Is bitcoin a threat to USD and Pound Sterling?

[gesdan]

i dont know but i think that bitcoin and fiat money is very different, first bitcoin just work online and without internet bitcoin is useless, and second in a country they need their own currencies to makes the economic circulation so using bitcoin as the main currency in a country i think its immposible

[KonstantinosM]

In short. Yes

The dollar is really struggling to maintain its place and there may be a power vacuum. It seems that no-one really wants to use it as a reserve currency anymore.

Bitcoin could replace it. I don't see why not.


Nobody wants to hold a depreciating asset. Yet, we don't have companies selling stock in bitcoin or oil being bought and sold in bitcoin. And even if governments allowed those things we don't have the capacity right now.

[Baksobakar]

I do not think so . actually usd and pound as supporters of bitcoin can continue to exist

[Coin_trader]

Bitcoin and some other top cryptocurrencies are all threats not only to USD and Pound Sterling but to ALL of the fiat currencies of the world due to their decentralization, the governments, and other financial states might not accept that fact and will do more actions against cryptos but the threat will remain, they will replace the fiat, maybe not now but later.

[BLAST2MARS]

Bitcoin won't be a threat to them because a lot of businesses are still going to use USD and Pound because they are the most recognized in the fiat currencies and I don't see it bad seeing them coexist with each other. Bitcoin will just join the  list of currencies and will just widely used on the digital market.

[Chachen19]

Bitcoin is not a threat to the currency of any country Bitcoin is actually a digital currency that many people invest with the hope of making a profit after investing more they make the technology market. More attractive

[jeffer8035]

is not a threat is an option that could be more feasible that the dollar or the pound to substitute would have to spend many things like a volco to the dollar or a financial crisis that happens in the United States or England that makes everyone relax the dollars also some bubble in the treasure bonds of those two nations or if a rise in the oil happens, many factors will be the cryptocurrencies among them bitcoin leading and many time also can last many years as the dollar enveloped the world everything is in what people return the dollars to that country can be fast as a stampede or for several years everything depends on the market

[Black Angel]

It can be said that, if the use of bitcoin continues to increase it will automatically make the use of international currencies such as dollars, pounds, EURO and so on will decrease, this is what makes many countries worried and banned bitcoin to reduce the influence of bitcoin.

[DenSamui]

I believe that bitcoin can not threaten any currency. Crypto currency at the moment you can not buy something outside the Internet and in any case need to be converted to local currency. Once bitcoin can be paid in all stores, then there will be a threat. I think this will never happen.

[room237]

I would say yes it's a huge threat.  If people start transacting with Bitcoin versus their national currency the world will change very quickly.  It will be interesting to see how they attempt to deal with it. 

[DAVETUN]

Yes it is a threat as lots of conversion goes on,from dollarpound and other currency to BTC, I feel overtime several countries will begin to convert part of there currency to token in order to achieve the cashless policy advocacy.

[DirectContract]

Why just USD and GBP? What about EUR, CHF, CAD, AUD . . .

Get the point? It's a threat to all currencies, just like amishmanish said

All government backed currencies derive their legitimacy from the government and give power and control back to the governments in return. The system works well if you assume all actors are honest and have the general population's best interests in mind.

History has shown that is hardly the case. More often than not banks, governments and businesses collude to create conditions where inequities keep increasing and those at the bottom continue to serve those at the top. This is enabled by an unlimited currency supply which only gets inflated and the burden is passed on to the common people.

Bitcoin has the power to change this equation with it's property of being a decentralized currency that does not need a trusted party like the government to give it legitimacy. It is power to the people as people choose to believe in verifiability and robustness of the underlying code and network rather than the central bank's word. So yes, As far as the long term effect is concerned, it is definitely a threat to established currencies.

But if it's bitcoin itself that finishes them, we cannot know. All that matters is that we figured out a way to do it now. Bitcoin may not work out, something may go wrong, but at least it's clear now: we can exchange money in ways that have never been done before. This step up is groundbreaking in concept and will shape the future to come.

[coinwizard_]

It probably won't threaten strong currencies like the British pound or US dollar, it is a threat to weaker currencies like turkish lira and those in south america. The USD threat is more to do with global influence where countries like iran will trade with bitcoin when selling or buying from other countries rather than usd.

[Missterio]

I think that now bitcoin is not a threat to anyone. Because it is so small that it can not compete.

[burky156]

No, never. The paper money currencies is belongs to each countries but the cryptocurrencies belongs to the world. I believe that we get united with it. If all the world start to use bitcoin there would be one currency in the world and it means great to me. I hope one day it happen..

[vixcious]

Hello guys,

Do you think bitcoin will be a threat to USD and Pound Sterling in the nearest future?

if yes, give an estimated time this can happen.

I do not think it will affect the fiat money. Because Bitcoin is electronic money and it only pays electronically. fiat money will be paid in a different way and the forex market will control prices.
In general, Bitcoin will not affect the value of the fiat money. It is a good money transfer tool.

[stayeduptolate]

Hello guys,

Do you think bitcoin will be a threat to USD and Pound Sterling in the nearest future?

if yes, give an estimated time this can happen.

Look bitcoin is totally a different crypto currency and I don’t find any competition between bitcoin and other crypto currencies or to usd or any other Fiat currencies because the working of bitcoin is entirely different from all these currencies and I think that it makes the bitcoin most successful one among all the currencies but yes in the end , bitcoin is threat to all the Fiat currencies and as according to the market, now people started liking crypto currencies more as in comparison to Fiat one and yes there is a threat to all the Fiat currencies.

[rtm125]

Frankly speaking, I do not think that the task of bitcoin is to overthrow the existing world currencies. It will be an excellent alternative, but people will still use national money.

[Tszone]

I think bitcoin will more or less become a threat to the US Dollars and Pounds Sterling because digital currency will soon be used in every aspect of our lives and countries around the world are already considering turning to the likes of Bitcoin.

[Dondisimo]

Bitcoin will not be able to displace conventional government money and replace them completely. People will use different currency formats, but our usual money will not disappear.