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Author Topic: Is the world ready for cryptocurrency?  (Read 5488 times)
Impulseboy
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August 06, 2018, 10:41:37 AM
 #1

Although there are a few countries who uses bitcoins and other cryptocurrencies now, I cannot help but wonder if the world is truly ready for this digital currency? It will certainly be hard to replace all currencies in the world but it could happen in a decade or so, perhaps even less? Still the question is, is the world ready? I think if this happens it might be one of the biggest changes that will happen worldwide.
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August 06, 2018, 10:59:20 AM
 #2

Many people use cryptocurrency and most of them are altcoins and tokens, I think so many people should know how to run it along But learn at the right time

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August 06, 2018, 11:18:53 AM
 #3

The most crucial question is whether cryptocurrency is ready to be an alternative to the current financial system?
I do not think the answer will be "yes," we have more than 1,000 coins, most of them worthless.
Bitcoin and stablecoins are the best examples of cryptos.

 - Bitcoin cannot be an alternative to the current system because of the problem of limited transactions.[1]
 - Stablecoins are good, but centralization means the current financial system.[2]

if the world is truly ready for this digital currency?
If we ignore the disadvantages of cryptos "scalability and price fluctuating have been solved," I think it will be an additional option for the current system and not a substitute.
If the current economy collapses into a "global financial crisis"[3], it will be a substitute.


[1] Bitcoin scalability problem
[2] Why “stablecoins” make no sense
[3] Financial_crisis_of_2007–2008

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August 06, 2018, 11:20:54 AM
 #4

In addition, that the world is not ready, the cryptocurrencies are not yet ready. The market is quite young yet. Much remains to be done. Running ETF, for example. Need to stabilize the course. Now the volatility is too big

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August 06, 2018, 11:28:49 AM
 #5

Although there are a few countries who uses bitcoins and other cryptocurrencies now, I cannot help but wonder if the world is truly ready for this digital currency? It will certainly be hard to replace all currencies in the world but it could happen in a decade or so, perhaps even less? Still the question is, is the world ready? I think if this happens it might be one of the biggest changes that will happen worldwide.

Rome wasn't built in a day...
No, the world may not be ready, but currently the foundations and getting laid.
The pillars will soon rise, but only when the world is ready to adopt crypto without hesistation.
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August 06, 2018, 11:29:03 AM
 #6

Many people use cryptocurrency and most of them are altcoins and tokens, I think so many people should know how to run it along But learn at the right time

The gradual use of the crypto coins and also the general adoption is what that we do the magic to the crypto world

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August 06, 2018, 11:34:11 AM
 #7

Although there are a few countries who uses bitcoins and other cryptocurrencies now, I cannot help but wonder if the world is truly ready for this digital currency? It will certainly be hard to replace all currencies in the world but it could happen in a decade or so, perhaps even less? Still the question is, is the world ready? I think if this happens it might be one of the biggest changes that will happen worldwide.

JFYI there is more country that is now using crypto currencies. Not "few". Some countries are not yet fully adapting on how cryptocurrency works but people in these countries are certainly using crrpto for online payments.
Who said anything about current currencies being replaced by cryptocurrency/digital money? It can co-exist with fiat. That is how it will gradually evolve as the future money that everyone in the world will be using. It takes time and there is no need to rush everything. Internet was not created in a day and not everyone in the world had access on it and now look at it. It's everywhere. Soon will happen with crypto.
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August 06, 2018, 11:35:47 AM
 #8

Although there are a few countries who uses bitcoins and other cryptocurrencies now, I cannot help but wonder if the world is truly ready for this digital currency? It will certainly be hard to replace all currencies in the world but it could happen in a decade or so, perhaps even less? Still the question is, is the world ready? I think if this happens it might be one of the biggest changes that will happen worldwide.
I'd be lying if i said the world is ready for cryptocurrency, maybe technically they are. But, in fact there are some country that still can not accept bitcoin and banned bitcoin. I think the world will be ready at least 5 years from now.


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August 06, 2018, 11:39:56 AM
 #9

In some countries Bitcoin has really exploded, like the US. I know Bitcoin has not really been legal worldwide, it's pretty new compared to some countries and some young people. Only those who really want to know and invest in Bitcoin will research it. Efforts are still being made to make Bitcoin popular or replace current currency.
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August 06, 2018, 11:45:34 AM
 #10

I really think that most of the world is not ready just yet with Cryptocurrency I really think there is a need for further knowledge about the technology or it needs to be teach in the school, Or if not a certain seminar would be needed to take up on people who would love to further know how Blockchain, Cryptocurrency, And Bitcoin really works, Because I really think that the number of people that are not aware with Cryptocurrency are so much, That is why there are so much people being scam and are using Cryptocurrency or bitcoin for their personal purposes.
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August 06, 2018, 11:47:35 AM
 #11

if for developed countries it is already quite popular and many have used bitcoin for their needs, but in countries that are still lacking facilities still do not understand what crypto is, and in some countries there are also restrictions on crypto ..
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August 06, 2018, 12:19:27 PM
 #12

The question is a bit ambiguous and I don't think there is a clear answer. It's as if someone had wondered years ago if the world was ready for smartphones, electronic money, go shopping and pay with the mobile phone, etc. These tools simply appeared and people started using them. With cryptocurrencies something similar will happen, in fact, it could be said that this process has already begun although it's true that it's being slower than we would like.


