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Author Topic: if bitcoin will become the main coin, what will happen to the money we are using  (Read 1392 times)
harmunian
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September 12, 2017, 01:24:47 PM
 #21

It would be a substitute for the money you used to exchange them to bitcoins
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September 12, 2017, 01:30:45 PM
 #22

i wonder: if Bitcoin will become the main coin, what will happen to the money we are using now like us dollar?

As far as cryptocurrency is concerned, there is no doubt that Bitcoin is the first and the most known coin of all times...it is currently the King of all Cryptos and all the rest are just considered to be altcoins (even including Ethereum and BCH). Now, maybe you have in mind is the fiat or paper money we are now using...what will happen to the US Dollar if all the people of the whole world would suddenly be using Bitcoin?

Well, to answer that question I am giving you another question: Would that really be possible to happen? And my answer is a big NO. I know that Bitcoin may have a good future as a digital currency but it will never totally replaced the fiat money issued and backed by the state power. They may exist alongside each other peacefully but killing each other fatally may not be on the menu.

We have to understand that for as long as there is a government they need something that they can control with because control is an extension of power. Take away that control and the government may itself irrelevant so would the government relinquish the control it needs via the fiat money. Of course not.

I also believe that rather than make the government the central enemy, it would be good for the Bitcoin movement to make it a little friend on its side by giving in to some regulations and some compromises so it may not suffer the fate of being banned. Please give my regards to China!

Agree, I've seen this topic many times in different way. I wonder why bitcoin will effect the fiat. Of course bitcoin will not replace the fiat , I will also ask you a question. If there is no us dollars, How do you know the price of the bitcoin ? Bitcoin just like a stock, but you can use it like currency. But it will not change local currency at all.
,yes i really agree my friend. why do people keep on saying bitcoin will replace fiat? These only shows that we are the ones making competition from fiat and bitcoin. each of those currencies have a sole purpose, so why would you ever bother comparing one another? It is just that each have their own characteristics that made them unique and just add those benefits and uses.

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September 12, 2017, 01:33:07 PM
 #23

very hard for bitcoin to replace all fiat in the world but it'll be a major currency in several years
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September 12, 2017, 01:53:57 PM
 #24

I would tell you that Bitcoin will be the main Crypto currency of all crypto some says bitcoin in the king of all crypto and Im Totally sure with 100% thumbs up about it. But what is going to your mind is just like this: "bitcoin will be the main money /currency of the world and what will happen to dollars?" well honestly fiat or paper money will not contradict with bitcoin as they work separately. Didnt you   realize what will happen to the government when bitcoin will become the main stream currency?, Government will collapse and they dont want to make it happen as government wants to control a country with paper money ot fiat money.

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September 12, 2017, 01:56:54 PM
 #25

i wonder: if Bitcoin will become the main coin, what will happen to the money we are using now like us dollar?

old things give their place to the new and better options. that has always been the case of the world. money as we know it today (aka Dollar, etc) have not always been like this. it was not paper printed neatly, it was coins, then before that it was goods and a lot of weird things.
bitcoin or some form of digital cryptocurrency may some day replace fiat too. but it won't be fast and probably not in our lifetime.

Rana590
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September 12, 2017, 02:08:35 PM
 #26

i wonder: if Bitcoin will become the main coin, what will happen to the money we are using now like us dollar?
It is quite impossible for bitcoin to replace fiat money which is issued by the government. The fiat money is more important to enrich government and the country. There are many people all over the world who are not familiar to bitcoin and many of them are illiterate where bitcoin is an online base crypto currency.

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September 12, 2017, 02:18:00 PM
 #27

The possibility of Bitcoin replacing fiat in every day trade is almost nil. Taking a simple example of the recent developments in China, it wouldn't be possible to make Bitcoin universal in terms of usage. There are a lot of other concerning issues like carrying out micro-payments without having to shell out much in transaction fees, sometimes the network itself, possibilities of more forks etc.



Thanks for the good laugh! xD
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September 12, 2017, 02:59:08 PM
 #28

i wonder: if Bitcoin will become the main coin, what will happen to the money we are using now like us dollar?

They will still eligible to community as always, people will try to create more choices so the dollars and other currencies we used nowadays will remain useful to community, of course bitcoin will be used more often than them but they are still be traded for buying and other purposes.



