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Question: Could bitcoins ever replace conventional money?  (Voting closed: September 20, 2014, 11:21:10 AM)
How safe are the transaction? - 2 (50%)
How about getting scammed? - 2 (50%)
Total Voters: 4

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Author Topic: Bitcoins replacing real curency?  (Read 1491 times)
Duke_Charlie
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September 16, 2014, 11:21:10 AM
 #1

Could bitcoins ever replace conventional money? How safe would these transactions be from being scammed?
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September 16, 2014, 11:50:23 AM
 #2

Here is what I think , I am a BTC Bull, love the Idea, equality and fact that it is controlled by math, which is fair, true & trust-less.

Here is the thing though, most of the world don't give 2 fks about, Privacy, Decentralization, money controlled by math, No intermediary etc..

Most people ONLY care about 2 main things - Simplicity and Saving Money.. There HAS to be BOTH of these together , even one of these things missing will make people turn the other way. Oh yes and it has to be "Secure-enough" not so secure that it makes it impossible to hold and use.

Example:  Assume that you are one of the majority of normal people out there who don't care about the above things I have listed, are you really going to go onto an exchange spend $100USD to buy BTC95  and use this fluctuating Money to buy goods with it? At the time of exchange, right there and then you have just lost $5 without doing a single thing. Keep in mind that $5 is probably the same amount as peoples monthly bank account keeping fees on a Direct Debit Card account, (No I am not talking about Credit card) this is totally different as you are essentially borrowing money with a credit card and borrowing is NEVER free unless you borrow of family or friend.


3 issues that will stop people using it as a currency, 1 of these issues may slowy ease away "HOPEFULLY", the other 2 I really don't know if these money making businesses are going to solve this.

1. Volatility = Will ease hopefully in the future as BTC price grows and spreads, this will rely on getting the next 2 points right.

2. Spread = The price the exchanges keep for themselves for giving you the service of exchanging BTC > $ (We must find a way to lower the spread as much as possible) Example Buying Spending $100USD should get you at-least $99BTC AND selling BTC should get you the same but Opposite, Selling $100BTC should receive $99 USD at least

3. NEVER-ENDING PROMOTIONS for bitcoin use, since the merchants are getting the better end of the deal here, No chargebacks and less Fees, they should pretty much GIVE EVERYTHING on BTC a discount or if the law doesnt permit it, play smart As stated, Promotion after promotion after promotion - Never ending. (The more people see that using BTC will benefit them , this is what will make them swap $100 of there USD for $99 BTC



There is one thing that I think is getting better, its simplicity - I actually think its pretty simple to buy and spend BTC using an Iphone or Android.

PS: Did not vote, ridiculous options




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September 16, 2014, 11:52:02 AM
 #3

That's not gonna happen. Bitcoin is just stretching some of the FIAT CURRENCY LIMITATIONS

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September 16, 2014, 12:01:23 PM
 #4

Didn't vote because the options are not really sensible. For a poll, you should specify a list of options that read like answers, not like questions :-)

But regarding the topic questions:

- Bitcoin will most likely not replace "real currency" as the requirements and limits of the two are not really the same.
Bitcoin is a great mechanism for transporting value over the internet with very low friction (and very little intervention possibility by banks and governments).
This is both good and bad, depending on actual usage and on your point of view regarding government interference with unlawful commerce.

- Transactions are already safe from being scammed (the blockchain technology ensures that). People, though, get scammed all the time, whether with bitcoin or with fiat, because we're trusting others who appear to be trustworthy. Scammers' main skill is to appear trustworthy while not actually being trustworthy :-) Can't fix human psychology.

Onkel Paul

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September 16, 2014, 01:51:42 PM
 #5

A poll that has only questions as possible answers where you expect statements does not make sense at all. Even if you ignore this issue, there are only two possible answers which both are negative in regard to the question. A myriad of possible other answers is not taken into account.

I think it would be appropriate if the thread starter would take some time to inform himself first before posting half-baked replicas of topics that have been elaborately discussed before. (Why has the newbie jail been closed?)

The short answer to the question: Yes, because Bitcoin is a real currency.


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September 16, 2014, 02:02:38 PM
 #6

There should be an option C: Bitcoin is a developing technology/protocol/payment system/Cryptocurrency that is slowly gaining acceptance, getting VC investments, and could one day be a popular payment method along with Fiat money.

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September 16, 2014, 02:51:26 PM
 #7

Example:  Assume that you are one of the majority of normal people out there who don't care about the above things I have listed, are you really going to go onto an exchange spend $100USD to buy BTC95  and use this fluctuating Money to buy goods with it? At the time of exchange, right there and then you have just lost $5 without doing a single thing.

True, but flip the scenario around.  If you're given a choice to be paid in BTC or fiat, which do you choose?  What happens when if / when a time comes when 80% of your bills and expenses can be paid via BTC?

