Bitcoin can not replace fiat - page 59.

Theb

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Quote from: Salazarian on March 17, 2017, 11:56:27 AM

Quote from: gabmen on March 16, 2017, 05:47:19 AM

Quote from: Vivace92 on March 16, 2017, 05:09:17 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.

No they don't. I know the Philippines and I have never seen a single store that accepts Bitcoin which proves the point that it cannot replace Fiat currency. The government plays a big factor to it on the decisions of businesses because they are the ones who can identify Bitcoin if it is illegal or not. It can really affects the companiws decision for making Bitcoin as a payment option.

Salazarian

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Quote from: gabmen on March 16, 2017, 05:47:19 AM

Quote from: Vivace92 on March 16, 2017, 05:09:17 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.

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Quote from: bettercrypto on March 15, 2017, 06:20:53 PM

There is a possibility but I can say it is very slim. People will always use the currency issued by their government. No matter how good Bitcoin is, people will still believe in the currency that is supported and endorsed by the authority. Even if Bitcoin had been approved and acknowledge as currency, I still doubt that it will replace fiat.

But isn't bitcoins already endorsed and supported by the authority once it has been approved and acknowledged as a valid/legal currency? Because that's actually the point why did the government approved it in the first place.

With all the international or long distance transactions going on every single day, I believe that bitcoins will take over most especially when the government has approved bitcoin as currency. Even without the government's approval, bitcoin still has a chance to take over because of the same reason (people are sending money overseas/long distance more and more).

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Quote from: Vivace92 on March 16, 2017, 05:09:17 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.

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Quote from: Vivace92 on March 16, 2017, 05:09:17 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

Vivace92

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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.

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Quote from: Gameroid on March 15, 2017, 12:03:27 PM

Quote from: suredoood on March 15, 2017, 01:22:29 AM

While I do agree for other reasons, the problem you state can be solved by being paid with bitcoin. Some employers (notably, police) do have the option to pay wages in bitcoin. Though these are very few they are still there.

yes it is looking difficult but i think in future when all the people of the world will reject fiat and will start using bitcoin then it will become possible that bitcoin will replace fiat.

There is a possibility but I can say it is very slim. People will always use the currency issued by their government. No matter how good Bitcoin is, people will still believe in the currency that is supported and endorsed by the authority. Even if Bitcoin had been approved and acknowledge as currency, I still doubt that it will replace fiat.

PacePay

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Quote from: Japinat on March 15, 2017, 03:51:02 AM

Quote from: suredoood on March 15, 2017, 01:22:29 AM

While I do agree for other reasons, the problem you state can be solved by being paid with bitcoin. Some employers (notably, police) do have the option to pay wages in bitcoin. Though these are very few they are still there.

Not necessarily that all employees will adopt with bitcoin that is not relevant if they are not interested on bitcoin. Most just like to directly receive their paycheck and spend right away, bitcoin will not give them convenience because they are not into it unlike us who considers bitcoin already as part of our life. In the future when bitcoin will be majorly adopted, investors, traders, gamblers, and shoppers online will most likely be benefited.

If we talk for nowadays then you are true not much people will want to get it and fiat will survive as it is and will be regulated as even well educated people do not know about bitcoin while in the future when it will be announced on media channels then people will learn about bitcoin and will then like to adopt it when they will hear about it.

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Quote from: Tuyul Gupies on March 15, 2017, 12:02:54 PM

yes true for today fiat has not replaceable position by bitcoin, because people are accustomed to using fiat as a means of payment, perhaps a decade more new people will be familiar with a simple bitcoin safe and simple

Accustomed or became a tradition for people to use fiat. That is correct.
Your grandparents use it and your parents also do. You see it everyday, so you will have to go to the flow. It is a non stop cycle that cannot be broke. Same thing with credit cards. Your parents have one and so are you.
It will only change once the children see their parents are using something else. Example is bitcoin if we here at this community could teach it to our kids then it might break the chain that is happening that could lead to bitcoin as a replacement for fiat for different transactions.

