Bitcoin can not replace fiat - page 45.

Wesimon

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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.

True that bitcoin cannot replace fiat. But ofcourse we cannot change the fact that Bitcoin can be converted into fiat too. It is a good investment, sometimes better than fiat. There are so many positive thing that bitcoin promises for us in the future. On the process I know bitcoin would have many improvements. Let us not isolate ourselves on the flaws of bitcoin transactions right now, because we all know that everything always has room for improvement. Same goes with bitcoin.

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Quote from: ekoice on May 14, 2017, 04:33:44 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.

ekoice

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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.

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Quote from: Achargeturry78 on May 14, 2017, 02:50:25 AM

Quote from: Rinder on May 13, 2017, 03:52:29 PM

Bitcoin is amazing to store of value, as well to get value over time to deal isnt really such atractive at all, imagine you go eat at some shopping and then have to wait 1-4 hours to get your payment confirmed, no sense at all. Fiat is good for business due to those, you choose you pay and leave, bitcoin loooks like will not have such, its very good for investment and save purpose.

1 to 4 hours is a butt hurt. but i think some innovations from the blockchain with the excemption for the stores would be nice. like for example no cancellation of payment when transacted with this wallet. it might be that way so no need to wait for the full confirmation before you leave.

That is not applicable if you have to wait that long, even if you will pay a big fees sometimes it does not take too fast, the system itself has some congestion and that is due to a big transaction that is happening in the blockchain, well if we will accept that reality maybe we can think of other ways which would still help us to make a transaction successful, so far I consider it a minor problem.

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Quote from: Rinder on May 13, 2017, 03:52:29 PM

Bitcoin is amazing to store of value, as well to get value over time to deal isnt really such atractive at all, imagine you go eat at some shopping and then have to wait 1-4 hours to get your payment confirmed, no sense at all. Fiat is good for business due to those, you choose you pay and leave, bitcoin loooks like will not have such, its very good for investment and save purpose.

1 to 4 hours is a butt hurt. but i think some innovations from the blockchain with the excemption for the stores would be nice. like for example no cancellation of payment when transacted with this wallet. it might be that way so no need to wait for the full confirmation before you leave.

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Quote from: MingLee on May 12, 2017, 03:59:25 PM

Quote from: phr0stbyt3 on May 12, 2017, 03:42:44 PM

Quote from: avacadoareg4u on May 10, 2017, 08:15:06 PM

Bitcoins could never replace fiat currency. Why? because governments wont allow it to, just like US government wouldn't allow Saddam Hussein to denominate Iraqi oil in Euros.

Oh well that's a really true fact , if a country want they can surely adopt for the use of bitcoins in their country but yeah if any of the country decides to adopt bitcoin for foreign trade it would be a indirect call for us to invade them. I actually feel that the main use of bitcoin is for foreign trade and not adoption of it as a fiat , but until us is there none of this will be ever possible.

You'd be surprised how many countries the US has directly or indirectly invaded as a means of securing their currency dominance globally. Just within the past few years we've been seeing some larger countries the China and Russia starting to play outside the box and using their own currencies, but for what was probably the last 50-80 years the US has had next to complete control and no-one was willing to stop them

I wouldn't say that it was exactly for "securing their currency dominance globally"

US dollar dominance was a beneficial side effect, but they certainly didn't go for it specifically. In other words, they didn't plan something like "let's invade Iraq and hang Hussein since he questions the dominance of the American dollar". The US was just expanding the sphere of their political influence and domination (the Soviets had been doing essentially the same), and that inevitably pushed economic interests of the dominated countries toward the US

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Bitcoin is amazing to store of value, as well to get value over time to deal isnt really such atractive at all, imagine you go eat at some shopping and then have to wait 1-4 hours to get your payment confirmed, no sense at all. Fiat is good for business due to those, you choose you pay and leave, bitcoin loooks like will not have such, its very good for investment and save purpose.

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Quote from: scambust on May 13, 2017, 03:20:26 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.

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Quote from: thebestgamer on May 09, 2017, 09:38:01 PM

Quote from: Japinat on May 09, 2017, 08:54:56 PM

Quote from: batang_bitcoin on May 09, 2017, 04:44:52 PM

Quote from: akar87 on May 09, 2017, 01:44:40 PM

Bitcoin will not be able replace fiat for now because of several factors. Among them are unstable bitcoin exchange rates and international laws protecting bitcoins dont' yet.

