Bitcoin can not replace fiat - page 42.

MiF

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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.

For now this is the reality that we should all humbly accept that Bitcoin for now is just to be use for an investment so that we could keep a lot of papermoney. Fiat money is already tradionally use all over the world that it can be easily and very convenient to use by all people like rich, poor, and even children know how to use it. But still i believe bitcoin can replace fiat in the future if all people in the whole world will depend on computers.

kimochidesh

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We can't say anything about future. 2 decades before...use of Debit/credit card for buying everything seems to a joke, but it is practiced today. We buy a cup of tea using it. So can't predict anything about future. Who knows Bitcoin could be a mode of every small-big transaction in future.

arpon11

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Bitcoin will not replace fiat as the sole reason of creating it is not to place fiat. We have been see protest all over the world for inequality and I'll treatment from the political leaders, they control anything that contain our lives because they create the laws that empowered fiat. Bitcoin on the others hand came to create a decentralized system that disarm politicians and elites control.

bob123

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I don't think Bitcoin has to replace Fiat.
Bitcoin is a new Currency.. an alternative Currency.
I'd love to see Bitcoin being adopted widely and being used to buy everydays Stuff.

No need to completely use BTC's instead of Fiat.. but being able to choose is the Goal of BTC, it should reach someday.

Kim Domingo

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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 you do have a point in your argument that fiat cannot be really replace by bitcoin in many terms and usage. Those are variations on the usages of those two types of currencies that have existed which is the crypto and real currencies. Usages really varies on the situation so there really comes a time that we can think that bitcoin cannot replace fiat since we are traditionally using fiat since then. Yes we still do need fiat over bitcoin because still those two have their really specialization and different usages when it comes to where it must be use depending on the situation involve

palle11

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Quote from: Fireblade on September 26, 2017, 01:57:26 PM

Quote from: ?? on ??

Theoretically it could, but practically it will not as long as no government will declare it as the publicly obligatory currency of the country.

to me i think that it may be possible but not so early, it can only be possible when all the people of the world start using bitcoin, and bitcoin can provide all the facilities that fiat is already providing us, i think only then it can be possible that bitcoin will replace fiat. but i think it will take more than decades because currently i do think that more than 2% people know about bitcoin.

It could be more than a decade though but so long we are in this world, many things are possible. I think you are quite right with the few percentage of people that know bitcoin and thats one important aspect. Well, it might eventually get accepted and run side by side with fiat. It might serve the purpose or be used for huge monetary transactions .

Fireblade

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Quote from: ?? on ??

Theoretically it could, but practically it will not as long as no government will declare it as the publicly obligatory currency of the country.

to me i think that it may be possible but not so early, it can only be possible when all the people of the world start using bitcoin, and bitcoin can provide all the facilities that fiat is already providing us, i think only then it can be possible that bitcoin will replace fiat. but i think it will take more than decades because currently i do think that more than 2% people know about bitcoin.

fiulpro

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Bitcoins certainly cannot replace paper money or fiat for that matter :-
1. Not everyone knows about it... Thus.. globally it won't work for everyone.
2. There are some countries in which bitcoins are already banned.. whereas a fiat should be globally acceptable
3. No government has yet initiated ... To... Actually adopt Bitcoins as any other fiat.
4. Not everyone has access to Internet and for that matter indirectly bitcoins thus.. it makes the situation more difficult
5. And as u said... Old generation can't be expected to use it..as any other form of money...

albertvert

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Quote from: ?? on ??

Theoretically it could, but practically it will not as long as no government will declare it as the publicly obligatory currency of the country.

But I will say,It will make it in both theoretically and practically. Many know that the price of bitcoin will reach the Fiat .But for practically to be happen,if price of bitcoin will further increase means, at first time. The bitcoin price is Now keep on increasing, in future the bitcoin will replace the FIAT.Many Governments are fearing for this to happen.By considering this they start to ban like China.

Dhaaaw

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Well its logical since bitcoin got its value calculated with fiat money and unlike gold bitcoin mining is nearly over so maintaining a stable value with bitcoin will be impossible and therefore useless in whatever fiat succeeds at.

kamotharnn

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Quote from: player514 on September 22, 2017, 03:06:11 PM

Quote from: xCryptoManiaX on September 22, 2017, 11:23:34 AM

I doubt it will as well. I mean come on - Fiat has somewhat stable "price" but Bitcoin... Going from 2k to 5k and then to 3k in a few months, come on...

Volatility might be stabilized in the future. I think confirmation time could also be another issue with Bitcoin being used as fiat currency. As of now, you need to wait before you can actually get what you pay for because there is always a chance of a double spend unless those confirmations get through.

I think that we do not need the stable in the bitcoin price. The more unstable bitcoin is, the more money we can earn from bitcoin. And I never expect that bitcoin will replace fiat in the future because it is better to become a digital gold than fiat. Bitcoin is heading to become the best investment which is even better than gold

player514

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Quote from: xCryptoManiaX on September 22, 2017, 11:23:34 AM

I doubt it will as well. I mean come on - Fiat has somewhat stable "price" but Bitcoin... Going from 2k to 5k and then to 3k in a few months, come on...

