Will Crypto currencies make local currencies disappear?

[Hannahanto]

There is a big competition is going on between local currency and cryptocurrecies. If crypto enters in to the market surely it will disappear the local currency. Because the benefits is large when compared to local currency. So people automatically use cryptocurrency only. In future surely bitcoin will rule the crypto market.

[ryzaadit]

There is a big competition is going on between local currency and cryptocurrecies. If crypto enters in to the market surely it will disappear the local currency. Because the benefits is large when compared to local currency. So people automatically use cryptocurrency only. In future surely bitcoin will rule the crypto market.

But before using Cryptocurrency they must buy with local currency right ?, I assumption Cryptocurrency very good to use for a payment gateway, because people using Bitcoin for made some transaction to make more easier and efficient.

[chengyinoing01]

Currency is closely related to social and economic development, the development of used notes instead of metal currency circulation, mainly for paper production costs low, easier to keep carrying and transporting, avoid the wear of the COINS in circulation. Now, with the rise of Internet technology, money has developed in order to serve the social economy.

Compared with notes, and the advantage of digital currency is that not only can save cost of distribution, circulation, also can improve the efficiency of the trade or investment, improve the convenience of economic activity and transparency.

[CherRic]

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?

Fiat currencies or the local ones will never be disappear. Cryptocurrency and fiat currency has different path. One is in virtual world and other is in physical world. Even in usage, they have different aspects also. It is both good to have them and circulating in the market. The world is a competition and these two currencies are competing healthfully.

[PX-Z]

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 really think that cryptocurrency can take over the local currency and get disappear in the future, because of it's high volatility that makes it so unpredictable that's really hard to control by anyone. But i have no doubt on its ability to be the best and most used method of payments in the near future.

[Kakawate]

I don’t think that cryptocurrency is gonna erase or replace our local currencies as of yet, its gonna be a long way battle with the government before what you are saying could actually happened, but Im not taking the possibility away though, cryptocurrency is growing more each year, and its not far that people might really use cryptocurrency in their daily lives.

[Ronaldcoin2017]

I don’t think that cryptocurrency is gonna erase or replace our local currencies as of yet, its gonna be a long way battle with the government before what you are saying could actually happened, but Im not taking the possibility away though, cryptocurrency is growing more each year, and its not far that people might really use cryptocurrency in their daily lives.

I believe that crypto currency will not replace the local fiat in the near future, it is really hard to happen and they are really different crypto currency is different from fiat they are tuning in an opposite side. local money set and sailed by government on every country with sailed by the government while crypto currency is a digital currency that can be used as an investment to gain  alocal money through trading or maybe converting.

[Kim Domingo]

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 that was totally impossible because the currency that a certain country have was generated by their own and serve as their local identity to be uniquely known no matter what happen. For sure, the local government will also not allow for that thing to happen because it is in need for them to protect and to keep their national identity to let them to be recognized as a strong nation. Maybe the possibility for Bitcoin and other types of cryptocurrency to be widely used can be possible but to replace or make the local currency disappear? That was totally impossible and no one will let that happen because no state or country do own Bitcoin so no one will take the responsibility of handling it.

[Emitdama]

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.

This is really a strong logic. Yes, a country can’t exist without its fiat money or currency even it is digital one. Right now, definitely we don’t have bitcoins to be called out as official currency in any country throughout the world. Things are quite loose now. It would take long and long time for bitcoins to be spread out to the whole world and would become the only one currency of the world.

[aviven]

There’s an ongoing trend of creating LOCAL crypto currencies, e.g. Iran, Venezuela, Argentina etc. And, however those projects are quite unstable and untrustworthy, I believe that we will see local currencies transform into crypto ones

[DeadCoin]

Yes sure, when cryptocurrencies enters in to the country means automatically local currency will disappear slowly. Because the value of cryptocurrency is more than local currency. If you invest in local currency it will take long time to get benefits, but that profit is also not high like bitcoin. So people turned to use bitcoin only for their transactions.

[Btcwashu]

Yes sure, when cryptocurrencies enters in to the country means automatically local currency will disappear slowly. Because the value of cryptocurrency is more than local currency. If you invest in local currency it will take long time to get benefits, but that profit is also not high like bitcoin. So people turned to use bitcoin only for their transactions.

Not all countries are adopting cryptocurrency as their payment system and some countries are banning crypto that's a reason why cryptocurrency cannot eliminate the current currencies in every country. Not all people  who getting involved in this crypto-world and it is very impossible to overtake the fiat money.

[Karmakid]

I doubt if it will, because most government are hesitant or even against cryptocurrency. It will only happen if mass adaptation happens, and we will also have to have a good regulation on crypto because we all know that crypto price is volatile.

[hygroscopicgymnasium3]

Local currency would win the challenge for sure. As there are still numerous illiteeates that depends completely over existing fiats.

[Sled]

They will not make the local currencies disappear because they don't have the chance to make it happen since the government controls everything and they can just ban the cryptocurrencies from their country and that will stop the cryptocurrencies from making the local currencies disappear so that is what you should think and remember.

[Kolly]

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 not. There are a lot of poor families out there that does not know the very existence of bitcoin and cryptocurrencies. Poor people that forever be dependent on fiat money because they cant simply avail themselves of this technology.

[randyg29]

Crypto currencies will not make local currencies disappear in some countries because it is a government property and it is hard to people who don't know this kind of currencies because some people like here they are not more active in internet they just focus on working on what they have since they started working to their regular job.

[3rrr angels]

Crypto currencies will not make local currencies disappear in some countries because it is a government property and it is hard to people who don't know this kind of currencies because some people like here they are not more active in internet they just focus on working on what they have since they started working to their regular job.

I believe cryptocurrency is just an alternate and can never replace the traditional money because not all the areas in the country are supported by digital network or internet connection.

[BitcoinMarketer39]

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?

Yes there is a huge chance for fiat or local currency to be gone in the future because of the very high demand of cryptocurrency in the market and i think that government will not have the power to remove cryptocurrency.

[kloinko1n]

That's a very difficult question. A question from a number of those on which only time and progress will answer