Author

Topic: Bitcoin can not replace fiat - page 102. (Read 163804 times)

hero member
Activity: 714
Merit: 531
September 22, 2016, 07:26:50 AM
Bitcoin will take more time to level in fiat and i do not think fiat will replaced by any crypto currency, fiat is like tradition that every generation can adopt and use it, while crypto currency only few people are knowing this.
sr. member
Activity: 434
Merit: 250
September 22, 2016, 02:33:23 AM
Bitcoin is perfect if we compare fiat and btc! But won't replace fiat!
But every day we have new announcement and new projects that can be direct rivals to btc, this is something far more dangerous then fiat.. Bitcoin was first, but we don't use first computers and cars no more.

Bitcoin has alot of flaws and is not perfect at all but it sure is better then fiat. But ofcourse bitcoin wont replace fiat since some people will not just let that happen like that.
For this to happen we need alot of powerful people on the bitcoin side.
full member
Activity: 214
Merit: 100
September 22, 2016, 01:34:50 AM
yes bitcoin is stronger is faster is lowest feea taker and a greate privacy giver but still it can not replace faint money system becaise banks have very strong roots in the economy system we have just a understnding of banks from the surface but atill they are needed for many internal joba which are not exposed to normal citizens and hence banks control the faint so banks = faint

Do not worry. The digital currency will replace the fiat money in the future. One example:
DevCon2: Santander and EtherCamp building bridges between bank accounts and Ethereum

Spanish banking giant Santander is making a bold move in the direction of Ethereum by creating a way to tie bank accounts and fiat currency to tokens on the Turing complete blockchain system.

Demonstrating this innovation was the bank's partner within the Ethereum community, EtherCamp, which has been building out the Ethereum Javascript environment for past couple of years, among other things.

The first use case of the Santander/EtherCamp CashEth project is micropayments, so leveraging the agility of the Ethereum blockchain to pay tiny amounts to read newspaper articles with zero fees, recorded on the blockchain.

Roman Mandeleil lead developer of EtherCamp told IBTimes UK: "It's a way of using a Santander bank account to convert fiat currency into tokens to be used on Ethereum."

Mandeleil showed how a Santander bank account will provide a button which creates an Ethereum account. "In this bank account you are going to have a parallel Ethereum account on Ethereum network. So Santander is going to know about this so it is going to be tied.

"It gives them a very nice way to do features. One of those is going to be to take dollars, put them in frozen account, and give you an amount of tokens that is backed by this reserve.

"So it's not a gold reserve but it's a dollar reserve. So you are going to upload these tokens into the blockchain and you are going to have the stability of real dollars or euros. And you are going to have the agility of Ethereum blockchain," he said.

Anything that comes close to connecting public blockchains with banks is going to face a ton of regulation. Mandeleil explained that Santander had been working with his team for nine months looking at things like regulation.

"Their legal staff was like – this is going to be difficult. But they got excited and actually start to work with the regulators. They are going to start in one country and you are going to see the system live. There are questions for regulators and we solved some of them, not all of them."

Mandeleil said Santander has been opening all the APIs in the bank for his team to ensure regulatory compliance. "It's not easy; it involves IT guys inside banks. They have given us these kind of bridges. We cannot say which country this will be rolled out in. Banco Santander started in Spain but it's much bigger. They have several options.

In terms of timing, Mandeleil said he wants to see it live next year, adding that he is flying to Madrid after DevCon to continue working with Santander. "We were talking about months but with banks it is difficult," he said.

The next step is to open an API for the system, for developers. "Because we don't want to develop all the features, we want them to develop whatever they want."

He added: "I'm a libertarian guy but I see that we really need this. The movement of blockchains is going one way and banks are also moving towards blockchain - these movements are going to meet somewhere. We are working on both because built Ethereum infrastructure and now we are working with banks."

Santander, which is sponsoring DevCon2, is establishing itself as one of the foremost innovators across all areas of blockchain. The bank has been a long time champion of Ripple and the ways it can connect interbank payments across borders.

