Bitcoin can not replace fiat - page 65.

Fatanut

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Quote from: Cashew on February 11, 2017, 10:37:14 AM

Of course it can not, and I think it has never been intented[1]. For me Bitcoin will become the store of value of the world[2] and the currency of the Internet.

[1] It was created so people would be aware how foolish have they been for being controlled by the government for so long. Bitcoin is another option of a currency/property but in this new concept, the people are on their advantage and the government doesn't have any power.

[2] This contradicts to your idea that bitcoin cannot replace fiat. If bitcoin has become a way to store value of people around the world, then bitcoin has already become mainstream and it's either on the verge of replacing fiat or it has already replaced fiat.

Cashew

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Of course it can not, and I think it has never been intented. For me Bitcoin will become the store of value of the world and the currency of the Internet.

lilit

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Quote from: Xenophoto on February 11, 2017, 09:39:34 AM

Quote from: hamiltonik on February 11, 2017, 08:45:50 AM

I am sure that in a few years, Bitcoin can serve as a centralized exchange.

How, though? If that happens, bitcoin would be a failure. The only ones that are planning to make the bitcoin as a centralized currency is the government. That would mean that they hold the majority of the total bitcoins in circulation to make that happen. Which means they have converted billions of money just to do so. I doubt that the government would do that just because less than a million people are using bitcoins.

Quote from: hamiltonik on February 11, 2017, 08:45:50 AM

Many countries already recognize it as a legitimate method of payment for goods. Bitcoins have a great future.

I don't think "many" is the right word for that because as of now, there's almost zero country that is accepting bitcoin as a legit payment method.

It really is true. No country voluntarily move to bitcoin, and they will do everything to Fiat was on top of the financial pyramid.

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Quote from: ipanks on February 11, 2017, 09:42:42 AM

Quote from: hamiltonik on February 11, 2017, 08:45:50 AM

I am sure that in a few years, Bitcoin can serve as a centralized exchange. Many countries already recognize it as a legitimate method of payment for goods. Bitcoins have a great future.

i am believe too and we can see it in future but for now, as long as there are no government that is not approve bitcoin for being used by all people, then we only can bitcoin in online world and maybe for using bitcoin in offline, we need to build offline store and we need internet to use bitcoin also.

Very good trend with financial institutions, even those countries that have not been formally bitcoin. They not only test blockchain, but also successfully implementing this technology in its system. The process has started already.

ipanks

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Quote from: hamiltonik on February 11, 2017, 08:45:50 AM

I am sure that in a few years, Bitcoin can serve as a centralized exchange. Many countries already recognize it as a legitimate method of payment for goods. Bitcoins have a great future.

i am believe too and we can see it in future but for now, as long as there are no government that is not approve bitcoin for being used by all people, then we only can bitcoin in online world and maybe for using bitcoin in offline, we need to build offline store and we need internet to use bitcoin also.

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Quote from: hamiltonik on February 11, 2017, 08:45:50 AM

I am sure that in a few years, Bitcoin can serve as a centralized exchange.

How, though? If that happens, bitcoin would be a failure. The only ones that are planning to make the bitcoin as a centralized currency is the government. That would mean that they hold the majority of the total bitcoins in circulation to make that happen. Which means they have converted billions of money just to do so. I doubt that the government would do that just because less than a million people are using bitcoins.

Quote from: hamiltonik on February 11, 2017, 08:45:50 AM

Many countries already recognize it as a legitimate method of payment for goods. Bitcoins have a great future.

I don't think "many" is the right word for that because as of now, there's almost zero country that is accepting bitcoin as a legit payment method.

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Quote from: Mr. Big on February 11, 2017, 08:55:40 AM

Quote from: hamiltonik on February 11, 2017, 08:45:50 AM

I am sure that in a few years, Bitcoin can serve as a centralized exchange. Many countries already recognize it as a legitimate method of payment for goods. Bitcoins have a great future.

Nope, not that easy... There are currencies that are on the line already in case the USD starts to crash and cannot be used as standard... Though bitcoin has a good future, I don't see it to replace fiat, they are different, and it's not easy to transact with bitcoin when you are on buy and sell in real life... Lots of price changes happen and if you are in remote areas, it's hard to transact where people are not into digital currency and only accept local currency...

Yeah i think that would be the main challenge for bitcoin here. To ve able to reach those remote areas that technology hasn't much touched yet. I think that's the downside for not just btc but for any cryptocurrency in general. The fact that to be able to transact btc would require online connection already decreases its chance of challenging any real currency

kidoseagle0312

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Quote from: Parazyd on December 23, 2015, 10:54:15 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.

I do agreed that bitcoin cannot replace fiat, in fact they are both has significant value. Only the difference was that bitcoin so far are adopting by the masses in different country even the companies all around the world are also joining of the bitcoin concept it has. But if fiat will ignore continually about it, well there is possibility that in the long run bitcoin and crypto can replace fiat.

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Quote from: hamiltonik on February 11, 2017, 08:45:50 AM

I am sure that in a few years, Bitcoin can serve as a centralized exchange. Many countries already recognize it as a legitimate method of payment for goods. Bitcoins have a great future.

Nope, not that easy... There are currencies that are on the line already in case the USD starts to crash and cannot be used as standard... Though bitcoin has a good future, I don't see it to replace fiat, they are different, and it's not easy to transact with bitcoin when you are on buy and sell in real life... Lots of price changes happen and if you are in remote areas, it's hard to transact where people are not into digital currency and only accept local currency...

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I am sure that in a few years, Bitcoin can serve as a centralized exchange. Many countries already recognize it as a legitimate method of payment for goods. Bitcoins have a great future.

