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[Janation]

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

That won't happen.

It is nice that we are seeing Bitcoin reaching new ATH again but I don't think it would replace traditional currencies, I don't want to see it from happening either. Based on what is happening right now, if there comes another financial crisis, people might consider Bitcoin more than other assets or investment. I think it would be better if Bitcoin will be adopted more next year.

[Wexnident]

You already said it, Bitcoin is being used as an "investment". Heck, I'd bet that majority of those that just entered Bitcoin or the crypto scene would answer Bitcoin as an investment instead of being a currency tbh, and with that in the way, I doubt that Bitcoin would be adapted into one of the main currencies. I say main because traditional currencies would never disappear imo. It could possibly ruin the entire market we have right now after all, and even if we do say that its replacement is gradual, it would still bring up issues that Bitcoin could not resolve. There's also the influence of the government in that part, they may not be moving against Bitcoin right now but once it actually fights traditional currencies, we may see them getting back to us all of a sudden.

[cengat]

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 it won't, at least I don't see that future.
Bitcoin will remain as an investment instrument for whales as it is right now.
Cryptocurrency will most likely replace fiat currencies or at least will be as popular and as adopted as fiat.
You should understand that bitcoin is already 10 years old and it won't be updated properly probably ever.
So I believe in crypto dominating the world, not bitcoin in particular

[Distinctin]

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 it won't, at least I don't see that future.
Bitcoin will remain as an investment instrument for whales as it is right now.
Cryptocurrency will most likely replace fiat currencies or at least will be as popular and as adopted as fiat.
You should understand that bitcoin is already 10 years old and it won't be updated properly probably ever.
So I believe in crypto dominating the world, not bitcoin in particular

Bitcoin won't replace fiat in general. It might be very popular right now because of its new all time high but it won't change the fact that its fully decentralized and this is the reason why the government won't accept it as a legal currency like fiat. Bitcoin has become a safe haven for crypto enthusiast but majority of the people still prefer gold, stocks and real estate as a safe haven.

[AicecreaME]

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?

I don’t think the time would come that bitcoin would totally replace the traditional currencies. Whatever happens, tradition currencies would remain globally as it is regulated by the government leading a particular country. It’s impossible to have an anarchism to each of the countries here on earth, hence impossible as well to totally wipe out and diminish the traditional currencies we’ve known for ages.

Bitcoin would be a great alternative to traditional currencies as it offers the same functionality and even more features to the users. There’s no doubt that bitcoin could really be well-known and patronized all over the world given its advantages. In addition, it’s safe from inflation so there’s no need to worry about regarding it. It is now one of the leading investment-worthy platform aside from real estates, stock market, gold, and central organizations.

[inoes]

I also didn't think that bitcoin would reach 23K $ this fast. because since 2017 he is getting dimmer. I am glad to hear it. the more people buy bitcoin automatically bitcoin will be more expensive, and if bitcoin is expensive then the transaction fees are also expensive, therefore if bitcoin becomes the world's currency, it seems that many people disagree. remember! transactions using bitcoin are also quite long

[jaysabi]

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.

Exactly, Bitcoin is still driven purely by speculation, but it's the type of thing that is a self-fulfilling prophecy. If enough people believe it is a safe haven investment and a hedge against inflation, then at some point it actually does become true.  Perhaps that is why the maximalists are so rabid on this message board, it's a matter of willing themselves to be correct if they can force enough people to believe what they believe.

[wxa7115]

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?

We will have to see, at least to me as long as bitcoin can be used alongside traditional fiat currencies and you can do it without having to go through KYC every time you want to buy something small in the store it will be a success story for bitcoin.

But there are many out there that want to see bitcoin replacing fiat currencies and while that is a possibility I doubt it will happen as governments get too much power out of that type of currency and most people are simply too unaware of history, so even if fiat crashed tomorrow in 5 years they will accept the imposition of a new fiat currency again.

[Josefjix]

I think a similar thread to this has been brought up for discussion, bitcoin doesn't have the necessary power to replace traditional currencies because of volatility and lack of wild adoption, lack of technical know-how of people in several rural communities compare to few people in urban certain that know about it and use it. Imagine the price of goods pegged at a given quantity of bitcoin when the price had dipped to $5k. How does one truly corollate the price now it has hit ATH?

Unavailability of fiat would definitely bring cheat in such tantamount transactions which in turn ruin the decentralised nature of bitcoin. So, on this note as bitcoin is needed so fiats are needed to compute fractions of bitcoin in traditional currencies for clarity and purposeful transactions.

