Replacement?

[GlobalMilk99]

I have been seeing the progress of cryptocurrency these past few years, and I've been thinking, will it definitely be a replacement for physical money and use crypto as a primary transactions in our everyday life?

[mk4]

It's either bitcoin/crypto will be adopted by the masses as a day-to-day currency, or it will be a massive sort of 'underground currency' that sovereign people would be using. It will heavily depend on regulations of specific countries.

[Pokapoka124]

I have been seeing the progress of cryptocurrency these past few years, and I've been thinking, will it definitely be a replacement for physical money and use crypto as a primary transactions in our everyday life?

I don’t think bitcoin will replace fiat anytime soon. Unless every person has bitcoin and are willing to spend it as a currency, it cannot be replace fiat. In my country, many people are stuck at home because they don’t have physical cash to pay for transportation to work. The little cash they have left is spent on food and electricity. We try to use digital banking when we can but some of the sellers are either unbanked or do not feel comfortable with bank transfers. Bitcoin has a long way to go before it can replace traditional forms of money.

[youdacapt]

I have been seeing the progress of cryptocurrency these past few years, and I've been thinking, will it definitely be a replacement for physical money and use crypto as a primary transactions in our everyday life?

No, i do not believe that bitcoin and crypto currency will be a replacement to the worldwide fiat system; Instead, bitcoin and crypto currency can become a quality alternative when it involves sending money from one continent to another continent all under couple of minutes. If you have noticed; you would realize that the chain movements involves the following chain cycle

fiat (cash) = bitcoin = trade = take profit = withdraw profit = back to fiat (cash)

[maydna]

Crypto cannot necessarily be a substitute for physical money, but crypto can work together with physical money because using crypto requires approval from regulators and governments worldwide. At this time, several countries have legalized crypto as payment, but many other countries still have not legalized crypto but have allowed their citizens to use it as an investment.

But for the future, maybe crypto can substitute physical money or the government will launch its physical money into digital money like crypto that people can use it. Meanwhile, the government can also legalize crypto so that its citizens can use it apart from using digital money from that country.

[hugeblack]

An a replacement in what way? If technically speaking, probably not, Bitcoin is still unable to process the transactions of billions of people daily.
It may succeed in this in the coming years, but it is unlikely that billions of people will use Bitcoin during the next few years, so the scalability of Bitcoin looks good now.
As for rules and laws, this matter may take tens of years, and it may not happen. Therefore, it will not be a replacement, but rather a reliable and deliberate payment system and an alternative to international trade and transactions between banks and individuals, and perhaps even countries.

[salad daging]

I know how cryptocurrency is progressing when mass adoption is being heralded by advances in blockchain technology and even several countries have legalized bitcoin as a means of payment but once again it is a small country that is different from several other countries which are stronger on their fiat finances.

I don't think that bitcoin can completely replace physical money, I even consider bitcoin as a second option for those of us who want to use it, while fiat is our daily life in any transaction and this is still being strengthened by any government to defend their currency.

The government already has regulations and there are always those who oppose bitcoin as a means of payment because of its high volatility.

[Rruchi man]

I have been seeing the progress of cryptocurrency these past few years, and I've been thinking, will it definitely be a replacement for physical money and use crypto as a primary transactions in our everyday life?

Rather than replacement, it will provide an alternative, an option different from the regular traditional payment method. For a category of people that want cryptocurrency to become what they use primarily for transactions, it may be possible to some extent and with some vendors, but not with all vendors especially those whose business majorly requires that they have physical money.

Recently in my country, there is a scarcity of physical money, banks do not have money to give and people have resorted to alternatives of which are the online banking, USSD transfer and use of their debit cards for transactions. But in all these there are still some businesses that do not accept transfer because their wholesalers who are majorly people in the rural areas and villages who need money because people in their communities where population is dominated by aged men and women have no interest in anything that they cannot see.

Because these people still exist, cryptocurrency cannot completely replace physical money.

