Bitcoin can not replace fiat - page 44.

Sled

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Quote from: WoodySpoon on September 20, 2017, 02:10:27 AM

Bitcoin will never take over fiat currency, at least not in our lifetime.

Hundreds of years of regulation, practices, and geographical locations have come to give fiat currencies value. Bitcoin is tiny in terms of volume, market cap and use cases.

Most of the worlds population hasn't even considered buying a bitcoin.

Sure I get you made some money on it but be real, it's not what you're buying your groceries with each night.

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.

WoodySpoon

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Bitcoin will never take over fiat currency, at least not in our lifetime.

Hundreds of years of regulation, practices, and geographical locations have come to give fiat currencies value. Bitcoin is tiny in terms of volume, market cap and use cases.

Most of the worlds population hasn't even considered buying a bitcoin.

Sure I get you made some money on it but be real, it's not what you're buying your groceries with each night.

Clover_Faith

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Quote from: Ethalir on December 23, 2015, 10:59:33 AM

Of course can't fiat money replace bitcoin, because we still use fiat money at the end look how much banks they are in the world they won't just change to go to bitcoin. Bitcoin is just good when you trading or other stuff. Also we need fiat for bitcoin price.

Yes of cource your right because in this business we first earn bitcoin before fiat exist. Some how fiat use to buy things in some market that can't bitcoin do.

Shomeare1932

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Sure bitcoin can not change fiat cause bitcoin can only utilized in on the web transactions and for expenditure but fiat is quite useful it can be use for day-to-day living.

Kronos21

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Bitcoin will not replace Fiat. People will prefer bitcoin. They will be much more profitable to use bitcoin. So sooner or later it will happen. Whatever the government wants it or not. But this process is complex and lengthy because unregulated currency can destroy the economy of any state.

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Quote from: Creepings on August 31, 2017, 02:54:45 PM

Quote from: unyil on August 31, 2017, 02:43:54 PM

I'm thinking what a fortunately it if bitcoin can replace fiat money?
I'm personally more comfortable as now, where bitcoin can be sold to earn fiat money in bulk. after all, a country would not accept easily if their currency was replaced by digital money. I think it's not possible that bitcoin can replace fiat money.

I think it is unfortunate. Bitcoin is still at the verge of improving and it still needs a lot of improvement with the upcoming number of users and transactions. Bitcoin can't still be used or transacted by a massive users because of the low block size and the slow confirmation.

The blocksize issue has been a tragedy with the entire digital currency network. This was often sought with updates and now with segwit implementation the block size has been raised. Bitcoin is completely functional on the trust force, so I don't think it's possible to replace fiat.

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Quote from: lllaqpt on August 27, 2017, 07:39:47 AM

The banking system that began to be built by the most influential people in the world simply will not allow bitcoin to oust conventional money. He either will exist with the usual money, or he will be destroyed.

I do not think that bitcoin will not be able to convert fiat money to seuih in line with fiat money to complement each other, nevertheless fiat money will tetyap needed in this world

Creepings

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Quote from: unyil on August 31, 2017, 02:43:54 PM

I'm thinking what a fortunately it if bitcoin can replace fiat money?
I'm personally more comfortable as now, where bitcoin can be sold to earn fiat money in bulk. after all, a country would not accept easily if their currency was replaced by digital money. I think it's not possible that bitcoin can replace fiat money.

I think it is unfortunate. Bitcoin is still at the verge of improving and it still needs a lot of improvement with the upcoming number of users and transactions. Bitcoin can't still be used or transacted by a massive users because of the low block size and the slow confirmation.

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I'm thinking what a fortunately it if bitcoin can replace fiat money?
I'm personally more comfortable as now, where bitcoin can be sold to earn fiat money in bulk. after all, a country would not accept easily if their currency was replaced by digital money. I think it's not possible that bitcoin can replace fiat money.

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Quote from: 7daystodie on August 31, 2017, 12:58:21 PM

Quote from: Theb on August 31, 2017, 12:48:01 PM

Quote from: sumangs on August 31, 2017, 12:41:54 PM

I think it can't but using bitcoin is still convenient. It is hard to encourage people to use bitcoin since they are used to fiat, especially old people. Yes, we could say bitcoin has higher value than any fiat money but the idea of bitcoin is nothing if there is no fiat money. Also, the demand of bitcoin is still low that it can't still replace fiat. Maybe someday if RFIDs are implemented around the globe there could be a possibility that it could replace fiat but it takes a long period of time.

I don't think that demand is the right criteria in which we can identify if Bitcoin can replace Fiat Currency. Because if we are basing it on demand only then Bitcoin has already took over Fiat Currency because it is the highest price currency currently in the market. And I think the right way to identify the one who is in control of the market is the usage of the currency right now Fiat currency is the most used currency out their also counting what is under it which is Credit Cards and Debit Cards.

Fiat is used more often, because people are used to it. In addition, in third world countries there is no possibility to use crypto currency. It will be difficult to introduce the crypto currency into circulation.
Most likely bitcoin will be an additional means of payment, but not the main one

Or we can use Bitcoin and crypto currency as main payment for online purchase, because it faster than Internet Banking or Visa/Mastercard when transfer money betweet countries.

