Quote from: Ailmand on December 29, 2017, 05:06:49 PM

Quote from: ss890 on December 24, 2017, 06:14:37 AM

Quote from: yselacreyo3 on December 24, 2017, 05:56:52 AM

As we can see the cryptocurrencies are still being established in the knowledge, socialization and full utilization of humanity, could the cryptocurrencies cause the use of physical money to be eliminated, is this possible?

There is very less possibility of this happening in the first place. Because,
1) We are already using the current physical money in the form of digital linking, using credit/debit cards, Internet banking, Mobile Banking etc. So you see we have already achieved some great milestone in the traditional financial system.

2) Also, There is no use of the crypto currency in real world because it is not much stable as compared to the fiat currencies. The stability is really important for the day to day life use. So these are valid reasons for which I don't think that crypto's will replace the fait so soon.

I agree. Good points. I think better than phasing out paper money, I see bitcoin as working or inter-playing with paper money in the global market system. That is more possible because fiat has become such an established aspect of the trade and market system. Many people is still more comfortable with using money because it's backed by the government, and to the masses, it is more reliable and safer to deal with.

Yes, I too think that paper money has become a very important part of peoples life and people have adapted to it and our all financial system is built on this. It will not be too easy for bitcoin to overcome paper money and take its place but it can work as an alternative to it and both can work at a same time this will make more and more people aware of the new technology of money flow.