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[Pokapoka124]

If many shopes and companies were actively using cryptocurrency, as you say, we would see the price of bitcoin and ether not at current levels, but at least two or three times higher.

We already saw bitcoin price increase thrice its value within the past  month because of the influence of these institutional investors.  

[Wipeout2097]

In short, Bitcoin currently operated absolutely by hypothesis, but it's the sort of thing that's a own prediction. On the off chance that sufficient people believe it may be a secure sanctuary venture and a fence against swelling, then at a few point it really does gotten to be genuine. Maybe that's why the maximalists are so out of control on this message board, it's a matter of willing themselves to be redress on the off chance that they can drive sufficient individuals to accept what they accept.

[AndySt]

If many shopes and companies were actively using cryptocurrency, as you say, we would see the price of bitcoin and ether not at current levels, but at least two or three times higher.

We already saw bitcoin price increase thrice its value within the past  month because of the influence of these institutional investors.  

Let's not confuse the purchase of bitcoin in the past months by institutional investors and the use of bitcoin in shopes and companies, because these are completely different things. This is exactly what I meant in my comment, because unfortunately, the use of bitcoin in operating activities in companies and shopes is microscopic in size and does not have a significant impact on the exchange rate price.

[emmybd]

Bitcoin is a system by which money can be sent via computer or other electronic devices. It has no physical existence. Governments or financial authorities can't control bitcoin. Bitcoin is decentralized.
On the other hand, traditional money is controlled by governments or financial authorities. It has physical existence. It can be sent via banks. Traditional currencies are centralized.
Bitcoin is safer than traditional currencies.
Bitcoin can be carried more easily than traditional currencies.
Bitcoin can be transferred more easily than traditional currencies.
People are preferring bitcoin more than traditional currencies.
Bitcoin is convenient and traditional currencies are most of the time inconvenient.
You can easily send bitcoin all over the world in no time. But it takes a lot of time to send traditional currencies.
It is cheaper than traditional currencies.
Duplication of bitcoin is impossible. But duplication of traditional currencies are possible.
Because of this characteristics of bitcoin, more and more people are preferring bitcoin compared to traditional currencies.

[saffira]

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 traditional currency will be replaced. Bitcoin and other cryptocurrency will be an option. Many of us see the future of bitcoin while other people do not even have the idea of what is crypto. It is not really safe so we have to be careful and learn first the security of accounts when using bitcoin.

[jaysabi]

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 traditional currency will be replaced. Bitcoin and other cryptocurrency will be an option. Many of us see the future of bitcoin while other people do not even have the idea of what is crypto. It is not really safe so we have to be careful and learn first the security of accounts when using bitcoin.

I think as a store of value, but not a currency.  Currencies that are deflationary are bad for the economy because they disincentivize economic activity.  It was a major reason for abandoning the gold standard.

[Janation]

We are in a technology world where the computer is replacing human beings in performing some certain task this is not achieved in a day. I see bitcoin replacing traditional currency in the future which I can tell you a vivid date but I look towards a day to come for it

Bitcoin is great in the future but I don't see it in that way.

It is true that having Bitcoin in the future as a currency would be amazing as a supporter of it but there are things that we need to consider and the government would not say yes to these things. Also, there are a lot of mobile wallets that people use so fiat would just turn digital in the future.

[sunsilk]

I don't think traditional currency will be replaced. Bitcoin and other cryptocurrency will be an option. Many of us see the future of bitcoin while other people do not even have the idea of what is crypto. It is not really safe so we have to be careful and learn first the security of accounts when using bitcoin.

I thought the safety that you are describing is the volatility of bitcoin and other cryptocurrencies. And about your concern for the security of accounts, it's about the security of every holder that has to keep their wallets safe through keeping private keys and avoiding storing it on exchanges that don't give them to their users.

I think as a store of value, but not a currency.

Agree with it, bitcoin has become a store of value and we're all preferring it to be like that. Although no one stops everyone from using it the way it was made just many of us prefer it to be a store of value.

