Bitcoin can not replace fiat - page 18.

cryptojac17

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Quote from: Stegobit on December 21, 2017, 10:41:43 PM

Quote from: morkriger on December 21, 2017, 04:09:53 AM

With the current price I think BTC cannot be used for micropayments (by example, go to market and buy a drink)

Bitcoin is highly divisible. The problem is high transaction fee (which can be higher than even purchase now). It will be solved soon with Lightning Network.

As of now Bitcoin cannot change Fiat in terms of paying common comodities were Fiat money is used. Because Bitcoin is not yet tailored to be used because some facilities which is not ready yet, in other reason also that some commercial establishment are not accepting Bitcoin .but still we can in cash Bitcoin to Fiat thats is why it is still usefull but not soo comfortable.

Bitcoin1216

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Why can not replace fiat? I think because bitcoin has not been recognized as a currency equivalent to USD, EURO, SGD or others. just bitcoin get rejection from many countries so that banned.

darrly

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Well i think bitcoin will widely accepted just as equal of fiat if not in the future. Bitcoin now id just a way to earn more money to be converted into fiat. I say nothing is permanent and there will always be a change. Maybe the next change will be the money system, who knows

wolfgang56

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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.

It can't really replace fiat but it can be substitute especially for those rich people who don't usually carry cash but instead of cards and phones. It can be efficient for them if they just only carry their phones whenever they go.

dogz12

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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.

Agreed that it can not replace fiat money and a very good thing as an "intangible asset but i think not if it is better than gold. We really cant tell what the future holds for bitcoin thus its being secure is, i think, questionable.

King Sastro

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Bitcoin and fiat are different things, however bitcoin prices will never make fiat disappear, the presence of bitcoin does not work to replace fiat but as a commodity equivalent to gold, stock or the other.

Gondwanaland

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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 don't think so but it is possible. It is possible because everything in this world us replaceable, everything will change. So it is not possible that in future that bitcoin can replace fiat or not. I've read some articles says rhat vitcoin is the future money that existing in this world.

kalakabgr

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Not now and is not meant to totally replace it but is good for people to have multiple working options

Stegobit

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Quote from: morkriger on December 21, 2017, 04:09:53 AM

With the current price I think BTC cannot be used for micropayments (by example, go to market and buy a drink)

Bitcoin is highly divisible. The problem is high transaction fee (which can be higher than even purchase now). It will be solved soon with Lightning Network.

morkriger

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With the current price I think BTC cannot be used for micropayments (by example, go to market and buy a drink), this is an important thing to keep in mind. BTC is an asset, but nowadays has lost its properties for be used as ordinary fiat money.

Kodok Bencot

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As long as there is no official recognition from the country then we can not say bitcoin is a currency so it is not possible bitcoin to replace fiat money, maybe one time bitcoin can become second currency in various countries.

vinz7229

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Quote from: ~Bitcoin~ on December 23, 2015, 10:53:00 AM

Bitcoin is asset just like gold and silver and fiat is the one that evaluate the value of every asset. So bitcoin can never replace fiat but it can dominate the online payment processors with low fee.

i agree, just like me, I do patronizing using bitcoin as my mode of payment, less hassle and most of all you don't need to pay high service charges cause bitcoin have a low charges or fee, but still i use to have fiat currency for my other stuff cause there still lot of establishment that don't accept or recognize bitcoin as payment.

cryptorTUX

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Quote from: Kasabus on December 19, 2017, 10:51:07 PM

Quote from: congresowoman on December 19, 2017, 09:52:51 PM

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.

Really, bitcoin cannot replace fiat simply because it has been there for a very long time. You cannot replace something that is socially acceptable for like forever. Bitcoin cannot also replace gold because gold gives value to fiat. So that is the awesome tandem.

Bitcoin is a digital currency but not a real currency which are legal, it's a substitute for money and it will only work with fiat.
That lone would convince me that it will not replace fiat, bitcoin is too volatile and the risk of losing your money is possible, I don't think a lot of people will use it.

Yes, I see bitcoin as more as Internet money as of today, a service that will replace paypal, payoneer, skrill, alipay and other similar companies around the world. It will take to much much time before it overtake fiat which might not happen at all, people or some people simply trust fiat more plus it's price is stable with bitcoin and other crypto currencies you are not actually sure should you spend it. Every time you spend bitcoin you ask yourself would you have spent less or more if you did transaction tomorrow and this is a big issue for bitcoin as it don't have capabilities to cope with fiat, at least for now.

