Bitcoin can not replace fiat - page 9.

Cinemo

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Quote from: Parazyd on December 23, 2015, 10:54:15 AM

Yes, got you intrigued, didn't it?

Bitcoin is a very good thing to have as an asset. Just like gold. Even better if I may say. It's secure, and unlike fiat money it actually exists and work is put into it to produce it. This makes it great to store value.
However, it cannot and will not replace current fiat money that the entire world it using. It just cannot.
Take paying a cup of coffee for example. To pay your coffee with bitcoins, one must get bitcoins first, either by mining or buying bitcoins with other kinds of money (*cough*fiat*cough). It ends up being a quite complicated process, don't you think?
Until we reach the point where paying for a cup of coffee is as easy with Bitcoin as it is with cash, we will never get mass adoption. And as far as I see it, there is no way of simplifying the acquiring of bitcoins.

Yes and i know that it wont happen anymore but i think cryptocurrency will replace all banks soon because this is the best storage and best way to get your money to transact and to pay some bills and i k now that fater 1o years they will accept this.

wareen

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Quote from: Bdstar on March 09, 2018, 12:18:33 AM

I also think that Bitcoin is able to replace the fiat money because of the acceptability and credibility. not only that but also Bitcoin is based on the internet system so that it's a barrier to use Bitcoin. I think in this world, Everyone is not able to operate blockchain system so they can't be able to send or receive Bitcoin anymore.

Besides this reason, Bitcoin price is much more volatile so people will not be interested using Bitcoin rather than regular money. That's why Bitcoin will not be the replacement of fiat money.

Maybe, Bitcoin will be the base technology to create a new era of the monetary for the world in the future. Like dot com created the growth of internet connection. Although in the past, dot com was one of biggest bubble value on the financial market. But today, thanks to this technology, we grew too many success on many fields.

DrToken

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It cannot replace fiat since a lot of people haven't known Bitcoin or basically cryptocurrency. The flawlessness of being transparent of the transactions, the information of the user is not needed, and the decentralized power of Bitcoin makes it great but lay people only see the bad side of it. They don't see the possibility of Bitcoin being used as transactions in our daily lives. I feel a gleaming ray of hope that sometime in the future, we would all be paperless.

Jicokh79

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I think, once the bitcoin becomes the global currency and all services are paid by bitcoin then all currencies are converted to bitcoin to use the services. Now we only have to rely on the security of our wallets is it safe? That is a worrying issue!

Fantastic33

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Bitcoin cannot replace fiat unless the government would allow it. Its also not recognized by bank as a currency, so replacing fiat by bitcoin is not possible. Additionally, fiat has a stable price compared with bitcoin which is highly volatile, and using crypto can cause risk due to its changing price. Theres also limited number of bitcoin in the system, so how can the whole world use it if theres only a limited supply?

Bdstar

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I also think that Bitcoin is able to replace the fiat money because of the acceptability and credibility. not only that but also Bitcoin is based on the internet system so that it's a barrier to use Bitcoin. I think in this world, Everyone is not able to operate blockchain system so they can't be able to send or receive Bitcoin anymore.

Besides this reason, Bitcoin price is much more volatile so people will not be interested using Bitcoin rather than regular money. That's why Bitcoin will not be the replacement of fiat money.

xvids

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Yes I think bitcoin could not replace Fiat ,
But it could be the start of the cashless society I think it would be the beginning of the new payment system .
Maybe in the future we wouldn't need to carry our fiat and we could pay with just our phones.

Pinoyfan

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Quote from: Parazyd on December 23, 2015, 10:54:15 AM

Yes, got you intrigued, didn't it?

Bitcoin is a very good thing to have as an asset. Just like gold. Even better if I may say. It's secure, and unlike fiat money it actually exists and work is put into it to produce it. This makes it great to store value.
However, it cannot and will not replace current fiat money that the entire world it using. It just cannot.
Take paying a cup of coffee for example. To pay your coffee with bitcoins, one must get bitcoins first, either by mining or buying bitcoins with other kinds of money (*cough*fiat*cough). It ends up being a quite complicated process, don't you think?
Until we reach the point where paying for a cup of coffee is as easy with Bitcoin as it is with cash, we will never get mass adoption. And as far as I see it, there is no way of simplifying the acquiring of bitcoins.

Of course bitcoin will not replace fiat because the value of bitcoin is not stable it is always changing minute by minute and i think this cryptocurrency will help to fiat to become useful and because of bitcoin theres a lot of people became rich by bitcoin.

keeee

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Quote from: Parazyd on December 23, 2015, 10:54:15 AM

Yes, got you intrigued, didn't it?

Bitcoin is a very good thing to have as an asset. Just like gold. Even better if I may say. It's secure, and unlike fiat money it actually exists and work is put into it to produce it. This makes it great to store value.
However, it cannot and will not replace current fiat money that the entire world it using. It just cannot.
Take paying a cup of coffee for example. To pay your coffee with bitcoins, one must get bitcoins first, either by mining or buying bitcoins with other kinds of money (*cough*fiat*cough). It ends up being a quite complicated process, don't you think?
Until we reach the point where paying for a cup of coffee is as easy with Bitcoin as it is with cash, we will never get mass adoption. And as far as I see it, there is no way of simplifying the acquiring of bitcoins.

