Bitcoin can not replace fiat - page 21.

KEPLER99

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Quote from: rocketbits on December 12, 2017, 03:50:30 AM

Quote from: 1BTC EQUALS 1CAR on December 11, 2017, 03:44:57 AM

Some small countries will still rely on fiat so yes I do believe so. Anything that has a very poor economic growth cannot take advantage of bitcon because their people cannot afford personal mobile phone and an internet connection.

Which countries are small countries, yours? And which big country do you see making use of Bitcoin as a Currency? Yes, Russia and U.S invest on Bitcoin, but does that mean they use it as a Currency? No, but their government invests in it.

Bitcoin is never meant to be a real currency, and it can never be. It is just for investment and can also serve for the purpose of transacting money online.

You are right in this regard. Bitcoin is never meant to be a real currency. These governments have legalize this bitcoin, this was their first step to that world. Bitcoin world is coming along, just wait for some years and you will be seeing the world making this currency a real one. For their own country or internationally they will make this bitcoin a real one. Just wait and watch.

Charisse1229

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Quote from: rfj on December 11, 2017, 10:56:08 AM

I agree with you. Bitcoin cannot replace fiat money. Yes, bitcoin has a value, a large value and it's popular but it cannot use as local money. Our economy needs the fiat money for the circulation of the money which determines the state of our economy.

Me too i agree with that, fiat money was in here ib a long time since bitcoin is not here, fiat was in for a long long years, so bitcoin cannot replace it. No matter what happen, Bitcoin has no chance to beat the fiat currency,

aftab.436

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Quote from: Stac on December 12, 2017, 11:11:10 AM

Bitcoins is a decentralized crypto currency backed by fiat currencies, bitcoins or any other crypto currency will not replace fiat currencies but there are chances for the government or the central banking system to adopt this bitcoin and blockchain technology instead of fiat currencies due to various advantages of bitcoin and blockchain network and more bitcoin user's are entering the market which naturally increases the value of bitcoins. Another feature which attracts more user's to the bitcoin network is that bitcoins gives a sense of financial freedom unlike fiat currencies which is controlled by the banks.

This assumption is totally wrong , as in very for era the trade and invest was in pure metals like Gold and silver. But after that fiat currency was introduced and with the passage of the time fiat currency take place of the pure metals. Now the trade and invest is mainly take place in fiat money, also bitcoin trade and invest is started and the bitcoin trade and invest is better than fiat. SO after a time there will be bitcoin only for trade and invest. the reason is that it WILL TAKE A TIME BUT BITCOIN WILL REPLACE FIAT.

Stac

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Bitcoins is a decentralized crypto currency backed by fiat currencies, bitcoins or any other crypto currency will not replace fiat currencies but there are chances for the government or the central banking system to adopt this bitcoin and blockchain technology instead of fiat currencies due to various advantages of bitcoin and blockchain network and more bitcoin user's are entering the market which naturally increases the value of bitcoins. Another feature which attracts more user's to the bitcoin network is that bitcoins gives a sense of financial freedom unlike fiat currencies which is controlled by the banks.

nemesis_

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With the unstoppable advancement of technology, everything may be possible. Many things this day have, do not exist many years ago. It is possible that bitcoin may really change lot of things in the future. This may be in used more than anything else. Replacing anything related to this. But, take note that fiat is more stable than bitcoin and also most trusted. Replacing this is possible but it will be really hard.

jostorres

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Quote from: HAARP on December 11, 2017, 07:14:47 AM

Quote from: AwpDragonPoor on December 11, 2017, 05:32:29 AM

Quote from: Zero1One0 on December 11, 2017, 04:48:21 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.

Yea, we also need a currency that is portable, and carry low to NO fees at all in order or the majority of the population to pick up bitcoin, otherwise we would be more inconvenienced using cryptos for everyday life compared to fiat.

In the previous yearsi decades and centuries, nothing could replace fiat cash. This is a reality and we need to know this. Fiat cash is the most stable and trusted instrument in the world and bitcoin won't be able to replace it too. This is not a disappointment for bitcoin.

You are right since long nothing have ever been able to replace the fiat but mate at that time bitcoin was not came into being. Bitcoin is the best currency and it has a lot of opportunities and resources for money making. Bitcoin is able to give you much profit if it will be use for the betterment of the of the economy and will give you safety as well so bitcoin is more famous now and will replace the fiat in future.

rocketbits

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Quote from: 1BTC EQUALS 1CAR on December 11, 2017, 03:44:57 AM

Some small countries will still rely on fiat so yes I do believe so. Anything that has a very poor economic growth cannot take advantage of bitcon because their people cannot afford personal mobile phone and an internet connection.

Which countries are small countries, yours? And which big country do you see making use of Bitcoin as a Currency? Yes, Russia and U.S invest on Bitcoin, but does that mean they use it as a Currency? No, but their government invests in it.

Bitcoin is never meant to be a real currency, and it can never be. It is just for investment and can also serve for the purpose of transacting money online.

kengeorge21

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Quote from: rfj on December 11, 2017, 10:56:08 AM

I agree with you. Bitcoin cannot replace fiat money. Yes, bitcoin has a value, a large value and it's popular but it cannot use as local money. Our economy needs the fiat money for the circulation of the money which determines the state of our economy.

good explanation, actually fiat is not just for an exchange, it evaluates the status and the wellness of the economy and can be use as a measure of values for different goods and services which dictates the trading capability of a country.
bitcoin and other coins are revolutionary but fiat will still be there and a symbol of a country.

rfj

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I agree with you. Bitcoin cannot replace fiat money. Yes, bitcoin has a value, a large value and it's popular but it cannot use as local money. Our economy needs the fiat money for the circulation of the money which determines the state of our economy.

