Topic: Bitcoin and Fiat - this is how I see the future - page 21. (Read 3960 times)
yes, definitely, fiat and crypto will and continue to co- exist, well, as for the time being. there are only few merchants that is accepting crypto payments, and i am sure that it will not be completely zero fiat, maybe in the far future, as long as the internet access is still limited in many countries, as long as the price of crypto is highly volatile unlike fiats, this fiat and crypto tandem will never cease to circulate.
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
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.
Yeah , but the real question is why governments will allow such thing to happen, all the government's control is in controlling the money because that is what our lives is based on, if they control the money they control the people, if digital currencies like bitcoin takes over governments will no longer have any control on the people, not only that but what makes you think that money laundering will stop when using bitcoin, it is the opposite, it will enhance it, i am not against crypotucrrency, and i don't like fiat as well, but why both can't co exist together. 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.
You are right it does have some advantages and we know this way could go sideways since bad guys could use this way as a money laundering scheme though if the government see this maybe they do something that is not favorable on our side
This is true but it seemed our governments has refused to think things out in this way. Trading bitcoin with fiat will allow governments to be able to tax bitcoin and cryptocurrencies. I will advise governments to look at the potential of generating income tax from cryptocurrencies market by allowing free flow of cash among the both.
On-chain there basically isn't much (close to zero) privacy, but off-chain (LN's second layer) will allow you to enjoy more privacy than ever before.
I am quite interested how much it is going to affect the Bitcoin mixing services and altcoins which aim is to provide 100% anonymity. Monero seems to be the strongest one right now and I can't imagine people ditching it for the second layer solutions. It will take years for that to happen. There are still many people who believe in the full anonymity of Bitcoin on-chain transactions which is a common misunderstanding.
To be honest, I think in future will be something like a symbiosis fiat and currency based on the blockchain, right after government will find the way how to regulate it, to create something own. And the government won't leave fiat, since this also has pluses, it's still more anonymously than any of cryptocurrency what we have already.
True, the nature of Bitcoin is anonymous and never controlled by the government. So you will not need to pay taxes as well as money laundering and many illegal activities are easy. That's also why chings blocked Bitcoin and said it was illegal
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.
On-chain there basically isn't much (close to zero) privacy, but off-chain (LN's second layer) will allow you to enjoy more privacy than ever before. In other words, from zero privacy you go to a decent level of privacy, which is a pretty significant jump in my opinion. The more nodes and adequately funded channels, the more anonymity there will be. At some point people will compete with each other by providing liquidity to LN, and that will make sure there is less hub centralization as some naysayers constantly keep hammering on.
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.
Well, i hate to burst your bubble but we can actually trace the transactions and thereby it would be harder to use it for money laundering. Some wallet apps that are capable of receiving and giving out fiat from crypto currencies require identification and would hamper your withdrawals if your identity is not confirmed.
it may be difficult for the government to track transactions on crypto and control our money, because this is a digital era that is difficult to trace.
But I am sorry brother this really can’t happen. Bitcoin is decentralized and you need to know that decentralized things can’t be traced back. No one can trace back the records and the amounts shared or transferred except that little information about bitcoins and its holders. And this is one of the dilemma for which governments aren’t taking any solid step to legalize bitcoin.
This would be great. I believe that in this type of world economy we will live way more comfortable that we are about today.
my personal fiat will still apply bitcoin just as digital assets just like gold and its other investments, bitcoin will not be a fiat
For sure bitcoin has anonymous nature and it is hard to trace no one can know about your bitcoin investment that how much you have and how much you can have, I think now a day bitcoin is good to use because it reduces the street robbing and it has wallets which keeps it safe and growing so that no one can take advantage of your bitcoin, I think fiat does not have all these abilities so I prefer using bitcoin only.
Street robbing! I think we all have less to worry about from street robbers than we do the banks and states who rob us in full view, in broad daylight, each and every day. Inactive accounts? Closed. "Taking care" of your money, which they just use to create more money and loan out to others for more? Charge fees. Use your money? Fees. Bad economy? Devalued. Pay you interest? Inflation.
Besides, street robbers could just break your arms to force you to give over your Bitcoin anyway
Certainly, governments will not accept it as legal unless they have an arrangement on the bitcoin. At this point, it is very difficult to see the crypto money as going out over other currencies. But it is very likely that the security weakness is removed from the scene and vice versa.
In my opinion, the most convenient form of cash payments for the government from the point of view of controlling co-operating operations is a non-cash form of payment, where different types of cards are used. Crypto-currency in this plan for the government is very inconvenient. That's why they do not want to introduce the crypto currency into our lives and legalize it. Ordinary paper money will vseravno exist in any form of calculation, and even in the distant future, until they disappear.
Cryptocurrency isn't yet in the stage of fully develop system, thus it is more on trials today to see how it really become functional in different fields. Though government isn't having a positive outlook into these cause they only think that it will just a threat to the economic system of the country but it may hope that they could realized it and to give room for crypto.
There are some incorrect aspects of your words; governments can impose restrictions on anything even Bitcoin "If there are will and unity."
There is a lot of talk about the regulation of the Bitcoin, and after mining all the coins, it will be easy to track down the people who convert the Bitcoin among themselves, evil and Money laundering.
So even with cryptocurrencies, there will be no such amount of independent but better than the current system.
About taxes, governments are imposing it now
There is a lot of talk about the regulation of the Bitcoin, and after mining all the coins, it will be easy to track down the people who convert the Bitcoin among themselves, evil and Money laundering.
So even with cryptocurrencies, there will be no such amount of independent but better than the current system.
About taxes, governments are imposing it now
As a beginning to the digital era, blockchain has been getting implemented over different functional sectors marking the change from the traditional system. This change can be expected with the financial system as well, and the same leads to the growth. So, there is no fear about the future growth of bitcoin.
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