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Quote from: Xenophoto on March 15, 2017, 11:59:08 AM

By the way, is your family really starving that you have to get your salary right away. Haven't you save enough money to survive for "a several days"? I don't think so. Because if so, you should definitely change your job

I can tell you even more than that

Quite a few families are not just living paycheck-to-paycheck, they are often living on debt (which is kind of modern day slavery). This is not about starving of course (though your mileage may vary), but essentially many people spend at least part of their lives in the red territory, so to speak. And this may last for decades, especially if you buy things (e.g. a house) on borrowed funds. And in such cases, a few days when you are not paid at the right time or day may make all the difference. And I'm not even talking about cases of insane consumerism

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Quote from: Gameroid on March 15, 2017, 12:03:27 PM

Quote from: suredoood on March 15, 2017, 01:22:29 AM

While I do agree for other reasons, the problem you state can be solved by being paid with bitcoin. Some employers (notably, police) do have the option to pay wages in bitcoin. Though these are very few they are still there.

yes it is looking difficult but i think in future when all the people of the world will reject fiat and will start using bitcoin then it will become possible that bitcoin will replace fiat.

Don't dream mate, and it's not possible. Bitcoin will never replace fiat. If the Bitcoin may accept by governament, and it will become legal currency, but it never replaces fiat currency. Without fiat currency, the govt can't run the country. And if the allow the only bitcoin the revenue will slowly decrease, and the govt will face a lot of problems, so they will not allow only Bitcoins.

mastermold

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Bit coins are great but it replacing cash is tough because it depends upon political support and how safe and secure people feel accepting and using Bit coins.

For the next 40 years Bit coins will not replace cash, government's will have to monitor the cash flows and ensure security which is a huge process and will have to be done in phases.

Use of Bit coins in the black market to purchase controlled or illegal products and services have to be stopped for the acceptance rate to increase.Also not many people are aware about Bit coins.

Moreover, bitcoin transactions need internet connection which may not be available everytime specially in developing countries .

Gameroid

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Quote from: suredoood on March 15, 2017, 01:22:29 AM

While I do agree for other reasons, the problem you state can be solved by being paid with bitcoin. Some employers (notably, police) do have the option to pay wages in bitcoin. Though these are very few they are still there.

yes it is looking difficult but i think in future when all the people of the world will reject fiat and will start using bitcoin then it will become possible that bitcoin will replace fiat.

Tuyul Gupies

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yes true for today fiat has not replaceable position by bitcoin, because people are accustomed to using fiat as a means of payment, perhaps a decade more new people will be familiar with a simple bitcoin safe and simple

Xenophoto

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Quote from: lionheart78 on March 15, 2017, 09:03:14 AM

Quote from: Japinat on March 15, 2017, 03:51:02 AM

Quote from: suredoood on March 15, 2017, 01:22:29 AM

While I do agree for other reasons, the problem you state can be solved by being paid with bitcoin. Some employers (notably, police) do have the option to pay wages in bitcoin. Though these are very few they are still there.

Not necessarily that all employees will adopt with bitcoin that is not relevant if they are not interested on bitcoin. Most just like to directly receive their paycheck and spend right away, bitcoin will not give them convenience because they are not into it unlike us who considers bitcoin already as part of our life. In the future when bitcoin will be majorly adopted, investors, traders, gamblers, and shoppers online will most likely be benefited.

Just imagine as an employee waiting for your salary to be confirmed for several days lol. I would rather have my salary in fiat currency than going with the trend but being stressed due to the scalability issue. Waiting for our family's bread and butter to be confirmed for several days is quite annoying. And bitcoin will never replace the function of fiat currency smoothly. It can be perfect as an alternative but never a primary currency.

