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

[supercanada1]

Yes , as we can see now bitcoin is at $4000 and still growing up and to be expected at this rate until it becomes $10000. In our country bitcoin surpasses our regular currency making it ideal to work online and earn bitcoin than to apply for a company at a minimum wage.

bitcoin is being more popular than the regular currency and it will be more profitable as the time passing it is increasing the worth of the bitcoin. Today it is not very hard to overtake the regular currency for the bitcoin because the term of the bitcoin usage and the acceptance is very high. The crypto currency is growing with high p-potential and to overtake the regular currency a small effort and support is required by all the levels now so it is possible now.

[BaraxLo]

It remains to be seen. Now people are attracted to constant growth rates, but this is because a lot of people are holding bitcoin, with the goal of getting rich. Also, a lot of speculators invested their money in bitcoin. If circumstances change then the price may start to fall again, it will trigger a panic, but a much larger scale.

Let hope that these circumstances don’t change. And holding bitcoin in my sight is not a good activity. And holding it I think will never let any crypto to take over other monetary system ever. Because they don’t use them and keep them as a useless material. In this way less bitcoin keep into the use of anyone and other people are still unaware of this thing.

[megynacuna]

It remains to be seen. Now people are attracted to constant growth rates, but this is because a lot of people are holding bitcoin, with the goal of getting rich. Also, a lot of speculators invested their money in bitcoin. If circumstances change then the price may start to fall again, it will trigger a panic, but a much larger scale.

Let hope that these circumstances don’t change. And holding bitcoin in my sight is not a good activity. And holding it I think will never let any crypto to take over other monetary system ever. Because they don’t use them and keep them as a useless material. In this way less bitcoin keep into the use of anyone and other people are still unaware of this thing.

The circumstances he listed above are inevitable and bound to happen one day but we just don't know when. If we don't develop a different perception and expect anything as we hold or spend bitcoins onevrwy we may be awakened to what we never expected.

[deadsilent]

That is bad if that happen. That means everyone now will rely on technology now since cryptocurrencies are needed device in able to use them. And i think it's going to happen since most of them are decentralized which is against the government. Government will not allow that because everyone will evade their taxes. Bitcoin surpasses the price of regular currencies. But it doesn't mean it will take over regular currencies.

Cash or regular currency still the best since it's way more convenient to use than cryptocurrencies. Like i said cryptocurrencies uses device or technology in able to use it. While cash can be use to buy anything with ease and don't use technology.

[Ctn]

I see no reason for crypto currencies to take over the fiat currency. How could that happen when the price is volatile for bitcoin which is major currency. Moreover I will you tackle the fact that bitcoin is limited coins and not more emission is possible as set by Satoshi sir.

Banks and governments will never fear of it, they never go in loss because they can print as much money as they want if its crisis or something else like bitcoin is taking over. They can but it in no time. So for sure that's not gonna happen.

[ss890]

I think it will get banned because no government will want to get disturbed by external currency or third party currency. They will never want their traditional currency to be dissolved just because of bitcoin or other coins due to it's high rates. There is difference in them and bitcoin might get troubles, a lot of trouble when it will come as currency to trade in the real life. The first thing is, it's decentralised and price of which would be fluctuating as always. This will lead o chaos when we will buy or sell stuff for it, as the rates wouldn't be fixed we may need to pay more or less all the time.

[rodel caling]

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?

as of now i think bitcoin are not threat to the local currency and the proof is also the other country is accepting bitcoin to help there in the economy, and i think nothing worry about bieng banned bitcoin use in the world of crypto because bitcoin can change to the local currency to for the daily needs.

[GröBkAz]

Yes but it will take some time.. currently crypto having lot of issues to sort out..
hoping for a digital world soon

[ObscurePen]

Cryptocurrencies do have the potential to overtake fiat, but there is going to be tough resistance by governments and the Bitcoin is not likely to be accepted by the public very soon. First of all, fiat is a highly stable and “good” option when compared to the volatile and unruly cryptocurrency of Bitcoin. Bitcoin’s price is extremely volatile when compared to fiat. It also brings with it massive transaction fees. These both make Bitcoin a highly unfavourable option when compared to fiat. Moreover, since barely anyone knows anything about Bitcoin, mainstream adoption is going to be severed once again. And there most certainly is a possibility of cryptocurrencies being banned in the future. In fact, you don’t have to look to the future. Just take your map of the world and look to Ecuador. They have banned Bitcoin and implemented another cryptocurrency. Another “national” cryptocurrency. It goes by the name: Sistema de Dinero Electrónico. (electron money system) However, this system does not have the qualities of a decentralised platform like Bitcoin. Rather it is solely meant to support Ecuador’s dollar-based monetary system, not replace it. Therefore, is not a cryptocurrency in its literal sense. For more information about this Ecuadorian “cryptocurrency” just visit this site: https://www.cnbc.com/2015/02/06/ecuador-becomes-the-first-country-to-roll-out-its-own-digital-durrency.html

It will give you a basic understanding of the new digital currency.

[hachiman13]

A currency is always backed up by something, be it the economy of the country that issues it or the trust of the people that it has value. Now if a government were to adopt cryptocurrencies and forfeit fiat, it is paramount to a guy selling his house to some shady guy in a dark alley whom you've known nothing about - the country is basically doomed.

[Theb]

A currency is always backed up by something, be it the economy of the country that issues it or the trust of the people that it has value. Now if a government were to adopt cryptocurrencies and forfeit fiat, it is paramount to a guy selling his house to some shady guy in a dark alley whom you've known nothing about - the country is basically doomed.