Yes there are a lot of factors that bitcoin really can't be considered for replacing fiat. Even the price is getting higher and higher nowadays still that is not going to matter because in the end the government is the one that will be followed and law makers are coming from the. But let's see one day we will be having paperless transactions.

It's not about the price but on the adoption, fiat is adopted by all people in the world and even users of bitcoin is using it regularly, with the success of bitcoin will just make the transaction faster and will also increase the circulation of fiat, it's like fiat to bitcoin and then bitcoin back to fiat so at the end of the day all bitcoins will be converted to fiat in order to enjoy its value.

bitcoins value will be derived from how many people use it. when the user base of bitcoin becomes large enough, its conversion price to fiat currency will naturally stabilize and we wont see any crazy price swings like we did in the past.

I don’t agree I suggest you to study and get some research work done for it. Those people who know the history of the fiat that how it came into being will never discuss this issue and will wind it up with only a single word “Never”. It Is good to fantasize about it to get some time of this world but being practical if you ask it from any economist, will say nothing to you but will laugh at you.

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

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Quote from: nmaryrai on May 13, 2017, 02:47:13 PM

Can be. Because it depends on the demand and supply of all the markets in the world that is unpredictable. To beat dollar, maybe can. But it took a very long time. Because volume dollar circulation in market circulation is very much people hold dollar.

You can also add something that people will not be very happy with the transition to bitcoins, even if one assumes this. The fact is that Bitkoyn has his abilities with circulation and inability to form or train those who do not want to shout with crypto currency.

nmaryrai

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Can be. Because it depends on the demand and supply of all the markets in the world that is unpredictable. To beat dollar, maybe can. But it took a very long time. Because volume dollar circulation in market circulation is very much people hold dollar.

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Quote

Also by seeing whats in front of us and I mean its not even about everyone getting to have access on the internet but the legality of Bitcoin. We all know that Fiat Currency is strong and stable because a country is the one running their own currency. Bitcoin does not have the support it needed to replace Fiat, let us simply put Bitcoin as some kind of currency that is controlled by the big players in which they hold its future.

Until bitcoin has legality and legal force, bitcoin cann't replace dollar. Although facilities and facilities owned bitcoin better than dollar.

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Quote from: Darker45 on May 13, 2017, 04:51:08 AM

Quote from: passwordnow on May 12, 2017, 05:21:07 PM

Quote from: grermezter on May 12, 2017, 05:26:53 AM

Bitcoin will not and cannot replace fiat, there are some people who are not educated that much in the world of crypto currency, and these people will always use paper money even most of the current generation have no clue about bitcoins and thus will continue to use fiat for a long time.

And also include those people that are not educated when it comes to technology. They should be aware first and adopt technology before they are going to know and learn on how to use bitcoin. But most of them will think that using crypto or bitcoin is just a waste of time, just like me before. "Why there's a need to use this if there's cash?"

Plus not all the places in the world have internet access. And yeah imagine if you are in a hurry and blockchain is traffic? LOL. If bitcoin can't make it super fast then someone is going to be adopted which is instant or at the very least fast enough.

Also by seeing whats in front of us and I mean its not even about everyone getting to have access on the internet but the legality of Bitcoin. We all know that Fiat Currency is strong and stable because a country is the one running their own currency. Bitcoin does not have the support it needed to replace Fiat, let us simply put Bitcoin as some kind of currency that is controlled by the big players in which they hold its future.

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Quote from: Darker45 on May 13, 2017, 04:51:08 AM

Quote from: passwordnow on May 12, 2017, 05:21:07 PM

Quote from: grermezter on May 12, 2017, 05:26:53 AM

Bitcoin will not and cannot replace fiat, there are some people who are not educated that much in the world of crypto currency, and these people will always use paper money even most of the current generation have no clue about bitcoins and thus will continue to use fiat for a long time.

And also include those people that are not educated when it comes to technology. They should be aware first and adopt technology before they are going to know and learn on how to use bitcoin. But most of them will think that using crypto or bitcoin is just a waste of time, just like me before. "Why there's a need to use this if there's cash?"

Plus not all the places in the world have internet access. And yeah imagine if you are in a hurry and blockchain is traffic? LOL. If bitcoin can't make it super fast then someone is going to be adopted which is instant or at the very least fast enough.

