Bitcoin can not replace fiat - page 90.

Mastsetad

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Quote from: Sithara007 on December 06, 2016, 03:03:43 AM

Quote from: skyway1 on December 05, 2016, 03:03:12 PM

when bitcoin will also acceptable in everywhere for direct shopping

That is not going to happen anytime soon. If you pay directly with Bitcoins, then you may need to wait up to two hours until you get the necessary three confirmations. So IMO, it will be better to use a payment processor such as Bitpay for shopping.

Don't you think that thing will be improved if bitcoin reaches to that place? I guess so, because not all the world for sure accept bitcoin for payments if they find it not possible for customers to pay with bitcoins because of the transaction problems but i feel there will be a solution for this in future.

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Quote from: skyway1 on December 05, 2016, 03:03:12 PM

Bitcoin can replace fiat if all people get awareness about bitcoin and they know about the
benefits of bitcoin and they start to use bitcoin and when bitcoin will also acceptable in
everywhere for direct shopping and people forget the using of fiat then i am sure that bitcoin can be easily replace the fiat .

And it has fast and easy transaction method unlike other.
But it will takes time to make people totally make this one currency.

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Quote from: skyway1 on December 05, 2016, 03:03:12 PM

Bitcoin can replace fiat if all people get awareness about bitcoin and they know about the
benefits of bitcoin and they start to use bitcoin and when bitcoin will also acceptable in
everywhere for direct shopping and people forget the using of fiat then i am sure that bitcoin can be easily replace the fiat .

Even me totally believe on this one, that time will come that bitcoin can replace fiat, all we need is to make people aware of bitcoin, what are the benefits they can when using this and for sure many people will use it.

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There are gold too don't forget about gold if fiat will replay by bitcoin then there are gold to be involved or impose to bitcoin economy gold can be a good example for trading and to exchange bitcoin for more profit. if you are good with buy and sell Gold is not that hard to sell

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Quote from: Sithara007 on December 06, 2016, 03:03:43 AM

Quote from: skyway1 on December 05, 2016, 03:03:12 PM

when bitcoin will also acceptable in everywhere for direct shopping

That is not going to happen anytime soon. If you pay directly with Bitcoins, then you may need to wait up to two hours until you get the necessary three confirmations. So IMO, it will be better to use a payment processor such as Bitpay for shopping.

To avoid those confirmation delays, there are a lot of alternatives already in existing / will be coming.

1. If both you and your seller are using Xapo wallets means your transactions will be 100% confirmed instantly.
2. Lightning network kind of developments are going on to resolve these practical inconveniences.
3. Bitcoin debit cards will be handy. Just imagine if you are getting a debit card services with the zero loading and spending fees.

So, bitcoin will replace fiats soooon.

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Quote from: STT on December 06, 2016, 01:43:51 AM

Quote from: deisik on December 05, 2016, 10:14:12 AM

Bitcoin as money is by far superior than gold, since with gold you can transact only hand to hand, while Bitcoin allows you to transact with the whole world and do it almost instantly

Thats the monetary velocity component to economic worth, especially relevant to bitcoin since it has no base worth or real wider use then transmitting value. Gold does have a wider use and though its slower, its more stable in value. Bitcoin isnt superior, its just got different strengths to it and I would want some of both in any successful trading economy.
Gold has a global element to it as it has been used for so long and is valued, used and traded by almost every country of the world. Its universally held in reserve as an asset by all the major central banks, with any upset to FIAT you can bet gold will go up as it is used more. Gold is absolutely unique and bitcoin is not, it can be surpassed.
Bitcoin of course will also go up as of when its used more and is considered more reliable comparatively to FIAT. If you are confident that process is ongoing then you represent the monetary avant garde and will either profit or suffer the error of your ways but theres no doubt a long way to go yet. Neither solid metal or digital asset has come anywhere close to being tested with the weight dollar carries every day now

Bitcoin can replace fiat but its much less likely to replace something unique

Gold is unique as any other hard asset out there and so what?

