Replacement?

[Sarah Azhari]

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?

This is what satoshi dream in last 2009 when he created bitcoin, but it's not easy to replace a system that running hundreds of years because need at least education and learning from beginning. Because not many people understand if the new system is better than old system.

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[Swordsoffreedom]

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?

This is what satoshi dream in last 2009 when he created bitcoin, but it's not easy to replace a system that running hundreds of years because need at least education and learning from beginning. Because not many people understand if the new system is better than old system.

No, it's not satoshi's dream, bitcoin was created as an alternative to centralized banking system, he never said bitcoin would replace physical money. We are moving towards a digital world, so physical currency will soon be replaced, but it will not be a cryptocurrency, but rather a digital currency developed by the government. Crypto would also be a candidate, but unless the government finds a way to completely control the crypto industry, including bitcoin, and it will be almost impossible.

[libert19]

Physical money is already replaced by digital money (cards, online banking). If you meant crypto as replacement for fiat money, my answer is, no. Both will go hand in hand.

[xSkylarx]

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?

This is what satoshi dream in last 2009 when he created bitcoin, but it's not easy to replace a system that running hundreds of years because need at least education and learning from beginning. Because not many people understand if the new system is better than old system.

It is not dream by Satoshi his dream was only used by everybody and take part of its technology which also gives  people freedom financially and also to take  away those expensive fees on transferring money before. Though it has a chance of replacing fiat but it wont be happening soon as it is difficult to do it as there are a lot of factors and our fiat is very establish right now but a lot of loop holes. Lets not think about replacing the fiat by bitcoin lets focus on what we can achieve more by using bitcoin.

[fadhilz123]

Physical money is already replaced by digital money (cards, online banking). If you meant crypto as replacement for fiat money, my answer is, no. Both will go hand in hand.

I also hope that crypto and fiat money can go hand in hand even though fiat money has been replaced with digital money via online banking cards. Because when crypto and digital fiat money can run concurrently, of course the users of both will also be more numerous because they already have two options that can be used for any payment if both are running concurrently.

In addition, the development of technological sophistication will also be increasingly visible when the two options are used by many people in this world. Because this will definitely expand into the broader realm of business so that many people will really feel the benefits in the future. Even if crypto really goes hand in hand with digital fiat money like now.

[Questat]

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?

Not impossible to happen but the question is if the government will allow it. Or just about to accept that the government will control crypto then when it happens? In this situation, we are just like using fiat money.

Because for me, it was not necessary that we have to replace fiat money. While embracing digitalization and crypto gives us more options for which one to use in our comfort. Meaning, we can either use the two depending on what we choose or consider the place where we live.

[zaki12]

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?

Not impossible to happen but the question is if the government will allow it. Or just about to accept that the government will control crypto then when it happens? In this situation, we are just like using fiat money.

Because for me, it was not necessary that we have to replace fiat money. While embracing digitalization and crypto gives us more options for which one to use in our comfort. Meaning, we can either use the two depending on what we choose or consider the place where we live.

Yes, there must be both. FIAT money is unsecured money whose use is forced on society. Bitcoin is honest money that freed the world from the fakes of FIAT currency. One of the biggest threats to a free society is the end of hard currency. Digital payments are NOT a good thing if that's the only option. Cash must remain for the security of the country.

[Issa56]

It will be difficult for bitcoin to replace fiat, and bitcoin was not created to replace fiat even at the long run. It's going to take time before everyone will have to know about bitcoin, and if everyone knows about bitcoin, not everyone will be able to make transaction with bitcoin. people in  some rural areas will find it difficult to use bitcoin, in some rural areas their is no internet connection, so how will those people be making daily transactions with bitcoin, it won't really be possible.

[Mpamaegbu]

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?

Well, we can say it could happen if we took consideration that just a few would be able to do that. If you're referring to the generality of the people being able to use it as a primary transaction channel, I think that will be impossible. I ain't trying to be pessimistic here. Despite how popular the dollar and pounds are, they aren't still recognized and used globally. Bitcoin/cryptocurrency is more complex than fiat.

[Iroh]

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?

This is what satoshi dream in last 2009 when he created bitcoin, but it's not easy to replace a system that running hundreds of years because need at least education and learning from beginning. Because not many people understand if the new system is better than old system.

Like others have promptly pointed out, I highly doubt Satoshi's dream when he created and released bitcoin to the world was to take over and replace the current system of payment which is to a large extent, the fiat system of payment. More likely, bitcoin is there as an alternative system(some would say a more better mode)of payment to the traditional fiat system.

While bitcoin has progressed and is steadily gaining more popularity and usage worldwide, I don’t see bitcoin replacing the traditional fiat currency anytime soon. No doubt, the world is evolving and changing rapidly so as the modes of payment for commerce is changing. But that would not edge out the fiat system so easily.
Obviously, if there would be any replacement at any time for the current system of payment, we would also need the governments nod of approval for bitcoin to actually healthily compete to replace the existing payment system.

