Bitcoin can not replace fiat - page 38.

geopolisch

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Quote from: MiF on October 09, 2017, 08:21:21 AM

Quote from: Rhosadah on October 06, 2017, 10:17:26 AM

Most upper middle class people now use more digital currencies, especially bitcoins and other cryptocurrencies, but for the lower society still use paper currency so in my opinion it is balanced and has its own market every currency.

This means that bitcoin cannot replace the fiat simply because not all people are relying to computers and internet in which very important to learn for every crypto currencies transactions. The paper money was commonly and conveniently used by the poor people that if we really want to enforce to replace the fiat therefore all people shall be computer literate in which the literacy expense should be shouldered by all government.

At present, it is very much difficult for bitcoin to replace fiat. The only reason behind it is that still there in only 1% of the population who knows about bitcoin. So it will take a lot of time for everyone to know about bitcoin, only then we can expect this thing to happen. Moreover, till the time the local governments will not take any step it is not possible.

Grapt1961

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Properly in my view, Bitcoin are not able to exchange fiat. The 1st reason it are unable to be replaced by fiat is that fiat is backed by banking companies and authorities, whilst bitcoin isn't really. The 2nd cause why bitcoin can't replace fiat is that several convert's bitcoin as fiat and it is price tag is also primarily based on fiat. The 3rd and very last purpose why bitcoin are not able to substitute fiat is that some can't simply have confidence in bitcoin.Â

Hishand

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Properly in my viewpoint, Bitcoin cannot exchange fiat. The very first explanation it cannot be replaced by fiat is that fiat is backed by banking institutions and federal government, whilst bitcoin is not. The 2nd cause why bitcoin are unable to exchange fiat is that numerous convert's bitcoin as fiat and it truly is price is also dependent on fiat. The 3rd and last reason why bitcoin cannot replace fiat is that some are unable to just trust bitcoin.Â

usorin

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I suppose the real question is not if bitcoin can replace fiat, then breather when bitcoin will become fiat. However you take it, the first major step is to became a stable coin, with a volatility as small as possible. From this point we can talk about real interest from banks around the world for crypto currency.

xCryptoManiaX

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Fiat currency is somewhat stable, bitcoin is not. Also governments would never accept Bitcoin.

Sithara007

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Quote from: superjeyy on October 09, 2017, 11:15:08 AM

It will surely take time for fiat to be replaced fully by Bitcoin. Since most of us has been using fiat as a mode of payment ever since the longest time we can remember, the dependency on fiat has been high. To earn Bitcoin, one must have Bitcoin and that is primarily one of the things to be considered when the time has come to replace fiat. The knowledge towards Bitcoin should be widespread and its acquirement should be done in a manner that most people can have access to in order to allow Bitcoin to be used as a mode of payment diversely.

Right now, fiat currency is having around 7 billion users and Bitcoin is having around 10 million. You can't even compare the user base of the two currencies. If Bitcoin replaces fiat currency, then it is going to happen after many decades. But IMO, it is never going to happen. My guess is that Bitcoin will become obsolete even before fiat loses its prominence.

superjeyy

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It will surely take time for fiat to be replaced fully by Bitcoin. Since most of us has been using fiat as a mode of payment ever since the longest time we can remember, the dependency on fiat has been high. To earn Bitcoin, one must have Bitcoin and that is primarily one of the things to be considered when the time has come to replace fiat. The knowledge towards Bitcoin should be widespread and its acquirement should be done in a manner that most people can have access to in order to allow Bitcoin to be used as a mode of payment diversely.

MiF

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Quote from: Rhosadah on October 06, 2017, 10:17:26 AM

Most upper middle class people now use more digital currencies, especially bitcoins and other cryptocurrencies, but for the lower society still use paper currency so in my opinion it is balanced and has its own market every currency.

This means that bitcoin cannot replace the fiat simply because not all people are relying to computers and internet in which very important to learn for every crypto currencies transactions. The paper money was commonly and conveniently used by the poor people that if we really want to enforce to replace the fiat therefore all people shall be computer literate in which the literacy expense should be shouldered by all government.

n691309

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Quote from: rockyfeller on October 06, 2017, 06:46:43 AM

For me, right now bitcoin can not replace fiat. i agree with that!! but 2 decades from now (Worse Case Scenario) our community will use cashless or what we call peer to peer transaction so in the future Bitcoin will replace fiat and pretty sure at that age its a golden age, so early adopters will gonna be rich.

A community without fiat must not be addressed as a worst case scenario because it would be a more peaceful one as compare to the one we are living in now.