Absolutely. The capabilities of fiat money cannot surpass by bitcoin. Bitcoin is not well known by all the people in world and as a result, not all people cannot use and earn bitcoin unlike fiat money. Although bitcoin is better than fiat money, bitcoin will never replace fiat even in the future.

JesusCryptos

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In order to replace fiat, a cryptocurrency has to be stable enough in its price so that people know which is its value without having to check it every five minutes. Also, it would need to have a compehensible unity of price, not stuff like 0.0001 BTC, where you always have to count well the zeroes before making any operations.

CoinsInvest9

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Quote from: vinz7229 on March 05, 2018, 02:55:28 AM

Quote from: MidKnight on February 25, 2018, 02:18:43 AM

We know that there are a few people especially those who believed and accuse btc as evil and they are the people who will still use the fiat. But btc will dominate fiat in the future even if they coexist.

i don't think bitcoin could replace fiat currency, fiat currency was establish by government. It has an assigned value only because the government uses its power to enforce the value of a fiat currency or because the exchanging parties agree to its value. It was introduced as an alternative to commodity money and representative money. unlike bitcoin it doesn't have stable price so the people would still choose to convert their earnings into fiat currency.

Absolutely I agree with you that fiat currency is established by government, so it will never happen that bitcoin can replace the role of fiat. Although bitcoin becomes more and more popular, it still has many people who don’t know what bitcoin is. Especially we all know that bitcoin is digital currencies, it requires everyone knowledge which relates its ,therefore it’s hard for one who do not know how to use internet such as children, the older and the like. Moreover bitcoin brings lots of risks, if you don’t have skill, you can have nonbenefits from it. Yep, many people will never agree the replace of bitcoin instead of fiat.

tikong

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Of course yes, even if in an imaginary situation i couldn't imagine that bitcoin can replace fiat, first bitcoin is not legalize in all over the world and second bitcoin don't have a stable value and people scared for losing their money. and last bitcoin will going to crash if people who use it going to convince others to use it too.

gladiusnl

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I agree! Bitcoin is like Gold, it is usually deflationary and is more value storage. But, inflationary colored coins based on the Bitcoin blockchain could be a replacement fiat money.

fuding12

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Quote from: Parazyd on December 23, 2015, 10:54:15 AM

Yes, got you intrigued, didn't it?

Bitcoin is a very good thing to have as an asset. Just like gold. Even better if I may say. It's secure, and unlike fiat money it actually exists and work is put into it to produce it. This makes it great to store value.
However, it cannot and will not replace current fiat money that the entire world it using. It just cannot.
Take paying a cup of coffee for example. To pay your coffee with bitcoins, one must get bitcoins first, either by mining or buying bitcoins with other kinds of money (*cough*fiat*cough). It ends up being a quite complicated process, don't you think?
Until we reach the point where paying for a cup of coffee is as easy with Bitcoin as it is with cash, we will never get mass adoption. And as far as I see it, there is no way of simplifying the acquiring of bitcoins.

Yes, I think currently bitcoin is present only as an alternative currency for online transactions. Bitcoin only meets some of the utility of the currency. Bitcoin is difficult to replace fiat money.

kamike

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Quote from: bitcoinstress on March 05, 2018, 02:10:59 PM

Quote from: Crazygreek on March 05, 2018, 01:48:56 PM

Bitcoin can't replace fiat but it can make competition and even win someday. At my opinion price is always matter in this case thats why people trying to join bitcoin.

That right, Bitcoin only be an option. But I think Bitcoin has help much people that use Bitcoin as mean of payment. Like now easy to send money to ur friend or family just less than one minute

and this should be just like this way, to be just an alternative to fiat and not to replace, don't be so rude that we will just replace fiat because there is something better, think of it if that happens there is no way that we can make bitcoin as our investment.

bitcoinstress

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Quote from: Crazygreek on March 05, 2018, 01:48:56 PM

Bitcoin can't replace fiat but it can make competition and even win someday. At my opinion price is always matter in this case thats why people trying to join bitcoin.

That right, Bitcoin only be an option. But I think Bitcoin has help much people that use Bitcoin as mean of payment. Like now easy to send money to ur friend or family just less than one minute

Crazygreek

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Bitcoin can't replace fiat but it can make competition and even win someday. At my opinion price is always matter in this case thats why people trying to join bitcoin.

LegendOF45

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True, until whenever bitcoin will never be able to replace, this is because fiat transactions always be the main choice for direct payments compared with digital money or cryptocurrency, the matter of which is the fiat transaction does not require confirmation as in bitcoin.

letua

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Bitcoin could replace fiat in other ways. Such as pay without cash, send without id provided wallet address, cash less society, it is more happier to receive bitcoin than money. If we use bitcoin in a daily basis of payments even in a cheap items, we disregard the big possibility of its value in the future of bitcoin in the market field. We can misuse the usage of bitcoin in terms of daily basis. People will see bitcoin as normal fiat in the area of payment, ofcourse bitcoin is more than fiat. It's value can be too high or can be low but it will always go to high.

AnonBitCoiner

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I think bitcoin will replace the Fiat for sure.Now the value of dollars is remains the same,but the value of bitcoin is same?
Not at all.The value of 1 BTC is around 11510$,this is happen due to the increase in investors on bitcoin as compared to other crypto currency.

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