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Author Topic: Can cryptocurrencies make physical money disappear?  (Read 999 times)
Sirait
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May 03, 2018, 11:12:24 PM
 #281

the physical money will not go away just because of the cryptocurrency, I see cryptocurrency is an update,
so even though in future the cryptocurrency will be used, the physical money will be collectibles by collectors, or displayed in museums,
so I think cryptocurrency makes physical money into one of the valuable things to be in the collection, not disappear, but only its use is no longer.

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mackenzie5
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May 03, 2018, 11:15:07 PM
 #282

The crypto currencies can be used as a parallel to the official currency like in Japan  how they are operating both together. The people of the country is getting the awareness to the merits and the DE-merits of the new coin. Later they will realize that the new currency can be useful both inside and outside the country .So naturally they will prefer the second one for the regular use both in and outside the country . In such a way the physical money can be replaced by crypto currency.


 
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May 03, 2018, 11:15:23 PM
 #283

Bitcoin and physical money will continue to work as they do. Bitcoin will be a favorite as a valuable digital asset with a very high value, while physical money will also function as a means of buying and selling transactions as happened in these days and before. So Bitcoin will not make this physical money lost from this earth, but they will walk together in accordance with their respective functions.
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May 03, 2018, 11:37:03 PM
 #284

We can expect cryptocurrencies to someday take the center stage as the main legal tenders sometimes in the future. But certainly, a lot still needs to evolve about cryptos for us to get to get to that point.
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May 03, 2018, 11:42:37 PM
 #285

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 that will be possible in this century. Because people who want to use bitcoin, they must at least understand about technology and the internet. But now there are still many people who have not understood and can not use technology and internet that exist today. They can only do their daily activities with physical money. Indeed everything can happen. But it will take a very long time and it takes the emphasis of technological education to people who do not yet understand. If all humans in this world can already use technology and the internet, it may be physical money will be replaced by digital money.

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May 04, 2018, 03:03:48 AM
 #286

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?

For me it's not possible that cryptocurrencies can make physical money disappear because not all people are technology inclined and are aware of the changes happening right now. Physical money still will be used as a standard medium of exchange because this is applicable to all.

I do not think that will be possible in this century. Because people who want to use bitcoin, they must at least understand about technology and the internet. But now there are still many people who have not understood and can not use technology and internet that exist today. They can only do their daily activities with physical money. Indeed everything can happen. But it will take a very long time and it takes the emphasis of technological education to people who do not yet understand. If all humans in this world can already use technology and the internet, it may be physical money will be replaced by digital money.

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May 04, 2018, 03:37:02 AM
 #287

Well maybe in the near future, if most or maybe all(if possible) of the people in the world would be technologically literate. Imagine the catastrophe if it(disappearance of physical money) were to happen now, when almost half of the population of the world is poor and most of them does not even have the smallest gadget on how to access cryptocurrency or even the knowledge about them.
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May 04, 2018, 03:43:17 AM
 #288

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?
Apparently not. Money in cryptocurrency is value less without physical money. Not all people (in status) can have/use a mobile wallet for their day to day expenses. This means that cryptocurrency may be adopted in the future but will make our traditional money to become valueless.

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May 04, 2018, 09:16:09 AM
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 #289

This is matter of two different opinion but both have good background to support all this.

Many consider crypto to be maybe next crisis point in next few year (mainly i think on major banks or bank group in general), why they dont trust it but yet so many other people does and as such many invest fortune in crypto in general that can be latter returned in 10 or more times if they have time to wait and play on long runs.

Then what is bad here.

Risks of crypto currency is very much consider as treat in many countries and as such we saw that many ban it or they dont want to have anything with it. People want to get richer, which was, after all, the cause and the previous big financial crises. Guided by the desire to become even richer, they become less rational, buy and what they do not need. And when you're still speculating, and that's trading in crypts, the risk of losing is higher. Human behavior is based on thinking that we are rational, and in fact we are not.