Digital currencies cannot be snatched from our wallets like common street robbers do for fiat. They even kill people in stealing money but crypto coins cannot be stolen this way. Bitcoin and other digital assets will take over the world in far future because speed will be everything then

coinholic

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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 would agree with this topic. Cryptocurrencies are just alternatives to fiat. And the main goal for creating cryptocurrencies in general would actually be to get cash. Fiat has been circulated in the trading system for centuries now. And it’s still far from possible that bitcoin or any coins for that matter would be able to replace fiat.

mware

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cash has been used for a long time and has the support of the community is difficult to replace it. maybe in the next few years, bitcoin can be used as the main payment of digital currency and not to replace fiat

malika

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I think for now Bitcoin cannot replace Fiat is simply because fiat is regulated by every government of every country if the countries will adopt the concept of bitcoin and it is supported by the goverment it might replace fiat but it would take a long period of time before it will happen because as per statistics 1% of people around the world knew about crypto currency.

dameh2100

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Bitcoin can be replaced by fiat if all nations and everybody have bitcoin. But now it's less likely to happen. Maybe when that happens, all the rich are more rich as they only get bitcoins. and all the poor will become poorer because they dont have bitcoin to spend.

bettercrypto

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I agree Bitcoin cannot replace fiat but digital currency do. Meaning Bitcoin will not be accepted by the government to replace their fiat money rather they will just create their own cryptocurrency and implement it to their citizen. Government will never let go of their hold on their countries finance system so I guess Bitcoin will always be a best as alternative but never a primary currency of any country.

bestluck

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Quote from: borishaifa on October 05, 2017, 10:56:41 PM

I would like to read this thread in 5 years, for example. I am sure it will bring me a lot of fun. I would try to keep the link, but, probably in vain. Links will be others too))) Why it would be funny for me? I am sure in five - maximum ten years there will be no fiat at all. 30% have already lost their work)) And in future all bank ~~workers~~ rascals will get their basic income and dream about "good times"

Well, you can say this but I think this is not going to happen in the near future. The way bitcoin is making its good reputation and name in the international market, there is no way that we can doubt the importance of bitcoin but the fact is paper money carries its own place and bitcoin will not affect fiat that much and both these currencies will be used by us in the coming days.

Mailly

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IÂ also believing that bitcoins can never ever replace fiat forex evn if bitcoin will be the worlds forex.Simply because fiat is owned b authorities and not the exact same as bitcoin who is owned by rich peoples.But bitcoin can be in fiat forex line but can never at any time substitute any fiat

gyu22

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Bitcoin can no replace fiat, but both fiat and bitcoin can be used in everyday economy. Some countries like Russia or Dubai are thinking in creating their own cryptocurrency, while other like Sweden plan to back their fiat with bicoins and work for a cashless society. Actually in the last decade cash transaction have plummeted.

More: https://cointelegraph.com/news/sweden-poised-to-become-leading-scandinavian-cashless-society-through-bitcoin

PNCOIN

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I think, until whenever, BTC will not be able to replace fiat. People are familiar with fiat, and even the community was not too familiar with the BTC need special teaching to make them familiar with bitcoin. although BTC can replace fiat, I'm sure it only happens in countries in crisis(Venesuela).

ankylotic

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Quote from: julius caesar on October 05, 2017, 10:08:52 AM

Quote from: countryfree on December 23, 2015, 11:05:11 AM

Of course, BTC cannot replace fiat. I certainly don't want BTC to replace fiat. I love fiat. I'll never use anything but cash to get a drink. I love having a thick stack of banknotes in my pocket. The goal should be to replace credit cards, traveler checks, and that's huge.

Yes thats true, and aince was designed to be naturally volatile system whwn our money depreciated, loss may occur in return in our side since we cannot regain it but only if raise again, so it will take time, but we cannot deny the fact that expenses dont stop and it chases us so how can we use for our daily necessities? cannot replace fiat in the sense that it will not happen since governments will nevwr allow a decentralized currency rule over them.

I am quite agree with this. Governments will create their own digital currency because that is the future of everything. in future the world is of internet and everything will be digital in the future because the world is moving towards the reduction of the use of fiat or paper money. However, bitcoin will still have a place in this world because bitcoins is decentralized. That would basically be its weapon and i think government of different countries will focus on their own digital currency.

Rhosadah

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Most upper middle class people now use more digital currencies, especially bitcoins and other cryptocurrencies, but for the lower society still use paper currency so in my opinion it is balanced and has its own market every currency.

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