...

[Pokapoka124]

.

[1715117267]

1715117267

[1715117267]

1715117267

[1715117267]

1715117267

[1715117267]

1715117267

[1715117267]

1715117267

[1715117267]

1715117267

[Coyster]

Will bitcoin eventually dominate the world economy and replace traditional currencies?

No, bitcoin can't "replace" traditional fiat currencies, Bitcoin is a form of currency without a third party control, and as you know countries are being run by a government, so it's not possible for the government of a country to function with a currency that they cannot control or print such as Bitcoin, and it's also not possible for there to be no government, so this situation is not possible.

As a result many individuals are beginning to see Bitcoin as a safer investment than its counterparts.

It's true that more individuals and corporations are getting involved and adopting btc for one reason or the other, but mind you that it doesn't still make Bitcoin a 'safe haven investment', nor does it take away it's volatile side, Bitcoin is on a very interesting spike atm, and I hope most of the newcomers to the network wouldn't fright when there's a minor fall in price.

[Reid]

No, I doubt it will change that easily.
First, they might try to just use digital currencies which of course are just as same as fiat converted digitally.
Traditional paper cannot be demolished yet, not in this era or even in 10-20 years to come.
The world is just not ready for it.
Just visiting a rural area will hit you with reality.

[milewilda]

Today we saw bitcoin hit an all time high of $23k while its traditional counterparts are suffering a decline in value. Historically, when someone desires financial stability, they naturally go for safe investment is, such as gold, stocks, real estate. But with the outbreak of the corona virus pandemic we have experienced a shift in global economy, countries are facing inflation. As a result many individuals are beginning to see Bitcoin as a safer investment than its counterparts. Countries are slowly adopting crypto as a means of payment. Will bitcoin eventually dominate the world economy and replace traditional currencies?

No matter what happened into this world when it comes to economic problems or some sort then there still no way for bitcoin to replace traditional or fiat currencis.
As long government do exist then this thing is impossible to happen and also on presuming people are now switching to bitcoin came from traditional investments like gold,stocks and real estates?
If they do then we wont really be just seeing 24k price but even more.This isnt a solid indication about flipping of those investors yet in the end of the day they
will still prefer on sticking into things on where they can assure when it comes to security.Comparing bitcoin and fiat is always been a long debate but there no point
on which one is better.

[Pokapoka124]

No, bitcoin can't "replace" traditional fiat currencies, Bitcoin is a form of currency without a third party control, and as you know countries are being run by a government, so it's not possible for the government of a country to function with a currency that they cannot control or print such as Bitcoin, and it's also not possible for there to be no government, so this situation is not possible.

The value of USD has reached its lowest point since two years ago. I believe the decline in USD is another reason behind the spike in the price of btc

[Heisenberg_Hunter]

I have been using bitcoin as a currency for all these days since I came into the market in the end of 2017 and will continue to use them unless there is a huge differences in the pump and dump per day. But the current volatility seems to be far from being used as a stable currency and for instance we know that paying 1BTC today would never be the same tomorrow. In such a case for the bitcoin to be used as a currency we need to have lower volatility and to achieve this counterpart we need to have more adoption, institutional investors breaking in at a larger pace and insane prices where even pumping or dumping $5,000 per day would never make a difference. In 2-3 decades either we might be experiencing a very high price or a moderate price of $100,000 and at that time buying a HDD for $50 is like paying 0.0005BTC and if BTC pumps $105,000 the next day the same 0.0005BTC would be $52.5. Through this, we are seeing a very low volatility which is neither a loss for the buyer nor a profit for the seller.

So, in 2-3 decades the world could have changed a lot i.e currently 59% of the global population is connected by internet and this will probably rise to 90-95% in 2-3 decades. People like us, the early investors of BTC should have pumped this currency to atleast an height of $100,000 per coin. Remember in 1995, only 1% of the world population had internet connection but today it has increased 60X in 2.5 decades. Banks are afraid of Bitcoin and replacement of traditional currencies will happen within 2 decades.

[hatshepsut93]

I don't think there's a lot of people who think that Bitcoin is safer than gold, cash, bonds. I think when companies like Microstrategy talk about Bitcoin as a new safe haven, they simply want to pump its price, they aren't going to hodl it forever like some maximalists tell - they will just trade it like any other asset - sell high, buy low.

Will bitcoin eventually dominate the world economy and replace traditional currencies?

How can it do this if it can't scale to cover all transactions of the world, even with Lightning? And how can it be used on a daily basis with such volatile price?

[Pokapoka124]

But the current volatility seems to be far from being used as a stable currency and for instance we know that paying 1BTC today would never be the same tomorrow.

That's true. I never thought of it this way. Thanks for you input

[Pokapoka124]

As long government do exist then this thing is impossible to happen and also on presuming people are now switching to bitcoin came from traditional investments like gold,stocks and real estates?
If they do then we wont really be just seeing 24k price but even more.

When I consider government as a factor it does bring doubt in my mind if btc will ever get the recognition it deserves. Government is an institution created to control and maintain order. Bitcoin provides a certain freedom that even a government can not regulate

[Prince Malik]

Will bitcoin eventually dominate the world economy and replace traditional currencies?

No, bitcoin can't "replace" traditional fiat currencies, Bitcoin is a form of currency without a third party control, and as you know countries are being run by a government, so it's not possible for the government of a country to function with a currency that they cannot control or print such as Bitcoin, and it's also not possible for there to be no government, so this situation is not possible.

