Personally, I see the future without fiat money, but a full cashless settlement. The Internet currency is the currency of the future, there will be a word behind it.
Bitcoin and fiat currency both have bright future. But Bitcoin is upgrading currency. Bitcoin is digital currency and it fully supports the cashless society agenda by its innovative money transaction facility and Blockchain technology. Many online retailer and big companies start using Bitcoin. Bitcoin is has no physical appearance but it can convert into fiat currency. Although Bitcoin is a improve currency but it still ban in many country, it is not worldwide accepted currency but fiat currency is worldwide accepted and trusted. So i think in near future bitcoin has no chance to take the place of fiat currency. 
Topic: Bitcoin and Fiat - this is how I see the future - page 20. (Read 3984 times)
At a time where I see currencies moving away from cash to digital I think the reason is partly so that governments can control the flow of their currency more particularly for laundering. They can possibly gain more taxation from a cashless currency because cash cannot be fully traced. If i sell my car for cash to another individual the government dont get any revenue from that because it is not traceable.
So in a governments aim to control our money it will leave a big opening for bitcoin and other decentralised crypto to exist along with fiat and will allow people to "trade" anonymously with each other over a completely independent infrastructure.
Don't confuse it too much,you are actually paying the taxes while buying it firstly to the government so if you bough second handed cars then you no need to pay taxes again.It doesn't depend on the cash we are using it depends on the product we are buying if you buy something with crypto currencies or fiat in darkenet then it can't be traced but if you can buy car or more legal things then you have to pay appropriate taxes for that product. So in a governments aim to control our money it will leave a big opening for bitcoin and other decentralised crypto to exist along with fiat and will allow people to "trade" anonymously with each other over a completely independent infrastructure.
The main reason for the regulation of bitcoin by the government is this one.Because the government of that country like to get the tax from the people for trading,mining and crypto related activity.Recently South Korea start to regulate the crypto currency to track the transaction of their people and to get some tax.
Bitcoin is popular in many fields, and the government may welcome the application of bitcoin in the field of industry cooperation, but the government does not welcome the rights of bitcoin to snatch Fiat.
When you sell your car to someone, there will be a transfer of ownership to you and this will leave a paper trail for the IRS or whatever tax authority. When they audit you or if someone else report you to the tax authorities, you will have to explain your wealth to them and what you used to pay for that.
Governments and tax authorities have full control, no matter what you think.
I agree. Even in the cryptocurrency world, governments still can implement taxes through our local exchanges and that is why we are paying it passively everytime we convert our cryptocurrency funds into fiat money. Being in a cashless society will still be under controlled by governments and we cannot escape or evade tax generally. Bitcoin will be our best investment or other cryptos while fiat will be good for economic stability so I think having both assets will make sense.Governments and tax authorities have full control, no matter what you think.
The fiat currency system may be seriously tested over the coming decade and ultimately we may need to find an alternative. Cryptocurrencies are all the rage at the moment and are as much about blockchain as anything else, but there could be an increasing desire for alternative mediums of exchange in the years to come. Keep in mind that fiat money is a relatively young innovation and it's only truly been the norm.
At a time where I see currencies moving away from cash to digital I think the reason is partly so that governments can control the flow of their currency more particularly for laundering. They can possibly gain more taxation from a cashless currency because cash cannot be fully traced. If i sell my car for cash to another individual the government dont get any revenue from that because it is not traceable.
So in a governments aim to control our money it will leave a big opening for bitcoin and other decentralised crypto to exist along with fiat and will allow people to "trade" anonymously with each other over a completely independent infrastructure.
So in a governments aim to control our money it will leave a big opening for bitcoin and other decentralised crypto to exist along with fiat and will allow people to "trade" anonymously with each other over a completely independent infrastructure.
