Can cryptocurrencies make physical money disappear?

[ricardobs]

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.

Yes, I too think that paper money has become a very important part of people’s life and people have adapted to it and our all financial system is built on this. It will not be too easy for bitcoin to overcome paper money and take its place but it can work as an alternative to it and both can work at a same time this will make more and more people aware of the new technology of money flow.

[SailorCoin]

I dont think it can make Cash money disapear. There are to many places on earth where the people dont have modern devies and internet. Also in modern country like in the USA there are a lot of people and places who dont use modern multimedia devices. And there are a lot of people who doesnt trust Cryptocurrencies and still want to be totaly anonym in spending cash when they buying stuff.

[Hirameki]

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?

It will not happen because it is impossible. Fiat money will never disappear because of the cryptocurrency. Many people will still use fiat money than cryptocurrency because it is easy to use than digital money.

I have the same asnwer in my mind. Flat money cannot disappear because of cryptocurrency because flat money does not require internet to use which is far more suitable to use in small scale businesses. Another thing is that flat money does not require mining fee unlike cryptos which is more cheaper to use.

[RavenHood]

In my opinion, cryptocurrencies can’t make physical money disappear because physical money or real money is the fundamental of many people. Yes, bitcoin is the most famous and expensive cryptocurrencies so but it this not mean that real money will disappear. I’m sure that 99% of people in this world use physical money and only 5-10% in this world just use bitcoin or other cryptocurrencies.

[Andrej Peiboski]

May be in the long term, when everyone will have a smartphone and there will be a big change in mentality.
For now, too many people are still tied to the concept of physical money.

[ajdaj]

Maybe someday it will be. But today still very few people know and know how to use bitcoin. And our pensioners have no idea what bitcoin is.

[0t3p0t]

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?

No. I don't think if government will allow decentralized cryptocurrency to dominate and eliminate physical money but if ever they are allowing crypto's to do that then I think they are planning of creating their own digital money like that of Ripple which is created and backed with central banks. I have read some news about some countries creating their own crypto bbut I am not that familiar about those coins or tokens. Digital currencies still has issues and are not stable due to volatility and I think that can cause any economic conflict that is why we need a stable one. But when in terms of personal choice I will go for cryptocurrency like Bitcoin because of it's potential, features, ideas and purpose. Regarding on your question it might be possible in the future but we can't speculate it by now.

[kaliann]

Im not so sure of that. I think not. If that will happen, thats way too long to make that happen. Not everyone knows how to use online thingy. Take note, there are countries which i can say is not progressive. People in that country dont know much about online and all. This would be very complicated because after all these years physicsl money is the basic money they know. For those country that is not computer savy will be having more difficulties to cope with sll the changes then.

[Jaydis]

No I think . I believe cryptocurrency power is just limited  it is not useful in all parts of the world like in remote errands or in small business.

[gesdan]

in this time, no i think in short time, i think bitcoin can change the physical currencies right now. because right now bitcoin cant use in the public so i think the real money is more than bitcoin, because its so flexible and use than everywhere and anytime

[noictib]

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?

Yes , it will not elliminating Totally Because here cash is a big need for us in present time . In the present time we have lots of ease to use bitcoin and another crypto in our daily life not only to use to flow Money from one place to another to makes deals but also we are using it for making earnings and also we are starting our new new projects at worldwide level without taking tension of payment system .
But still here we can see that many people are available for us to that cannot accept cryptocurrency and also they can't accept any payment in online , so here big need of cash for us , but may be in future the use of cash will eliminate at high degree than what the condition is today .

[jvper]

No I think . I believe cryptocurrency power is just limited  it is not useful in all parts of the world like in remote errands or in small business.

Yes I agree. In fact, technology has not been able to make paper disappear at all. Why would physical bills and coins disappear in the short term? That will take many decades.

[yaelahwall]

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?

physical money can not be eliminated because each country has their own money so it is impossible physical money can be eliminated any different again with cryptocurrency may be lost or may be not sold for example it is not possible bitcoin will rise continuously there must be down even can not until valuable

[taiwww]

Physical money and digital money are totally different types. Both have their own advantages and disadvantages. Both currencies works on different platforms. Bitcoin currency is introduced to eliminate problems faced by common people performing banking operations. But bitcoin become more popular as asset or investment rather than a currency. So it will never create threat to physical currency.

[Trimegistus]

physical money can not be eliminated because each country has their own money so it is impossible physical money can be eliminated any different again with cryptocurrency may be lost or may be not sold for example it is not possible bitcoin will rise continuously there must be down even can not until valuable

One of the reasons for the crypto currencies success resides on the potential use as an universal currency, with fast transactions and other capabilities way beyond those made available by fiat currencies.

But fiat will keep on being the basis for the vast majority of the world economy.

Can you picture a reality where the price of oil is negotiated in BTC?

Can you see imagine what it would be like to get your salary in BTC and realize after a few days that you only have half of it?

Cryptos are still find a niche in our society, but we are really very distant from the day where fiat will disappear.

[seandiumx20]

In my opinion, it would be hard to replace fiat by crpytocurrency since every country has their own currency and cryptocurrency can only be used in the internet and not all people can access the internet. I think fiat and cryptocurrency will still just co-exist.

[perfect999]

Fiat or physical money will remain usable even digital currency will spread out the popularization all over the world because physical money is much needed for daily expenses that is one of disadvantage of decentralized currency, also not all people can used bitcoin due to main requirements like gadgets and internet connection which not all individuals can provide that.

We are not talking about decentralized and centralized money system here. We are comparing digital currencies with paper money.  Crypto coins are the future of the money because they are far better than paper money and coming generations will prefer using digital systems over traditional methods in every aspect of their life. If any country will introduce its own crypto coin as some have already done this then definitely one day paper money will be wiped out.

[3la9l_kolbaCa]

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?

of course not crypto currency supports also the physical money, because without physical money how can we exchange our crypto into our money right how can we spend it right away  without that hassle transactions we need physical money while we have the cryptocurrency.

[Chachacoin17]

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?

of course not crypto currency supports also the physical money, because without physical money how can we exchange our crypto into our money right how can we spend it right away  without that hassle transactions we need physical money while we have the cryptocurrency.

That's absolutely right mate, without the presense of physical money crypto currencies might be meaningless, and no more will be exchanging back into circulations of different digital currencies. Nowadays both physical and digital money were technically into modern ideas of spending, not just by physical matters but digitally appreciated by many. The reasons behind is definitely a confidential matters, and mostly a discreet ideas from idealistic individuals, so no reasons to make physical money disappear.

[bei]

We cannot eliminate fiat currency but if this would happen, it will surely take a very long time. In order to replace fiat, there are series of requirements that should be provided. This includes a medium of exchanging cryptocurrencies for every people in all places. Shifting the mindset of people from using paper money to digital ones would also take a lot of time. Also, the use of cryptocurrencies might have issues that will arise during the long run.