Topic: Bitcoin can not replace fiat - page 108. (Read 163801 times)

Yeah, that's right, as long as fiat is still the local currency of each state, then there is no way that bitcoin would dominate it... I think if we want bitcoin to replace fiat, we should work first on having many merchants that accepts bitcoin, or should I say if all the merchants will be accepting bitcoin as payment, then there, we are closing on making bitcoin replace fiat...

Even if we will reach 100 years from now, it is not possible that bitcoin can replace fiat, as long as each country have their own government, fiat will always be the medium of exchange for all the citizens in a specific country.

in my opinion you might be right about it, i think we just need to wait for some time in order for people to use bitcoins more and make bitcoins replace banks and fiat

I agree that bitcoin will never replace fiat money.  It will take sometime even if there is not much of opposing force or competitors to  implement it.  But as you can see, people are comfortably using their VC's and CC's when it comes to online transaction.  As what I believe, in our mind everything is possible but when it comes to realizing it, it is far more difficult and complicated than what we thought.

For now, yes bitcoin can't replace the fiat. But, maybe someday on the next 20-50 years bitcoin can replace the fiat because we always upgrade ourlife into digital era.

Bitcoin will became an option to pay at online shops,at the real i dont know if the merchants will accept bitcoin but the main control of the transactions will be always fiat,bitcoin cant replace it now today and maybe never.

Now the currency is enough in the market. Electronic transfers, credit and debit cards, online shopping. We offer services and Web Money and Yandex money and Kiwi. And it is unlikely the government of different countries, allow Bitkon reach their markets. Rather Bitcoin, and remains semi-legal payment system.

PRO for fiat: Supported by the power of governments and all the elites.

CON for fiat: The elites have incentives to destabilize currencies by issuing too much, to receive unearned wealth and power.  The more stable a fiat currency is, the more incentives to destabilize it.

PRO for Bitcoin: Limited quantity, can't be abused by the authorities, built-in anonymity to get around banning by authorities.  Anonymity helps demand by savers trying to fight capital controls.  The elites might one day peg currency(ies) to Bitcoin to stabilize their paper.

CON for Bitcoin: The elites do not want it to replace fiat.

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It is similar to war or gambling, where the future is inherently uncertain.  IMO the biggest deciding factor will be geopolitics -- how well the Western elites can hold together a coalition of central banks to manipulate the values of various financial assets.  If there is a major fracture, say, if China or Russia doesn't play ball, the Western elites might have to bow to reality and support gold and Bitcoin as a safety net.  Of course the West is doing everything it can to put pressure on these two countries to make them toe the line, including using the news media, but the West is in a bad phase of its long-term debt cycle, and its power is not what it was.

Yeah! That is just an alternative of fiat as it is still our main currency required and regulated by the government to use for its people. Bitcoin is just a digital currency that we could also use in online transaction having the benefits of low cost transaction that would eventually help the volume of users that has adopted and would be the reason why volume of users are increasing.

In addition, there is no monetary authority that restricts or boosts the number of bitcoin. Technically we can say yes to bitcoin, but it was never intended for that purpose but as an alternative to fiat currencies.

It would take very long time to replace fiat by bitcoin or it wont happen at all since fiat  is used for how many years since the civilization began to use paper currency. Government recognizes fiat compare to bitcoin which  is not known by everyone  it would really took a long process  to replace fiat.

I agree. Consumer would love to have one currency all over the world. But the world is still strongly divided. Just look at the recent Brexit or rise in religious terror attacks. The world is moving away from each other again. It will take a lot generations to come to really reach unitity and one currency for all.

What ever happens to this world, as long as fiat(local currencies) is still the legal tender recognized by the government, then there is no way that cryptocurrencies could replace fiat... We are too far from the time when technology would turn the tide and make bitcoin as our main currency.. Maybe when all that are around us is payable with bitcoin, then there is a chance that it could happen.. 

So you're saying that fiat money doesn't exist? How do you explain all the bills($10, $5, $1, pounds, etc) then?

Lol maybe you'll be a dreamer because I think until whenever altcoin can never replace bitcoin. bitcoin users has exceeded 10 million ? users when compared with etherum users who can be sure that they are also users of bitcoin right ? for bitcoin replace fiat i think its include impossible ?

There's no way that Bitcoin could replace fiat because most of us used fiat in everyday living and it's used very very long time and it was adopted for how many centuries have passed even it evolved but still a paper currency. I can't see any possibility that Bitcoin could replace fiat in any way. Maybe they are the same in terms of they are both money but they have differences since Bitcoin is a digital currency and fiat is physical.

Of course bitcoin or any crypto currency cannot replace fiat currency especially in the short term.  I have seen a team of developers working on a kind of easy to remember bitcoin address or say a simplified way to share bitcoin address (example – john.bitpay.com). So traditional transactions will have good impact of bitcoin and it will emerge as a notable player in the long run.

Fiat currency will have its existence but the form will be different, digital wallets will be used and so again it’s advantage for bitcoin. If one is paying through digital wallet then he will use the currency where he gets more benefits and as we know crypto currencies have more benefits than fiat.

Bitcoin is essentially a casino chip. But people involved in mining Bitcoins are very similar to dependent players. Perhaps, Bitcoin and live more than one year. And even still popular. But only in a narrow circle of people exposed to this passion. But in the real world, Bitcoin is hardly ever. Most likely, Bitcoin will always be a game trophy. Yes, it has a value, and this value is likely to increase. But most people, it will not be interesting. It will be very interesting to see if at the state level, prirovnyat Bitcoin to the forbidden things and would apply criminal penalties for the use of Bitcoin. 

The bitcoin, obviously, has problems to be solved. But it doesn't mean that the network can't evolve to achieve such goals.

No way bitcoin is just an option to payments, and not an option to remove any currencie, be sure of that. Bitcoin is an option not a hitman of other currencies.