Bitcoin can not replace fiat - page 84.

Mastsetad

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Quote from: Kotone on December 24, 2016, 11:45:02 AM

Quote from: WarThunder on December 23, 2016, 01:37:25 PM

Since Fiat is a kind of securities issued by the state and bitcoin it is still not routine exchange of recognition of States, neither of which is replaced out of the question.

I know fiat is created by our goverments and it caan't replace bitcoin since fiat was created by our goverment so it means that fiat is one of the most powerful money so far? we are using fiat in our state to us to use our bitcoin in physical way.

The question should actually be if will they let bitcoin replace fiat? Because bitcoin has got the potential to cross any borders but the problem is that it wont be let remove their control over the people because bitcoin is not controllable at all so how would a government let that happen?

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Quote from: WarThunder on December 23, 2016, 01:37:25 PM

Since Fiat is a kind of securities issued by the state and bitcoin it is still not routine exchange of recognition of States, neither of which is replaced out of the question.

I know fiat is created by our goverments and it caan't replace bitcoin since fiat was created by our goverment so it means that fiat is one of the most powerful money so far? we are using fiat in our state to us to use our bitcoin in physical way.

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Quote from: qyzackk on December 23, 2016, 03:40:06 PM

Quote from: Samadur on December 23, 2016, 03:12:53 PM

Here is an interesting quote from a famous film about digital currencies and government securities, "... it is unconstitutional, you can not create its own currency. It is the job of the Federal Government! We can not allow you to make loans in Z-Coyne, you would not be able to issue in dollars. " And now judge for yourself that will live, Fiat or bitcoin.

The value of your money is determined by the global casino of unprecedented proportions: every day two trillion $ US trading on the foreign exchange markets - ie 100 times more than the trading volume of all stock markets in the world combined... Only 2% of foreign exchange transactions is relevant to the "real" economy, reflects the movement of real goods and services in the world, while the remaining 98% - a purely speculative.

You can't directly compare these two figures

Just like you can't compare grams with meters (or pounds with yards). If someone traded one dollar one million times, that would amount to 1M dollars of trading volume. Could we then compare that value to someone else selling something real for the same quantity of dollars? I guess this seemingly excessive amount of trading volume is required to get a correct estimation of the exchange rate but apart from that, it is mainly inconsequential to real economy and trades that involve exchange of real goods

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Quote from: manyuta on December 23, 2016, 02:44:33 PM

Quote from: WarThunder on December 23, 2016, 01:37:25 PM

Since Fiat is a kind of securities issued by the state and bitcoin it is still not routine exchange of recognition of States, neither of which is replaced out of the question.

Apparently the majority of countries will never accept bitcoin fully fledged currency. If this is possible, the authorities will very quickly lose their sources of income and filling byudzhetov.poetomu bitcoin will be outlawed.

I presume those who does not accept bitcoin or recognize it are a corrupt countries, they are run but corrupt officials who are protecting only the interest of big businesses and not the people.

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Quote from: Samadur on December 23, 2016, 03:12:53 PM

Here is an interesting quote from a famous film about digital currencies and government securities, "... it is unconstitutional, you can not create its own currency. It is the job of the Federal Government! We can not allow you to make loans in Z-Coyne, you would not be able to issue in dollars. " And now judge for yourself that will live, Fiat or bitcoin.

The value of your money is determined by the global casino of unprecedented proportions: every day two trillion $ US trading on the foreign exchange markets - ie 100 times more than the trading volume of all stock markets in the world combined... Only 2% of foreign exchange transactions is relevant to the "real" economy, reflects the movement of real goods and services in the world, while the remaining 98% - a purely speculative.

Samadur

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Here is an interesting quote from a famous film about digital currencies and government securities, "... it is unconstitutional, you can not create its own currency. It is the job of the Federal Government! We can not allow you to make loans in Z-Coyne, you would not be able to issue in dollars. " And now judge for yourself that will live, Fiat or bitcoin.