[SmokerFace]

Supplanting the bitcoin with traditional currencies may upset the economy. Government can handle their people with the fiat yet not with the crpto currencies s. Its decentralize and can not be discernible. Bitcoins can just assist with multiplying our speculation and it has capability of expanding value contrast with the other venture like GOLD, real estate, and stock but it can not help to improve the economy by replacing with fiat or traditional currencies

[Arkann]

Supplanting the bitcoin with traditional currencies may upset the economy. Government can handle their people with the fiat yet not with the crpto currencies s. Its decentralize and can not be discernible. Bitcoins can just assist with multiplying our speculation and it has capability of expanding value contrast with the other venture like GOLD, real estate, and stock but it can not help to improve the economy by replacing with fiat or traditional currencies

Of course, this can significantly affect the economy, especially when the government plans to perform certain manipulations at its own discretion, as it usually happens, while increasing the money supply of the national currency, and at this moment ordinary people use not national currencies, but cryptocurrencies, thereby preserving the value of their assets, running away from inflation. Of course, in this case, only the interests of the government, and not the common person, may suffer if people use cryptocurrency the most.

[hahay]

Maybe over the times bitcoin will dominate the world economy but for now, where there is still resistance because they continue to fight for traditional currencies, it will of course be difficult to dominate the economy. But even so, with the growing adoption and growth of bitcoin, I think it's enough for bitcoin to become more dominant because after all, there will always be competition so that it dominates or not it can be seen from different thoughts in different support.

[Swordsoffreedom]

Supplanting the bitcoin with traditional currencies may upset the economy. Government can handle their people with the fiat yet not with the crpto currencies s. Its decentralize and can not be discernible. Bitcoins can just assist with multiplying our speculation and it has capability of expanding value contrast with the other venture like GOLD, real estate, and stock but it can not help to improve the economy by replacing with fiat or traditional currencies

Gold is not a currency system but Bitcoin is, So you can't say Bitcoin is just like Gold.
Fiat is an old culture where Bitcoin is a modern practice, It takes time for people to accept change, Naturally, people are reluctant to accept change easily. But what is true cannot be stopped.
Bitcoin is currently the most widely circulated and emerging digital currency, Bitcoin is now being used at the institutional level, beyond private/personal uses. So, who can say what is going to happen within the next five or six years!

[tygeade]

Supplanting the bitcoin with traditional currencies may upset the economy. Government can handle their people with the fiat yet not with the crpto currencies s. Its decentralize and can not be discernible. Bitcoins can just assist with multiplying our speculation and it has capability of expanding value contrast with the other venture like GOLD, real estate, and stock but it can not help to improve the economy by replacing with fiat or traditional currencies

I do not think that it could hurt economy, after all we are doing that right now anyway. Sure, we could grow bigger but can you say we are not supplementing regular markets with crypto right now? We are doing that but we are not big enough just yet, we are at around 1+ trillion dollars levels right now and we are a global deal as well so it is not just one country.

When we reached to 10+ trillion levels in all crypto, we are going to be at a level where we are actually at the side of every other thing you know, it would be like 10% of all shops accepting and almost all online places accepting type of situation and that would be still not disturbing the world. After all, the money that goes into crypto is not gone, it could still come out of crypto as well, if one person loses money that means other one is making it, hence it is not really that shocking.

[lixer]

I don't think traditional currency will be replaced. Bitcoin and other cryptocurrency will be an option. Many of us see the future of bitcoin while other people do not even have the idea of what is crypto. It is not really safe so we have to be careful and learn first the security of accounts when using bitcoin.

I think the same and when I first started using Bitcoins, I used to consider it as an alternative for PerfectMoney and other payment processors which was easy to use and no reversible transactions were possible which was a big problem with using PayPal. I think Bitcoins as we call it - cryptocurrency so we better understand it as a currency only which works in tandem with our fiat and other payment processors.

Traditional currencies cannot fade away just because bitcoin started dominating the market in terms of price. No matter how valuable Bitcoin gets it will always be considered as an alternative but the primary and traditional payment methods will remain. Maybe the number of transactions happening over the crypto network increase and more people use them but again its just Bitcoins becoming more famous still not replacing fiat by any means.

