Bitcoin can not replace fiat - page 95.

sunsilk

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Quote from: groll on November 23, 2016, 09:48:30 AM

Quote from: danherbias07 on November 23, 2016, 09:27:20 AM

Quote from: Sponsoredby15 on November 23, 2016, 09:03:54 AM

Bitcoin need fiat and fiat need bitcoin this is just a cycle this both need everyone it's like in relationship you need a boyfriend and you need a girlfriend you can live without girlfriend but in the end you will find one and it will leave you again but there are going to change and it still you have boyfriend and for this bitcoin can't replace fiat how ever fiat has already a big contribute in bitcoin economi

Wrong. Fiat dont really need bitcoin. Of it does please provide some proofs that it does need it. I havent read an article like and I would love to see it until the end if there is one.

Fiat is what people need. This is the traditional money that people needs. One of the basic need is money, all people cant live without it. this is the basis of one's life statis in life. Nothing can ever replace fiat. Yes!and even bitcoins will not ever replace fiat. Bitcoin is a digital currency that we are using in buying some items online, sending money online, pay bills online but at the end; if we will cash it out, it was still converted into fiat.

We are just awakened with fiat but if we are awakened with bitcoins then we will also say that bitcoin won't be replaced by any new currency.

But with these days, it is not going to be an easy thing for some currency that will replace the usage of fiat.

The adoption is still far from the expected for this year, maybe we will expect more for next year.

groll

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Quote from: danherbias07 on November 23, 2016, 09:27:20 AM

Quote from: Sponsoredby15 on November 23, 2016, 09:03:54 AM

Bitcoin need fiat and fiat need bitcoin this is just a cycle this both need everyone it's like in relationship you need a boyfriend and you need a girlfriend you can live without girlfriend but in the end you will find one and it will leave you again but there are going to change and it still you have boyfriend and for this bitcoin can't replace fiat how ever fiat has already a big contribute in bitcoin economi

Wrong. Fiat dont really need bitcoin. Of it does please provide some proofs that it does need it. I havent read an article like and I would love to see it until the end if there is one.

Fiat is what people need. This is the traditional money that people needs. One of the basic need is money, all people cant live without it. this is the basis of one's life statis in life. Nothing can ever replace fiat. Yes!and even bitcoins will not ever replace fiat. Bitcoin is a digital currency that we are using in buying some items online, sending money online, pay bills online but at the end; if we will cash it out, it was still converted into fiat.

arseaboy

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Quote from: Fatanut on November 23, 2016, 09:37:17 AM

Quote from: Sponsoredby15 on November 23, 2016, 09:03:54 AM

Bitcoin need fiat and fiat need bitcoin this is just a cycle this both need everyone it's like in relationship you need a boyfriend and you need a girlfriend you can live without girlfriend but in the end you will find one and it will leave you again but there are going to change and it still you have boyfriend and for this bitcoin can't replace fiat how ever fiat has already a big contribute in bitcoin economi

Fiat doesn't need bitcoin. Fiat has been there even without bitcoins. It was the most used form of money even when bitcoin wasn't there. It's more like a one-sided love, bitcoin needs fiat. Without fiat, we can't measure the value of bitcoin. It would just be 1BTC=1BTC. The pricing would all be in BTC and never in USD or any other fiat currency. However, I don't know how come fiat has a big contribution in the bitcoin economy. Can you please elaborate that part?

Indeed mate.. Fiat has been there with us ever since and bitcoins is just an alternative currency which is still depends in fiat system. So even without bitcoin, fiat will still be there forever.

Fatanut

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Quote from: Sponsoredby15 on November 23, 2016, 09:03:54 AM

Bitcoin need fiat and fiat need bitcoin this is just a cycle this both need everyone it's like in relationship you need a boyfriend and you need a girlfriend you can live without girlfriend but in the end you will find one and it will leave you again but there are going to change and it still you have boyfriend and for this bitcoin can't replace fiat how ever fiat has already a big contribute in bitcoin economi

Fiat doesn't need bitcoin. Fiat has been there even without bitcoins. It was the most used form of money even when bitcoin wasn't there. It's more like a one-sided love, bitcoin needs fiat. Without fiat, we can't measure the value of bitcoin. It would just be 1BTC=1BTC. The pricing would all be in BTC and never in USD or any other fiat currency. However, I don't know how come fiat has a big contribution in the bitcoin economy. Can you please elaborate that part?

danherbias07

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Quote from: Sponsoredby15 on November 23, 2016, 09:03:54 AM

Bitcoin need fiat and fiat need bitcoin this is just a cycle this both need everyone it's like in relationship you need a boyfriend and you need a girlfriend you can live without girlfriend but in the end you will find one and it will leave you again but there are going to change and it still you have boyfriend and for this bitcoin can't replace fiat how ever fiat has already a big contribute in bitcoin economi

Wrong. Fiat dont really need bitcoin. Of it does please provide some proofs that it does need it. I havent read an article like and I would love to see it until the end if there is one.

