At what point will bitcoin become a successful rival to the to the fiat system?

reynilynedago

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Quote from: Crypto Piece on March 01, 2018, 06:45:23 PM

I’m interested in your views.

As currency: - Only when a substantial proportion of the population have their wages and salaries paid in bitcoin. - Only when it is possible and convenient to live one’s life with payment for everything using bitcoin alone. - Only when funds can be recovered after theft from a wallet or a lost private key.

As asset/investment: - Only when there is widespread trust and faith by most of the population in bitcoin as a competitive store of value.

The political project: - Only when the population votes in (or there is a coup) a libertarian government that will do away with fiat and banks. - Only when there is widespread acceptance by the public that the early adopters should rule the world. - Only when there is widespread acceptance that cryptos or their proliferation will not cause either rampant deflation or inflation.

That point would be when bitcoin itself got rid of its high volatility rate and becomes an official currency. once it becomes rampant and ubiquitous to the society only a few months would pass and I'm very sure that bitcoin would be able to compete on the currency world with its fiat competitors

SUDARMONO

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It's true here bitcoin as currency, but the great bitcoin here he will not scream by inflation and bitcoin can also be used as an investment place that unlike money that always inflation every year, it is very sad.

dollarneed

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As currency: Must be cheaper by the fee or usage and also faster, and I think bitcoin has not met the criteria the fees are just too high and low confirmation makes bitcoin is not suited for being a currency at least for now. There are some altcoins which better than bitcoin and can be a good rival to the fiat system. However, Banks see that bitcoin is a threat to them well it just a beginning this industry is still young to be compared to the fiat system.

As asset/ investment: Bitcoin has shown a good progress as an investment tool, people nowadays still believe in it. Some people might say that it's a bubble some say it is too risky for storing your wealth in fact demand for bitcoin is still quite high and prices within a few days are still quite stable.

Whibu

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Bitcoin is a digital currency that has been trusted by the public, and now we can see the function of bitcoin, bitcoin is very appropriate for investment because the price is likely to go up every year and do not experience inflation.

Leyss

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The Crypto currency already competes with fiat money, and quite successfully. However, in order for this success to be consolidated, it is necessary to have an infrastructure for servicing crypto-currencies-retail outlets and service companies that directly accept bitcoins, various simple and convenient computer programs for round-the-clock access to the crypto currency, its purchase, exchange and sale, etc. A significant role in this process should also be played by the various tokens produced in the course of ICO campaigns, because it is for convenient use by people in everyday life that they are created.
However, it seems to me that the crypto currency can not completely replace the money fiat and will walk with it for a long time in parallel.

Doge dealer

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this can only become a reality if we the bitcoin faithful spend the coins in an effort to foster growth in the number of merchants that will accept bitcoins , unless its acceptance becomes common place then it will never rival fiat money , as a matter a fact they are complementary at this point .if we see more places accept bitcoins as payment then definitely fiat money will disappear because people are no longer interested in walking around with cash they wanna keep everything virtual , paying bills and transferring money at the click of a button .the financial institutions and the government must be given credit as they have gently moved the population into an era where they prefer to do digital transactions.

sorrysteve1

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WPP ENERGY - BACKED ASSET GREEN ENERGY TOKEN

I believe that Bitcoin is already a successful rival to the fiat system. We can see evidence of that in how many banks are reporting it in their annual reports as a risk.

There's a long way to go for bitcoin to really challenge FIAT to the point that it topples it, but it is already very competitive.

Crypto Piece

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I’m interested in your views.

As currency: - Only when a substantial proportion of the population have their wages and salaries paid in bitcoin. - Only when it is possible and convenient to live one’s life with payment for everything using bitcoin alone. - Only when funds can be recovered after theft from a wallet or a lost private key.

As asset/investment: - Only when there is widespread trust and faith by most of the population in bitcoin as a competitive store of value.

The political project: - Only when the population votes in (or there is a coup) a libertarian government that will do away with fiat and banks. - Only when there is widespread acceptance by the public that the early adopters should rule the world. - Only when there is widespread acceptance that cryptos or their proliferation will not cause either rampant deflation or inflation.

Topic: At what point will bitcoin become a successful rival to the to the fiat system? (Read 139 times)