Will Bitcoin Kick Every Other Paper Money Out of Business?

[Hammonds]

hopefully that does not happen, because I think bitcoin to transact in the real world will experience a bit of complexity, and even more bitccoain unstable.

[iram1011]

It will definitely be a digital currency but won't be Bitcoin. Kicking fiat means Bitcoin will become an international currency. All the countries would be depending upon Bitcoin. This is not at all viable. Bitcoin is deflationary and hence not suitable to run the economy of a country. Also, Bitcoin is decentralised. Thus, government won't have any control over it. Government need to have control over inflow and outflow of money for a health running of monetary system. Bitcoin is not suitable for that. We will definitely see a digital currency replacing fiat but that currency would be backed by government.

[xuan87]

No, Bitcoin was created as a global currency with decentralization, it is not suitable to replace any paper money, and Fiat is really needed by the country so their inflation and the citizen economic life can be controlled, if you put a country economic into decentralization,then the country will had a difficulty to control inflation and it will ruined the country

[iamMhew]

I want us to discuss on this topic. Do you see bitcoin kicking other paper money out in the nearest feature?

I will love to hear your views guys.

my answer is No. why? because fiat money are traditionally and epic in terms of mode of payment since then. so even if this bitcoin exist it will never kick off fiat money to replace . and even bitcoin has a huge value in terms of virtual really (cryptosystem) it will never ever kick this fiat money for everyday uses.

[ObscurePen]

No, not really. Bitcoin can, but it will be met with massive resistance from the global governments. If everyone starts using Bitcoin, then where does the economy go? Down. Global markets will crash and they will crash bad. Bitcoin price on the other hand will surge.

Another reason is because Bitcoin’s price is extremely volatile and transaction fees are astronomical. Just for an example of its volatility, look at the Bitcoin’s price about last week. The price dropped around 200 to 300 dollars in 2 hours. Then it rose back and it is nudging 6000 AU. If for example a loaf of bread was worth 0.0005. Last week, you would have paid less than you did this week. This is why most merchants don’t accept Bitcoin as payment. Moreover, transaction fees are huge. I had to pay around 2$ for a 6$ transaction! Way too much!

[Al Amin]

I do not think bitcoin will replace fiat money, because sometimes fiat money there is a historical value that concerns the country, for example Indonesia where money will always be pictured heroes or historic places. Besides the bitcoin that is always changing and the government can not control it is certainly not suitable to build a country's economy.

[Ilegendph]

I do not think bitcoin will replace fiat money, because sometimes fiat money there is a historical value that concerns the country, for example Indonesia where money will always be pictured heroes or historic places. Besides the bitcoin that is always changing and the government can not control it is certainly not suitable to build a country's economy.

Will never happen. Though the price of a single bitcoin is higher than any fiat money not all have an access to it. If all people in the world including those living in third world countries have an access to a computer or mobile then MAYBE it will be possible but most unlikely to happen.

Another reason for bitcoin cannot replace flat currency is that blockchain technology cannot hold worldwide transactions including micro transactions like buying food to cafiteria or giving allowance to your son or daughter. Up to date, the speed of confirming transactions of blockchain gets slower due to its large number of users, if paper currency is to be replaced by crpytocurrency like bitcoin you would need large amount of hash power and it is not practical.

[Similificator]

I want us to discuss on this topic. Do you see bitcoin kicking other paper money out in the nearest feature?

I will love to hear your views guys.

Nope, I certainly think not. Because people who don't use bitcoin doesn't need bitcoins at all because they don't know about it or don't give a bull's crap about it. But we, who use bitcoins a lot certainly need those paper currencies. And won't survive without them for now because not a lot of stores accept bitcoins. And it certainly wouldn't be healthy buying cheap things with bitcoins. Imagine how much transaction fees would cost and how long till every confirmation. That alone should be enough reason why bitcoIn won't be kicking any fiat ass any time soon.

[Philopolymath]

YES it will...

[Dudeperfect]

We will have a tremendous number of Blockchain based crypto currency users in the future but at any given point, I don't think that cryptocurrencies will destroy paper/fiat currencies. There will be people who will be using both fiat as well as crypto currencies and some people would stick to fiat currencies. Even after 50 years, there is no such possibility. Yes, the form of fiat currency might transform and we might see fiat currencies on Blockchain but it won't finish at all.

[Sasuke102001]

I think no because first of all for replacing paper currency btc needs to be more stabilized. Second if you got to buy something which is like 5$ or 10$ then you are also paying the bitcoin fees which is too high when you are buying something which is just 5$ or 10$.

