Bitcoin can not replace fiat - page 56.

taxmanmt5

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Quote from: bistrobit on March 24, 2017, 05:31:23 PM

Quote from: whizter on March 24, 2017, 05:16:16 PM

Quote from: Konthol Ngaceng on March 23, 2017, 05:05:07 AM

Yes true, currently bitcoin is the best investment because the users is increased so the price will increase, but I agree that bitcoin is never change or replace fiat money, because the government will protect fiat money.

in fact in present condition bitcoin is not in position to replace fiat, because majority of people are still using fiat as their main currency therefore i do not think that is possible in next some decades to replace fiat.

you never know when it happens,they will just announce it suddenly,like they do when happens hyper inflation,so keep bitcoin till that time,it will help you retire wisely and soon Grin

We just need to keep fighting for it. We do not know what will happen tomorrow, government might bump their minds that bitcoin can really help the entire country so they gonna use it as primary currency, though it takes time to happen and need more studies but who knows.

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Quote from: bistrobit on March 24, 2017, 05:31:23 PM

Quote from: whizter on March 24, 2017, 05:16:16 PM

Quote from: Konthol Ngaceng on March 23, 2017, 05:05:07 AM

Yes true, currently bitcoin is the best investment because the users is increased so the price will increase, but I agree that bitcoin is never change or replace fiat money, because the government will protect fiat money.

in fact in present condition bitcoin is not in position to replace fiat, because majority of people are still using fiat as their main currency therefore i do not think that is possible in next some decades to replace fiat.

you never know when it happens,they will just announce it suddenly,like they do when happens hyper inflation,so keep bitcoin till that time,it will help you retire wisely and soon Grin

That's going to be a long time of holding if you consider your bitcoin as your retirement because the price does not really just move with
one direction only, it moves up and down and you only chance to have a good retirement if in overall the value will rise.

Long term investors are getting the benefit of the value increase if they are too patient with whatever the downfall situation may happen because
once you panic, you lose all your hope and chance to gain income.

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Quote from: vnvizow on March 21, 2017, 12:21:50 PM

It was never meant to replace fiat, just to be good enough as an alternative in case fiat fails (Cyprus, Greece, Ukraine, India, etc)

The possibility of it is good enough. I do believe that time will come bitcoin will be access by all maybe it takes time but if we support it all through out then for sure it will be. It is all about us, the reason why it will be implemented. Let the government see it worth and make it as one currency. But the govt. has to see that by using bitcoin, their own economy does not suffer.

bistrobit

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Quote from: whizter on March 24, 2017, 05:16:16 PM

Quote from: Konthol Ngaceng on March 23, 2017, 05:05:07 AM

Yes true, currently bitcoin is the best investment because the users is increased so the price will increase, but I agree that bitcoin is never change or replace fiat money, because the government will protect fiat money.

in fact in present condition bitcoin is not in position to replace fiat, because majority of people are still using fiat as their main currency therefore i do not think that is possible in next some decades to replace fiat.

you never know when it happens,they will just announce it suddenly,like they do when happens hyper inflation,so keep bitcoin till that time,it will help you retire wisely and soon Grin

batang_bitcoin

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Quote from: Creepings on March 24, 2017, 05:27:47 PM

Quote from: UCHCHILD on March 24, 2017, 03:10:51 AM

I do believe that bitcoin can because it has continue supporr from the public all we need is to collect more users of it.

I dont think that it will, there are lots of other things that we must consider about this topic. It cannot replace fiat, and it will be just a digital currency, accepted by the other country in stores and used widely online.

Yeah even bitcoin has a lot of supporters and users of it, that is not enough to make it replace the old currency or fiat. Fiat is more reliable and being controlled by the government, unlike bitcoin it is decentralized and the economy of a country can be in danger and manipulation if they are going to completely surrender and replace their fiat.

Creepings

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Quote from: UCHCHILD on March 24, 2017, 03:10:51 AM

I do believe that bitcoin can because it has continue supporr from the public all we need is to collect more users of it.

I dont think that it will, there are lots of other things that we must consider about this topic. It cannot replace fiat, and it will be just a digital currency, accepted by the other country in stores and used widely online.

whizter

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Quote from: Konthol Ngaceng on March 23, 2017, 05:05:07 AM

Yes true, currently bitcoin is the best investment because the users is increased so the price will increase, but I agree that bitcoin is never change or replace fiat money, because the government will protect fiat money.

in fact in present condition bitcoin is not in position to replace fiat, because majority of people are still using fiat as their main currency therefore i do not think that is possible in next some decades to replace fiat.

jovs

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Quote from: iv4n on December 23, 2015, 10:25:37 AM

If we speaking about present time u are totally right. But future is coming, and who had cell phone, computer 30 years ago? Look what kind of phones we had 10 years ago, and look what we have now? Digital era is comming and bitcoin will find better place in that then fiat. When will that come, who knows, we can just make some speculations. What will happen with btc when people start to recive salaries in btc? When I think about it its possible that alt coins will replace fiat one day.

