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

[Highryder]

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?

[BillyBobZorton]

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?

Im not sure governments are going to happily accept bitcoin as a replacement for their fiat currencies. You have to ask yourself: why? what do they win doing that?

Why would governments replace their currencies, which they control, for a currency that nobody controls? It makes no sense.

I see bitcoin as a neutral asset like gold primarily, secondarily as a currency, and it will depend on the people using it or not. The big mistake is considering bitcoin before digital gold, because that's where big blockers ruin everything.

[Emoclaw]

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?

No and no. Cryptocurrencies will be used alongside FIAT unless governments decide to create their own centralized blockchain-based currency.
Governments would never replace a currency that they control with one that they don't.

[bryant.coleman]

Looking at the market cap, certain crypto-currencies such as Bitcoin, Ethereum and Ripple have already overtaken some of the long-established fiat currencies. But we can't yet compare the major fiat currencies (USD, EUR, JPY, CNY.etc) with the crypto-currencies. For example, the market cap of United States Dollar is at least 25 times greater than that of BTC.

[Reid]

Some of the countries have already took those steps and they are not allowing bitcoin and other crypto currencies. One country is using a crypro like currency so they dont want anything to do with other to avoid confusion and it might be a real threat.
Ain't it becoming a real threat now.
They are doing steps which are popping up from everywhere. Fake news and other stuffs to avoid this currency specially bitcoin.
Making it look bad to the public for it not to grow more.

[GröBkAz]

Indeed it got the potential.. crypto is fast, stable, secure and trusted as well

[Cassandre]

They could not ban crypto-currencies, because the thin string that keep them to power would be broken in case they start doing it. But they have the potential to take the whole online payment area.

[Himanshu111]

I don't think cryptocurrencies can replace regular currencies simply because crypto don't work offline whereas regular currency does. Moreover, crypto are decentralized and the government would not allow the decentralized system to take over their centralized system, the one government can control.

[sukamasoto]

Before bitcoin able overtake fiat , my goverment still not legalize at the moment as bitcoin may be act as threat on the future
For example : my country are against terorism and corruptor so when they are using bitcoin as their transaction will become their advantage to cover their transaction

[onrise]

Indeed it got the potential.. crypto is fast, stable, secure and trusted as well

If you think Govt will allow to replace its country currency with cypto currency then this will be never happen. Yes both the currency will exists but cypto currency is not accepted in some countries and due to this this lack against the regular currency. And country currency is being regulated by govt and this is not so with the cypto currency.

[TrumpD]

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?

Anything is possible, but in my opinion crypto-currencies have outgrown the reach of any particular government. they will try, Russia tried and abandoned the idea. I think the opposite will be the case and governments will embrace it but will develop their own blockchains.

[webtricks]

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?

Banking and Financial Institutions come under the category of 'service' which means serving the customers. The sole motive of such institutions is to work in accordance to people's needs. So rather than being dependent on banks or government to implement cryptocurrencies, we should start using them at personal level. When people use cryptocurrencies among them and start demanding them, banks would left with no alternative than refreshing the fiat with cryptos.
"If buyers demand apples then why would seller sell bananas."

[Potato Chips]

Exactly, many countries are still having difficulties on having a stable internet connection. the not everyone can afford an internet connection is already obvious but in some

countries like mine, we have a very slow but expensive internet so it is the first problem that needs to be solved first. second, countries who have issued a risk assessment or a

warning regarding cryptocurrencies often said that it is not backed by anyone which is true as no one can control it so that fact will certainly become a reason on why they won't.

third, i think most countries are satisfied with our current money system right now so unless something terrible happens they won't replace it

[hatshepsut93]

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?

First, there is the scaling problem. You might think that this only affects Bitcoin, but in fact it's the same for any other cryptocurrency - they can't process more than 20-30 transactions per second at best, while visa is processing around 3000 transactions per second. There will be lots of improvments with cryptocurrencies that will increase their capacity, but demand will also be growing, because right now only around 40% of humanity has access to banks.

The other factor is how attractive they look, in comparison with traditional currencies. Most users won't care about decentralization and financial freedom, they need fast, simple, cheap payments, and if cryptocurrencies won't be able to provide this, than they will be mostly used by people who need their special features.

I'm sure that cryptocurrencies have a bright future as assets, but their utility as currency remains uncertain. I have a very high hopes for the Lightning Network though.

[channingwilmer]

it is hard to know, bro. There are still many issues inside which can not be solved yet. Bitcoin, as well as other cryptos, is created with the good purposes in order to help people in many ways. But, most of them are decentralized. The government, on the other hand, want to take control over the people. They want to know everything about their citizens. Well, I believe that once crypto overtake regular currencies, there will be no country in the world anymore

[theauthor]

Some cryptocurrencies are often considered as a commodity, given their overall supply is limited (21 million in the case of Bitcoin). In several notable cases, these cryptocurrencies are proving themselves as a valid complement to existing fiat currencies. However, their supply rate cannot be adjusted to respond to global or regional economic conditions, which is one of the secondary monetary functions of currencies. Their neutrality to the economic environment is also considered their limit to eventually replace fiat currencies.

[omonuyak]

Governments has seen the potential of bitcoin and others cryptocurrency and that is the reason they keep blocking the progress of bitcoin.  In reality governments, group of people and individual can not banned bitcoin because bitcoin did not need them to be accepted because it is decentralized. I have seen bitcoin and cryptocurrency been used in the place of fiat in future because of it nature  and cheap for governments compared to fiat.

[gentlemand]

No. They're not usable as currencies. If the world economy ran on them in their present form there wouldn't be much of an economy left as it's set up to make us buy as much tat as possible.

As long as governments charge tax, they're going to ask for tax in the currency they control and governments will always charge tax.

[Kimi80]

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?

Government always wins. Cryptocurrencies will be either banned or will be fully controlled by the government, they will not let anything to spoil their full people control project.

[Hamstead]

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?

Government always wins. Cryptocurrencies will be either banned or will be fully controlled by the government, they will not let anything to spoil their full people control project.

If bitcoin becoming, the goverment will take control on it, of course tax will be collected. Therefore, bitcoin and local currencies may equal because of that tax and that could be a huge income by the government. But to overtakes from local currencies, yes in some aspects because they are totally different. Bitcoin is just in online transactions, not  like local currencies that can be used online and any regular transctions.