Will Crypto currencies make local currencies disappear?

[torch2121]

For me cryptocurrency becomes the distributing universal basic income and it help to get rid of intermidiaries in everyday transaction, which cut costs for businesses and help out consumers. If cryptocurrencies outpace cash in terms of usage, traditional currencies will lose value without any means of resource. Infrastructure will be developed in order the world to adapt. I think it will not make local currencies disappear because of the inevitably and difficulties with the transition as fiat could become incompatible. This will leave people lost their assets. Financial institutions will likely have to scramble to change their ways.

[Scavagers]

Competition between local currencies Vs crypto currencies are in peak now. Crypto currencies have occupied currency market causing local currencies enforce (banks) banning of crypto currencies. We can see number of investors have turned towards to bitcoin and other crypto currencies with large scale. Will there be a chance / time bitcoin and other crypto currencies rule over currency market and local currencies get disappear slowly in a decade or two?

Although bitcoin is gaining its popularity, I do not think that it can make local currencies disappear. What I think is, bitcoin can over power fiat money in the future but not totally eradicate it. There will be more discussions before it will happen and I think more people will oppose to bitcoin since bitcoin has many flaws and it is not always at its peak. So to answer your question,No,it will not.

[otto2012]

This is already obvious, the usual fiat money is obsolete, there is no need for them. Everyone now has touchscreen phones with scanners, and you can pay directly from them. Including cryptocurrency.

[kdrama]

Absolutely NO. Local money, Fiat money will be always there even digital currencies will improve well because Local money is one of the communication of people without it some people might argue about something to buy and something to sell. What if transaction failed i mean if there's instances right.

[r32godzilla]

Competition between local currencies Vs crypto currencies are in peak now. Crypto currencies have occupied currency market causing local currencies enforce (banks) banning of crypto currencies. We can see number of investors have turned towards to bitcoin and other crypto currencies with large scale. Will there be a chance / time bitcoin and other crypto currencies rule over currency market and local currencies get disappear slowly in a decade or two?

No local currencies would not get disappear as the local illiterate people who don't know about bitcoin would still BTC.C crypto currencies like bitcoin have their own drawbacks like requiring internet to process transactions and being highly volatile.

[Joseph301]

It is hard to conclude what will happen a decade or more but by speculating you can be right or wrong. It suffice to say of cryptocurrency would make paper money to disappear when the era where there is internet access every nook and cranny of the world because as at today there are still local places where are no internet connection invariably people there don't have much knowledge or no knowledge at all about crypto.

[YzzyGo]

It's a possibility, although improbable to happen, but it should be at least considered with our modern times. Switching to the blockchain technology will make currencies more reliable and safe since there will be transaction history to follow. Banks can be huge nodes to process transactions for a very small fee hopefully so they also earn and maintain their server farms.

[ajochems]

In most of the countries,people use bitcoin as asset and not a currency.With the current situation it not possible for crypto currency to replace local currency . I think it take 3-5 decade to happen.If that happen so,it will not replace the entire FIAT.
The reason for this is popularity of crypto currency is 30% of world population.

[Digital_Lord]

Will there be a chance / time bitcoin and other crypto currencies rule over currency market and local currencies get disappear slowly in a decade or two?

I don't think that fiat will be gone due to cryptocurrencies.

But people really likes decentralized currencies such as bitcoin and this makes every investor/user to see a lot of better opportunities than using the traditional money.

It won't let the old money gone but this will make every holder and investor sees a lot of ways to make money.

Government will not allow to replace fiat through crypto's, they don't have the control over it.

Yeah of course the future is that of cryptocurrency and all other currencies will disappear from the market. All the people will use only bitcoin for their daily needs. Therefore I think itsi the right time for investment in bitcoin. I will hold my bitcoin till the price hit $25000, no matter how long it will take because I want money for my future dreams.

[Mpamaegbu]

crypto currencies rule over currency market and local currencies get disappear slowly in a decade or two?

This thing you had said would really be an impossible thing to happen. Cryptocurrencies might be highly adopted but it would just still remain as an alternative and wont really come to a point on where it would become the main trend.

This here holds the ace for my argument. I can rightfully say we are in the same camp based on the above syllogism.

Government wont allow such thing and not all people will switch on a thing that hasn't being backed up by something.

Regrettably, the reason you have here for the above conclusion you reached inter alia is quite parallel to my own reason. It is not even the government that will make it impossible for cryptocurrency to make local currencies disappear. It is the people themselves who will be the barrier to that. The technicalities of cryptocurrency will make it cumbersome for the illiterate community to use. So, this set of people will still want the local currencies around.

[Epimetheus]

this can indeed be called competition. and now, the dominance of bitcoin is very large and visible.
if we can know some point where we start with crypto market trading and the like. I think the local currency will be defeated by bitcoin

Yes Bitcoin can defeat local currency but in some limited place. Because bitcoin is not widely accepted it is accepted in limited country . In those country it is accepted it work with their government to reduce the unemployment issue and other things so in Place it reduces the effect of physical currency. But in many places Bitcoin is ban because it affects the economic and financial growth on that place and it also use in some criminal activity because of this it is ban in some country. So in those place Bitcoin doesn't make the local currency disappear. 

