Bitcoin can not replace fiat - page 81.

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Quote from: ifightformerkel on December 30, 2016, 05:16:10 PM

I think that a electronic currency like bitcoin can replace fiat easy in a few year.

For example look at sweden, they are paying now only elecronic, even small amounts,
they have now no normal fiat money anymore, so when this is possible in sweden, why not in every country?

I bet you BTC10 to BTC1, it will not happen, not even in few more years. Bitcoin is not that powerful as the currency we are using, fiat still dominate the world when it comes to legal tender and bitcoin will always be a wonderful alternative option to be use for online transaction, believe me, bitcoin will only gain popularity online.

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I think that a electronic currency like bitcoin can replace fiat easy in a few year.

For example look at sweden, they are paying now only elecronic, even small amounts,
they have now no normal fiat money anymore, so when this is possible in sweden, why not in every country?

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I doubt that bitcoin can replace fiat totally. Crypto currencies are the next step for money and they spread exponentially, just like Email a few decades ago and ebooks a few years ago. Our world is just not ready for that yet. Even a smartphone have just 20% of all population now.

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Quote from: cramcram21 on December 29, 2016, 01:34:12 PM

of course it cannot replace fiat, but think about it would it be nice to buy some stuff through online payment even if you are already at the shop I mean some of us are forgetful and could easily misplace our wallet's so it would be easy for us if we could go to some store's and buy something and pay through our online wallet

yes and specially in next some decades, may be after that when all the people of the world start using bitcoin and they found it more convenient that fiat then it may be possible for bitcoin to replace fiat.

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Indeed. In my opinion, Bitcoin can never replace fiat because that how most of the country improves by continue using fiat and also, it is the traditional way of making transactions from a small one to a big one. So it will be very hard for bitcoin to replace those kind of responsibilities with a just a coin that has a limit on its supply.

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Quote from: richardsNY on December 29, 2016, 03:31:42 PM

Quote from: vaxo_nba on December 29, 2016, 03:20:22 PM

You mentioned it correctly, replacement current fiat money with bits without inflation is impossible.
In fact, I don't see the necessarity of bitcoins to become the part of everyday life.

Fiat works perfectly fine where there isn't any need to get it replaced. Only the government has the ability to change the way their system is set up. People here only say that they want Bitcoin to replace fiat just because of the fact that the value will go up immensely. It's a financial based choice and not one that will work out for them aside from Bitcoin.

People are so overwhelm with the success of bitcoin, they do not think that it's too early to tell this will be successful in the long term, if we think how long already fiat exist, we will understand that it will always exist as people needs it for daily activities involving trade.

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Quote from: vaxo_nba on December 29, 2016, 03:20:22 PM

You mentioned it correctly, replacement current fiat money with bits without inflation is impossible.
In fact, I don't see the necessarity of bitcoins to become the part of everyday life.

Fiat works perfectly fine where there isn't any need to get it replaced. Only the government has the ability to change the way their system is set up. People here only say that they want Bitcoin to replace fiat just because of the fact that the value will go up immensely. It's a financial based choice and not one that will work out for them aside from Bitcoin.

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You mentioned it correctly, replacement current fiat money with bits without inflation is impossible.
In fact, I don't see the necessarity of bitcoins to become the part of everyday life.

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Why people keep dreaming with a replace, bitcoin its just an option like the credit and debit cards, another way to pay for things, bitcoin had returned the power to the people, where all can do any transaction for lower ammounts of fees, besides those bitcoin has huge potencial and some people are investing deeply into it.

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Quote from: cramcram21 on December 29, 2016, 01:34:12 PM

of course it cannot replace fiat, but think about it would it be nice to buy some stuff through online payment even if you are already at the shop I mean some of us are forgetful and could easily misplace our wallet's so it would be easy for us if we could go to some store's and buy something and pay through our online wallet

Though maybe all bitcoin community would love more to pay with a online wallet then a wallet full of cash in the pocket, but we are not the complete world and the world out there does not support this at all and that is the reason why bitcoin cannot replace fiat, so very soon at least.

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Quote from: cramcram21 on December 29, 2016, 01:34:12 PM

of course it cannot replace fiat, but think about it would it be nice to buy some stuff through online payment even if you are already at the shop I mean some of us are forgetful and could easily misplace our wallet's so it would be easy for us if we could go to some store's and buy something and pay through our online wallet

I support this. It's somehow going to be applied in the future; I hope it's majority applied everywhere. Especially in our country. Just simple stores that are willing to accept bitcoin.

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of course it cannot replace fiat, but think about it would it be nice to buy some stuff through online payment even if you are already at the shop I mean some of us are forgetful and could easily misplace our wallet's so it would be easy for us if we could go to some store's and buy something and pay through our online wallet

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From my point of view it depends of fiat form. When we say fiat we don't mean only paper money but we mean and plastic money (credit/debit cards) and web banking money. Governments and banks care about a cashless world, they don't want people to have money under their mattresses because they want to control people's money. Hence when people conform with new way of transactions is not difficult learn to use cryptocurrencies.

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bitcoin probably will never replace fiat. Well, fiat contains figures of heroes in history, in addition, Fiat is evidence that a country has a viable means of transaction, so bitcoin will probably never replace it.

