Bitcoin will be used instead of paper money

[panganib999]

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.

To make things more clearer, we need to know that fiat and bitcoins are both a currency yet it has a different purposes. Bitcoin is a digital cryptocurrency where we can use in onlines and we can also convert into fiats yet fiats are we calle paper money or the physical cash that we used in our everyday needs and transactions. They both have unique uses and they also have both ideas. Yet I think bitcoin will not overcome or replaced paper money in terms currency we used nowadays. Bitcoin is a good idea of online currency and paper money has its own idea of physical curency.

"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.

Yes. The valid reason of bitcoins will not be able to replace fiat is that because it is a DECENTRALIZED and UNSTABLE online currency. Day by day the value of it has a possibility to change 100%. It may go up and it may go down. Many people will likely to lose and earn as well and I think thr ide of being instable value isn't gonna help or be a good idea in question wheter bitcoin may replace fiat today.

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[Dorodha]

I agree that bitcoin is impossible to use instead of paper money. Bitcoin is not used in many countries and they have no idea about Bitcoin. If everyone is accustomed to using Fiat currency then will be very difficult to use Bitcoin instead of paper money. Paper money can be used everywhere but Bitcoin is used on the internet for transactions. It's prevalence is high in the online world. Externally there is very little use. Bitcoin can be broken down and converted to Fiat but not as paper money. To use Bitcoin instead of paper money proper money should be in use all over the world and all people will be ahead with the technology.

[MCobian]

In the future it is possible that Bitcoin is used to replace paper money, because we will never know what will happen in the future.
But if you look at current facts, it seems impossible that Bitcoin will be used to replace paper money. Because the biggest problem
Bitcoin is that it cannot be controlled by the government, therefore from that which country wants to use a currency  that cannot be
controlled. If Bitcoin is used only as an alternative payment it may still be accepted by the government.

[BITCOIN4X]

In the future it is possible that Bitcoin is used to replace paper money, because we will never know what will happen in the future.
But if you look at current facts, it seems impossible that Bitcoin will be used to replace paper money. Because the biggest problem
Bitcoin is that it cannot be controlled by the government, therefore from that which country wants to use a currency  that cannot be
controlled. If Bitcoin is used only as an alternative payment it may still be accepted by the government.

There is a possibility that it will happen in the future because we never really know what will happen to bitcoin and cryptocurrency in the future, but yes it will be difficult. The government will not allow the uncontrolled circulation of currency and bitcoin has one of them, namely decentralization.

In fact, we have never hesitated to use bitcoin as an alternative payment system to replace paper currency all this time, however, the lack of physical businesses accepting bitcoin as a mean of payment in various countries will slow down adoption. Regulation is certainly the biggest obstacle to adopting bitcoin as a legal tender.

[Viscore]

We have options in terms of payment systems either be online (where to use Bitcoin) or usual transactions (where to use fiat money).
Though we know that Bitcoin is easy to use as a mode of payment but we know also that not all establishments are accepting this. Whether we like it or not, Bitcoin can't still be in major use even we wait for another decade. I think there is no such a push to make it accepted globally if it is not also applicable to some areas. We live this thing as an option and we have to live like that as well.

[pinggoki]

We have options in terms of payment systems either be online (where to use Bitcoin) or usual transactions (where to use fiat money).
Though we know that Bitcoin is easy to use as a mode of payment but we know also that not all establishments are accepting this. Whether we like it or not, Bitcoin can't still be in major use even we wait for another decade. I think there is no such a push to make it accepted globally if it is not also applicable to some areas. We live this thing as an option and we have to live like that as well.

It is like innovations over livelihood, in which not all people are capable of using digital currency and not all of them do know what bitcoin is because in some areas around the world, there are still no internet signal that might use in order to make a transaction through online. Another thing is that not all of the establishments will be accepted bitcoin nor other cryptocurrency because although it is more convenient and easy to use as a mode of payment when buying products, many will still ask on how to do it.

[Casdinyard]

If ever physical paper money will no longer be used, for some reasons, I guess it will not be Bitcoin and cryptos still which will be used in regular and daily transactions, more likely fiat based digital currency simply because it is supported by governments across the globe for being centralised. Unlike with cryptos which are in nature, volatile and decentralized. No matter how we look at it, support is more dominant in fiat and fiat based digital currencies over cryptos. Cryptos at this moment are better  used on investment purposes due to the benefits of its volatility. Will you spend your crypto to buy something on the Internet even if you have other options? Tendency is high that you won't simply because it would be profitable holding and selling it on the right time.

[mardaed]

Not all people are familiar with Bitcoin and other cryptocurrency unlike paper money any person can easily use and access it in using Bitcoin or cryptocurrency you need device and internet plus you need good knowledge and efforts to understand all of crypto related information.

[nemey]

I think it will be difficult for Bitcoin to replace paper money. Because after all Bitcoin is very volatile, it is very easy to change in price. So it is less suitable for everyday payment instruments. It will even be troublesome of course. It is suitable as an investment tool, but not for daily transactions, I think.

[iamylee]

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.