This is what is already happening within the tech world, and will continue to happen and expand as BTC gains adoption.  People are paid in BTC, and they use those funds to pay any & all bills they can, make any possible new purchases they need, etc.  So the amount of fiat that hits their bank account ends up being quite a bit lower than previously, which is a good thing for obvious reasons.

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September 16, 2014, 02:58:42 PM
 #8

I'm sure some countries in the future would be using cryptocurrency. Right now we are still in the testing phase. We still don't know what would be the effects if one country start using a currency it doesn't control.
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September 16, 2014, 03:15:06 PM
 #9

If bitcoins do ever replace a nations currency it'll likely be a very small country or maybe start off as an unoffical currency until it becomes so widespread people are essentially forced to use it.
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September 16, 2014, 04:35:03 PM
 #10

I do not understand what are the options im supossed to vote on there buddy.

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September 16, 2014, 04:39:34 PM
 #11

If bitcoins do ever replace a nations currency it'll likely be a very small country or maybe start off as an unoffical currency until it becomes so widespread people are essentially forced to use it.

It would be a cool experiment to see a small nation use them. I wonder if it would be a success?

I do not understand what are the options im supossed to vote on there buddy.

You're not the only one.
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September 16, 2014, 04:56:15 PM
 #12

Here is what I think , I am a BTC Bull, love the Idea, equality and fact that it is controlled by math, which is fair, true & trust-less.

Here is the thing though, most of the world don't give 2 fks about, Privacy, Decentralization, money controlled by math, No intermediary etc..

Most people ONLY care about 2 main things - Simplicity and Saving Money.. There HAS to be BOTH of these together , even one of these things missing will make people turn the other way. Oh yes and it has to be "Secure-enough" not so secure that it makes it impossible to hold and use.

Example:  Assume that you are one of the majority of normal people out there who don't care about the above things I have listed, are you really going to go onto an exchange spend $100USD to buy BTC95  and use this fluctuating Money to buy goods with it? At the time of exchange, right there and then you have just lost $5 without doing a single thing. Keep in mind that $5 is probably the same amount as peoples monthly bank account keeping fees on a Direct Debit Card account, (No I am not talking about Credit card) this is totally different as you are essentially borrowing money with a credit card and borrowing is NEVER free unless you borrow of family or friend.


3 issues that will stop people using it as a currency, 1 of these issues may slowy ease away "HOPEFULLY", the other 2 I really don't know if these money making businesses are going to solve this.

1. Volatility = Will ease hopefully in the future as BTC price grows and spreads, this will rely on getting the next 2 points right.

2. Spread = The price the exchanges keep for themselves for giving you the service of exchanging BTC > $ (We must find a way to lower the spread as much as possible) Example Buying Spending $100USD should get you at-least $99BTC AND selling BTC should get you the same but Opposite, Selling $100BTC should receive $99 USD at least

3. NEVER-ENDING PROMOTIONS for bitcoin use, since the merchants are getting the better end of the deal here, No chargebacks and less Fees, they should pretty much GIVE EVERYTHING on BTC a discount or if the law doesnt permit it, play smart As stated, Promotion after promotion after promotion - Never ending. (The more people see that using BTC will benefit them , this is what will make them swap $100 of there USD for $99 BTC



There is one thing that I think is getting better, its simplicity - I actually think its pretty simple to buy and spend BTC using an Iphone or Android.

PS: Did not vote, ridiculous options





+10

Post like this makes me wish we have option to like upvote comments.

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September 16, 2014, 08:56:18 PM
 #13

Safe like fiat.

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September 16, 2014, 09:17:49 PM
 #14

Where are the Yes/No options?

An economy based on endless growth is unsustainable.
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September 16, 2014, 09:21:24 PM
 #15

I don't seeing that happen in our lifetimes. While i do see it happening sometime, It wont happen anytime soon. At the moment. we have to have something to guage the value of btc. if fiat goes away, how much will a bitcoin be worth? So, we will have to change our mindset, I see our great grand children possibly having this opportunity, but not soon.
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September 16, 2014, 10:09:56 PM
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I don't think btc will ever replace FIAT but bitcoins will be complementary to it.

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September 17, 2014, 01:33:35 AM
 #17

Is it replacing real currency?  I'd say yes it is in many ways.  If you ask me bitcoin has proven to be a very capable replacement for money but I wouldn't say it has gotten completed the task just yetc.  It is equipped for the job but it has a seemingly long way to go if you ask me.
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September 17, 2014, 01:36:32 AM
 #18

no, fiat / cc are already easy for what they're for, everyday goods exchange.

Bitcoin will dominate at least in store-of-value / inter bank transfer .
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September 17, 2014, 04:14:06 PM
 #19

nothing can replace fiat, just like, gold was once fiat but never replaced true fiat.  does that make sense?

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September 17, 2014, 04:37:47 PM
 #20

Could bitcoins ever replace conventional money? How safe would these transactions be from being scammed?
I wouldn't ask the question "if" crypto will replace fiat money, I would ask the question, "WHEN" will crypto render fiat obsolete?

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