The reason is clear enough and understandable to all bitcoin users why governments hate digital currencies like bitcoins whose systems are decentralized. All bitcoin users just want to avoid all economic affairs to be tied to the government so they can manage their economy privately without having to deal with the government.
well, good insight! but if we say goverment its everything buddy! even how small it is as long as its taxable then goverment can trace and get to it...
on the replacement i would say its imposible to impose that kind of system but if side to side acceptable cryptocurrency and fiat then theres a great ppsibility to happen. even today some cryptocurrency is use as payment for some goods.. sooner or later it will widely use in the society.
on the replacement i would say its imposible to impose that kind of system but if side to side acceptable cryptocurrency and fiat then theres a great ppsibility to happen. even today some cryptocurrency is use as payment for some goods.. sooner or later it will widely use in the society.
more details, because every bitcoin or other crypto transaction is recorded in a blockchain ledger, so nothing can be hidden. can be controlled, but the transaction is also done anonymously. I also see a bright future with crypto as a decentralized payment tool.
Transactions aren't anonymous if you don't do anything to get rid of your taint.
Most people buy coins from an exchange they are verified at, which is something that a lot people tend to underestimate.
Exchange > wallet > merchant = no privacy and the exchange itself and all sorts of agencies will be able to accurately monitor your activity.
Exchange > wallet > mixer > wallet > merchant = extra layer of privacy highly reducing the probability of having agencies monitor your activity.
Every coin that I end up spending or sending to my cold wallet goes through a mixer first, and that has been the case since 2013. The situation where privacy would become a worthless thingy in the future was clear already years ago. I know people who run their coins through a mixer twice, and it isn't because they are criminals.
When you sell your car to someone, there will be a transfer of ownership to you and this will leave a paper trail for the IRS or whatever tax authority. When they audit you or if someone else report you to the tax authorities, you will have to explain your wealth to them and what you used to pay for that.
Governments and tax authorities have full control, no matter what you think.
I agree. Even in the cryptocurrency world, governments still can implement taxes through our local exchanges and that is why we are paying it passively everytime we convert our cryptocurrency funds into fiat money. Being in a cashless society will still be under controlled by governments and we cannot escape or evade tax generally. Bitcoin will be our best investment or other cryptos while fiat will be good for economic stability so I think having both assets will make sense.Governments and tax authorities have full control, no matter what you think.
The fiat currency system may be seriously tested over the coming decade and ultimately we may need to find an alternative. Cryptocurrencies are all the rage at the moment and are as much about blockchain as anything else, but there could be an increasing desire for alternative mediums of exchange in the years to come. Keep in mind that fiat money is a relatively young innovation and it's only truly been the norm.
When you sell your car to someone, there will be a transfer of ownership to you and this will leave a paper trail for the IRS or whatever tax authority. When they audit you or if someone else report you to the tax authorities, you will have to explain your wealth to them and what you used to pay for that.
Governments and tax authorities have full control, no matter what you think.
I agree. Even in the cryptocurrency world, governments still can implement taxes through our local exchanges and that is why we are paying it passively everytime we convert our cryptocurrency funds into fiat money. Being in a cashless society will still be under controlled by governments and we cannot escape or evade tax generally. Bitcoin will be our best investment or other cryptos while fiat will be good for economic stability so I think having both assets will make sense. Governments and tax authorities have full control, no matter what you think.
more details, because every bitcoin or other crypto transaction is recorded in a blockchain ledger, so nothing can be hidden. can be controlled, but the transaction is also done anonymously. I also see a bright future with crypto as a decentralized payment tool.
Transactions aren't anonymous if you don't do anything to get rid of your taint.
Most people buy coins from an exchange they are verified at, which is something that a lot people tend to underestimate.
Exchange > wallet > merchant = no privacy and the exchange itself and all sorts of agencies will be able to accurately monitor your activity.
Exchange > wallet > mixer > wallet > merchant = extra layer of privacy highly reducing the probability of having agencies monitor your activity.
Every coin that I end up spending or sending to my cold wallet goes through a mixer first, and that has been the case since 2013. The situation where privacy would become a worthless thingy in the future was clear already years ago. I know people who run their coins through a mixer twice, and it isn't because they are criminals.
