Is bitcoin a threat to USD and Pound Sterling?

[kappajess]

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.

[Rozita]

Dollar is now used for most of the international transactions all over the orld. It's not fair that USA can control all the countries transactions. I think it will change in future. A cryptocurrency which is not controlled by a special country is a good option. But It's difficult to predict that currency will be bitcoin or not.

[Meysa_richa]

Sometimes there are people who think like that, but I think that is not a threat to the dollar, because I think all have their own place in the use of this currency.

[gidaahmad]

I do not think Bitcoin is a threat to both. Because basically everyone who holds Bitcoin will still exchange their Bitcoin with local currency, in order to be used to transact traditionally. We know that Bitcoin can only be used online, while dollars and poundstreling can be used online and offline for wider transactions. So, Bitcoin is not a threat.

[pocket_lck]

With so many people transacting using bitcoins or other cryptoes it could threaten the dollar with a run, and I think within the next 10 years it's enough.

[gobingo]

I do not think anyone is threatened with bitcoin coming in and that includes dollars, all mutual benefits in transaction activity because until now most bitcoin is still used in online transactions.

[amishmanish]

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.

[bitfocus]

Right now, bitcoin is gaining strength and someday in future (very near future), bitcoin will be used as USD - to value and convert almost everything.

[bitmover]

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.

It's not a threat to USD. It's just an alternative, there is space for both. In international transactions, internet payments, etc, BItcoin may be a preferred payment system.

But I doubt USd will de threatened. However, just in case, I hold some BTC  

[_pas_90]

There is a threat, I think that the next 10 years will be decisive ...

[Xester]

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.

Bitcoin is never a threat to USD, pound sterling or to any other fiat currencies all around the globe. Cryptocurrencies were not made to destroy fiat currency but this is made to complement the fiat currencies to overcome its weakness which is the monetary deflation due to economic collapse or overprinting of paper money. Though bitcoin is not a threat to the current fiat currency it is a threat to the banking system since bitcoin wants to us to be our own banks and will no longer rely on the unjust and unfair traditional banking system practices.

[ethela4you]

Cryptocurrencies are not controlled by any country so its good if it would be a threat to any other controlled currencies but i highly doubt that will happen in the near future.

[artichandra]

Looks like bitcoin does not threaten the USD and Pound Sterling, because people are still exchanging bitcoins to USD. Means the state of bitcoin is also very dependent on the USD, because the use of bitcoin is still not maximal unlike USD which can be used anywhere.

[dikiyono]

it's hard to predict that this is a threat, in my opinion this is not a threat, but its value is still weak, because uncontrolled, I hope everything is fine, because many crypto users wear it

[Roboabhishek]

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.

The US dollar (American Dollar) is used internationally all over the world by many people, I know when I go to purchase something off someone online it is 99% of the time based around the US Dollar. I believe it would take a lot for something as new as bitcoin to even come close to take over the USD. Reason being that bitcoins supply is limited it doesn’t account for population growth and such unlike the USD or GPD.

[sandisunny]

As far as currency is concerned, weather crypto or paper money, USD is still the major legal tender used both online and offline so i dont think bitcoin is a threat to it.

[cryptjh]

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.

No currency will last forever, that include bitcoins also, but I’m sure the dollar, euro, pound, and most of the other fiat currencies will fall someday. That can be 5 months from now to 20 years from now.
Most of them are full of dept; build on a system where they need to keep printing new currency each day to pay yesterday’s dept. In the end the countries will stop accepting others countries currencies, and then a digital currency like bitcoins will be the new world currency.

[ManaMan]

Dollar is now used for most of the international transactions all over the orld. It's not fair that USA can control all the countries transactions. I think it will change in future. A cryptocurrency which is not controlled by a special country is a good option. But It's difficult to predict that currency will be bitcoin or not.

Of course that they did this on purpose, as mostly oil trade is done in USD. You pointed it well. As we can see mostly people who are accepting donations are moving towards cryptocurrency and by looking at the merchants overall. So in the future cryptocurrency has high potential of taking its place as internet money first. It will be hard to speculate when FIAT will be totally replaced as this could take like 10years or even 100years.

[conceivedspoon2]

Bitcoin is basically not a threat to fiat currencies especially base currencies like USD and Pound sterling. Its just a means of payment and just becoming an asset overtime. You can access your account and not through a third party. Its one of the advantages of cryptocurrencies.

[Sonajin_Coin]

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.

Very true and I think if we look at the actions of governments and bans in some countries, this is proof that Bitcoin is a threat to fiat currencies.  We can also look at the market cap and consider that a lot of real money is going into Bitcoin.  The real question though is how much of it is invested vs actually used on a daily basis for trading goods and services?  I think this is Bitcoin's biggest weakness as the fees and are high and transaction times very slow.  But I would agree and consider Bitcoin is a store of value and sort of a replacement wire transfer service so it is really more of a threat to SWIFT.  But the thing is that crypto is liquid, it is easy to exchange some Bitcoin for other coins that are more easily used on a daily basis and I think that's why Bitcoin is considered a huge threat anytime a normal person buys or receives Bitcoin.