Bitcoin can not replace fiat - page 87.

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Quote from: agamasrori on December 15, 2016, 10:27:37 PM

Quote from: raja2sumi on December 15, 2016, 10:02:08 PM

Bitcoins will never replace fiat .this type of technology is far ahead of his time .and people should 20 percent of their income in bitcoins which will help in the future.

I am sorry but I disagree with you. Becouse I knew some people country are change their fiat in to bitcoin to avoid government control, it is proof that bitcoin have a chance to replaxe fiat.

If we're going to use "some people" as a proof for something, then we can say that the flying spaghetti monster religion will take over Christianity because some people were a Christian before and then started to follow the flying spaghetti monster religion. What has happened to those "some people" doesn't guarantee anything for the rest of us. The majority of people are still loving fiat and that's much better statistics than "some people".

People can do whatever they want. They wanted to convert their fiat into bitcoins so there wouldn't be tax or any government control and so they did. The rest of the people would also do whatever they want. Some might even like to use fiat because bitcoin isn't accepted in most places.

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Quote from: raja2sumi on December 15, 2016, 10:02:08 PM

Bitcoins will never replace fiat .this type of technology is far ahead of his time .and people should 20 percent of their income in bitcoins which will help in the future.

I am sorry but I disagree with you. Becouse I knew some people country are change their fiat in to bitcoin to avoid government control, it is proof that bitcoin have a chance to replaxe fiat.

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Bitcoins will never replace fiat .this type of technology is far ahead of his time .and people should 20 percent of their income in bitcoins which will help in the future.

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Quote from: diegz on December 15, 2016, 09:31:26 PM

Quote from: lOvE mE forEvEr on December 15, 2016, 08:15:16 PM

For the moment I think excessive if the existence of the bitcoin replacing fiat money. One of the functions of the State is to ensure that prices are stable, and that can only be done with fiat money. We all know, bitcoin in 1 year have gone up about 250%, and this could make deflation so that people will not be issuing a bitcoin and hold bitcoin.

Government will issue currency that is under their control, without their control, economy will break down whether the people hoard or don't want to hold their bitcoin anymore. Not to mention that the number of bitcoin might not suffice to replace fiat of a certain country.

And that makes Bitoin cannot replace fiat, it's only a fantasy for people who does not think wise and just letting their words coming from their frustration to increase the value of their assets. In real sense, it's not really possible, fiat is still powerful.

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Quote from: lOvE mE forEvEr on December 15, 2016, 08:15:16 PM

For the moment I think excessive if the existence of the bitcoin replacing fiat money. One of the functions of the State is to ensure that prices are stable, and that can only be done with fiat money. We all know, bitcoin in 1 year have gone up about 250%, and this could make deflation so that people will not be issuing a bitcoin and hold bitcoin.

Government will issue currency that is under their control, without their control, economy will break down whether the people hoard or don't want to hold their bitcoin anymore. Not to mention that the number of bitcoin might not suffice to replace fiat of a certain country.

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For the moment I think excessive if the existence of the bitcoin replacing fiat money. One of the functions of the State is to ensure that prices are stable, and that can only be done with fiat money. We all know, bitcoin in 1 year have gone up about 250%, and this could make deflation so that people will not be issuing a bitcoin and hold bitcoin.

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Quote from: Cangkeman Wae on December 14, 2016, 03:26:13 AM

Bitcoin is still new and not many know, I doubt it could replace the fiat money. If more than 51% of the population of the Earth know bitcoin, I believe this will be able to replace the fiat money.

i think bitcoin is not going replace any other fiat currency at least for next some decades as fiat is the basic currency and almost every one is using it for fulfilling their needs, i think bitcoin is still not so much introduce everywhere therefore it is not so easy that bitcoin will replace any fiat currency.

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Quote from: crypto1010 on December 15, 2016, 03:25:42 AM

Bitcoin can not replace fiat because its internet\digital money which is vulnerable to hacking if precautions are not taken and most countries are not fully digital and tend to prefer the physical form of fiat

Bitcoin itself can not be hacked,or to say, it is close to impossible to hack.When people say "my bitcoins got hacked" or " someone stole my bitcoins" the case is almost if not always that a hacker exposed some vulnerabilities on the owners device itself.

