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Author Topic: Will Bitcoin supersedes Cash in the near future?  (Read 1267 times)
Misshi
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August 15, 2017, 04:13:22 AM
#1

Being the first digital currency to really establish deep and firmly in the market. Do you think in the near future Bitcoin will dominate our current currency?

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HabBear
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August 15, 2017, 05:08:14 AM
#2

That's hard to say, what's your current currency?

Bitcoin will not dominate the world reserve currency. We shouldn't want it to. If it does we'll invite intervention and interference from the world powers as they try to gain control and/or keep their domestic currency systems dominant in their local region.

You should read up on money and currency. What it is, what drives it's uses and value, etc.

To say that Bitcoin could be cash is a fallacy...it is cash (digital of course, but the same). Cash is just slang for money. Bitcoin is money.

 
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August 15, 2017, 05:25:27 AM
#3

As of July 2013, currency in circulation葉hat is, U.S. coins and paper currency in the hands of the public葉otaled about $1.2 trillion dollars. The amount of cash in circulation has risen rapidly in recent decades and much of the increase has been caused by demand from abroad.

So we still have a long way to go to supersede fiat currency. The thing is, fiat cash is being printed like toilet paper and it decrease in value, where Bitcoin increase in value. ^smile^

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August 15, 2017, 05:32:58 AM
#4

As of July 2013, currency in circulation葉hat is, U.S. coins and paper currency in the hands of the public葉otaled about $1.2 trillion dollars.

The amount of cash in circulation has risen rapidly in recent decades and much of the increase has been caused by demand from abroad.

I'll challenge that. Over the recent decades we've seen the widespread adoption of credit and debit cards and in the last ten years that's turned to online payments. The volume of cash, i.e., paper money, used in the last decades has declined significantly.

EDIT: I stand corrected. Just found this article from the New Yorker which claims the amount of US paper currency in existence has increased. This is must be an indicator of how much the money supply has increased over the same time period...because the developed world has certainly shifted to a more electronic payment system.

 
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August 15, 2017, 05:35:17 AM
#5

As of July 2013, currency in circulation葉hat is, U.S. coins and paper currency in the hands of the public葉otaled about $1.2 trillion dollars.

The amount of cash in circulation has risen rapidly in recent decades and much of the increase has been caused by demand from abroad.

I'll challenge that. Over the recent decades we've seen the widespread adoption of credit and debit cards and in the last ten years that's turned to online payments. The volume of cash, i.e., paper money, used in the last decades has declined significantly.

EDIT: I stand corrected. Just found this article from the New Yorker which claims the amount of US paper currency in existence has increased. This is must be an indicator of how much the money supply has increased over the same time period...because the developed world has certainly shifted to a more electronic payment system.

The fact that everyone in the world uses credit and debit cards now, but the amount of paper currency is increasing just shows how much they are printing and how fast and why Bitcoin is doing so well.
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August 15, 2017, 05:49:01 AM
#6

Being the first digital currency to really establish deep and firmly in the market. Do you think in the near future Bitcoin will dominate our current currency?

bitcoin is not the first "crypto currency" Cheesy
there were a couple of others before bitcoin that nobody remembers anymore!

and no, i have always said from day 1 that bitcoin will never replace, dominate,... fiat currencies. it is impossible to do so. bitcoin is global, fiat is local. also there is a government behind the fiat who won't give up control over their country's fiat currency to be replaced by the decentralized bitcoin!

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August 15, 2017, 06:05:00 AM
#7

It will not likely replace cash as daily trading currency.

It is likely though that more and more people will buy it like gold. To hoard and as a store of wealth.
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August 15, 2017, 06:12:22 AM
#8

As of July 2013, currency in circulation葉hat is, U.S. coins and paper currency in the hands of the public葉otaled about $1.2 trillion dollars. The amount of cash in circulation has risen rapidly in recent decades and much of the increase has been caused by demand from abroad.

Nice research. Crypto definitely has a ton of room to grow.

Transaction speeds will need to increase by a lot if it suddenly had billions of users. People can't wait 10 minutes to check out at the grocery store. Look at how pissed people are by chip credit cards, and that's just a few extra seconds.
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August 15, 2017, 06:25:13 AM
#9

Being the first digital currency to really establish deep and firmly in the market. Do you think in the near future Bitcoin will dominate our current currency?