The CashEth project is being overseen by Julio Faura, head of R&D at the bank and John Whelan director of Santander's Blockchain Lab, so something of a seasoned blockchain team.

More recently, Santander joined UBS as a backer of London-based Clearmatics (which creates a clearing system based on the Ethereum Virtual Machine) and the Utility Settlement Coin project, which is bringing central bank cash a step closer to blockchain.

Faura told IBTimes: "Of course there are regulatory issues, not linked to Ethereum per se, but linked to the idea of using a distributed ledger as a store of record for segregation of accounts, that is one topic. And also about privacy and so on. So these are things that we are working to solve with compliance people."

Faura clarified this has nothing to do with linking bank accounts to a cryptocurrency like Bitcoin. He said it was tokens backed by a Santender bank account. "This could be the bank or it could be some other kind of licence and the idea is this entity would back, would be guaranteeing if you want, those tokens by having a deposit at the bank level.

"There are other approaches. You know that we are present in the Settlement Coin project. It is similar but more serious; it's more up-scale in the sense it is intended to work as a pseudo-central bank. The deposits will be in central bank accounts.

"Here, we are just talking about regular bank account. We are talking about micropayments, small scale. Settlement coin is to settle trades between financial institutions and bigger amounts of money."

So Santander seems to be pivoting in the direction of Ethereum, one way or another. Faura, who holds a PhD in computer science and likes building smart contracts on Ethereum, said: "I think Ethereum is very interesting. It's a very well run project and the possibilities are bigger. Block times, for example, help in many of these projects we want to innovate on. It would be unfeasible if we did it on top of Bitcoin blockchain."
legendary
Activity: 1274
Merit: 1004
September 20, 2016, 12:50:59 PM
yes bitcoin is stronger is faster is lowest feea taker and a greate privacy giver but still it can not replace faint money system becaise banks have very strong roots in the economy system we have just a understnding of banks from the surface but atill they are needed for many internal joba which are not exposed to normal citizens and hence banks control the faint so banks = faint
hero member
Activity: 518
Merit: 500
September 20, 2016, 12:42:06 PM
Rightly said! bitcoin can't really replace fiat in any way. Fiat system is an established form of currency around the world. Bitcoin may be the king of all the virtual currency but it doesn't have the power to replace fiat.

To use bitcoin, one needs to be tech savy and then only he/she will be able to grasp the concept of bitcoin in its true sense. Without iunderstanding the technology, bitcoin usage will not lead anyone to anywhere.

It is better not to be too ambitious. We should aim for the bitcoin to coexist with the fiat so that it is accepted by the public.
I highly approve of this, in fact it was just a dream expect something that is not possible. we must accept that bitcoin will never can replace the function of fiat and what is already big online companies has do is the last step of bitcoin there is no steps outside of it, in my opinion.
legendary
Activity: 840
Merit: 1000
September 20, 2016, 12:37:13 PM
Rightly said! bitcoin can't really replace fiat in any way. Fiat system is an established form of currency around the world. Bitcoin may be the king of all the virtual currency but it doesn't have the power to replace fiat.

To use bitcoin, one needs to be tech savy and then only he/she will be able to grasp the concept of bitcoin in its true sense. Without iunderstanding the technology, bitcoin usage will not lead anyone to anywhere.

Yes and even if bitcoin gets on the mainstream in future, it will always be used as an alternate currency to fiat and majority of people will prefer to use fiat for their day to day transactions.
hero member
Activity: 896
Merit: 500
September 20, 2016, 12:35:04 PM
Rightly said! bitcoin can't really replace fiat in any way. Fiat system is an established form of currency around the world. Bitcoin may be the king of all the virtual currency but it doesn't have the power to replace fiat.

To use bitcoin, one needs to be tech savy and then only he/she will be able to grasp the concept of bitcoin in its true sense. Without iunderstanding the technology, bitcoin usage will not lead anyone to anywhere.

It is better not to be too ambitious. We should aim for the bitcoin to coexist with the fiat so that it is accepted by the public.
legendary
Activity: 3080
Merit: 1500
September 17, 2016, 02:11:03 AM
Rightly said! bitcoin can't really replace fiat in any way. Fiat system is an established form of currency around the world. Bitcoin may be the king of all the virtual currency but it doesn't have the power to replace fiat.

