Bitcoin can not replace fiat - page 34.

cryptoalfs76

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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.

Maybe for us now bitcoin cannot replace fiat but its higher value and more demand all over the world because of its higher value in the digital world. fiat is fiat and no one can replace it as our money currency that we used everyday in our life,but remember bitcoin now is making her own legacy.

achikomimi

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For me, that phrase is only applicable in today's economy. Since Bitcoin is not yet accepted by all merchants worldwide, Cash is still number one. But when the time comes that digitalization becomes dominant, Bitcoin will now replace fiat. And I believe that so.

anhhung409

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It is possible that Bitcoin is currently only available for large transactions and is completely confidential. However, I believe that with the current pace of technology development in the world, Bitcoin payment methods with small transactions will soon appear and it will make Bitcoin more and more perfect. . Therefore, I still believe that Bitcoin will be able to replace fiat.

corroze

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indeed to replace the function of fiat money completely of course bitcoin will not be because we know bitcoin has an obstacle in transactions offline, but it does not close the possibility if one day bitcoin will be a legal currency that can be used by everyone in the world to share transactions financial or business transactions

DIMKAZDS

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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.

Yes. I do believe that bitcoin can not replace fiat money. This because firstly, fiat money is much more popular than bitcoin that it why it used intensively. Secondly, it has physical entity whereas bitcoin is digital. Then fiat money is stable currency which means that its value does not fluctuate often whereas bitcoin’s value fluctuate every minute. Then fiat money is controlled by government hence more stable and does not collapse whereas bitcoin is not regulated by any government and can collapse.

raliyat

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At present we have no option left except to accept the truth that Bitcoin can not replace fiat. But Nothing is impossible so we can expect that within 10 years or 15 years any thing can happen. This is only possible when bitcoin is accepted every where.

senne

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Quote from: jatin729 on October 20, 2017, 11:19:06 PM

Yes bitcoin can't replace Fiat currency because bitcoin is not stable currency and not centralize currency.
If we really want to bitcoin as official currency than it should be centralize first.

Yes, you can say Bitcoin cannot replace Fiat currency in the current scenario when banks are very powerful and will try every best method to diminish Bitcoin. But in the near future we may see a transaction from fiat currency to Bitcoin, as the functions and attributes of Bitcoin are highly praised and if government find a common way in which they can also enjoy the profits if people use Bitcoin as currency. Then it is possible that Fiat currency is replaced by Bitcoin or a better substitute possessing better functions.

Vritesh

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Replacing fiat is not a simple task for Bitcoin because there are some features that only fiat money provides. Fiat money can be used easily and it is widely accepted but bitcoin has some acceptance issues .Fiat money have a physical form but Bitcoin dont have any physical form.Fiat money is centralized but bitcoin is decentralized so it will be difficult for Bitcoin to replace a government certified currency.

mharz

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Quote from: Sled on October 21, 2017, 05:26:21 AM

Quote from: jatin729 on October 20, 2017, 11:19:06 PM

Yes bitcoin can't replace Fiat currency because bitcoin is not stable currency and not centralize currency.
If we really want to bitcoin as official currency than it should be centralize first.

It is not that bitcoin is decentralized, it is about the price that is not stable so the value of bitcoin is not fixed to a number and if bitcoin will become the primary money in this world then people will be on a chaotic scenario because of the unfix value or price and people will have a hard time in buying goods or items because they can have a stable profit because of the market volatility.

Yes bitcoin have increasing value for now in the market, but I never see anything regarding replacement. Maybe before replace by bitcoin the Fiat it was a long long road for crypto currency. Because fiat was the main needs for now of all people in their daily needs, while bitcoin were needs to convert first before used in the outside community of crypto currency society.

Sled

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Quote from: jatin729 on October 20, 2017, 11:19:06 PM

Yes bitcoin can't replace Fiat currency because bitcoin is not stable currency and not centralize currency.
If we really want to bitcoin as official currency than it should be centralize first.

It is not that bitcoin is decentralized, it is about the price that is not stable so the value of bitcoin is not fixed to a number and if bitcoin will become the primary money in this world then people will be on a chaotic scenario because of the unfix value or price and people will have a hard time in buying goods or items because they can have a stable profit because of the market volatility.

jatin729

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Yes bitcoin can't replace Fiat currency because bitcoin is not stable currency and not centralize currency.
If we really want to bitcoin as official currency than it should be centralize first.

