Bitcoin can not replace fiat - page 16.

goldcoinminer

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Quote from: ssuchy on January 06, 2018, 04:28:31 PM

Quote from: PrinceCaspian on January 06, 2018, 02:45:48 PM

Quote from: bib24 on January 06, 2018, 02:38:23 PM

At present condition, fiat money cannot be replaced by bitcoin because it is internationally acclaim currency that can be used by anyone, anytime, anywhere in all transactions. However with the popularity of bitcoin these days, who know what the future may hold. Let’s just wait and see. It is wise if you have both.

We are still in the early age so we don't have that kind of exposure for the government to decide if they are going to replace the fiat with the cryptocurrencies like bitcoin or not because if that is possible then fiat will be just worthless because of the inflation but it is not yet happening because we still need fiat more than cryptos.

of course feat can say a lot and the fact that it can be eaten by inflation is also very bad, but you look at the pricing of Bitcoin And you will understand that there is a very big difference who will be trusted by people more. The price of Bitcoin has never been stable and it will frighten every member of society. Therefore, it is the most favorable for them on Fiat with the retention of money.

Why not enjoy the achievement of bitcoin and just let fiat stay.
There is no need to replace anything as we know bitcoin has limitation and it's very risky as some people are holding it because they consider
it as an investment, for normal users it might not be useful to them, so we can be limited with the number of users.

ssuchy

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Quote from: PrinceCaspian on January 06, 2018, 02:45:48 PM

Quote from: bib24 on January 06, 2018, 02:38:23 PM

At present condition, fiat money cannot be replaced by bitcoin because it is internationally acclaim currency that can be used by anyone, anytime, anywhere in all transactions. However with the popularity of bitcoin these days, who know what the future may hold. Let’s just wait and see. It is wise if you have both.

We are still in the early age so we don't have that kind of exposure for the government to decide if they are going to replace the fiat with the cryptocurrencies like bitcoin or not because if that is possible then fiat will be just worthless because of the inflation but it is not yet happening because we still need fiat more than cryptos.

of course feat can say a lot and the fact that it can be eaten by inflation is also very bad, but you look at the pricing of Bitcoin And you will understand that there is a very big difference who will be trusted by people more. The price of Bitcoin has never been stable and it will frighten every member of society. Therefore, it is the most favorable for them on Fiat with the retention of money.

PrinceCaspian

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Quote from: bib24 on January 06, 2018, 02:38:23 PM

At present condition, fiat money cannot be replaced by bitcoin because it is internationally acclaim currency that can be used by anyone, anytime, anywhere in all transactions. However with the popularity of bitcoin these days, who know what the future may hold. Let’s just wait and see. It is wise if you have both.

We are still in the early age so we don't have that kind of exposure for the government to decide if they are going to replace the fiat with the cryptocurrencies like bitcoin or not because if that is possible then fiat will be just worthless because of the inflation but it is not yet happening because we still need fiat more than cryptos.

louisedem

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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.

For this current time, yes. Bitcoin cannot still replace fiat because many people still tend to use fiat rather that using Bitcoin or any other type of cryptocurrencies for some reason that people truly trust fiat more than they have trusted cryptocurrencies. Also, admit it or not, those earnings we have with cryptocurrencies are also withdrawn into fiat to become useful for us users so we can do conclude that still, Bitcoin and any other types of cryptocurrency cannot still replace fiat.

bib24

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At present condition, fiat money cannot be replaced by bitcoin because it is internationally acclaim currency that can be used by anyone, anytime, anywhere in all transactions. However with the popularity of bitcoin these days, who know what the future may hold. Let’s just wait and see. It is wise if you have both.

BigBos

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Quote from: Kokoy on January 06, 2018, 12:34:25 PM

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 I think so, cause goverment is a centralized sytem which is contrary in what Bitcoin is, and they will not allow to let a decentralized system can overcome them cause I bet they will loss the control to take kver and monaipulate this which is abide the law of Bitcoin and its existence.

of course it will not happen. Fiat is a symbol of the country, replacing it with bitcoin will only cause problems. enough bitcoin is known as the currency on the internet, even just that, the bitcoin price is very high.

jonemil24

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imagine me

Many people are suggesting that bitcoin can be a new currency, but it's volatility is stopping it. Imagine you were the guy who sold his 10,000 bitcoins in exchange of two pizzas, what would you think by now?. Honestly, i see bitcoin as a store of value, like gold, just an investment.

