Bitcoin will be used instead of paper money

[mrasel5t5]

"Bitcoin will be used instead of paper money"
we all know about Bitcoin. Even a few years ago no one had any idea about the sale. At today's price of 18 thousand dollars, the price of 1 bitcoin. It is a remarkable revolution. Bitcoin needed only one thing. Big companies accept Bitcoin. But it has been
somewhat successful in 2020. Bitcoin is going to be the currency of the future. Its value will increase at such a rate in the next five to six years. Which no one could have imagined. One is just people believing in bitcoin. If you use paper money you can destroy that paper money. but you can never destroy Bitcoin. Which you can't catch. There is no question that you will ever destroy it. This is mainly due to the differences between Bitcoin and paper money.

[fiulpro]

No matter how much I like Bitcoins , it cannot be used instead of paper money.

It's Volatile
It does need internet
We need to solve the transaction fee problem
There is still updates needed in lightning network
Bitcoins is not acceptable everywhere in the world
Many banks are not in favour of Bitcoins and thus they usually ban the accounts if they are being used
Bitcoin will need fiat for sure
We have people living without electricity and mobile phones what about them ?
What about old people and super young kids ? How will they be able to buy anything ??

[Gotumoot]

No it wouldn't be that way unless the investor would finally decides to use it as currency instead of investment tool.
And if it is going to be cashless society the government wouldn't allow Bitcoin to be the main currency they would surely create their own digital currency.

[ChrisPop]

No matter how much I like Bitcoins , it cannot be used instead of paper money.

It's Volatile
It does need internet
We need to solve the transaction fee problem
There is still updates needed in lightning network
Bitcoins is not acceptable everywhere in the world
Many banks are not in favour of Bitcoins and thus they usually ban the accounts if they are being used
Bitcoin will need fiat for sure
We have people living without electricity and mobile phones what about them ?
What about old people and super young kids ? How will they be able to buy anything ??

I wouldn't say it like that, @fiulpro. Bitcoin CAN be used as a means of exchange and IT IS used by a number of people. Of course that its main purpose nowadays is wealth preservation and growth.

You say that not many people are using Bitcoin instead of paper money because of the volatility. First of all, as more institutional players join the game and the accumulation phase is done, therefore the liquidity will be much bigger, the volatility swings won't be the same. I mean I'm sure that at some point in time Bitcoin will become a more stable currency like Gold is. Wouldn't you be willing to transact with gold if it were portable?

Second of all, if paper money would be replaced by Bitcoin there would be no more volatility as there won't be a fiat currency to compare it to. Its value would be completely dictated by the market.

[TalkStar]

"Bitcoin will be used instead of paper money"
we all know about Bitcoin. Even a few years ago no one had any idea about the sale. At today's price of 18 thousand dollars, the price of 1 bitcoin. It is a remarkable revolution. Bitcoin needed only one thing. Big companies accept Bitcoin.

Worldwide corporate companies have already started their investment on bitcoin and they are holding a big amount of BTC now. Its just a beginning IMO and we will see the list growing in upcoming days. Recently we have seen multiple companies who made their move with bitcoin and its definitely a good sign for bitcoin and its community.

You may take a look here, https://cointelegraph.com/news/corporate-bitcoin-treasuries-are-here-which-can-only-mean-good-things

But it has been somewhat successful in 2020. Bitcoin is going to be the currency of the future. Its value will increase at such a rate in the next five to six years. Which no one could have imagined. One is just people believing in bitcoin. If you use paper money you can destroy that paper money. but you can never destroy Bitcoin. Which you can't catch. There is no question that you will ever destroy it. This is mainly due to the differences between Bitcoin and paper money.

I don't think development of bitcoin means it will completely reduce the use of paper money but yeah it will definitely put an effect on peoples habit of using paper currency. Through bitcoin worldwide people are getting introduced with a new payment system which is easy to use, secure and super fast. No one can exactly give prediction about bitcoin price after 2/3 years but we can easily say that bitcoin will cover lot more new countries and millions of new people will start to use bitcoin as a part of their daily payment method. 

