BITCOIN: Threat to our Current Currency

[Kakmakr]

Even if Bitcoin did not exist, governments still push for a cashless society. Governments hate cash, because it can be 100% anonymous. They want to control and monitor all financial transactions, so their goals are to remove cash and promote debit and credit card payments via Banks. <You know governments have full access to these financial institutions>

Bitcoin or should I rather say Blockchain technologies are very appealing to them, if they can link everyone to their coins. This is why some Banks are working on private Blockchain technologies.  

[1714959406]

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[TTITA]

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 kill fiat. Bitcoins as crypto currency, mostly using as virtual transaction, means needs Internet to using it.
Fiat not need any medium to using it, it can be using direct on dealing. Fiat still accepted using in global, while Bitcoins still need many regulation how it can be accepting into Country regions.

[TheGodFather]

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?

for some countries fue to its popularity I get why they think that there might be something in this for them to feel threatened. I however ak content with the fact thhat with bitcoin it must find a balance with paper money and that is the truth

[bitfocus]

Bitcoin is not a threat to fiat or any currency, Bitcoin is just the beginning of a crypto economy which will replace the present world economy soon. Remember, gold and silver changed the Barter System, paper money changed the Gold and Silver economy, and Bitcoin will replace present paper money system - it's just the evolution.

[Alpha0One1]

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.

I agree. While bitcoin and crypto will not kill fiat, it will be a very good store of value and good for cross border payments without passing thru the bureaucratic banking system. 

[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?

Not true. First of all, governments are trying to eliminate the need for cash for their fiat currencies.

That's a good point too, the best example right now is Sweden, more and more shops there do no longer accept cash, which may sound surprising but this is the future we are slowly heading at.
Even more interesting is that in Sweden more and more banks do not offer cash anymore  

[rgcoin]

The real threats to a government with regard to the use of a cryptocurrency is the governments ability to collect taxes on transactions, and law enforcements ability to fight crime transacted in a said cryptocurrency.

[btcprospecter]

Bitcoin would not be a threat to our current currencies as we rely on fiat to back up the value of bitcoin. If there was to Fiat it would be difficult to put a true value on crypto currencies.

[taiwww]

No, bitcoin will never be a threat to current currency. Fiat currencies have long history. It has evolved from so many years. Fiat currencies are the most common currencies accepted all over the world by almost all countries. Every country, weather developed or developing has its own fiat currency controlled and distributed by its central authority. Centralised currencies help governments to have a control over their economies. Bitcoin transactions need some basic infrastructure like internet, mobile, wallet etc which is not possible in every part of the country.  Digital currency never replace physical currency and vies versa because both works on different platforms.

[emberbekas]

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 my own opinion, bitcoin and fiat are two different things. Bitcoin isn't good type of payment method since bitcoin price is very volatile. And I am sure my government won't allowed it to be used as a means of payment. Therefore, bitcoin isn't a threat for the existence of fiat in this regard.

[h0lybyte]

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.

Of course you can still use fiat as your country currency but in future, bitcoin would have much higher influence than any fiat currency.
What i think is that bitcoin is must have currency, and if every part of world accepts it properly, the use of fiat is guaranteed to be scarce.
May be world get cashless but we have no ideas about these bizarre changes

[audrey12]

I think even if time will come that bitcoin will become our legal currency the paper money we are currently using will not be gone because as much as digital currency want to keep on the top there are certain cases where using if will not be applicable especially to those lower member of the society who cannot afford to use internet and acces bitcoin and even so they don't have enough knowledge on how to use it.

[patt0]

Right now I don't think bitcoin, or any crypto for that matter, are any threats to fiat. Bitcoin has a very small market cap, so it can't really be compared to fiat currencies. I think fiat will always exist, but I do understand that if bitcoin gets larger, it could pose a threat to fiat. Gold itself could be a huge threat to fiat, if it was easy to spend. Gold is also decentralized so it's not influenced by the economy of any particular country, and this is the main reason why we see people buying gold as a safe haven, specially in time o crisis. So we know that every time fiat tends to decline, gold normally increases.

Since bitcoin has the same concept of gold, but it solved most of its "flaws" (it's easier to store, it can be easily be "broken" in smaller pieces, it's easier to carry, etc.), it could actually become a convenient way to perform payments as well. So if Bitcoin ends up being regulated and accepted, I'm sure people will return to it at a much larger scale than they return to gold, and we will see fiat losing value.

[kimdomingo]

I do not see bitcoin as a threat to the current currency. In fact, bitcoin helps the users to earn money and save it for the future since it is very easy to store bitcoin like gold. I think bitcoin rather helps the economy and no reason to cause any negativity on the economy.

[illinest]

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?

If Bitcoin succeeds, I don't think it means the death of fiat currencies. I don't think the potential outcomes are so binary. Bitcoin is not revolutionary in the sense of government or capital. It won't replace fiat currency unless it ends government entirely. That seems unlikely.

I see it as a partial transfer of wealth from the currently dominating stores of value (including fiat currencies) into Bitcoin and other crypto. But I also think that central banks/governments and commercial banks will start issuing "competing cryptocurrencies." As long as governments remain relevant and taxes are mandated in the national currency, I don't see fiat being replaced.

[rashmishetty344]

I don't think that may be a threat to the current physical currency as bitcoin is a digital currency and both a two different things. It might take atleast few more years for bitcoin to be recognized as an official currency as in many countries trading or even owning bitcoin is illegal. Bitcoin is the future of digital payment system where people may be able to purchase stuff online by using bitcoins.

[eann014]

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?

Real money I think is important for us since it has a stable value while we are buying stuffs or anything. Unlike in bitcoin, maybe it is still better to have real money when we buy stuff than we just use online payment every single day when we are just buying on a store.

[whoisyourking]

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?

I dont think so, but if you are thinking what are the medium to use this currency like mobile phones, computer and internet. Not all country can implement this kind of currency to use or replace their physical money.

[joebrook]

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?

Actually we are going to be needing cash for a very long time, there is no way that the governments of the world will allow bitcoin and the other cryptocurrency be the only payment method in the entire world. And i really don't see the threat it poses to our economy nor our currencies.

[Tatalk]

Though BTC is continuously growing, yet it could not completely end up paper currency. Yes, I could agree with this fact that in the coming decades it could reduce the use of paper currency and in the coming future, digitalizing will come and even the people are also not willing to carry lots of money with them and this digital money provides some sort of ease, being used and carry by the person and even the continuously inflating valuation of cryptocurrency itself is a source of income and this could not easily be stolen. So being currency with benefits, it could reduce the use of paper currency but could not remove the paper currency.