In terms of most countries not being fully digital, most businesses around the world don't need to be fully digital. They wont have to spend thousands of dollars to buy Debit/Credit machines, they wont be charged the 1-3% fee for using their credit cards when purchasing products, and they don't need to have huge outdated cash registers sitting in front of them. All one would really need for a Bitcoin transaction is their phone.

whether or not it replaces fiat is more towards the wishes of the people rather then it being Bitcoins goal. but its purpose I think is mainly a step forward away from the unfair, archaic system the fiat is run under.

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Quote from: STT on December 15, 2016, 03:48:16 AM

Quote from: Cangkeman Wae on December 14, 2016, 03:26:13 AM

Bitcoin is still new and not many know, I doubt it could replace the fiat money. If more than 51% of the population of the Earth know bitcoin, I believe this will be able to replace the fiat money.

More then half the world knows about gold but we rarely use this for transactions most days. Only very large amounts of gold are used to exchange value usually. What most use for money is plain convenience and thats paper, the secret to bitcoin becoming common is ease of use. At present bitcoin is still too sticky to each user, it requires technical knowledge and also its really requiring a certain technical wealth as well. It might be common in the young to favour telecommunications but alot of older people are on the 'old networks' still and bitcoin is not relevant

Web wallets are already a huge step ahead in that direction. If there were none, where would we be without them right now and how much would Bitcoin cost today? Then these wallets (and some exchanges as well) started issuing Bitcoin payment cards that allowed to use Bitcoin like any other typical plastic card. What will they do next? Personally, I opt for paper bitcoins issued by these wallets once there is a legal basis for that...

That would allow to close the last gap between Bitcoin and fiat money, i.e. cash for offline transactions

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Quote from: Cangkeman Wae on December 14, 2016, 03:26:13 AM

Bitcoin is still new and not many know, I doubt it could replace the fiat money. If more than 51% of the population of the Earth know bitcoin, I believe this will be able to replace the fiat money.

More then half the world knows about gold but we rarely use this for transactions most days. Only very large amounts of gold are used to exchange value usually. What most use for money is plain convenience and thats paper, the secret to bitcoin becoming common is ease of use. At present bitcoin is still too sticky to each user, it requires technical knowledge and also its really requiring a certain technical wealth as well. It might be common in the young to favour telecommunications but alot of older people are on the 'old networks' still and bitcoin is not relevant.

Some success might come with time and transition between generations but I mostly think bitcoin is not easy to use yet

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Bitcoin can not replace fiat because its internet\digital money which is vulnerable to hacking if precautions are not taken and most countries are not fully digital and tend to prefer the physical form of fiat

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Quote from: MingLee on December 14, 2016, 11:34:20 PM

Quote from: ?? on ??

Quote from: alphablitzer on December 14, 2016, 11:21:55 AM

I think fiat cannot be completely replaced by Bitcoin just because, not everyone will accept it. Some countries banned Bitcoin, and some accepted it also, so you wouldn't really know how it would end in the future, but there are just some people that just don't take new types of systems.

And the reason for it is bitcoin cannot be controlled by the government and take note even the world bank can't control it. So, how much more if your local government will try to make their fiat replaced. They will not risk their old way of financial system and being replaced by a new one that is full of speculations to be good.

Losing control of the currency means a lot more than just not being able to control how valuable the money is and when the government can print it; it also seriously impacts the freedom of the individual and when the government no longer controls the value of their currency, people become free. They are no longer slaves to inflation, and their work always has the same amount of value.

The absolute bane of bankers.

When government lost of control of the value of their currency. the economic will be doomed and it's right that people will become free but after that they will suffering inside the difficulties of being overburdened by such an awful economic circumstances. lost of control to the value of their currency is not that simple, many factors can be affected and may make the country destroyed because economy is like a core in a government

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Quote from: TheGodFather on December 14, 2016, 11:40:32 PM

Government wont let fiat system to lose because theres a lot of companies and other important parts of the cycle of economy that using fiat system. Bitcoin is just a cryptocurrency that help us to easily send and received money for faster transaction without using remittance center. Evenly bitcoin is so powerful maybe it could be digital currency it future but it cannot replace the fiat

Fiat's value, also reflects and represents the economy of the country, by that no country will just let their currency be dominated by bitcoin, which is not really part of their system. Bitcoin won't be enough to replace a currency, its too few and it is difficult to control bitcoin, just imagine miners are from different countries, that means they might sabotage your economy if they don't function well or stop.