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Quote from: eternalgloom on December 29, 2016, 09:56:39 AM

Bitcoin is much more than just a currency, actually some people have been arguing that its uses as a currency are slowly fading away because of problems with the network being slow and requiring too much fees for low value transactions.
In its current state I don't think that Bitcoin could replace fiat currency.

It still could be used as a currency and right now this is probably a temporary issue until a resolved for this situation could be found. As of now as long as you can still use it to purchase something then it is still a currency. Unless that there is nothing else that you could buy with it anymore then it wont be called as currency has no potential to replace fiat anymore

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Quote from: millgates on December 28, 2016, 10:39:28 AM

Quote from: hase0278 on December 28, 2016, 09:36:20 AM

Bitcoin cannot replace fiat truly and I agree with OP. it can't replace fiat even if it is used mainly for transactions in the future because of the following reasons. First is that bitcoin will only be considered as an asset just like gold and silver. It will also be just used as a payment method like what credit card serves to be and finally, bitcoin cannot gain the government's trust since they won't want it because of it being decentralized, something they would not be able to control. That's why it won't replace fiat but it might be used as much as fiat in the future.

Sorry I dissagree with you, bitcoin is a currency not such thing as gold or silver, people in some country were borred to use fiat becouse government can print it anytime they wants, its make the value is decrease in every printing. People are suffer a financial lost but they don't know about that. So I pretty sure that bitcoin can replace fiat.

Bitcoin is much more than just a currency, actually some people have been arguing that its uses as a currency are slowly fading away because of problems with the network being slow and requiring too much fees for low value transactions.
In its current state I don't think that Bitcoin could replace fiat currency.

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Quote from: X-ray on December 28, 2016, 02:26:37 AM

Quote from: sunsilk on December 28, 2016, 02:22:46 AM

Quote from: antonioa on December 27, 2016, 09:16:21 AM

I believe that this is a completely different payment systems, which will never be able to replace each other. Bitcoin alternative coin and use it will not be all.

Yes it may not be able to replace the real money but it can be good as another type of currency and payment system of the government.

And this is possible to happen if a country's population has a majority bitcoin users, the government has no choice for it but to force themselves to create a law and tax bitcoin.

Or else the whole nation will not be obliged to pay taxes with the use of bitcoin.

the government had been "taxing" bitcoin but not literally directly taxing. they taxing through some companies which were accepting bitcoin or even based on bitcoin to start its business
maybe you just don't know about it because the taxing were targeted to those companies or even production house and then the seller will burdening this tax to the buyers

Oh yes I forgot about that those owners of exchanges are being taxed by their own country for operating within their perimeters and with their regulation.

Because they are declaring their companies as profitable regardless of what type of business they are operating.

As long as they will say so that they are earning in the legal way, the government is not that curious if that is with bitcoin or any crypto.

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Quote from: lOvE mE forEvEr on December 29, 2016, 04:25:07 AM

Quote from: zagarcoin on December 28, 2016, 01:51:36 PM

I think bitcoin can not replace fiat,Because still many poor countries and Illiterate people who do not have the ability to use bitcoin,

Yes, good oppinion. As long as there are still the governments that want to control prices, inflation, interest rates, and other economic indications, then fiat money may not be replaced.

Yes, you are right, the government has a negative impact on Bitcoin. But if the popularity of Bitcoin will grow (including the poor countries) the Bitcoin community will get more profit. And all the people who use Bitcoin too

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Quote from: Positid on December 28, 2016, 02:17:13 AM

Quote from: passwordnow on December 27, 2016, 11:29:05 PM

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Quote from: King Sastro on December 27, 2016, 12:04:43 AM

Yes, of course, as long as the country's central bank still had of course not possible fiat money may be replace. of course the country is very necessary to regulate and control the finances of the State in full.

And the only possible way that bitcoin will ever replace fiat is only when the government of a certain country is going to implement bitcoin as their total currency. But that is hard to believe that it will happen because of bitcoins decentralization, it may not happen now but still there are a lot of things that we need to wait and so we just need to stay tune.

I know it's always hard to believe , but bitcoin always break it out
For example when people have no faith in bitcoin because of the price dropped to the lowest
People think there is no way for bitcoin to bounce back and reach the highest price , but bitcoin always did it bounce back 100%!
So in this case too, people hard to believe if then bitcoin can replace fiat ,i know it harf to accept but i still believe it can happened not now but in the future like 50 or 100 years?

Well anything is possible as you said because of those examples that you have given but the fact that it is only possible to be used legally for your country if your government allows to. But replacing it totally and completely is really hard to believe but who knows what is going to happen with that time frame because of technology too there is a small chance.

Just don't expect the government will allow it to happen, it's a conflict of interest so they will not help us to grow that big that their currency will be at risk.

I'm in the state of my mind that having doubts and believe in this thing. I believe somehow because there are some other countries already that are studying about this crypto and minds to start some investment and total adoption for it. And doubt because of the decentralization of it, also here in my country the government thinks that bitcoin is just use for illegal things.

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Quote from: zagarcoin on December 28, 2016, 01:51:36 PM

I think bitcoin can not replace fiat,Because still many poor countries and Illiterate people who do not have the ability to use bitcoin,

Yes, good oppinion. As long as there are still the governments that want to control prices, inflation, interest rates, and other economic indications, then fiat money may not be replaced.

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