Quote from: Ozero on December 18, 2022, 11:20:42 AM

Quote from: Cyber_Alien on December 14, 2022, 12:45:49 PM

Due to its instability, I don't think that will occur. With government and central bank-developed instruments that help with regulation and its impact on an economy, fiat currency has shown to be a trustworthy medium of exchange.Nobody knows and examine the potential roles that cryptocurrencies will play.
We do not yet know what would happen to global financial stability if cryptocurrencies were to replace fiat money.

In terms of people's use of cryptocurrencies, bitcoin has almost become a global currency. But it will not be used as the state's world currency. For them, this is simply unacceptable. They fully embrace blockchain technology and create their own CBDCs based on it, which will replace their need for digital money. Therefore, a decentralized cryptocurrency is the currency of people and for people, but not for settlements between states.

It is challenging to say with certainty whether or not Bitcoin will replace all other currencies. A few justifications have been offered for why Bitcoin might someday replace fiat money worldwide:. Bitcoin is a "decentralized" cryptocurrency, which means that it is not governed by any one organization, be it a government or a bank. Due to the fact that it is not centralized and subject to the same political influences as conventional fiat currencies, it may be attractive as a global currency. A maximum of 21 million coins can ever be created, limiting the total supply of Bitcoin. Due to the limited supply, which might increase demand and result in a potential value increase over time, it might become more alluring as a store of value. Network effects: With a sizable user base, significant infrastructure, and backing, the Bitcoin network is the largest and most established among cryptocurrencies. As a result, it might have an edge over other cryptocurrencies in terms of adoption and use as a reserve currency. The fact that there are a number of obstacles and restrictions that could prevent Bitcoin and other cryptocurrencies from becoming widely used as a form of payment worldwide should not be overlooked. Scalability issues, regulatory uncertainty, and the possibility of fraud and hacking are some of these difficulties.

I believe that Bitcoin lacks privacy. I invest in Bitcoin and low-cap privacy coins because of this.