Quote from: Dzwaafu11 on Today at 07:05:18 AM

Quote from: fadhilz123 on March 10, 2023, 10:45:51 PM

Quote from: GlobalMilk99 on March 10, 2023, 04:35:11 AM

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?

It could happen in many people's lives, but I still don't think that physical money will be forgotten by many people even though one day cryptocurrencies can replace traditional transactions that are often carried out by fiat money.

Until now I only thought that cryptocurrency was just an additional currency that could be used by many people in ways and methods that were different from fiat money. So what you are asking is indeed very possible, but to replace physical money, the progress of cryptocurrency needs to cover every corner of the world, including remote areas that currently still rely heavily on fiat money.

Do you know that bitcoin cannot be used by uneducated people, so I doubt if bitcoin can replace physical money because there are people doing business and they are not educated to use even banks, so let's not talk about bitcoin because we all know bitcoin must be used digitally, so I believe it can only be used as another way of transactions When banks fail to achieve what we desire.

These methods can be applied to Nigeria, where banks where refuse to put money in ATMs for people to withdraw cash, so you can see that if bitcoin is well adopted by then it will be easy for people who believe in bitcoin to use it for their transactions until the cashless period has ended.

Indeed right, it can be a good alternative when banks or the primary financial institutions failed to provide the service that is being need by the people, but on the OP sentiment, I don't see it yet as there are many factors that still avoiding many people to start learning and using this system, some might don't have that capability to understand while for most they are doubting the system.

They are not willing to take the risk with a potential big losses due to heavy volatility in this industry. Conservatives will continue to use physical fiat currency as a main channel of their transactions.