[SushiMonster]

Cryptocurrencies have the potential to change the way we think about money and transactions, but it is unlikely that they will completely replace traditional money shortly. While some businesses and individuals may prefer to use cryptocurrencies for particular transactions, such as international transfers, they are not yet widely accepted as a means of payment for everyday goods and services. This lack of widespread adoption can be attributed to several factors, including legal and regulatory issues, security concerns, and the volatility of cryptocurrency values.

One of the main challenges facing cryptocurrencies is the lack of clear regulations governing their use. While some countries have embraced cryptocurrencies and created regulatory frameworks to support them, others have banned their use outright, creating uncertainty for businesses and individuals who want to use them. In addition, security concerns remain a significant issue for cryptocurrencies, as they are vulnerable to hacking and other forms of cybercrime.

Finally, the highly volatile nature of cryptocurrency values can make them an unattractive option for use as a primary transactional currency unless you are going to HODL it and try to profit from it. The value of cryptocurrencies can fluctuate wildly in a short period, making it difficult for businesses and individuals to price goods and services accurately. While some investors have profited from the rapid rise in cryptocurrency values in recent years, others have lost substantial amounts of money due to sudden drops in value.

In conclusion, while cryptocurrencies have the potential to revolutionize the way we think about money and transactions, it is unlikely that they will replace entirely traditional money immediately. Widespread adoption will require a lot more effort from everyone.

[cryptoknightt]

I have been seeing the progress of cryptocurrency these past few years, and I've been thinking, will it definitely be a replacement for physical money and use crypto as a primary transactions in our everyday life?

So far I hope so, because cryptocurrencies make it very easy for us to transact and be transparent.
but in the future it could happen but not anytime soon for the whole

[serjent05]

I have been seeing the progress of cryptocurrency these past few years, and I've been thinking, will it definitely be a replacement for physical money and use crypto as a primary transactions in our everyday life?

It will be an alternative but I still in the belief that the government will never allow it to replace their national currency. I also think instead of cryptocurrency, the government of financial system will use digital cash to replace the physical cash in day to day transaction because it is way more cheaper than any cryptocurrency especially the POW one.

I have been seeing the progress of cryptocurrency these past few years, and I've been thinking, will it definitely be a replacement for physical money and use crypto as a primary transactions in our everyday life?

So far I hope so, because cryptocurrencies make it very easy for us to transact and be transparent.
but in the future it could happen but not anytime soon for the whole

This is another reason why the government will not use cryptocurrency, banks prioritized privacy, not because of the customer but because they wanted their embezzling of customers' fund secret.

[Ryker1]

I have been seeing the progress of cryptocurrency these past few years, and I've been thinking, will it definitely be a replacement for physical money and use crypto as a primary transactions in our everyday life?

So far I hope so, because cryptocurrencies make it very easy for us to transact and be transparent.
but in the future it could happen but not anytime soon for the whole

I don't think so that will happen, each country has a different fiat value.
It should be an alternative but not replacing, the one potential advantage of cryptocurrency is that it can provide a more secure and decentralized method of conducting transactions, it cannot be reversed. But still, fiat is very important to all of us --while crypto has the potential to disrupt and transform the financial world, fiat currency remains an important and reliable form of currency for conducting everyday transactions and facilitating global trade.

[fadhilz123]

I have been seeing the progress of cryptocurrency these past few years, and I've been thinking, will it definitely be a replacement for physical money and use crypto as a primary transactions in our everyday life?

It could happen in many people's lives, but I still don't think that physical money will be forgotten by many people even though one day cryptocurrencies can replace traditional transactions that are often carried out by fiat money.

Until now I only thought that cryptocurrency was just an additional currency that could be used by many people in ways and methods that were different from fiat money. So what you are asking is indeed very possible, but to replace physical money, the progress of cryptocurrency needs to cover every corner of the world, including remote areas that currently still rely heavily on fiat money.