[sort_cirkit]

For those of us who love the crypt world, it's a relief that Bitcoin has reached 23,000 USD. In the wake of the virus, people are lost and looking for alternative investment opportunities. Bitcoin is the best choice. In order to replace the traditional currency, it is necessary to have the common currency in hand, not just the medium of exchange. Bitcoin will have a huge impact on the economy in the future. But it is not possible to change the currency.

[DeadCoin]

There is no bidding regarding this because Bitcoin is like an instrument or software to distribute the all-digital process in which is already descriptive that is without even connecting with a faction of traditional currencies. On the other hand, the Fiat currencies are commanded by the central bank and focus to print money for a short term period, while BTC is for long term investment form, additionally, In the long run, I think there is a possibility to have a conflict because we couldn't predict the impact by people similarities throughout of both transaction.

[Ridwan Fauzi]

Money fiat is not an investment place, that is the first thinv that you should know. When you compare/compete bitcoin and money fiat then you will know there is a different thing between them. Bitcoin is an investment place and many people who have considered it. Because most bitcoin user more prefer to using it as an investment place compared to be use as payment system because the fee transaction issue.

At this situation, when all economic instrument is broken because coronavirus. There will be many people who will move their money to the safe place because they are afraid to inflanation. So as there is one solution, they must choose investment place to storing it and yeah greatfully they use bitcoin because its value is increasing since this corona virus come. That's why the price of bitcoin has increased significantly until now.

[jostorres]

I would have to say bitcoin is not ready for a comparison like this. It is great for the technology behind it but it is still quite slow and expensive to be compared, normally the fiat currencies have two options, one of them is cash and it is literally instant, you give cash from one person to another person and transaction is done but it is not digital and you have to be there to do the transaction, the other is digital, and that one is stuff like buying from online shop and so forth, that is instant, you get the money from one person to another person right away, but that doesn't have the tech bitcoin has neither, but it is almost free and it is fast.

So for bitcoin to get compared, we would need either nearly instant (under 10 seconds) or we need to be cheaper, being 30+ minutes and 5+ dollars will always be a trouble.

[TheGreatPython]

It’s not countries that are adopting Bitcoin, it is individuals and companies that are starting to adopt it. Countries are not going to change their traditional currencies and start making use of Bitcoin, they are still going to be making use of the traditional currencies and as for Bitcoin they (government) can declare it as legal assets, by declaring it legal they are giving their citizens the allowance to make use of any cryptocurrency of their choice which is Bitcoin for most of the people because it’s very popular. You just have to understand that the fiat is not going anywhere, it’s still there, and even the CBDC that has been trending lately is also fiat but in crypto form.

[Jaspion]

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.

Totally agreed.
I don't think that is bitcoin's mission after all.
Imo there are contenders for that role on crypto market, such as Ethereum which is widely used in big corporations at this point.

[Om.monata]

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 looks like bitcoin will not replace traditional money. This is only a temporary trend because during the Covid pandemic 19 people began to switch to crypto where the traditional economy was being disrupted. So I think if the traditional economy recovers it looks like a lot of people will come back to it. so bitcoin is more suitable as a counterweight to traditional currents

[Majharul Saiif]

BTC and traditional currencies, both of them are money. One is online-based and another is physical money. At present both of them are needed because the world is not ready yet for digital currencies only. They have unique features that they can operate their activities base on the importance and need. Maybe the use of digital money will increase day by day but it will take time to remove paper money.

[Mauser]

Most traditional currencies are going nowhere whereas bitcoins more than doubled this year. For me it's an easy choice. I will take bitcoins over fiat currencies any day of the week. Why would you still go into a doomed system? The long term trend is only upwards for bitcoins whereas most traditional currencies don't have a good outlook.

[imstillthebest]

why would you compare bitcoin to something that does not go up as high as bitcoin . im talking about fiats because you said traditional currencies . traditional currencies are not gold , real estate and stocks but these three are assets like bitcoin and these three can be a closer comepitor to bitcoin .

Historically, when someone desires financial stability, they naturally go for safe investment is, such as gold, stocks, real estate

stability and yet they invest on those ? but those arent stable . i thought you are comparing traditional currencies but traditional currencies are the most stable of them all . converting any assets to traditional currency is not a bad idea only imho

[voron7477]

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

I don't think it's ever possible. Now Bitcoin is the 7th largest currency in the world, that's great, but we shouldn't be so optimistic. Bitcoin can't replace fiat because of many reasons.