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August 06, 2018, 12:31:02 PM
 #13

JFYI there is more country that is now using crypto currencies. Not "few". Some countries are not yet fully adapting on how cryptocurrency works but people in these countries are certainly using crrpto for online payments.
Who said anything about current currencies being replaced by cryptocurrency/digital money? It can co-exist with fiat. That is how it will gradually evolve as the future money that everyone in the world will be using. It takes time and there is no need to rush everything. Internet was not created in a day and not everyone in the world had access on it and now look at it. It's everywhere. Soon will happen with crypto.


While I agree when you said that cryptocurrency can co-exist with fiat, I think majority of the world is still not familiar with bitcoins and other cryptocurrency. However I agree that it will happen. I do not know when exactly, maybe it will happen in 5-10 years, maybe less, but it will happen gradually and probably not overnight.
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August 06, 2018, 12:36:48 PM
 #14

I really think that most of the world is not ready just yet with Cryptocurrency I really think there is a need for further knowledge about the technology or it needs to be teach in the school, Or if not a certain seminar would be needed to take up on people who would love to further know how Blockchain, Cryptocurrency, And Bitcoin really works, Because I really think that the number of people that are not aware with Cryptocurrency are so much, That is why there are so much people being scam and are using Cryptocurrency or bitcoin for their personal purposes.

I am not sure if a separate class about cryptocurrency is necessary, but perhaps it can be added in any Mathematics class. Cryptocurrency is very complicated and there is a lot to learn about it but perhaps if students are taught about this digital currency in school then it will attract people into using bitcoin or altcoins.
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August 06, 2018, 12:58:46 PM
 #15

Considering the global literacy rate, especially when it comes to the technology is far less. That is one of the obstacles to the growth of Bitcoin and cryptocurrencies. However, just because some people can't use it doesn't mean that no one should use it across the globe. We can't wait for everyone to have the internet connectivity and knowledge about it. Innovations take place in the same way, it is a continuous and ongoing process. We invented a way to use electricity in the 19th century but even at this moment, there are multiple remote places across the globe with no access to it. Bitcoin is not different, many people will start using it after 20 years from now but that doesn't mean that we should not use it today.

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August 06, 2018, 01:02:32 PM
 #16

Many peoples are aware about cryptocurrency and most of investors are interested because its price hike of $20000 in December 2017 also price volatility is a big factor to scare peoples also we can see many changes for blockchain technology in upcoming years, this is the initial time of cryptocurrency, ETF will be a big  changes for crypto world.
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August 06, 2018, 01:03:04 PM
 #17

I think it was ready to change the payment system and the payment method ,because now ,cryptocurrencies has so many purposes here like we used it to invest or to gain and also to buy many things that you can use it for buying.

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August 06, 2018, 01:13:41 PM
 #18

no because of a couple of facts:
- the world still sees cryptocurrencies as investment instead of being a payment system and a currency. it is understandable for altcoins since they were created that way but not for bitcoin that was created as a currency.
- the world still doesn't understand what decentralization means and looks to the government to green light using of cryptocurrencies
- the market is still small and that makes the price volatile and that makes it difficult for businesses to directly want to accept cryptocurrencies even bitcoin as payment. then again the previous point is here too. they wait for the government to regulate it before they accept it.

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August 06, 2018, 01:17:19 PM
 #19

Although there are a few countries who uses bitcoins and other cryptocurrencies now, I cannot help but wonder if the world is truly ready for this digital currency? It will certainly be hard to replace all currencies in the world but it could happen in a decade or so, perhaps even less? Still the question is, is the world ready? I think if this happens it might be one of the biggest changes that will happen worldwide.

Actually first of all the world didn't accept cryptocurrency as currency..They are using it for making profit only and nothing else...Many people are getting into bitcoins....For trading or for long term investment only and not as currency...Yes its used as currency by the drug peddlars,gun smugglers etc....
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August 06, 2018, 01:18:11 PM
 #20

What do you think when businesses are gradually adopting blockchain technology into their day-to-day work? And now there are a lot of people using electronic money to trade or buy. This shows that the world is gradually accepting this market.
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