Can cryptocurrencies make physical money disappear?

[btcminer6212]

As we can see the cryptocurrencies are still being established in the knowledge, socialization and full utilization of humanity, could the cryptocurrencies cause the use of physical money to be eliminated, is this possible?

bitcoin or other cryptocurrencies is an alternative method where we can use as a payment system for purchasing online or use it like a credit/ debit card, but the only difference is it is stored in a special digital wallet that is installed in a mobile device. Yes, now it is a modern way of spending and keeping money but it is still important for us to have physical money in our pocket for we cannot use bitcoin transactions without using internet connection. For me, physical money is very important on our daily living and that it is impossible to disappear. I think the best way is to have it both exist.

i don't think that it will ever replace fiat money or digital currency and paper money is a reality and it is very difficult to replace it and specially in developing countries. cryptocurrency and physical money are different things, I am sure that whatever happens with cryptocurrency will not make money disappear physically, this is because the state fully protects the physical money so that users are not in doubt with physical money.

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[kkukkugaga]

It's possible in the future, but for at this moment, it's unattainable. Because, even though btc is widely known, there are still many who can't access it. Aside from that, the resources are limited and we need complete internet service to do the transactions. It will also be difficult for other people to change the norms of accepting physical money as their wages to btc as the payment for their service, or even paying dues through crypto. This will take long time, but there's a possibility.

[Trimegistus]

That change won't come in our lifetime, it's just not feasible. In order for crypto to replaced fiat, the whole world has to be moved upside down. Think about it:

- All raw materials would be paid in crypto

- Al the transformation stages would be paid in crypto

- The finished goods would be sold in crypto.

This implies central governments using crypto as a primary payment method and that can only work with central regulation mechanism to establish the rules.

What about the public debt? The rating agencies? Are you guys insane? It might happen... but in a 100 years or so!

[miros]

Progress is moving forward. More and more things we buy through the Internet. The currency of the paper goes out of circulation. I think that the crypto currency can take away the physical money

[drake05]

I think it could be happened if everyone changes their payment into cryptocurrencies instead of physical money.

[Ailmand]

As we can see the cryptocurrencies are still being established in the knowledge, socialization and full utilization of humanity, could the cryptocurrencies cause the use of physical money to be eliminated, is this possible?

There is very less possibility of this happening in the first place. Because,
1) We are already using the current physical money in the form of digital linking, using credit/debit cards, Internet banking, Mobile Banking etc. So you see we have already achieved some great milestone in the traditional financial system.

2) Also, There is no use of the crypto currency in real world because it is not much stable as compared to the fiat currencies. The stability is really important for the day to day life use. So these are valid reasons for which I don't think that crypto's will replace the fait so soon.

I agree. Good points. I think better than phasing out paper money, I see bitcoin as working or inter-playing with paper money in the global market system. That is more possible because fiat has become such an established aspect of the trade and market system. Many people is still more comfortable with using money because it's backed by the government, and to the masses, it is more reliable and safer to deal with.

[bitcad4u]

As we can see the cryptocurrencies are still being established in the knowledge, socialization and full utilization of humanity, could the cryptocurrencies cause the use of physical money to be eliminated, is this possible?

There is very less possibility of this happening in the first place. Because,
1) We are already using the current physical money in the form of digital linking, using credit/debit cards, Internet banking, Mobile Banking etc. So you see we have already achieved some great milestone in the traditional financial system.

2) Also, There is no use of the crypto currency in real world because it is not much stable as compared to the fiat currencies. The stability is really important for the day to day life use. So these are valid reasons for which I don't think that crypto's will replace the fait so soon.

I agree. Good points. I think better than phasing out paper money, I see bitcoin as working or inter-playing with paper money in the global market system. That is more possible because fiat has become such an established aspect of the trade and market system. Many people is still more comfortable with using money because it's backed by the government, and to the masses, it is more reliable and safer to deal with.

Crypto currency make some physical money disappear and it is possible in the future.If the price of bitcoin reach 100,000$, this may happen.Many are investing there life saving money in bitcoin,this is the reason for the price raise.If the bitcoin replace physical money ,many will get excited.

[lenashine]

Physical money is a classic. Classics exist forever. Perhaps there will be more crypto currency, but the physical money can not be removed

[ricardobs]

Fiat money or physical money will not disappear. Cryptocurrency and physical money play different roles. Cryptocurrency facilitate P2P payments seamlessly but physical money ease across the counter. Physical money is more trusted by many as against cryptocurrency which is virtual.

That’s true, they both have different roles to play in this world. By the way, Fiat is the real money we make use, and if one is actually going to make space for the other, I believe it is cryptocurrency that will have to shift for the main currency.

As we can see the cryptocurrencies are still being established in the knowledge, socialization and full utilization of humanity, could the cryptocurrencies cause the use of physical money to be eliminated, is this possible?

I do not think crypto will make paper money disappear for a variety of reasons but I am confident that crypto will not do this. Paper money is always the global payment accepted by the world.

It can’t make Fiat disappear, by the way, Fiat is not only physical money, cause it also has ways of using it digitally (online), and such services can be offered by companies like PayPal. Fiat is the real currency, and it will always be. Cryptocurrencies are specifically for investment. That’s why they are called digital assets.