[nicolas1979]

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?

Now cryptocurrency has become a means of transaction, even though this has not been officially stated by the government. Many websites provide transaction services through digital currency. In fact, we fellow crypto users have made Bitcoin a transaction tool.

[Scripture]

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?

Not a replacement but you can use both, fiat and crypto have their own pros and cons.
With the current situation of many banks, I'm pretty sure many are already considering to buy Crypto where they can have fully control with their money but again, you should not be complacent with crypto since there's still a risk on that. Fiat currency will also stay no matter what, they are made for that and the government will not allow that to happen if ever.

[samcrypto]

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?

Not a replacement but you can use both, fiat and crypto have their own pros and cons.
With the current situation of many banks, I'm pretty sure many are already considering to buy Crypto where they can have fully control with their money but again, you should not be complacent with crypto since there's still a risk on that. Fiat currency will also stay no matter what, they are made for that and the government will not allow that to happen if ever.

This has been discussed many times already, Crypto will not replace fiat currency but it can be a good alternative especially there’s a big threat of crisis and higher inflation. Let’s see if Crypto will really be the safe haven if there’s a financial crisis. US is on a big risk of entering this phase, many are on panic already so I’m wondering if they will invest in crypto or just pull out their money and put it on something else.

[Silberman]

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?

This is doubtful, do not get me wrong I think bitcoin has the potential to be adopted by a very high number of people and be used in our everyday lives, but at the same time I know that governments are never going to give up on their fiat currencies, the system could collapse and bring misery all over the world and the politicians will not care and they will try to force people to use fiat currencies again by given them another name, and since I think most people can be easily deceived then I do not think bitcoin will definitely replace physical money as you suggest.

[karmamiu]

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.

I totally agree with this. My reason for that it's because there will always be a country that will prohibit the usage of crypto either due to personal interest or for the sake of the so called user security. We all understand some of the few good reasons why they wont legally accept crypto, and hopefully even if they won't fully accept it, at the very least they won't declare a total ban, or in other words leave an option for crypto as a mode of payment.

[Crypt0Gore]

Crypto is a threat to Fiat, if we are ever going to see some crypto projects use publicly for payment, trust me the government will be the ruling leader of the projects, such projects will work with CBDC and the ISO whatever of things, crypto payment will remain private within the people, not the government, this is why it will be very hard to see crypto getting accepted as means of payment, some countries will accept Bitcoin but many will continue to put up some restriction on it because it is a threat for them.

[isaac_clarke22]

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Well there are already centralized crypto like XRP so "unaware" people might not look into Bitcoin as the first choice since they believe that centralized coins means that they are entirely protected since a third-party is in authority of how much they're holding, but they're wrong of course.

Bitcoin, at least here in my country, has been a popular investment and I don't think that people might think about that first when it comes to replacement of physical money considering that I see a lot of non-fiat holders using digital payments like GCash here to pay easily through the counter. Not sure about the other countries though.

[Minecache]

Crypto is a threat to Fiat, if we are ever going to see some crypto projects use publicly for payment, trust me the government will be the ruling leader of the projects, such projects will work with CBDC and the ISO whatever of things, crypto payment will remain private within the people, not the government, this is why it will be very hard to see crypto getting accepted as means of payment, some countries will accept Bitcoin but many will continue to put up some restriction on it because it is a threat for them.

Crypto has never been a threat to fiat, they were created as an alternative to fiat, and cryptocurrencies do not provide privacy for everyone. If talking about privacy, then only bitcoin is the only currency, the rest are centralized coins that are controlled, so they cannot provide us with privacy.
In the future, physical money will be replaced, but it will definitely be a government-issued CBDC, not bitcoin or any altcoins. The government will never accept a currency that is not issued by them, and could become the world's main currency.

[andriarto]

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.

I totally agree with this. My reason for that it's because there will always be a country that will prohibit the usage of crypto either due to personal interest or for the sake of the so called user security. We all understand some of the few good reasons why they wont legally accept crypto, and hopefully even if they won't fully accept it, at the very least they won't declare a total ban, or in other words leave an option for crypto as a mode of payment.

however the state is the key to realizing crypto as a means of payment, no matter how good the existing system is, if the state prohibits it, then as citizens we must obey it. in several countries periodically change leadership, from there we hope that in the future a leader will be chosen who supports the development of the digitalization era, so that it can provide leeway for cryptocurrency to develop and eventually be legalized

[adzino]

I doubt it is going to be anytime soon. Even thought bitcoin and other crypto currencies are getting popular, people still depend on fiat currencies. Right now most people use crypto currencies to hold and make profit. They sell it for fiat currency. As long as people will keep on doing this, we won't be seeing bitcoin going mainstream. Again, crypto currencies right now are extremely volatile. I doubt anyone would want to use a volatile currency for making day to day transaction. If everyone is on board, and if everyone starts to prefer crypto currencies, we might see them replacing the traditional fiat currency one day soon.