Kasabus

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Quote from: congresowoman on December 19, 2017, 09:52:51 PM

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.

Really, bitcoin cannot replace fiat simply because it has been there for a very long time. You cannot replace something that is socially acceptable for like forever. Bitcoin cannot also replace gold because gold gives value to fiat. So that is the awesome tandem.

Bitcoin is a digital currency but not a real currency which are legal, it's a substitute for money and it will only work with fiat.
That lone would convince me that it will not replace fiat, bitcoin is too volatile and the risk of losing your money is possible, I don't think a lot of people will use it.

freedomgo

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Quote from: EtherATM on December 19, 2017, 06:14:56 PM

Quote from: ?? on ??

Do you want me to believe in this?
Hello, The year 2017 is about to finish we are not living in 90's, this is same as saying cellphone will never replace landline telephones Grin

I think you are wrong when you compare improvement of phone and improvement of currency.The first you have to know fiat money is under the management of the government if a country can not manage currency then the government of this country will be dissolved. While nobody can control bitcoin so when government is still exist then bitcoin will never be replaced fiat money.

That's the big difference and bitcoin is a huge improvement because it's money, everyone is using money and we can have that big demand in the future.
Bitcoin is opposite to the government since it's decentralized but it's more trusted if you would ask me, we just need the people to understand bitcoin.

Gondwanaland

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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 don't think so but maybe someday because in this world nothing is constant. Everything can change and nithung is impossible. Someday bitcoin xan replace fuat if evryone of us is only depebd in bitcoin and nothing more.

congresowoman

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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.

Really, bitcoin cannot replace fiat simply because it has been there for a very long time. You cannot replace something that is socially acceptable for like forever. Bitcoin cannot also replace gold because gold gives value to fiat. So that is the awesome tandem.

Stegobit

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Quote from: n691309 on December 19, 2017, 01:43:01 AM

Bitcoin can accommodate 4 transactions every second which will delay the transaction of any payment worldwide. Bitcoin is a currency that cannot be used without the presence of internet (big problem). but once this issue has been resolved there's no doubt that bitcoin will be the first to use currency in the whole world. And another issue will be the vitality of bitcoin.

Lightning Network is almost ready!

Quote from: boyshx on December 19, 2017, 03:23:15 AM

Electricity, internet connectivity are the basic requirements for the smooth operation of digital currency like bitcoin.

Electricity and Internet now needed even for fulfilling physiological needs. Watter supply and sewage systems won't work without them now!

Quote from: Gheka on December 19, 2017, 09:18:38 AM

it is unstable and it lacks the support and permission of the government, so replacing fiat forever is an impossible thing with bitcoin

If the stability by your point of view means guaranteed continuous depreciation, then you are right, fiat is very stable! Grin

And if the government means God for you, then yes, you need permission from it for every your step!

Quote from: EtherATM on December 19, 2017, 06:14:56 PM

so when government is still exist then bitcoin will never be replaced fiat money.

Existence of the centralized govts in the future is not an axiom!

EtherATM

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Quote from: ?? on ??

Do you want me to believe in this?
Hello, The year 2017 is about to finish we are not living in 90's, this is same as saying cellphone will never replace landline telephones Grin

I think you are wrong when you compare improvement of phone and improvement of currency.The first you have to know fiat money is under the management of the government if a country can not manage currency then the government of this country will be dissolved. While nobody can control bitcoin so when government is still exist then bitcoin will never be replaced fiat money.

Mr.Anonymous

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Quote from: n691309 on December 19, 2017, 01:43:01 AM

Quote from: Zero1One0 on December 11, 2017, 03:48:21 AM

We need a blockchain technology that will rival the speed of VISA or Mastercard (thousands of transactions per second).
Once this happens, we can buy a cup of coffee with bitcoin or our alts.

Governments will fight to the death to retain control of power thru fiat, they may even release their own blockchains.
Money is power. Bitcoin is very disruptive and creating a power shift or distributing it to the masses.

More statement to add to this why bitcoin can't replace FIAT. Bitcoin can accommodate 4 transactions every second which will delay the transaction of any payment worldwide. Bitcoin is a currency that cannot be used without the presence of internet (big problem). but once this issue has been resolved there's no doubt that bitcoin will be the first to use currency in the whole world. And another issue will be the vitality of bitcoin.

Your big problem can solve by the paper wallet of Bitcoin, use Bitcoin as paper money, this is the solution to use Bitcoin without internet. Beside that, according to my knowledge, Bitcoin can not receive huge number of transactions of country, so, I think with size as the world, it is impossible for present.

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