HAARP

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Quote from: AwpDragonPoor on December 11, 2017, 05:32:29 AM

Quote from: Zero1One0 on December 11, 2017, 04:48:21 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.

Yea, we also need a currency that is portable, and carry low to NO fees at all in order or the majority of the population to pick up bitcoin, otherwise we would be more inconvenienced using cryptos for everyday life compared to fiat.

In the previous yearsi decades and centuries, nothing could replace fiat cash. This is a reality and we need to know this. Fiat cash is the most stable and trusted instrument in the world and bitcoin won't be able to replace it too. This is not a disappointment for bitcoin.

Sled

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Quote from: kyanscadiel on December 11, 2017, 05:34:57 AM

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.

definitely not. We all knew that fiat money is whatcwe use for our everyday expenses, from buying at the grocery stores, paying taxi. It is what we use to pay all of these. And besides not all people knows what bitcoin is, how to get it and how to use it. And i agree that you can't even pay a cut of coffee with bitcoin. We can use bitcoin in other forms of transaction but we cannot use it on our daily expenses.

As of now, that is the problem in using bitcoin because we cannot use it to a daily basis activities like buying things, paying the fares and so on because of the expensive fees that we have right now and it is better to stick in fiat rather than use bitcoin and that is very true. Bitcoin cannot replace fiat if bitcoin will be adjusted to suit for being a currency that people needed.

kyanscadiel

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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.

definitely not. We all knew that fiat money is whatcwe use for our everyday expenses, from buying at the grocery stores, paying taxi. It is what we use to pay all of these. And besides not all people knows what bitcoin is, how to get it and how to use it. And i agree that you can't even pay a cut of coffee with bitcoin. We can use bitcoin in other forms of transaction but we cannot use it on our daily expenses.

AwpDragonPoor

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Quote from: Zero1One0 on December 11, 2017, 04:48:21 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.

Yea, we also need a currency that is portable, and carry low to NO fees at all in order or the majority of the population to pick up bitcoin, otherwise we would be more inconvenienced using cryptos for everyday life compared to fiat.

diegz

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★YoBit.Net★ 350+ Coins Exchange & Dice

Quote from: 1BTC EQUALS 1CAR on December 11, 2017, 03:44:57 AM

Some small countries will still rely on fiat so yes I do believe so. Anything that has a very poor economic growth cannot take advantage of bitcon because their people cannot afford personal mobile phone and an internet connection.

Exactly, right now, I am looking at bitcoin as money for those who can afford using it since you have to pay transaction fee and most of all you should atleast have a gadget with internet connection to transfer your coin from your wallet to another. Most people who live in highly impoverished places surely can't afford to use bitcoin in their transactions.

Zero1One0

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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.

1BTC EQUALS 1CAR

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Some small countries will still rely on fiat so yes I do believe so. Anything that has a very poor economic growth cannot take advantage of bitcon because their people cannot afford personal mobile phone and an internet connection.

JRoa

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Yes it is true! Bitcoin cannot really replace the fiat money. Do you really think that the bitcoin has enough power to surpass bitcoin? Bitcoin has no chance to beat the fiat currency

Joriecoinbit

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Quote from: bit1 on December 11, 2017, 12:31:25 AM

Quote from: dameh2100 on December 10, 2017, 09:00:09 PM

It will never replace fiat, why? First of all, Bitcoin is not designed for replacement fiat. It designed for fast transaction, and to secure our money. . However, fiat can modified but replacing bitcoin will not be effective.

I also do not think it's convenient for anyone to replace fiat with anything, there are many daily transactions that are much easier and convenient to make through the fiat,besides that because of the high volatility in the prices it is not possible to determine an immovable price for many of the goods or services that are provided and that these need to preserve their value and so only the fiat can handle in a more effective way.

Bitcoin can’t replace fiat because of high transactions, long transaction time and because of its volatility. The high transactions cost of bitcoin will makes it hard to replace fiat. Its transactions cost is too expensive for small transactions. Unlike in fiat, you’ll just have to pay for the tax in every item you buy and it’s not that expensive unlike bitcoin.

The long transaction time in bitcoin can take at least one hour to fully confirm your transactions. So if you’re buying stuffs in a store, you’ll have to wait for an hour to confirm it and it’s kinda annoying especially if you’re in hurry.

Its volatility price could also prevent bitcoin to replace fiat. Its price keeps on fluctuating and there’s no stable price for bitcoin. There’s no exact amount on the things that you wanted to buy. Like when you buy clothes in the mall for $10, and you’ll see its price in the morning that it only cost $5 or $12, it could really annoy you.

Lastly, majority of the people doesn’t know anything about bitcoin. And it’s not being legalized and accepted in all countries and malls.

yusupjatigumilar

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After all, bitcoin will never replace fiat because if it happens then there will be many countries that will experience economic crisis because their country's currency is no longer worth or the price is very weak, so their purchasing power is lost, I hope bitcoin still be a potential commodity to serve as an investment commodity rather than a currency.

Prince786

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We people are expecting bitcoin to replace the fiat currency with bitcoin potential.bitcoin will replace fiat. If it is not bitcoin, it will be another digital currency.Bitcoin would be the best currency in the internet and online transaction, but fiat would always be above it.

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