Volatility might be stabilized in the future. I think confirmation time could also be another issue with Bitcoin being used as fiat currency. As of now, you need to wait before you can actually get what you pay for because there is always a chance of a double spend unless those confirmations get through.

naidray

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Quote from: taxmanmt5 on March 25, 2017, 04:24:52 AM

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Quote from: whizter on March 24, 2017, 05:16:16 PM

Quote from: Konthol Ngaceng on March 23, 2017, 05:05:07 AM

Yes true, currently bitcoin is the best investment because the users is increased so the price will increase, but I agree that bitcoin is never change or replace fiat money, because the government will protect fiat money.

in fact in present condition bitcoin is not in position to replace fiat, because majority of people are still using fiat as their main currency therefore i do not think that is possible in next some decades to replace fiat.

you never know when it happens,they will just announce it suddenly,like they do when happens hyper inflation,so keep bitcoin till that time,it will help you retire wisely and soon Grin

We just need to keep fighting for it. We do not know what will happen tomorrow, government might bump their minds that bitcoin can really help the entire country so they gonna use it as primary currency, though it takes time to happen and need more studies but who knows.

I am not sure yet about using at as a primary currency but ine thing I am sure of is that most governments worlwide are beginning to look into blockchain technology and ways it can benefit their economy. If this keeps going on, we will see a whole lot of country adopting it as a currency. However, bitcoin replacing fiat, that I am not sure if there could be a possibility of that anytime soon.

xCryptoManiaX

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I doubt it will as well. I mean come on - Fiat has somewhat stable "price" but Bitcoin... Going from 2k to 5k and then to 3k in a few months, come on...

bleachX

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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.

Alttradex

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It is unlikely bitcoin will replace fiat entirely and both have been able to coexist well so far. As there is increased adoption of cryptocurrencies though, the benefits of using either one in different use cases will become increasingly obvious. One thing is for sure, there are very interesting times ahead.

Charot12345

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It cannot replace fiat now or next few years but I think it has the possibility to happen. Not all people know bitcoin though it is popular to other country. Other people can see that it is a good investment but others has different view, they think that it has a big risk because of it’s price fluctuation so the other person not accept bitcoin that makes it hard for the bitcoin to replace fiat. And also to acces bitcoin we need gadget, internet connection that many others don’t have.

ekoice

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Yes,in no way,bitcoin could replace fiat.Bitcoin was earlier used a currencu when its price was lower and people didn't realize about its true potential.Later,transaction issues started as transaction fee became very high or else transaction got stuck.By activating segwit,it was solved.but now,with its ever increasing price,people have started to use it as an investment which could give high returns instead of spending it as a currency to buy any products.So,nowadays,its almost used as an investment.Even if gets legalized,it would be still used as a secondary currency and fiat currency would still enjoy the privilege as a primary currency.

twicezeroiszero

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Quote from: chickenado on September 20, 2017, 03:40:05 PM

Quote from: jamids on September 20, 2017, 04:30:31 AM

Quote from: Sled on September 20, 2017, 03:29:43 AM

Indeed, even for us that bitcoin seems a popular currency and it is a great investment to put our money but for most of the people in the world, it is not an interested topic for them to buy bitcoin and consider it as a legit investment because for them, bitcoin is not worth it because of its fluctuations which is wrong and even bitcoin cannot replace the fiat money, it can still be adopt by a lot of people and the majority of the people in the world just need some orientation so they can learn and understand bitcoin.

It is still hard for bitcoin to replace fiat because many people don't even have access yet to the basic tools needed to transact using bitcoin. People need gadget, electricity and internet connection and there are so many people who have no access yet to this kind of necessities. In developing countries, some people don't even have electricity so it would be hard for them to transact using it. More possibility is that they don't even know about it so it would be kind of hard for bitcoin to replace fiat during this time.

The only option I can see for bitcoin now is treat it as a store of value along with precious metals and commodities as many are saying its kind of expensive to transact small value transactions so having it as an option for long term investment is a good way of using it. Maybe it cannot replace fiat but it will co-exist with it along with all other cryptocurrencies.

I would strongly agree that it will not replace fiat because for now while it's currency behavior been always volatile, there's no reason to replace fiat at all. But if ever there's a possibility that the government will adopt this currency, I guess it will become stable of it's price value which merely beats fiat money and people will patronized the usage of digital currency.

A digital currency is a currency can taxes by the government, if Bitcoin can not does that, it never become a digital currency.
And we do not need to have a new digital currency today, because PayPal, Perfect Money ... also digital currencies for our choice.

50ouncebrew

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Bitcoin can, and will, replace fiat. Fiat is a dying system and Bitcoin is ushering in a decentralized one that is going to change the way we all value things.

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