So in the end we come to one single point if we want something we will create that something, so if many want to money disappear we could accomplish this but think it wont be a option for anyone.
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May 04, 2018, 09:17:48 AM
 #290

Sure bitcoin will not replace every currency in the world. Authorities in some countries forbid bitcoin because of various reasons. The government and the banks issue money and distribute them among citizens for everyday use. So they won’t allow to eliminate local currency and change it for unreliable and untrustworthy bitcoin. So I agree that bitcoin will not substitute all currency.
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May 04, 2018, 09:23:43 AM
 #291

I think it might manage to do it! The thing I am afraid of is that the government might try to ban free cryptos and force state monopoly cryptos.
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May 04, 2018, 09:35:54 AM
 #292

I think that paper money will disappear anyway, cryptocurrencies are just a catalyst for this to happen sooner.
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May 04, 2018, 03:17:22 PM
 #293

There have been many mentions that electronic money replaces traditional cash. In my opinion, this is impossible in the near future. Bitcoin has the advantage and brings in the trend of the future. But cash still has irreplaceable value. Will you pay for Bitcoin daily activities? Examples include paying for bus, food, taxi. No, the money is more optimal. Bitcoin is a positive trend, but cash is still very important in today's society.
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May 04, 2018, 03:19:56 PM
 #294

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, cryptocurrency can be the reason why fiat will disappear in the future and it will only happen if government will also allow cryptocurrency to be the only currency that will be used worldwide.

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May 04, 2018, 03:52:34 PM
 #295

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 think that would be really hard because people aren't educated enough about how profitable bitcoin is. I believe that we can't really replace fiat this early because people only know only fiat as their currency and people don't have enough knowledge about bitcoin accessing.
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May 04, 2018, 04:03:44 PM
 #296

Physical money has been in existence for long. It is the language majority people around the world still understands as their medium of exchange and store of value. Bitcoin had actually come bringing sanity to sort of misdemeanor caused by the use of these physical money, but it is yet to be known by so many because of technological know how lacking and acceptability hindrances still hanging in so many societies. So, it is going to take time if it will happen that Bitcoin shall be replacing physical money; fiat if it will happen at all.

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May 04, 2018, 04:27:47 PM
 #297

Physical money has been in existence for long. It is the language majority people around the world still understands as their medium of exchange and store of value. Bitcoin had actually come bringing sanity to sort of misdemeanor caused by the use of these physical money, but it is yet to be known by so many because of technological know how lacking and acceptability hindrances still hanging in so many societies. So, it is going to take time if it will happen that Bitcoin shall be replacing physical money; fiat if it will happen at all.

can become a reality faster if the government ends up supporting in very strict regulations, education to the public can be faster if the state already supports crypto. If it refers to efficiency and budget reduction in terms of printing money, the fiat can be replaced at any time with decentralized digitization.

 
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May 04, 2018, 04:32:36 PM
 #298

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?

Such a possibility does not appear in the near future, but it can be considered as a fairly probable and normal situation if it is to be examined for a long time. Nowadays, many things are digitizing while the money is being digitized. Moreover, it will not be a different situation to redirect our life with another technology.

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May 04, 2018, 04:37:42 PM
 #299

No! I don't think that Bitcoin or any other thing for that matter can make the paper money disappear. There are billions of people out there who are illiterate (in terms of using modern technology). Yes, we might see some change in the form of paper money but it won't vanish at all. In fact, we will see something like the token or secured bill of crypto on paper (that is the possibility) down the road.
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May 04, 2018, 06:00:42 PM
 #300

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?

Such a possibility does not appear in the near future, but it can be considered as a fairly probable and normal situation if it is to be examined for a long time. Nowadays, many things are digitizing while the money is being digitized. Moreover, it will not be a different situation to redirect our life with another technology.
It is indeed possible but it is still a long wait and while the bitcoin and other cryptos still have flaws in it and the platform that is in it then we can't make a rush decisions like making cryptos legit currency for all to use. Some may progress with this and some may not, since each country has its own progression rate and some might get slow with this kind of a rule to be made, which is turning crypto into an official currency.
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