What happens to regular currency?

[LuisEiram]

I am, admittedly, new to Bitcoin but this question never leaves me. If bitcoin is not a bubble, if bitcoin somehow makes itself the international standard currency, what happens to the people who never bought bitcoin? Will they be provided a timeframe in which they will have to exchange their money from traditional currency to the cryptocurrency before traditional currency is phased out and deemed worthless or will there be another method of transition?

[paolo099]

BTC will never replace fiat, that's a fact.. it just wont.
It might become a side currency for payment (think paypal for example and many others way to pay) recognized worldwide but it will never make fiat disappear, there are way too many interest behind (politics, taxes, government, laws, etc.).
The whole world is not prepared, not even close, for this switch and humans are in an even worse position, what about old people? I remember when my country switched from our own currency to Euro, it was hell on earth for a big part of the population.

[chromosomes]

Regular currencies will never disappear. Bitcoin's price is based on the fiat and we cannot appreciate bitcoin because we won't know its value without knowing its price in fiat currencies. Also, bitcoin can only be accessed through internet connection and it will be useless without it. The currencies we use in our countries is the part of the identity of our country, so it is not possible for fiat to be gone.

[trako]

the currencies do not rise. can not get up more. because it is an important and serious infrastructure work. banks, different countries, universal global values. they are a whole. after so many years maybe. we can see it as a result of this technology. You know, 30 years ago, he did not use such a common credit card. but there are still places where the credit card has not passed against the last 30 years. it is not so easy to integrate it into every aspect of our lives. but this system may come for many years. which must be done everywhere in every town in every village.

[eminemcookie]

I am, admittedly, new to Bitcoin but this question never leaves me. If bitcoin is not a bubble, if bitcoin somehow makes itself the international standard currency, what happens to the people who never bought bitcoin? Will they be provided a timeframe in which they will have to exchange their money from traditional currency to the cryptocurrency before traditional currency is phased out and deemed worthless or will there be another method of transition?

Firstly I don't think bitcoin will ever replace fiat but if it were to then yes some scenario like yours would occur, this is always the case when a new currency is phased in, there is a transitional period put in place. You can look at the many examples of this across europe in the 2000s with currencies transitioning to the euro.

[Twentyonepaylots]

I am, admittedly, new to Bitcoin but this question never leaves me. If bitcoin is not a bubble, if bitcoin somehow makes itself the international standard currency, what happens to the people who never bought bitcoin? Will they be provided a timeframe in which they will have to exchange their money from traditional currency to the cryptocurrency before traditional currency is phased out and deemed worthless or will there be another method of transition?

If Bitcoin really one day becomes the standard international currency, i think the other currency will not be obsolete because as of now we already have an international standard currency and it is the US dollar, but still every country still have their own currency. currency is one nations identity there is no need to make them obsolete.

[hualangktsld841]

Fiat can't be replaced. Some industries don't need internet. Such industries also don't need bitcoins, because bitcoin is attached to the Internet. I think in the next ten or twenty years, the application of bitcoin and other encrypted currencies will be more and more, and this will be an ongoing trend!

[Silent26]

I am, admittedly, new to Bitcoin but this question never leaves me. If bitcoin is not a bubble, if bitcoin somehow makes itself the international standard currency, what happens to the people who never bought bitcoin? Will they be provided a timeframe in which they will have to exchange their money from traditional currency to the cryptocurrency before traditional currency is phased out and deemed worthless or will there be another method of transition?

Though bitcoin is now the most popular currency in the world. It will never replace paper money. Nowadays, there are still 98% out of 100% people who is still using money in payments. But we can use bitcoin as side currency, Before bitcoin replace fiat money, bitcoin must be known by all people in world first which is impossible for now. As old traditional, Most of people still use money than bitcoins.

[tee-rex]

I am, admittedly, new to Bitcoin but this question never leaves me. If bitcoin is not a bubble, if bitcoin somehow makes itself the international standard currency, what happens to the people who never bought bitcoin? Will they be provided a timeframe in which they will have to exchange their money from traditional currency to the cryptocurrency before traditional currency is phased out and deemed worthless or will there be another method of transition?

