Will Crypto currencies make local currencies disappear?

[Maddinson100]

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.

That is the point. This is not going to last forever. Digital currencies especially bitcoin is grabbing fame on daily basis. More people are talking about this. Governments are also now paying close attention to bitcoin and altcoins because these now impose great threat to their control. With time, new things replace old ones. Paper money took place of gold years ago and now same is going to happen with it.

[mstfprcn]

I am living in Turkey, and we are in the middle of the hot zone and war is always neighbour for us, this kinf of terms people doesnt prefer to take money in the bank accounts and turn it to gold, but for now, cryptocurrencies are the best way to change fiat money and keep safely...if one day cryptos will replaced gold silver etc, why not ?

[jonaire99]

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?

That is unlikely to happen in my country where cryptocurrencies are still unknown to the majority of the populace. It will take more years before virtual coins replace local currencies because the technologies here are not yet advance. But it is possible in some wealthy nations in North America and Europe where cashless society where all transactions are made digitally.

[iMark]

I am living in Turkey, and we are in the middle of the hot zone and war is always neighbour for us, this kinf of terms people doesnt prefer to take money in the bank accounts and turn it to gold, but for now, cryptocurrencies are the best way to change fiat money and keep safely...if one day cryptos will replaced gold silver etc, why not ?

Yeah  I know the circumstances, while in the red zone it is very possible war broke out and made banks to close, to avoid losses because banks close many people save their money on gold because it is safer, but gold is not flexible right ? bitcoin is the right currency for save your money if war happens, but not all countries experience this condition right? so I think fiat will continue to be at the top

[PM.coins]

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?

According to me, it might be impossible to influence or make local currency disappear. Local currency is fully suppirted and controlled by the central bank and must be guaranted by the government. What we expect in the future is the existence of cooperation and supporting each other between these two types of currency in improving economy of the related country. We don' t want crypto distabilize  local currency but  supporting and running well together.

[mackenzie5]

While operating the crypto currencies  no need to disappear the local currencies because the local currency is controlled by the government or by the bank mean time the crypto currency is a decentralized one so no government control over it. Better to operate both the currencies together because by considering the global community 5 to 10% of people only capable of using the bitcoin or the alt coins world wide in such circumstances if we are allowing to operate both together it will be convenient to fulfill the needs of the people.

[futureofeth]

I am living in Turkey, and we are in the middle of the hot zone and war is always neighbour for us, this kinf of terms people doesnt prefer to take money in the bank accounts and turn it to gold, but for now, cryptocurrencies are the best way to change fiat money and keep safely...if one day cryptos will replaced gold silver etc, why not ?

Your thinking is perfectly correct but in order to replace the fiat in the current situation it is very difficult, these things will take a lot of time to replace the fiat because firstly, whole world governments should accept cryptocurrency as the legal one. Then after it will take a lot of time to replace the fiat currency.

[Yatsan]

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.

If the technological era takes its place deeper then we cannot control the development of our currency it will definitely swoop out all of the currency we have now and indefinitely be the currency in the future. Since bitcoin is starting to be talked throughout the world maybe they will reconsider the potential and the rooms that bitcoin can give into upgrading and giving a better economy to the world and to individuals.

[coingrowth]

cryptocurrencies are more or less asset-based currency we cant related to local fiat currency so we  cant compare both the currency in similar manner

[Dreamchaser21]

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

We don't what future holds with cryptocurrency but I think local currencies will not disappear even in the future because the government will continue to support it and make sure that their local currency will stay even technologies are growing.

[Malya_alkendy]

Maybe it will happen, when the Crypto currency has the same function as the local currency, and everything turns to Crypto currency then over time the conventional currency will diminish the wearer. because everything we already know that crypto currency has many advantages in the appeal of local currency, but this will take a long time.

[victorski]

I think it is possible, by more and more people using bitcoin as their own currency there will be less need of the local money

[Ewinsane]

Will cryptocurrency make local currencies to disappear? How do you expect such a thing to happen, do you even know what you’re saying? 🤔That’s not going to happen, these local currencies were made to be the main currencies and they have what it takes.

Saying that cryptocurrency should replace the conventional currencies we are making use of doesn’t sound normal ;if you can imagine that, then I’m sorry cause you really need to be on meds. Yep, you need meds., why would you be asking if such can happen, it can’t. BTC and other cryptocurrencies do have a better future, but not as you have imagined, they can only work as an asset.

[beej]

I think cryptos will make a lot of impact from here onwards, the amount of exposure, success 
and advertisements Cryptocurrencies has will surely make people look and be more interested
with what this tech has to offer. As for local currencies, crypto won't make any of it disappear,
it might however elevate and assist it to flourish more, since crypto depends entirely on what
it's worth in local and international currencies.

[wozzek23]

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?

Cryptocurrencies serves for two main purposes and that’s for investment and being a payment method. Cryptocurrencies are mainly assets and can’t be used for any other thing apart from that purpose they were meant for. If you are expecting local currencies to be replaced with cryptocurrencies, then I’m sorry cause it’s not going to work at all. Local currencies have their own purple of which they were made, same thing applies to cryptocurrency.

[valentinen39]

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 that to happen in the future but as of today we should focus on investing in bitcoins or working on bounty campaigns while the price of cryptocurrency is still very high.

[birzh0]

not in nearest future (such as 5 years). i think too much business tied with real fiat currency to disappear. also that whales are involved in fiat and crypto as well. When worldmakers will find that fiat business is enough - than only. but now they are earning with fiat also.

[DRVX]

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.

Man, I do not see any competition between the cryptocurrencies and fiat. Local money will always exist as each country has many old people that will never understand crypto. Nothing to be afraid of.

[Freddie Aguiluz]

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 dont think so, but it gives people access to local currency. Crypto currency has a its own value on every local currency, thats why it helps the local currecy to be more accessible

[barhavsky]

For now it seems that this is not possible because crypto currency and local currency have their usefulness and not everyone uses crypto currency.
Crypto currency is more widely used as a means of digital payment and investment only while the local currency is more widely used as a means of payment everyday.