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Bitcoin and fiat is on different league while bitcoin is used online, fiat is used in real life transaction. I think bitcoin can not replace fiat, maybe in our lifetime. But still I am open to that idea in future,why if all is done digitally and a digital walletet can be carried or incorporated in mobile phone just like what is like on android pay.

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Bitcoin need fiat and fiat need bitcoin this is just a cycle this both need everyone it's like in relationship you need a boyfriend and you need a girlfriend you can live without girlfriend but in the end you will find one and it will leave you again but there are going to change and it still you have boyfriend and for this bitcoin can't replace fiat how ever fiat has already a big contribute in bitcoin economi

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Quote from: STT on November 21, 2016, 03:30:04 AM

Never say never, bitcoin can replace FIAT currency but the real questions are how easily and with what efficency could it do so. All paper money is a loose promise to acknowledge a payment of debts to government and in court for that notes home nation, its nothing magic just a big government handing out tokens in line with their purchasing power.
With so many governments in serious debt and having caused all money to become zero coupon bonds with no expiry, its become questionable. Maybe the whole market could become saturated with this type of debt. Enter bitcoin a reasonable alternative, not reliant on one country and its politics and stability for value but possible to exchange world wide instantly at low fees.
I do agree bitcoin has to make progress with its ease of use, it really needs access to all populations not just the technology aware. If at all elitist some bank or corporate will conjour up some shiny alternative for the masses

Well said sir, It’s really painful to understand that we are just holding some tokens distributed by government and hence governments can do whatever they want to do with it. I have read a story of a person who lost his money with the bank because his country met with an incident of financial crisis and government used the money of its citizens to repay the debts and the fact is that, it can happen with anyone.

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Quote from: gabmen on November 23, 2016, 07:43:35 AM

Quote from: virasog on November 23, 2016, 07:14:24 AM

Quote from: arseaboy on November 22, 2016, 01:27:52 AM

Quote from: MTBTT on November 21, 2016, 06:31:01 PM

Quote from: Kotone on November 21, 2016, 08:41:04 AM

Where did you read this source that soon bitcoin will gonna reply fiat ? I think there's some hoax news you read before coz if we are going to look bitcoin can not really replace fiat bitcoin needs fiat so that trading will still alive and kicking some butt of traders we need fiat too to convert our bitcoins.

I think for the moment we are still dependent on and bitcoin bitcoin to do everything, but we do not know what will happen in the future? very likely that bitcoin can stand alone and be a competitor for fiat?

As long as bitcoin is still depends in physical currency definitely it will not be replace fiat.. fiat will still need to be existed since not all people have access to the internet to do bitcoins.

Also bitcoin is a name of crypto currency, and i don't think that any crypto currency need to changed into fiat, because all crypto currencies have its own place. Also in future, bitcoin could be changed, So i think it is not suitable thing for all cryto currency, especially for bitcoin, because people trust on bitcoin and use it, because it is not a fiat currency.

well it definitely will still take time if ever it will happen. though just in my opinion. I agree with the previous comment that bitcoin. or crypto in general would be able to compete with fiat. although it's unlikely that it will be replacing it any time soon as right now people are heavily reliant on fiat

Yeah. Although bitcoin is very trending nowadays, people still depend on fiat. On selling something, buying stuffs, daily expenses and other things they did online. It is very hard for bitcoin to replace fiat since we are using it in our everyday spending. Plus, the fact that not everybody consider having a bitcoin except us bitcoiners that is very fun of this coin. But, who can predict future. Maybe if the companies will accept bitcoin. Others will then tend to switch to this coin and it may replace bitcoin as everyone is saying.

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Quote from: virasog on November 23, 2016, 07:14:24 AM

Quote from: arseaboy on November 22, 2016, 01:27:52 AM

Quote from: MTBTT on November 21, 2016, 06:31:01 PM

Quote from: Kotone on November 21, 2016, 08:41:04 AM

Where did you read this source that soon bitcoin will gonna reply fiat ? I think there's some hoax news you read before coz if we are going to look bitcoin can not really replace fiat bitcoin needs fiat so that trading will still alive and kicking some butt of traders we need fiat too to convert our bitcoins.

