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

[faceoff97]

There are lot of features bitcoin have to deal with before it over take the current currency. Like better way of transaction, currently its not practical to use bitcoin because in every transaction you made there has to be transaction fee. It wont be attractive with the majority, it has to be attractive. Majority cares about fast,simple and cheap payment. If this features cant be offer by the bitcoin system, few people would only benefit with it, specially those who like decentralization. Moreover, bitcoin is was not made to overtake the traditional currency, they can go along side.

[rjbtc2017]

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?

Normal currencies? to what extent? Currency is the physical one, while cryptocurrencies are the virtual one, even if this debates will always surely show in bitcoin forum, There is no way that a cryptocurrencies will take over fiat, and since we must always know that all cryptocurrency will always be involved with fiat money, describing it as a threat is unimaginable. For me Cryptocurrencies is another medium to drive people to use fiat money more to drive cryptocurrencies.

[poetra2501]

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 think so, the government cannot intervene to take care of Bitcoin, because Bitcoin is
decentralization system. So, I think the Bitcoin can walk along with other local currencies in the future.

[exstasie]

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.

I don't think it was really intended to replace them. Replacing fiat currencies means dismantling governments themselves. Controlling national currencies is how governments keep their economies stable. They also work with the banking system to monitor the movement of money and catch tax evaders. Governments will never give this power up.

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.

This is true for early adopters. In the coming years, interfacing with wallets and exchanges will be much easier and more intuitive for average folks. Even grandmas will be using bitcoin (whether or not they know it).

[Pleione527]

I don't think so because the regular currencies are regulated by the government and bitcoin is not ,for sure the government won't allow that to happen even if the popularity and acceptance for bitcoin is really that high nowadays

[doomloop]

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

yes you are right to some extent but I think the bitcoin and the crypto currency do have the potential to overcome the normal currency but they cannot finish the value of the real currency and the normal currency in the society. As the time knows the currency and the fiat money is being more important than the bitcoin but if we look at the importance and the price of the currency then we must say that bitcoin is better than the currency.

[Sled]

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

yes you are right to some extent but I think the bitcoin and the crypto currency do have the potential to overcome the normal currency but they cannot finish the value of the real currency and the normal currency in the society. As the time knows the currency and the fiat money is being more important than the bitcoin but if we look at the importance and the price of the currency then we must say that bitcoin is better than the currency.

It is not all about the price of the currency, it is all about the usage, stability and also the capability to use it online or offline. Those regular currencies or fiat money are the one who is very suited to those things that i said a while ago because it can work offline and online and its usage and stability is perfect for the world while the cryptocurrencies are not like that and they are just basing on the law of supply and demand.

[audaciousbeing]

Speaking frankly, I think crypto currencies especially bitcoin has the potential to overtake fiat and that is why there have been some attacks against it by some governments because they know if its left unchecked, it then pose a threat to their dominance over our daily lives and that's the potential that bitcoin has. Whether they will allow bitcoin live to achieving this potentials is another discussion entirely.

[exstasie]

Speaking frankly, I think crypto currencies especially bitcoin has the potential to overtake fiat and that is why there have been some attacks against it by some governments because they know if its left unchecked, it then pose a threat to their dominance over our daily lives and that's the potential that bitcoin has. Whether they will allow bitcoin live to achieving this potentials is another discussion entirely.

They could overtake fiat currencies in general usage if people lose confidence in fiat money en masse. Of course, governments can still mandate that national currencies be accepted for the payment of debts, so cryptocurrencies could never replace them entirely. I think that governments are preparing for increased cryptocurrency usage and are scrambling to figure out how to regulate it. Institutional investors also want in; everyone is waiting on the next attempt at an ETF.

I think we are past the point where governments and central banks can stand in the way. They can only try to exercise control over their populations' use of cryptocurrencies as best they can.

[Kyraishi]

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?

Yes, i think so. They simply have a conflict of interest in bitcoin because of the fact that it is decentralized, and it destroys their power. If they supported bitcoin they are essentially giving up their power as a central bank or big corporations that will for sure get bailed out by the government, and losing out on tons of profits.

Will they undermine this process? Of course they would. Look at how KYC on exchanges have become stricter and stricter over the past few years. It used to be an easy process to buy and sell altcoins, but now it's just as hard as say, buying btc.

But they will fail, imo, because there is no central point of failure. The downfall of libertyreserve and e-gold were that they had a single server hosting the files that the government can shut down. This isn't the same with btc. Now finally, does bitcoin have the potential? Definitely. It has the potential to change the world for the better, if enough people realize that there is a need for decentralization of economics.

[exstasie]

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?

Yes, i think so. They simply have a conflict of interest in bitcoin because of the fact that it is decentralized, and it destroys their power. If they supported bitcoin they are essentially giving up their power as a central bank or big corporations that will for sure get bailed out by the government, and losing out on tons of profits.

Will they undermine this process? Of course they would. Look at how KYC on exchanges have become stricter and stricter over the past few years. It used to be an easy process to buy and sell altcoins, but now it's just as hard as say, buying btc.

