Will Crypto currencies make local currencies disappear?

[s2sallbygrace]

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?

for me, crypto currency can never replace local currency even after a decade or two. Yes maybe there is a competition between the two but the demands of local currency is very different. Almost all people all over the world uses local currencies on daily lives and daily expenses which we can never do if only use cryptocurrency. Cryptocurrency is a good asset and good for investment and it will not make local currency to disappear because it is  important to all the people.

[BTCappu]

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.

There is nothing about competition between paper and cryptocurrency. Local currency is only usable in local markets and cryptocurrency is usable all over the world. One thing more that crypto is only usable currency but also a coin business and you can make a huge profit from your holdings. When crypto will hold the market all other currencies will disappear from the market.

[wuvdoll]

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.

Yeah, they really do and asides from the long standing, a lot of people will really find it hard to even adapt to the usage of cryptocurrency as I see them as still living a borrowed time. Those in their late 60s are finding it hard to even conveniently get used to the internet world except for those who are really trying their best to be as updated as possible.

In this case, some may just have to accept the traditional way the way it is, let alone, those in some under developed countries who may not even have access to the infrastructures to access this technology.

[heartrodriguez28]

It's impossible to make Fiat disappear especially when businesses are banned from accepting payments in crypto. This is because govts get their funds via tax and without tax, countries can't be run properly.

[phpartisanmaster]

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 the future there is a huge chance for local currencies to be removed in different countries since most of the people will just rely on cryptocurrency due to its price in the market that is very profitable and can be used for living.

[kuncimobil]

I think not because the local currency is the official currency used and the government supports for the use of local currency, so the crypto currency  will not be able to replace the local currency

[rommelo24]

Crypto currency can not make fiat currency disappear. The Crypto currency can only supplant ordinary paper money from circulation, but it can not replace it completely. Decentralized crypto currency has great volatility and therefore can not be accepted by any state as the main money instead of national paper money. Such a crypto currency can only go in parallel with the paper money of this state.
If a state recognizes the crypto currency as the main money of its country, the crypto-alaute very quickly disbalances the economy of this state.

Bitcoin for now cannot make fiat money disappear because this is the common usage for everyone. Rich and poor needs this in order to survive. Not all people are bitcoin users and it still needs a wide spread information to all if we will not use fiat.

[qwertyup23]

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?

Despite the existence of cryptocurrencies in the market are more prominent, they cannot replace the standard currency (which is fiat) given the economic discrepancies over developed, developing, and underdeveloped countries. Embracing the blockchain technology, which compromises of a complex system with a need of technological equipments and developments, are only applicable to countries who are able to adapt as such. Countries who are from the underdeveloped sector have their hierarchy of needs and changing their payment structure is far from their priorities as of now.

Though it may be impossible today, it is still possible in the future when all countries are able to adapt such technology. Having a digitalized form of currency reflects convenience and safety among users as it eliminates the need for a peer-to-peer transaction. More importantly, the fiat based currency has been around since time immemorial. I guess we are bound to shift to a new era currency- which bitcoin may produce in the future.

[iv4n]

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?

Despite the existence of cryptocurrencies in the market are more prominent, they cannot replace the standard currency (which is fiat) given the economic discrepancies over developed, developing, and underdeveloped countries. Embracing the blockchain technology, which compromises of a complex system with a need of technological equipments and developments, are only applicable to countries who are able to adapt as such. Countries who are from the underdeveloped sector have their hierarchy of needs and changing their payment structure is far from their priorities as of now.

Though it may be impossible today, it is still possible in the future when all countries are able to adapt such technology. Having a digitalized form of currency reflects convenience and safety among users as it eliminates the need for a peer-to-peer transaction. More importantly, the fiat based currency has been around since time immemorial. I guess we are bound to shift to a new era currency- which bitcoin may produce in the future.

They can't do it over night, but even those underdeveloped countries will have to follow standards, not their but standards created by advanced countries. Countries that dare to not follow will stay behind, people who live there will feel that in very bad way.
Fiat currencies will fail, sooner or later, read that like in advanced countries sooner in underdeveloped later. They are here for a long time and it's time for a replacement. Not because that fiat system is working good, because its making a lot of problems to majority of human kind.
Maybe I believe in crypto future more then others, but its inevitable how ever you put it. How ever you test it in the end you will come up that world needs crypto for better future of all of us.

[normanz]

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 local money will still be used for local transactions in a country, since the local currency is a recognized currency in a country.

[justdimin]

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.

We will even be fooling ourselves to think that the government will just allow local currencies to be discarded like that.
Apart from that, there would still be some category of people in the world and in each country that would prefer the usage of fiat since that is what they have been used to over the ages and easily switching to the digital age may be a little bit hard for them and since this set of people are part of the percentage of the global population, we should expect the two to run together.

[automail]

Good thought but I disagree. Local currencies represent a country and it has established its ground for more almost a century. Bitcoin won't cause harm to other currency and the fact that its generating income, bitcoin is helping the currency itself. The more money withdrawn by using bitcoin, the better for the currency since the money will be spent in their currency. Taxes are also part of it so bitcoin really helped a lot.

[Vektrum]

It will not happen. Crypto currency can not make ordinary national money disappear without appropriate actions on the part of the state. And the state does not want to replace its national money with crypto currency based, first of all, because of its high volatility. In addition, a significant part of the country's population also does not want to switch to the use of crypto currency, because this requires the necessary skills, technical means of using crypto currency, and much more.

[DRVX]

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 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.

Even the best cryptocurrency, very fast, very reliable and safe, will not replace fiat. There is no threat to the local money. It will be used as usual. Crypto and traditional money are not the enemies.

[Duzter]

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 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.

Even the best cryptocurrency, very fast, very reliable and safe, will not replace fiat. There is no threat to the local money. It will be used as usual. Crypto and traditional money are not the enemies.

To suppress the growth of bitcoin as well other digital currencies governments show interest upon regulating the cryptocurrency usage. This is not because that bitcoin will make the local fiat disappear, but they fear about the technology and the growth it has attained over the very small time period compared to the traditional system of currency.

[ghost424]

Cryptocurrency cannot make local currencies dissapear because not everybody can access cryptocurrency yet. The undeveloped areas in the world have no access to the internet and without internet, you cannot gain Cryptocurrencies.

[w33man]

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 possible, however, we need mass adaptation and cryptocurrency acceptance by the government for this to happen. We also need a big regulation since cryptocurrency price is volatile, it is risky to turn into a main currency.

[Ryker1]

Good thought but I disagree. Local currencies represent a country and it has established its ground for more almost a century. Bitcoin won't cause harm to other currency and the fact that its generating income, bitcoin is helping the currency itself. The more money withdrawn by using bitcoin, the better for the currency since the money will be spent in their currency. Taxes are also part of it so bitcoin really helped a lot.

Agreed. Like this guy said, the local currencies is the face of the country, there's no way that crypto currencies will replace the local currencies and also it is founded almost a century, while crypto currencies are only in a decades. In my opinion, it's really impossible to replace the local currencies with crypto currencies, because local currencies isn't that volatile unlike crypto currencies.

[expless]

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?

Yes that is right. These are two different domains that can’t be merged or replaced by one another. Like if someone is saying that bitcoins would be replacing the whole fiat money system, this is really stupid to even think of. But yes this statement can be right after a century or two. Then we may see the world in hands of digitalization and everything would just be dealt in bitcoins.

[Taki]

Local currency move the economy of the country. But to use Bitcoin as international currency, instead of USD,  will make life better for every country without supporting the economy of the USA. I hope governments will understand it one day and move to neutral currency for international payments, bitcoin would be perfect in that role.