To use bitcoin, one needs to be tech savy and then only he/she will be able to grasp the concept of bitcoin in its true sense. Without iunderstanding the technology, bitcoin usage will not lead anyone to anywhere.
hero member
Activity: 3024
Merit: 680
★Bitvest.io★ Play Plinko or Invest!
September 17, 2016, 12:43:40 AM
its true bitcoin can't raplace and takeover position fiat money, real money
because bitcoin only digital curency and use only online system and make money online
not physic bitcoin, so can't use buy something in real life must exchange to fiat money can use in real life oflline

Well it is really hard to say that bitcoin is going to replace fiat money. Because majority of the people in the world are depending to fiat and they used to use it for a long time. So it is really going to be tough for bitcoin if it is going to make some replacement as a primary currency in a country. Unless the country is going to implement it.
hero member
Activity: 756
Merit: 501
September 16, 2016, 08:07:13 PM
It will be hard for bitcoin to replace fiat. Because many people still don't know about bitcoin and how it works. That is the minus from bitcoin and also the price that always changed.

True indeed, bitcoins price is not yet known  of all people  in the world,compared to fiat that is mainly used in every single person in the world and besides same as you said bitcoin price is volatile and dont have  fixed price which mostly people dont know about bitcoin would  surely disagree with this kind of state thats why its impossible for bitcoin to replace fiat.

Fiat doesn't have a fixed price/value either. Nothing in the world has. Bitcoin will remain the great alternative to fiat currencies for ever. And the fact that not many people know about Bitcoin, or what it is, is exactly where you can see how much potential growth we can realize in the coming years.
Fiat hasnt a fixed price, but its controled by banks and their countries, they act when their currencie is too high or to low, with bitcoin the price can go down or up without any entitiy affect it, only  big investors and whales are able to make the bitcoin price moove, and bitcoin had doubled its value several times something that fiat currencies wont ever be able to do or reach.


That is what Bitcoin wanted to get rid from the control of banks and countries who are manipulating it with fiat currency. But even i think that Bitcoin is just like asset as like gold, silver etc, as you can see its price is going only up and it is very fluctuating it.

so i think bitcoin should be taken as investment until their is no uses of bitcoin as like fiat currency in daily life.

I do believe bitcoin is a currencie as a payment processor, besides that its quite sure  that some people are see bitcoin as gold and silver,stocks market. Bitcoin is too small to be a considered a problem to any currencie, controled.
full member
Activity: 126
Merit: 100
September 16, 2016, 07:26:45 PM
its true bitcoin can't raplace and takeover position fiat money, real money
because bitcoin only digital curency and use only online system and make money online
not physic bitcoin, so can't use buy something in real life must exchange to fiat money can use in real life oflline
legendary
Activity: 2940
Merit: 1083
September 16, 2016, 07:01:48 PM
Very much agree with the OP, bitcoin will never replace fiat. 
I sometimes read fiat is dead. Money based on debt that can only exist if debts are getting bigger is not sustainable in the long time.
I do not think Bitcoin will be a likely replacement. Most likely: another fiat system.

You hit the right answer. They will create another one thinking that will also renew the system or people minds. But making people believe that a crypto is the answer to their crisis will not be effective. They will have problems and the government also in conducting trades with their neighboring country.
hero member
Activity: 574
Merit: 500
September 16, 2016, 03:17:43 PM
Very much agree with the OP, bitcoin will never replace fiat. 
I sometimes read fiat is dead. Money based on debt that can only exist if debts are getting bigger is not sustainable in the long time.
I do not think Bitcoin will be a likely replacement. Most likely: another fiat system.
sr. member
Activity: 259
Merit: 250
September 16, 2016, 03:12:41 PM
Very much agree with the OP, bitcoin will never replace fiat.  The reason is that there are tools needed by an individual before they can use bitcoin.  Unlike fiat money where they can use it as long as they have it in their pocket, no added tools needed to buy anything and pay for what you have bought in person unlike bitcoin that needs internet, a gadget and of course bitcoin.

