Topic: Bitcoin can not replace fiat - page 46. (Read 163801 times)

Bcause fiat is a legitimate currency recognized as a means of payment and has an official exchange rate in various countries. While bitcoin, precisely there are some countries that clearly reject its existence.

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.

You yourself say that paper money is the economy and resources of the state, and what is a bitcoin? Unless you can find a decent job for bitcoin? Without it there is no circulation, and without circulation there is no demand.

Fiat currency in and of itself is completely worthless intrinsically. It is a piece of paper. The only thing that gives Fiat money its power is the government, media and financial markets that say it is valuable. If there were no government, there would be no meaning behind putting a president's face on it.  

I'm not saying this is a bad thing to do as many Kings and Conquerors minted their face on coins, but at least you had to go mine or hunt for the limited precious metal. Fiat currency literally made it so any country with political borders could set up their own Central Bank and participate in the gamed system. All the countries that didn't want to participate, well the U.S. has gone to war with...

Little known fact: Around 1865, most of the countries we know today were established. Coincidentally it's also when the Civil War ended. Do you know why...? Well, it's because around this time the majority of countries established Central Banks and their own Fiat banking systems, meaning they had to set up borders and guidelines for citizens aka a political currency. And yes, the Union won the war because they could print money.

Compound taking Fiat off the Gold system with a few World Wars and some extra credit and we are where we are today... on the verge of money 3.0. Honestly, without Bitcoin and cryptocurrency here to cushion the impact and give us a brand new way to think about money, things probably would be very bleak.

Bitcoin probably won't replace Fiat, but it will function as a nice store of value. But what is Fiat anyways? It's one of the biggest scams in human history. Maybe in this new world of money, we won't even need a currency to function "like Fiat".

Yes it's not about the price but as long as there is permission from the government there will be no replacement of fiat to bitcoin. We know the answer so far and government is not going to allow bitcoin replace the current fiat system. But I know that there are plans that they want to obsolete the usage of paper money and want to make everything digital.

Yeah , Totally true , here you can see that Fiat like usd is international currency but still Everyone no using it but btc is not international Currency ( but can be use at international level ) but still we buy or sell or make trade with the bitcoin Only just for the Fiat Only .
Not only in the bitcoin but also in the many other trading profit of cryptocurrency gave the greediness to get fust ( in the last ) .
So this is impossible to replace the Fiat .
But probably if it is possible that the whole world accept the bitcoin legally then everyone will.ske earning and deals at the international level with only bitcoin and  we will don't need of any type of the Fiat like doller or anything else .
And we will make buy sell goods with the bitcoin payment only .

But they certainly would have tight competition

Fiat money is as "bad" as it could possibly get, and sometimes, especially when governments go frenzy with issuing insane amounts of money, it is even worse than that. On the other hand, Bitcoin, given its fixed and tapering off supply of new coins is quite predictable in this respect, so everyone knows where he stands and where he is going to stand in the future (which seems to be even more important). Thereby, Bitcoin can be good "bad" money always sitting on the fence without risking to fall into hyperinflation

Bitcoin cannot replace fiat, and even tech savvy too were unaware of bitcoin. I too encountered it when I made a conversation with IT professionals who are not at all known about such an existence. When I described it to them they started to know more about it technically. So it takes time for bigger adoption from common people.

I do agree. Bitcoin though has the potential into becoming a vital part as  a medium of exchange in the global matket rather than as in national usage of Bitcoin. Bitcoin may stand side by side with fiat within the country but the chances of Bitcoin to take over the global and online market is a great deal to consider.

It is a good asset, most of the bitcoin users try to earn or buy bitcoin to they can have profit from saving it over time. It may be a second choice to fiats especially bitcoin is the first digital currency. It will be just used online and to earn profit but it will never replace fiat.

Well, powerful and greedy people won't be avoided since there is always this kind of people in every community. What is best with Bitcoin being an alternative currency is that, it somehow take those possibility of these people to take over the management of bitcoin that can result to centralization and manipulation.

Indeed, bitcoin is an alternative currency and dedicated to online used. But locally, fiat is very useful and I don't think it will ceased to exists in the future. Also in addition to that, not all people are tech savvy enough to used btc and adoption to some maybe slow.

Bitcoins just wouldnt replace fiat period. Right now its hardly a currency as it is a tool for speculation. Bitcoin has a long way to go before it becomes the currency it was designed to be nonetheless replace fiat currency.

Well, maybe bitcoin can be an alternative to fiat, but i also think that it will not replace. There are so many things to consider in bitcoins, such as unstable prices. It may be very difficult if bitcoin replaces the fiat.

I think, it will be cool ta have a connect between cryptocurrenies and fiat money.
its not a competition, they can both work hand in hand

and I think it would be best if it stays this way to avoid powerful greedy people from manipulating it. as it stands, I think there's not going to be any change when it comes to fiat being the global monetary system

There's always a conflict of interest and every government want their own to be more popular as that means it's more powerful. With bitcoin, there is no government that controls it due to it's decentralized by nature so we are just enjoying it regardless of our races because it's use worldwide and getting popular now. It's popularity somewhat has some limits and that limits is being an alternative currency and not a legal one.

Maybe currently totality of bitcoin function has not been commensurate with the fiat but did not rule out one day bitcoin can parallel with the fiat either legality or function

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.

Good point. Instantanous payment is definitely essential for price stability. Bitcoin and any sort of cryptocurrency would be unprecedented "bad" money as they do not have any intrinsic value to begin with.