Replacement?

[Frankolala]

This will be impossible since some countries have placed ban on bitcoin and crptocurrency at large,this means that those countries must first accept bitcoin as an alternative means. Bitcoin will first be accepted as a legal tender all over the world before this can happen,which I don't see it coming easily.

The volatile nature of bitcoin will also be a big challenge for this to happen. In a twinkle of an eye bitcoin price goes very dip,do you think that its users will be able to accept this loss ? No,bitcoin is also a decentralized system which doesn't need a third party for transactions to be made. Government will never accept this because they are always in charge of every financial institutions in their country which makes it impossible for them to control the citizens financial activities.

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[Wexnident]

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'll be adopted as a currency, but it wouldn't replace fiat itself. Physical money WILL be digitalized so physical money will be phased out at some point in time. That doesn't mean that fiat will disappear though no, the medium would just be transferred from physical to digital. The government wouldn't like their current situation to disappear, especially if you consider how crypto is good on the side of us users, and not for the controllers. They couldn't exactly stop crypto from growing on the other hand though, so a side by side kind of existence would be my bet.

[MaterialMouse69]

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)

I agree, imagine people especially old people had to use online rather than physical money which is complicated for them to use in any transaction. Its true that they can be assisted but in everyday life I dont see it functioning very well. It can be use thru larger assets transaction its also gives less fee.

[KingsDen]

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, cryptocurrency cannot be a replacement to physical money because it was not the intention of the creator of Bitcoin as the king of cryptocurrency for bitcoin to replace physical money.
Bitcoin was created as an alternative to physical money. Which means if you want to use the physical cash you are free, but if you instead want to use bitcoin you are also free to use. But let us pull down the idea of cryptocurrency wants to battle against physical cash. Let both of them go together for the benefits of the Society

[nimogsm]

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?

Cryptocurrency will never replace conventional money.All countries will have their own national currencies.Cryptocurrency is a universal way to transfer funds that suits two parties,both the one who sends the payment and the one who receives it.There is development in the industry, and it can be seen that it has been very good over the past year.More and more payment systems work specifically with cryptocurrencies and can quickly convert crypto to fiat.

[m2017]

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?

What do you mean by cryptocurrency? If bitcoin, then it is unlikely to replace physical money. Governments of countries will not allow this and they have their own version of cryptocurrency for these purposes. It's about the CDBC.

But CDBC is likely to replace both physical and electronic money and will be used in everyday life. Otherwise, why would they develop it? Of course, in order to prevent the influence of cryptocurrencys. In particular, bitcoin.

So, there will be a replacement, but not the one we would like.

[bettercrypto]

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?

As far as I know, someone has given a prediction like that before, but of course that is just his opinion and opinion. Right now, no one can say that to be honest.

     Although it may or may not happen, it probably depends on the situation that all countries around the world will do if that happens. But if you say now, it will remain just speculations of an individual here in the field of cryptocurrency.

[isaac_clarke22]

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?

If it is Bitcoin that we're talking about, then I highly doubt it though I mean that in a good way. If Bitcoin is going to replace the physical money, then surely government would intervene in this "replacement" idea happening and we all know that we use Bitcoin not just for investment but also to how decentralized it is.

There might be other cryptos into mind that "might" replace physical money considering how the common blah blah blah technological evolution happens, but take that with a grain of salt, OP.

[serjent05]

Cryptocurrencies have been gaining popularity and acceptance as a form of payment for goods and services. However, there are still several challenges that need to be addressed before they can completely replace physical money. Some of these challenges include:

1. Adoption: Cryptocurrencies are still not widely adopted as a form of payment, and many people are not familiar with them. This could be a barrier to widespread adoption.

2. Volatility: Cryptocurrencies are highly volatile and their value can fluctuate rapidly. This makes them a risky investment and could deter some people from using them as a primary form of payment.

3. Security: Cryptocurrencies are stored in digital wallets, which can be vulnerable to hacking and theft. This poses a risk to users and could undermine confidence in cryptocurrencies as a secure form of payment.

4. Regulation: Cryptocurrencies are largely unregulated, which can make them susceptible to fraud and other illegal activities. Governments and regulatory bodies are still grappling with how to regulate cryptocurrencies effectively.

Despite these challenges, some experts believe that cryptocurrencies have the potential to become a primary form of payment in the future. As technology continues to evolve, it's possible that these challenges will be addressed, and cryptocurrencies will become more mainstream.

But it wouldn't guarantee that it will replace physical money for daily transactions.  As far as we know there is already digital form of money that can easily replace physical cash and is already controlled and managed by the government.  So  I think, the government will not bother to use decentralized cryptocurrency to replace physical cash.  Cryptocurrency as created will always be an alternative may it becomes mainstream or not.

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?

If it is Bitcoin that we're talking about, then I highly doubt it though I mean that in a good way. If Bitcoin is going to replace the physical money, then surely government would intervene in this "replacement" idea happening and we all know that we use Bitcoin not just for investment but also to how decentralized it is.

There might be other cryptos into mind that "might" replace physical money considering how the common blah blah blah technological evolution happens, but take that with a grain of salt, OP.

Again there is no chance that the government will allow decentralized cryptocurrency or not issued by the government to replace physical money.

