How do you think bitcoin will affect the usage of other legal entities?

[Kamon c4]

Bitcoin is now very popular and it’s been used to carry out day to day transactions. Most people now prefer carrying out their business with use of bitcoin because of its mobility and accessibility. It’s been known that legal entities such as cash notes and Cheques have been in use for long now. The question now is;
How do you think bitcoin usage will affect other legal entities?

 

[WhiteHouse]

They should start packing. Because Bitcoin is just a better option all round. It's easier, simpler, fast, effective and flexible.

 

[Nurudeen]

Bitcoin will most likely affect paper currency In developed countries but not developing countries

 

[Sammyesx]

As of now bitcoin has no prospects of replacing or affecting the usage of other legal entities, probably it will have an effect in the future when it has attain a level of stability which will make it usable for every day commercial activity.

 

[Ridorz]

Bitcoin currency is being managing to take over the paper currency in the world because Bitcoin has been approved and used as legal mean of transaction for buying and selling in some countries in the world and I believe that the others country will gradually accept it one by one.

 

[Ralphjoe]

The thing is that Bitcoin has a lot of advantages over other legal currency because of it's mobility and accessibility. Because of this advantages that bitcoin has over other Fiat currency, this fiat currencies will strive to have the same features as Bitcoin.

 

[Afeefah]

Bitcoin is easier to use and work it but not many countries have accepted it as a legal tender or means of exchange. The more stable Bitcoin gets, the more other currencies fall low in their value.

 

[Victor-t]

Bitcoin currency is being managing to take over the paper currency in the world because Bitcoin has been approved and used as legal mean of transaction for buying and selling in some countries in the world and I believe that the others country will gradually accept it one by one.

From my own personal reason why Bitcoin might affect is that, most off the people that doesn't have Bitcoin might not be able to use it, except they teach them very well and getting a smart phone.

 

[Abibatabosede]

It is the development of technology that will determine how bitcoin will affect other entity. But I Know it can not eradicate the use of the other entities. I think it is going to be a great thing to have substitute for the old ways for convenience.

 

[Herzhan]

Bitcoin is now very popular and it’s been used to carry out day to day transactions. Most people now prefer carrying out their business with use of bitcoin because of its mobility and accessibility. It’s been known that legal entities such as cash notes and Cheques have been in use for long now. The question now is;
How do you think bitcoin usage will affect other legal entities?

Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began use in 2009 when its implementation was released as open-source software

 

[Shivay]

Bitcoin is now very popular and it’s been used to carry out day to day transactions. Most people now prefer carrying out their business with use of bitcoin because of its mobility and accessibility. It’s been known that legal entities such as cash notes and Cheques have been in use for long now. The question now is;
How do you think bitcoin usage will affect other legal entities?

Bitcoin can become the fiture Currency in this way but i do not think that it can replace the standard UD dollar as people will still prefer the traditional paper notes and countries too with their local currencies but still if it happens then government will take strict action.

 

[tyrim88]

Bitcoin can affect the mode of transaction especially in developed clime because of the ease of mode of exchange, much people would have more confidence when the fluctuations is not there, But it would be a bit of challenge in undeveloped clime.

 

[Kamon c4]

Bitcoin can affect the mode of transaction especially in developed clime because of the ease of mode of exchange, much people would have more confidence when the fluctuations is not there, But it would be a bit of challenge in undeveloped clime.

Yes this is true. Bitcoin and other cryptocurrencies are easily accessible and mobile. Moreover cryptocurrency can serve different purposes. for example stable cryptocurrency can be used for saving money instead of saving in the bank. Though this will affect the economy in general but it’s a possiblity. Also volatile cryptocurrency serve as an investment scheme. All these makes cryptocurrency a worthy competitor to legal entities

 

[Sunnytee]

Bitcoin first appeared in January 2009, the creation of a computer programmer using the pseudonym Satoshi Nakamoto. His invention is an open-source (its controlling computer code is open to public view), peer-to-peer (transactions do not require a third-party …

 

[Seun4luv]

The links between crypto currency and crime have long been documented. Criminals use cryptocurrencies such as for various purposes: laundering dirty money, scamming victims out of funds, defrauding investors, monetizing ransom ware and goods.

 

[CeeJase]

No matter how bitcoin becomes legally approved, I don't see the government putting to end the use of fiat. A lot still don't know what bitcoin is, you can't tell my grandmother that you're giving her online money other than what she's used to.

 

[Abbeyola]

Bitcoin is now very popular and it’s been used to carry out day to day transactions. Most people now prefer carrying out their business with use of bitcoin because of its mobility and accessibility. It’s been known that legal entities such as cash notes and Cheques have been in use for long now. The question now is;
How do you think bitcoin usage will affect other legal entities?

I don't really think Bitcoin can affect other entity, in a way that all entity has their own define purposes as well.
So investors may choose to prefer other entity over base on what they want.

 

[Setho]

Bitcoin knowledge and it adoption is becoming ever so popular this days. But it still has a very long way to go to reach the top. Some things like bitcoin ATM's not reaching a majority of countries in the world and very expensive gas fees are some of the hurdles that need to be crossed before the experience becomes seamless.

 

[Kamon c4]

No matter how bitcoin becomes legally approved, I don't see the government putting to end the use of fiat. A lot still don't know what bitcoin is, you can't tell my grandmother that you're giving her online money other than what she's used to.

Currently in Nigeria, the government has banned buying and selling of cryptocurrency with bank accounts. The decision was made as result of high trade deficit. There has been massive influx of foreign currency causing reduction in the value of local currency

 

[Trexxxy]

I don't think bitcoin will affect the usage of legal tenders, seeing as some countries and government even see it as an illegal means of exchange. I honestly don't see bitcoin reducing the usage of the traditional legal tenders.