[aTriz]

I want us to discuss on this topic. Do you see bitcoin kicking other paper money out in the nearest feature?

I will love to hear your views guys.

Not in the foreseeable future, right now US is the strongest fiat currency and Bitcoin has barely enough users to match that. And to add to that the transaction fees of bitcoin, especially when you compare that to the none existant fees of fiat currencies.

[ankylotic]

hopefully that does not happen, because I think  to transact in the real world will experience a bit of complexity, and even more bitccoain unstable.

i don't want it to happen ever because both are different things from each other i don't want them to come in the world of both. i think bitcoin is the king of internet world and it is most used currency for trading and use for transaction purpose. i think bitcoin to deal with daily usage of the people to buy thing excluding internet and pay bills not on internet is difficult for it.

[Gaaara]

I want us to discuss on this topic. Do you see bitcoin kicking other paper money out in the nearest feature?

I will love to hear your views guys.

If it was an objective type question I would have selected NO.
As of now, United States Dollar is considered to be the most powerful fiat currency. But has it kicked out any other currency? All currencies, including digital currencies like Bitcoins will exist, but their value will rise or go down in due time.

I agree, people will try to be flexible than focusing on one thing so basically if bitcoin will be considered as a worldwide currency it will not kick out the other currency as it can still be used, we know that the more the choices the higher the chance to compromise a better possibility. The other example is that bitcoin never kicked out any other cryptocurrency, it just control the majority of investors and has much users but other crypto insist to be gone.

[Adbitco]

It will definitely be a digital currency but won't be Bitcoin. Kicking fiat means Bitcoin will become an international currency. All the countries would be depending upon Bitcoin. This is not at all viable. Bitcoin is deflationary and hence not suitable to run the economy of a country. Also, Bitcoin is decentralised. Thus, government won't have any control over it. Government need to have control over inflow and outflow of money for a health running of monetary system. Bitcoin is not suitable for that. We will definitely see a digital currency replacing fiat but that currency would be backed by government.

First off bitcoin shouldn't only be looked upon as an alternative to fiat currencies, it's not possible nor is it desirable for the bitcoin to replace fiat altogether. In my opinion both should stay there together, both will coexist. I agree governments of various countries may come up with their own digital currencies but bitcoin being that currency and bitcoin kicking out paper money is not going to happen at least in the near future. Where as bitcoin has it's own merits and good features, it has some demerits too and it's those demerits which don't make it viable to be used as a day to day currency at least for as long as these demerits or disadvantages are addressed and removed.

[NavI_027]

I want us to discuss on this topic. Do you see bitcoin kicking other paper money out in the nearest feature?

I will love to hear your views guys.

I say No for now because because there are still who do not have knowledge about bitcoins or even know it, there are still who contradict to the idea of digital currency.
It's very hard to imagine a scenario where you only want to buy stuff from the vendors along the street and use btc as a payment. I think using btc in that scenario is not very practical.
As long as people can see disadvantages in Bitcoins, it cannot remove the kind of money that we're using over hundreds of years.

[Carlsen]

Bitcoin can not substitute any of the big fiat currencies.
Just look at the transaction times and fees we have at the moment.
Nobody is going to use it to buy a coffee when you have to wait for a confirmation twenty minutes.
Or pay the extra dollar for the fees.
People will use that payment form that is most comfortable to them.
And that will be cash or credit card.

[BaraxLo]

I do not think bitcoin will replace fiat money, because sometimes fiat money there is a historical value that concerns the country, for example Indonesia where money will always be pictured heroes or historic places. Besides the bitcoin that is always changing and the government can not control it is certainly not suitable to build a country's economy.

When gold was used for buying and selling and then fiat was introduced for the first time, gold was stored as an asset than but never got replaced. Now bitcoins are here threatening paper money but this time there are chances in long term that fiat may die forever.

[w5pn73]

Threatening paper money? Gold exists alongside fiat perfectly fine as well right?

[ivrynx]

there is a chance that bitcoin will replace paper money or fiat, i think it will not happen in this generation but the next. we all need to remember why is there fiat or paper money, they invented it in replacement of real currency which is gold or silver, before they took the dollar out of the gold standard every paper note is equivalent to gold, then it was replaced by petro dollar a.k.a fiat money. now that bitcoin is around and we all know that in the future, we are just going to use the internet for transactions and bitcoin is digital money, and is not regulated by banks, not being subjext to taxes, it is just practical to use bitcoins, in turn fiat maybe will be gone, and be raplaced by bitcoin, value however, i think will depend on what people would like to use as basis for the rate of bitcoin.