Will Crypto crash the system?

[CryptoDost]

Crypto will never crash  the system and replace money, at least not in north america.Everything is enforced by laws, like a law that tax needs to be paid in cash, on all items, no matter what the person pays with.Sometimes it feels like people think if we all go crypto, money is somehow going to be free, and life is going to be so much easier, I don't think that's true.Imagine if you could only buy bread with crypto, and some billionaire buys a large amount of crypto the night before, the next morning your bread will cost twice as much.In other words its a rare resource, basing prices on crypto doesn't make sense.It can represent money all day long, and have value based on the dollar, but I don't think it can be money, unless governments just make digital cash for us, that doesn't jump too much.

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[Crypto365]

How can crypto crash the system. The system has its place in the world and crypto has its on. It will be better if the system accepts crypto.

[bttmember]

I think the thread starter has not used the right terms in stating what he intended to because crypto is not here to crash any system and it can work with traditional financial system but dont you think that the traditional stock markets, traditional banking, traditional financial system is outdated and there should be atleast some better, more efficient, transparent and advanced system available to be used atleast as an alternative option to the traditional system?

[Twentyonepaylots]

Crypto will never crash  the system and replace money, at least not in north america.Everything is enforced by laws, like a law that tax needs to be paid in cash, on all items, no matter what the person pays with.Sometimes it feels like people think if we all go crypto, money is somehow going to be free, and life is going to be so much easier, I don't think that's true.

As if it was designed to be that system destroyer lol. This is what most of people don't know about, and does not care that much with crypto. Crypto as an alternative was never meant to replace fiat, systems we have now won't work with the absence of fiat, and this why the creation of crypto was intended to be just an alternative to work along with the fiat coz there are times that fiat is inconvenient to use wherein crypto could just be a several clicks away. And by the way it isn't just to North America.

Imagine if you could only buy bread with crypto, and some billionaire buys a large amount of crypto the night before, the next morning your bread will cost twice as much.In other words its a rare resource, basing prices on crypto doesn't make sense.It can represent money all day long, and have value based on the dollar, but I don't think it can be money, unless governments just make digital cash for us, that doesn't jump too much.

What you trying to look for is putting a decentralized system on the real situation where we already live, it's like believing that one day bitcoin will be our universal currency. That's what you sounds like mate.

Who regrets about the pizza that was bought with bitcoin in 2011?

[IvugeoEvolutionCoin]

Crypto will never crash  the system and replace money, at least not in north america.Everything is enforced by laws, like a law that tax needs to be paid in cash, on all items, no matter what the person pays with.Sometimes it feels like people think if we all go crypto, money is somehow going to be free, and life is going to be so much easier, I don't think that's true.Imagine if you could only buy bread with crypto, and some billionaire buys a large amount of crypto the night before, the next morning your bread will cost twice as much.In other words its a rare resource, basing prices on crypto doesn't make sense.It can represent money all day long, and have value based on the dollar, but I don't think it can be money, unless governments just make digital cash for us, that doesn't jump too much.

The analysis with buying bread using crypto got me laughing. Well, nobody ever said crypto will replace FIAT, it's fallacy to assume that. It only compliments FIAT and not otherwise. Some very remote communities may not have internet access, and to transfer crypto, it's a requisite. You don't expect such remote zone to use crypto in daily transactions do you? Just an instance ☺.

[kingzpro]

Crypto has definitely that advancement of tech and infeastructure that it can easily replace the centruries old financial system but most people will agree that it cannot be 100 percent replaced by crypto so i think most of the system will be upgraded to blockchain and crypto in next 10 years and the old system will also be available so we will have the option to chose the one we want.

[X-ray]

It will never happen and both will be alive together, crypto has so many potentials and we have been seeing some potentials that have already developed like tokenization, smartcontract defi and many more. It may replace the traditional system but i think that will never remove the fiat currency.

