Bitcoin can not replace fiat - page 138.

virtualx

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Quote from: MTBTT on December 25, 2015, 10:01:05 AM

Quote from: Oscoda on December 24, 2015, 07:41:47 PM

Bitcoin can't replace fiat. bitcoin is better then that.
Bitcoin is here to show people fiat and banks, governements are useless.

fiat money is the best money today, where accepted throughout the country
but for bitcoin, now could not be used as fiat money

Which form of fiat do you mean (Cash or digital) and why is fiat best in your opinion?

MTBTT

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Quote from: Oscoda on December 24, 2015, 07:41:47 PM

Bitcoin can't replace fiat. bitcoin is better then that.
Bitcoin is here to show people fiat and banks, governements are useless.

fiat money is the best money today, where accepted throughout the country
but for bitcoin, now could not be used as fiat money

acroman08

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Quote from: USB-S on December 23, 2015, 11:02:29 AM

Quote from: Parazyd on December 23, 2015, 11:01:13 AM

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.

Yes, but what I am talking about is mass adoption. I don't see my grandmother owning BTC.

Bitcoin wasn't designed to be used by 70 year old ghouls. However the newer generation will get this.

Really!!! ghouls? Thats how you call your grand parents? anyway, i agree newer ganeration
Is the who going to adopt bitcoin.

disclaimer201

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This is one of those topics that has been discussed again and again for years. I thought we had some good results in this discussion when we talked about Bitcoin ending up as a long-term store of value and a reserve currency. Governments might have their own cryptocurrencies sometime in the future, though not decentralised but limited that allows them to tax people in crypto and which will be possible to be traded to and from Bitcoin, much like Btc is sold for fiat today. I'm pretty sure the future will be digital and cash will eventually disappear in a few decades. Even in Africa today you see most people own a cellphone and use it for banking, electricity will become a non-issue as one solar panel is all that is needed to charge it.

Blue_Tiger73

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No. I didn't get intriuged. I already knew this from when bitcoin started out. Fiat will always be in the world. Some things you can only do with fiat.

Oscoda

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Bitcoin can't replace fiat. bitcoin is better then that.
Bitcoin is here to show people fiat and banks, governements are useless.

Parazyd

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Quote from: The Sceptical Chymist on December 24, 2015, 06:37:50 PM

If I could open a pharmacy that accepts only bitcoin and put it right next to a grocery store that only accepts bitcoin, I'd be well on my way to replacing fiat with bitcoin. I do not see this happening in my lifetime. But it is a nice thought. Bitcoin has so much potential to blur political boundaries.

What's stopping you from doing it? At least the grocery store. It doesn't have to be huge... Think as a small local business.
"Greatness from small beginnings."

The Sceptical Chymist

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If I could open a pharmacy that accepts only bitcoin and put it right next to a grocery store that only accepts bitcoin, I'd be well on my way to replacing fiat with bitcoin. I do not see this happening in my lifetime. But it is a nice thought. Bitcoin has so much potential to blur political boundaries.

RastMan

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Quote from: botany on December 23, 2015, 12:00:40 PM

Bitcoin cannot replace fiat, as long as taxes have to be paid in fiat.
That will probably be the last hurdle to fall.
Otherwise, we can have a bitcoin economy slowly develop.

Most governments will insist on paying tax with the money they can control. So fiat will be there for long time.

ThunderThomas

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Quote from: ridery99 on December 24, 2015, 04:45:45 PM

Most people don't care about bitcoin, it's all about getting more fiat

Yes they don't care about bitcoin, because they don't know it, or they know it from the silk road news.
That's pathetic. Some big news outlets should do some specials about bitcoin because the technology is innovation at it's best.

bitlancr

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Why needs bitcoin to replace anything; fiat, usd, paypal.
Isn't the innovation and freedom bitcoin provides the endgoal?
I believe this features are enough benefits.

ridery99

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Most people don't care about bitcoin, it's all about getting more fiat

abonarea

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I will say at present even in next decade Bitcoin can not really replace fully fiat.What I see it will be used widely and will clear the way for cryptocurrencies on long term.

buddu

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Fiat currency changed metal currency as at start it was seeming difficult but all happened so Bitcoin is digital currency which will replace successfully fiat money in near future.Future belongs to digital currencies/cashless society and then Bitcoin will be king of all digital currencies.

Jet Cash

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I believe that fiat currencies exist in 2 forms. Notes that are printed by the government, and virtual accounts that are created by the banks. Bank bail-ins will cause people to convert their acounts into notes, gold and increasingly - Bitcoin etc. Bitcoin will replace the banks virtual currency before it replaces cash imho.

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#Free market

Quote from: Parazyd on December 24, 2015, 03:43:58 PM

Quote from: redsn0w on December 24, 2015, 03:08:22 PM

Quote from: Amph on December 24, 2015, 02:46:38 PM

what people forget is that bitcoin does not need to replace fiat to become globally adopted, it can reach adoption without the collapse of fiat or other catastrophic scenario

i can see bitcoin working side by side withbig circuit like visa and mastercard withut any problem, as new way of payments for many people in the future

It is very difficult, because bitcoin cannot handel the tx/s like the other method od payment (visa, mastercard, etc.. ) it is only an alternative, nothing else.

That's the problem, being limited to 3-4 transactions per second.
What banks do is process their transactions once a day, in bulk.

A valid way to 'solve' the problem could be the LN (n Lightning Network), basic offchain tx.

https://lightning.network/lightning-network-paper.pdf

Parazyd

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Quote from: redsn0w on December 24, 2015, 03:08:22 PM

Quote from: Amph on December 24, 2015, 02:46:38 PM

what people forget is that bitcoin does not need to replace fiat to become globally adopted, it can reach adoption without the collapse of fiat or other catastrophic scenario

i can see bitcoin working side by side withbig circuit like visa and mastercard withut any problem, as new way of payments for many people in the future

It is very difficult, because bitcoin cannot handel the tx/s like the other method od payment (visa, mastercard, etc.. ) it is only an alternative, nothing else.

That's the problem, being limited to 3-4 transactions per second.
What banks do is process their transactions once a day, in bulk.

Amph

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Quote from: redsn0w on December 24, 2015, 03:08:22 PM

Quote from: Amph on December 24, 2015, 02:46:38 PM

what people forget is that bitcoin does not need to replace fiat to become globally adopted, it can reach adoption without the collapse of fiat or other catastrophic scenario

i can see bitcoin working side by side withbig circuit like visa and mastercard withut any problem, as new way of payments for many people in the future

It is very difficult, because bitcoin cannot handel the tx/s like the other method od payment (visa, mastercard, etc.. ) it is only an alternative, nothing else.

ah well, that is a problem that i hope it will be solved in the future, there are some plan already to have a 2MB without increase the actual limit

redsn0w

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#Free market

Quote from: Amph on December 24, 2015, 02:46:38 PM

what people forget is that bitcoin does not need to replace fiat to become globally adopted, it can reach adoption without the collapse of fiat or other catastrophic scenario

i can see bitcoin working side by side withbig circuit like visa and mastercard withut any problem, as new way of payments for many people in the future

It is very difficult, because bitcoin cannot handel the tx/s like the other method od payment (visa, mastercard, etc.. ) it is only an alternative, nothing else.

Amph

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Activity: 3248

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what people forget is that bitcoin does not need to replace fiat to become globally adopted, it can reach adoption without the collapse of fiat or other catastrophic scenario

i can see bitcoin working side by side with big circuit like visa and mastercard withut any problem, as new way of payments for many people in the future

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