As a result many individuals are beginning to see Bitcoin as a safer investment than its counterparts.

It's true that more individuals and corporations are getting involved and adopting btc for one reason or the other, but mind you that it doesn't still make Bitcoin a 'safe haven investment', nor does it take away it's volatile side, Bitcoin is on a very interesting spike atm, and I hope most of the newcomers to the network wouldn't fright when there's a minor fall in price.

Its hard to say this but i think your thinking about bitcoin as a worldwide currencie is right...i cant imagine that governements will make the financial world totally out of their control and the proof is that many governements already make harsh prosedures for butcoin users
Thats an examole from india

https://www.coindesk.com/india-plans-to-tax-income-from-bitcoin-investments-report

[sunsilk]

No. It just can't replace what we use but it will be the other option that we have. Government won't trust bitcoin as what we're advocating. But who knows if there will be one world government and one world currency implementation and that currency would be bitcoin. IMO, it is just a dream.

And what everyone is adopting for bitcoin is its nature as a volatile investment and store of value. It is a speculative asset and others only see it as it is and can't accept the fact that it is becoming a store of value.

[Leviathan.007]

As a quick comparison, Bitcoin is more risky than the traditional fiat currencies. However, these two con not be compared because bitcoin is not a currency it's an asset like gold, etc... with some value. The fiat traditional currencies are centralized and controlled by someone while bitcoin is not. Traditional currencies got unlimited total supply and any central bank can print money while bitcoin is not. Due to the inflation rate fiat currencies are losing value while as you can see on the market bitcoin is getting more valuable over time.

[bassbity]

What's the point of bumping into traditional currencies with bitcoin?
I think the two complement each other. would not be the value of bitcoin if the origin of traditional money did not exist. Isn't bitcoin an innovation from digital development that refers to traditional money?
remember the two cannot be separated from each other.

[bekti3]

The value of USD has reached its lowest point since two years ago. I believe the decline in USD is another reason behind the spike in the price of btc

What are the main reasons the Bitcoin spike effect has an impact on the USD drop? And of course you are not just talking, we asked for some relevant sources.
even though the USD has decreased, the price will not reach the 0.1% point. in addition, USD prices vary, based on the fiat currency of each country. because each forest country will refer to a USD price value.

[proTECH77]

Traditional currencies are more older than bitcoin in the area of investment. Many countries has been into gold and other traditional currencies over some years which many of their citizens are using them to enrich their self in the country.
Here are some reason why many countries still prefer traditional currencies in the country than bitcoin:
1) Uneducated: Many citizens are not use to digital currency because they don't know how to operate phone or laptop to make their transaction successful. They are use to fiat money in the country because it's very easy for them to transact in the market for profit making.
2) popular: The traditional currencies is more popular in the country which is not too hard for them to trade in the market to make a good income. Many citizens are use to fiat money in the country than bitcoin which is not full legalized in all countries of the world.

[Kakmakr]

Today we saw bitcoin hit an all time high of $23k while its traditional counterparts are suffering a decline in value. Historically, when someone desires financial stability, they naturally go for safe investment is, such as gold, stocks, real estate. But with the outbreak of the corona virus pandemic we have experienced a shift in global economy, countries are facing inflation. As a result many individuals are beginning to see Bitcoin as a safer investment than its counterparts. Countries are slowly adopting crypto as a means of payment. Will bitcoin eventually dominate the world economy and replace traditional currencies?

It is only in the Crypto currency community where there are a small amount of people who seem to think that Crypto currencies (Bitcoin) would replace Fiat currencies, the rest of them know that this is going to be a tough sell. Governments will not just replace Fiat currencies over night, because it can be manipulated to stimulate an economy.... 

We will in future see something like "Ripple" being introduced to replace Fiat currencies, because something like Ripple can be controlled by a centralized organization or government to also manipulate the value and the supply. 

                                                                  It is all about control and manipulation.

[Princejebs]

I once saw a statement where a trader said don't fall in love with the project but the moneybags is very important, the same thing applies to Bitcoin. I love bitcoin to the core, how it's revolutionizing the entire payment system but we shouldn't ignore the other part of it failure. Imagine Central Bank hold reserve as bitcoin and then due to some factors that are beyond their control, the price plunge so hard, how do you plan to tailor such problems.
Bitcoin is good but not for economy as well, we need to deal with the volatility except you want central Banks to manipulate the whole system.

[xSkylarx]

Will bitcoin eventually dominate the world economy and replace traditional currencies?

I don't think it will replace them but instead it will be a top choice of investment by many people. Bitcoin is very volatile, we can have a year of it at a very low price or a year where it's very risky to invest because of its unpredictable movement. And as long as bitcoin is not properly regulated then IMO it's impossible to dominate the economy

[verita1]

With satisfaction we can see that Bitcoin is gaining confidence as a good alternative to safeguard investors' capitals that will serve to boost the economy. It is a fact that the community celebrates it but it is not the time to replace traditional currencies with Bitcoin. Bitcoin's mission now is to counteract inflation and create macro opportunities in the global economy.

[bits4books]

no, he can't. Because everyone uses BTC based on the fact that it costs money - the same fiat money that is accepted in the crypto community mercilessly scold and blame them for all the troubles.
Imagine that tomorrow BTC will stop being worth at least some money and will become a means of payment by itself. Will you go buy coffee or bread for 0.003 btc? You are more likely to commit suicide because  tomorrow it may cost more.
Or do you want to say that you will only be happy about it? I think you will not deceive at least yourself.