As a piece of jewelry Bitcoin is utterly irrelevant, it doesn't even have physical existence as such to be used as jewelry, but we are talking about using Bitcoin and gold as money specifically, not as jewelries or something else, for that matter. The primary function of money is to facilitate the exchange of goods, that means being used as a means of payment. I don't really think that there could be any doubts that gold heavily sucks in this department while Bitcoin shines for being both a currency and a payment system

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Quote from: skyway1 on December 05, 2016, 03:03:12 PM

when bitcoin will also acceptable in everywhere for direct shopping

That is not going to happen anytime soon. If you pay directly with Bitcoins, then you may need to wait up to two hours until you get the necessary three confirmations. So IMO, it will be better to use a payment processor such as Bitpay for shopping.

STT

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Quote from: deisik on December 05, 2016, 10:14:12 AM

Bitcoin as money is by far superior than gold, since with gold you can transact only hand to hand, while Bitcoin allows you to transact with the whole world and do it almost instantly

Thats the monetary velocity component to economic worth, especially relevant to bitcoin since it has no base worth or real wider use then transmitting value. Gold does have a wider use and though its slower, its more stable in value. Bitcoin isnt superior, its just got different strengths to it and I would want some of both in any successful trading economy.
Gold has a global element to it as it has been used for so long and is valued, used and traded by almost every country of the world. Its universally held in reserve as an asset by all the major central banks, with any upset to FIAT you can bet gold will go up as it is used more. Gold is absolutely unique and bitcoin is not, it can be surpassed.
Bitcoin of course will also go up as of when its used more and is considered more reliable comparatively to FIAT. If you are confident that process is ongoing then you represent the monetary avant garde and will either profit or suffer the error of your ways but theres no doubt a long way to go yet. Neither solid metal or digital asset has come anywhere close to being tested with the weight dollar carries every day now

Bitcoin can replace fiat but its much less likely to replace something unique

skyway1

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Bitcoin can replace fiat if all people get awareness about bitcoin and they know about the benefits of bitcoin and they start to use bitcoin and when bitcoin will also acceptable in everywhere for direct shopping and people forget the using of fiat then i am sure that bitcoin can be easily replace the fiat .

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Quote from: MWesterweele on December 05, 2016, 10:38:18 AM

Quote from: studas on June 22, 2016, 03:49:34 AM

Quote from: MWesterweele on June 12, 2016, 02:13:54 AM

I also believing that bitcoins can never ever replace fiat currency evn if bitcoin will be the worlds currency.Because fiat is owned b government and not the same as bitcoin who is owned by rich peoples.But bitcoin can be in fiat currency line but can never ever replace any fiat

It depends on the power of the ordinary people. If everybody wants to use the bitcoin, bitcoin will replace fiat.

So you mean people are going to make a group and talk about bitcoin and they going to make bitcon more powerful so that they can replace fiat? How we are going to sell our bitcoin or exhcnage our bitcoin? We can't use our bitcoin into physical thing but fiat do..

Bitcoin and fiat has a advantage and disadvantage too. But fiat has more many good side for me like you can buy anything in using a fiat that bitcoin cant do. The thing that I like in bitcoin that the online transaction is anonymously done .

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Quote from: MWesterweele on December 05, 2016, 10:38:18 AM

Quote from: studas on June 22, 2016, 03:49:34 AM

Quote from: MWesterweele on June 12, 2016, 02:13:54 AM

I also believing that bitcoins can never ever replace fiat currency evn if bitcoin will be the worlds currency.Because fiat is owned b government and not the same as bitcoin who is owned by rich peoples.But bitcoin can be in fiat currency line but can never ever replace any fiat

It depends on the power of the ordinary people. If everybody wants to use the bitcoin, bitcoin will replace fiat.

So you mean people are going to make a group and talk about bitcoin and they going to make bitcon more powerful so that they can replace fiat? How we are going to sell our bitcoin or exhcnage our bitcoin? We can't use our bitcoin into physical thing but fiat do..