Yarsk

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How impossible that will be for bitcoin to replace faint money, the work will be cumbasum and almost impossible. Now come to think of it bitcoin replacing faints money of all the countries of the world bitcoin must be first accepted and legalized by all the countries of the world and also the whole world coming to accept bitcoin a their currency and forgetting they own local currency. You see how impossible that will be.

waynechong1995

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swing!

Bitcoin doesn't mean to be replace fiats at least for now, but rather as a revolutionary technology that side with fiats, established countries which are centralized in nature, thus replacing one of their core features like printing fiat money with decentralized crypto doesn't sound right at all. The best scenario could happen with Bitcoin in many years should be world wide countries accepting Bitcoin in any form of payment similarly like VISA or Mastercard, and to achieve this exchange of Bitcoin versus fiat must be recognized completely by that particular country authority.

Replacing fiats with Bitcoin would just shift the power to those miners as they processes most of the transactions, and by now miners are already very organized and consolidated, so in the end these miners would just be another form of government decree.

Pepito Manaloto

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MenaPay - Crypto made easier than cash

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 think it won't replace fiat as what you are saying. Fiat or regular currencies are used through decades and are legal to most of the countries unlike Bitcoin. Bitcoin may be legal to most of the countries in the future but it still can't replace fiat simply because fiat has a way more stable market value compared to Bitcoin. Bitcoin is volatile so change on its value is always expected. And I think fiat and bitcoin are two different things to be compared.

Hotel_Prodeo

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Bitcoin can not replace fiat because it is not currently approved by various countries, if later bitcoin is legalized it will slowly replace fiat, and I'm sure this will happen soon.

rainingbitcoins

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We cannot use bitcoin directly at physical places to buy anything and if we want to spend our bitcoins then firstly we need to sell and convert it to fiat as fiat is accepted everywhere and I don't think that bitcoin will be accepted everywhere in future and even if it does the percentage of people using fiat is higher in compare to bitcoins so bitcoin will always be dependent on fiat.

0t3p0t

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Peace be with you!

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.

Of course Bitcoin cannot replace fiat money because it is a decentralized digital money and an online asset while fiat money is a physical centralized asset. Both are important assets that has different purpose of existence and usage. I don't think we can buy goods or pay services that has lower value than that of transaction fees. Like for example you wanna buy a candy or any goods and services under one dollar and the transaction fee is about three to four dollars it is actually a no no for me because I only have small amount of Bitcoin on my wallet and if you think you can still buy because you have much Bitcoins then go for it. The point is we still need fiat money for our daily needs and Bitcoin as our investment. Therefore we need both of them depending on our desire and purpose of using both assets.

Wong Gendheng

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This is because fiat is a legal currency that will continue to be protected by the state, many countries say that bitcoin is a non currency commodity so it will be difficult to replace fiat money.

STEVEN 888

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many made some fake news like bitcoin will loss it’s value or add some fake to news like china ban to make other worry and sell his btc with small price

those collect btc and rise up price to the moon

hovrah

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Quote from: Fatanut on October 19, 2017, 12:01:17 PM

Quote from: kamotharnn on October 18, 2017, 10:22:22 AM

Quote from: ?? on ??

BTC can completely replace Fiat in countries with volatile currency

No, it can not. Bitcoin can only supply 21 million coins while we need to for the people. In fact, there are only less than 5 million coins are used by the people while others are lost because of the careless users. They lose the private key and they can not access their bitcoin address anymore. But, bitcoin can replace gold Wink

gold is better than FIAT.

How sure are you that the rest of the coins are actually missing and that all those people have lost their private keys? While I doubt the number that you put there (5 million coins), I also doubt that these coins are all lost. It's possible that these addresses have owners that are just waiting for the right time to sell their coins. Just because a coin is sleeping doesn't mean it's dead. It's possible that they have another address that they use daily to buy/sell things and have their thousands of coins or hundreds of coins located in an offline wallet and the wallet seed is with them. It's not that hard to believe that there will be addresses that will wake up in the future. It's not hard to believe an address from 2012 will resurrect back to life and sell thousands of coins. We should expect this to happen because as the price is increasing, it becomes more and more tempting to sell your coins.

Another thing, there might be just 21 million coins but these coins can be divided into extremely smaller portions and I think that's more than enough coins for all of us.

The thing is that if Bitcoin Raise your price to those volumes that are predicted for a long time, up to $ 100,000 for 1 Bitcoin, then Believe me that every coin will be distributed well among the total population of the planet. But still it will be when Bitcoin can replace Fiat. But I think that this will not happen.

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