Topic: Bitcoin and Fiat - this is how I see the future - page 22. (Read 3960 times)
bitcoin and fiat are indeed competing with each other and it certainly makes the economy more varied in terms of financial management, and we can increasingly have the option to use it but I think the more dominant is bitcoin
the best way for governments seems to be letting the fiat and crypto operate paralely with each other as there would be so much room for the illegal activities without tax.
This is one of the reason why some governments are opposed to cryptocurrency as they do not know how they can benefits from it as they cannot tax the transactions that is being made. This in return denies corrupt government officials to control the assets of the people of their country as opposed to fiat specially if the users of cryptocurrency will not pay taxes themselves.
I think that bitcoin will not fully replaced fiat, but instead, be a vital alternative that is used by a particular niche in the future that do not believe in the longevity of the fiat currencies that are issued by governments.
You only mention one aspect of the benefits of using bitcoin, namely, the anonymity. Having anonymity doesn't mean that someone is using bitcoin for money laundering. Anonymity is a basic human right, imho.
But also, bitcoin is a great store of value, and as such, will hedge against a potential fiat currency collapse. Situations in Venezuela is only getting realer, and I think in the future, bitcoin may actually pick up some of the things that gold used to do as a store of wealth.
You only mention one aspect of the benefits of using bitcoin, namely, the anonymity. Having anonymity doesn't mean that someone is using bitcoin for money laundering. Anonymity is a basic human right, imho.
But also, bitcoin is a great store of value, and as such, will hedge against a potential fiat currency collapse. Situations in Venezuela is only getting realer, and I think in the future, bitcoin may actually pick up some of the things that gold used to do as a store of wealth.
I agree with you, seen from the side of technology can actually be understood very easily when dilatifat numetric digital system on fiat, and if the government allows and make regulation of the bitcoin and the world of crypto very easy once we detect the movement of sale and purchase because what is not can and what can not be detected in the present day but once again to be considered if the existence of crypto allowed by each government, whether the government is also able to provide security and comfort to the user of crypto, so there is benefit and reciprocity from the tax to the government, simply when there is a government tax, penguna crypto more secure and comfortable, may be useful and successful for all of us
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.
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.
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.
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.
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.
Absolutely.That's why,indian government is trying its best to promote digital payment and now it's in an idea to launch its own digital coin named Lakshmi so that it could get full control of money transactions. 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.
Being able to control the income, money and properties of the citizens is the main reason why most governments refuse to recognize or regard cryptocurrency most especially bitcoin as an online currency even though it made payment possible and less stressful for the users. Most governments are greedy and supremacy and wants to control every financial aspect of their citizens lives which seems unfair.
This is the reason that I think the society will not move forward because we are going to keep having inequality and injustice melted selfishnessly from those of the cadar. They wouldn't allow for new technology to be tasted when they have the idea that their businesses will be threatened.
This is even seen in the banking system and bourgeois whose products are patronized by the government, they abhor competition.
May be not! Government will never put themselves in the ambiguity like that and they will never ever make regualtions which will allow peoples to openly make transactions which can just let them use the crypto easily and turn down the taxation over it. If they do it then who will sue the fiat currency at all. Plus it is impossible to trace every bit of transaction in the blockchain and you will never be able to diversify the transaction of different countries. Thus you will never know where the user is based, to which location they belong and thus almost impossible to know who made the transaction. I think nothing will work up and only fiat is the option at the end.
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.
Governments and tax authorities have full control, no matter what you think.
I agree even if you use bitcoin or any other cryptocurrency, it becomes complex when you sell or buy goods, they have full control and also in that case how they will make moneY?
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.
Being able to control the income, money and properties of the citizens is the main reason why most governments refuse to recognize or regard cryptocurrency most especially bitcoin as an online currency even though it made payment possible and less stressful for the users. Most governments are greedy and supremacy and wants to control every financial aspect of their citizens lives which seems unfair.
The USD will start to lose value everyday while cryptocurrency gains more users. Right now the total marketcap is a drop in the bucket. 300billion is nothing on global markets, expect 5 trillion + in a year or two.
I agree the point 300 is nothing but how you get a conclusion that usd is gonna start to lose value?
Nice interesting posts.
Just to be clear i believe bitcoin or any other decentralised currency will not be used by any country.
What i believe is that each country wi have its own CONTROLLED crypto currency without metal and paper money, this controlled currency will still be regarded by me as fiat.
For those of us who dont want to place our trust fully in the hands of governments and banks we will still use decentralised currency - bitcoin! Governments wont be able to control that!
Just to be clear i believe bitcoin or any other decentralised currency will not be used by any country.
What i believe is that each country wi have its own CONTROLLED crypto currency without metal and paper money, this controlled currency will still be regarded by me as fiat.
For those of us who dont want to place our trust fully in the hands of governments and banks we will still use decentralised currency - bitcoin! Governments wont be able to control that!
The USD will start to lose value everyday while cryptocurrency gains more users. Right now the total marketcap is a drop in the bucket. 300billion is nothing on global markets, expect 5 trillion + in a year or two.
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.
I see the future of digital money as an option to everyone, yoy eitherbuse digital money of fiat money, because not all people wants to use digital money because of accessibility.
Well we are talking about the future here so I don't think that these accessibility will not be a problem though unless a certain country did not lift their ban on Bitcoin and digital currencies. I think in the future Bitcoin is more easier and more efficient to use, and I think in that time all of the Bitcoins are mined and being circulated on the internet.
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.
Government's will not tolerate this for long, with cash there's an excuse that you can't digitize everything, but with cryptocurrencies it's the opposite, they are entirely digital and there are very few reasons why all governments haven't banned them already. For now, while adoption remains low, they don't pose any significant threat, and governments might think that they will die on their own, so there's no reason to get bad rep for banning them. But things will change when Bitcoin and other coins will get improved privacy, judging by how governments threat privacy-based coins now.
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.
I see the future of digital money as an option to everyone, yoy eitherbuse digital money of fiat money, because not all people wants to use digital money because of accessibility.
if the government has a goal to use in terms of transactions with bitcoin in order to make it easier to trace, I think it's too selfish for the government. because I think of course there will be more other things more positive that should be the goal for the government to legalize bitcoin and among them is to improve the economic system for all people who occupy a country.
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