Bitcoin can not replace fiat - page 57.

Theb

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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.

Jasad

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= jasad =

Quote from: Erza on March 22, 2017, 06:42:06 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)

Yes and it never replace fiat. As long as government can't take full control of bitcoin, that means fiat will still rule for sure and bitcoin will have no chance to beat in people believing, since that fiat is already there from long time ago and most people believe that bitcoin is just virtual money, that is one of the reason some people dont want to use it too. The percentage of bitcoin user is still smaller than fiat user

yeah people have too much expectation in bitcoin ,
fiat will still there alongside bitcoin nothing should be replaced ,
really not necessary as bitcoin invented for payment option ,
but as time goes by the demand keep increasing and spreading to another field and bitcoin adapt on every situation.

Raxitto

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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.

Rostadom

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Quote from: Erza on March 22, 2017, 06:42:06 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)

Yes and it never replace fiat. As long as government can't take full control of bitcoin, that means fiat will still rule for sure and bitcoin will have no chance to beat in people believing, since that fiat is already there from long time ago and most people believe that bitcoin is just virtual money, that is one of the reason some people dont want to use it too. The percentage of bitcoin user is still smaller than fiat user

I believe that people don't believe on bitcoins simply because they don't know it. If they understand about how the whole thing works, and how the miners cooperate with each other to keep the network safe and running, they will finally realize the true value (not the price) of bitcoins.

Bitcoin is just a virtual money and so is the majority of fiat money. Almost everyone's money is inside the banks and they access it using their cards. You don't see a billionaire having his billion dollars printed out. It's usually in the banks both for the safety and so that it'll not consume space in his property.

Erza

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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)

Yes and it never replace fiat. As long as government can't take full control of bitcoin, that means fiat will still rule for sure and bitcoin will have no chance to beat in people believing, since that fiat is already there from long time ago and most people believe that bitcoin is just virtual money, that is one of the reason some people dont want to use it too. The percentage of bitcoin user is still smaller than fiat user

vnvizow

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

pinkpanther03

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Fiat can't be replace by bitcoin, and its been several years that fiat is being used in the entire world in different countries. Although bitcoin is an open source which can be used only for online payment but it can be use as conversion into fiat also.

cyclotronmajesty

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Quote from: Alfa123 on March 19, 2017, 02:17:43 PM

Quote from: ?? on ??

Quote from: Paid Piper on March 19, 2017, 02:03:29 PM

Quote from: panganib999 on March 19, 2017, 04:41:43 AM

Agree. Because bitcoin is digital and you need gadget and internet to access it so many people can't access bitcoin because of that so i am agree with that. beside fiat didn't that at all so fiat is more reliable with all people so i strongly agree with you.

i think bitcoin do not need to compete with fiat, as bitcoin is a digital currency and is mostly use as for online purposes, and may be in very little place people may be using in offline shops.

That's right and even if we talk about spending them on online sites there are not many options to spend them as very few sites are accepting bitcoin as a payment method and it will take longer for other sites to start accepting it and the fact is people are more comfortable in using fiat.

It is still more convenient to use fiat. But if the crypto currency will develop, then their use should be easy. Already, we hear that many stores have begun to take bitcoin. In the future there will be even more places where it is possible to spend crypto currency. But I'm not sure that the crypto currency will replace Fiat

Its really hard to believe that bitcoin can take over fiat currency in future as the popularity of bitcoin is limited at a moment and even in future we cannot expect that each and every person will start using bitcoins keeping fiat aside as people who are used to fiat currency will always prefer to use without making things complicated by getting into bitcoins.

szpalata

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Quote from: USB-S on December 23, 2015, 10:02:29 AM

Quote from: Parazyd on December 23, 2015, 10:01:13 AM

Quote from: USB-S on December 23, 2015, 09:57:47 AM

However if one already owns bitcoins, this problem that you have becomes non-existent.

Yes, but what I am talking about is mass adoption. I don't see my grandmother owning BTC.

Bitcoin wasn't designed to be used by 70 year old ghouls. However the newer generation will get this.

Exactly, so it makes the process of replacing fiats gradual and not something that's bound to happen any time soon. At least it might take a full generation.

Alfa123

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Quote from: ?? on ??