Debt is choking many countries on the globe. Inflation is getting out of hands because governments are printing more money to pay the debts. Due to an increase in inflation, the value of fiat currency is decreasing and investors are losing trust in paper money investments.
Bitcoin is the first ever digital currency and it gained popularity because there are no governments or banks involved. People can sell and purchase directly with each other and transaction are made in seconds. People use digital wallets and personal keys to store bitcoins. That's why turning bitcoin into paper money is a bad idea and probably it won’t work either.

[chip1994]

"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 is really helping the general economy a lot due to its halving mechanism. But it is unlikely that Bitcoin will always help the economy. If governments loosen the law on Cryptocurrency, it will also make the criminals in their own country more and more acting. Especially, money laundering is the most difficult problem for terrorists and criminals
So this bull run will end soon and Bitcoin will not grow forever in the future. So if you are already profitable in holding Bitcoin, split it and sell it while its price is increasing, don't be greedy.

[FlightyPouch]

In the past, we have an idea of a universal currency that can be used wherever and whatever country you go to. Wouldn't it be great if bitcoin is that currency? I know that fiat currencies won't be replaced but since bitcoin has its value, in the future this might be a thing. Each country has its own fiat and the world has bitcoin as the universal currency.

[Ridwan Fauzi]

I'm not sure about it, until now bitcoin is known as an invetsment place and a lot of people who just choosing it compared to using it as a mean of payment. Also, we have to face government regulation, are they able to accept it? I guess no, they will not make a decision to regulate it. They will still consider it as an investment place, no more than that. And yeah it so long to compate bitcoin and money fiat especially for payment system because until now I can't see many people using bitcoin for payment system in all their daily life and it will always be like that.

[Axelseseclevz]

"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.

There's a lot of big company that already accepted bitcoin. The problem why bitcoin can't be the currency to replace paper money is because of it's volatility and internet access. Not all knows bitcoin, not all knows how to use gadgets and computers, not all have an internet connect and other area has a poor network connection. There's a lot of factor to be consider first.

[Yatsan]

Both Bitcoin and paper money are existential because of their own unique usage that suits human preference. It does not barely mean that upon using Bitcoin, you are already lessening or aiming to destroy the usage of paper money in terms of becoming a payment option or becoming term of transaction. People have always in mind ideas of bumping those two well in fact that both have their own good point of existing and usage that depends on the type of person that is using them. Well, it can come to reality that people will use Bitcoin more often in the future because of the qualities it to do have which is gaining the interest of the people but it does not mean that paper money will be eliminated or be left behind because there are still people that are preferably using paper money instead of Bitcoin and so the other way around.

[Ryker1]

Bitcoin will never replace paper money but it is the first to be considered, government will not allow it and if a time come where crypto is more dominant than fiat they might create a centralize digital currency to be used in the future some country are now looking into it.

Well, that is right, --it will never replace paper money because it existed for a long time, and people were comfortable to use it in any place they want. But how about when it comes to online transactions? Possible bitcoin is a good alternative than fiat, because it is faster and being anonymous to everyone if you care about your privacy for possible stealing of your asset. For now, we can't conclude that bitcoin is be always used instead of paper money, perhaps it will be a good alternative to paper money.

[Sled]

If that only applicable to my place and if I have bitcoins, I should have to use it as it was very convenient this time. However, the situation isn't in favor of me and possibly the same for the majority. To draw conclusions, the use of Bitcoin is optional but the use of fiat is different, and most likely it is still the money that people have to use for the next years.

Besides, we can't deny also that some government is still not in full support of crypto and the way that it drags people and business owners to doubt to adopt the system but rather to keep fiat on their control.

[sapnu]

In the past, we have an idea of a universal currency that can be used wherever and whatever country you go to. Wouldn't it be great if bitcoin is that currency? I know that fiat currencies won't be replaced but since bitcoin has its value, in the future this might be a thing. Each country has its own fiat and the world has bitcoin as the universal currency.

Indeed, cryptocurrency and fiat have its own essence based on the usage and I don't think that fiat can be replaced that easily because the cryptocurrency has to be more known all around the world and the adoption is not that easy, especially in payment method, we can say that cryptocurrency is safer and faster than fiat when we are doing some transaction, crypto has a wider range of payment method since you only need a device and internet connection for you to make a transaction. There are still countries that are banning the usage of cryptocurrency, so it is hard to foresee if the fiat to be replaced by cryptocurrency.

[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.

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.

I agree with what you said about Bitcoin not to replace the existence of fiat currencies but Bitcoin is volatile in nature is not the reason why Bitcoin can not replace fiat, the is that.
1) Every country's fiat currency carries the symbol of each country. Example € which represents Europe
2) Fiat currency represents the dignity, history, etc of each country that the reason why the image of heros are used in fiat currency.
With that been said, Bitcoin was created as an alternative so dont confuse that but the government needs to create a digital national currency that will save the country's economy.

[minhkhoa]

Bitcoin has a great appeal, the way of trading is not everyone's grasp, Bitcoin is very vulnerable to Hacker attacks and theft. Bitcoin cannot replace paper money because Government banknotes can control inflation but the government cannot control Bitcoin. It is therefore difficult to completely replace paper money. Besides Bitcoin's price is not stable and changes many things make the economy unstable. But I like and support Bitcoin in this technology age. because it can give us more opportunities to get richer.