Bitcoin can not replace fiat - page 47.

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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

There is not a single chance of that

At least, not until instant, ping-time payments become available, and Bitcoin turns into a sort of "bad" money ("bad" money here refers to Gresham's Law obviously), though even in that case it is not given, either. Till then Bitcoin will remain mostly a speculative asset, and such assets can calm down only at zero level. There is simply no mechanism in place that would justify Bitcoin use for anything other than speculation on a large scale. And this is not going to change until and unless Bitcoin paradigm changes (e.g. due to introduction of payment channels with fast and free transactions)

nethan1btc

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In my own opinion fiat can be replaced with bitcoin if ever government will implement fiat currency to a legal currency to use for daily spending for all people around the world. But when government will not recognize bitcoin to be worldwide currency to be used, still it would not replace fiat as currency and remain as independent currency. For now it will be impossible to replace fiat with bitcoin because not all people in the whole world knew bitcoin and it's certain use to our lives, and no proper education about it is the main reason.

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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.

There is a chance that bitcoin can be stabilize especially on its price but i don't think that it will not show any price swings after the massive adoption for bitcoin. I believe that if bitcoin will have a higher price, the price will move more often than now because a lot of people will try to play the market and also the whales will be more playable because they got a lot bitcoins.

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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.

Japinat

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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.

batang_bitcoin

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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.

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Quote from: llyfee4u on May 09, 2017, 02:57:14 PM

Your take on this is very interesting actually. Whilst i agree that perhaps bitcoin won necessarily replace fiat, i believe it would eventually become an alternative. Seen as just another currency (i.e dollar, sterling, euro, btc) that is widely accepted as a legal tender in many countries across the globe. To use your coffee example, like we do now, if you were interested in buying a cup of coffee, you need to pay for it. The currency in which you chose to pay would be dependent on what is generally accepted as legal tender.
Like one has to work to acquire fiat money, equally one has to work to earn bitcoin.

Well bitcoin being decentralized will never be a main currency. Besides i guess it is the main goal why Bitcoin is created, being an alternative if a person does not want or does not like banking system. I also believe that bitcoin is best being alternative due to the fact that regulation with bitcoin will never be established,

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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.

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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.

Your take on this is very interesting actually. Whilst i agree that perhaps bitcoin won necessarily replace fiat, i believe it would eventually become an alternative. Seen as just another currency (i.e dollar, sterling, euro, btc) that is widely accepted as a legal tender in many countries across the globe. To use your coffee example, like we do now, if you were interested in buying a cup of coffee, you need to pay for it. The currency in which you chose to pay would be dependent on what is generally accepted as legal tender.
Like one has to work to acquire fiat money, equally one has to work to earn bitcoin.

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Quote from: lukmandog on May 09, 2017, 02:36:26 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.

Because units are very small in bitcoin, ie satoshi. Too much trouble if you have to shop in a store with a lot of decimal.

Too much decimal is only a tiny problem. It's mainly about the decentralization factor that banks and governments can't accept it as main currency. It's all about power and politics. But let us not dwell into things like that. The good thing is bitcoin is well accepted in most countries and this matters most.

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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.

Because units are very small in bitcoin, ie satoshi. Too much trouble if you have to shop in a store with a lot of decimal.

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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.

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Quote from: Dimelord on May 08, 2017, 11:49:05 PM

Bitcoin is the best economic invention in this century.It is getting popular day by day.But still there are more people in the world who dont even have bank accounts and don't have credit or debit cards.They are not familiar with digital transactions.They believe that fiat currency is the original currency which they could touch with their hands.It would take years for them to convert to digital transactions.So bitcoin cannot replace fiat.

Yes it includes readiness of each country if they want to allow bitcoin to be their currency. Without the advance technology that is necessary to make bitcoin work it will be nonsense.
Tradition have blinded many people that is why they are still clinging to something that they can see to say it is real.
They wont just rely on something without any physical form. Fiat will be used for many years until every country is installed with high end tech.

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Quote from: AK47- on April 16, 2017, 11:42:19 AM

I think its safe to say that bitcoin will never replace fiat in our lifetime. The currencies are matter of faith, and for the moment bitcoin will remain a side player. Will it continue rising in popularity? I think yes. To the extent that it becomes successful, it will serve as a complement to fiat currencies, as well as other cryptocurrencies.

Yeah bitcoin will become more popular in future but people will prefer to use it as a secondary currency and will use it only for online purposes and to buy anything offline they will choose to use fiat as fiat is widely used and accepted in compare to bitcoins.

