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Is Bitcoin going to become more like cash?

  • Thread starter Thread starter Grant
  • Start date Start date
Nurudeen said:
Bitcoin can never be in form of cash and that's why it's called Digital currency for a reason. So far as I know it's a Digital currency, it doesn't have any feature of coming or working as a cash
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Maybe the person that started this thread was trying to say that instead of buying and selling with cash, we will be buying and selling with bitcoin, so in the way that bitcoin will replace cash as mode of payment
 
I don't think people will buy such an idea. People prefer it the way it is, most people would hoard it as they do with $$$ if it eventually turns to note.
 
Bitcoin is known as a digital currency and thats why you cannot use it to qualify the normal currency in the world because they at both separate entity , and crypto currency is digital while the normal currency can be felt and hold.
nimzy said:
Bitcoin can not be as much generally acceptable as the cash money is every where because when it comes to bitcoin operation most people around the globe most especially the third world countries have not gained better acceptance because of lack of knowledge.
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I think it will more liklely becoming like E-money. There are already so many Bitcoin ATMs in many countries such as United States and United Kingdom, so I believe that it will be accepted as E-money just like credit cards and online money transfer systems.
 
Grant said:
Do you think that bitcoin will become more like cash in the near future? I feel like with the rules that cryptocurrency has to follow, that soon bitcoin may have to become the new form of cash. If it can lock that in, it could be ahead of other cryptocurrency going forward.
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Although initially Bitcoin was created as a medium of exchange, but now Bitcoin is more widely used as a commodity or property as an instrument of trade and investment. If you mean Bitcoin become more like cash, which is liquid (easy to cash) like money in a bank, then in accounting treatment it can be considered as cash and recorded in current assets.
 
Because of the volatile nature of cryptocurrency it might be difficult for bitcoins to be used as cash in anyway or being converted to physical cash, I believe they will still continue to exist in the way they are.
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tyrim88 said:
The essence why the issue of cryptocurency was created was to actually create an avenue to ease means of doing business and commercial payment and prevent transaction delays which conventional banks could not afford.converting it to cash would defeat the whole process.
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When you are being paid in cryptocurrency you are definitely to withdraw it and use ,that is just exactly as if you were to be paid in your local currency, but because your local currency is not available for international payments cryptocurrency is the best option.
 
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Well, who knows? The world is evolving and the digital market too is. Knowledge explosion is taking the wave of the day so it's upto to the value
 
The idea behind the establishment of all the cryptocurrencies you see today is to not make them operational the way you see the physical notes of your currency. Bitcoin cannot and will never become like cash
 
The Bitcoin or other type of cryptocurrency you're seeing in the cryptocurrency market ain't going to be like the usual cash or fiat currencies you're used to because that was not why they were created. There were designed to not have that fiat currency characteristics
 
It's already a digital currency as the world has gone digital this is the new form of payment, you see employers making use of this as a form of payment nowadays.
 
Bitcoin is going to be like cash (payment form) or asset (investment). I see both happening. A lot of countries are trying to make Bitcoin a legal tender, which means they re trying to use it like cash
 
It's a digital currency and never will it become a cash. Although it might be valued more than cash but not like being spent as a cash.
Let's be guided.
 
Hojo said:
Bitcoin is a digital money and wasn't in the plan to make it paper or physical money , so I think Bitcoin was created for online transactions .
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I think the main reason why bitcoin which is the flagship of all cryptocurency decide to be a virtual currency is because of its decentralise nautur,it is quick to carry out and confirm trans borther payment.
 
Grant said:
Do you think that bitcoin will become more like cash in the near future? I feel like with the rules that cryptocurrency has to follow, that soon bitcoin may have to become the new form of cash. If it can lock that in, it could be ahead of other cryptocurrency going forward.
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Bitcoin has been turned into an investment tool and I dont think it will replace cash or be used 100% like cash cos for it to be used in that way in it totality, it has to be somewhat stable and not volatile
 
I believe bitcoins is going to be valuable as gold but bitcoins may not likely to be a cash in the future because it is not possible for cryptocurrency to be used as illegal mode of payment for goods and services.
 
The Bitcoin cannot become like the cash you see because that was not the reason why it was created, it was created to be anonymous in nature during transaction. It won't be like cash note
 
We all know that the cryptocurrency where not ever meant to become fiat currencies because that wasn't the purpose for their creation from the get go. They cannot become like fiat currencies anyrime ever either
 
There are still some things that need to happen with the Bitcoin network before it becomes full fleshed but I believe that it is in the right direction right now.
 
The world has evolved into a global village everything is now digitalised people are accepting Bitcoin as means if payment who's to say in the next 6 years it won't be common
 
If the government gets Bitcoin under the monetary regulations then it will certainly be accepted as a legal tender in many places.
 
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