[adzino]

Crypto will never crash  the system and replace money, at least not in north america.Everything is enforced by laws, like a law that tax needs to be paid in cash, on all items, no matter what the person pays with.Sometimes it feels like people think if we all go crypto, money is somehow going to be free, and life is going to be so much easier, I don't think that's true.Imagine if you could only buy bread with crypto, and some billionaire buys a large amount of crypto the night before, the next morning your bread will cost twice as much.In other words its a rare resource, basing prices on crypto doesn't make sense.It can represent money all day long, and have value based on the dollar, but I don't think it can be money, unless governments just make digital cash for us, that doesn't jump too much.

What system are you exactly talking? The fiat, i mean the current monetary system? No one said anything about crashing the system. There are some people who believes that it will be replaced, but not anytime soon.
I hope you are aware that you need to pay taxes on your gains from holding crypto currencies, which means that government does track your holdings (assuming you are using US based exchanges to buy coins). True, you won't get free money using bitcoin, but things are actually going to be much easier.
And I think you are wrong over here where you say the cost of your goods is going to increase. When a billionaire does buy a lot of coins, you will have to be paying less coin for your goods, not more.

[Ozero]

The cryptocurrency is not going to break the current global financial system, but it will have a strong impact on it. We can already observe that after the advent of cryptocurrency, the world financial system is being digitized quite quickly. Almost all states note the advantages of digitized currencies and this is the direct merit of the cryptocurrency.
Decentralized cryptocurrency will go along with the usual currency of states and only in this way its liquidity can be increased.

[bhadz]

What will crash the system is the injected money. The helicopter money that has been announced by the US government. And if you're someone who's monitoring the foreign exchange for dollar, the value starts to drop. The reason is because of the too much supply of fiat in the economy which has been done for the aide of the people. Crypto is a good place to invest for those people that wants to save the value of their money and that is to be specific for bitcoin.

[doctor877]

It doesn't work that way. Crypto acceptance won't crash any system. Using crypto to make payment dosent mean the price of goods will increase exponentially. It's still same goods at same price but with another payment system.

[Coyster]

Imagine if you could only buy bread with crypto, and some billionaire buys a large amount of crypto the night before, the next morning your bread will cost twice as much.In other words its a rare resource, basing prices on crypto doesn't make sense.

If you can buy bread with crypto, let me use bitcoin as an example, the store will not set the price in btc, if it's a country with a dollar fiat system, the price will be set in dollars, you then as a customer can decide to pay then in bitcoins, when you convert the fiat value to btc. Also if the billionaire buys a large amount, that will appreciate the price of btc, and your own coins will increase, so you'll be paying a lesser amount for the bread the next day , that being said, prices of goods are not based in crypto just yet, except in bitcoin communities, like this forum and few other places, only mainstream adoption can make It possible.

unless governments just make digital cash for us, that doesn't jump too much.

Governments already are in motion to create their own CBDC, but it is not going to be like bitcoin or even any other decentralized digital currency, it's just going to be a revamped centralized fiat currency, so don't be too expectant, i'm not btw.

[iv4n]

In my opinion changes are coming, and crypto will play important role in that changes. Will it crash the system (and in my humble opinion that's the best thing that can happen to all of us), or will the system find a way to adopt it and use it as they want (with all their rules, controls, surveillance...) we will see.
I would like to see the world where the power is in the hands of the people, all people, and that can be done only with decentralised system.

[Cnut237]

Imagine if you could only buy bread with crypto, and some billionaire buys a large amount of crypto the night before, the next morning your bread will cost twice as much.

I don't think this is really a valid point. A situation where bread can only be bought using crypto would be very different to the situation we are in today. For a start it would mean that crypto had become fully integrated with  mainstream society, and was used by everybody, all the time. Crypto would be vastly - multiple orders of magnitude - bigger than it is today. Look at how the price of small cap alts can be manipulated very easily, and at how much more difficult it is to manipulate the price of bitcoin, with its much higher market cap. In general the bigger a thing is, the more difficult it is to manipulate the price. As an example, if 1 bitcoin was worth $1 million, then $1 billion would only buy 1000 bitcoins, perhaps enough to move the price a bit, but no more than a $1 billion purchase in traditional markets would do.