Bitcoin and fiat both are in future, fiat is a government currency but bitcoin is not like that. Many countries not accepted bitcoin. Fiat currency can be controlled by the government whereas bitcoin is a decentralized currency it cannot be controlled by the government. Eventhough bitcoin is famous nowadays people use fiat only for their main transactions. Bitcoin has a bright future as a payment tool, but people use fiat also at the same time. They use bitcoin as a investment tool.
more details, because every bitcoin or other crypto transaction is recorded in a blockchain ledger, so nothing can be hidden. can be controlled, but the transaction is also done anonymously. I also see a bright future with crypto as a decentralized payment tool.
Good thinking.
Using credit cards there will be traces of every payment you have made even with debit cards.
I dont believe about the privacy that was said by the banks. Yes another individual cannot look at your account but when it is the government they will give it.
That is the problem with all the governments. Theyhave the power to take something from us withh banks.
So better go with cash or crypto currency.
Very good.
Using credit cards there will be traces of every payment you have made even with debit cards.
I dont believe about the privacy that was said by the banks. Yes another individual cannot look at your account but when it is the government they will give it.
That is the problem with all the governments. Theyhave the power to take something from us withh banks.
So better go with cash or crypto currency.
Very good.
Absolutely true mate.. banks and governments tandem, just keep on fooling us around from the money that we’ve work our ass off. Its not like we got it from just setting or lying at home. And maybe that is the reason why most of the company decided to directly sends our salary to the bank through atm, so that they can trace everybody’s income. What a shame! And that’s one of the reason why the rich becomes richer and the poor becomes poorer. Sad facts.
So in a governments aim to control our money it will leave a big opening for bitcoin and other decentralised crypto to exist along with fiat and will allow people to "trade" anonymously with each other over a completely independent infrastructure.
Bitcoin is examples of open cryptocurrencies. Everyone can see how much money you have on your wallets, how much it you send and who gets this money.
The government will know how much money you have and will know what you are spending it on mostly. Maybe not specifically, but when you report it then they have access to it. The government can track digital money easier because all the records are there for them to have. It would make sense if they would want to have a digital currency for that reason, but who really knows?
I think the fiat still really important even the bitcoin has been famous nowadays, we can forget the fiat and mostly people around the world using fita for their individuals transaction and any other business.
So in a governments aim to control our money it will leave a big opening for bitcoin and another decentralised crypto to exist along with fiat and will allow people to "trade" anonymously with each other over a completely independent infrastructure.
The government can create a digital form of their national currency, such as might happens in some countries:
- Ecuador, issuing of a national cryptocurrency, Dinero Electrónico, in 2015 as part of the country’s monetary laws.
- Tunisia, making instant payments worth fractions of a Dinar, at almost no fees at all
- Sweden, not to be outdone, the Swedish central bank, Riksbank, is currently working on a digital version of the Krona. The eKrona, as it has been called, is slated for release in 2018.[1]
Sweden is the most cashless society in the world, it has been steadily moving towards a completely cashless society for years. Cash is now used in less than one in five of all cash transactions in stores.[2]
If the government aims to control money flows in the state, doesn't necessarily allow people to trade anonymously, they will completely ban other cryptocurrencies such as happened in China.
https://bitcoinhub.co.za/list-countries-national-cryptocurrencies/
http://www.bbc.com/capital/story/20180427-does-a-cashless-society-benefit-everyone
Now, I think people are going to be able to spend cryptocurrencies, like Bitcoin, in mainstream situations. Cryptocurrencies will eventually replace credit cards and will be something you can access on your phone. I actually think cryptocurrency will replace fiat currencies entirely.
fiat currencies are centralized currency so government should monitor and controlling the fiat currency. But Bitcoin is a decentralized cryptocurrency and it is not control by government so cryptocurrency is not completely replaced in fiat currency may be it is legalised in future and fiat currencies will never stopped in entire world.
Now, I think people are going to be able to spend cryptocurrencies, like Bitcoin, in mainstream situations. Cryptocurrencies will eventually replace credit cards and will be something you can access on your phone. I actually think cryptocurrency will replace fiat currencies entirely.
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