[CarnagexD]

Bitcoin is continuously rallying because of these two facts:
1. Whales pumping the coin
2. Influential figures shilling the cryptocurrency to newbies and people who are yet to try bitcoin.

With all these reasons in mind one can simply assume that the reason why bitcoin kept rising up amidst the global pandemic and the seemingly economic collapse that ensued, is because of Elon Musk, among other influential figures, and the aid of huge companies buying bitcoins by the thousands, something that would be really hard to do for us small-time investors.

[migolmigol]

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.

Agree. In addition, one of the purpose of Bitcoin is to have a universal currency. It can be used for any transactions but it will still be the traditional currencies that business would prefer as it is less volatile. Also, as stated above, traditional currencies are being run by the government where in businesses are registered in. No country will prefer to have this as a main form of transactions.

I believe that the Bitcoin is still growing and can really affect the currency market in the future. Many people are still skeptical about it. The more it grows the more people will be more confident about it in the future to use it in different transactions.

[just_Alice]

In addition, one of the purpose of Bitcoin is to have a universal currency. It can be used for any transactions but it will still be the traditional currencies that business would prefer as it is less volatile. Also, as stated above, traditional currencies are being run by the government where in businesses are registered in. No country will prefer to have this as a main form of transactions.

If more people adopted Bitcoin and if it had full governmental support around the globe, and by support, I don't just mean legislation, but also creating programs to enlighten people with the information needed to understand how the crypto world works, maybe working on taxation, price stabilization - it would become much less volatile and businesses could be run using crypto without a problem. The fiat system is going to fail sooner or later, so it would be better if the govs could accept it and start working on a strategy to implement cryptocurrencies in the best possible way instead of fighting it.

[Lanatsa]

In addition, one of the purpose of Bitcoin is to have a universal currency. It can be used for any transactions but it will still be the traditional currencies that business would prefer as it is less volatile. Also, as stated above, traditional currencies are being run by the government where in businesses are registered in. No country will prefer to have this as a main form of transactions.

If more people adopted Bitcoin and if it had full governmental support around the globe, and by support, I don't just mean legislation, but also creating programs to enlighten people with the information needed to understand how the crypto world works, maybe working on taxation, price stabilization - it would become much less volatile and businesses could be run using crypto without a problem. The fiat system is going to fail sooner or later, so it would be better if the govs could accept it and start working on a strategy to implement cryptocurrencies in the best possible way instead of fighting it.

So in short there would be some harmonious acceptance towards it?We are all hoping into that certain extent or recognition but it would really be on the impossible side of things.

There's no way that fiat could really be replaced off and also crypto was created not for the sole purpose on replacing the traditional system.Even though it does check out the boxes
but it wont really be still fitting out into that criteria.

Crypto would be just good as an alternative and wont really became a mainstream.

[konflikkastil]

You know one thing,I was discussing this same topic with a couple of my friends last week. I was asking them which of the traditional currency can they compare with BTC. One of them said the kwuit money. And I told him,it seems he is not current with the latest price of BTC. Just a coin now trading above $40,000. Has there been any currency of any country even the most powerful nations come close to the price of BTC now. And if things continue like this, I see BTC reaching $250,000 before the end of the first half of this year. And might reach half a million before the end of this year. That is a fortune you know. No single traditional currency can worth that much.

[AndySt]

Agree. In addition, one of the purpose of Bitcoin is to have a universal currency. It can be used for any transactions but it will still be the traditional currencies that business would prefer as it is less volatile. Also, as stated above, traditional currencies are being run by the government where in businesses are registered in. No country will prefer to have this as a main form of transactions.

Bitcoin's volatility is not the most crucial barrier to bitcoin's functioning as a universal currency. The most important obstacle is the attitude of state authorities, who are unlikely to be very happy if any business will make payments in cryptocurrencies, and not in national fiat currencies. Therefore, financial regulators will probably require such transactions to be carried out through the intermediary of fiat currencies.