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Tosin12
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February 24, 2018, 10:40:35 PM
 #1

Can cryptocurrency become universal means of exchange. I mean can it be a global legal tender like the physical money
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February 25, 2018, 12:39:43 AM
 #2

How can it be?
Why would any country accept a totally global digital currency as legal tender in their country?
A currency with open source coding and not controlled by anyone,
A currency which can be forked by anyone at any time.
The answer my friend is no.
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February 25, 2018, 01:24:10 AM
 #3

Cryptoncurrency is the new trend of economic of the world.
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February 25, 2018, 01:26:19 AM
 #4

Can cryptocurrency become universal means of exchange. I mean can it be a global legal tender like the physical money
Cryptocurriencies It is the electronic currency  that we can use for everything  cashless we can use for the mode of payment  sending receiving and everything

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February 25, 2018, 02:11:52 AM
 #5

it would take time i guess, it needs a solid system that can protect from misconduct behaviour, but if we see currency in exchange system is actually based on trust between two parties, cryptocurrencies could be the future "money", because trust in fiat money is decided by one party, the bank, but in crypto a lot of "people" decide wether your account is legit or not, and i think that would be the main concept in the future.
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February 25, 2018, 02:17:54 AM
 #6

In the future, people will have opportunity to harvest what crypto has done today. Just like tractor in the past, people were saying if all farms will be cultivated using tractors then what will people do? hahaha. Now... We even need more tractors and we all still have to do a lot of tasks.
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February 25, 2018, 02:37:20 AM
 #7

Can cryptocurrency become universal means of exchange. I mean can it be a global legal tender like the physical money

I don’t think that decentralized cryptocurrencies will replace government currency but they probably will eventually be used as an alternative form of payment to credit cards and PayPal.  I also think cryptocurrencies will have other functions like store of value or specific functions like internet of things or data storage or various other uses that these altcoins are being created for.

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February 25, 2018, 02:39:08 AM
 #8

Digital Money or Cryptocurrency has value for being as valuable as money. Cryptocurrency has the properties of money that is durable, concise, exchangeable, rare, can be shared, and can be recognized based on mathematical formulas rather than based on physical form such as gold and silver or confidence in the center such as paper currency.
Crypto currency is better than currency, but that does not mean Crypto currency can replace the old currency. that bitcoin technology is a technology that can "make money move between countries easier and get costs down  dramatic considerable.
Experts agree that bitcoin will not be dominant, because bitcoins are unstable to become a reliable currency. But there are also countries that have started shifting cash and developing bitcoin.

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February 25, 2018, 02:48:25 AM
 #9

Can cryptocurrency become universal means of exchange. I mean can it be a global legal tender like the physical money

I don’t think that decentralized cryptocurrencies will replace government currency but they probably will eventually be used as an alternative form of payment to credit cards and PayPal.  I also think cryptocurrencies will have other functions like store of value or specific functions like internet of things or data storage or various other uses that these altcoins are being created for.
I also expecting cryptocurrencies as means of payment online but not as to replaced the existing local money since it would require a device and energy to operate unlike flat currencies that can be used directly.

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February 25, 2018, 03:30:50 AM
 #10

Can cryptocurrency become universal means of exchange. I mean can it be a global legal tender like the physical money

Yes, it could be and it is possible to happen. As of todays generation bitcoin cryptocurrencies is legalize and well known all over the world. In that case it could be universal and a meduim of exchange. We are very glad to meet bitcoin world because the cryptocurrency has a biggest value and it could also be converted into real money eventhough it is virtual money.
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February 25, 2018, 03:40:24 AM
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 #11

Can cryptocurrency become universal means of exchange. I mean can it be a global legal tender like the physical money
It could be, it just needs a process that is not easy.
At this time alone crypto has been banned in some countries, whatever the government wants. In fact, crypto can help countries in trouble.
This requires regulation from around the world if it wants crypto to be a legitimate means of exchange.

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February 25, 2018, 03:56:35 AM
 #12

In a brief explanation, cryptocurrency is built as a systematic virtual digital currency which means that it could be only process thru the presence of a specific devices or machines. It wasn't be converted by physical or fiat money because it's not durable or untouchable. It may consider as a global tender when base on a virtual transaction, meaning  it's by a computer program

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February 25, 2018, 04:08:53 AM
 #13

How can it be?
Why would any country accept a totally global digital currency as legal tender in their country?
A currency with open source coding and not controlled by anyone,
A currency which can be forked by anyone at any time.
The answer my friend is no.

Why couldn't it be? People don't need a country's permission to use cryptocurrency. If people worldwide accept Bitcoin as a means of value transfer, then it could very well become the world currency. Perhaps even the UN might legalize it even if individual nations see it as a threat.

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February 25, 2018, 04:35:37 AM
 #14

Can cryptocurrency become universal means of exchange. I mean can it be a global legal tender like the physical money

There is no problem for that to happen unless and until it gets the legal tender in every country first! Lolz! Thats the first challenging stuff I guess which we need to surpass and then we can think about the global legal tender.

Bitcoin, is still nerve wrecking for many countries and the government along with the banking institutes are unhappy that it even exist. It is taking away the investment that should be going into the banks, golds, stock exchanges etc and thus making the financial stability theoretically unstable!

The problem? The problem is with different countries and different regulations that they play within their own country. For global summit to happen it is really necessary that all the countries will come to the same page and then decide the ultimate fate for it.

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February 25, 2018, 04:58:31 AM
 #15

I dont think so , cause now there are some people who do not know how to process it and for the people who are lack of knowledge about it so i dont think it will happen.
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February 25, 2018, 09:36:46 AM
 #16

I think it will be quite intimidating if the non-surveilled finance system is controlled by whales.
I tend to believe government intervention can sometimes be a means of protection.
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February 25, 2018, 10:00:27 AM
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Altcoins are just create for any various usage such as internet data usage and I don't think crypto currencies can change the government currencies well they use crypto currencies as alternative currencies to the government currencies.
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February 25, 2018, 10:04:16 AM
 #18

Can cryptocurrency become universal means of exchange. I mean can it be a global legal tender like the physical money
If it will holds all of the market cap of the world then it will probably becomes the universal means of exchange but until there is fiat currency that controls the system of exchange, it is hard for the crypto to change it. Soon, it will come to the point that the means of exchange will change by cryptocurrency.

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February 25, 2018, 10:21:14 AM
 #19

Can cryptocurrency become universal means of exchange. I mean can it be a global legal tender like the physical money
If yes, then it will be big helps many people for their transactions. But unfortunately bitcoin has scalability issue. I don't expect much about maximum number of bitcoin users, I think it only  30% of all people in this world are who can use bitcoin maybe the rest will use ETH or Other sophisticated altcoins, I still don't think that all people will use cryptocurrency, maybe only 35% is the maximum percentage. It doesn't mean that ETH will replace BTC, people will always prefer to use BTC than other cryptocurrency.







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February 25, 2018, 10:32:58 AM
 #20

Can cryptocurrency become universal means of exchange. I mean can it be a global legal tender like the physical money

Of course yes but no with the current cryptocurrencies. Big conglomerates like jpmorganchase already develop own distributed systems

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