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dali_masmoudi
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September 12, 2017, 03:05:42 PM
 #29

I think they will disappear for ever, like the frank and many other currencies.
And we will keep them as souvenirs or we find them in a museum.
Mr. Legendaris
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September 12, 2017, 03:42:46 PM
 #30

Of course our money will continue to exist and can be used until whenever, this is because fiat money will continue to be protected by the state through the central bank.


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Dude.Lebowski
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September 12, 2017, 04:17:56 PM
 #31

i wonder: if Bitcoin will become the main coin, what will happen to the money we are using now like us dollar?

Altcoins like dollars will still be useful for paying off your govt (aka taxes), as well as anonymous transactions for booze (oh wait, that’s legal now), weed (oh, wait...), hookers?, crime?

Worst case, shredded and fluffed they make great filling for pillows as the paper is actually a high quality cotton hybrid.


Okay. The old man told me to take any rug in the house.
Dude.Lebowski
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September 12, 2017, 04:18:42 PM
 #32

Of course our money will continue to exist and can be used until whenever, this is because fiat money will continue to be protected by the state through the central bank.

I like how you say protected when I think you mean forced Wink

Okay. The old man told me to take any rug in the house.
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September 12, 2017, 04:47:44 PM
 #33

I think a local fiat is needed in a country.
A central bank needs to be able to take influence on the money the economy deals mainly with in order to keep the economy of the country competitive.
That can't be done with bitcoin. The crypto currencies are an addition to the fiat system. But I think they should not replace them.
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September 21, 2017, 02:28:25 PM
 #34

i wonder: if Bitcoin will become the main coin, what will happen to the money we are using now like us dollar?
I believe the day when this thing will happen, that day will be the big day for all of the investors and believers of Bitcoins. This will be like a turning moment for all of us, and after that day we can surely expect very different world then we are living in now. Things won’t remain the same as they are now.
Gracechen17
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September 21, 2017, 03:09:55 PM
 #35

i wonder: if Bitcoin will become the main coin, what will happen to the money we are using now like us dollar?
Bitcoin it virtual currency and fiat and the like are physical currency. We hold them everyday of our lives in small transactions which bitcoin i think will complicate in using  instead. So physical currency will not disappear in my opinion.
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September 21, 2017, 03:17:23 PM
 #36

Do not think too much about that. We know that Bitcoins would have trouble reaching that state to be the Main Currencies of the whole world. But because we know that nothing is impossible in this world. I will give my opinion. I think if this happens then the cyclical money now in our country will disappear, of course. And it will be one thing to remember. It can be an alternative payment and so on. At the moment the progress of bitcoins has been shown well. Let's take the time to judge and let us go along with what's happening
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September 21, 2017, 03:37:32 PM
 #37

Smiley) that means we own one of the world's major currencies, the most widely used currency in the world. When that happens, it means we no longer have to worry about that oneday, btc will collapse and pull a huge amounts of money. And that means that in the near future,  where we live will have BTC ATM Stations ... and services that accept payment by btc.

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September 21, 2017, 03:41:22 PM
 #38

i wonder: if Bitcoin will become the main coin, what will happen to the money we are using now like us dollar?
Dollar (USD) are not backed by anything so it is just worthless technically but it is used worldwide just because of political power of US government.
US government is actually in $20 trillion+ debt right now because they are printing dollar every year. This can't be like this for next few decades, when bitcoin will be adopted in most of the countries than this dollar or other fiats will be just worthless like it should be.  Wink

 
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September 24, 2017, 03:38:12 AM
 #39

If bitcoin is widely spread all over the world, it will not completely replace the currency fiat, which is currently used. This can not happen in the real future. Existing currencies will long walk along with the digital currency. In order for people to fully switch to the digital currency, it is necessary not only official legislative recognition of the digital currency. It is necessary that absolutely all citizens have access to the Internet, had for this technical knowledge, and this is not feasible.

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September 24, 2017, 03:51:51 AM
 #40

i wonder: if Bitcoin will become the main coin, what will happen to the money we are using now like us dollar?
The fate of fiat money depends on government decision. They may decide to adopt cryptocurrency and make their own coin and scrap fiat money or they can continue using it so they can print more money again and again. The government needs control in order for them to function properly.
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