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It will be difficult for the bitcoin to replace fiat as all people in the world uses it daily for their transactions. Majority of the people are not using internet and bitcoin is exist only virtually and used only in online transactions. The virtual currency can be use as an alternative currency for those who want to invest in bitcoins.

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Government wont let fiat system to lose because theres a lot of companies and other important parts of the cycle of economy that using fiat system. Bitcoin is just a cryptocurrency that help us to easily send and received money for faster transaction without using remittance center. Evenly bitcoin is so powerful maybe it could be digital currency it future but it cannot replace the fiat

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Quote from: alphablitzer on December 14, 2016, 11:21:55 AM

I think fiat cannot be completely replaced by Bitcoin just because, not everyone will accept it. Some countries banned Bitcoin, and some accepted it also, so you wouldn't really know how it would end in the future, but there are just some people that just don't take new types of systems.

And the reason for it is bitcoin cannot be controlled by the government and take note even the world bank can't control it. So, how much more if your local government will try to make their fiat replaced. They will not risk their old way of financial system and being replaced by a new one that is full of speculations to be good.

Losing control of the currency means a lot more than just not being able to control how valuable the money is and when the government can print it; it also seriously impacts the freedom of the individual and when the government no longer controls the value of their currency, people become free. They are no longer slaves to inflation, and their work always has the same amount of value.

The absolute bane of bankers.

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Quote from: Mastsetad on December 14, 2016, 10:59:49 AM

Quote from: The_prodigy on December 14, 2016, 02:56:00 AM

As i can see maybe bitcoin can replace the fiat bitcoin is getting expensive and higher price when bitcoin replace fiat what would be the next? In my country we always use fiat to trade or to sell our bitcoin and will directly transfer into our bank accounts hope bitcoin will keep fiat as his partner

They can't be partners because they are totally opposite of each other, fiat is completely under control of a government while bitcoin is all about freedom and no one has control on it, and if bitcoin cannot replace fiat then it will always stay on internet.

It is not only that

Any two monies cannot coexist peacefully alongside each other. If we assume that there is free competition between currencies, one currency will eventually crowd out all others from circulation. The same happened in medieval times in Europe when gold coin was used primarily for paying taxes and hoarding while silver coin actually circulated as a means of payment for everyday needs. The same will happen even today, since money doesn't bear competition ("there can be only one")

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I think fiat cannot be completely replaced by Bitcoin just because, not everyone will accept it. Some countries banned Bitcoin, and some accepted it also, so you wouldn't really know how it would end in the future, but there are just some people that just don't take new types of systems.

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Quote from: virtualkeybuyer on December 14, 2016, 06:48:52 AM

Quote from: The_prodigy on December 14, 2016, 02:56:00 AM

As i can see maybe bitcoin can replace the fiat bitcoin is getting expensive and higher price when bitcoin replace fiat what would be the next? In my country we always use fiat to trade or to sell our bitcoin and will directly transfer into our bank accounts hope bitcoin will keep fiat as his partner

It may occur that in the future bitcoin replace fiat as already people like to use digital system for their payment system and they because of security do not like to carry fiat/cash with themselves and as we can see bitcoin is more secure they will then love to use bitcoin but fiat will not disappear as the government will not like that and they will support it.

Depends on the government. What if in the future we will have a government which really cares about its people (like it should be in the first place). Then if Bitcoin surpasses fiat in many regards they might adopt it and make it official currency. Just a thought. In fact I'm very pessimistic about that.

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Quote from: The_prodigy on December 14, 2016, 02:56:00 AM

As i can see maybe bitcoin can replace the fiat bitcoin is getting expensive and higher price when bitcoin replace fiat what would be the next? In my country we always use fiat to trade or to sell our bitcoin and will directly transfer into our bank accounts hope bitcoin will keep fiat as his partner

They can't be partners because they are totally opposite of each other, fiat is completely under control of a government while bitcoin is all about freedom and no one has control on it, and if bitcoin cannot replace fiat then it will always stay on internet.

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