[romero121]

Bitcoin getting used instead of paper money will happen soon. As a beginning for the same, already people have started to use bitcoin instead of paper money. Maybe the access and acceptance for the same is very low. As generations pass on, the development has made people adoptive to new technology. In such a way people who are into paper money usage have moved to card transactions and digital payments. Maybe the next generation will go completely on technology moving towards cryptocurrency usage.

[3meek]

It seems to me that the main question here is whether Bitcoin will be supported by the state? The answer is probably obvious that it is NO! Since it is decentralized, and the states will not be able to recognize the money they cannot control! In my opinion, other national cryptocurrencies will be created...

[BITCOIN4X]

"Bitcoin will be used instead of paper money"

This opinion is only supported if the user wants it. As a payment system, bitcoin can of course be used as a mean of payment that can replace paper money. The increasing adoption has allowed bitcoin to be used as a payment system more than ever. However, as we all know so far, bitcoin still need more time to be used as a means of payment globally because the regulation of many countries still prohibit it. However, you are still free to use it as a substitute for paper money to pay for any item when shopping at a physical business that accept bitcoin in a country where it is legalized as a mean of payment..

[palle11]

There is no way that bitcoin will be used and paper money will be stopped and the government will allow that to happen. The government likes to be in charge for the monetary activities in the country and bitcoin won't allow their interest to be established on that, it will be a challenge and the people in government will do all in their powers to stop such. We don't need to think about that because there are many other issues you don't see now that will arise too.

[Swopon]

For Covid-19, we are already using online transactions rather than paper money offline. I think people are getting habituated to do this internationally or unintentionally. Covid-19 is a thing that just pushes it more. By the way, we are getting digital nowadays and people are more interested to use a smartphone. By using the smartphone, they are also using various types of things and banks are giving us the chance of online transactions via their app. So it is getting easier to use and we are not thinking about Bitcoin which can be used instead of paper money. This trend already started and we will get it in public very soon all over the world after accepting it worldwide. So waiting for it to be accepted to most of the country than another will go for accepting it automatically. Already crypto is getting accepted and we need more legalization by the government then the dream will come true. After then, Bitcoin can be used instead of paper money.

[Sterbens]

I find it too much to make bitcoin a substitute for paper money. I'm not at all sure and it's hard to happen. although currently the role of biitcoin is quite large, making it a substitute for paper money will not be realized. bitcoin is still bitcoin, and the role of paper money is paper money. both are mutually beneficial, but that does not mean having to change positions.
here we have to be a little bit wise, although we all love bitcoin, to make it the main exchange is not a good thing.

[target]

I find it too much to make bitcoin a substitute for paper money. I'm not at all sure and it's hard to happen. although currently the role of biitcoin is quite large, making it a substitute for paper money will not be realized. bitcoin is still bitcoin, and the role of paper money is paper money. both are mutually beneficial, but that does not mean having to change positions.
here we have to be a little bit wise, although we all love bitcoin, to make it the main exchange is not a good thing.

The transaction fee is going to be a big hurdle for it. I for example won't be using bitcoin to cash out for I know I'm going to pay at least more than $15 to get out of the exchange. Many of the bitcoin users will prefer to use altcoin when they see transaction fees going to go up more. Paying something to a store while the value of it is less than the transaction fee will just make you decide to just use the paper bill. Leave BTC for online transactions.

[DdmrDdmr]

<…>

I can’t see it happening. The initial spirit of Bitcoin, with which to overthrow centralized bank control over our assets and payment methods, has been twisted in favour of a speculative eclosion. Whilst the underlying technology can very well lead to an array of paperless payment implementations, which could eradicate the usage of paper money (*), by means of some Central-Bank-to-be type of stablecoin, Bitcoin’s role has shifted, and it’s precisely it’s increase in value that plays against it’s own fundamental will to be a reigning payment method.

(*) May vary per set of countries, depending on the technological status of their population.

[Baskeyairdrop]

I believe one of the characteristics of money is acceptability. For Bitcoin to be a substitute for paper money, it has to be generally accepted. Some countries of the world do not still accept crypto currency so I doubt that it can be used as a substitute for paper money.
Come to think of it, if you want to give your kid money to spend at school, would you give him Bitcoin? How would it be measured and don't you think the fee that would be removed for minimal transactions would be too much?

