Will Crypto currencies make local currencies disappear?

[Harrow30]

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 still very much believe that even when the future adopts Cryptocurrency fully, the role of fiats can't be totally scrapped out. There some developing countries that still don't have access to the internet talkless of the blockchain technology. In these areas, physical cash will still be predominantly used.

[squog]

Maybe it will, but it will take a lot of time to reach that level of stability and strength. For one thing, fiat is almost as old as economy itself. To try and overcome it, you need strength and stability which crypto currencies do not have now. But, give it time and we will see a revolutionary economy in the making.

[victorski]

at the first thought I would say that every country will battle for their own currency, but if it ill be more rational to use bitcoin they can transfer

[Rajamuda]

Although it does look so strongly competitive as time passes, but I don't think there is a possibility that with that.. there is a high probability that crypto will shift all that. It does look like more highlighted, but still I guess.. the local currency would be on its priorities in everyone's life or each country all the time.

[Harrisonimo]

Well, the Cryptocurrencies are already encroaching into our payment world; buying and selling of goods and services with Cryptocurrencies. I do believe there will be limitations to the Cryptocurrency's global reach even in the future. Reasons being that there will always be the remote areas where it can't reach, transactions that are meant to be with physical payments and the likes. The Cryptocurrency's fullness can come by in about 2 decades from now.

[no0dlepunk]

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 depends on the people themselves. If they patronize crypto or bitcoins and they are practicing cashless trades or transactions then yes it can make paper money disappear; however, if these same people are imbecile crying out loud that they are neglecting paper money or local currencies, then their government will surely do something to stop them. Worst is, making bitcoin transactions a crime.

[zedicus]

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, no doubt with that for me, i like studying the market movements or state what was going on other than monitoring cryptocurrencies. What i see the time will come japan, china , russian and other countries that is using crypto now and considering it as valuable other than local currencies sees to be a big changer that this crypto is about to change currencies. US dollar is the main thing around here now when Pres. Donald Trump becomes a president of the US a long story but its effect has gone different that suggests a dollar is about to crash anytime soon. I saw how dollars was been fast decreasing its market value. Time can only say how long they can prolong the USD market value. This is about to happen Let's accept that bitcoin, and other currencies will be soon our partners in buying things.

[trand]

It is hard for cryptocurrency to do that. The government will never let cryptocurrency to take over the world. They will have regulations, rule or even prohibition in order to control the cryptocurrency. And, we do not know whether a centralized world is better than a decentralized world or not

[spyerf]

It will not be, this is a serious problem for any country if it knows the currency of the country will be replaced with bitcoin. They will suppress bitcoin and keep their own country's currency. Fiat money is a symbol for the economic side of every country.

that's true and I agree with you, paper money will not disappear even if digital cripto currency is already used but not everyone uses crypto money for every transaction, generally in countries that have not accepted the existence of crypto currency, people invest in crypto for getting more value on paper money and paper money is easier to use for daily shopping transactions.

[Bessta]

Crypto currencies are already in town and lots are patronizing them but as of the moment i cannot caregorically say that cryptos can erase fiat currencies in the financial world yet because there are still countries that do not regulate or accept cryptocurrencies. Many people still enjoy using fiat currencies.

[drachman]

I think this is the capability of cryptocurrency that should be anticipated by the government, the government must do something for the paper currency that we are using is not lost because of the cryptocurrency, I hope the policy to be issued gives us a good impact, especially for the cryptocurrency and currency that we are using...

Governments are going to do everything to avoid the disappearance of their currencies, but they are realizing that they may not have a choice, they may decide to ban bitcoin and they may even decide to prosecute people that use bitcoin, but if the situation in their countries is so bad people are going to take the risk and as a consequence their currency could disappear.

[auliasilvana]

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 more and more cryptocurrency enthusiasts and cryptocurrency development more rapidly. I'm sure someday the cryptocurrency could make the local currency disappear. Because if the enthusiasts cryptocurrency more, of course, the price will be higher and make everyone want to join in it then forget the local currency.

[waitforme]

This is because private money is controlled and protected by governments and banks. Crypto can be a good solution for paid forms, but it still can not meet all the optimization requirements.

[EnricoGomez]

I do not think that two decades is enough to adopt cryptocurrency system to replace the traditional fiat, there is a lot of considerations for the society - just think about how not all has access to technology to which crypto heavily rely on.
It is possible but it will take a lot of time and change on individuals themselves.

[expertofexperts]

Well we cant say that local currencies will disppear so soon, but yes most countries will start accepting these cryptos. The reason is very simple as many people have started accepting it and feeling safer. Maybe most countries will regularize them and make every exchanger licensed..

[speedy963]

As far as i know  each of them has its own role playing in the market, and knowing that they have their respective roles, even if they are being seen as both competitors in the market it doesn't really mean one should be totally eradicated in my opinion.

[andriw]

I think not .. even local currency in the form of digital is increasingly used in financial transactions or now many mentioned as the cashless transaction,
it is difficult to replace local currencies because local currency concerns the identity of a country

[Bitcoincole]

Definitely not, local currencies can not be disapper totally just to replace the crypto currency because it can not easily applied which big problem to be solve in part of government agencies changing directly the national currency in real world which can not easily be manifested in the government in country to implement in an supported country.

[Blondy12]

It is hard to tell that cryptocurrencies can make local currency disappear. Come to think of it, volatility of the value is a big hindrance to make cryptocurrencies as our main currency. Bitcoin only suits for online transaction and it is best for longbterm investment and not to the point that it can be our sole currency. Its not like i don’t want bitcoin it is just that the idea doesn’t fit with the reality in our lifestyle.

[lol1yatme]

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.

It is too early to say anything like that and that I don’t think so that any such thing will ever happen in near future. however, if there comes a situation when people are more inclined towards the crypto currencies, then the usage of the paper money will be reduced and that in that case, we may experience that people will then start investing more money into the crypto currencies instead of keeping the paper money into the banks.