Topic: Bitcoin can not replace fiat - page 72. (Read 163793 times)

I'm not sure of that

In fact, I'm very dubious that people would actually want to pay with bitcoins for their daily expenses unless they wanted to show off (which is not a good idea either). Folks may have to convert Bitcoin to fiat having "no other options to spend their money" if they literally had no other option, for example, if they had no fiat in their pockets. If you ask me, spending precious bitcoins on trivial things is a downright stupid idea since Bitcoin is a much better vehicle for speculation than fiat as well as a store of value

Yeah i havent seen or known an establishment that accepts btc for payments as it is. Most of the time if ever, these are through online transactions. Until there comes a time that bitcoin can do pretty much what fiat is doing, i don't see a change in the main currency being used today

although most of the people like to use bitcoin directly for shopping and other purposes, but the problems is that in most of the ares the facilities of bitcoin to use in local shops are not available therefore they must have to convert bitcoin into fiat currency and after that they can use the profit of bitcoin indirectly.

If it came to the point were bitcoin was in fact an option to fiat then speculator will have less power over bitcoin simply because of the size of it, right now bitcoin is very susceptible to manipulation by the markets because it is still small but as it grows this vulnerability will slowly disappear.

Many users convert Bitcoin to Fiat because they have no other options to spend their money. If you ask these users what they would prefer, most would probably say that they would like to use Bitcoin to pay the daily expenses. Some users say that Bitcoin is unstable, and this is true to a certain degree, yet many people prefer to store value in Bitcoin than in Fiat currency, especially in countries where the local currency is very unstable.

Exactly, that is an angle or point of view which has a lot of certain, fiat must always exist for not limit a nobody in the world to buy anything to meet their needs for example, some kind of balance even in any form of currency must exist, the more options and cheaper you have the better, in the other hand peoples need to explore the possibilities that the use of BTC has, for example is a good alternative for the payment of services remotely which allows if not all, more people to provide their services and then exchange BTC by fiat and viceversa,
so it is possible to keep more people busy doing certain tasks that  otherwise could be much more difficult and costly to carry out.

I agree and most likely that is whats going to happen here. For me bitcoin can't survive by itself at this time without fiat conversion. Most btc transactions are still converted to fiat. People are so used and reliant to this main currency that it would take i think more than a few decades before bitcoin could even compete with fiat in supremacy. Though as you've said it would be very beneficial if it could be a secondary option much like how we use credit and debit cards today

Bitcoins will be used by many people in future as a currency and also as a payment system but its hard to believe that it can ever replace fiat as people find easy to use fiat and many people would find using bitcoins as a complicated and many of them will prefer to use only fiat.

I am sure that our generation will not be able to see how Bitcoin will replace fiat currency. Its popularity is too high. It is supported by the government. This means that it will still be there

i am sure for this, because if our age is up to 30, then its small chance for us to see bitcoin is replace fiat unless we have a long life but if in at least next in 5 years, bitcoin is going to be mass adopted, then maybe we can see bitcoin will be another choice for payments. but we can see for now for example, there many store that started to accepting bitcoin for their payments and its good for bitcoin.

Fiat cannot be replaced by bitcoin. Even in developed countries like US, people are not totally converted to digital transactions and fiat is used still.Most people in developing countries dont even have a bank account. They dont know how to use a credit or debit card.Indian government tried to convert people to digital transactions by demolishing high value notes and people suffer a lot there. So fiat cannot be replaced, but bitcoin may become as a secondary payment option.

Me, I don't really hope that will happen in the future, I am already satisfied with our fiat system while using bitcoin as well. It could be more better if  fiat and bitcoin will work together and this two currency will help each to make this world a better place to live.

I bitcoin because I can earn from it but if it is the only currency that is left, the world will be in danger.

Maybe not in our generation because Bitcoin isn't as popular as it can comprehensive and convincingly replace fiat yet. I'm hopeful it will replace it one day but it lacks that capability of doing it now because of lack global acceptance and governments approval.

I definitely do agreed with you, fiat is already been established for so many years while bitcoin is not,  maybe they have their own guts to the community. Which means anyhow they can help both the entire world according to the services that they offered to community.

robot and machine is diference bitcoin
if bitcoin want replace fiat money, the first about regulation
second physic must ready, because replace fiat money must have physic coin
and then knowladge, if replace i think not bitcoin, but is USA or super power country can create coin and replace bitcoin

It could be done still, you just have more locally based token currency.   Some cities have their own basic commerce tokens even now, it encourages business to stay within that small area and you just have to allow small citizens to cash in and out of that area.   A bigger business would likely still be accessing the national currency in larger amounts, Ive heard of this being done now in western countries

Dollar is digital now, they dont have to issue the plain physical notes but they do to provide convenience.   Ive never used a paper wallet for bitcoin but sure its possible to do.    Dont think these features are somewhere far in the future we can do them now.
We've had gold, silver and copper currency at separate ratios of worth before.    We have FIAT debt and central currency now because it suits large governments, many western countries have over 50% of GDP occupied by government revenue streams so this is done to reinforce their power, taxation and so on.  Normal capitalist money would be far more independent and the taxation more 'voluntary' not taken via inflation as we have now

Most money we all use is digital afaik, the largest transactions are conducted via balance sheet transfer between the largest bodies public and private and none of it is ever note printed or ever will be I guess.   They could issue us gov cash card next month and we'd never see a note again fairly sure, this could be the modern version of gold confiscation.  I believe India recently changed law to allow for non cash wages

Bitcoin is a bit fiddly at present imo, it'd require alt coins usage also.  Unlikely as an absolute change

I agree. It is certain that third world country can not add Bitcoin because of the lack of knowledge and technologies. In some developed countries, we can see that Bitcoin is easier to be accepted because they are all high educated people and more likely to understand how Bitcoin work and they can easily access its due to the innovative technologies 

It's right that it's kinda impossible to be implemented into some countries which is still developing and not having that advanced technology amongst its citizen but for the 1st world countries it's definitely possible, as you can see that majority of people in the 1st world country already have smartphone, and portable computer, it's not impossible.
if people aren't interested because of the limitation of their knowledge about technology,an education will be simply held

If you think that it is coming at some point but I still believe that it is going to remain as a second choice but not primarily going to replace fiat. Because no one really has the control in bitcoin and that's the risk if a country or any society that is going to completely rely with bitcoin. Market can be easily manipulated by big investors if that happens.

Talk of government and society and the relationship that must exist between them is much to talk about, I prefer to avoid doing it, things are going on by themselves, luckily we are in a time where there is more criteria than in the past, that is already a point of advancement, returning to the subject maybe it would be better not to talk about replacing anything, at the end of the day everyone uses what suits them.