What happens to regular currency?

[saharsh89]

In the long run fiat currencies will become irrelevant but for now, under the current complex forex system, these fiat currencies are here to stay .

[kueyen]

In the long run fiat currencies will become irrelevant but for now, under the current complex forex system, these fiat currencies are here to stay .

Fiat will never be irrelevant. You really think governments will let go of the power to create and regulate money? Governments would crack down on cryptocurrencies the moment they realize crypto and fiat cannot coexist.

[sensey]

Nothing happens, why? Regular currency printing by banks under goverment conrtoll and it correlates with goods and commodities that the country has, while bitcoin is not.

[bitart]

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.

Existing fiat currencies are going to be digital in some years time. As smart mobile phones are spreading all over the world, the forms of payment will change and we'll use less paper and coin as money but debit and credit cards as well as debit and credit cards digitized into the mobile phones (using NFC payment method like MasterCard's PayPass solution). It's not bitcoin which will replace the physical money but the digitalization (that contains bitcoin, too). But, digitalization will help bitcoin, at the end, because if people will get used to pay with their smartphones, they will accept easier the usage of bitcoin on the same smartphone. Bitcoin will be just a 'foreign' currency for them, just like if you live in the EU, you know USD and maybe you have some USD as well, but it will always be a 'foreign' currency for you, but this won't stop you trying and using it, as well as trying and using bitcoin in the future.

[ladydark]

Bitcoin would remain as a secondary currency and it would not replace any government's fiat currency.It is a decentralized currency and so no one have to fear that they would be left alone in future by having only fiat currency.Its baseless to fear about this.bitcoin has just been legalized in japan and in some micro nations like liberland.it would take a long time even for more countries to legalize bitcoin,

[arlington]

Bitcoin would be like an asset as is the gold where fiat money can be depended on, so if btc will have success there is no need to dismantle the fiat currency.

[Sadlife]

Bitcoin can never replace fiat without fiat will never know the value of it after all bitcoin's price is based on fiat and that is USD. Bitcoin can also never be use offline without internet it's useless this is one of bitcoin's greatest disadvantage. It might be possible in the future to become an international standard currency that coexist with other fiat.

[andylioe78]

The usual currency will never disappear. The Bitcoin price is based on fiat and we can not appreciate bitcoin because we will not know its value without knowing the price in fiat currency. The currency we use in our country is part of our country's identity, maybe ordinary currency will be lost.

[MOTHIT]

Until and unless bitcoin is accessed in every rural area and each and every person have internet access Regular Currency will live. It almost impossible to replace regular currency because each and every country has his won currency and value and they will let finish their countries identity so due to cryptocurrencies the circulation of regular currency will be reduced drastically in future.

[tee-rex]

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.

Existing fiat currencies are going to be digital in some years time. As smart mobile phones are spreading all over the world, the forms of payment will change and we'll use less paper and coin as money but debit and credit cards as well as debit and credit cards digitized into the mobile phones (using NFC payment method like MasterCard's PayPass solution). It's not bitcoin which will replace the physical money but the digitalization (that contains bitcoin, too). But, digitalization will help bitcoin, at the end, because if people will get used to pay with their smartphones, they will accept easier the usage of bitcoin on the same smartphone. Bitcoin will be just a 'foreign' currency for them, just like if you live in the EU, you know USD and maybe you have some USD as well, but it will always be a 'foreign' currency for you, but this won't stop you trying and using it, as well as trying and using bitcoin in the future.

Fiat currencies are already existing mostly in digital form. There is paper money, but it adds ups only to a small percentage of all the money circulating in the economy. Let's remember that modern money is not just digital nowadays, it is also virtual to a certain degree and a lot more virtual than bitcoin at that. Here I mean money created by banks via loans and which exists only as bank accounts from which people can make payments for their expenses.

[zergenyt09]

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!

Everything will happen. Industries will be using internet because they have to use bitcoins. Just see the trend go bitcoins now. Even restaurants and schools and shopping centers are accepting this bitcoin as a source of transaction. Like you have said, after sometime there would be more applications and then everyone will be preferring to use bitcoins because they will be fast and easier.