Bitcoin will not replace fiat but after knowing bitcoins people will reduce the usage of fiat for sure as even now people prefer to shop using credit cards so once they are aware about bitcoins they will surely switch to bitcoins for making payments.

Credit card is different from bitcoins. Credit card might also be digital but it's all about credit. People are addicted on using credit card because they are able to buy stuffs right away even when they cannot afford it yet. Bitcoin, on the other hand, is like the counterpart which is the debit card. Imagine a debit card that allows you to send money abroad without doing that much and without paying much. That's how bitcoin is.

But even when people aren't relying on cash nowadays, there's rarely people that's switching to using bitcoins because it's not that convenient enough to most people. There's very few places in the world where you can buy stuffs directly using bitcoins, meaning without converting your bitcoins to fiat first. The merchants are kind of the problem to some but the number of merchants accepting bitcoins will not increase unless the number of bitcoin users has increased tremendously.

In its current form Bitcoin is never going to be an improvement on digital fiat, which is what you have with debit and credit cards. The digital transfers by the cards are cheaper, faster, and offer legal protections that Bitcoin does not. Any one of those is a large advantage over Bitcoin, but taken together... Bitcoin doesn't compare.

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Bitcoin is the best economic invention in this century.It is getting popular day by day.But still there are more people in the world who dont even have bank accounts and don't have credit or debit cards.They are not familiar with digital transactions.They believe that fiat currency is the original currency which they could touch with their hands.It would take years for them to convert to digital transactions.So bitcoin cannot replace fiat.

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Yes, bitcoin will not replace the fiat. However, bitcoin can be more popularly used by people all over the world. Because the facilities are better than fiat money.

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Quote from: kikeda on May 03, 2017, 04:01:09 PM

Yes bitcoins can never replace fiat as the user of fiat are much higher in compare to bitcoins and even in future majority of people will prefer to use fiat money as they are very much used to it and find comfortable in using it.

bitcoin is much comfortable than fiat, people only need to understand and know about bitcoin. than they'll see how easy and smooth using bitcoin is.
right now higher amount of population using fiat, but one day this scenario can change,

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Bitcoin is just Bitcoin. Fiat is only a thing that the rich people want circulating so that they could manipulate people by using a physical item. Bitcoin is pretty much money as well, well not technically money though you get what I mean -Bitcoin has the same features as money, it just has less rules.
If someone loses their Bitcoins then it's on them, they have nobody to sue if that scenario happened.
Fiat usually has many lawyers attached to it, whether they'll be on your side or the other side kind of depends on how much Fiat you have.

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Yes bitcoins can never replace fiat as the user of fiat are much higher in compare to bitcoins and even in future majority of people will prefer to use fiat money as they are very much used to it and find comfortable in using it.

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Quote from: Rostadom on April 19, 2017, 09:32:58 AM

Quote from: abstractednerve on April 17, 2017, 11:56:05 AM

Quote from: daxiake on April 17, 2017, 10:33:26 AM

Quote from: AK47- on April 16, 2017, 11:42:19 AM

I think its safe to say that bitcoin will never replace fiat in our lifetime. The currencies are matter of faith, and for the moment bitcoin will remain a side player. Will it continue rising in popularity? I think yes. To the extent that it becomes successful, it will serve as a complement to fiat currencies, as well as other cryptocurrencies.

Yeah bitcoin will become more popular in future but people will prefer to use it as a secondary currency and will use it only for online purposes and to buy anything offline they will choose to use fiat as fiat is widely used and accepted in compare to bitcoins.

Bitcoin will not replace fiat but after knowing bitcoins people will reduce the usage of fiat for sure as even now people prefer to shop using credit cards so once they are aware about bitcoins they will surely switch to bitcoins for making payments.

Credit card is different from bitcoins. Credit card might also be digital but it's all about credit. People are addicted on using credit card because they are able to buy stuffs right away even when they cannot afford it yet. Bitcoin, on the other hand, is like the counterpart which is the debit card. Imagine a debit card that allows you to send money abroad without doing that much and without paying much. That's how bitcoin is

Do you have a debit card yourself?

Card-to-card payments are instant (and they are truly instant unlike Bitcoin payments), and in many cases they are either cheap or entirely free of charge. On the contrary, Bitcoin transactions nowadays are already far from being cheap, they are no longer cheap by any means. Apart from that, people often use the phrase credit card synonymously with just a payment card. They don't necessarily mean it to be a real credit card (I agree this is an incorrect usage but we have what we have)

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