Bitcoin can not replace fiat - page 10.

WannaCry

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Quote from: Parazyd on December 23, 2015, 10:54:15 AM

Yes, got you intrigued, didn't it?

Bitcoin is a very good thing to have as an asset. Just like gold. Even better if I may say. It's secure, and unlike fiat money it actually exists and work is put into it to produce it. This makes it great to store value.
However, it cannot and will not replace current fiat money that the entire world it using. It just cannot.
Take paying a cup of coffee for example. To pay your coffee with bitcoins, one must get bitcoins first, either by mining or buying bitcoins with other kinds of money (*cough*fiat*cough). It ends up being a quite complicated process, don't you think?
Until we reach the point where paying for a cup of coffee is as easy with Bitcoin as it is with cash, we will never get mass adoption. And as far as I see it, there is no way of simplifying the acquiring of bitcoins.

I think bitcoin can't really replace fiat. We all have different currencies in each country so I think it would be very hard for us to deal with changes in terms of finances. Also, most of the people around the globe don't have any idea and knowledge about bitcoin. Some people are doubtful about it too. I think fiat will still be fiat and no currency can change that as of now.

spyerf

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Not possible, when bitcoin replaces the fiat for the whole country. because each country has its own currency, and has different views about bitcoin. it means that all countries should get together to get a unanimous vote for bitcoin authentication as a medium of exchange around the world. In my opinion, bitcoin will never replace fiat. so they will be in their respective positions as they are now.

AltheaHeart14

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I think bitcoin cannot replace fiat, bitcoin can be use to earn fiat, and as of now we need paper money or real money to live since bitcoin was not yet highly accepted by government some establishment as mode of payment

Focus Focus

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There are such a significant number of factor why it can't supplant fiat. It's not a direct result of ubiquity or being new. Not all nations is reach, there are still underdeveloped nations that has no power, web or can't purchase telephones.

Possibly later on it will until the point when these nations ascend. In any case, I believe it's going to be long pausing.

CryptoGains

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Replacement is not gonna happen 'coz governments need centralised currency to run a country or take control of economy.

Correct me if I'm wrong.

syaripudin

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bitcoin will never replace fiat because bitcoin is never the same as fiat currency in general, the amount of bitcoin is very limited and predictable and unlike paper money that can be printed at any time without any limitations. bitcoin can not replace the fiat currency in general because bitcoin is completely decentralized so that no country is responsible of one country in bitcoin like fiat money in general but I think bitcoin will still go hand in hand with fiat money.

Partoney

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That is when bitcoin turns into a genuine cash that will be utilized for every day trade, and I feel that will occur in 10 years or somewhere in the vicinity. So yes, bitcoin can really supplant fiat. Indeed, it may be a muddled procedure to experience, however we'll arrive in the long run. I have finish confidence and trust in BTC.

Mr.grin

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well, many reasons why bitcoin can not replace fiat, one of them because fiat is also a legitimate payment instrument in each country. so, bitcoin will not replace it. in addition, fiat is also one of the reasons why bitcoin becomes illegal is used as a transaction tool in some countries.

eloymjb

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of course yes, even if in an imaginary situation i couldn't imagine that bitcoin can replace fiat, first bitcoin is not legalize in all over the world and second bitcoin don't have a stable value and people scared for losing their money. and last bitcoin will going to crash if people who use it going to convince others to use it too.

vinz7229

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Quote from: MidKnight on February 25, 2018, 02:18:43 AM

We know that there are a few people especially those who believed and accuse btc as evil and they are the people who will still use the fiat. But btc will dominate fiat in the future even if they coexist.

i don't think bitcoin could replace fiat currency, fiat currency was establish by government. It has an assigned value only because the government uses its power to enforce the value of a fiat currency or because the exchanging parties agree to its value. It was introduced as an alternative to commodity money and representative money. unlike bitcoin it doesn't have stable price so the people would still choose to convert their earnings into fiat currency.

linshisui38

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Of course, you can't replace bitcoin with money, because we're still using fiat money.

But the future is coming. Look at the phones we had 10 years ago. What do we have now? Perhaps the future will be a truly cashless era.

burdagol12345

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Quote from: USB-S on December 23, 2015, 10:57:47 AM

However if one already owns bitcoins, this problem that you have becomes non-existent.

I agrre the statement that bitcoins cannot replace fiat being an alternate as a global currency because as long that bitcoin would not legalized to the whole world,bitcoin would not considered as a traditional currency,because maybe some country would agree this implementation,while the others are not,so the decision is mutual,so for me its a long story happen before bitcoin would replace fiat as a world currency.

Dondon1234

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Quote from: Parazyd on December 23, 2015, 11:15:50 AM

Quote from: DannyHamilton on December 23, 2015, 11:13:34 AM

Quote from: Parazyd on December 23, 2015, 10:54:15 AM

- snip -
one must get bitcoins first, either by mining or buying bitcoins with other kinds of money (*cough*fiat*cough).
- snip -

Or perhaps by getting a job that pays in bitcoin? From an employer that accepts bitcoin as payment for their products or services? And that pays their suppliers in bitcoin? Suppliers that use that bitcoin to purchase raw materials and to pay their employees?