[Ridoy1a2b]

Cryptocurrencies is one kind of money. It is internet based money. it can convert into physical money. but it is more save system than physical money.

[timerland]

As we can see the cryptocurrencies are still being established in the knowledge, socialization and full utilization of humanity, could the cryptocurrencies cause the use of physical money to be eliminated, is this possible?

IMO I do not really see this as a viable option in the near future. Bitcoin will always have to work and co-exist beside the current fiat system for the pure reason that the governments of our countries will always want to manipulate at least some parts of the financial world.

Bitcoin needs to be easily and swiftly transacted between one-another, and while that can-not be done at this current moment, BTC is more of an asset than a currency. In theory it could overtake fiat, though that awaits to be seen.

Cryptocurrencies is one kind of money. It is internet based money. it can convert into physical money. but it is more save system than physical money.

Yes, yes, yes, and no.

Banks in the western world have got your back in case of fraud and whatnot. You are able to go to your bank and get your money back in case you have been scammed. You can't do this with BTC.

[PIR]

yes, I think it is, there is a probability of it in the future with this advance technologies and it advantages it would replace someday.. we now how complicated physical money is at times, there lots of people out there who would always do greed over money and besides its so hard to keep all those huge money neither bring it with you so they thought it will be great and safe to put in in wallet not thru bank but through digital.

[Harrisonimo]

As we can see the cryptocurrencies are still being established in the knowledge, socialization and full utilization of humanity, could the cryptocurrencies cause the use of physical money to be eliminated, is this possible?

As regards the use of Cryptocurrency for transactions, it can definitely make the cash go almost away. We will be having few exceptions of some areas; remote places where the use of internet or internet enabled gadgets can't reach and also businesses that might not want to get involved with it. Even in fiats, there are places where the cashless policy is being set. Now coupled with that of Cryptocurrency, it can be said that the scrapping out of cash is imminent.

[goldade]

As we can see the cryptocurrencies are still being established in the knowledge, socialization and full utilization of humanity, could the cryptocurrencies cause the use of physical money to be eliminated, is this possible?

There are already a lot of threads on this forum that proffered the answer to that question. I'd suggest you check them out.
Anyway,  there is no way cryptocurrencies can make fiat currency disappear. Cryptocurrencies are virtual currencies and as such cannot be used to for daily transactions such as buying and selling.
Besides, for cryptocurrencies to make fiat disappear, all of the the nation's population must be literate and must have access to the internet all day long. Not everybody is literate and have access to the internet and so cryptocurrencies can't make fiat currency disappear.

[Harlot]

As we can see the cryptocurrencies are still being established in the knowledge, socialization and full utilization of humanity, could the cryptocurrencies cause the use of physical money to be eliminated, is this possible?

IMO I do not really see this as a viable option in the near future. Bitcoin will always have to work and co-exist beside the current fiat system for the pure reason that the governments of our countries will always want to manipulate at least some parts of the financial world.

Bitcoin needs to be easily and swiftly transacted between one-another, and while that can-not be done at this current moment, BTC is more of an asset than a currency. In theory it could overtake fiat, though that awaits to be seen.

I agree with you cryptocurrencies' value are always based on their Fiat Currency equivalent without Fiat Money they will be wortless alone. Just like how Warren Buffet said it Bitcoin just like any other cryptocurrency will always change in price because they are based on the dollar. Look at stores even the online ones that accept Bitcoin the needed quantity of Bitcoin always change because its dollar value always change due to volatility. And the possibility of a country's government letting a cryptocurrency take over their country is slim to none.

[Cloak1]

It's possible. If the future life is getting more sophisticated which is fully authorised by technology, then there's a possibility for cryptocurrencies changing physical money. Additionally,  if societies don't believe in their government anymore,  then it can be sure that cryptocurrency will take over the physical money.

[louisedem]

As we can see the cryptocurrencies are still being established in the knowledge, socialization and full utilization of humanity, could the cryptocurrencies cause the use of physical money to be eliminated, is this possible?

Well I think theres no such impossible thing if this is going to make our world better , but as they say this will not be implemented in this genreation since they dont see anything that a cashless society can do good for us, this might end up of being controlled by a group of people who will hold our accounts as well as being too prone with the hackers since there would be a central system for this.

[terzy]

I think it can not replace the real money. Bitcoin It is a decentralized currency, meaning no one has a direct authority over it. Any government will not hold anything that they can not control. If any government will find a way to exploit Bitcoin, then it wouldn't be a problem replacing the paper money with bitcoin. First, they will save time and resources from creating the paper money. Second, bitcoin cannot be pirated (creating fake copies) unlike paper money which is very prone to piracy.

[Kizaki]

Definitely not. It will not replace the fiat, when it comes to money it is impossible. It is unfair for the others as well who does not know about bitcoins or the ones who does not know about technology. The unstable of it cannot be a world currency it is limited by some point the value can be go down.

[Sebas.tian]

I think it is sort of impossible for bitcoin to replace physical money. First of all,our own government will not agree if something like this is proposed. The reason is because people are used to using physical money than crypto currencies. Some people are not even aware about this type of money. Secondly, bitcoin is a decentralized currency.