Will usage of bitcoin reduce the value of native currencies?

[teejayrichard2]

i dont think the usage of bitcoin will reduce the value of native currency but rather they will both co-exist as one cannot buy small items with bitcoin especially to petty traders. bitcoin has its onw special function while native currency has its and it will be much better if they both co-exist.

[fulmetal08larz]

They may co-exist with each other and people will have more options to choose from whether they utilize the traditional ones or opted for a more convenient way of transacting financially. It all comes down to user acceptance and trust. So far, for BTC, it may seem that the trust is fading. But, let us not lose hope. Better days will surely come.

[Ben]

It's a faraway future, I guess. Meanwhile, they co-exist and do not influence each other

[delphic]

Now nothing depends on Bitcoin at all.He is too much from what depend.While the situation on the market is not stabilized, these issues are not relevant at all.Don't know what they're doing with bitcoin,but the schedule just looks dramatically.

[jonaire99]

Majority of the people will continue to prefer their native currency because it is more convenient for them than the cryptocurrencies. Their usage for fiat will continue to boost its value and the virtual coins will remain as alternative currencies because they ard not yet fully adopted in many countries. Digital currencies need internet to be able to use it while native currencies are always available offline.

[BigBrother]

I believe that bitcoin will be widely used in the future. But we still can't do without the fiat money. Therefore, it is unlikely that bitcoin will be able to affect the cost of fiat money.

[altercreed]

I don't really think that bitcoin can reduce the value of native currencies. Afterall, it's the native currencies that people are still using as their medium to buy products that they want in everyday living. Bitcoin is just an alternative to fiat and other people are making bitcoin as source of income to earn fiat.

[Stac]

  The usage of Bitcoin will never reduce the value of native currencies Bitcoin value is determined with fiat and that is determined with fiat currency value of the localities local currency so it is difficult to believe that Bitcoin transactions will affect the currencies of their locality it may only reflect in value . Even though Bitcoin has attains a popularity globally some countries do not legalize Bitcoin, the value of Bitcoin fluctuates in every hour all are not aware of this digital currency even though Bitcoin is a decentralized in nature that means no third party influence in the transaction of Bitcoin .The transactions are cheap and easy for international uses since there is no third party or even the bank interference its transaction is peer to peer . Bitcoin transaction is done with the blockchain technology so it is corruption free this transparency leads people to trust Bitcoin even though it has grown Bitcoin can't stand by its own without the reflection of fiat currency.

[kickdapa]

Not really bitcoin is a digital currency which is decentralized. There are still so many people don't dare to adopt bitcoin as it is extremely volatile it might bring them a huge loss. So it will not possible to happen to reduce the value of the native currency even native currency is totally controlled and maintained by government and bank.

[Menawi12]

Will the value of native currency fall down if the usage of bitcoin increases?do people feel that they don't need fiat anymore for the transactions to happen?Is that why people are trying to let down bitcoin ? Many questions are just wandering in my mind at the moment. Can anyone answer atleast few of them?

Because cryptocurrency like bitcoin not controlled by any authorities, i think bitcoin and fiat money will run side by side. I am still thinking that people still need fiat because it already used for many years and to measure economic growth.

[donadoni212]

I believe that bitcoin will be widely used in the future. But we still can't do without the fiat money. Therefore, it is unlikely that bitcoin will be able to affect the cost of fiat money.

yes, all have advantages in their respective places. not at all affect the value of bitcoin against fiat and vice versa. in bitcoin what if demand increases the value of bitcoin will be higher and what if demand decreases and many sales value will decrease.

[Bonsaiav]

Will the value of native currency fall down if the usage of bitcoin increases?do people feel that they don't need fiat anymore for the transactions to happen?Is that why people are trying to let down bitcoin ? Many questions are just wandering in my mind at the moment. Can anyone answer atleast few of them?

If stores, markets, and banks have adopted bitcoin as a whole, of course this will have an impact on the reduced use of fiat currency especially in transactions, in this case we can see real examples like what has happened in Japan as a friendly country will bitcoin. The use of bitcoin currencies in Japan's tantamount to the use of yen, banks will still get income from the transaction costs incurred, both when converting from bitcoin to money or vice versa.

[libert19]

No. Bitcoin or other cryptos are not that adopted to have any effect on native currencies.

[Pettuh4]

No. Bitcoin or other cryptos are not that adopted to have any effect on native currencies.

You can say that for now but i don't think its going to remain like this looking at the rate of adoption in recent times. The future definitely is going to be with the cryptos and the earlier we prepare for it the better in order not to be taken by the surprise of its impact on our respective fiat currencies.

[mirawantirinjana]

of course not, the use of crypto currencies like bitcoin will not reduce the value of FIAT currencies.
isn't the FIAT currency regulated and monitored by government banks? while bitcoin doesn't. therefore, the use of bitcoin at this time will not affect the value of the FIAT currency

[Olayinka225]

Yes it will definitely reduce the value of local currency. But this depends on the country and there level of bitcoin acceptance in such country.
Had it be we have a country that have a knowledge of cryptocurrency, people there might prefer to convert there local currency than leaving it in tha bank. And as a result of this, as time goes on, there will definitely be a gradual reduce in the value of there local currency.

[ETHAppCoin]

It won't affect fiat currencies at all, it can not. Do you remember how it started? How ignorant we all were once BTC appeared for the first time? And then the moment when the governments realised that it may jeopardize fiat currency and they started regulating it. That was the reason why different regulations were applied to different countries, plus all the involvement of US government and all control. They had to make sure that the standard banking system will be protected even if the blockchain bubble bursts.

[cherryganda]

Bitcoin can't reduce the value of FIAT.
Bitcoin can gain more value versus FIAT.
As we do see BTC rise at high like 20,000 USD
But still 1 USD = 1 USD and it never change!
Now bitcoin is at the level of 4k! still, 1USD = 1 USD.

[maianh09]

Will the value of native currency fall down if the usage of bitcoin increases?do people feel that they don't need fiat anymore for the transactions to happen?Is that why people are trying to let down bitcoin ? Many questions are just wandering in my mind at the moment. Can anyone answer atleast few of them?

The value of the currency will not be affected by Bitcoin if it widely used. FIAT always controlled by the government and restricts external influences that make inflation lose its value. And you still have to use the local currency to buy Bitcoin so its value will not be affected.

[serjent05]

I dont think so. Bitcoin is dependent on fiat while native currencies are not related to bitcoin and has nothing to do wih it, can even stand with out bitcoin. What is bitcoin with out fiat? What value can you give to bitcoin with out the native currency? In my opinion, bitcoin will not affect fiat but fiat can affect bitcoin.