Yes i agree , bitcoin needs improvement and development in order to become a better currency than fiat. We all know that bitcoin need support for its value to increase. And if you are taking bitcoin as a source of income today, you personally helping bitcoin to develop and helping businesses to know about bitcoin. Because if the demand of bitcoin increase its value also increase resulting for more opportunities and more investment by the investor of bitcoin. And in the near future no doubt that bitcoin will replace fiat in transaction and businesses purposes.

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Quote from: vnvizow on March 21, 2017, 12:21:50 PM

It was never meant to replace fiat, just to be good enough as an alternative in case fiat fails (Cyprus, Greece, Ukraine, India, etc)

an alternative to the currency of any country that is not a bad thing it was a remarkable achievement for bitcoin and I think it will happen in the future bitcoin as an alternative

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Quote from: UCHCHILD on March 24, 2017, 03:10:51 AM

I do believe that bitcoin can because it has continue supporr from the public all we need is to collect more users of it.

No. In order for Bitcoin to come even close to the weakest fiat currencies, it must offer a better form of usability in all kinds of scenarios. Do you already see you using Bitcoin as a local currency for your daily purchases? You'll be forced to include a proper fee ($0.50-$1 best is closer to $1) in order to have a payment processor such as BitPay accept your transaction without any confirmations. Another point is that you can only do this with relatively low amounts (I believe it is $20-$25 valued transactions as limit). Everything higher than that will make you wait for that one confirmation to come through, regardless of the fee you include. No convenience at all.

UCHCHILD

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I do believe that bitcoin can because it has continue supporr from the public all we need is to collect more users of it.

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Quote from: marcuslong on March 23, 2017, 09:33:39 AM

Quote from: Cherylstar86 on March 23, 2017, 08:12:57 AM

Quote from: mornabo on March 23, 2017, 06:34:49 AM

Quote from: vnvizow on March 21, 2017, 12:21:50 PM

It was never meant to replace fiat, just to be good enough as an alternative in case fiat fails (Cyprus, Greece, Ukraine, India, etc)

actually I was quite satisfied with bitcoin as an option for the fiat currency. do not need too much replace fiat because it was impossible. bitcoin reality continues to grow although not overtake fiat

Yes that is absolutely right we must not replace fiat for these reason of using an optional currency because it will not preserve the anonymousity of digital currency in a long run if fiat will vanish. Bitcoin is a good source of fiat money through currency exchanging via market selling that's why many of us wanted to earn digital currency online, and even though it's now becoming very popular many business owners preferred to have paper currency money as their wealth.

Fiat is the only way where we can exchange our coin into physical money.Im using fiat since i use bitcoin Im not that kind of people who think that fiat will be vanish soon even the bitcoin will be our priority currency from internet. Earning from online is easy when you know what to do. Many of now are using bitcoin not only for business but for own purposes.

Let me rephrase that to "Earning from online is easy when you have a brain." Seriously, those people that are going to message you personally on Facebook just to ask something that they can find on Google either don't have a common sense or just want to bother you. I learned most things in life by myself (except of course the basics which were taught by my parents). It's the information age so take advantage of that fact. Type in any question in the search bar and in just a matter of seconds, you will get your answer.

Everybody that earns good amount of money started from the bottom. We used google thousands of times (not literally) and so we learned these things.

First step to earning money, either it's online or IRL, learn how to do it.

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Quote from: marcuslong on March 23, 2017, 09:33:39 AM

Quote from: Cherylstar86 on March 23, 2017, 08:12:57 AM

Quote from: mornabo on March 23, 2017, 06:34:49 AM

Quote from: vnvizow on March 21, 2017, 12:21:50 PM

It was never meant to replace fiat, just to be good enough as an alternative in case fiat fails (Cyprus, Greece, Ukraine, India, etc)

actually I was quite satisfied with bitcoin as an option for the fiat currency. do not need too much replace fiat because it was impossible. bitcoin reality continues to grow although not overtake fiat

Yes that is absolutely right we must not replace fiat for these reason of using an optional currency because it will not preserve the anonymousity of digital currency in a long run if fiat will vanish. Bitcoin is a good source of fiat money through currency exchanging via market selling that's why many of us wanted to earn digital currency online, and even though it's now becoming very popular many business owners preferred to have paper currency money as their wealth.

Fiat is the only way where we can exchange our coin into physical money.Im using fiat since i use bitcoin Im not that kind of people who think that fiat will be vanish soon even the bitcoin will be our priority currency from internet. Earning from online is easy when you know what to do. Many of now are using bitcoin not only for business but for own purposes.

Users bitkoin very little, I would say that this is a certain society and no more, and Fiat is still available to a larger number of people and more popular. I do not want to underestimate the opportunities or abilities of one of these currencies, but Fiat has a strong potential in my opinion, and for a long time.

marcuslong

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Quote from: Cherylstar86 on March 23, 2017, 08:12:57 AM

Quote from: mornabo on March 23, 2017, 06:34:49 AM

Quote from: vnvizow on March 21, 2017, 12:21:50 PM

It was never meant to replace fiat, just to be good enough as an alternative in case fiat fails (Cyprus, Greece, Ukraine, India, etc)

actually I was quite satisfied with bitcoin as an option for the fiat currency. do not need too much replace fiat because it was impossible. bitcoin reality continues to grow although not overtake fiat

Yes that is absolutely right we must not replace fiat for these reason of using an optional currency because it will not preserve the anonymousity of digital currency in a long run if fiat will vanish. Bitcoin is a good source of fiat money through currency exchanging via market selling that's why many of us wanted to earn digital currency online, and even though it's now becoming very popular many business owners preferred to have paper currency money as their wealth.

