Bitcoin can not replace fiat - page 35.

Fatanut

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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.

AleksBozhinov

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i believe governments wouldn't allow it

Astvile

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yes it's true. otherwise government will start banning bitcoin if it were to replace fiat, why? because bitcoin is decentralised, they cannot control it.
I maybe wrong here, but i tihnk in the near future, we can probably use bitcoin just like we use fiat daily. bitcoin is a great alternative payment too.

Himanshu111

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Quote from: djselery on October 18, 2017, 10:54:08 AM

Bitcoin in theory can replace fiat currencies, but it will need very long time to happen and a very strong effort from the community. I think it is almost impossible in the near future that Bitcoin replace fiat currencies, because the majority of people worldwide don't even know anything about BTC and they keep using their fiat currencies regularly.

Yes I agree with this statement.Since bitcoin is only a cryptocurrency which functions on its own and is not controlled by any central bank or any institution,the government will not allow such a currency to overpower fiat money.Bitcoin is prone to fraud,so the government of any nation will not allow such fraud to happen with it's citizens.A large percentage of people around the world have not even heard about bitcoin.In many areas,digital money is also not known.People still depend on fiat money for their day to day functioning and transactions.

djselery

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Bitcoin in theory can replace fiat currencies, but it will need very long time to happen and a very strong effort from the community. I think it is almost impossible in the near future that Bitcoin replace fiat currencies, because the majority of people worldwide don't even know anything about BTC and they keep using their fiat currencies regularly.

boltz

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Well bitcoin is already replacing the fiat but we don't really see it , you think the markets caps of cryptos are not fiat money cause they are so in the time we speaking the hole fiat industry is reshaping , no matter what you think about bitcoin and blockchain technology , the fiat era is gone and doomed. If you have big stack of cash go buy some land or gold , don't keep that rubish paper with you lol.

kamotharnn

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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.

Gabrieelle

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Quote from: richkellj on October 18, 2017, 08:04:57 AM

Quote from: yasher on October 14, 2017, 06:14:21 PM

Quote from: jvdp on October 14, 2017, 12:10:32 PM

Quote from: yasher on October 14, 2017, 11:56:38 AM

Of course it can't. Bitcoin is not accessible to all people specially the people who live on below poverty line. Value wise it is the most expensive currency but imagine going to the store buying things using bitcoin and waiting for a transaction to be confirmed. Hell no.

What are you talking. If the price reaches the value of 10k $,bitcoin will replace the dollar. FIAT of various type.First one is dollar. At first bitcoin will replace the dollar and follow by Euro and so on.But it takes some time to make replace the FIAT. You can trust bitcoin ,it will replace FIAT.

Dude is this really your account? There is no way a crypto-currency will replace a fiat. Let us all be realistic, it may sound nice but be realistic, even if the price goes over 10k it will never be accessible to all. The higher the price of bitcoin the harder it will be accessed by everyone. People with knowledge and being familiar with bitcoin does not mean they are with it.

Bitcoin is going to be the only international currency in the near future but as far as the replacement of fiat is concerned, as long as we have poverty in the world and illiteracy fiat is going to stay in the world because these people are unable to understand complex methods of using operating these currencies. Bitcoin at present is limited to those who are educated but not for those yet who are illiterate.

Yes I agree with you. For bitcoin to be used in the streets everyone should have the technology for it and by that means having a smartphone, internet or something. They also need to have the knowledge for it how it works and all that. It is really impossible to happen right now but in the future where everything and everyone is modernized I think we can say its possible.

richkellj

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Quote from: yasher on October 14, 2017, 06:14:21 PM

Quote from: jvdp on October 14, 2017, 12:10:32 PM

Quote from: yasher on October 14, 2017, 11:56:38 AM

Of course it can't. Bitcoin is not accessible to all people specially the people who live on below poverty line. Value wise it is the most expensive currency but imagine going to the store buying things using bitcoin and waiting for a transaction to be confirmed. Hell no.

What are you talking. If the price reaches the value of 10k $,bitcoin will replace the dollar. FIAT of various type.First one is dollar. At first bitcoin will replace the dollar and follow by Euro and so on.But it takes some time to make replace the FIAT. You can trust bitcoin ,it will replace FIAT.

Dude is this really your account? There is no way a crypto-currency will replace a fiat. Let us all be realistic, it may sound nice but be realistic, even if the price goes over 10k it will never be accessible to all. The higher the price of bitcoin the harder it will be accessed by everyone. People with knowledge and being familiar with bitcoin does not mean they are with it.

Bitcoin is going to be the only international currency in the near future but as far as the replacement of fiat is concerned, as long as we have poverty in the world and illiteracy fiat is going to stay in the world because these people are unable to understand complex methods of using operating these currencies. Bitcoin at present is limited to those who are educated but not for those yet who are illiterate.

Afnan_faizah

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Quote from: Mailly on October 17, 2017, 10:38:08 PM

Even though it is true that one of the most crucial motivations to produce this alternate forex was to conquer the fiat hegemony, actually it seems a very much and almost unrealistic likelihood.I actually hope that the potential financial relations rely on much more humanistic alternatives instead of these present speculative and market place dependent currencies, included bitcoin.

