypto currencies and I think we are more likely to see banks and governments with their own block chain currencies.

[intoy_victor]

There is no impossible in our new technology. Specially to the very progressive countries. They have a 100% potential to take over the regular currency to crypto currency world. Surely in the future crypto currency will be used more than local currency.

[AchillesPro]

In my opinion the government would not allow a decentralized system to run the monetary system.

[jhean_arcane]

Not really. First thing that matters a lot in everything is the population of people that are making a use of it. If lots of people are using it, then there would be higher rate of success. Bitcoin is just an asset anyway, so you shouldn’t expect it to be able to compete with real currencies.

Yes. A lot of people nowadays are adopting to the use of bitcoins and other altcoins. Give another 10 years for cryptocurrency and it will be so widespread that many will be having it. I agree that Bitcoin is an asset since it has a very high value - like gold. What I observe right now is that cryptocurrencies are in competition to the stock market despite its high volatility.

No country will allow Bitcoin to take over their currencies or spoil it.

Such thing happening will lead to that country banning Bitcoin for good. So Bitcoin doesn’t have the potential to overtake regular currencies. Even from the name you mentioned, you can already tell that– Regular” which means it is being used more often.

Agreed. The government hates things they cannot control. The government is a big factor in dictating the economic system and once they lose control on the monetary system, prices might skyrocket or break the market. That's why they wanted to regulate the exchanges of crypto to fiat. Just imagine people using crypto, a decentralized currency, how can they properly collect taxes? Taxes are necessary to run a country. It is what pays the government servants like the military, etc. Who's going to fund the government research? If the government will rely on private investors, the whales will make the government a puppet - an equally horrifying situation.

So for the own good of the country, I think governments are doing their best to maintain the current monetary system. The question is, how can they compete to bitcoin, which is currently gaining roots in the global economy? It would be hard, because unlike the fiat system, bitcoin presents a visionary contribution to a utopian order - decentralized, independent, and free.

[allohha]

Mass adoption is the biggest hurdle. Majority use fiat and that's what they know best it is going to be hard to convince people with no interest in crypto currencies that it is the future. Over time more will see the benefits of crypto currencies and I think we are more likely to see banks and governments with their own block chain currencies.

Judging by the latest data of analysts, the banking system very carefully approaches the current issue of the crypto currency. They are already much more effective and successfully test the technology blokchain. And they will not yield to the crypto currency.

[ethereumhunter]

I don't think that cryptocurrencies will overtake regular currencies because the government cannot control the crypto and they cannot use tax to get more revenue from the people. but I think the government will create some coin and develop the coin so it can integrate with the blockchain and I heard that they are still learning about blockchain technology.