[Gyfts]

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, cryptocurrency cannot be a replacement to physical money because it was not the intention of the creator of Bitcoin as the king of cryptocurrency for bitcoin to replace physical money.
Bitcoin was created as an alternative to physical money. Which means if you want to use the physical cash you are free, but if you instead want to use bitcoin you are also free to use. But let us pull down the idea of cryptocurrency wants to battle against physical cash. Let both of them go together for the benefits of the Society

I consider myself to be a capitalism absolutism in terms of currency -- I'd appreciate a healthy competition between crypto and fiat and allow the consumer to choose which currency fits their needs. That being said, Bitcoin could absolutely replace physical money if the physical currency you're talking about destabilizes itself and if the central banks introduce CBDC's as an alternative.

Seems the government backers of traditional currencies themselves would be the first to tell you that physical money is outdated in order to give leeway towards the intro of their own digitalized currency. Surely it would be in their interest -- digitalized currency means more centralization and control.

[soramon]

Although cryptocurrency is becoming more popular as a payment method, it has not yet completely replaced physical money in everyday transactions. Although some businesses accept it as a payment method, several obstacles, including the ability to handle large numbers of transactions, the need for regulations, and concerns about illegal activities, keep cryptocurrency from becoming the primary form of transaction. Nonetheless, the cryptocurrency industry is constantly evolving, and new developments may emerge in the future that will make cryptocurrency a more mainstream form of payment, but there is no guarantee that it will completely replace physical money.

[yhiaali3]

Not for now at least, I'm optimistic that we will be able to do that one day but not for now.
There are significant difficulties with the use of Bitcoin for daily payment so it is not likely to replace banks at the moment, but given the problems of large banks and inflation and the endless problems in the current financial system, I am optimistic that this can be achieved over time with the continuous improvement of the Bitcoin network to be eligible for payment daily.

[Wildwest]

For now I think everything needs a process because there are still many considerations from the government to adopt bitcoin as a legal currency in everyday life, because some people do not fully understand how to use bitcoin and do not know how bitcoin performs, but I am sure that with the development of an increasingly sophisticated era, everything will be possible, and currently the government is exploring the performance of bitcoin and will consider making it an eye  money that is legal to use in everyday life.

[gaston castano]

I think if the use of digital money will develop in the future, it doesn't mean that fiat will disappear but change form to digital.
crypto and fiat will still exist and be used concurrently.

[darewaller]

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?

If it is Bitcoin that we're talking about, then I highly doubt it though I mean that in a good way. If Bitcoin is going to replace the physical money, then surely government would intervene in this "replacement" idea happening and we all know that we use Bitcoin not just for investment but also to how decentralized it is.

There might be other cryptos into mind that "might" replace physical money considering how the common blah blah blah technological evolution happens, but take that with a grain of salt, OP.

He was talking about crypto as a whole but Bitcoin will still come as the first choice of the people because it's already been tested through time. The only thing is, is that this it is unlikely because both are not the same. It's already in their names, that is one is physical (physical money) and the other is crypto (crypto/digital currency) and like you said, cryptos are also not good in the eyes of most governments so its unlikely that they will agree that it will replace the current currency that we have.

Bitcoin can be used as an investment other than a currency but that is not an issue here but decentralization can be a big deal to the governments because they can not totally control BTC this way.

[AnonBitCoiner]

Crypto is necessary for making cash but it cannot occupy the space of physical money. Not every individual can utilize bitcoin as a payment method and I think physical money is very easy to understand but crypto is not understandable for everyone.

Those people are a part of bitcoin and rely on it who have some experience with it but most of individuals are not familiar with crypto so they find it hard and will not easily take it serious.

Physical money has its own space and utility and it cannot be changes and will never replace by crypto.

[ichsan ardi]

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 think you can, there are even some countries that accept crypto as a medium of exchange, but for now cryptocurrency users are still very limited. One reason why crypto is still very limited is high price volatility and crypto can change significantly in a short time.

[Dr.Bitcoin_Strange]

OP, for this to happen, a country must have fully adopted Bitcoin or another cryptocurrency as a legal tender and be able to control the volatility of it or other cryptocurrencies. If you must know,cryptocurrency volatility means more profit or loss for users crypto investments. When the crypto market is so high, that means your investment will be generating profit, but when the market is down, it means your profit or asset value will also be going down, and to make profit on our crypto investment, we really need the volatility, and Bitcoin volatility cannot be controlled because Bitcoin is a decentralized crypto. For the sake of volatility, Bitcoin cannot replace the physical cash because we sometimes need the cash to remain stable, so crypto violet stability rule and go against money integrity.  Some investors would mostly convert their crypto to fiat some times.

[Hydrogen]

I've been thinking, will it definitely be a replacement for physical money and use crypto as a primary transactions in our everyday life?

The concept of crypto replacing cash or other forms of digital transaction carries a negative slant to it.

There is a positive trend where cash and digital currencies learn from crypto and become better as a result of it existing. Providing better value and assets for wealth storage to consumers and economies of the world.

Being mad at crypto is like being mad about the pentium processor being the latest evolution of an abacus. Crypto never truly replaces money. It is simply an evolution and branching of it.

It is not crypto that people hate and fear. It is change. Some are unhappy that the world is changing. They want things to remain the same.

If we look at history we can see that this never happens. Change is one of few relative constants.

[Xampeuu]

indeed the original purpose of bitcoin was created as a currency, a means of payment. but government regulations so far have not made it possible to make it happen, in its journey because it uses a few people and continues to grow, price fluctuations are unavoidable, so that in the end many people use it as an investment or trading tool, where the main goal is to make a profit. I think it's still a long time to see bitcoin as a means of payment let alone a substitute for money, seeing as the government still chooses a centralized system