The most likely scenario is that someone will create it and then bitcoin simply would have to adopt it. That's altcoin's purpose after all. They are a prototype of what bitcoin can be in the future. Some coins are faster than bitcoins but still not fast enough.

If you're in such a hurry, then just use the remittance. People are being so problematic about bitcoin's feature as if they are really using it in real life that much.

You're probably never going to have a bitcoin transaction to people that don't have an Internet access so no need to problematize it. Just like how you're probably not going to have a real life transaction (or meet up transaction) with someone that only accept dollars. Those that only accept dollars live in a place where dollar is the local currency.

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Quote from: passwordnow on May 12, 2017, 05:21:07 PM

Quote from: grermezter on May 12, 2017, 05:26:53 AM

Bitcoin will not and cannot replace fiat, there are some people who are not educated that much in the world of crypto currency, and these people will always use paper money even most of the current generation have no clue about bitcoins and thus will continue to use fiat for a long time.

And also include those people that are not educated when it comes to technology. They should be aware first and adopt technology before they are going to know and learn on how to use bitcoin. But most of them will think that using crypto or bitcoin is just a waste of time, just like me before. "Why there's a need to use this if there's cash?"

Plus not all the places in the world have internet access. And yeah imagine if you are in a hurry and blockchain is traffic? LOL. If bitcoin can't make it super fast then someone is going to be adopted which is instant or at the very least fast enough.

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Quote from: Vikingr on May 09, 2017, 03:07:29 PM

Quote from: akar87 on May 09, 2017, 01:44:40 PM

Bitcoin will not be able replace fiat for now because of several factors. Among them are unstable bitcoin exchange rates and international laws protecting bitcoins dont' yet.

The factors which you provided is not any main problem which will hurdle bitcoin to replace fiat because the unstable rates on exchanges are due to low number of people on bitcoin when the users of bitcoin will increase then a stability will come regularly and as the users increase the international law will come in favor of bitcoin.

But I guess it is not about the number of the people using it but the only difference that differentiates these both is that the BTC is a decentralized currency. No country will trust it till the end day when it comes to a national issue. We need to make it clear that the fiat is backed by a country or a state with delivering its strength to the others and there are many national issues related to a currency. Second the store of value is a real issue.

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Quote from: grermezter on May 12, 2017, 05:26:53 AM

Bitcoin will not and cannot replace fiat, there are some people who are not educated that much in the world of crypto currency, and these people will always use paper money even most of the current generation have no clue about bitcoins and thus will continue to use fiat for a long time.

And also include those people that are not educated when it comes to technology. They should be aware first and adopt technology before they are going to know and learn on how to use bitcoin. But most of them will think that using crypto or bitcoin is just a waste of time, just like me before. "Why there's a need to use this if there's cash?"

MingLee

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Quote from: phr0stbyt3 on May 12, 2017, 03:42:44 PM

Quote from: avacadoareg4u on May 10, 2017, 08:15:06 PM

Bitcoins could never replace fiat currency. Why? because governments wont allow it to, just like US government wouldn't allow Saddam Hussein to denominate Iraqi oil in Euros.

Oh well that's a really true fact , if a country want they can surely adopt for the use of bitcoins in their country but yeah if any of the country decides to adopt bitcoin for foreign trade it would be a indirect call for us to invade them. I actually feel that the main use of bitcoin is for foreign trade and not adoption of it as a fiat , but until us is there none of this will be ever possible.

You'd be surprised how many countries the US has directly or indirectly invaded as a means of securing their currency dominance globally. Just within the past few years we've been seeing some larger countries the China and Russia starting to play outside the box and using their own currencies, but for what was probably the last 50-80 years the US has had next to complete control and no-one was willing to stop them.

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Quote from: avacadoareg4u on May 10, 2017, 08:15:06 PM

Bitcoins could never replace fiat currency. Why? because governments wont allow it to, just like US government wouldn't allow Saddam Hussein to denominate Iraqi oil in Euros.

Oh well that's a really true fact , if a country want they can surely adopt for the use of bitcoins in their country but yeah if any of the country decides to adopt bitcoin for foreign trade it would be a indirect call for us to invade them. I actually feel that the main use of bitcoin is for foreign trade and not adoption of it as a fiat , but until us is there none of this will be ever possible.

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