Will Crypto currencies make local currencies disappear?

[Ailmand]

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 don't think so. Local currencies have a long standing history with their own locales or countries to speak of, therefore, it's not easy to actually dethrone them because they are more establish, and simply, people trust them more than cryptocurrencies. Although cryptocurrencies reach far more than some currencies because it is used globally, but when it comes to the conversation of one country, their currency is more trustworthy for them.

[Mary Ofosuhene]

Every country has its own currency (local currency) its spend of which local currency has created employment for some people(banks). If cryptocurrency is to override the local currency, this will end up making some people loose their jobs especially those in the banks. Moreover, in Africa(especially the developing countries), it will be very difficult for local currencies to disappear because, cryptocurrency is not officially meant for trading since no one will ever accept a cryptocurrency after rendering service for you especially if the person knows nothing about cryptocurrency. Per my opinion, local currencies will never disappear at the expense of cryptocurrency but rather, can operate hand in hand across the globe. This is because, you work hard for the cryptocurrency, then you convert it into a local currency to be able to do transactions especially in Africa.

[the13thsymphony]

Cryptocurrencies is also dependent on local or fiat currencies because you would use it to buy your initial crypto to trade or exchange to other altcoins. You should also know that only a few platforms and establishments will take cryptocurrency as a mode of payment that is why you would still need to exchange your crypto to fiat.

[darkphoenix2610]

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 it will never replace the true fiat and bitcoin is just a virtual crypto currency that don't have a paper money, and we cannot use a single currency for all the country because we use our own currency since we gave birth.

[naidray]

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.

Obviously, as we move ahead, we will get to see cryptocurrency becoming a currency of usage and a lot of people who are vast technologically will find it amusing to make use of.

Nevertheless, this would play its own role in the digital sector while local currencies will play its own role in the traditional sector. The good thing about it however is that it ends up creating a competition for the banking sector and probably things would get better over time in the traditional financial sector.

[Dimid]

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 is too early to talk about a complete transition from local currencies to bitcoins. Crypto-currencies are not yet ready to take on this responsible role. Yes, in some moments, crypto currency is more convenient and practical, but there are a number of drawbacks when using them. For example, how to pay bitcoin in a place where there is no electricity and internet? ... the answer so far is obvious - no way. In short, the infrastructure of the crypto currency is not yet ready for a full transition of use as a means of payment.

[Samolet]

Cryptocurrency in the form in which they are represented now is more analogous to gold than money. They are: labor-producing, they are finite. Bitcoin is an analog of gold. Gold was originally mined for jewelry, and then decided to use it for exchange, and then they came up with money. That is, gold of practical benefit for mankind, except as a means of exchange, almost does not bear.

[wantjokull]

I hardly think so. I mean there is no way they can do that as they are unregulated form of currency which can not be used for fulfilling the real life world needs. You cant even buy a candy with these currencies then how could they run the whole nation on their very nature.

Truly speaking they are good at what they do, but they are only good over the blockchain and virtual world is what best fits for them. I know all the stuff regarding best currency form etc etc but we have to be practical here and speak that way.

[suburban123]

In the form in which they are now, definitely not. Absence of a real cost system. Yes, money is the equivalent of a commodity. Now cryptocurrencies are expressed through money, and judging by the exchange movement, all the cryptocurrencies are expressed through bitcoin. Now the system of blockchain seems invulnerable, but what a person has created, as history shows, can be hacked by a person. Without a centralized system for updating and protecting the system, the entire financial infrastructure can be destroyed by a talented fifteen-year-old.

[Boov]

Never , It will never happened, You should now the difference between the main object and an alternative. Money or the local legal tender of certain country is the main object while crypto same as any other forms of stocks bond or investment is an alternative. Now if you will make the money gone , how can we know the values of those investments or even cryptos.  And another thing is not everyone knows how to use computer or gadgets so traditional money is always important. To make money disappear it requires all nations to be rich which will never be.

[ngano ba]

If the government will approved the use of cryptocurrency in the area then the time will come that the cryptocurrency will prevail and might slowly make the local currencies disappear becausre it will be place with cryptos.

[xandra]

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

I agree with your point mate, crypto currency might adopted in most of people but it will remain where it belong which in the crypto world .Right government won't allow it and there are still people who don't understand how crypto works.

[gambitcoin53]

Never , It will never happened, You should now the difference between the main object and an alternative. Money or the local legal tender of certain country is the main object while crypto same as any other forms of stocks bond or investment is an alternative. Now if you will make the money gone , how can we know the values of those investments or even cryptos.  And another thing is not everyone knows how to use computer or gadgets so traditional money is always important. To make money disappear it requires all nations to be rich which will never be.

i got your point, fiats makes the value of crypto. without its counterpart, then it will be deemed wothless, besides, we still need fiats to buy small purchases that crypto cannot buy, considering the cost of conversion fees, if fiats will disappear, crypto will not be accessible by poor people since common people are at ease with tangible currencies rather that intangible or digital counterparts.

[ArteMixer]

For now, I really doubt. In future, with worldwide internet access, very may be. But crypto will be united and not broken down into ICO coins.

[KeijiN]

I doubt it will happen soon, because there is no specific places for a cryptocurrencies in law and regulations.

[elghoniya]

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 a country to disappear their fiat currency, apart from that cryptocurrency is just an asset and not a physical currency that can be used directly to transact in real life. Although bitcoin will likely be big in the future, but fiat will remain the main currency. In the future, The country can create a new crypto. It is  a good way.

[Glorypaasa]

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 its not going to happen because cryptocurrencies is an alternate way of earnings and beside not all the people know the existence of it, The government is aware on what is the effect of crypto to the economy and I'm sure they will not allow to replace the local currency to turn using into crypto.

[barnes13]

It's impossible to happen, I think until now maybe only 10% human population on this earth use or know about cryptocurrencies the remaining still use fiat, and the government will certainly keep their fiat still exist to use by their community in daily use.

[veejay2716]

I think that would be impossible, crypto currencies cannot make local currencies disappear, crypto is a digital currency and I think the government will not allowed and regulate it because as of now its hard for the people to understand this better.

[trako]

this is unlikely. BitCoin is a technology that requires an important infrastructure. this is not a service to be exploited in the near future. there is still no internet in most parts of the world! no electricity! maybe if america or europe or japan will think for china. but it does not apply to the mid-african arabic half-island. because there is still war.

According to the World Population Forecasts Report published in 2017, the world population has increased by 1 billion over the last 12 years to 7.6 billion.

how many percent of the people in the world are ready for bitcoin?