[dothebeats]

It wouldn't be an easy transition, but it's sure as hell that we'll see the digitization of money slowly thanks to the idea of cryptocurrency. A lot of countries are already in the works of releasing their own CBDCs, and a lot are already in R&D for it. It's quite an investment to all the tech, hardware, etc. but eventually it will pay off and offset the expenses that they have compared to minting physical money.

[jossiel]

I have been seeing the progress of cryptocurrency these past few years, and I've been thinking, will it definitely be a replacement for physical money and use crypto as a primary transactions in our everyday life?

IMHO.

There's no need to think about it anymore. Beforehand, it's like a topic that's on the everyday discussion but with things right now, it's no longer an interesting to talk about.

And that is because whether there's an approval from the government, it won't really matter because the power is on our hands whether we're in a place where the crypto community is truly supportive.

Coming to the point that most merchants accepts it lightly without any problem and all are voluntarily happily accepting it.

[serjent05]

I have been seeing the progress of cryptocurrency these past few years, and I've been thinking, will it definitely be a replacement for physical money and use crypto as a primary transactions in our everyday life?

It could happen in many people's lives, but I still don't think that physical money will be forgotten by many people even though one day cryptocurrencies can replace traditional transactions that are often carried out by fiat money.

The transition from physical cash to digital cash is possible though I think it will take decades to centuries to happen.  Of course physical money will not be forgotten because if the time comes when physical money become obsolete, it will become a collector's item where it can be the content of several museums. 

Until now I only thought that cryptocurrency was just an additional currency that could be used by many people in ways and methods that were different from fiat money. So what you are asking is indeed very possible, but to replace physical money, the progress of cryptocurrency needs to cover every corner of the world, including remote areas that currently still rely heavily on fiat money.

I think of cryptocurrency as an alternative way of online payment.  It never came to my mind that cryptocurrency will replace fiat currency ever.

[Darker45]

As a replacement, I doubt it. It may be possible in the next several decades, but right now it is hard to imagine sovereign countries completely abandoning their own currencies in favor of Bitcoin. Fiat evolves. By the time Bitcoin becomes relevant, which is gradually happening as we speak, fiat is also making adjustments. Bitcoin may become an inspiration of the next fiat designs but it lacks something vital that government or central banks might need in dispensing their power.

At best, Bitcoin will be accepted alongside fiat, and probably even achieve a reserve currency status.

[Hispo]

I have been seeing the progress of cryptocurrency these past few years, and I've been thinking, will it definitely be a replacement for physical money and use crypto as a primary transactions in our everyday life?

No, not soon.
Sovereign governments and nations have proven themselves to be jealous over the power they have to control the economy to please the plans of their party. Look what happened to the project of cryptocurrency by Facebook/Meta, it was tackled by regulators until it ceased to exist.

That happened because the agencies are aware that Facebook could have replaced much of the traditional banking system of several countries and become a big competitor within the United States and the world, thanks to their user base.

Bitcoin would have suffered the same destine if it was not a decentralized and open source project from the beginning. Since the agencies won't be able to tackle it in the same way they did to Libra/Diem, they will try to delay the adoption as much as possible.

[xSkylarx]

It has a possibility in the future, but for now, it's a no because cryptocurrency was not made to replace our current system; it was made for us to transact. Though the possibility of going cashless in the future is very possible, there is a chance that it will be derived from cryptocurrency. But for now, let's focus more on using it as well as getting profit from it since if this well happens in the future, then we would be happy, but for sure, this will take more time.

[ethereumhunter]

Everything can happen in the future, especially if more people or governments realize the potential benefits of crypto that are bigger and can be used by many people. But for now, I don't think crypto can be the main transaction in our daily lives because people still use fiat.

Maybe for now, we should use crypto as an investment that can provide benefits in the future. So as time goes on and the acceptance of crypto has increased, we are ready to use it as the main transaction and have more and more of it.