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

[oegarod]

Cryptos do have the power to overcome normal currency, but they can’t overtake the power of normal currency in the society. As the saying goes, seeing is believing, people would rather see their payment in front of them than for you to transfer through bitcoin.

There are still people who doesn't believe in safer online transactions mostly they are those who got scammed before or those who doesnt have knowledge on how it use. Overtaking rwgular may not really happen but it can lessen the users who use it mostly.

Yes, it's hardly not possible to overtake the regular currency in terms of usage as well in terms of acceptance. Cryptocurrency might grow with potential, but to overcome the regular currency it needs support from all levels. Same as described in a post, still there are users who fear of online transactions. So it cannot reach the entire population which is a must to overcome the growth of regular currency.

[Broly46]

Not until big business start to accepting crypto as a means of payment,
but I don't think any business will give up their stack of cash so easily for a virtual coin,
something tangible is always more valuable.

[thundercrystal]

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?

    Cryptocurrencies, currencies that can be manipulated through the use of internet. It is possible for bitcoin to dominate real money but it is impossible for it to make it disappear. Because not all part of the world has fast and stable internet.

   As we see, bitcoin is one of a cryptocurrency. It is very famous and has high price. It is not impossible for it to dominate all cryptocurrencies even normal money. As it stays with its stability and improve more in its transaction and security.

[nexus99]

I don't think cryptocurrencies can ever replace fiat. There will always be high demand for fiat among certain groups of people and there are people who will never consider using anything except fiat

[Meowth05]

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 don't that government could prevent the people to use bitcoin since bitcoin is anonymous it means they will never know if if that person is being exposed in bitcoin. Besides, bitcoin is innovation that we can never be prevent. We should accept that bitcoin will be another way of payment in future hence, we should adopt and try to learn about this thing now. Yeah, there's a possibilty that cryptocurrency to ovetake the fiat however, we should know that there are many things that couldn't do of crypto.

[severaldetails]

A cryptocurrency will not overtake the fiat of a country.
First of all, basically all cryptocurrencies have turned out to be investments, not currencies.
A currency is something that has about the same value every day. Crypto currencies are much to volatile for that.
The second thing is that a national currency needs to be influenceable by the government.
Crypto currencies are just influenced by the market.

[malikusama]

That's what going to happen in the future, government and banks will try to control the bitcoin growth. The success of bitcoin is scaring banks and the government, mostly governments want to regulate bitcoins according their own benefit and interests.

[Pearls Before Swine]

I know this question has been asked before, and my thought
at the time was 'no, never' but I kinda now think it would be possible
under certain circumstances.   Like hyperinflation.   In certain
countries like Zimbabwe or Venezuela.   It would take a lot for
people to choose crypto over gold & silver or another stable asset.
Unlikely,  but possible.

[MintCondition]

That's what going to happen in the future, government and banks will try to control the bitcoin growth. The success of bitcoin is scaring banks and the government, mostly governments want to regulate bitcoins according their own benefit and interests.

But it will be hard for them to do it so. Bitcoin is decentralized and can do transactions anonymously. In an advance government fully associated in technology programs they might find a way to track it,but why bother when there are more issues in their country needs to attend too. Regular currency will always have its use but it can be lessen it's uaer as time passed by for many believes btc is the future crypto and we are starting on saving it in.

[suppersz]

I am willing to bet there will be at least 1 country out there in a few years who primarily uses bitcoin, probably not anything like the united states though. In fact, I believe a man is trying to create his own country named Liberland, and its primary currency is going to be bitcoin!

[deisik]

Overtake in what way? Because if you are talking about prices then cryptocurrencies won the game. But I think when you are talking about being the first choice or an official currency of anything then I think you might be dreaming because Cryptocurrencies won't be a first option to any country with an official fiat currency, its like you are accepting that your country's economy be controlled by another person

I don't think we could say that

Well, at least, not in respect to properly decentralized currencies (or cryptocurrencies which are allowed to be mined by only citizens of that country). In the past, many governments used gold as money, and whoever held most of gold could be said to have been controlling the world. As to me, it is rather a question of establishing a truly universal and genuinely decentralized currency (most likely a PoS coin) as a prerequisite for countries using it on par with their local currency (or instead of it)

[Buttercup123]

I don't think cryptocurrencies can ever replace fiat. There will always be high demand for fiat among certain groups of people and there are people who will never consider using anything except fiat

I agree, usually people needs something that actually they can hold too, or rather they see to call that they are holding big assets -bank statements accounts. Cryptocurrency is online currency and not all people knows about it, try asking old ones if they knew bitcoin, they will just ask you what is that, then if you have explained it they will never believe that it existed nor they believe that there is an internet based money. Regarding legality, people usually trust something that is commonly uses like fiats, they can invest in bitcoin but minority will try to transact using bitcoin. Although cryptocurrency have higher value than most of the fiats, it can never replace the value for which the fiat reflects the power of the government.

