Topic: Bitcoin and Fiat - this is how I see the future - page 8. (Read 3984 times)
Bitcoin like digital currency and fiat like physical currency both are equally important for world economy. Bitcoin are decentralised currency which provide many benefits in comparison to fiat currency. But bitcoin is not a global currency and it cannot assess in the place where Internet and electricity is not present . Bitcoin is a not a interactive currency many people still doesn't know how to use it so in those situations fiat currency are very much useful. In many place cryptocurrency like bitcoin is not directly used, in order to use it have to convert into fiat currency. The future economy will be good if both Bitcoin and fiat currency work side by side.
I think the one who will benefit the most in the future is cryptocurrency like bitcoin, because the current condition of bitcoin has a very limited total supply and the increasing number of years the price of bitcoin will also be very expensive so you can get a profit.
it's hard to predict whether bitcoin will replace fiat money. we know that there are always obstacles when bitcoin wants to pursue its mission. although the limited amount of bitcoin will not run out. Fiat currency has been trusted by the government as a legal payment and transaction system.For me it's not hard to predict, simple answer is as of now bitcoin cannot still replace fiat currencies, not now and not in the coming years. Maybe it might happen in the future but only few chance to succeed I guess.
I think the one who will benefit the most in the future is cryptocurrency like bitcoin, because the current condition of bitcoin has a very limited total supply and the increasing number of years the price of bitcoin will also be very expensive so you can get a profit.
it's hard to predict whether bitcoin will replace fiat money. we know that there are always obstacles when bitcoin wants to pursue its mission. although the limited amount of bitcoin will not run out. Fiat currency has been trusted by the government as a legal payment and transaction system. Well in my opinion it will take time before the world accept cashless society, there are still people who stillchoose to use bank and fiat than those of digital but then we all know that htere is always advantage using digital money but I think its case to case basis and it depends on the people and time.
That time might not even come. The disadvantage for going cashless far outweighs the merits we can gain from it. One reason being, poverty, which restricts many people from ever understanding how this technology works because of the lack in resources. 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.
Got some point. I cannot also see the future of cryptocurrency being just a market for investment. It has a huge potential in which it will not suite being investment rather it will be okay if it will be a currency. But still if it happens then the measurement of the value of the bitcoin will vary of the fiat.
I think the one who will benefit the most in the future is cryptocurrency like bitcoin, because the current condition of bitcoin has a very limited total supply and the increasing number of years the price of bitcoin will also be very expensive so you can get a profit.
Well in my opinion it will take time before the world accept cashless society, there are still people who stillchoose to use bank and fiat than those of digital but then we all know that htere is always advantage using digital money but I think its case to case basis and it depends on the people and time.
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.
This I do not agree. In my point of view, the government will know what your assets and liabilities which you are bound to pay taxes. Even when you sell your car, the money you get from that sold car is taxable because it's your ownership.
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.
because of this anonymously trading this feature makes digital currency the perfect tool for criminal transactions. Just like drug dealers and other unscrupulous individuals use cash to avoid detection, transactions made with Bitcoin and others like it are virtually untraceable. This could be a reason for some governments to declare Bitcoin transactions illegal in their countries. 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 will emerge as alternative fiat as it will lessen financial transactions which are expensive and slow. Bitcoin's fast and reliability would be an advantage that would keep it an alternative payment for the people and and in the business sector.
Yeah, it same with the use of crypto anarchy in the deep web earlier time. We want decentralized, transparent and tax free currency.
That is what most of us are longing for. And hopefully there will be clear transparency. Tax exemptions and taxes must be accurate. There must be more civilized times to exist.
That's a good idea about bitcoin and fiat binding but there are some more questions that come up. I mean why would the government choose bitcoin for this purpose and why can not they go and set aside the money itself? So by stating that they will use only a digital form of payment?
There is truth in something, but do not forget that governments always want to get more money and therefore they want to control the cryptocurrency for their benefit, and first of all they are imposing taxes on it. What about the fiat, I believe that it will not go away for a long time, because people already long time use fiat and refuse to get the fiat money is not going until the government orders or makes an official announcement.
But even so the government still wants to know who is the sender and recipient when there is a cashless transaction such as that done in a bank, while the nature of the cryptocurrency is anonymous. So there are lots of exchange and blockchain projects that require KYC to be subject to government oversight of suspicion of abuse of cryptocurrencies.
As long as you are trading through a bank or using cash, you can be tracked by the government. If it's a safe transaction, no problem. But if what you do is illegal transactions like money laundering or drugs, you will get into trouble. Therefore, transactions using bitcoin are suspected of being illegal, because they are anonymous and peer to peer. The dark side of bitcoin is the problem why many countries still prohibit as a means of payment. 
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 have mentioned this in similar threads, and most of my replies pertain to a future where cryptocurrencies and fiat will be able to somehow co-exist in the currency playing field instead of having one, usually cryptocurrency, eating the other one out until it dies. I say that because fiat, especially the strong and more established ones, would not be that easy to kill, and so, it would be better and healthier for the market to actually have more assets to choose from and competing because having healthy competition gives vibrancy the business sectors always need.
Digital currency is quit not easy to trace by government more reason why government globally refuse to accept Bitcoin and other Altcoin as they do not have control on the transaction and regulation in the space.
well, that's why the development is still being done. Hopefully someday, the government will utilize bitcoin for a country's economic development. well, but at the moment I think bitcoin and fiat still overlap, in the fiat position it's still much more needed than bitcoin.
The fiat was built together with the history that passes through generations that's why it cannot be abolished.
The Cryptocurrency was built with cryptographic protocols that make transactions secure and difficult to fake.
-Fiat nowadays can be faked, can be traced through serial numbers and can be steal by money laundering and other illegal transactions.
-While cryptocurrency is a devoid of a central currency. It can be wiped out due to unexpected events like, strong weather disturbsnce and terrorism, crashing of computers and hacking of the system.
But still they can coexist to each other.
The Cryptocurrency was built with cryptographic protocols that make transactions secure and difficult to fake.
-Fiat nowadays can be faked, can be traced through serial numbers and can be steal by money laundering and other illegal transactions.
-While cryptocurrency is a devoid of a central currency. It can be wiped out due to unexpected events like, strong weather disturbsnce and terrorism, crashing of computers and hacking of the system.
But still they can coexist to each other.
That's a good idea about bitcoin and fiat binding but there are some more questions that come up. I mean why would the government choose bitcoin for this purpose and why can not they go and set aside the money itself?
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.
This review's quite interesting, enough to open my mind and eyes. Its true, cash's actually more difficult to track than digital currency. I think this thing too which's the main reason for the government to reject bitcoin because it's so easy to track. So that makes them worried if their bad actions such as corruption and money laundering they do will be known to the public easily.
Digital currency is quit not easy to trace by government more reason why government globally refuse to accept Bitcoin and other Altcoin as they do not have control on the transaction and regulation in the space.
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