To me, this question is not very meaningful. If we assume that bitcoin or some other cryptocurrency eventually crowds out fiat currencies from circulation all over the world, which is a very big assumption mind you, it won't happen all of a sudden or just within just one day. It will be a gradual process, kind of natural, when people will start receiving their wages and salaries in a cryptocurrency. This may take decades, so it shouldn't be an issue if it really comes to that. Though, I should say, I highly doubt we will ever live up to such times.

[HeroicZ1]

Indeed. While it's unlikely for Fiat to be replaced by BTC, the process will not be so sudden as many might think. (IF it does happen)

[MrHertz]

I am not sure it is time to think about it. May be some day Bitcoin will crush regular currencies. But this day won't happen soon. I hope i'll have a chance to see it on my own, but it is still so far.

[Maveth13]

Cryptocurrencies are not created to replace fiat currencies and it won't. It was made as an alternative. It would be a nonsense to use cryptocurrencies in buying something as simple as a cheap food in the convenience store.

[hakimovic]

That's so far from happening . Lets focus on the present ,bitcoin with its current scalability and the problem of high fees and transaction time will never get a chance against fiat money . No retailer will adopt bitcoin as a payment. So the value of having it won't last for long if the problem of scalability wasn't fixed soon.

[Oulay]

Even if BTC becomes the international standard currency, fiat currencies won't become worthless, they will still be used as they are now..

But if they become worthless then the answer is: No. You won't get a chance to exchange your fiat to bitcoin.. They'll just become worthless and you'll just lose your money.. And it's the same as bitcoin.. If bitcoin ever becomes worthless would there be a chance for holders to exchange their BTC into fiat? Of course not!

[reda]

I am not sure it is time to think about it. May be some day Bitcoin will crush regular currencies. But this day won't happen soon. I hope i'll have a chance to see it on my own, but it is still so far.

Bitcoin is not affect the regular currency. So it will use for the future transaction proces. Bitcoin is connect the all country people for share more information. So you will chage the bitcoin any country currency. It will helpful to save the bitcoin for the future investment. It will good to for the future business process improve. So bitcoin is help to for the future growth. It will not affect the other currency.

[shezu007]

Fiat can't be replaced. Some industries don't need internet. Such industries also don't need bitcoins, because bitcoin is attached to the Internet. I think in the next ten or twenty years, the application of bitcoin and other encrypted currencies will be more and more, and this will be an ongoing trend!

There is high chance of bitcoin to replace the fiat currency in the future, because as we are observing the current situations of the market so it can be said easily that in the future bitcoin will replace the fiat currencies. Also bitcoin have some unique qualities which will help bitcoin to become the main currency of the world market and  replace the fiat currencies.i.e high value in the market, high rising value and high security.

[roshanface123]

Not even bitcoin by any can't replace  regular money. Because it has been connected with each and every thing in our daily life. May be there is a chance to convert physical currency in to digital currency. Bitcoin is volatile in nature , so it never can't take place instead of regular currency.

[Thanasis]

I am, admittedly, new to Bitcoin but this question never leaves me. If bitcoin is not a bubble, if bitcoin somehow makes itself the international standard currency, what happens to the people who never bought bitcoin? Will they be provided a timeframe in which they will have to exchange their money from traditional currency to the cryptocurrency before traditional currency is phased out and deemed worthless or will there be another method of transition?

I think bitcoins will never replace 100% of fiat so people don't have bitcoins still can use fiat for their need even if bitcoin was an international currency.People can buy bitcoins whenever they want so it changing from fiat to bitcoin so it will not be problem.

[Satish147]

The fiat currencies will become obsolete once bitcoin uses as real currency.

[Dudeperfect]

If you are worried about the existence of the traditional currencies then there is a good news for you that traditional fiat currencies are not going anywhere at least for next 100 years from now but we will see the change in the form of it over the time. If we are talking about the theoretical case then governments will legalize cryptocurrencies in worst case scenario in and try to regulate it in order to prevent the devaluation of traditional fiat currencies.