Paper money is old, unfair, and slow. Also the expense of printing and transporting it, to it's impact on the poor. We should not use paper money anymore, but we trapped on it. Bitcoin is the alternative currency that can help us out from this condition. I am sure that fiat would be replaced in the future, bitcoin is the best candidat for now.

Sled

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Bitcoin- in bullish time

Quote from: Maslate on October 17, 2017, 11:01:25 PM

Quote from: King Sastro on October 17, 2017, 03:27:36 AM

Quote from: Reez on October 15, 2017, 03:51:41 PM

Bitcoin is already replacing fiat because fiat is worthless. Goat shit is worth more because you can use it for manure and grow vegetation with it. Fiat is the root of evil.

True and I agree, it's about time the country thinks so, the fiat distribution is so uneven that it makes a lot of people poor, while cryptocurrency can make people improve their welfare.

That would depend if a person will do things with the use of bitcoin that would help his life improve, bitcoin is just a tool for online transaction
and nothing special will happen to us if we will not use it for our benefits, fiat's value will be subject for inflation but if we invest our money with bitcoin we can see an increase of value.

I agree to what you say that there is nothing special in bitcoin and that is enough to say that bitcoin doesn't have any chance to replace fiat because if bitcoin can replace the fiat then you can see the replacement a few years ago and i believe that bitcoin will help a lot of people in making their money grow and people can also choose bitcoin for primary option in transacting online that can help them to send money effortlessly.

Maslate

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Message @Hhampuz if you are looking for a CM!

Quote from: King Sastro on October 17, 2017, 03:27:36 AM

Quote from: Reez on October 15, 2017, 03:51:41 PM

Bitcoin is already replacing fiat because fiat is worthless. Goat shit is worth more because you can use it for manure and grow vegetation with it. Fiat is the root of evil.

True and I agree, it's about time the country thinks so, the fiat distribution is so uneven that it makes a lot of people poor, while cryptocurrency can make people improve their welfare.

That would depend if a person will do things with the use of bitcoin that would help his life improve, bitcoin is just a tool for online transaction
and nothing special will happen to us if we will not use it for our benefits, fiat's value will be subject for inflation but if we invest our money with bitcoin we can see an increase of value.

Mailly

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Even though it is true that one of the most crucial motivations to produce this alternate forex was to conquer the fiat hegemony, actually it seems a very much and almost unrealistic likelihood.I actually hope that the potential financial relations rely on much more humanistic alternatives instead of these present speculative and market place dependent currencies, included bitcoin.

mando1996

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Quote from: ?? on ??

Quote from: peterthegreat on October 15, 2017, 10:02:15 AM

Bitcoin is already replacing FIAT. FIAT is garbage and has terrible properties. Bitcoin is far superior in every aspect when it comes to durability, divisibility, portability, fungibility, and it being recognizable.

Bitcoin cannot actually replace FIAT. Yes, the use of FIAT currency may be stopped to some ectend due to bitcoin but bitcoin can never replace foat as fiat is a centralised currency under the acts and rules of government whereas, bitcoin is a decentralised currency with no restrictions.

I agree that Bitcoin can not replace fiat money because even the users of bitcoin are still using fiat money for their day to day tranactions. The people who are using fiat don't use bitcoin so replacing fiat as a bitcoin is beyond impossible. So for time being we should think about developing bitcoin so that everyone knows about it and digital money gets famous too. Maybe in future this can happen but for now we need to focus on our earnings.

King Sastro

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Quote from: Reez on October 15, 2017, 03:51:41 PM

Bitcoin is already replacing fiat because fiat is worthless. Goat shit is worth more because you can use it for manure and grow vegetation with it. Fiat is the root of evil.

True and I agree, it's about time the country thinks so, the fiat distribution is so uneven that it makes a lot of people poor, while cryptocurrency can make people improve their welfare.

PizzaBTC

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Quote from: Keyboard PC on October 12, 2017, 10:32:30 PM

it's possible, it's because bitcoin is on the internet, and many still make it illegal. other than that public trust to fiat is very strong, so bitcoin can not directly replace it. it takes a long process to replace the fiat.

It is just the beginning of an era of bitcoin while paper money is being used by almost everyone living across the globe by so many years. It is very much difficult for bitcoin to replace fiat. In my opinion, this is nearly impossible to happen even after 20-30 years. There will always remain the higher percentage of population who will using fiat.

pavelkdr

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Even though it is real that one of the most important motivations to produce this alternate forex was to conquer the fiat hegemony, truly it seems a quite considerably and almost unrealistic chance.I actually hope that the foreseeable future financial relations count on far more humanistic choices instead of these existing speculative and market place dependent currencies, included bitcoin.

bilyones

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no because it can both coexist there is no need to overcome the other because both have their own roles fiat may reach its new age while bitcoin establish its own ground, its for the people what will they use to have their transactions done

Reez

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Bitcoin is already replacing fiat because fiat is worthless. Goat shit is worth more because you can use it for manure and grow vegetation with it. Fiat is the root of evil.

MMS2017

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The existence of bitcoin is new while there is histories of fiat currencies. Today’s world is changed people are more addicted to bitcoin as they are educated at the young age they start earning this currency they can buy and sell things online but the importance of fiat can’t be ignored fiat currency can be accessed everywhere easily it can be accepted by the farmer and it can be accepted by the illiterate person as well that why the value of fiat can’t be replaced by bitcoin.

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