Nice question @dylen.in my own opinion, I feel bitcoin will lead to lesser usage of fiat money. It might not take it away outright and totally, but it will lead to its reduced usage as we've already started experiencing. In response to this I believe the Central banks could simply step in and offer their own digital currency, to pre-empt a Bitcoin takeover. There is such a thing already, of course. It’s what happens whenever central banks buy assets by creating bank reserves. It’s all just digital entries on a spreadsheet. Creating central bank “digital currency” simply means offering existing digital account services to a wider group of entities.
Hope it helps
Thanks.. okay at least its not going to vanish totally like instantly .. but how are we going to measure the values of that bitcoin lets say 1.00 dollar yup I see it and i know its value right away but bitcoin yup I know that too but to use it as a currency to buy thing its value based on what? I'm sorry for asking too many question..
Thanks a lot @dylen for your well thought and reasonable reply and question, it well appreciated and thanks @exyle for this opportunity you given us. Very true, fiat is not going to vanish immediatelyn my own opinion, I believe goods and services will be priced in bitcoin just as they are priced in dollar now. For instance, I read a post by a wonderful steemian @jrcornel, were houses were put up for sale in in turkey for a certain amount of bitcoin. The prices will be stated in bitcoin, for example 70bitcoins,just like in the case of the dollar, example $10000. You can read more about the post here for more information https://steemit.com/cryptocurrency/@jrcornel/you-can-now-buy-apartments-in-turkey-using-bitcoin
So I believe
How I wish this thing came into my head before... my curiosity will never just stop by answers.. I think its enough for me ...for now... thanks and have a nice day there
No you are not asking many questions. I wish there was a platform where people could ask questions and other peiple comment and not just the poster. People atimes are just conscious of an upvote her and there and forget the true purpose of steemit. Steemit is a community and we are here to help each other. I like it when people dont just come to read but to be cleared on issues they have. I like your mindset and i believe @exyle and @gavvet share the same thoughts too. Two great people in the making i look up to on steemit. Pls feel free to ask questions.
Okay, based on my study of bitcoin and the crypto industry at large, I can give a humble opinion. I believe there will still be usage of fiat, although this will reduce to some extent, but where I see a major drift will be in the tremendously easy access and usage to fiat of other countries foreign to the user. foreigners outside the digital central banking country might desert their own banks and deposit directly with the foreign central bank, or indirectly via some local intermediary. The increased ease of shifting deposits into a safe foreign asset might exacerbate the flows of capital in and out according to changing perceptions of the health of the domestic banking system, amplifying the credit cycle in their home country.
I couldnt resist not talking about this question. I have given it a thought several times.
You are a smart asker. When individuals have significant amounts of money invested in one cryptocurrency over another, it’s no surprise that tensions run high when they go head to head. However, these squabbles over which coin is best might be distracting us from a more pressing issue.
Some observers would argue that the true flippening isn’t a case of competition between two different forms of cryptocurrency at all. The sea of change yet to come could have more far reaching consequences, if and when digital currency as a whole becomes more popular than conventional fiat currency.
Thats good, but based on what I herd before is that they want to change the whole banking system..which mean no more security guard watching over you entering the bank to complete any transaction with the bank and to overcome the corruptions etc. and its easy to be transfer anywhere in the world and that is not a problem if you have a big amount of bitcoin now how about the small number...all I can see is it will vanish just like that because of the blockchain...
Nice question @dylen.in my own opinion, I feel bitcoin will lead to lesser usage of fiat money. It might not take it away outright and totally, but it will lead to its reduced usage as we've already started experiencing. In response to this I believe the Central banks could simply step in and offer their own digital currency, to pre-empt a Bitcoin takeover. There is such a thing already, of course. It’s what happens whenever central banks buy assets by creating bank reserves. It’s all just digital entries on a spreadsheet. Creating central bank “digital currency” simply means offering existing digital account services to a wider group of entities.
Hope it helps
Thanks.. okay at least its not going to vanish totally like instantly .. but how are we going to measure the values of that bitcoin lets say 1.00 dollar yup I see it and i know its value right away but bitcoin yup I know that too but to use it as a currency to buy thing its value based on what? I'm sorry for asking too many question..
Thanks a lot @dylen for your well thought and reasonable reply and question, it well appreciated and thanks @exyle for this opportunity you given us. Very true, fiat is not going to vanish immediatelyn my own opinion, I believe goods and services will be priced in bitcoin just as they are priced in dollar now. For instance, I read a post by a wonderful steemian @jrcornel, were houses were put up for sale in in turkey for a certain amount of bitcoin. The prices will be stated in bitcoin, for example 70bitcoins,just like in the case of the dollar, example $10000. You can read more about the post here for more information
https://steemit.com/cryptocurrency/@jrcornel/you-can-now-buy-apartments-in-turkey-using-bitcoin
So I believe
How I wish this thing came into my head before... my curiosity will never just stop by answers.. I think its enough for me ...for now... thanks and have a nice day there
You welcome. Your questions are Always appreciated, please keep sending them in, they help make this wonderful steemit community better.
Once it's in your head it wont ever go away. I think about blockchain and crypto all the time.
and so am i right now..haha thanks
No you are not asking many questions. I wish there was a platform where people could ask questions and other peiple comment and not just the poster. People atimes are just conscious of an upvote her and there and forget the true purpose of steemit. Steemit is a community and we are here to help each other. I like it when people dont just come to read but to be cleared on issues they have. I like your mindset and i believe @exyle and @gavvet share the same thoughts too. Two great people in the making i look up to on steemit. Pls feel free to ask questions.
Okay, based on my study of bitcoin and the crypto industry at large, I can give a humble opinion. I believe there will still be usage of fiat, although this will reduce to some extent, but where I see a major drift will be in the tremendously easy access and usage to fiat of other countries foreign to the user. foreigners outside the digital central banking country might desert their own banks and deposit directly with the foreign central bank, or indirectly via some local intermediary. The increased ease of shifting deposits into a safe foreign asset might exacerbate the flows of capital in and out according to changing perceptions of the health of the domestic banking system, amplifying the credit cycle in their home country.
okay that make sense.. thanks
I couldnt resist not talking about this question. I have given it a thought several times.
You are a smart asker. When individuals have significant amounts of money invested in one cryptocurrency over another, it’s no surprise that tensions run high when they go head to head. However, these squabbles over which coin is best might be distracting us from a more pressing issue.
Some observers would argue that the true flippening isn’t a case of competition between two different forms of cryptocurrency at all. The sea of change yet to come could have more far reaching consequences, if and when digital currency as a whole becomes more popular than conventional fiat currency.
Thats good, but based on what I herd before is that they want to change the whole banking system..which mean no more security guard watching over you entering the bank to complete any transaction with the bank and to overcome the corruptions etc. and its easy to be transfer anywhere in the world and that is not a problem if you have a big amount of bitcoin now how about the small number...all I can see is it will vanish just like that because of the blockchain...