Bitcoin can not replace fiat - page 136.

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Quote from: NETFix on December 31, 2015, 10:08:50 AM

I think BTC can replace fiat sometime in the future, with how technology develops it's pretty possible to see BTC at such a level sometime later.

Stop with dreaming. Bitcoin is an alternative, how hard is this to understand? Fiat currencies will remain as main currency in the world. Bitcoin can't change that.

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Quote from: NETFix on December 31, 2015, 10:08:50 AM

I think BTC can replace fiat sometime in the future, with how technology develops it's pretty possible to see BTC at such a level sometime later.

I think BTC will never replace fiat unless there are some changes in structure and the way people use it such as being more sources of support for preventing downfall of price, physical bitcoins..

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Quote from: Parazyd on December 23, 2015, 09:54:15 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.

indeed bitcoin will not replace fiat, or become a global currency in the near future, but I think the next few years, bitcoin will have the opportunity to align with fiat.

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Quote from: NETFix on December 31, 2015, 10:08:50 AM

I think BTC can replace fiat sometime in the future, with how technology develops it's pretty possible to see BTC at such a level sometime later.

How would you see that. Suppose there is a electricity failure in your area. How would you be able to buy stuff?
To me, bitcoin has a lot of potential, but replacing fiat is not one of them.

NETFix

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I think BTC can replace fiat sometime in the future, with how technology develops it's pretty possible to see BTC at such a level sometime later.

Snorek

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It is not like Bitcoin - or other digital currency can't raplace FIAT. It is possible in theory, but won't happen because of couple reasons:

1. As long as we have centrally controlled economy with FRS, Central Banks and government - bitcoin won't be allowed to dominate. Financial institutions and politicians make sure of that.
2. As long as we are not enough developed 'network and internet' wise bitcoin won't be primary currency.
3. Bitcoin is young, it is still in its infancy stage, we don't know how it will scale - it is still experiment.

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Quote from: expert4knowledge on December 31, 2015, 07:53:15 AM

The fiat can never be replaced by anything else, it has some advantages that online currencies does not have it, for example policies of governments usually can prevent from exacerbating it and high fluctuations.

Yes fiat would be always on top when it comes to currency and it is widely used and widely accepted and that is the reason it is far above bitcoins as bitcoins in not widely used yet and people are not aware about the bitcoins and don't have faith in bitcoins.

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The fiat can never be replaced by anything else, it has some advantages that online currencies does not have it, for example policies of governments usually can prevent from exacerbating it and high fluctuations.

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Quote from: wikenpp on December 29, 2015, 03:13:34 PM

I don't want bitcoin or any online payment system to replace fiat.
Fiat payments are great and shouldn't be replaced.

But let's be honest too, there is no payment system that can replace fiat. For this the role of fiat payments are way to important.

of course the government will not change the currency
What if a new country to make bitcoin as their currency, and their governments allow bitcoin ?

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Quote from: Parazyd on December 23, 2015, 09:54:15 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 agree, that bitcoin will not be able to replace fiat, because there are many who think and use bitcoin as a currency and payment systems, but if more are using bitcoin as an investment, perhaps bitcoin can replace fiat.

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There is no reason to think bitcoin is mean for taking over fiat's role.
Bitcoin should focus on becoming the main internet payment method.

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Sure it can lot at sweden they dont use cash anymore

calkob

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Your not getting what Bitcoin is, and i must say it took me awhile to get it myself. Watch andreas antonopoulus on youtube he has some great examples of what bitcoin can do and will become. Basically think of bitcoin the money, as the first app of bitcoin, it will become so much more. In the late 80's, email was the internet, but really that was only one of the apps , if you like of the internet. Grin

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Quote from: wikenpp on December 29, 2015, 03:13:34 PM

I don't want bitcoin or any online payment system to replace fiat.
Fiat payments are great and shouldn't be replaced.

But let's be honest too, there is no payment system that can replace fiat. For this the role of fiat payments are way to important.

As payment system become digital, BTC can 100% replace fiat.

In advanced economies, fiat is used because merchants don't want to pay 3-4% fees for electronic merchant services. They would rather accept cash.

Then there are the cash only front businesses which are used to launder illegally made money. They don't want digital payment systems.

But...give it sufficient time and people will slowly migrate to BTC. It's just about tipping points.

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Quote from: turkandjaydee on December 30, 2015, 08:43:10 AM

Probably can.
Think about it, credit card with private key instead of credit card data.
Same you can say about cash, it become complicated when you buy more than 1000$, always use card for that.

there are new law here that will apporve the withdraw of 3k in cash from any atm, so there is no more the rule of 1k

this will change how cash will be used, more will use it if this will happen,

and credit card data are not well hidden compared to private key, i would compare it to the whole wallet.dat and the client, following your logic...

turkandjaydee

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Probably can.
Think about it, credit card with private key instead of credit card data.
Same you can say about cash, it become complicated when you buy more than 1000$, always use card for that.

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Quote from: Junko on December 29, 2015, 04:26:23 PM

Bitcoin doesn't need to replace fiat. Just like the internet never needed to replace the fax machine or the postal service.

There will be so many useful, efficient and productive applications for bitcoin that anyone not using it will just be left behind. And I'm talking about both Bitcoin the currency and Bitcoin the technology/blockchain.

That's correct as both are important, fiat is also important as there are many things that only fiat can take care of and if we think that bitcoins can be used everywhere then we are wrong as fiat also holds few advantages over bitcoins and which cannot be replaced by any crypto currency.

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Bitcoin doesn't need to replace fiat. Just like the internet never needed to replace the fax machine or the postal service.

There will be so many useful, efficient and productive applications for bitcoin that anyone not using it will just be left behind. And I'm talking about both Bitcoin the currency and Bitcoin the technology/blockchain.

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Quote from: defaultking on December 29, 2015, 03:30:09 PM

I bet if you told them that one day people would be buying things with pieces of paper with dead people's picture on it I bet they'd laugh at you.
Then go back to more recent times and tell people that little plastic cards would replace paper money and that paper money would become obsolete.

It amazes me how money evolves into a more intangible one over time, It makes you wonder what money really means..

Along history, different kinds of money coexist together some years before the new one fully replace the older one.

As this guy said, Cryptocurrencies will replace FIAT soon or later.

defaultking

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Saying that this can't happen is a bit of a long stretch. Go back to the times where they actually used gold and other goods to trade before fiat was even introduced. I bet if you told them that one day people would be buying things with pieces of paper with dead people's picture on it I bet they'd laugh at you. Then go back to more recent times and tell people that little plastic cards would replace paper money and that paper money would become obsolete.

Don't get me wrong bitcoin won't replace fiat overnight and it might not even be bitcoin that will be the digital currency that replaced fiat. As the global economy grows and becomes more integrated a "universal currency" will eventually be created and the question of who will oversee that currency is already answered for the most part with bitcoin. To me the biggest obstacle of a digital currency is governments staying out of the way.

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