Then if you visit a coffee shop that accepts both bitcoin and fiat, suddenly the only way to pay with fiat is to get fiat first. The only way to get fiat is then to buy it with other kinds of money (*cough*bitcoin*cough*). Spending fiat then becomes quite complicated process, don't you think?

You are assuming that just because very few businesses accept bitcoin today and very few employers are willing to pay their employees with bitcoin today, that the future will be the same. However, in the long run businesses will generally make choices that improve their profitability. If they can reduce costs (transaction fees and chargebacks), can increase speed of transactions, and can gain publicity by accepting bitcoin, then they will eventually start accepting it. As more customers demand the option to pay with bitcoin, or are at least willing to do so when presented with the option, more businesses will feel pressure to add it as a payment option. They will then have to choose between exchanging the bitcoin for fiat (and paying an exchange fee) or offering it to those employers and suppliers that are willing to accept it.

We (the users of Bitcoin) are a vast minority. Don't underestimate that fact.
In the next 10 years, or maybe even more, it's impossible that people will get paid in Bitcoin. I'm talking about the public sector, supermarkets, or any kind of big(?) business (which is where most of people work).

Maybe soon. Bitcoin will replace , becuase bitcoin has a big potential in the future. We make money through bitcoin. Why not he cannot replace fiat. Bitcoin has a possible to replace it. Becuase his value is more than any fiats.

jassanpary

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Quote from: bajigur894784 on February 27, 2018, 07:55:00 PM

Yes, of course can not, if viewed from an economic point of view, Bitcoin and the like are not considered suitable to be currency. This is due to the fact that Bitcoin's supply is limited, in contrast to fiat money that can be reprinted with serious observations by the central bank.
the supply of cryptocurrency is limited, while demand always rises, and it keeps its value up.
In other words, there will be a phenomenon called deflation. What will happen is the same amount of money will be used for more goods. That is, the price of the goods will fall.
This situation is very 'toxic' to a country's macroeconomic, because everywhere, deflation will always lead to hoarding of currencies.

Replacing Fiat currency is something unimaginable and it's not going to happen, if we take the percentage of fiat money users that stands for 1st in the list. Bitcoin is popular no doubt about that but still it cannot replace fiat. Bitcoin has its own disadvantages compared to fiat currency.

bajigur894784

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Yes, of course can not, if viewed from an economic point of view, Bitcoin and the like are not considered suitable to be currency. This is due to the fact that Bitcoin's supply is limited, in contrast to fiat money that can be reprinted with serious observations by the central bank.
the supply of cryptocurrency is limited, while demand always rises, and it keeps its value up.
In other words, there will be a phenomenon called deflation. What will happen is the same amount of money will be used for more goods. That is, the price of the goods will fall.
This situation is very 'toxic' to a country's macroeconomic, because everywhere, deflation will always lead to hoarding of currencies.

piratcoin

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Indeed however I think it was incomprehensible this time. What might I say so essentially because there are already nation who prohibited bitcoin. Beside that individuals who doesn’t have web association cannot approach on it. Consider the poor people or individuals in the lower class, in all bitcoin will at present bitcoin and fiat will even now remain in light of the fact that it was bolstered by the administration and everybody can utilize it contrast with bitcoin that lone the individuals who know to get to it can utilized and procure it.

zirt

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BTC replacing fiat, or not, it is not a problem. Bitcoin is a stock of value. With bitcoin you can buy any currency.

Rony24h7

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How many years passed bitcoin? It passed a very low time and it is a new system. It had started its journey just 7 years ago and has reached at a very nice position. It is developing himself day by day and people are throwing their interest very positively.
Now a days fiat uses by many peoples and it is very popular and comfortable way to the people but I am sure that bitcoin will be most comfortable system for people at future. when will that day come no one knows but it will be at a time that’s for sure. It is a very useful coin and people are just enjoying to use this coin. They wants more place to work with it so that if authority can fulfill this requirement then it will be more popular at next.

Blessed J

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Truely bitcoin cannot replace fiat entirely since fiat is used worldwide for all transactions. But the amazing thing about bitcoin is that it can take some percentage of transactions done with fiat currency and these transactions will be a lot more safer, faster and less charges with bitcoin than with fiat.

Lovykitty

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Fiat currency gets their value from asset or central bank support. In contrast, bitcoin derives its value from the scarcity available from the limited amount available in circulation or from mining operations. Bitcoin does not depend on changes in the value of the underlying asset, such as gold or silver, but is supported by market principles on the basis of supply and demand.
In addition, no monetary authority limits or increases the number of available bitcoins, such as fiat currencies whose numbers can be controlled by the central bank. There is uncertainty associated with this, bitcoin can not be used to control inflation or economic growth.
The nature of bitcoin decentralization is seen as a major advantage over ordinary currencies. Bitcoin holders can have complete control over their finances, with enhanced encryption and technology automation today. However, this situation is also due to the decentralization that makes bitcoin vulnerable to security threats and hacking incidents, which has resulted in the loss of funds and the closure of several exchanges around the world.
Using bitcoin can turn global payment systems into a centralized, open-source one, which means that increased adoption can also increase in value.

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