Quote from: Paid Piper on March 19, 2017, 02:03:29 PM

Quote from: panganib999 on March 19, 2017, 04:41:43 AM

Agree. Because bitcoin is digital and you need gadget and internet to access it so many people can't access bitcoin because of that so i am agree with that. beside fiat didn't that at all so fiat is more reliable with all people so i strongly agree with you.

i think bitcoin do not need to compete with fiat, as bitcoin is a digital currency and is mostly use as for online purposes, and may be in very little place people may be using in offline shops.

That's right and even if we talk about spending them on online sites there are not many options to spend them as very few sites are accepting bitcoin as a payment method and it will take longer for other sites to start accepting it and the fact is people are more comfortable in using fiat.

It is still more convenient to use fiat. But if the crypto currency will develop, then their use should be easy. Already, we hear that many stores have begun to take bitcoin. In the future there will be even more places where it is possible to spend crypto currency. But I'm not sure that the crypto currency will replace Fiat

Paid Piper

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Quote from: panganib999 on March 19, 2017, 04:41:43 AM

Agree. Because bitcoin is digital and you need gadget and internet to access it so many people can't access bitcoin because of that so i am agree with that. beside fiat didn't that at all so fiat is more reliable with all people so i strongly agree with you.

i think bitcoin do not need to compete with fiat, as bitcoin is a digital currency and is mostly use as for online purposes, and may be in very little place people may be using in offline shops.

r32godzilla

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There is no need for bitcoin to replace fiat and they both can work together people who are comfortable in using bitcoin will continue to do so and those who are unaware bitcoins will need fiat to take care and the fact is fiat is more popular then bitcoin at a moment.

TheAlgorithm

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Quote from: delliaerd on March 18, 2017, 07:09:04 PM

Quote from: PokerDiceMan on March 18, 2017, 05:32:45 PM

Quote from: Vivace92 on March 16, 2017, 04:09:17 AM

There has not been a country that officially approved the use of bitcoin, the main factor because they are still using fiat money for all transactions. Bitcoin will never replace a fiat money because bitcoin is decentralized and could not be in control.

i agree with you bitcoin can't replace fiat money
bitcoin until now still not ready regulated, have not physic, if can replace fiat money must have physic
but bitcoin this now is number one digital curency, the best payment curency and easy use

The other reason is due when Bitcoin replace the national currency of a country, Bitcoin could collapse the national currency. Just imagine if the national currency flock switch to using Bitcoin, Strength of own national currency will be loss all of that affected to a country.

This is quite unlikely to happen. Governments can regulate the value of a currency by reducing the amount of circulation in the case that the usage decreased and still maintain their acceptable but not ideal amount of inflation in some circumstances.

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Quote from: DarkIT on March 16, 2017, 04:50:55 AM

Quote from: Vivace92 on March 16, 2017, 04:09:17 AM

There has not been a country that officially approved the use of bitcoin, the main factor because they are still using fiat money for all transactions. Bitcoin will never replace a fiat money because bitcoin is decentralized and could not be in control.

bitcoin for today is unstable, especially in terms of price. bitcoin is very difficult to replace fiat, because it is basically a country does require a fiat to tax thing or something. Fiat also give the state extra money, such as tax payments and others. if using bitcoin, I think, the state will not have the extra money from the public, because with bitcoin, we do not need to pay taxes.

But maybe government can allow bitcoins payment while making sure that they have a check on everyone's balance. I mean as such you can hide your cash also but the authorities find it, no ?

Similarly if bitcoins are made legal in a jurisdiction then there are not much issues, as they can still keep an eye on the people. Though a debate if fiat would ever be dominated by bitcoins let alone be replaced is completely bullshit.

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Quote from: Luno on March 19, 2017, 09:27:42 AM

Quote from: btcjoin14 on March 18, 2017, 09:33:46 PM

^ True, since Bitcoin isn't looked at as a system that could have a standard price set so when and if the Government tires taxing Bitcoin then they could do so. Since Bitcoins value is based on speculation, the coin can't get taxed so easily because the users of Bitcoin could be paying very little or plenty when the price gets manipulated by the huge spenders.
Bitcoin won't replace fiat, there might be an alternative to Bitcoin that will be used for the later plan.

