Bitcoin will be used instead of paper money

[Ryker1]

Well, I dont agree that bitcoin will use instead of paper money, as I have observed-- bitcoin is not a form of payment, it is now a form of investment where people care about the value, not just the transaction. Even me, I will not use my bitcoin to purchase any stuff if it is not important. I rather use my fiat because I know that holding bitcoin in the future will make you a profit. Just like what happened right at this moment, if you held bitcoin since it is very cheap in the market, I am sure it will fold for how many times your profit.

[hulla]

It reasonable for Bitcoin to be used instead of fiat currency due to Bitcoin potential and the world going digital but the case of national currency been obsolete is the reason the government dont want to support Bitcoin and the Chinese government are the perfect example so I will say it too early to decide what will happen in the future despite the fact that Bitcoin seem to be supported by some banks/institutions.

[Smartprofit]

"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.

Bitcoin cannot be used as a substitute for "paper money" due to scalability issues.  

The state can print as many banknotes as needed for exchange.  However, new bitcoins cannot be printed, they can only be mined.  

Bitcoin is no more than 300,000 transactions per day.  This is not enough to replace "paper money".  

Bitcoin is the perfect reserve currency.  

The US dollar used to be the world's reserve currency.  However, the US national debt is $ 27,000,000,000,000.  This is a big problem for the entire global financial system.  

Therefore, perhaps in the near future we will see Bitcoin as a new reserve currency in the world.

[Fatunad]

"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 do understand for some people to be that bullish but talking about Bitcoin in replacing fiat is really impossible to happen.It would really be just remain as a
digital currency and as long government do exist then so fiat will be and its impossible that it will really pull out fiat into its current situation which had
been used since  from the beginning of time.It wont really fit out to be as a replacement if we do consider on price volatility which wont really be
that much appealing for most people who do depend or want to accept full exact of their funds.

[Josefjix]

It reasonable for Bitcoin to be used instead of fiat currency due to Bitcoin potential and the world going digital but the case of national currency been obsolete is the reason the government dont want to support Bitcoin and the Chinese government are the perfect example so I will say it too early to decide what will happen in the future despite the fact that Bitcoin seem to be supported by some banks/institutions.

No matter how obsolete fiat currencies are, Bitcoin can't replace their existence because Bitcoin isn't just a stable currency there are fees attached if you want to make use of Bitcoin for everyday purchase and sells.

[acener]

I don't believe that Bitcoin will be used instead of paper money.
Bitcoin could be doing well todaybut it could never replace Fiat even if the price of Bitcoin reach a $100K+ I don't think that it would replace Fiat.
There are plenty of reason why it couldn't take over it.
The transaction takes time to confirm and also the fee,
Would you pay with extra fee when you are just buying a drink or snack compare to paying with Fiat?

[xiboothrezi]

~
The transaction takes time to confirm and also the fee,
Would you pay with extra fee when you are just buying a drink or snack compare to paying with Fiat?

Well, this is the most important thing to understand. All transactions using bitcoin require an internet network, so when there is no internet, transactions cannot be made. Moreover, bitcoin cannot replace the position of paper money, moreover, the money is officially issued by the government to control the country's economy. Then, how is it possible that something that cannot be controlled by the government can replace money that is completely official? the biggest possibility is, bitcoin is becoming a payment alternative, not a substitute. because we know, cryptocurrency and money generally have their respective advantages and disadvantages.

[Shasha80]

Bitcoin will never replace paper money, because there are still many shortcomings of Bitcoin that must be fixed first. After all,
the government will never allow Bitcoin to replace paper money, it is more realistic if Bitcoin is an alternative payment. So it is
not to replace paper money, but to provide payment options by becoming an alternative to paper money.

[logfiles]

"Bitcoin will be used instead of paper money"

Nope, the bitter truth is that this will never be possible. For Bitcoin to replace paper money/fiat currency, that means Governments will have to accept it as a currency they can not control and generate at any time in a given nation which won't be possible.

We all know how manipulative and controlling Governments want to be when it comes to finance and the population and the reason behind the existence of Bitcoin is exactly the opposite.

But of course, Bitcoin will always be great in its own way.

[maxreish]

Remember that bitcoin has a limited supply and it can not replace fiat money in the future. Yes, the value of bitcoin today was skyroketted and this is an example that others don't wanna buy it at high price like 19k usd.

But, I like how optimistic you are OP, there are already companies that are accepting bitcoin in different countries. Though there are still many glitches because fees now are really high unlike if we use stable fiat money where in we can just pay without thinking about the fees.