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Quote from: WarThunder on December 23, 2016, 01:37:25 PM

Since Fiat is a kind of securities issued by the state and bitcoin it is still not routine exchange of recognition of States, neither of which is replaced out of the question.

Apparently the majority of countries will never accept bitcoin fully fledged currency. If this is possible, the authorities will very quickly lose their sources of income and filling byudzhetov.poetomu bitcoin will be outlawed.

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Quote from: deisik on December 23, 2016, 05:43:55 AM

Quote from: StarofBTC on December 22, 2016, 02:08:22 PM

Quote from: iamTom123 on December 19, 2016, 02:15:02 AM

I am predicting that Bitcoin can be playing a big role in the global economic infrastructure especially in the coming years. However, I don't believe that it will totally replace fiat money as we still need the traditional means of exchange as many people and institutions would still be using them side by side with Bitcoin.

Yes, we can never replace fiat with bitcoin, bitcoin has been created to make payment over the internet more safe and much easier so that you don’t have to use your personal details every time you want to buy something which means that bitcoin exists because of the internet ,if the internet goes down you can never use you bitcoin, but the fiat has existed a long time before the internet and the bitcoin and we can never replace it.

Before the advancement in the means of telecommunications fiat had been existing as paper money mostly. But right now fiat also greatly depends on telecommunications. It wouldn't be quite correct to say that without Internet there wouldn't be digital fiat either, but without the telecommunication technologies themselves with which Internet is made possible, that wouldn't be very far from truth. On the other hand, Bitcoin banks could issue paper bitcoins which would somewhat balance out fiat and Bitcoin in the greater scheme of things...

Thereby, Bitcoin is basically on equal terms with fiat in this regard

More than once heard that soon every currency will cease to exist and people refuse from the usual paper money. And they will be replaced by digital currency. But I do not believe that will be appreciated by air or wind. This is nothing. And nothing is not money. There must be the product. For example, oil and water, or if it will be a problem.

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Since Fiat is a kind of securities issued by the state and bitcoin it is still not routine exchange of recognition of States, neither of which is replaced out of the question.

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Quote from: co0ler on November 29, 2016, 06:47:57 PM

It's probably something that would not happen in a few years, but I believe there will come a point where the number of users, who will realize the benefits of using Bitcoin, will increase at a rate never seen before.

I think though users bitcoin is growing and very much it would not make bitcoin replace fiat, it's a sure thing! but for a price of course there will not be people who know about it, maybe the price will explode

It will not replace fiat currency because bitcoin is compatible as well and it can be converted with each other specially of online wallet transaction without fiat you cannot hold cash in hand when you cash out your crypto currency to fiat currency. Thats why bitcoin cannot replace fiat as well and most common reason fiat is very important to bitcoin they are somewhat partners of online transactions.

Whatever would be the value of bitcoin, yes it won't replace fiat. This is already a long discussion whatever would be our speculation, no doubt that bitcoin won't replace fiat no matter what happens. Government will not risk the financial system into a decentralized crypto currency and has a limited supply that can't be supplied if they want to.

You seem to be missing a few important details in the "bigger picture"

I'm also inclined to think that governments in general are not going to endorse Bitcoin use in any possible way (apart from accepting it as a foreign currency of sorts), though the Swiss government may disagree with this. But that's not my point. Important details that I'm talking about consist in the possibility of governments themselves going away at some point in the future given the overwhelming tendency of the world becoming a tighter place overall, primarily through Internet. In this way, whether they like Bitcoin or dislike it may turn to be irrelevant in the end

It might be possible that governments will see the potential of bitcoin but they won't accept it as primary currency but as an secondary currency. But whatever will be the bigger picture you are pointing. Governments will not going to allow bitcoin to completely replace the their local currency because they have control for it.

There is one flaw in your explanation, governments have already given up the control over their currency, just look at the EU.
Governments have adopted the Euro and that has had some pretty dire consequences for certain countries, losing the ability to devalue their currency.