I think for the moment we are still dependent on and bitcoin bitcoin to do everything, but we do not know what will happen in the future? very likely that bitcoin can stand alone and be a competitor for fiat?

As long as bitcoin is still depends in physical currency definitely it will not be replace fiat.. fiat will still need to be existed since not all people have access to the internet to do bitcoins.

Also bitcoin is a name of crypto currency, and i don't think that any crypto currency need to changed into fiat, because all crypto currencies have its own place. Also in future, bitcoin could be changed, So i think it is not suitable thing for all cryto currency, especially for bitcoin, because people trust on bitcoin and use it, because it is not a fiat currency.

well it definitely will still take time if ever it will happen. though just in my opinion. I agree with the previous comment that bitcoin. or crypto in general would be able to compete with fiat. although it's unlikely that it will be replacing it any time soon as right now people are heavily reliant on fiat

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Quote from: STT on November 21, 2016, 08:38:07 PM

Quote from: deisik on November 21, 2016, 03:52:09 AM

I don't think that Bitcoin is anywhere near that level of becoming a true world money simply for technical reasons. Its very concept (that of blockchain) doesn't look very promising should Bitcoin enter this new level for real. It will be too expensive to support. Just imagine how large and how fast will the blockchain itself expand in sheer size. It will become unusable in less than no time...

I can't fathom how it could possibly function if it should fully substitute, say, the dollar

This is a great point, bitcoin needs more layering. It does have internal transactions off the blockchain now of course, we dont see every casino transaction. Theres two ways they could do this, from the top down as a protocol change or they could just raise fees or create a competition element to each block that the lowest fee transaction does not get included or authorised.
Naturally alternatives would be found then but I think thats going to occur anyway. I mean even now with bitcoin still small vs any normal currency its come to a logjam of disagreement over block size limits.

I dont think block size should be capped, the world is expanding and technology is usually well ahead of that

Uncapping the block size might not help greatly, and in the end the blockchain itself should necessarily get decentralized somehow if the adoption is set to expand in the future. Otherwise, it will be next to impossible to process so many transactions with a centralized blockchain in a distributed environment. It would be an insane waste of resources, since every transaction should be replicated on every node which holds a copy of the blockchain. I guess the load on the network grows exponentially with the increase in the amount of processed transactions...

And it doesn't look very encouraging overall

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Quote from: arseaboy on November 22, 2016, 01:27:52 AM

Quote from: MTBTT on November 21, 2016, 06:31:01 PM

Quote from: Kotone on November 21, 2016, 08:41:04 AM

Where did you read this source that soon bitcoin will gonna reply fiat ? I think there's some hoax news you read before coz if we are going to look bitcoin can not really replace fiat bitcoin needs fiat so that trading will still alive and kicking some butt of traders we need fiat too to convert our bitcoins.

I think for the moment we are still dependent on and bitcoin bitcoin to do everything, but we do not know what will happen in the future? very likely that bitcoin can stand alone and be a competitor for fiat?

As long as bitcoin is still depends in physical currency definitely it will not be replace fiat.. fiat will still need to be existed since not all people have access to the internet to do bitcoins.

Also bitcoin is a name of crypto currency, and i don't think that any crypto currency need to changed into fiat, because all crypto currencies have its own place. Also in future, bitcoin could be changed, So i think it is not suitable thing for all cryto currency, especially for bitcoin, because people trust on bitcoin and use it, because it is not a fiat currency.

arseaboy

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Quote from: MTBTT on November 21, 2016, 06:31:01 PM

Quote from: Kotone on November 21, 2016, 08:41:04 AM

Where did you read this source that soon bitcoin will gonna reply fiat ? I think there's some hoax news you read before coz if we are going to look bitcoin can not really replace fiat bitcoin needs fiat so that trading will still alive and kicking some butt of traders we need fiat too to convert our bitcoins.

I think for the moment we are still dependent on and bitcoin bitcoin to do everything, but we do not know what will happen in the future? very likely that bitcoin can stand alone and be a competitor for fiat?

As long as bitcoin is still depends in physical currency definitely it will not be replace fiat.. fiat will still need to be existed since not all people have access to the internet to do bitcoins.

STT

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Quote from: deisik on November 21, 2016, 03:52:09 AM

I don't think that Bitcoin is anywhere near that level of becoming a true world money simply for technical reasons. Its very concept (that of blockchain) doesn't look very promising should Bitcoin enter this new level for real. It will be too expensive to support. Just imagine how large and how fast will the blockchain itself expand in sheer size. It will become unusable in less than no time...

I can't fathom how it could possibly function if it should fully substitute, say, the dollar

This is a great point, bitcoin needs more layering. It does have internal transactions off the blockchain now of course, we dont see every casino transaction. Theres two ways they could do this, from the top down as a protocol change or they could just raise fees or create a competition element to each block that the lowest fee transaction does not get included or authorised.
Naturally alternatives would be found then but I think thats going to occur anyway. I mean even now with bitcoin still small vs any normal currency its come to a logjam of disagreement over block size limits.

I dont think block size should be capped, the world is expanding and technology is usually well ahead of that

Quote from: Doamader on November 21, 2016, 06:08:01 PM

If bitcoin does replace any currency this would case a huge panic over the world, how a decentralized currencie can rule a country, and how the managed and controled currencie cant rule the country?

Dont panic, real capitalism is not actually top down controlled by central powers in politics. Thats the Chinese system of capitalism but also resembles the western world with its fixed rates and QE too. Theres nothing wrong with a free float currency, economy and trade. This is what made USA great and most other rich countries, its going to happen naturally in any case. It doesnt matter if someone writes a speech or schedules a house bill about it first, economics is a system of natural change not political diktat

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Quote from: Parazyd on December 23, 2015, 09:54:15 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 it can't bitcoin is only for digital currency you can use anywhere you like but just in the internet only.
Because if bitcoin replace fiat ehat will be the converstion between bitcoin in local currency or the USD then bitcoin will don't have any value anymore that time. Undecided

MTBTT

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Quote from: Kotone on November 21, 2016, 08:41:04 AM

Where did you read this source that soon bitcoin will gonna reply fiat ? I think there's some hoax news you read before coz if we are going to look bitcoin can not really replace fiat bitcoin needs fiat so that trading will still alive and kicking some butt of traders we need fiat too to convert our bitcoins.

I think for the moment we are still dependent on and bitcoin bitcoin to do everything, but we do not know what will happen in the future? very likely that bitcoin can stand alone and be a competitor for fiat?

Doamader

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Quote from: STT on November 21, 2016, 03:30:04 AM

Never say never, bitcoin can replace FIAT currency but the real questions are how easily and with what efficency could it do so. All paper money is a loose promise to acknowledge a payment of debts to government and in court for that notes home nation, its nothing magic just a big government handing out tokens in line with their purchasing power.
With so many governments in serious debt and having caused all money to become zero coupon bonds with no expiry, its become questionable. Maybe the whole market could become saturated with this type of debt. Enter bitcoin a reasonable alternative, not reliant on one country and its politics and stability for value but possible to exchange world wide instantly at low fees.
I do agree bitcoin has to make progress with its ease of use, it really needs access to all populations not just the technology aware. If at all elitist some bank or corporate will conjour up some shiny alternative for the masses

If bitcoin does replace any currency this would case a huge panic over the world, how a decentralized currencie can rule a country, and how the managed and controled currencie cant rule the country? The huge problem around fiat is all transactions are made into the dark, we arent able to see how much people does spend into each section, soo the politicians just raise the cost of something that would cost 1 milion, they say it will cost 3 milions, thats why all countrys facing huge financial problems. How can a politician start from zero and after 4 years has an amazing house, several cars and a big ammount into the banks.... they steal our money for themselfes.

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Quote from: Kotone on November 21, 2016, 08:41:04 AM

Where did you read this source that soon bitcoin will gonna reply fiat ? I think there's some hoax news you read before coz if we are going to look bitcoin can not really replace fiat bitcoin needs fiat so that trading will still alive and kicking some butt of traders we need fiat too to convert our bitcoins.

It's not a news but his pure speculation, there's no basis on that and it's unrealistic speculation. Sometimes when we are too confident, we feel bitcoin will be the new currency that people love but without realizing that there are only few users compared to the total population in the world.

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Where did you read this source that soon bitcoin will gonna reply fiat ? I think there's some hoax news you read before coz if we are going to look bitcoin can not really replace fiat bitcoin needs fiat so that trading will still alive and kicking some butt of traders we need fiat too to convert our bitcoins.

mastica

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Bitcoin has no such support as fiat currency, we are talking about trilions of dollars, while bitcoin is at bilions, its far away to get close even gold market. Bitcoin wont replace anything it can be used as store of value, like gold, but hasnt power to replace anything, some services may fail or loose costumers as WU but in the end this wont damage enought to make they close doors, bitcoin need to improve a lot till be able to replace anything if it will do that someday.

Topic: Bitcoin can not replace fiat - page 95. (Read 163801 times)