Well even if the cryptocurrency is controlled by the government it cannot make it stable as their Fiat currency as they are not the only ones who can influence the price, demand, and supply. Other people can control cryptocurrencies people such as big players can greatly influence the price. Also with this power it can be abused by the rich people making there Bitcoin have a higher purchasing power is on their will and power.

[jonval21]

Goverments like control everything i dont think they will allow some criptocurrency be uses like regular currencie, the only way some one that know about bitcoin be president and implement the cryptocurrency  like regular currency.

[Pettuh4]

Yes but it will take some time.. currently crypto having lot of issues to sort out..
hoping for a digital world soon

It will definitely take some time because of these scaling issues but hopefully one day we will all wake up to find bitcoins it cryptocurrencies for that matter are being used more than fiat currencies and it's going to be the digital world like you put it.

[suryati]

It seems that I can't see this happening right now but someday I think it could happen where a cryptocurrencies will take over the regular currency but it needs readiness from all aspects and from all parties of government, society and equipment needed. 

[henmark]

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?

Crptocurrency can surely become more accepted for transactions than fiat or credit card, but no matter what happens people would still prefer to carry out physical cash transactions.

[Webetcoins]

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?

Crptocurrency can surely become more accepted for transactions than fiat or credit card, but no matter what happens people would still prefer to carry out physical cash transactions.

Yes! People are going to use both currencies side by side. Both currencies have their own perks and majority wants to enjoy them at a time. For international transactions, digital currencies will be used frequently whereas fiat s going to be used in face to face transactions. Let the world enjoy both.

[Theb]

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?

Crptocurrency can surely become more accepted for transactions than fiat or credit card, but no matter what happens people would still prefer to carry out physical cash transactions.

It's actually true because right now even if we have a lot of payment methods from credit cards to cryptocurrency, fiat currency is still the king of all payment methods or at least every one of them will end up having a fiat currency value. It is the physical evidence of someone who paid you this kind or amount of money no change in face value whatsoever. I guess the most realistic goal for a cryptocurrency especially Bitcoin is to be accepted in all countries as one of the payment options in there.

[alyssa85]

Bitcoin definitely has the potential to overtake digital/electronic currencies. Bitcoin is cheaper, faster and more reliable than many forms of electronic payment & exchange. Old and potentially obsolete technologies like automated clearing houses and wire transfers are typically inferior to bitcoin in many ways. These deficiencies translate to bitcoin fulfilling an essential need in certain industries which have not evolved much over the last few decades.

Even if bitcoin transfer costs rise to $20 per transaction that will still be cheaper than many wire transfer services which charge twice that amount

How long ago did you make a Bitcoin payment yourself?

People are complaining that they have to wait hours before they get a single confirmation on the blockchain. I don't think it goes quite well with your claim of a "cheaper, faster and more reliable" way of transferring value across the world. Indeed, you can add more fees, and your transaction will likely get confirmed faster, but please don't say that Bitcoin is a reliable way payment since this is in no way guaranteed (let's remain real here). Right now it turned into an outright shitty way of payment. A few days ago I sent a few litecoins from my personal wallet with the fee set to the lowest possible amount. The transaction got confirmed faster that I switched from the wallet back to the browser to see this very transaction

Litecoin and other alts are blazing fast - and it's more likely that they will get adopted in day-to-day stuff than bitcoin.

None will replace ordinary fiat currencies though - people are attached to their home currencies, they've dealt with them all their lives and it has the virtue of familiarity.

[bitblackred]

it possible in future for businessmen probably

[deisik]

Bitcoin definitely has the potential to overtake digital/electronic currencies. Bitcoin is cheaper, faster and more reliable than many forms of electronic payment & exchange. Old and potentially obsolete technologies like automated clearing houses and wire transfers are typically inferior to bitcoin in many ways. These deficiencies translate to bitcoin fulfilling an essential need in certain industries which have not evolved much over the last few decades.

Even if bitcoin transfer costs rise to $20 per transaction that will still be cheaper than many wire transfer services which charge twice that amount

How long ago did you make a Bitcoin payment yourself?

People are complaining that they have to wait hours before they get a single confirmation on the blockchain. I don't think it goes quite well with your claim of a "cheaper, faster and more reliable" way of transferring value across the world. Indeed, you can add more fees, and your transaction will likely get confirmed faster, but please don't say that Bitcoin is a reliable way payment since this is in no way guaranteed (let's remain real here). Right now it turned into an outright shitty way of payment. A few days ago I sent a few litecoins from my personal wallet with the fee set to the lowest possible amount. The transaction got confirmed faster that I switched from the wallet back to the browser to see this very transaction

Litecoin and other alts are blazing fast - and it's more likely that they will get adopted in day-to-day stuff than bitcoin.

None will replace ordinary fiat currencies though - people are attached to their home currencies, they've dealt with them all their lives and it has the virtue of familiarity

It is likely gonna change soon

As the proverb goes, necessity is the mother of invention. People which are living paycheck-to-paycheck will likely stick to their local currencies (since they don't have plenty of choice anyway), but those who have some savings will look for ways to diversify their wealth (and earn some buck in the process). In this manner, they may get attracted to crypto once the knowledge about cryptocurrencies spreads. And when they get used to these currencies (even if for the sake of saving first), it won't take long till they come to understand that instant and cheap (transaction wise) cryptocoins may have an advantage before fiat, after all