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Quote from: StarofBTC on December 22, 2016, 02:08:22 PM

Quote from: iamTom123 on December 19, 2016, 02:15:02 AM

I am predicting that Bitcoin can be playing a big role in the global economic infrastructure especially in the coming years. However, I don't believe that it will totally replace fiat money as we still need the traditional means of exchange as many people and institutions would still be using them side by side with Bitcoin.

Yes, we can never replace fiat with bitcoin, bitcoin has been created to make payment over the internet more safe and much easier so that you don’t have to use your personal details every time you want to buy something which means that bitcoin exists because of the internet ,if the internet goes down you can never use you bitcoin, but the fiat has existed a long time before the internet and the bitcoin and we can never replace it.

Before the advancement in the means of telecommunications fiat had been existing as paper money mostly. But right now fiat also greatly depends on telecommunications. It wouldn't be quite correct to say that without Internet there wouldn't be digital fiat either, but without the telecommunication technologies themselves with which Internet is made possible, that wouldn't be very far from truth. On the other hand, Bitcoin banks could issue paper bitcoins which would somewhat balance out fiat and Bitcoin in the greater scheme of things...

Thereby, Bitcoin is basically on equal terms with fiat in this regard

StarofBTC

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Quote from: iamTom123 on December 19, 2016, 02:15:02 AM

I am predicting that Bitcoin can be playing a big role in the global economic infrastructure especially in the coming years. However, I don't believe that it will totally replace fiat money as we still need the traditional means of exchange as many people and institutions would still be using them side by side with Bitcoin.

Yes, we can never replace fiat with bitcoin, bitcoin has been created to make payment over the internet more safe and much easier so that you don’t have to use your personal details every time you want to buy something which means that bitcoin exists because of the internet ,if the internet goes down you can never use you bitcoin, but the fiat has existed a long time before the internet and the bitcoin and we can never replace it.

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Quote from: Fatanut on December 22, 2016, 10:49:01 AM

Quote from: gabmen on December 21, 2016, 10:22:56 AM

i agree. physical money is still the way most transactions are normally done every single day. it's government ran. it's accessible to most people. it doesn't need online connection. bitcoin is good for transferring money and doing online transactions but it still is dependent on whether there is online access. compared to fiat, which as you've said is how most transactions were done, bitcoin would require a lot more to be fully accepted and i think with how things are going now, fiat would still be the major form of currency that we will all have even in the future

But even fiat needs an internet connection. For example, if you want to withdraw from the bank, you are unable to do so if there's no internet connection. Maybe your statement is true only to people that use cash (or fiat's physical form) but not to people that mainly use card to buy things.

Mass adoption is the only answer to your problem - bitcoin not getting accepted by everybody. As for you, it doesn't have to be literally everybody but only people that you transact with. You can influence your business partners or people that you always do cash transaction with to try bitcoins.

Yes fiat may also need internet i you want to use all the features and use its all advantages but its not neccessary to use internet for fiat.
Specially i see in my country approx 60% of people in my country doesnt ever used internet but they are using fiat and never needed internet for that where as for bitcoins,internet usage is neccessary.

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Quote from: gabmen on December 21, 2016, 10:22:56 AM

i agree. physical money is still the way most transactions are normally done every single day. it's government ran. it's accessible to most people. it doesn't need online connection. bitcoin is good for transferring money and doing online transactions but it still is dependent on whether there is online access. compared to fiat, which as you've said is how most transactions were done, bitcoin would require a lot more to be fully accepted and i think with how things are going now, fiat would still be the major form of currency that we will all have even in the future

But even fiat needs an internet connection. For example, if you want to withdraw from the bank, you are unable to do so if there's no internet connection. Maybe your statement is true only to people that use cash (or fiat's physical form) but not to people that mainly use card to buy things.

Mass adoption is the only answer to your problem - bitcoin not getting accepted by everybody. As for you, it doesn't have to be literally everybody but only people that you transact with. You can influence your business partners or people that you always do cash transaction with to try bitcoins.