I think he was talking about mass adoption. Since almost everyone wants to use bitcoin and not fiat, then bitcoin will replace fiat. Even though it's not that likely to happen anytime soon, in the far future this might happen.

We don't need to sell our bitcoins since people would accepting bitcoins directly. For example, if you want to buy something, you have to pay 0.01BTC directly from your wallet into his wallet. No fiat is needed to get involved to buy something since everyone's using bitcoins.

Even with no physical form, bitcoin still does exist. Just like how your money in Paypal or in PerfectMoney exists. Both of them can be converted in fiat if you want to.

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Quote from: studas on June 22, 2016, 03:49:34 AM

Quote from: MWesterweele on June 12, 2016, 02:13:54 AM

I also believing that bitcoins can never ever replace fiat currency evn if bitcoin will be the worlds currency.Because fiat is owned b government and not the same as bitcoin who is owned by rich peoples.But bitcoin can be in fiat currency line but can never ever replace any fiat

It depends on the power of the ordinary people. If everybody wants to use the bitcoin, bitcoin will replace fiat.

So you mean people are going to make a group and talk about bitcoin and they going to make bitcon more powerful so that they can replace fiat? How we are going to sell our bitcoin or exhcnage our bitcoin? We can't use our bitcoin into physical thing but fiat do..

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Quote from: stark101 on December 04, 2016, 11:54:38 PM

Bitcoin is not a new form of money that replaces the previous forms, but rather a new way of employing existent money in transactions. Because bitcoin is not a real money but merely a different way of employing existent fiat money, obviously it cannot replace it. In other words, a bitcoin is not itself money, because it always relies on an actual form of money(standard money) to underlie it.

i don't agree with this, because bitcoin is different than fiat, and if there is internet connection available in every country and in every place then i am sure that bitcoin will be adopt by more people and they will use bitcoin as fiat too and maybe this will happen in future. but for now bitcoin is only used for online transaction but i am sure that there are local store is available in a few city.

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Quote from: Maslate on December 05, 2016, 08:42:52 AM

Quote from: deisik on December 05, 2016, 06:54:12 AM

Quote from: stark101 on December 04, 2016, 11:54:38 PM

Bitcoin is not a new form of money that replaces the previous forms, but rather a new way of employing existent money in transactions. Because bitcoin is not a real money but merely a different way of employing existent fiat money, obviously it cannot replace it. In other words, a bitcoin is not itself money, because it always relies on an actual form of money(standard money) to underlie it.

That claim is unfounded for the most part

Bitcoin doesn't need any other currency to function since it is both a currency itself and a payment system in its own right. All it needs is Internet and people willing to use it (both miners and end-users). The fact that it is primarily used for speculation as a financial asset doesn't change a thing in this respect. Fiat just happens to be there, but if it were not, Bitcoin could be used without it. In fact, it would be even better off without any fiat alongside

I can't agree with it more, IMHO, bitcoin just rely on fiat and without fiat what will be used to transact in this world, we will surely be back in old age where we are going to barter or trade items to transact. Fiat is making our life easy and it is the most important for all of us, it happens that bitcoin was invented as another source of payment online and since it is unique due do it being decentralized that's why people get attracted especially those who want to transact privately or illegally.

How many economics classes did you ditch? Or did you have any at all?

Fiat has been sticking around only for three hundred years at max (and with a varied success at that), and before that people had been universally using gold and silver coins for a few millenia. Just think about. Even without Bitcoin, people would again use precious metals as a means of payment should fiat disappear tomorrow. But Bitcoin as money is by far superior than gold, since with gold you can transact only hand to hand, while Bitcoin allows you to transact with the whole world and do it almost instantly

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Quote from: deisik on December 05, 2016, 06:54:12 AM

Quote from: stark101 on December 04, 2016, 11:54:38 PM

Bitcoin is not a new form of money that replaces the previous forms, but rather a new way of employing existent money in transactions. Because bitcoin is not a real money but merely a different way of employing existent fiat money, obviously it cannot replace it. In other words, a bitcoin is not itself money, because it always relies on an actual form of money(standard money) to underlie it.