It can not replace fiat because it needs fiat to get funded and the slow transactions that bitcoin is facing is holding it back from becoming a new currency.

Kokoy

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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.

Yes I think so, cause goverment is a centralized sytem which is contrary in what Bitcoin is, and they will not allow to let a decentralized system can overcome them cause I bet they will loss the control to take kver and monaipulate this which is abide the law of Bitcoin and its existence.

paparexon0414

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No, it will not. Fiat is use worldwide. Its known to everyone as their traditional usage in buying in some goods. On the other hand Bitcoin is maybe popular but its still not widely known especially to those who dont have acces in the internet. Let just things be the way it is. Its better.

fearcoka

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Quote from: Japinat on January 06, 2018, 07:27:13 AM

Quote from: Andika23 on January 04, 2018, 11:37:57 AM

it seems that bitcoin will not replace fiat because fiat currency is widely known all over the world different from bitcoin not everyone knows it maybe bitcoin will only compete can not replace fiat

It's not only based on popularity but more on the regulation of the government, we know for the fact that the world is very reliant on the centralized system and that is the government who make law that we will have to obey, bitocin won't succeed replacing fiat due to that big hindrance, they regulate us and even how good the system is if they will not support, there is no success.

The government are trying to control and find the way to take tax cryptocurrency exchange. As far as I know, recently, Indian government want to tax any exchange or payment system related cryptocurrency ~15-18% tax fee in this year.

Japinat

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Quote from: Andika23 on January 04, 2018, 11:37:57 AM

it seems that bitcoin will not replace fiat because fiat currency is widely known all over the world different from bitcoin not everyone knows it maybe bitcoin will only compete can not replace fiat

It's not only based on popularity but more on the regulation of the government, we know for the fact that the world is very reliant on the centralized system and that is the government who make law that we will have to obey, bitocin won't succeed replacing fiat due to that big hindrance, they regulate us and even how good the system is if they will not support, there is no success.

wantjokull

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Yup it's far from reaching the fiat status
I mean to become the fiat one bitcoin has to show some stability in terms of price and no matter what how the market cap flctuate it has to send out the right price everyday. I mean the extra market cap could be used for its Futher development and huge supply coverage. I'm not sure why there are limited coins and why we can't make up another but this could be related to it's uniqueness. Anyways, fiat really doesn't work like that. I mean if the demand increases then central institute can make more currency and thus keep the rates same as before and saves everything from crashing. This is not the case with BTC and one for all this is the reason why it can't be fiat.

haster100

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Bitcoin and fiat are both exisrt out of the same thing and that is dollars fiat has other users than bitcoin because the value of fiat is really high only rich people are using them right now not very pleased to buy fiat.

Andika23

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it seems that bitcoin will not replace fiat because fiat currency is widely known all over the world different from bitcoin not everyone knows it maybe bitcoin will only compete can not replace fiat

Nyenyepogi

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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.

No doubt that bitcoon will never replace fiat because bitcoin value is not stable it always changed by sec or min. So ithink bitcoin is the one who help to fiat money because if you have a lot of bitcoin you will get more money just holding it because bitcoin is contiously to grow.

ninadoge

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Quote from: Md.Sufian on December 28, 2017, 01:50:47 PM

Bitcoin was meant to be anonymous and good . It is going to get popular . So the price will go higher .

I think the price of bitcoin is depend much on how popular it is, so the price would be huge if they were used popular in the worldwide.

Md.Sufian

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Bitcoin was meant to be anonymous and good . It is going to get popular . So the price will go higher .

readygoaw

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Quote from: EvaGC on December 22, 2017, 07:40:44 AM

Dunno about Bitcoin, but digital currencies are definetely the future.

Cryptocurrencies and fiat will coexist for a long time. But the time will come when printed money will be just obsolete and a waste of resources.

At the moment Bitcoin can not replace Fiat. What will be further difficult to understand. I think Bitcoin and Fiat will exist in parallel.

King Sastro

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The absence of official recognition of a country to make bitcoin a commodity and will not make the fiat replaceable, both will continue to run together and need each other.

Botnake

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Quote from: 19Nov16 on December 27, 2017, 12:54:44 AM

The presence of bitcoin brings a great deal of change in the global transaction system, users who drastically increase in a short time proves that bitcoin performance is remarkable, but it will not be able to replace the fiat because it is beset by the government.

Bitcoin is not a real or legal currency that is controlled by the government, the decentralized system alone is already opposite to what the government
is running in this world. They want to have in control of everything especially money matters where they can tax people and prevent money laundering activity.

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