Tons of people in this place are ranting about bitcoin transaction takes a "several days" to confirm. Several days? Can you give us proof that this really happened to you? I doubt that, honestly. I doubt that the majority of the people here talking about bitcoin slow transaction has really experienced what they are saying. Personally, 10 minutes is the average time that it takes for me to receive and send bitcoins.

By the way, is your family really starving that you have to get your salary right away. Haven't you save enough money to survive for "a several days"? I don't think so. Because if so, you should definitely change your job.

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Quote from: HarringtonStark on March 15, 2017, 10:32:08 AM

In my theory, yeah in my theory, in the future, fiat will entirely be in digital form and bitcoin will become the new gold, digital gold.

Your theory seems impossible because if fiat will become digital form then why they just use bitcoin? I think that fiat will stay for being physical and bitcoin will just like an another type of currency and no one can change that because even though bitcoin always goes up in price basis then it is not enough for you to say that it is gold or digital gold because this kind of scenarios in price pump is very normal for new or young assets that are available in the market.

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In my theory, yeah in my theory, in the future, fiat will entirely be in digital form and bitcoin will become the new gold, digital gold.

Theb

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Quote from: deisik on March 15, 2017, 09:10:28 AM

Quote from: webtricks on March 15, 2017, 09:01:59 AM

Comparing Bitcoin to fait and use it as currency will again throw back the economy to ancient time when commodity or metal was used as currency and there was no regulated system.
Fiat money represents modernisation and development of human, using Bitcoin will be like wearing the cloth of ignorance!! Delibrately!!

The major drawback of fiat is that it can be printed without limit

That basically means that you fiat saving may become worthless overnight. I don't know about you, maybe, you don't really care (likely because you don't have any savings at all) but I'm dead sure that the total majority of people would not quite like this "representation of modernization and development of human[ity]". That's the issue with all fiat currencies which Bitcoin aims to address. Whether it will succeed or not remains to be seen but it is still better to try and fail than never try at all

Bro even the government wants to limit the prints of Fiat circulating in their country. You know why? Because oversupply of their currency will lead to a decrease in its value, it is basic economics really. The law on supply and demand you will see that the increase in supply will lead to a decrease in value. That is why governments are aiming for inflation and not deflation.

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Quote from: webtricks on March 15, 2017, 09:01:59 AM

Comparing Bitcoin to fait and use it as currency will again throw back the economy to ancient time when commodity or metal was used as currency and there was no regulated system.
Fiat money represents modernisation and development of human, using Bitcoin will be like wearing the cloth of ignorance!! Delibrately!!

The major drawback of fiat is that it can be printed without limit

That basically means that you fiat saving may become worthless overnight. I don't know about you, maybe, you don't really care (likely because you don't have any savings at all) but I'm dead sure that the total majority of people would not quite like this "representation of modernization and development of human[ity]". That's the issue with all fiat currencies which Bitcoin aims to address. Whether it will succeed or not remains to be seen but it is still better to try and fail than never try at all

lionheart78

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Quote from: Japinat on March 15, 2017, 03:51:02 AM

Quote from: suredoood on March 15, 2017, 01:22:29 AM

While I do agree for other reasons, the problem you state can be solved by being paid with bitcoin. Some employers (notably, police) do have the option to pay wages in bitcoin. Though these are very few they are still there.

Not necessarily that all employees will adopt with bitcoin that is not relevant if they are not interested on bitcoin. Most just like to directly receive their paycheck and spend right away, bitcoin will not give them convenience because they are not into it unlike us who considers bitcoin already as part of our life. In the future when bitcoin will be majorly adopted, investors, traders, gamblers, and shoppers online will most likely be benefited.

Just imagine as an employee waiting for your salary to be confirmed for several days lol. I would rather have my salary in fiat currency than going with the trend but being stressed due to the scalability issue. Waiting for our family's bread and butter to be confirmed for several days is quite annoying. And bitcoin will never replace the function of fiat currency smoothly. It can be perfect as an alternative but never a primary currency.

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