[niz3r_nade]

we know for ourselves, crypto currency will not be able to eliminate the fiat currency, the government will not make it happen. let alone not everyone in this world knows this crypto currency.

[rickadone]

Although crypto currencies is very useful, maybe more useful than fiat when you want to do transaction globally, but it wont be able to replace any fiat, not all people are fond of crypto currencies and not people are willing to accept crypto and the government need fiat to control inflation

Far more useful than fiat and there is apparently no doubt about that. Asides from not all people being fond of cryptocurrency, a larger population all over the world are not even aware, some are aware but not well informed and looking at its nature where you would really need to be some internet savvy or at least vast to some extent, it would be very difficult for a normal man to even understand all the terms in the crypto world, let alone, opening a decentralized wallet, what blockchain is all about, how to stay secure and all that.

Pretty too complex for the normal man which obviously would make local currencies to still be in existence for people in this category.

[tylerderden]

Although crypto currencies is very useful, maybe more useful than fiat when you want to do transaction globally, but it wont be able to replace any fiat, not all people are fond of crypto currencies and not people are willing to accept crypto and the government need fiat to control inflation

Far more useful than fiat and there is apparently no doubt about that. Asides from not all people being fond of cryptocurrency, a larger population all over the world are not even aware, some are aware but not well informed and looking at its nature where you would really need to be some internet savvy or at least vast to some extent, it would be very difficult for a normal man to even understand all the terms in the crypto world, let alone, opening a decentralized wallet, what blockchain is all about, how to stay secure and all that.

Pretty too complex for the normal man which obviously would make local currencies to still be in existence for people in this category.

No I do not think so that cryptocurrencies can make local currencies disappear.Cryptocurrencies are just been introduced in the market while the local currencies are there from the traditional time period.The cryptocurrencies are used by only a small percentage of people while the currencies are used by all the people of the world.Many people are not even aware about these digital currencies.Some countries have even banned cryptocurrencies like bitcoin.

[max fray]

Will there be a chance / time bitcoin and other crypto currencies rule over currency market and local currencies get disappear slowly in a decade or two?

Now that's impossible because the greatest majority of funds is still concentrated in conventional banks that use traditional and well-known fiat money.
Most credits and loans are still given in local and international currencies and in this way BTC infrastructure is not as well developed.
Moreover, a powerful lobby from bankers will prevent cryptos from being the "currencies" in the traditional meaning of this word for quite a long time.

[Pattberry]

We can see number of investors have turned towards to bitcoin and other crypto currencies with large scale. Will there be a chance / time bitcoin and other crypto currencies rule over currency market and local currencies get disappear slowly in a decade or two?

There is no way the local currencies will disappear not matter how long it takes but we will  have a alternative to trade rather than having to be a single digital world, we need to have a balance and my guess is that both fiat and crypto will be used simultaneously and it will give more options for the end user to choose which coin they want to trade or use it in remittance.

[Labajah]

Competition between local currencies Vs crypto currencies are in peak now. Crypto currencies have occupied currency market causing local currencies enforce (banks) banning of crypto currencies. We can see number of investors have turned towards to bitcoin and other crypto currencies with large scale. Will there be a chance / time bitcoin and other crypto currencies rule over currency market and local currencies get disappear slowly in a decade or two?

local currencies or fiat currencies are widely used. it’s hard for cryptocurrencies to replace it as only a few companies accept cryptocurrencies as mode of payment. slowly but surely cryptocurrency is taking the market.

[magneto]

Competition between local currencies Vs crypto currencies are in peak now. Crypto currencies have occupied currency market causing local currencies enforce (banks) banning of crypto currencies. We can see number of investors have turned towards to bitcoin and other crypto currencies with large scale. Will there be a chance / time bitcoin and other crypto currencies rule over currency market and local currencies get disappear slowly in a decade or two?

I would not say that bitcoin and other cryptos will make local currencies disappear per se.

The central bank is most likely going to exist forever, in one form of another, as long as the government still exists. And fiat currency is probably going to still issued by the central bank, for the benefit of the governments worldwide.

Theoretically if enough people adopt bitcoin, then it could prompt the extinction of local, fiat based currencies. However, I believe that what is more likely is probably that bitcoin will exist as an alternative form of currency alongside fiat for those who don't want to use the fiat system.

[Pasnik]

I think it was asked here in the forum about the local currencies if will disappear. As my point of view it will not disapper local currency has many usage and benefited the country. It helps many people those lack of education about digital currency so in the future local currency is still a big help to the people.

[lokanot0]

Some local currencies have existed for centuries. Why would they remove the present currency when both can exist? Cryptocurrency has not that much effect on the economy as of today.