Topic: Bitcoin can not replace fiat - page 76. (Read 163801 times)

? i cant understand this ?I dint see future in fiat because cryptocurrecncies will save so many woods and stop damaging plants and save a small part of the world from disaster.

Not now, but in a few years it's very possible to happen. If you see, fiat money isn't that strong as it was, and it will replaced by plastic money (credit cards, etc). Bitcoin is a very good solution to use someone, and I think it will more safer.

I think so too. The problem is not that of Bitcoin know a few people, and that the government knows about it. In addition it is the government decides the fate of Bitcoins in your country. It can reduce the popularity of Bitcoin population. The government has such mechanisms

So, can you rate the probability of happening that people will start using bitcoin and stop using fiat? I guess it will not happen in the near future as long as fiat is controlled by the government and bitcoin is not. There should be a concrete basis on any speculation, otherwise it's just a fantasy.

That is completely correct and the only way there that the tables would be turned is when mass adoption is finally going on. The only reason why fiat is valuable is because everyone's using it. When everyone started using bitcoins, bitcoin would be even more valuable than fiat and people would might as well ditch fiat. All the sad facts about fiat would push people forward to using bitcoins.

Bitcoin is for computer savvy people but almost everyone is like that. I think people are just too afraid to try something new right now but if his friends started using bitcoins, he surely will use it too.

That's why bitcoin will need a lot of time to be known like the fiat. Maybe a decade is enough, I have no doubt bitcoin will replace fiat soon especially now bitcoin users are fast growing compared for the past years.

The scenario would be worse, if in case bitcoin will be accepted and fiat will be gone, I think the government will treat bitcoin as their. The nature of bitcoin is decentralized hence we can transact anonymously, but believe me, once the government take control of it, it will not be the same bitcoin we are enjoying now. We should not wish for that to happen as the current situation is already giving us great benefits of using both fiat and bitcoin.

Fiat cannot be replaced in my opinion. Everyone is using it and bitcoin started as money of comouter savvy people. Some don't even know what bitcoin is and some doesnt comprehend well with new things and probably closed minded people

How can a citizen use bitcoin in place of fiat if they cannot pay for anything with bitcoins around them? Fiat can only be replaced if the places accepting fiat start accepting bitcoins too then maybe the citizens will start paying with bitcoins instead of fiat, but until the time when bitcoin is accepted fiat will stay for sure.

But government can not prevent the citizen to use bitcoin because the anonimity make the government can not trace it. If the citizen prefer like to use bitcoin than fiat, fiat will automaticaly replaced.

Fiat money can not be replaced by bitcoin, not only because we still use fiat money but the main reason is government of countries which ll not like to lose their control in this field.
So surely bitcoin ll exist but for some certain purposes.
Also even if it looks somehow funny - we need fiat for bitcoin price 

I also think that Bitcoin is no substitute for Fiat. Bitcoin has always been and will be an alternative currency. He will never be more popular than the Fiat

I agree with you,by means paying ,investing and transacting in business and everything the use of fiat is basically been use by nature.Even the bitcoin maybe cannot replaced fiat that easily,maybe it will take even more time and with the knowledge of everyone who is going to use bitcoin instead of fiat.

You're right bitcoins can't replace fiat but we can't also predict what bitcoins can do it becomes more popular for the past years so for me it's not impossible bitcoin can replace fiat but it will take more time.

The reason this holds true at the moment is because decentralization of money exchange, storage and transactions moves the majority of control of the money supply away from the entities that have it now.  This could be overcome, the way I see that happening is through quantum computing, other than that trust networks are going to be mainly for the plebs since they are intangible when attempting to monetize them.  The current system is no different from biblical days, where the people in charge of the monetary system held the power, since they could pay people to get rid of those that questioned them.  This still holds true today, fiat, or gold or any type of human work derivative.

Without the blockchain or trust network requiring decentralization for its production and use, I am sure that bitcoins would have been adapted very quickly as a form of world wide currency.  You go to the gas station and purchase a soda and a donut, while these are terrible food choices, you pay a few dollars for this with your debit card, the gas station, pays a flat fee for each transaction to the major bank responsible for processing that transaction. This is not possible using blockchain protocol since the processing entity is not static.  You take that away and huge companies like Visa and their major shareholders are SOL just like the Kings thousands of years ago that were conquered and their treasures stolen.  Same thing.....

When it comes right down to it, the process of using trust network to transact and approve others takes away the assertion of individual power due to the amount of money one holds.  You make a change where that is no longer the way to control the masses and you change the path of humanity forever.  I am of the opinion that trust networks will eventually (just as fiat, and I will get to that) obfuscate the validity of money/currency. Its derivative nature lends itself to corruption and the only reason we continue to make use of it is because no one has given us a widely accepted alternative, because, people know that if you expose the cracks in the system more people will be inclined to leave. The only reason we still use these systems to this day is we continue to allow elitism to to be a main focus of our lives.

Back to fiat obfuscating itself, Finland just launched a test program for 2000 beneficiaries to receive a universal income, if the trial goes well, thy will extend the income to the rest of the nation. Everyone gets it, regardless of if they have a job or not.  This will cause a rise in inflation and goods will become more expensive. That should be obvious to even the most simple of minds. This just goes to show that you float money to people, to increase consumption and in the end it results in even more deflation than you started with. Really it's a physics problem, having to do with macro systems, or even if you look at gas laws of dispersion and entropy. When you tweek a large system in little, not well planed ways, you just increase the entropy and do it no good.     

That's my rant on that for now

Of course, there is the role of the State that will hold the melindingi of fiat money. Everyone agrees that fiat money is a legitimate payment, whereas a bitcoin for now same as commodities.

So even though the bitcoin can be used for payment but will never be able to replace the fiat money.

Yes bitcoin users are few right now but we can't say that it will take decades for bitcoins to replace fiat you know bitcoins are becoming popular right now and there are some local stores accepting bitcoins as a payment.

You're right, though popular Bitcoin, but not all people use it. not everyone has confidence in him. That is why the Bitcoin no substitute for Fiat soon

the users of bitcoin are still very few, and i think it will take decades to overcome fiat. because still most of the people are using fiat and those who are using bitcoin are also consider it as secondary option and still using fiat as their primary option.

What are you talking about alt coins? We are talking about bitcoins cannot replace fiat, not bitcoins cannot be replace by alt coins.

Even the users are bitcoin increasing each day still it is not enough to make the fiat gone and just replace it by bitcoin.

Bitcoin is not even approved by the government so, it is impossible that fiat will be replaced.