[timmmers]

There are many different ideas. The first group says that there will exist both systems, the traditional one, and the blockchain one and people will be free to choose which fit them better. The second group predicts a collapse on a traditional financial system and Bitcoin and other cryptocurrencies will replace it.  

[semobo]

Crypto will never crash  the system and replace money, at least not in north america.Everything is enforced by laws, like a law that tax needs to be paid in cash, on all items, no matter what the person pays with.Sometimes it feels like people think if we all go crypto, money is somehow going to be free, and life is going to be so much easier, I don't think that's true.Imagine if you could only buy bread with crypto, and some billionaire buys a large amount of crypto the night before, the next morning your bread will cost twice as much.In other words its a rare resource, basing prices on crypto doesn't make sense.It can represent money all day long, and have value based on the dollar, but I don't think it can be money, unless governments just make digital cash for us, that doesn't jump too much.

For cryptos to be successful it goes against the governments for sure, maybe it looks impossible for now but if people all around the world moved to cryptos then you are the only one using paper money then you will also love to move which takes years but it will happen.

[Zeehaxan]

All depends on the crypto mass adoption, the trust level should be high among the masses, there should be full regulatory compliance only then there is a chance of crypto being emerging as a complete alternative financial ecosystem so may be we will have to wait for some more years to see that.

[UmerIdrees]

Crypto will never crash  the system and replace money, at least not in north america.Everything is enforced by laws, like a law that tax needs to be paid in cash, on all items, no matter what the person pays with.Sometimes it feels like people think if we all go crypto, money is somehow going to be free, and life is going to be so much easier, I don't think that's true.Imagine if you could only buy bread with crypto, and some billionaire buys a large amount of crypto the night before, the next morning your bread will cost twice as much.In other words its a rare resource, basing prices on crypto doesn't make sense.It can represent money all day long, and have value based on the dollar, but I don't think it can be money, unless governments just make digital cash for us, that doesn't jump too much.

I think it will be the other way around. The fiat system will crash one day because all the paper money is not full backed up by gold. As per the experts, the dollar will crash soon and people will turned towards bitcoin and crypto currencies. That will be a mass adaption phase and after that paper money will only be a past.

[TopT3ns]

Crypto will never crash  the system and replace money, at least not in north america.Everything is enforced by laws, like a law that tax needs to be paid in cash, on all items, no matter what the person pays with.Sometimes it feels like people think if we all go crypto, money is somehow going to be free, and life is going to be so much easier, I don't think that's true.Imagine if you could only buy bread with crypto, and some billionaire buys a large amount of crypto the night before, the next morning your bread will cost twice as much.In other words its a rare resource, basing prices on crypto doesn't make sense.It can represent money all day long, and have value based on the dollar, but I don't think it can be money, unless governments just make digital cash for us, that doesn't jump too much.

For cryptos to be successful it goes against the governments for sure, maybe it looks impossible for now but if people all around the world moved to cryptos then you are the only one using paper money then you will also love to move which takes years but it will happen.

yes of course cryptocurrency can be a very appropriate choice for the future because cryptocurrency can move without using paper money anymore so I'm sure local paper money and fiat will be destroyed someday. therefore you should be able to prepare digital currencies such as bitcoin with very large amounts and can be used for long-term investment because it will be more difficult to get bitcoin, the price will be more expensive and can provide a lot of profit.

[MFahad]

All depends on the crypto mass adoption, the trust level should be high among the masses, there should be full regulatory compliance only then there is a chance of crypto being emerging as a complete alternative financial ecosystem so may be we will have to wait for some more years to see that.

It may take some time until crypto currencies will  fully take over the fiat money. Currently bitcoin is too much volatile and its transaction time is considerably high and due to this it is not widely used in local and physical market. The only usage of crypto currencies is in online transactions.