Fiat is the only way where we can exchange our coin into physical money.Im using fiat since i use bitcoin Im not that kind of people who think that fiat will be vanish soon even the bitcoin will be our priority currency from internet. Earning from online is easy when you know what to do. Many of now are using bitcoin not only for business but for own purposes.

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Quote from: mornabo on March 23, 2017, 06:34:49 AM

Quote from: vnvizow on March 21, 2017, 12:21:50 PM

It was never meant to replace fiat, just to be good enough as an alternative in case fiat fails (Cyprus, Greece, Ukraine, India, etc)

actually I was quite satisfied with bitcoin as an option for the fiat currency. do not need too much replace fiat because it was impossible. bitcoin reality continues to grow although not overtake fiat

Yes that is absolutely right we must not replace fiat for these reason of using an optional currency because it will not preserve the anonymousity of digital currency in a long run if fiat will vanish. Bitcoin is a good source of fiat money through currency exchanging via market selling that's why many of us wanted to earn digital currency online, and even though it's now becoming very popular many business owners preferred to have paper currency money as their wealth.

mornabo

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Quote from: vnvizow on March 21, 2017, 12:21:50 PM

It was never meant to replace fiat, just to be good enough as an alternative in case fiat fails (Cyprus, Greece, Ukraine, India, etc)

actually I was quite satisfied with bitcoin as an option for the fiat currency. do not need too much replace fiat because it was impossible. bitcoin reality continues to grow although not overtake fiat

Konthol Ngaceng

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Yes true, currently bitcoin is the best investment because the users is increased so the price will increase, but I agree that bitcoin is never change or replace fiat money, because the government will protect fiat money.

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Quote from: Theb on March 22, 2017, 09:20:26 AM

Quote from: Raxitto on March 22, 2017, 08:39:45 AM

Opposed to strong currencies such as the Euro and the Dollar, it is not supported by any economic activity of a country, nor issued by a national authority. Today, the currency can be used to buy products online and is even used in some physical stores, more open to consumers of new technologies.
But the great movement that is being set up around it will make it impossible for many to get in the way, which will increase confidence in Bitcoin and make the whole infrastructure grow and gain solidity.

This is exactly the point I was looking for. Bitcoin as a currency won't last long if it is not backed by the people. Unlike the Fiat currencies it is supported by their respective countries in which Bitcoin lacks it only depends on the demand of the people using it. Without demand from anyone Bitcoin would be worth nothing. What I mean about this is that the only support Bitcoin is getting is its own users without them then probably Bitcoin won't last long

Did this support help Zimbabwean dollar much?

Government support is a good thing but if it is not coupled with sane monetary policies, it won't help the local currency at the end of the day. Ultimately, the success and wellbeing of a fiat currency still comes down to the trust of people in it simply because it is ordinary Jack and Jill that use this currency en masse, not the government. That said, we necessarily come to a conclusion that it is still six of one and half a dozen of the other whether we talk about a centralized currency like fiat or a decentralized one like Bitcoin. It still largely remains a matter of trust on the part of the folks using it and how wide they use it

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Anybody who has the premonition that bitcoin will replace fiat anytime soon will actually need to wait till forever and might even be living in a world of form because it wont happen. As at today where I stay in the 21st century, it still surprises me that a lot of people do no have bank accounts and that alone signals that they dont have the tenacity to even use electronic money in which bitcoin itself relies on. How on earth will they even survive?

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Quote from: Theb on March 22, 2017, 09:20:26 AM

Quote from: Raxitto on March 22, 2017, 08:39:45 AM

Opposed to strong currencies such as the Euro and the Dollar, it is not supported by any economic activity of a country, nor issued by a national authority. Today, the currency can be used to buy products online and is even used in some physical stores, more open to consumers of new technologies.
But the great movement that is being set up around it will make it impossible for many to get in the way, which will increase confidence in Bitcoin and make the whole infrastructure grow and gain solidity.

This is exactly the point I was looking for. Bitcoin as a currency won't last long if it is not backed by the people. Unlike the Fiat currencies it is supported by their respective countries in which Bitcoin lacks it only depends on the demand of the people using it. Without demand from anyone Bitcoin would be worth nothing. What I mean about this is that the only support Bitcoin is getting is its own users without them then probably Bitcoin won't last long.

It will not replace btc. its not created to supposedly replace btc. as a matter of fact we use btc to buy USD and EUR when trading. like this very moment, now that BTc is pretty cheap. Those traders in the huge exchanges are buying btc because its cheaper. They don't worry about the hard for because it will only happen once they will decide, its not yet going to happen. Right this moment people are going to be buying BTC again using their fiat.

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