Topic: Bitcoin can not replace fiat - page 53. (Read 163810 times)

Gold is precious because of its physical appearance. Unless you're talking about digital gold, I don't see any reason as to why it will be replaced by bitcoin. Gold is used in the technology world. Gold is used as well for luxuries. Bitcoin cannot do those things.

I wonder why Litecoin (or any coin for that matter) hasn't replace bitcoin yet. Even Eth hasn't replaced bitcoin yet. Bitcoin is just too strong right now to get replaced by another coin. BCU didn't even do enough damage to bitcoin. It did a good intro though. But now the coin as well as the Hard fork drama is gone.

Lightning transaction really is a necessity for bitcoin to take over. But we are not at the point yet whereas we need it a lot. Today, the transactions are still almost an instant.

(Plz don't give me the "bitcoin transactions takes too much time to get confirmed" comment because the answer will be "put some transaction fee")

It's not clear to me how bitcoin replace fiat. Bitcoin is a gold alternative, not really a fiat alternative. In order for Bitcoin to replace fiat, it would need to activate segwit first in order to profit from Lightning Networks in its full capacity.

As of today, segwit doesn't seem possible in bitcoin, but it does in Litecoin. Maybe Litecoin will replace fiat, and Bitcoin will replace gold.

Its not important for bitcoin to replace. we can easily exchange them with fiat and use for daily purpose. Bitcoin's value changes from day to day. It can't be controlled by any regulations or authorities. And manipulation is easier. So I totally agree with you in this case

Buy food for bitcoin? What do you mean? If the bitcoin is officially accepted by the government and a lot of the stores will be accept it, Because the bitcoin still not get permission by the govement

Maybe, maybe not? What is the point of a bitcoin user using Paypal if he's going to use bitcoins anyway? Plus, surely Paypal will put tremendous transaction fee on that as well when you could have used your own bitcoin wallet and avoided huge transaction fee.

I really doubt that will happen because a lot of online merchants especially the legit and automated ones accept Paypal. Even though some people are using bitcoins, most of us are still using Paypal just because it's accepted in an online shop and bitcoin is not.

Bitcoin might replace Paypal but only by the time bitcoin goes mainstream. Otherwise, Paypal will continue to be the King.

How can you tell that buying a cup of coffee is complicated? You didn't know the blockchain wallet? For your information, blockchain wallet is one of the fastest wallet receiver for bitcoin because when you transfer your bitcoins from another site to your online blockchain wallet, it already reflects in the wallet as soon as it shows the record in the blockchain so i don't think that paying stuffs via bitcoin will be complicated.

You are right it is very complicated to buy a cup of coffee through Bitcoin. It will take time to confirm, and we also don't get time to wait and shop owner also not like this type of late payment method. But we can make this simple by using Bitcoin debit card. Yes, how we use other r cards like that we can swipe or tap our card, and the amount will deduct in the form of Bitcoin.

Thats true.

Bitcoin does not have instant clearing times like paper money, but doesn't mean it can't be used.

For example, a common way to mitigate potential double spends is to require the fee to be set above a certain level. And double spends are really rare by the average consumer anyways, especilaly wehn you are buying something face to face at such a small value.

I agree it wont replace fiat, basing an economy on a deflationary asset is a terrible idea for lending and borrowing. If bitcoin acts as strictly a transitory currency it would still add a massive amount of value.

The main currency used world wide is also a digital currency, which is dollars.   The vast majority of wealth and of value exchanged is done digitally by dollars.   When banks send value between branches its mostly not done with paper in a secure van with guards, considering all the business that goes on we dont see that many of those.
The paper part of dollar is not that far from the paper wallet you can have with bitcoin.  Obviously bitcoin has its crypto security and dollar is just force and legally enforced but if we are talking digital then yep you are living in a world full of national digital currencies.

Happened a while ago.  The US government would go broke if most value was in cotton notes, they cost more to produce and handle then the worth printed on the front.  The cotton notes are just a way to send money to US farmers now, its a side show.    All the big value is handled like QE is produced, it centres around government money and regulation.    One day we will find out why its not a great idea to have the whole world held up by one central point of failure, finance or anything really.

Bitcoin alone cant replace FIAT but of course it wont ever do that.  Its one of a rainbow of alternatives to the one national currency used globally, remenant of failed Bretton woods agreement (that Keynes guy was present, that you always hear about) which dates back to WW2 now.  Many things have changed since then and so will this also.
   We'll just see green split into a prism of different colours, it was never going to be just a direct replacement one to the other.  Hopefully crypto currency will prove worthy when the time comes and become more popular and reliable in use.

Actually that isn't really true ... with cash you still need something to carry it in.  Pretty hard to live while holding all your cash in your hand.   So you need some gadget like a pocket, or wallet or purse or ...  Then there is the virtual cash, the point cards the debit cards and credit cards.   There all also bank vaults, ATM network and ATM machines.   Then there are the vast hordes of cash resisters, coin boxes, safes, armored trucks and armies of guards and police.   

Maybe cyber-currently isn't that complex.

Bitcoin is just a digital currency and to access with it you need a gadget and internet, so not all people have that requirements but in the fiat you just need to have a fiat itself to use it, So bitcoin can not replace fiat because of that, because some people cannot use bitcoin because of its requirement.

Even several years ago, transactions often took hours to confirm, sometimes days if the transaction fee was left off.   I think that if any crypo-currency is really going to replace cash, the transaction speed needs improvement.

Cryptocurrency can and most likely will replace fiat, but it's not certain if that crypto will be bitcoin

it can be bitcoin, but only if we solve this scaling debate quickly before altcoins eat away all of the market share.

I think both Bitcoin and PayPal can exist at the same time. They can serve different purposes and overlap in their uses. Bitcoin of course can be used for more things like as an investment.

actually the use of paypal is limited in limited area and bitcoin is present everywhere, as you can see the users of bitcoin everywhere in the world. that is why bitcoin replace payal.

but i think the number of such shops are present in very limited areas. but i am hopeful that when the number of bitcoin users will increase more and more, then we will be able to use bitcoin in our local shops also.

I think that is possible but it nearly impossible because if paypal will replace by the bitcoin then if they will start their own bitcoin wallet then the name of their company will be changed their old users might be confused, and we need to remember that the fees in paypal are not increasing or having inflation like what is happening in bitcoin now.

And paypal is also going to be replaced by bitcoin it seems like in the coming few future paypal will feel like they do not have any need by the community and will end up or they will also adopt bitcoin like they will also start their bitcoin wallet.

i think we can see this in future after bitcoin is accepting in many places and there are offline store that accepting bitcoin as payment. i think in future, credit card will not use again as bitcoin is more easy to use than credit card and bitcoin is not only have the card but we can save it in our android phone.