BITCOIN: Threat to our Current Currency

[ellabanana]

Im new to this forum, so while reading to get information, I realized if it will succeed, we wont be needing cash anymore. Will it be a threat to our current currency which we used cash during payments?

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[pooya87]

i don't think so. it doesn't have to be like this. for example when Paypal became popular it didn't kill banking system (not the best example i know). bitcoin will be somewhat similar. its success doesn't mean killing fiat. you can still see fiat as your country's currency (the centralized currency that the government issues and everyone uses) and see bitcoin as an additional option that some people accept and it is decentralized and global, not belonging to one country.

[senin]

I do not think that bitkoyn directly is a threat to conventional currency. The fact that people themselves will choose the form of payment and no one is going to impose calculations on anyone in the crypto currency. In general, the crypto currency should squeeze the usual currency in financial calculations, but it can not completely replace conventional money.

[junoreactor]

Im new to this forum, so while reading to get information, I realized if it will succeed, we wont be needing cash anymore. Will it be a threat to our current currency which we used cash during payments?

Fiat currencies still have bright future. Digital currencies could take over, but not right now. Anyway, for the average Joe it is too complicated so it may take a hundred years for fiat to disappear.
Today, we are very far from the situation you describe with Bitcoin, due to what I have explained above and most importantly: fees and time needed for confirming a transaction.

[Indrawan77]

In extreme situation, yes it will become the threat of the country currency, fiat also need transaction volume to balance the economic situation so it prevent inflation and deflation, but bitcoin volume is not really enough to jeopardise a country, but no matter how successful is bitcoin we still need cash because the country legal payment is fiat

[Sarastiche]

Im new to this forum, so while reading to get information, I realized if it will succeed, we wont be needing cash anymore. Will it be a threat to our current currency which we used cash during payments?

 
Not a threat but a move to the real cashless policy advocated globally,Bitcoin is uniting the world.

[cpfreeplz]

Bitcoin will not be a threat to the one trust currency bitcoin because bitcoin can't beat out bitcoin because it is bitcoin. Fiat is infinite supply, decided by a handful of people. Bitcoin is the opposite. Anyone with fiat should dump that shit and get some real money before it's too late and they say that "bitcoin is so expensive". Nah, they supply is just low and monkeys are used to their 2 decimal points. Oh well. They'll be very sorry.

[hessanseen]

Now in some European countries and new Asian countries, cash has not been carried everyday. People only need a mobile phone to install the payment APP program on the phone, so they can pay electronically directly. I think there will be less and less places to need cash in the future.

[bitcoinveda]

Bitcoin and other cryptocurrencies are a threat to local fiat currency once people understand decentralization local currency will lose value . raise and raise crypto prices local currency will lose their ground people trend to use crypto in real life

[Yakamoto]

Im new to this forum, so while reading to get information, I realized if it will succeed, we wont be needing cash anymore. Will it be a threat to our current currency which we used cash during payments?

It won't be a threat so long as governments find ways to make sure they retain their control over their currencies, since, at the end of the day, having a digital currency won't help much if there's someone who really, really needs to reign you in and can do so by projecting force on your life, in various ways. Bitcoin is setting up to be a large player in different way than you'd think. It might be a great secondary currency to the global fiat hegemony, but it won't be replacing the day-to-day currencies anytime soon.

[soham]

Im new to this forum, so while reading to get information, I realized if it will succeed, we wont be needing cash anymore. Will it be a threat to our current currency which we used cash during payments?

Bitcoin or the blockchain is the future of payment systems. Not necessarily it will be bitcoin or any other crypto currency, but in future, governments will have to adopt the digital money approach. People will not need to carry cash anymore, probably the only thing they need is there smartphone and the payment can be done from that smartphone whenever needed.

But I don't see that's a threat to the current fiat system. because it is most unlikely that government will adopt any crypto currency to be used as a main stream currency for their economy. But the money will be represented by only numbers from your bank account without having the need to carry it in your pocket.

[pawanjain]

Bitcoin can never be a threat to fiat currency as physical money and digital money are two completely different things and has it's own importance in the ecosystem. Neither physical money can replace digital money or vice versa. Bitcoin is a good technology which is flourishing these days but it can't be used presently as a mode of payment in everyday life. There are issues such as instant confirmations and high transaction fees which needs to be solved before it can be used as a mode of payment in every shop. That's why Bitcoin is not a threat to any currency.

[Thanasis]

Im new to this forum, so while reading to get information, I realized if it will succeed, we wont be needing cash anymore. Will it be a threat to our current currency which we used cash during payments?

Maybe it is an threat to all the fiat currencies in the world because in future crypto currency will replace the most of the fiat currency but there is nothif problem for us if that happened we can convert our fiat currency into bitcoins or other crypto currencies.Still long way to reach that stage,crypto currency is still in the early stage so now we don't have to worry just think crypto currency as an asset and buy some for your bright future.

[savioroshan]

Bitcoin cant be a threat to the current currency system. May be in future it can become a threat to the fiat currency, but not now. The reason is very simple. To use bitcoins, we need internet and internet is not available everywhere now. I don't know about tier1 countries. I am speaking about third world countries. Next thing is still 60percent of the population don't know how to use computers or smart phones. So how come bitcoin can overtake or replace the fiat currency? No chance.

[yojodojo21]

How could this thing Happen, every bitcoiners know that bitcoin crypto/digital currency is dependent to FIAT. Bitcoin a Virtual money in Internet/Online, can be used only if converted to Fiat. Maybe the question can be reverse to OP. FIAT THREAT TO OUR CRYPTO CURRENCY. Understand deeply, study more.

[moooonu]

Cash and digital currency are two different things. There are still people all over the world who don't know about bitcoin also every country have its own currency and its own regulatory to keep its cash flowing.

[aanbudi]

I do not think Bitcoin is too threatening the currency of a country. As we can see, many countries have legalized Bitcoin. Which indicates they are not threatened by Bitcoin. So, whether or not BTC depends on the regulations of a country.

[hiscall]

Im new to this forum, so while reading to get information, I realized if it will succeed, we wont be needing cash anymore. Will it be a threat to our current currency which we used cash during payments?

In future yes , No we need cash more than anything and more than any time.

so if you want to start using bitcoin you must think in future not now

[junoreactor]

Cash and digital currency are two different things. There are still people all over the world who don't know about bitcoin also every country have its own currency and its own regulatory to keep its cash flowing.

There is also something not many are talking about right now. Is Bitcoin really a currency? I think right now, Bitcoin is more of an asset (like gold) than a currency, as the possibilities to buy goods or services with Bitcoin are still very rare. People need to be aware of that. There is also the fees attached to the transactions which prevents Bitcoin from being a real currency today. It might change in the future.

It is an asset though, as I am personally quite pessimistic about the currency of my country (EUR), therefore holding Bitcoin is like holding gold, and obviously at a much better interest rate right now, that's why more and more people get interested into cryptos as a whole.

[HabBear]

Im new to this forum, so while reading to get information, I realized if it will succeed, we wont be needing cash anymore. Will it be a threat to our current currency which we used cash during payments?

Not true. First of all, governments are trying to eliminate the need for cash for their fiat currencies. It lowers their cost of maintaining paper currency and (more importantly to the government) it allows more complete monitoring over all transactions, which means better monitoring over tax payments and activity that may be assumed to be criminal.

As for cryptocurrencies, they should coexist with fiat currencies. They aren't going to replace fiat currencies.