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Categorize BTC as an asset that you can hide from the IRS or as a foreign account in a tax haven is certainly true, but it's far from being the only possibility, all precious metals, foreign currencies, etc. are. I'm not agree to say that Bitcoin facilitates tax evasion, since this is to forget that volatility is largely more important that other means mentioned above, so there more likely to re-enter.

Also performance since 2012 pretent no future performance. Bitcoin works very well today, that's true, but need to evolve, consolidate, a computer Protocol is far from stable and without any flaw, especially in a financial system that is even more critical.

MONKEYJUNK

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I will just say, the biggest problem to Bitcoin being adopted, or 1000x bigger than it already is.. It's the on ramp ! If government's would get the fuck out of the way. Stop regulating the shit out of the on ramp. Cut the AML/KYC bullshit, and let people, banks, business freely exchange Btc for fiat, or credit cards. Allow boarderless transactions. It would be huge, and most if not every business would accept it, and why not? Who wouldn't want another flavor of ice cream.
thats true

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Quote from: IamNotAnonymous on February 11, 2017, 05:41:26 AM

Fiat Paper Currency issued by Central Bank and Legal Tendered by the Government does not need to be replaced by Bitcoin or any other form of digital currency.

Yes, you are right. Fiat or any kind of paper currency like what the most people use does not need any replacement to be able to be more easier to do our daily basis tasks. Somehow, we just need addition for paper currency and that is bitcoin where it is very easy to use and we can make faster transactions but it doesn't mean that we need to replace the fiat just because of that. We are born using fiat and we will die using fiat, Beating fiat is almost impossible thing to do.

ged00u

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Quote from: IamNotAnonymous on February 11, 2017, 05:41:26 AM

Fiat Paper Currency issued by Central Bank and Legal Tendered by the Government does not need to be replaced by Bitcoin or any other form of digital currency.

It depends on how the people think about Fiat. If they think that FIAT is good enough to be used widely, FIAT will still be the one and no one can replace it. But if they change their mind and believe that Bitcoin can bring success and the anonymity, Bitcoin and cryptos will surely replace FIATin order to help people. In fact, both of the situations are likely to happen because right now, the Bitcoin future is not as bright the dream about the world which mainly accepts Bitcoin

IamNotAnonymous

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Fiat Paper Currency issued by Central Bank and Legal Tendered by the Government does not need to be replaced by Bitcoin or any other form of digital currency.

jeraldskie11

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We saw that bitcoin is cannot be replaced into fiat. Bitcoin in the study of the government officials it is used for crime because of its anonimity. We don't know when the bitcoin mass adoption happens so that we can buy a thing or a food using bitcoin. All we need to do now is to concentrate in trading and investing bitcoins.

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Quote from: diegz on February 11, 2017, 03:33:05 AM

Quote from: dimonchik13 on February 11, 2017, 03:17:24 AM

Despite the fact that Fiat is supported by states and their laws, in contrast to the bitcoin world still heavily tied to real money. People will need them all the time.

Exactly. fiat covered most of the transaction in the world, and bitcoin is only a very small fraction of it. So it's really hard to turn away from fiat. With that said, bitcoin is not yet capable of replacing fiat.

Quote from: dimonchik13 on February 11, 2017, 03:17:24 AM

The fact is that the Bitcoin is money for a special caste of people, rather than for a wide Zaga.

That's right. But all are are welcome to use bitcoin.

If our world is becoming more sophisticated, the bitcoin will be available to everyone. Just may be a situation where people have no other choice but to go on bitcoin, due to the fact that we see clear advantages Fiat.

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Quote from: Finestream on February 11, 2017, 03:25:16 AM

Quote from: dimonchik13 on February 11, 2017, 03:17:24 AM

Despite the fact that Fiat is supported by states and their laws, in contrast to the bitcoin world still heavily tied to real money. People will need them all the time. The fact is that the Bitcoin is money for a special caste of people, rather than for a wide Zaga.

The exposure of fiat is for wide coverage of population, while with bitcoin, we can only estimate how many users are enjoying it. Most bitcoin users and fiat users as well but not all fiat users are using bitcoin, that is a very simply logic that we should understand. Having said that, there is no way bitcoin can replace fiat in the future.

Actually it all depends on themselves bitcoin users. As far as we are active in promoting bitcoin, bitcoin the same amount will be actively used by the general population of the planet. Perhaps this is realized quickly and in the near future.

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Quote from: diegz on February 11, 2017, 03:33:05 AM

Quote from: dimonchik13 on February 11, 2017, 03:17:24 AM

Despite the fact that Fiat is supported by states and their laws, in contrast to the bitcoin world still heavily tied to real money. People will need them all the time.

Exactly. fiat covered most of the transaction in the world, and bitcoin is only a very small fraction of it. So it's really hard to turn away from fiat. With that said, bitcoin is not yet capable of replacing fiat.

Quote from: dimonchik13 on February 11, 2017, 03:17:24 AM

The fact is that the Bitcoin is money for a special caste of people, rather than for a wide Zaga.

That's right. But all are are welcome to use bitcoin.

I agree. Widely used fiat cannot be turned away. I have some relatives who are leaning on fiat and that will be happening for a long time. I guess this discussion is really certain if we want change. There will be laws first before finalizing everything. Many parts of the world are still not reached by the technology we are using rigt now.

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Quote from: Mbah Slamet on February 06, 2017, 09:55:05 AM

It's certainly, fiat money is money official State and will continue to be protected. Although the bitcoin is very promising and the massive use of fiat money, certainly bitcoin could not have replaced fiat money. let alone a bitcoin can not be controlled so that it is difficult to replace the legal money.

The potential of bitcoin is there but it will remain and going to be stable there. Because even there are a lot of good things bitcoin can help us in our transactions. The government will not allow something to change the fiat system, because it is going to be always the best for them. Innovation is in bitcoin but it needs support from the government.

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