7daystodie

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Quote from: Theb on August 31, 2017, 12:48:01 PM

Quote from: sumangs on August 31, 2017, 12:41:54 PM

I think it can't but using bitcoin is still convenient. It is hard to encourage people to use bitcoin since they are used to fiat, especially old people. Yes, we could say bitcoin has higher value than any fiat money but the idea of bitcoin is nothing if there is no fiat money. Also, the demand of bitcoin is still low that it can't still replace fiat. Maybe someday if RFIDs are implemented around the globe there could be a possibility that it could replace fiat but it takes a long period of time.

I don't think that demand is the right criteria in which we can identify if Bitcoin can replace Fiat Currency. Because if we are basing it on demand only then Bitcoin has already took over Fiat Currency because it is the highest price currency currently in the market. And I think the right way to identify the one who is in control of the market is the usage of the currency right now Fiat currency is the most used currency out their also counting what is under it which is Credit Cards and Debit Cards.

Fiat is used more often, because people are used to it. In addition, in third world countries there is no possibility to use crypto currency. It will be difficult to introduce the crypto currency into circulation.
Most likely bitcoin will be an additional means of payment, but not the main one

Theb

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Quote from: sumangs on August 31, 2017, 12:41:54 PM

I think it can't but using bitcoin is still convenient. It is hard to encourage people to use bitcoin since they are used to fiat, especially old people. Yes, we could say bitcoin has higher value than any fiat money but the idea of bitcoin is nothing if there is no fiat money. Also, the demand of bitcoin is still low that it can't still replace fiat. Maybe someday if RFIDs are implemented around the globe there could be a possibility that it could replace fiat but it takes a long period of time.

I don't think that demand is the right criteria in which we can identify if Bitcoin can replace Fiat Currency. Because if we are basing it on demand only then Bitcoin has already took over Fiat Currency because it is the highest price currency currently in the market. And I think the right way to identify the one who is in control of the market is the usage of the currency right now Fiat currency is the most used currency out their also counting what is under it which is Credit Cards and Debit Cards.

sumangs

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I think it can't but using bitcoin is still convenient. It is hard to encourage people to use bitcoin since they are used to fiat, especially old people. Yes, we could say bitcoin has higher value than any fiat money but the idea of bitcoin is nothing if there is no fiat money. Also, the demand of bitcoin is still low that it can't still replace fiat. Maybe someday if RFIDs are implemented around the globe there could be a possibility that it could replace fiat but it takes a long period of time.

Didle1938

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IÂ also believing that bitcoins can never ever at any time change fiat currency evn if bitcoin will be the worlds currency.Since fiat is owned b govt and not the identical as bitcoin who is owned by prosperous peoples.But bitcoin can be in fiat forex line but can by no means at any time replace any fiat

doomloop

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Quote from: DevilSlayer on August 27, 2017, 02:33:36 AM

Quote from: Parazyd on December 23, 2015, 10:54:15 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.

The bitcoin can't surpass the fiat currency for sure. Bitcoin has not enough power to replace the fiat. Fiat currency and Cryptocurrency has many differents. Bitcoin is strong but it is not enough to surpass the fiat money.

It is not about surpassing each other, it’s all about their uses and functions. Both types of currencies have their own pros and cons. Though bitcoins are more profitable than fiat but still many people will love to deal in fiat because of convenience. Still there are species that don’t like technology. I suggest stop comparing these two, both are essential for the stable economy of the world.

lllaqpt

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The banking system that began to be built by the most influential people in the world simply will not allow bitcoin to oust conventional money. He either will exist with the usual money, or he will be destroyed.

DevilSlayer

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Quote from: Parazyd on December 23, 2015, 10:54:15 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.

The bitcoin can't surpass the fiat currency for sure. Bitcoin has not enough power to replace the fiat. Fiat currency and Cryptocurrency has many differents. Bitcoin is strong but it is not enough to surpass the fiat money.

man1996

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if bitcoin usage is banned then probably all these types of currencies will be banned too i guess.Bitcoin usage can be limited and checked by imposing some restrictions on it so that it can be used authentically and correctly

Gameroid

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Quote from: Winner on May 13, 2017, 04:28:41 PM

Quote from: scambust on May 13, 2017, 04:20:26 PM

You never know, but highly unlikely. Physical coins are still important.

It is unlikely that Bitcoin will replace fiat because of the different Countries that use physical coins for money. Since physical coins are backed by a metal, the metal itself is pretty limited in the world so the amount of money the metal is worth goes up in value while the monetary value of the currency remains at a stable price.
There might be a person that will try to purchase most of the metals just so the price of the Country Currency will go up in price.

to me i think everything is possible in this world, i think bitcoin can replace fiat but it id depending on the interest of the people if more and more people will start using bitcoin, so they will stop or even reduce using bitcoin. and after some time when all the facilities that we have in fiat will be present in bitcon then people will adopt bitcoin as their main currency.

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Quote from: FlightyPouch on May 14, 2017, 05:50:26 AM

Quote from: ekoice on May 14, 2017, 05:33:44 AM

Bitcoin could not replace fiat.Most people of under developed countries believe only fiat currency as real money which they could touch with their hands.Most people don't have credit and debit cards and they are not familiar with digital transactions.So fiat would exist and bitcoin would become as secondary payment option.

And not all people can afford that kind of currency, they are not interested with that kind of currency because they are busy with their works and they are not aware of these digital bitcoin, all they know is that they earn money and they use it to support their faily especially their children.

exactly. for people who are not used to online transactions, it would be hard to make them use an alternate currency other than fiat. being able to have physical money that they can hold sometimes provide security to them and it's hard to let that go so fiat would definitely endure the times

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