Yes bitcoin cannot replace the fiat. fiat value is much constant but btc is not, its value keep changing. if it is replaced from the fiat then it will be governed by the government where we will not see any difference between the fiat and bitcoin. the main reason why we use bitcoin is because it is secured, the value keep changing and most of the time we see the raise in btc but fiat it is constant and the income what we earn from the fiat is taxable but here in the btc it is hidden from the tax and very less transaction charges we have to give here.

Who said that? We can all start using bitcoins but the government will not own bitcoins because of that. For them to own the bitcoin network, they have to buy all the coins in circulation. Otherwise, it'll still be a property of no one. It will continue to be decentralized. The "bitcoin has replaced fiat" means that everybody's using bitcoin instead of fiat. Not bitcoin has become just like what is fiat.

Nevertheless, bitcoin will not replace fiat in the foreseeable future. We might already be all dead by that time. Although we might live long enough to see a world that has tons of merchants accepting bitcoin as payment.

Luno

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Quote from: btcjoin14 on March 18, 2017, 09:33:46 PM

^ True, since Bitcoin isn't looked at as a system that could have a standard price set so when and if the Government tires taxing Bitcoin then they could do so. Since Bitcoins value is based on speculation, the coin can't get taxed so easily because the users of Bitcoin could be paying very little or plenty when the price gets manipulated by the huge spenders.
Bitcoin won't replace fiat, there might be an alternative to Bitcoin that will be used for the later plan.

Yes bitcoin cannot replace the fiat. fiat value is much constant but btc is not, its value keep changing. if it is replaced from the fiat then it will be governed by the government where we will not see any difference between the fiat and bitcoin. the main reason why we use bitcoin is because it is secured, the value keep changing and most of the time we see the raise in btc but fiat it is constant and the income what we earn from the fiat is taxable but here in the btc it is hidden from the tax and very less transaction charges we have to give here.

carriebee

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For me bitcoin cannot replace fiat. As day passed by, years still fiat were still using as the main currency. We still need to convert bitcoin into fiat. As bitcoin is defentralized and cannot control by the government.

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Quote from: ArnoldChippy on March 17, 2017, 06:32:05 PM

Quote from: Salazarian on March 17, 2017, 10:56:27 AM

Quote from: gabmen on March 16, 2017, 04:47:19 AM

Quote from: Vivace92 on March 16, 2017, 04:09:17 AM

There has not been a country that officially approved the use of bitcoin, the main factor because they are still using fiat money for all transactions. Bitcoin will never replace a fiat money because bitcoin is decentralized and could not be in control.

Well there are already countries that recognizes and is in approval of btc. I've read that the philippine central bank already does this. Though i agree with you on the part that btc won't ever replace fiat. Possible even that without fiat bitcoin wouldn't survive. That is at thia point but i don't think there would be a scenario where in it would have to be a choice between the two. We can work better with both anyways

i do not think that there is any single country where the government has consider bitcoin as legal currency. i think still some countries are thinking about it but still they do not consider bitcoin as legal currency.

but in future we can expect that the government will start thinking about bitcoin to consider it as legal currency of the world.

There are various problems that would occur given they allow bitcoins. The one and the biggest is hardly anyone would tell their actual worth since bitcoins can be traced if used anonymously.
Secondly you cannot do anything if user cheats each other, I mean there can't be any complaints since the sender is always anonymous in case a expert scams a newbie via double spend or something.

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Quote from: panganib999 on March 19, 2017, 04:41:43 AM

Agree. Because bitcoin is digital and you need gadget and internet to access it so many people can't access bitcoin because of that so i am agree with that. beside fiat didn't that at all so fiat is more reliable with all people so i strongly agree with you.

we are heading to the future where cyber technologies and gadgets are the big part of this world so there is nothing to complain about the gadgets. AS you can see, the world is developing and more and more countries have enough money to buy computers and other advance innovation. If you want to evolve, you must adapt to new change

panganib999

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Agree. Because bitcoin is digital and you need gadget and internet to access it so many people can't access bitcoin because of that so i am agree with that. beside fiat didn't that at all so fiat is more reliable with all people so i strongly agree with you.

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