even if people didn't need any "tools" to use bitcoin, it still doesn't have a chance to come even close to the position of fiat money. the governments will do everything to push back bitcoin in order to protect their economy.
The bitcoin ecosystem clearly needs some advances. But it takes time, and there is potential for the network to evolve and achieve such goals in the future.
legendary
Activity: 3514
Merit: 1280
English ⬄ Russian Translation Services
September 10, 2016, 01:37:41 PM
There have been Casascius coins. As close to Fiat, as it can get. https://coinfirm.org/ebook

With Casascius coins you can never be 100% sure that you are the only one knowing the private key, so they are basically out of the picture as an approximation to fiat (despite their outward appearance as a specie currency). What really comes close to fiat are these thingies which allow transactionless handing over of bitcoins...

That is, essentially what paper money does
legendary
Activity: 1245
Merit: 1004
September 10, 2016, 09:25:34 AM
There have been Casascius coins. As close to Fiat, as it can get. https://coinfirm.org/ebook

Some halfways trusted authority should stamp Paper Wallet Bills in small denominations. Easily testable by smartphone wallet address scan using QR codes. Where the Private Keys are NOT stored on the paper bill, but inside the authority building where you can exchange these for something valueable other asset (nutrition tin cans)
sr. member
Activity: 270
Merit: 250
September 10, 2016, 09:24:59 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.
It should either be too optimistic or too confident to think that bitcoin is an asset like gold. If Vault is a kilogram of gold even after twenty years there will be a kilogram of gold, as well as the bitcoin may lose in value and add. Guarantees no.
And I think that gold and bitcoin worthy to invest in them. Gold is really stable, and bitcoin can bring very unexpected large income.
full member
Activity: 233
Merit: 250
September 10, 2016, 09:06:34 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.
It should either be too optimistic or too confident to think that bitcoin is an asset like gold. If Vault is a kilogram of gold even after twenty years there will be a kilogram of gold, as well as the bitcoin may lose in value and add. Guarantees no.
legendary
Activity: 896
Merit: 1000
September 10, 2016, 09:03:42 AM
Very much agree with the OP, bitcoin will never replace fiat.  The reason is that there are tools needed by an individual before they can use bitcoin.  Unlike fiat money where they can use it as long as they have it in their pocket, no added tools needed to buy anything and pay for what you have bought in person unlike bitcoin that needs internet, a gadget and of course bitcoin.

even if people didn't need any "tools" to use bitcoin, it still doesn't have a chance to come even close to the position of fiat money. the governments will do everything to push back bitcoin in order to protect their economy.
hero member
Activity: 1260
Merit: 524
September 10, 2016, 08:51:11 AM
It will be hard for bitcoin to replace fiat. Because many people still don't know about bitcoin and how it works. That is the minus from bitcoin and also the price that always changed.

True indeed, bitcoins price is not yet known  of all people  in the world,compared to fiat that is mainly used in every single person in the world and besides same as you said bitcoin price is volatile and dont have  fixed price which mostly people dont know about bitcoin would  surely disagree with this kind of state thats why its impossible for bitcoin to replace fiat.

Fiat doesn't have a fixed price/value either. Nothing in the world has. Bitcoin will remain the great alternative to fiat currencies for ever. And the fact that not many people know about Bitcoin, or what it is, is exactly where you can see how much potential growth we can realize in the coming years.
Fiat hasnt a fixed price, but its controled by banks and their countries, they act when their currencie is too high or to low, with bitcoin the price can go down or up without any entitiy affect it, only  big investors and whales are able to make the bitcoin price moove, and bitcoin had doubled its value several times something that fiat currencies wont ever be able to do or reach.

That is what Bitcoin wanted to get rid from the control of banks and countries who are manipulating it with fiat currency. But even i think that Bitcoin is just like asset as like gold, silver etc, as you can see its price is going only up and it is very fluctuating it.

so i think bitcoin should be taken as investment until their is no uses of bitcoin as like fiat currency in daily life.
Jump to: