Topic: Bitcoin can not replace fiat - page 41. (Read 163801 times)
The difficulty is that men and women do not trust bitcoin as considerably as they have confidence in fiat cash. I take into account bitcoin only as an option way to purchase and sell issues. There usually are not sufficient coins to be used by all those people that use fiat money.
Bitcoin and fiat is a different thing, a fixed value so that fiat could be used as a reference for all goods and services, while the bitcoin is decentralized so that it feels difficult to use officially let alone replacing the fiat money.
I agree, and it'll take a lot of time and effort for Bitcoin to replace fiat money. Fiat money has been here for how many decades already, it can't be replaced that easily and bitcoin is decentralized so it's hard for them to really officiate it as a fiat.
Of course,for several hundred years we use fiat and its not easy to devalue it and use cryptocurrency. It will takes several years to fully adop bitcoin and other cryptocurrency. Also technology is catching up to introduce this new currency online, but still acceptance is quite slow due to its technicalities. This millennial generations are key to the progress of cryptos.
Yes fiats are being used for a long time now but if bitcoin will be used and will be replacing fiats, we do not nees to devalue the fiats, we just need to give time for people to make their changes to adopt to these digital currency, still the problem is, people using digital currencies as the main cirrencu is still far.
Can't yet be sure of it, but something that was expected sometimes could be happened by immeasurably by us. We know that bitcoin is still in the process of development and may will be stable in value that can actually compete with a fiat currency, but i don't know whether bitcoin in the future can replace fiat currencies. It seems to me that the possibility is still small, since at now it's still used as an alternative currency for many people and is still not fully inaugurated by all governments around the world and its value is still easily influenced by many things.
Bitcoin and fiat is a different thing, a fixed value so that fiat could be used as a reference for all goods and services, while the bitcoin is decentralized so that it feels difficult to use officially let alone replacing the fiat money.
I agree, and it'll take a lot of time and effort for Bitcoin to replace fiat money. Fiat money has been here for how many decades already, it can't be replaced that easily and bitcoin is decentralized so it's hard for them to really officiate it as a fiat.
Of course,for several hundred years we use fiat and its not easy to devalue it and use cryptocurrency. It will takes several years to fully adop bitcoin and other cryptocurrency. Also technology is catching up to introduce this new currency online, but still acceptance is quite slow due to its technicalities. This millennial generations are key to the progress of cryptos.
Bitcoin and fiat is a different thing, a fixed value so that fiat could be used as a reference for all goods and services, while the bitcoin is decentralized so that it feels difficult to use officially let alone replacing the fiat money.
I agree, and it'll take a lot of time and effort for Bitcoin to replace fiat money. Fiat money has been here for how many decades already, it can't be replaced that easily and bitcoin is decentralized so it's hard for them to really officiate it as a fiat.
Of course,for several hundred years we use fiat and its not easy to devalue it and use cryptocurrency. It will takes several years to fully adop bitcoin and other cryptocurrency. Also technology is catching up to introduce this new currency online, but still acceptance is quite slow due to its technicalities. This millennial generations are key to the progress of cryptos.
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 agree that Bitcoin can't replace fiat or regular currencies. And I think bough of it should co-exist since there are still countries wherein Bitcoin and other cryptos are not legal and supported as a currency. If there's something that might happen it is that Bitcoin may be more dominant as a currency if it will be legal to most countries because transactions are faster and Bitcoin has lots of advantages than fiat. 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.
Bitcoin and fiat is a different thing, a fixed value so that fiat could be used as a reference for all goods and services, while the bitcoin is decentralized so that it feels difficult to use officially let alone replacing the fiat money.
I agree, and it'll take a lot of time and effort for Bitcoin to replace fiat money. Fiat money has been here for how many decades already, it can't be replaced that easily and bitcoin is decentralized so it's hard for them to really officiate it as a fiat.
Bitcoin and fiat is a different thing, a fixed value so that fiat could be used as a reference for all goods and services, while the bitcoin is decentralized so that it feels difficult to use officially let alone replacing the fiat money.
Not yet, cryptocurrencies needs internet and there are still lots of places in the world that doesn't have any internet connection. Another problem is that the poor can't afford their own wallet.
Yes, Bitcoin has no chance to replace fiat.The current stance of the federal reserve is to apply a constant inflationary pressure to the USD to encourage capital investment and circulation. For someone who (For instance) plans on retiring money made should be invested back into the market to protect against inflation (placing money into a portfolio with returns pinned to market growth is superior to keeping it under the mattress, because pinning your capital to market growth means you will meet or beat market growth in terms of purchasing power, versus losing purchasing power over time in cold capital)
Yeah, we live in the world where fiat is for the commoners and bitcoin for the nerds and elites.
Bitcoin cannot replace fiat completely because fiat is issued by the banks and the government.
Government will continue to print fiat currency for commoners because that is what they normally use and understand, but that's not for guys like us.
Bitcoin cannot replace fiat completely because fiat is issued by the banks and the government.
Government will continue to print fiat currency for commoners because that is what they normally use and understand, but that's not for guys like us.
Of course Bitcoin is very interesting option for asset. In my opinion not just like gold, because gold is much more stable. When I buy gold today i know that tommorow i will have my money back.How about Bitcoin? I dont know, i can take 20% more or 20% less than I pay into. Bitcoin can't replace fiat money because of slow transactions etc., but the more important problem are regulations. Goverments need to introduce crypto as a official financial product. Then your paying for caffe will be very similar to that by credit card but with crypto much faster and without huge fees
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 can't agree with you more. I also believe that Bitcoin can't replace regular currencies or fiat, maybe in the future it will be dominant, or will be used by people more than fiat, but it won't replace it. Both thing should co-exist. There will be still transactions with the use of regular currency in the future because we are already used to it. And as you've said, we also need money to acquire Bitcoin. 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.
In that time, it will depends on the demand buy of all people till saturation.
If the demand still higher than the supply, the price of Bitcoin still has chance to increases more.
The demand of Bitcoin will obviously grow in next few years. And even more if regulations will allow buy and sell cryptos freely. If the demand still higher than the supply, the price of Bitcoin still has chance to increases more.
Fiat cannot be replaced by bitcoin. Even in developed countries like US, people are not totally converted to digital transactions and fiat is used still.Most people in developing countries dont even have a bank account. They dont know how to use a credit or debit card.Indian government tried to convert people to digital transactions by demolishing high value notes and people suffer a lot there. So fiat cannot be replaced, but bitcoin may become as a secondary payment option.
I agree and most likely that is whats going to happen here. For me bitcoin can't survive by itself at this time without fiat conversion. Most btc transactions are still converted to fiat. People are so used and reliant to this main currency that it would take i think more than a few decades before bitcoin could even compete with fiat in supremacy. Though as you've said it would be very beneficial if it could be a secondary option much like how we use credit and debit cards today
I'm not sure of that
In fact, I'm very dubious that people would actually want to pay with bitcoins for their daily expenses unless they wanted to show off (which is not a good idea either). Folks may have to convert Bitcoin to fiat having "no other options to spend their money" if they literally had no other option, for example, if they had no fiat in their pockets. If you ask me, spending precious bitcoins on trivial things is a downright stupid idea since Bitcoin is a much better vehicle for speculation than fiat as well as a store of value
I agree with you mate. some people don't really use bitcoins as a mode of payment or use as for their daily expenses4.. they would still prefer to convert their bitcoins into cash so they can use it in stores or groceries. That's what I always do.
It appears like Bitcoin can't make due without Fiat, as opposed to the a different way. I went by various Bitcoin-based locales, for example, Bitify and Bitpremier. Despite the fact that the stock is recorded in BTC, their costs depend on USD. At the point when the conversion scale varies, the cost in Bitcoin likewise changes in like manner. If so, at that point by what method can Bitcoin wind up noticeably free from fiat?
If the demand still higher than the supply, the price of Bitcoin still has chance to increases more.
I think it is possible that bitcoins could replace fiat but not now it would take at least few decades or even more because bitcoins are actually not known to many people and fiat us pretty comfortable to use for daily needs and etc.Bitcoins are mostly seen as a investments due to its volatile nature but being volatile is not a good quality for a currency.Also that many countries has yet to legalised bitcoins.Currently whole world uses fiat and it will not be an easy task to just replace them.
I really prefer paying with fiat, it is more confortable, or just paying with debit cards or credit cards, so you dont need to have cash on your wallet, but it would be weird if fiat dissapears, i would not like it. I am so happy with having some bills, and i really like them, and suddenly have to be paying with digital wallets with bitcoin/altcoins would be kinda weird, and most for those people who doesnt know what bitcoin is.
Fiat cannot be replaced by bitcoin. Even in developed countries like US, people are not totally converted to digital transactions and fiat is used still.Most people in developing countries dont even have a bank account. They dont know how to use a credit or debit card.Indian government tried to convert people to digital transactions by demolishing high value notes and people suffer a lot there. So fiat cannot be replaced, but bitcoin may become as a secondary payment option.
I agree and most likely that is whats going to happen here. For me bitcoin can't survive by itself at this time without fiat conversion. Most btc transactions are still converted to fiat. People are so used and reliant to this main currency that it would take i think more than a few decades before bitcoin could even compete with fiat in supremacy. Though as you've said it would be very beneficial if it could be a secondary option much like how we use credit and debit cards today
I'm not sure of that
In fact, I'm very dubious that people would actually want to pay with bitcoins for their daily expenses unless they wanted to show off (which is not a good idea either). Folks may have to convert Bitcoin to fiat having "no other options to spend their money" if they literally had no other option, for example, if they had no fiat in their pockets. If you ask me, spending precious bitcoins on trivial things is a downright stupid idea since Bitcoin is a much better vehicle for speculation than fiat as well as a store of value
I agree with you mate. some people don't really use bitcoins as a mode of payment or use as for their daily expenses4.. they would still prefer to convert their bitcoins into cash so they can use it in stores or groceries. That's what I always do.
It appears like Bitcoin can't make due without Fiat, as opposed to the a different way. I went by various Bitcoin-based locales, for example, Bitify and Bitpremier. Despite the fact that the stock is recorded in BTC, their costs depend on USD. At the point when the conversion scale varies, the cost in Bitcoin likewise changes in like manner. If so, at that point by what method can Bitcoin wind up noticeably free from fiat?
While it is accurate that a single of the most critical motivations to develop this alternate forex was to beat the fiat hegemony, actually it appears a very considerably and virtually unrealistic chance.I genuinely hope that the foreseeable future financial relations depend on far more humanistic alternatives rather of these existing speculative and industry dependent currencies, integrated bitcoin.
bitcoin and fiat running on other spot but equally valuable. Bitcoin a pioneer in crypto world. So that means, bitcoin just ruled over virtual only and not like fiat.
Exactly, both are valuable but fiat currency have it's own capability to be used in any field. Bitcoin is just a virtual currency, even though it is popular nowadays but still couldn't replace fiat currency because of it's limitations. If it happens that bitcoin could be accepted by any transaction either local or online, a big possibilities that it could replace fiat currency. Jump to: