Bitcoin can not replace fiat - page 92.

Mastsetad

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Quote from: sportis on November 28, 2016, 03:29:53 PM

I partially agree for a couple of different reasons. Firstly, bitcoin will not replace fiat now and in nearby future but not at the distant one. Even though all people had internet access they need information and familiarity with blockchain technology. Who will provide it them? Secondly, I agree that bitcoin is the best monetary system in many transactions particularly for international transactions or through online for goods and services but for everyday micropayments? Oh no is pain in the ass

Though the everyday's micropayments or understanding of the blockchain technology wont become a problem, but the biggest reason why bitcoin wont replace fiat is the limitation of amount it has, we all know that there are a limited amount of bitcoins exist and even not all of them are in circulation, so i don't feel bitcoin can replace the fiat in that situation.

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Quote from: Positid on November 29, 2016, 01:46:40 AM

Gold are valuable since it was recognize by many people, but if you will try to compared its usefulness to the humanity, you can tell that bitcoins are more useful as it can be use to minimize our expenses in online transaction and we can have a fast transaction

This is highly debatable

If you compared gold with Bitcoin only, then you would be right. But such comparison wouldn't be correct as such since you don't take into account at least two important points, which would basically lead you to a very different conclusion. First, gold is unique in its qualities, there is no other such metal that could ever come close to it. On the other hand, Bitcoin is just one of many currencies out there which are all doing essentially the same. In other words, there is nothing that could substitute gold while Bitcoin could be easily substituted itself

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Quote from: jaysabi on November 28, 2016, 03:51:14 PM

Quote from: arseaboy on November 28, 2016, 03:33:58 AM

Quote from: Mastsetad on November 27, 2016, 10:16:53 AM

Quote from: outatime1 on November 26, 2016, 08:27:36 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.

Gold is a completely different thing than bitcoin, gold is a natural mineral that no one can make themselves, it is not a currency nor it has ever been, but bitcoin is a currency which is made by a person (or a group, not sure) so a currency can replace a currency but a mineral like gold cannot.
But still i feel bitcoin cannot replace fiat still as it has a limited amount.

I agree with you mate. One of the reason why gold is valuable because it's a mineral that cannot produce or create by human or machine. Bitcoin was created be human and use it as an alternate currency and formed it as in crypto-currency.. and it's value is depends on fiat so that's why it cannot replace the fiat.

Bitcoin was designed to mimic the scarcity of gold though. Just because it was man-made, doesn't automatically make it inferior. (It just happens to be because of the other attributes it possesses.) Bitcoin, like gold, cannot just be created infinitely like fiat can. There are limitations in place that cause scarcity so that it retains value (in theory).

Gold are valuable since it was recognize by many people, but if you will try to compared its usefulness to the humanity, you can tell that bitcoins are more useful as it can be use to minimize our expenses in online transaction and we can have a fast transaction.

It's decentralization is new to the open minded investor, hence it's getting popular overtime.

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Quote from: arseaboy on November 28, 2016, 03:33:58 AM

Quote from: Mastsetad on November 27, 2016, 10:16:53 AM

Quote from: outatime1 on November 26, 2016, 08:27:36 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.

Gold is a completely different thing than bitcoin, gold is a natural mineral that no one can make themselves, it is not a currency nor it has ever been, but bitcoin is a currency which is made by a person (or a group, not sure) so a currency can replace a currency but a mineral like gold cannot.
But still i feel bitcoin cannot replace fiat still as it has a limited amount.

I agree with you mate. One of the reason why gold is valuable because it's a mineral that cannot produce or create by human or machine. Bitcoin was created be human and use it as an alternate currency and formed it as in crypto-currency.. and it's value is depends on fiat so that's why it cannot replace the fiat.

Bitcoin was designed to mimic the scarcity of gold though. Just because it was man-made, doesn't automatically make it inferior. (It just happens to be because of the other attributes it possesses.) Bitcoin, like gold, cannot just be created infinitely like fiat can. There are limitations in place that cause scarcity so that it retains value (in theory).

sportis

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I partially agree for a couple of different reasons. Firstly, bitcoin will not replace fiat now and in nearby future but not at the distant one. Even though all people had internet access they need information and familiarity with blockchain technology. Who will provide it them? Secondly, I agree that bitcoin is the best monetary system in many transactions particularly for international transactions or through online for goods and services but for everyday micropayments? Oh no is pain in the ass

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Quote from: alphablitzer on November 28, 2016, 01:23:51 PM

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.

fiat is control by government and i think they don't want to replace them.. but if government accept bitcoin i am sure they will ask for large task for bitcoin since the benefits of bitcoin is price increases government are greedy..
For me it is impossible to replace fiat with bitcoin since bitcoin is use for online activities how about the local activities so fiat still be prefer.

alphablitzer

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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.

Skarner21

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Quote from: Doms on November 28, 2016, 07:56:53 AM

Quote from: deisik on November 27, 2016, 08:52:12 AM

Quote from: olubams on November 26, 2016, 03:54:12 PM

How will that even happen? FIAT that have stayed with us since the beginning of civilisation that have developed and even to become part of us just like that? Even external reserves of countries are kept in FIAT, countries owe each other in FIAT, country's power are determined by the value of its FIAT, FIAT serve as identity of respective countries etc... then I ask how will Bitcoin just take over and replace that?

Fiat has been in use only for two hundred years at most, and for more than a century it was entirely backed up by gold (so called gold exchange standard). It is only since 1920-1930s that fiat has become what we are used to today. Some even claim that fiat fully set off only after the Nixon Shock of 1971 when gold was officially divorced with the US dollar, but I think we should stick to an earlier date. There is absolutely no reason to think that it will stay here for ever. New forms of money will change it eventually...

Though it might not necessarily be Bitcoin

It could be an entirely new form of currency that will replace fiat, if the need arises. I also remember from history books that in ancient times, there was still no concept of money, so people would just exchange / trade items that they deemed had equal value. This was the time of the barter system.

That was theory and i think it will not happen in our new generation. Bitcoin was good only for alternative and you can not use bitcoin if offline or no internet.. so you can not trade to some if there is no internet so for me bitcoin is just good only for alternative just like atm..
If fiat will be replace i think they will not choose bitcoin to change our fiat.. since we are just using it actively online..

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Of course, Bitcoin cant replace the fiat money
but bitcoin is alternatif for the payment in the world and easy to use.

Doms

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Quote from: deisik on November 27, 2016, 08:52:12 AM

Quote from: olubams on November 26, 2016, 03:54:12 PM

How will that even happen? FIAT that have stayed with us since the beginning of civilisation that have developed and even to become part of us just like that? Even external reserves of countries are kept in FIAT, countries owe each other in FIAT, country's power are determined by the value of its FIAT, FIAT serve as identity of respective countries etc... then I ask how will Bitcoin just take over and replace that?

Fiat has been in use only for two hundred years at most, and for more than a century it was entirely backed up by gold (so called gold exchange standard). It is only since 1920-1930s that fiat has become what we are used to today. Some even claim that fiat fully set off only after the Nixon Shock of 1971 when gold was officially divorced with the US dollar, but I think we should stick to an earlier date. There is absolutely no reason to think that it will stay here for ever. New forms of money will change it eventually...

Though it might not necessarily be Bitcoin

It could be an entirely new form of currency that will replace fiat, if the need arises. I also remember from history books that in ancient times, there was still no concept of money, so people would just exchange / trade items that they deemed had equal value. This was the time of the barter system.

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Quote from: noictib on November 28, 2016, 04:43:02 AM

Quote from: SHAWN-MIDWAYS on November 28, 2016, 04:31:12 AM

I see bitcoin and fiat to be the perfect compliments of each other as the can be used interchangeably whenever we want to cut down on fees when trying to make a transaction so both will co-exist

yeah , and also there is another reason to not to replace fiat is use of fiat in real world .
Because the fiat and Bitcoin ( online ) are useful but fiat works as a important role in practical world and in practical world everyone looking for fiat only so it is about not possibly to replace fiat by Bitcoin .

Indeed. I like the term compliment each other. Bitcoin as we know only exists in the digital world so thinking of it as a replacement to real money is a bit off as people need real money for everyday expenses. Although it makes things really easy and convenient for online transactions so i also think there needs to be a replacement as bitcoin will be another option for people's convenience

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Quote from: SHAWN-MIDWAYS on November 28, 2016, 04:31:12 AM

I see bitcoin and fiat to be the perfect compliments of each other as the can be used interchangeably whenever we want to cut down on fees when trying to make a transaction so both will co-exist

yeah , and also there is another reason to not to replace fiat is use of fiat in real world .
Because the fiat and Bitcoin ( online ) are useful but fiat works as a important role in practical world and in practical world everyone looking for fiat only so it is about not possibly to replace fiat by Bitcoin .

SHAWN-MIDWAYS

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I see bitcoin and fiat to be the perfect compliments of each other as the can be used interchangeably whenever we want to cut down on fees when trying to make a transaction so both will co-exist

Liad.Services

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Quote from: arseaboy on November 28, 2016, 03:33:58 AM

Quote from: Mastsetad on November 27, 2016, 10:16:53 AM

Quote from: outatime1 on November 26, 2016, 08:27:36 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.

Gold is a completely different thing than bitcoin, gold is a natural mineral that no one can make themselves, it is not a currency nor it has ever been, but bitcoin is a currency which is made by a person (or a group, not sure) so a currency can replace a currency but a mineral like gold cannot.
But still i feel bitcoin cannot replace fiat still as it has a limited amount.

I agree with you mate. One of the reason why gold is valuable because it's a mineral that cannot produce or create by human or machine. Bitcoin was created be human and use it as an alternate currency and formed it as in crypto-currency.. and it's value is depends on fiat so that's why it cannot replace the fiat.

Thats right,and one of the things that make gold really valueable is the fact that people used it at the very past and and it became a sign for being wealthy.
People consider gold to be a high quality precious metal and thats why it has a value.

arseaboy

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Quote from: Mastsetad on November 27, 2016, 10:16:53 AM

Quote from: outatime1 on November 26, 2016, 08:27:36 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.

Gold is a completely different thing than bitcoin, gold is a natural mineral that no one can make themselves, it is not a currency nor it has ever been, but bitcoin is a currency which is made by a person (or a group, not sure) so a currency can replace a currency but a mineral like gold cannot.
But still i feel bitcoin cannot replace fiat still as it has a limited amount.

I agree with you mate. One of the reason why gold is valuable because it's a mineral that cannot produce or create by human or machine. Bitcoin was created be human and use it as an alternate currency and formed it as in crypto-currency.. and it's value is depends on fiat so that's why it cannot replace the fiat.

Shenzou

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It is impossible for bitcoin to ever replace the fiat because real money is being printed every day but bitcoin is mined so what happens if people can't mine it anymore ?, sure the idea of being able to go into a shop buy everything and pay with your bitcoin wallet will make life much easier but there are not money places that approve on that and governments do not encourage people to use it because it is not coming from one place like usd for united states and euro from Europe it is not centralized it is every where so they can't really control its flow that is why many investors are afraid to put their money on it because at any time it could fall

Mastsetad

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Quote from: outatime1 on November 26, 2016, 08:27:36 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.

Gold is a completely different thing than bitcoin, gold is a natural mineral that no one can make themselves, it is not a currency nor it has ever been, but bitcoin is a currency which is made by a person (or a group, not sure) so a currency can replace a currency but a mineral like gold cannot.
But still i feel bitcoin cannot replace fiat still as it has a limited amount.

deisik

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Quote from: olubams on November 26, 2016, 03:54:12 PM

How will that even happen? FIAT that have stayed with us since the beginning of civilisation that have developed and even to become part of us just like that? Even external reserves of countries are kept in FIAT, countries owe each other in FIAT, country's power are determined by the value of its FIAT, FIAT serve as identity of respective countries etc... then I ask how will Bitcoin just take over and replace that?

Fiat has been in use only for two hundred years at most, and for more than a century it was entirely backed up by gold (so called gold exchange standard). It is only since 1920-1930s that fiat has become what we are used to today. Some even claim that fiat fully set off only after the Nixon Shock of 1971 when gold was officially divorced with the US dollar, but I think we should stick to an earlier date. There is absolutely no reason to think that it will stay here for ever. New forms of money will change it eventually...

Though it might not necessarily be Bitcoin

Positid

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Quote from: X-ray on November 27, 2016, 01:28:09 AM

Quote from: freedomgo on November 26, 2016, 11:49:55 PM

Quote from: outatime1 on November 26, 2016, 08:27:36 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.

Bitcoin is not even recognize as legal so why would the government think of replacing it to fiat. Only the government can do it, they are in full control of the law.

that's right. the government will more likely to develop their own digital or cryptocurrencies rather than using bitcoin so they can have the control over it. i think the government is not that dumb and without thinking twice will hands over their economic currency into such an unknown currency which was not even recognised legally

By doing it, it will give benefits to being as a whole since they give awareness to the people and initially they will adopt with their system but when adopters matured and found out there's big where it's decentralized, they will certainly transfer and use it.

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Quote from: freedomgo on November 26, 2016, 11:49:55 PM

Quote from: outatime1 on November 26, 2016, 08:27:36 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.

Bitcoin is not even recognize as legal so why would the government think of replacing it to fiat. Only the government can do it, they are in full control of the law.

that's right. the government will more likely to develop their own digital or cryptocurrencies rather than using bitcoin so they can have the control over it. i think the government is not that dumb and without thinking twice will hands over their economic currency into such an unknown currency which was not even recognised legally

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