I doubt that central banks would openly support Bitcoin; their selling point is stability, and they cannot do that with cryptocurrencies. I do think that governments may start hedging some national assets in bitcoin or other cryptocurrency, just like they do gold. It's possible that they're doing this already. They may not like it because they can't control it, but that's the same reason they can't prohibit it. Because other countries will keep pushing forward in this new and important sector.

All the new KYC everywhere you look does suck, but it's expected. As cryptocurrencies gain value, they become more useful for money laundering (if left unchecked).

[bitbunnny]

I sincerely doubt this will ever happen. The best thing it could be achieved that cryptocurrencies become equaly accepted and recognized as fiat money but to replace it I think it's impossibe.
For this to happen cryptocurrencies need central banks and governments full suport and regulation but that is also something that many users wouldn't like to see.

[gabmen]

I sincerely doubt this will ever happen. The best thing it could be achieved that cryptocurrencies become equaly accepted and recognized as fiat money but to replace it I think it's impossibe.
For this to happen cryptocurrencies need central banks and governments full suport and regulation but that is also something that many users wouldn't like to see.

Exactly what i had in mind. The changes that will be made, if ever banks and governments lay their hands on crypto, would strip crypto of the features that made users believe in it in the first place. I don't see any need for this. For now i like crypto the way it is. No need to overtake any current currency

[Oo ako to]

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.

Yeah, I know this is the scenario that is going to happen in the next few years. This is very effective to countries who are very active with modern technologies and always up to date.

[wantjokull]

No they don't have that much potential because the world is very big place where crypto currencies are little as compared to fiat currency. They don't have proper recognition yet and they have so many liabilities to cover first before they can be adopted in the real world. There application is very limited currently and they needs work of fiction to be completed to work properly.


The government and banks are enemies and they won't accept crypto currencies never, because if they do then they will go focus on its development and performing that would not be beneficial the government. I think that clears the whole thing.

[Sir Cross]

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

I agree, because the internet in my country is not that good so it would be hard for cryptocurrency to become the local currency since not everyone has access to internet. Unless there's a way or technological innovation for cryptocurrency to be better than fiat currency, then I don't think it may be replaced just yet. It may be possible in the future, with more adoptions under way for it.

[rizkyhiw]

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.

Yeah, I know this is the scenario that is going to happen in the next few years. This is very effective to countries who are very active with modern technologies and always up to date.

An advanced technology for advanced country it might fit and work without have to take long time to wait ,
But how about developed countries and even poor countries ?
I don't think it really required few years only , it requires a lot of times!
Always imagine about this all day all night , it could be wonderful really.

[deisik]

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?

Yes, i think so. They simply have a conflict of interest in bitcoin because of the fact that it is decentralized, and it destroys their power. If they supported bitcoin they are essentially giving up their power as a central bank or big corporations that will for sure get bailed out by the government, and losing out on tons of profits.

Will they undermine this process? Of course they would. Look at how KYC on exchanges have become stricter and stricter over the past few years. It used to be an easy process to buy and sell altcoins, but now it's just as hard as say, buying btc.

I doubt that central banks would openly support Bitcoin; their selling point is stability, and they cannot do that with cryptocurrencies. I do think that governments may start hedging some national assets in bitcoin or other cryptocurrency, just like they do gold. It's possible that they're doing this already. They may not like it because they can't control it, but that's the same reason they can't prohibit it. Because other countries will keep pushing forward in this new and important sector

I strongly doubt that

Some governments may in fact be studying Bitcoin in particular and crypto (blockchain) technology in general, but I don't think any government is using any cryptocurrency for things you mentioned (like hedging. etc). If they ever wanted that, they would obviously use gold or the US government bonds (Treasuries). Bitcoin is just too risky to get used for anything as a vehicle for hedging. Hedging is employed when you want to minimize risks, but with Bitcoin you will evidently go in the opposite direction

[TheBTCAlex]

Cryptocurrencies definitely have the potential to become the currency of the future, however the governments won't be happy to let that happen as there is no way they can control/monitor the usage of BTC. They won't, in any way be able to tax it too.

Definitely, if BTC was made a kind of replacement for regular currencies from any country, it may reduce the amount of security hacks, but only if the user is careful enough.

However, one negative I see to this things is that if a country has BTC as its regular currency, then if, due to the volatility of BTC, the market value of BTC takes a huge dip, the country may even get bankrupted, so there is no chance of BTC overtaking the regular currencies, until and unless there is stability of the market price.

[arbitrage]

For small merchants and small jobs crypto currencies are best solutions, this process of adoption is slow only in the beginning, while pioneers do not break the ice, then everything will be accelerated. Online casinos and gambling sites were first now you can find thousands of web destinations who are ready to implement Bitcoin or other tokens as their payment methods. Next is real life usage. Speed of transactions and security of this systems will be crucial..This is just the beginning, and it is very far from taking over. Fiat will stay much longer with us.