Bitcoin can not replace fiat - page 40.

Xenophoto

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Quote from: Agamemnus on October 01, 2017, 08:03:03 AM

Bitcoin IS replacing FIAT as we speak. It has been performing better than FIAT since it's inception and even has a lower volatility rate, despite people shouting how volatile Bitcoin is.

What did I just read? Bitcoin is not replacing fiat at all. Bitcoin has become an alternative option as a payment method but I have never looked at bitcoin as something that is currently replaying fiat. Fiat is something that will always be there as it has support from the government while cryptocurrencies don't have that.

Bitcoin has a lower volatility rate? How? It has a lower volatility rate as opposed to other cryptocurrencies, but as opposed to fiat? That's like night and day difference. There's only few fiat currencies that are actually volatile and most fiat currencies are just steady with some movements every now and then. It doesn't matter if people are shouting or whispering how volatile bitcoin is, take a look at the reality by yourself and find out the fact that it is actually very volatile just like any other speculative assets.

deisik

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Quote from: Agamemnus on October 01, 2017, 08:03:03 AM

Bitcoin IS replacing FIAT as we speak. It has been performing better than FIAT since it's inception and even has a lower volatility rate, despite people shouting how volatile Bitcoin is

What are you smoking?

You may want to visit any decent exchange to see how volatile Bitcoin is in real life (and other cryptos are even more volatile). It is not about just people shouting, it is in fact the reality which is shouting right in your ears. Further, I'm curious if you can explain how Bitcoin is performing better than fiat. Which fiat do you refer to here? There are quite a few fiat currencies out there. Anyway, if Bitcoin were really better than fiat, why do we still have to pay with fiat in shops?

BitcoinPanther

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I agree Bitcoin will never replace fiat because this two are created by two different people with different purpose. Bitcoin is created to address the trustless system. Aside from that government will not allow it. I believe they will create another digital currency that only them have control and can only look at the blockchain.

Another thing is Bitcoin have limited supply while money can be created out of thin air.

LesterD

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Quote from: Agamemnus on October 01, 2017, 08:03:03 AM

Bitcoin IS replacing FIAT as we speak. It has been performing better than FIAT since it's inception and even has a lower volatility rate, despite people shouting how volatile Bitcoin is.

what are you talking about, bitcoin is money, you have to exchange bitcoin to fiat to use that money you work hard. and since you are using bitcoin you actually need fiat to use bitcoin in the market. remember, not all the store are accepting bitcoin so you have to exchange it first to fiat to use it.

Agamemnus

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Bitcoin IS replacing FIAT as we speak. It has been performing better than FIAT since it's inception and even has a lower volatility rate, despite people shouting how volatile Bitcoin is.

borishaifa

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Bitcoin really can not replace fiat. There is nothing to replace. Fiat is yesterday.

Yarskdave

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Bitcoin can not replace faint money even if that will happen not any time soon cause bitcoin is a. Decentralized currency and is not under any central bank of any country so it will be difficult for it to be generally accepted in all countries of the world eg as a generally accepted currency at the point of every purchase like in market and mall in our country.

nasipadang

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I think, bitcoin can't replace fiat because the government itself does not like currency like bitcoin that can not be controlled, moreover now country like china ban the bitcoin exchanges and start monitoring cryptocurrency especially ICO

IIIIIIIII#VIP#IIIIIIIII

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When testing is completed and a network of lightning network is installed - bitcoin will be able to replace the fiat money very, very soon. already now there is a large number of debit cards that bitcoin uses - for example, Xapo!

hpmp

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there is no need to replace mail with email

Renai0925

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Bitcoin can never replace fiat in ease of use. In it's current state, bitcoin transactions are slow, pricey and requires internet. Bitcoin will need to resolve these, and gain government approval Lips sealed

, before it can replace fiat.

diegz

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Quote from: ProGamerJojo on October 01, 2017, 03:58:16 AM

If we speaking about present time u are totally right. But future is coming, and who had cell phone, computer 30 years ago? Look what kind of phones we had 10 years ago, and look what we have now? Digital era is comming and bitcoin will find better place in that then fiat. When will that come, who knows, we can just make some speculations. What will happen with btc when people start to recive salaries in btc? When I think about it its possible that alt coins will replace fiat one day. Wink

In my opinion, fiat will still remain, even with this modern age. I think it will take more years, before they are completely gone. When those climate change people starts to protest on streets against the using of papers.

One thing is sure, we are now on digital era, and most of the transactions are more online, with that said, bitcoin will have its own place and will be recognize as money.

ProGamerJojo

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If we speaking about present time u are totally right. But future is coming, and who had cell phone, computer 30 years ago? Look what kind of phones we had 10 years ago, and look what we have now? Digital era is comming and bitcoin will find better place in that then fiat. When will that come, who knows, we can just make some speculations. What will happen with btc when people start to recive salaries in btc? When I think about it its possible that alt coins will replace fiat one day. Wink

STT

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Quote from: Michael-crypto on September 30, 2017, 05:07:05 PM

Bitcoin is not scalable enough to replace fiat.

But it can be an additional asset, a secondary currency.

Bitcoin is more scalable then normal currency which in present form requires centralised points to regulate its worth. A free market solution will always outweigh a proprietary system, I guess I refer to crypto overall there as innovation could mean bitcoin is surpassed. The problem FIAT has it depends on a monopoly to exist, its a token for taxes.

Yamifoud

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Quote from: Kevin13 on September 30, 2017, 05:49:41 PM

Definitely, because fiat is good also in terms of transactions that doesn't need some internet connection or an electricity why would you provide a digital currency if your transaction could be offline. Both fiat and digital currency have it's important aspect and they have there on characteristics.

They are both doing great and they are making our life more comfortable than before. Bitcoin takes a new role in our daily transactions as it could be used fast and easy, a lot of time we save by using this. But it is not enough to take over fiat because of having limitations in their uses. Because the only thing that runs this digital current is internet and if it is not present in that area, it could be impossible to make transactions.

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Quote from: Kevin13 on September 30, 2017, 05:49:41 PM

Definitely, because fiat is good also in terms of transactions that doesn't need some internet connection or an electricity why would you provide a digital currency if your transaction could be offline. Both fiat and digital currency have it's important aspect and they have there on characteristics.

Yes, they have their own characteristics and usage and bitcoin and fiat can work together to make things better in our world especially in financial aspect of this world. Bitcoin can be use in online transactions because of its fast and reliable system that almost everybody likes. Fiat can be used offline that is good for all the countries because some of the countries doesn't have internet connection to get in touch with bitcoin.

Kevin13

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Definitely, because fiat is good also in terms of transactions that doesn't need some internet connection or an electricity why would you provide a digital currency if your transaction could be offline. Both fiat and digital currency have it's important aspect and they have there on characteristics.

covfefe_

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It's working nature makes me think it was made in order to replace fiat, but user looking to its limited supply rushed into stocking and manipulating the price as 78.6% of total bitcoin are already in the flow.

Michael-crypto

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Bitcoin is not scalable enough to replace fiat.

But it can be an additional asset, a secondary currency.

salihno71

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At the moment, no it cannot replace fiat. But if the main issues are solved in a functional and satisfactory way (scale up the number of transactions, speed up confirmations, reduce fees), it will probably become parallel with fiat.

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