[LogitechMouse]

Maybe you can change your subject title to "Bitcoin will be used "ASIDE" from paper money"

Bitcoin to be used instead of paper money is just absurd. Yes there are some merchants/establishments that are accepting it but to use it instead of paper money?? I don't think so.

Not all of the people have access on it.
Not all of the people have the capability to buy the gadgets needed to have access on it.
Not all of the people have internet connection unfortunately and not all of the people are comfortable enough to use it in their daily transaction so why eliminating paper money and choosing Bitcoin instead.

[elisabetheva]

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.

Bitcoin will be difficult to become the main currency in a country, to admit it, there are still many countries that cannot accept it as a legal payment instrument. although there is no limit for bitcoin to do anything because bitcoin is standalone.
I'm also not sure bitcoin will replace banknotes in any country. because due to the covid-19 pandemic now every country already has digital money that is managed privately and by the state itself. although we admit that their digital money cannot beat bitcoin because bitcoin can be used wherever we are, if there is no acknowledgment it can be exchanged for fiat.

[carlisle1]

"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.

Sorry but a brief review mate,Bitcoin traded 20,000 in 2017 and that is 2 thousand higher than the price now.

It is a remarkable revolution. Bitcoin needed only one thing. Big companies accept Bitcoin. But it has been
somewhat successful in 2020.

Well the 2017 pump says a Bubble but this time?i think  this is legit growth as many investors are proclaiming their support in Public.

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.

Well before becoming the currency of the world,Bitcoin first need to be adopted and accepted worldwide and that is the main problem here.

[Hamadov2010]

Of course, there are also some huge challenges and concerns with this scenario. If cryptocurrencies outpace cash in terms of usage, traditional currencies will lose value without any means of recourse.

[Lorence.xD]

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 only knew some disadvantages on the list and I think that this helped me fortify my argument that bitcoin will not completely replace fiat in our time. What surprises me on the list is that banks are banning accounts that have an inkling affiliation with bitcoin, I don't think that it will be fruitful effort for the banks to do that because this will only shoo away their customers. Transaction is the a small problem that can be easily solved, if they can do a simple transfer without the fee I think it will solve the problem.

[k@suy]

It reasonable for Bitcoin to be used instead of fiat currency due to Bitcoin potential and the world going digital but the case of national currency been obsolete is the reason the government dont want to support Bitcoin and the Chinese government are the perfect example so I will say it too early to decide what will happen in the future despite the fact that Bitcoin seem to be supported by some banks/institutions.

A very well said, fiat couldn't be totally obsolete maybe bitcoin could be one of the mode of currency in one country where each and every country would met without the means of exchanging from one currency to another but the used of fiat inside the respective country i guess would still be their. Each country has differenct economic growth like third world country where i bet so impossible to used bitcoin as a whole currency circulated inside the country.

[Warkop]

In my opinion there is no way Bitcoin will replace banknotes in a country, because Bitcoin cannot be controlled by the government in any country, if that really happens there must be many people who have to understand and learn how Bitcoin works, it might seem very difficult to explain to everyone in one country who is completely unfamiliar with Bitcoin. Maybe in my opinion the point is not to replace banknotes but only the Bitcoin system which will be used for internal digital payments.

[Nhor1011]

"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 think it's impossible for bitcoin to replace fiat money. First, it was decentralized digital currency which government doesn't like. Second, It was very volatile, it's value keep on change in just a second. Third, it needs internet everytime you need to use it and make transaction, you need to be connected to the internet everytime, anywhere if it will replace fiat/paper currency. Both Bitcoin and paper money has it's pros and cons but paper money is still be more popular and suitable to be use anytime, everywhere because all people young children or adult knows how to use it very well unlike in bitcoin that they need to learn it first with difficulty before they can use it.

[uneng]

"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.

Bitcoin cannot be used as a substitute for "paper money" due to scalability issues.

I think that isn't actually a real issue.
In the future few satoshis may be enough to buy some things and if necessary bitcoin can be divided in more decimal houses like wiki says. So in theory it could really replace paper money which is a waste of money for our countries to print them.

How divisible are bitcoins?

A bitcoin can be divided down to 8 decimal places. Therefore, 0.00000001 BTC is the smallest amount that can be handled in a transaction. If necessary, the protocol and related software can be modified to handle even smaller amounts.

https://en.bitcoin.it/wiki/Help:FAQ

[Janation]

We never know what might happen but still, I don't think that Bitcoin will be replacing fiats.

With the fiats still used despite the transmission of the virus, this pandemic proves that digital currencies can help lessen this kind of problem in the next few years. New diseases will emerge and online transactions would be of big help. Still, fiat will overcome as there are a lot of mobile wallets for fiat. I think in terms of investment, that would be the place where people would prefer Bitcoin instead of paper money.