[MFahad]

No matter how much I like Bitcoins , it cannot be used instead of paper money.

It's Volatile
It does need internet
We need to solve the transaction fee problem
There is still updates needed in lightning network
Bitcoins is not acceptable everywhere in the world
Many banks are not in favour of Bitcoins and thus they usually ban the accounts if they are being used
Bitcoin will need fiat for sure
We have people living without electricity and mobile phones what about them ?
What about old people and super young kids ? How will they be able to buy anything ??

All these tx fees issues will be resolved in future and when everyone will have bitcoins, there will be less volatility. Paper money will eventually end and it will only be the part of the history, although it may take some time for this transformation.

[Wysi]

I am a wellwisher of Bitcoin but I don't think Bitcoin will ever replace fiat (paper) currency mainly due to it's volatility because the fluctuations will create chaos if people start using bitcoin instead of fiat, Stable coins like Tether (USDT) can be used instead of fiat as it holds the same value as USD. Bitcoin can be adopted by online-based business or payment gateways but cannot replace fiat. Let's be honest and reasonable as bitcoin can be an alternative but not a replacement for fiat

[aemma]

"Bitcoin will be used instead of paper money"
we all know about Bitcoin. Even a few years ago no one had any idea about the sale. At today's price of 18 thousand dollars, the price of 1 bitcoin. It is a remarkable revolution. Bitcoin needed only one thing. Big companies accept Bitcoin. But it has been
somewhat successful in 2020. Bitcoin is going to be the currency of the future. Its value will increase at such a rate in the next five to six years. Which no one could have imagined. One is just people believing in bitcoin. If you use paper money you can destroy that paper money. but you can never destroy Bitcoin. Which you can't catch. There is no question that you will ever destroy it. This is mainly due to the differences between Bitcoin and paper money.

It is understandable that everyone in the crypto space loves Bitcoin and highly values it, but it is also wise for us to understand that some things can hardly happen. Bitcoin will be the digital currency of the future quite alright but can not get to a point where it will be a sole currency, the reason is, the advantages Bitcoin offers is a threat to fiat currencies, and since fiat currencies is owned by the government, they can't allow another currency to overtake it, replace it or becomes a currency wherein transactions can mainly be done with it.
However, it is right to say that, Bitcoin can be used where fiat is also used, that is to say, Bitcoin can now be adopted and be used as a payment option together with fiat and others like Visa etc.

[hatshepsut93]

How do you imagine Bitcoin replacing "paper money" if so far, in 11 years, this hasn't been happening, and Bitcoin's share of payments is so small that governments and companies aren't even feeling it. Do you think people will suddenly change their mind and open their eyes to how great Bitcoin is? When did such things happen in history? And Bitcoin's price increase isn't really a proof that it will replace fiat, it only means that there's more buying power than selling pressure.

[milani]

"Bitcoin will be used instead of paper money"
we all know about Bitcoin. Even a few years ago no one had any idea about the sale. At today's price of 18 thousand dollars, the price of 1 bitcoin. It is a remarkable revolution. Bitcoin needed only one thing. Big companies accept Bitcoin. But it has been
somewhat successful in 2020. Bitcoin is going to be the currency of the future. Its value will increase at such a rate in the next five to six years. Which no one could have imagined. One is just people believing in bitcoin. If you use paper money you can destroy that paper money. but you can never destroy Bitcoin. Which you can't catch. There is no question that you will ever destroy it. This is mainly due to the differences between Bitcoin and paper money.

I am not sure that instead of paper money the BTC will be used in global. There are too many places on the planet where digital money will not come very soon because there are places where the Internet is absent. Of course lots of people nowadays use BTC for buying something, but mostly it is used for investment. And in the crypto world there are also may happen things like loosing keys, or wallet may be hacked snd so on. Every direction has its pros and cons.

[emrecemsan]

I think there is no way that Bitcoin is going to be used instead of fiat. Because cryptos are volatile, governments are not eagier to use it as their main currency. But Bitcoin can be a very good alternative to fiat. When fiat goes into trouble, people could choose Bitcoin instead of fiat.