Not in the near future (if you mean in the next 5-10 years). Not at all. That might happen in the long term but nowadays most people don't understand what bitcoin is and they associate cryptocurrencies with "bubble" "pyramid", "fraud" and so on. It will take time to be massively adopted by the average Joe.
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August 15, 2017, 06:41:22 AM
#10

Being the first digital currency to really establish deep and firmly in the market. Do you think in the near future Bitcoin will dominate our current currency?
It seems that it will be difficult to be true, because the price of bitcoin is not stable. Plus there are still many people who do not know bitcoin, if it will happen is not in the near future, it took about 10-5 years again so bitcoin became known by everyone in world.
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August 15, 2017, 07:12:32 AM
#11

Being the first digital currency to really establish deep and firmly in the market. Do you think in the near future Bitcoin will dominate our current currency?

It will not. Digital currency needs big network to be in place all over the world. With few countries as exception I think there are many countries who are away from the digitalisation. In the process these countries may not participate and thus it won't be worth loosing them.

Todays currency is governed by rules, thats why it works so smoothly all over the world. We exchange currency with different values which makes the balance of financial system. With bitcoin being equal everywhere it would be chaos because all countries will stand at the same stage and there will be issues with power empowering with goods and services. Everyone will have power to buy everything, For Example, military, food and fuel which are limited in the world. That will bring devaluation of everything as every country will have the money in equal stats. I hope you understand what I'm trying to say here. The equalisation of the world will actually imbalance the countries!
May be it won't happen and not all government will approve this change.

 
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August 15, 2017, 07:52:09 AM
#12

Being the first digital currency to really establish deep and firmly in the market. Do you think in the near future Bitcoin will dominate our current currency?

Hi I think no. And dont even wish for it it'll be a sure chaos around the world. As bitcoin is capped to  21million only. You mean the whole will struggle with all of that 21 million coins?? Cheesy Isnt it going to be hard.
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August 15, 2017, 08:03:02 AM
#13

It is hard to make a full conclusion on, but to me I would say NO, rather they will both work hand-in-hand with each other. Cause no country will want to let go of their home currency and take a digital currency as a substitute.

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August 15, 2017, 08:08:41 AM
#14

I think no because it's too expensive to make little amount transactions by Bitcoin and also because BTC is only viable to make large transactions. You can't buy small items with Bitcoin. So we need fiat currency or another cryptocurrency to buy cheap items.

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August 15, 2017, 08:26:24 AM
#15

Being the first digital currency to really establish deep and firmly in the market. Do you think in the near future Bitcoin will dominate our current currency?
There were a lot of people asking questions like yours and the answer for them was: no. No matter how btc future growth and development can not replace cash. Crypto systems are just digital coin, which is based on the web and transactional systems, and can not replace the role of cash in life services. The implementation of a btc transaction today can be said to be very fast but the fee per transaction is quite high, which is difficult to accept when btc is widely used daily as cash.




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August 15, 2017, 08:42:32 AM
#16

Being the first digital currency to really establish deep and firmly in the market. Do you think in the near future Bitcoin will dominate our current currency?
Bitcoin would be vastly used in future.But it would not dominate other currencies.Every country's currency is supported by appropriate governments which ensures its value.But bitcoin is not controlled by any authority and no one could ensure its value.Bitcoin's price is driven by community support.More over,today most of us don't like to use bitcoin as a currency and spend it,rather we all want to just save it as a profitable investment for future.So,in no way,bitcoin could supersede cash.
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August 15, 2017, 08:43:21 AM
#17

If we will talk about the usage compare to our current currency then yes, bitcoin can really dominate our current currency because people now are getting smarter and they want to use smart ways to get things done like paying bills, transferring money via remittance and earning money without putting a lot of effort. They can do all of that things if they will use bitcoin which in the near future will become the mainstream.

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talkbitcoin
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August 15, 2017, 08:49:36 AM
#18

i don't think so. specially not in the near future.

bitcoin is rising fast and it is actually being adopted fast. with things like Lightning Network it will be adopted even more and be used a lot more like cash but with high security and fast speed while having low fees.
but dominating cash is not an easy thing. cash has been being used for ages. it is backed by the country and the government. and it is hard to replace an already adopted and working system which people trust.

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August 15, 2017, 08:52:33 AM
#19

Being the first digital currency to really establish deep and firmly in the market. Do you think in the near future Bitcoin will dominate our current currency?

Do you mean overtake paper money such as cash or do you mean will bitcoin overtake credit cards and other forms of online payment methods?

I don't really ever think that Bitcoin will ever overtake cash since they have too much of a difference and comparing them is like comparing apples and oranges. I think that cash will be here for a long time, until everything gets computised.

Bitcoin could overtake credit cards, they have better features than them and it would work well.

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August 15, 2017, 08:54:57 AM
#20

To be honestly telling Bitcoin will not going to supersede cash in the near future and we wish not to replace because if no comparison the value of Bitcoin cant be evaluate. so Bitcoin will not supersedes cash.

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