That claim is unfounded for the most part

Bitcoin doesn't need any other currency to function since it is both a currency itself and a payment system in its own right. All it needs is Internet and people willing to use it (both miners and end-users). The fact that it is primarily used for speculation as a financial asset doesn't change a thing in this respect. Fiat just happens to be there, but if it were not, Bitcoin could be used without it. In fact, it would be even better off without any fiat alongside

I can't agree with it more, IMHO, bitcoin just rely on fiat and without fiat what will be used to transact in this world, we will surely be back in old age where we are going to barter or trade items to transact. Fiat is making our life easy and it is the most important for all of us, it happens that bitcoin was invented as another source of payment online and since it is unique due do it being decentralized that's why people get attracted especially those who want to transact privately or illegally.

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Quote from: stark101 on December 04, 2016, 11:54:38 PM

Bitcoin is not a new form of money that replaces the previous forms, but rather a new way of employing existent money in transactions. Because bitcoin is not a real money but merely a different way of employing existent fiat money, obviously it cannot replace it. In other words, a bitcoin is not itself money, because it always relies on an actual form of money(standard money) to underlie it.

That claim is unfounded for the most part

Bitcoin doesn't need any other currency to function since it is both a currency itself and a payment system in its own right. All it needs is Internet and people willing to use it (both miners and end-users). The fact that it is primarily used for speculation as a financial asset doesn't change a thing in this respect. Fiat just happens to be there, but if it were not, Bitcoin could be used without it. In fact, it would be even better off without any fiat alongside

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Bitcoin is not a new form of money that replaces the previous forms, but rather a new way of employing existent money in transactions. Because bitcoin is not a real money but merely a different way of employing existent fiat money, obviously it cannot replace it. In other words, a bitcoin is not itself money, because it always relies on an actual form of money(standard money) to underlie it.

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Quote from: dhampir-D on December 04, 2016, 06:35:15 PM

Quote from: sobsitesearch on November 30, 2016, 08:11:21 AM

Bitcoin can not replace fiat even the value of bitcoin would be more higher in the future because not all people can access and use it, fiat is traditional currency which all people are able to used it even without gadgets and internet connection

This statement is valid at the moment. But things can change a lot in the next few years. In fact, since the arrival of the internet, things have been happening at a faster rate. Bitcoin may not replace fiat currency, but someday a large portion of the population will realize the benefits of using Bitcoin and are likely to migrate to this new form of payment.

The future generation will realize the use of cashless transactions but how it will benefit bitcoin and how much will start using bitcoin is a thing to be seen in the future but with technology things do chance and there will be a time when fiat will be replaced by digital currency.

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Quote from: sobsitesearch on November 30, 2016, 08:11:21 AM

Bitcoin can not replace fiat even the value of bitcoin would be more higher in the future because not all people can access and use it, fiat is traditional currency which all people are able to used it even without gadgets and internet connection

This statement is valid at the moment. But things can change a lot in the next few years. In fact, since the arrival of the internet, things have been happening at a faster rate. Bitcoin may not replace fiat currency, but someday a large portion of the population will realize the benefits of using Bitcoin and are likely to migrate to this new form of payment.

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Quote from: virasog on November 30, 2016, 01:03:59 PM

Quote from: outatime1 on November 26, 2016, 09:27:36 PM

Bitcoin can't replace fiat just like gold can't replace fiat. Bitcoin will have
many uses like a store of value or a way to send money to someone else, or even a method
of payment but there will always be a place for a government currency as well.

Yes it is true that bitcoin cannot replace the fiat currency but this currency have many uses, the value of bitcoin is valuable and the transaction of this
is more fastest than what ever fiat currencies. Especially through internet access compare to other.

Bitcoin is only good or have an edge regarding on online world/transactions. But it can't really surpass fiat currency in a way no matter how have issues into it as you mentioned. We can't compare fiat currency and digital currency. They will remain where it's starts and where it's being placed.

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