Quote from: OlegGichan_05 on July 21, 2017, 08:16:06 AM

Quote from: Amph on July 21, 2017, 07:41:55 AM

Quote from: Blocken on July 20, 2017, 10:02:37 PM

They will not replace fiat. There are many reasons.

But they will become the backbone of financial structure.

As far as regulation, it's nonsensical for the most part. First it's decentralized all over the world. It is peer regulated. Nearly every possible application of existing laws is for reasons that cryptos are immune to. The point of conversion is from fiat to crypto where regulation needs apply again. The other case is when cryptos are used in exchange for goods and services under the purview of a government - up until that time they are not no matter what lies Coin Center and know-it-all officials claim.

Consider this, once you have cryptos in a peer regulated system being used for liquidity of funds the government no longer needs to spend time and resources on them since they're immutable and essentially 51% attack impossible. That's ONE reason they aren't in the tax & regulation jurisdiction. (although illegally right now people claim they are)

maybe not replace fiat but they can lvie together side by side with any fiat currency just look at japan they have both their local currency and bitcoin living together with the same importance

i think yes altcoin need to be regulated if you want real adoption, otherwise many shop will simply not accept it,a nd it's the reason why amazon int he first palce is not accepting it

Yeah, agree about the fact that fiat money won't be replaced in the nearest future. But for the long term, there
s a good chance for it to happen. For fiat money means it is accepted as money because a government says that its legal tender, I think it's possible the government establishes some law or regulation on cryptocurrency and therefore admitting its national legality.
And then in some sense cryptocurrency may become part (perhaps, the main part) of fiat money.

Bitcoin is far from replacing fiat money because of various reasons. Crypto users use Bitcoin precisely for the reason that it is decentralized. Once it replaces fiat money, then there will be control over it and it will lose its element of decentralization.

In my country, Bitcoin is recognized but it does not have legal tender. It is recognized as "property" and not as a payment system, therefore it does not have legal tender. The laws on cryptocurrency and Bitcoin still do not touch on the specifics but its quite possible for there to be regulations made in the future - whether or not it replaces fiat currency.