[dimastegar]

The regular currency will remain a favorite. Because ordinary currency has become the basic payment of each country and I am sure every Country is proud of their country's currency. Although Bitcoin becomes a legal means of payment though.

[regan101]

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?

Bitcoin will never become an international currency but will be an alternative currency which belongs in the cryptocurrency. The paper currency in every country will remain as medium for payment. The bitcoin is the secondary option of payment once the business establishment will accept cryptocurrency.

[tatayoyo27]

Bitcoin Lightning network and massive economical disater. After the 2 of it yeah bitcoin will be THE currency.

[matcodet]

If indeed someday bitcoin will be a valid means of payment does not mean bitcoin will replace the paper money. as is the case today, not all of our communities use credit cards even though the government has implemented a policy to use them.

[audrey12]

Just in case bitcoin will become a national currency surely people will be able to adopt it in such a way that governments will replace whatever fiat they are holding into bitcoin and they don't need to buy, others may acquire bitcoin by having it thru a salary from their job. But as we can see the situation today I think it is quite impossible for now that bitcoin will become a national currency.

[Albert211994]

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?

Is your country giving up on your fiat? Why did this question crossed your mind?

Unless a country abandoned their fiat, there is no one forcing anyone to switch to any crytocurrency. Fiat will remain as long as the government in a country supports it.

And bitcoin is decentralized in nature, when you said there will be a time frame to switch, who will dictate that?

[thend1949]

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.

Existing fiat currencies are going to be digital in some years time. As smart mobile phones are spreading all over the world, the forms of payment will change and we'll use less paper and coin as money but debit and credit cards as well as debit and credit cards digitized into the mobile phones (using NFC payment method like MasterCard's PayPass solution). It's not bitcoin which will replace the physical money but the digitalization (that contains bitcoin, too). But, digitalization will help bitcoin, at the end, because if people will get used to pay with their smartphones, they will accept easier the usage of bitcoin on the same smartphone. Bitcoin will be just a 'foreign' currency for them, just like if you live in the EU, you know USD and maybe you have some USD as well, but it will always be a 'foreign' currency for you, but this won't stop you trying and using it, as well as trying and using bitcoin in the future.

Fiat currencies are already existing mostly in digital form. There is paper money, but it adds ups only to a small percentage of all the money circulating in the economy. Let's remember that modern money is not just digital nowadays, it is also virtual to a certain degree and a lot more virtual than bitcoin at that. Here I mean money created by banks via loans and which exists only as bank accounts from which people can make payments for their expenses.

The existence that you mean with fiat currency has not been surpassed by bitcoin yet mate, because as of now the people still uses fiat currency after all bitcoin tradings succeed. Well digital currency isn't just a currency like fiat cash or regular currency which to be spend directly, but its a currency that to be doubled as what fiat cash became so popular and nowadays bitcoin digital currency is a mode of investments for us to earn huge fiat amounts stored in our personal bank account.

[lasry]

There's a very BIG difference between those regular currencies and bitcoin. Bitcoin wont ever be able to replace fiat currencies no matter what. But bitcoin may surely affect the world market. And may do some sorts of effect to fiats. Another reason why cant bitcoin replace fiat, is that not everyone is accessible to internet, with no internet there is no bitcoin. Regular currency is still the standard with means of marketing. Plus it is regulated, no risk of popping in midair.

[megynacuna]

Just in case bitcoin will become a national currency surely people will be able to adopt it in such a way that governments will replace whatever fiat they are holding into bitcoin and they don't need to buy, others may acquire bitcoin by having it thru a salary from their job. But as we can see the situation today I think it is quite impossible for now that bitcoin will become a national currency.

It looks impossible indeed as the day goes by for bitcoijn to become or replace our regular currencies because globally it is becoming popular and many are embracing its usage but no single country will risk adopting it as their local currency as they will not be able to properly regulate it ad their fiat and risk others regulating it from their country and so this makes it impossible  for bitcoin to become  a regular currency of any country.