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Quote from: upsidedown75 on December 19, 2016, 03:21:40 PM

Quote from: Tukang Becak on December 18, 2016, 11:44:50 PM

Some day I sure bitcoin can replace fiat, we know fiat is is not relevant to the economy and free trade.

But it is a basic true that bitcoin cannot replace fiat, fiat has been and will forever be the way to exchange money between people directly, bitcoin appeared first to make exchanging money over the internet much easier so it has always been related to the internet but if the internet goes down so is the bitcoin and then what is the thing that is goanna run the economy for sure it is the fiat money.

i agree. physical money is still the way most transactions are normally done every single day. it's government ran. it's accessible to most people. it doesn't need online connection. bitcoin is good for transferring money and doing online transactions but it still is dependent on whether there is online access. compared to fiat, which as you've said is how most transactions were done, bitcoin would require a lot more to be fully accepted and i think with how things are going now, fiat would still be the major form of currency that we will all have even in the future

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Quote from: freedomgo on December 21, 2016, 03:33:16 AM

Quote from: Omega Weapon on December 21, 2016, 12:43:27 AM

Quote from: ivan.daineko23 on December 18, 2016, 02:29:59 PM

Bitcoin as an asset today is very beneficial, especially against the background of expectations of price cryptocurrency. But the question is, whether bitcoin will continue to attract investors when the price reaches the ceiling?

We don't know were the ceiling is but investors will keep coming to bitcoin because you can also earn profits by trading and hoping for the price of bitcoin to go down so as long the price keeps moving traders are fine with that.

They are coming because they want to ride with the price, bitcoin is always a good investment for the risk takers like us as in can offer us great profit if we continue to hold our bitcoins in the future.

Well, you can blame them. They see the opportunity and they are business minded so they will have to take risk and hope to be profitable with their venture.

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Quote from: Omega Weapon on December 21, 2016, 12:43:27 AM

Quote from: ivan.daineko23 on December 18, 2016, 02:29:59 PM

Bitcoin as an asset today is very beneficial, especially against the background of expectations of price cryptocurrency. But the question is, whether bitcoin will continue to attract investors when the price reaches the ceiling?

We don't know were the ceiling is but investors will keep coming to bitcoin because you can also earn profits by trading and hoping for the price of bitcoin to go down so as long the price keeps moving traders are fine with that.

They are coming because they want to ride with the price, bitcoin is always a good investment for the risk takers like us as in can offer us great profit if we continue to hold our bitcoins in the future.

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Quote from: ivan.daineko23 on December 18, 2016, 02:29:59 PM

Bitcoin as an asset today is very beneficial, especially against the background of expectations of price cryptocurrency. But the question is, whether bitcoin will continue to attract investors when the price reaches the ceiling?

We don't know were the ceiling is but investors will keep coming to bitcoin because you can also earn profits by trading and hoping for the price of bitcoin to go down so as long the price keeps moving traders are fine with that.

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Quote from: Tukang Becak on December 18, 2016, 11:44:50 PM

Some day I sure bitcoin can replace fiat, we know fiat is is not relevant to the economy and free trade.

But it is a basic true that bitcoin cannot replace fiat, fiat has been and will forever be the way to exchange money between people directly, bitcoin appeared first to make exchanging money over the internet much easier so it has always been related to the internet but if the internet goes down so is the bitcoin and then what is the thing that is goanna run the economy for sure it is the fiat money.

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Quote from: iamTom123 on December 19, 2016, 02:15:02 AM

I am predicting that Bitcoin can be playing a big role in the global economic infrastructure especially in the coming years. However, I don't believe that it will totally replace fiat money as we still need the traditional means of exchange as many people and institutions would still be using them side by side with Bitcoin.

No one in sound mind would believe that bitcoin will replace fiat, not even in my dreams. Bitcoin is very limited when it comes to adoption, and I do not see in the future that people without proper education will be able to adopt and we know poverty are big in the world.

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