[logicgate]

A cryptocurrency will not overtake the fiat of a country.
First of all, basically all cryptocurrencies have turned out to be investments, not currencies.
A currency is something that has about the same value every day. Crypto currencies are much to volatile for that.
The second thing is that a national currency needs to be influenceable by the government.
Crypto currencies are just influenced by the market.

Up to some extent, you are right. Crypto currencies are much more treated as investments than as currencies but the good thing is they can be treated in both ways. Crypto currencies will probably not over take fiat but are going to work side by side with fiat. In future, both forms currencies will be available for use.

[Stripple]

Overtake in what way? Because if you are talking about prices then cryptocurrencies won the game. But I think when you are talking about being the first choice or an official currency of anything then I think you might be dreaming because Cryptocurrencies won't be a first option to any country with an official fiat currency, its like you are accepting that your country's economy be controlled by another person

I don't think we could say that

Well, at least, not in respect to properly decentralized currencies (or cryptocurrencies which are allowed to be mined by only citizens of that country). In the past, many governments used gold as money, and whoever held most of gold could be said to have been controlling the world. As to me, it is rather a question of establishing a truly universal and genuinely decentralized currency (most likely a PoS coin) as a prerequisite for countries using it on par with their local currency (or instead of it)

To build on that it may actually help governments, the decentralised method. Although I don't think I'm a big fan, the government already has a tool in place to track bitcoin transactions since 2015. If a crypto would indeed be in place for a complete country, then the spending and receiving of money (crypto) would be completely transparent for taxes for instance. I know it's probably not what most people would want from crypto, but I'd see that kind of transparancy as a plus for government and thus, blockchain.

[dobladi]

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?

'm not sure if they'll ban Bitcoin just because it is a threat to fiat. If you mean threat as Bitcoin being more in demand or being more often to be used than regular currency. I think government can't do such thing if people would want Bitcoin to be usedcompared to fiat because the power is on people. Yhey might check its effect or benefits fir thselves.

[UsernameBitcoin]

Nah. There will always be die-hard fiat fans who want to spend physical cash. Well, at least for another century.

[deisik]

Overtake in what way? Because if you are talking about prices then cryptocurrencies won the game. But I think when you are talking about being the first choice or an official currency of anything then I think you might be dreaming because Cryptocurrencies won't be a first option to any country with an official fiat currency, its like you are accepting that your country's economy be controlled by another person

I don't think we could say that

Well, at least, not in respect to properly decentralized currencies (or cryptocurrencies which are allowed to be mined by only citizens of that country). In the past, many governments used gold as money, and whoever held most of gold could be said to have been controlling the world. As to me, it is rather a question of establishing a truly universal and genuinely decentralized currency (most likely a PoS coin) as a prerequisite for countries using it on par with their local currency (or instead of it)

To build on that it may actually help governments, the decentralised method. Although I don't think I'm a big fan, the government already has a tool in place to track bitcoin transactions since 2015. If a crypto would indeed be in place for a complete country, then the spending and receiving of money (crypto) would be completely transparent for taxes for instance. I know it's probably not what most people would want from crypto, but I'd see that kind of transparancy as a plus for government and thus, blockchain

But would there be any difference?

I mean in comparison with today's fiat system based on commercial banks and digital fiat? Most transactions nowadays are already cashless, and the government can easily trace them if such a need should arise. So it is basically six of one and half a dozen of the other. Regarding cash transactions, introducing local cryptocurrencies is unlikely to change anything in this regard. People will continue to use cash as before, crypto or fiat

[Zicadis]

Would banks and governments actively work and implement countermeasures to undermine this process?

A single government working alone can never stop bitcoin from been used regardless of which ever counter measures are used their efforts will all be in vein as people will find alternative waysto use their bitcoins.

Are the underestimating the potential of cryptocurrencies by investing in some of them?

If the government choose to invest in cryptocurrencies then the have recognized that change is near, if you cant beat them join 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?

This will remain a speculation but i do not think bitcoin has any bad intentions...

[xuan87]

I don't think the government is underestimate crypto currencies, the government used to underestimate it but after a huge implementation, the government started to take precaution steps, the potential of replacing regular currency is none, but crypto currency can be the cause the tax income to decrease and can be disrupted the economic balance for a country

Crypto currencies can be banned if the usage is over and the country's income tax become really small and being used for illegal purchasing

[ajmapalo22]

I am confident of one thing cryptocurrencies will probably a hit in future time, many will adopt it such as establishment and other countries but I don't think it will become a threat to normal currencies because it can never replace them. The market of crypto currencies is limited to those people who have the knowledge in using internet and not all the members of the society can adopt that. For it to overtake regular currencies many aspect must be consider.