Will Crypto currencies make local currencies disappear?

[David Way]

I think you are correct... Cryptos will make local currency dissapear.... But I wonder if this will happen too soon though ? Although Tim Drapper has his prediction saying 5 years from now if you go to buy Starbucks coffee with fiat paper bill, people will laugh at you

[bhadz]

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?

Sorry to say but bitcoin will not make local currencies to disappear. The government is very strict with the fiat money and they won't allow a digital coin will just able to replace it. We do want bitcoin to take over it but we don't have the power and authority so this is the sad reality. But in a decade or two? things might change during that run as technology is advancing and by that time the world will start using digital currencies and RFID's where there's no need to bring cash.

[panjul07]

I think you are correct... Cryptos will make local currency dissapear.... But I wonder if this will happen too soon though ? Although Tim Drapper has his prediction saying 5 years from now if you go to buy Starbucks coffee with fiat paper bill, people will laugh at you

It wont!! local currency will not disappear, ever. Local currency will still exist no matter what happens with crypto currency. Not all people in this world knows about this technology, there are just too many people in this world who are not even knowing about Internet especially those who are live in the  poorest countries.

[akamit]

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?

In my opinion cryptocurrency will not take over fiat currency because it seems to me that cryptocurrencies are now considered as an investment asset but not as a currency.
If it ever happens then it won't happen anytime soon, maybe after 50 years from now. But it has a very slim chance because governments won't let it happen easily.

[xIIImaL]

I think you are correct... Cryptos will make local currency dissapear.... But I wonder if this will happen too soon though ? Although Tim Drapper has his prediction saying 5 years from now if you go to buy Starbucks coffee with fiat paper bill, people will laugh at you

It wont!! local currency will not disappear, ever. Local currency will still exist no matter what happens with crypto currency. Not all people in this world knows about this technology, there are just too many people in this world who are not even knowing about Internet especially those who are live in the  poorest countries.

Already many countries started making their own crypto currency for a safer hand to survive big in the market if the local fiat currency has been removed. I do not know why people really care about fiat cash comparison with the crypto currencies.

I see your comment about internet and laymen but shit government in various making everything on online for them.
This pressure make everyone knows the use the internet in few years after the bitcoin will be largely accepted in many places.

[drachman]

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?

There is not really a reason for local currencies to disappear, cryptocurrencies are going to fill some niches but it is impossible to fill every single niche, in my opinion even in the future cryptocurrencies are not going to replace the current economic system that we have, it is just going to run besides it and it will be used by people like us that do not like the current system and would like to bypass it.

[Nhor1011]

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?

     In my own opinion cryptocurrencies can't make local currencies disappear because they are different. Crypto is digital while local currency is tangible and it is use daily for buying,payments and everyday transactions. Another thing that it can't disappear local currency because local currency is centralized currency issued by the government while cryptocurrency is decentralized.

[Snaic]

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 there is now a competition between the crypto currency and the currency fiat. Crypto currency will greatly press fiat, however to a certain extent. Further crypto-alaite can exist only in parallel with ordinary money, it can not completely replace conventional paper money. This will not allow to do first of all the state, since the crypto currency can completely disbalance the economy of any state with its high volatility. Also, a certain part of the population will be against the transition to the crypto currency, because its use implies certain knowledge and the availability of technical means and connection to the Internet.

[rocketbits]

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?

If any government decides to use cryptocurrencies then obviously the local currencies get disappeared. But remember there is whole lot of monetary economics involved there and things are not easy as we do in crypto.

Cryptocurrency is profitable business today and there is no doubt that the world is now turning towards cryptocurrency. The use of cryptocurrency is also very easy. Buy anything in the world and pay from your bitcoin wallet. No need for exchange your local currency. It is the main reason that all other currencies will disappear from the market.

[Indrawan77]

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

[_noname_]

Digital currencies are not a major risk now for the fiat monetary standards in light of the fact that lone less individuals who thinks about cryptos and even them utilizes crypto as a benefit not a money so if that proceeds everlastingly there is no enormous danger for the fiat monetary standards since we require fiat to cashout the cryptos. In any case, when the general population begins to utilize crypto as immediate installment most likely it will supplant the fiat in huge part yet not totally.

[Idrisu]

Cryptocurrencies has that capacity to makes fiat disappear but I doubt if humanity are ready to do that. Therefore I think fiat is going to remain with us and we should learn to combine the two in other for us to be to get things move smoothly.

[kloinko1n]

Maybe. Because crypto-currencies are not provided with anything other than their own properties. This means that the price of the currency will not depend on the situation in the country

[DogmaF10]

Not a single chance i think, in every country they had a strict rule to protect their main currency. Unless a major catastrophe or an economic collapse happens, i dont think that cryptos will overcome the local currencies

[Experia]

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 think it is impossible for cryptocurrencies to overtake local currency it will took a long time to make it possible but of course government wont allow that kind of situation.

[jcarlo]

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 think cryptocurrency will replacing local currency or fiat. And if that happen, its take a lot time because many country ban cryptocurrency as payment. I think government will put cryptocurrency as commodities or an asset like gold

[cmacwiz]

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?

It’s  true that bitcoin has gained a lot of popularity among the users throughout the world and has also gained lot of users. But still I don’t think that bitcoin will be able to replace the local currency from the world because firstly, local currency is way more popular than the bitcoin and local currency also has way more users that bitcoin. 

[pathapoddo]

Local currency can be disappeared in some decade. Crypto currency are taking the sit of local currency. In online people want to use bitcoin and other cryptocurrencies for transfer payment or other transaction.

[Sarisang]

There is indeed a chance of succeeding. Perhaps this is also the basis of rejection from different countries because crypto can replace the currencies of these countries. maybe sooner or later changes will occur and of course, this will also have an effect on the price of crypto.

[Netnox]

There is a chance that some form of digital money will replace the physical cash in the future. But even if that is going to happen, it is going to take at least 50 to 100 years. And who knows how the technology will advance by then. The concept of currency may become obsolete.