Bitcoin Is A Better Option Than Fiat Money? - page 2.

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Quote from: livingfree on February 28, 2022, 06:01:36 AM

Quote from: LUCKMCFLY on February 28, 2022, 01:08:31 AM

I think that both, both BTC and FIAT money are necessary in our daily lives, in very particular cases such as those of countries in crisis with high inflation rates, BTC becomes one of the best options to jump those financial limitations and get out of the internal system and having a better particular economy, however due to the nature of BTC of having a net deflationary economy it has a very clear advantage over the traditional economy, I think that is the greatest advantage that BTC has and that makes it unique over Fiat.

We can see the situation that you're explaining.

Especially in times that there's a war or economic sanction or the status of a country isn't good, bitcoin is a key getaway and helpful in those bad times.

Whether it will be a personal struggle or an economic struggle. Bitcoin surely is helping everyone who holds it.

We are actually seeing its relevance on times like this specially now on a war.We've seen on how it do really acts as a medium which could really make things easily accessible which is the true beauty of it.

Not to be able to replace on Fiat money overall usage or application but there are some limitations and now we do have options we could take and choose up according on various situations or conditions.

TimeTeller

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Quote from: Ziskinberg on February 28, 2022, 04:31:41 PM

Quote from: cheezcarls on February 28, 2022, 06:40:20 AM

It’ll definitely will be the best alternative at least and not totally going to replace fiat. It was proven time and time again that it can bypass restrictions of the government, banks, etc.

If you look at the protests in Canada, centralized fundraising platforms are blocking them from raising funds. Instead, they turn in to Bitcoin and have raised a lot of money. The same thing goes to the Ukraine-Russia crisis where the government of Ukraine have received donations in BTC. Binance also donated $10 million to them.

That's the advantage because no one could control bitcoin, once it's in your wallet it's easy to transfer it to any address you like.
Unlike fiat, when you store it in the bank, the central bank or the bank itself with whom you opened an account could freeze it based on the order of the authority. Bitcoin and crypto are decentralized, no authority at all so no one could freeze our transactions.

Quote from: cheezcarls on February 28, 2022, 06:40:20 AM

A true game changer for us in the financial sector where we fully own it rather than storing it to a platform with a 3rd party control.

That's the real purpose of bitcoin, decentralization will eliminate 3rd party, the only 3rd party we have are the exchanges if we decide to convert our crypto to fiat.

There's no doubt that when it comes to that aspect, bitcoin has edge over fiat.
We can be our own bank as we have the full control of our funds.
However, many people still prefer to trust their funds to the banks because they want this institution to secure their assets and be responsible about it.
They have others taking the responsibility of securing their assets to safety. And a lot of people don't know yet how to manage crypto.
Also, other financial transactions like housing mortgage requires to have an account from the bank. Which is why in some cases, having bank account is necessary.
Moreover, the volatility factor is one major factor why people are hesitant especially those who are not really knowledgeable with crypto market.

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Quote from: cheezcarls on February 28, 2022, 06:40:20 AM

It’ll definitely will be the best alternative at least and not totally going to replace fiat. It was proven time and time again that it can bypass restrictions of the government, banks, etc.

If you look at the protests in Canada, centralized fundraising platforms are blocking them from raising funds. Instead, they turn in to Bitcoin and have raised a lot of money. The same thing goes to the Ukraine-Russia crisis where the government of Ukraine have received donations in BTC. Binance also donated $10 million to them.

That's the advantage because no one could control bitcoin, once it's in your wallet it's easy to transfer it to any address you like.
Unlike fiat, when you store it in the bank, the central bank or the bank itself with whom you opened an account could freeze it based on the order of the authority. Bitcoin and crypto are decentralized, no authority at all so no one could freeze our transactions.

Quote from: cheezcarls on February 28, 2022, 06:40:20 AM

A true game changer for us in the financial sector where we fully own it rather than storing it to a platform with a 3rd party control.

That's the real purpose of bitcoin, decentralization will eliminate 3rd party, the only 3rd party we have are the exchanges if we decide to convert our crypto to fiat.

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Quote from: Ararbermas on February 21, 2022, 07:17:08 AM

Quote from: ?? on ??

Bitcoin can never be better than Fiat Money. The price of Bitcoin rises sharply and is suddenly dumped This leads to loss of a lot of people's money.Meanwhile, Fiat Money has always been a trusted person. So people like what Fiat means the most.

perhaps we should look as well what are the benefits that what we can get from bitcoin compared to fiats especially when it comes long term investment.

And to be honest the word" Volatility " is the main reason why people keep supporting and investing in bitcoin because they all know how to take advantage such manner of an assets.

Bitcoin and Fiat has its own advantage and disadvantage. At this stage now, I assume that almost everyone of us here knows about that already. We must ready to accept the fact that there are certain individuals that are pro-bitcoin and there are ones who aren't, it's also the same with the fiat.

Quote

And to be honest the word" Volatility " is the main reason why people keep supporting and investing in bitcoin because they all know how to take advantage such manner of an assets.

Nope, the main and usual reasons why people supports or into bitcoin is that it can be a hedge against inflation and it's a decentralized currency. Volatility isn't the reason, it's the risk that people willing to take.

cheezcarls

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It’ll definitely will be the best alternative at least and not totally going to replace fiat. It was proven time and time again that it can bypass restrictions of the government, banks, etc.

If you look at the protests in Canada, centralized fundraising platforms are blocking them from raising funds. Instead, they turn in to Bitcoin and have raised a lot of money. The same thing goes to the Ukraine-Russia crisis where the government of Ukraine have received donations in BTC. Binance also donated $10 million to them.

A true game changer for us in the financial sector where we fully own it rather than storing it to a platform with a 3rd party control.

livingfree

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Quote from: LUCKMCFLY on February 28, 2022, 01:08:31 AM

I think that both, both BTC and FIAT money are necessary in our daily lives, in very particular cases such as those of countries in crisis with high inflation rates, BTC becomes one of the best options to jump those financial limitations and get out of the internal system and having a better particular economy, however due to the nature of BTC of having a net deflationary economy it has a very clear advantage over the traditional economy, I think that is the greatest advantage that BTC has and that makes it unique over Fiat.

We can see the situation that you're explaining.

Especially in times that there's a war or economic sanction or the status of a country isn't good, bitcoin is a key getaway and helpful in those bad times.

Whether it will be a personal struggle or an economic struggle. Bitcoin surely is helping everyone who holds it.

LUCKMCFLY

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Quote from: ?? on ??

Bitcoin isn't a better money than Fiat. They earlier we realise that this 2 aren't competitors but alternatives, the better for us. Bitcoin can't replace Fiat just as Fiat can't replace Bitcoin, the both serve 2 useful purposes.

I think that both, both BTC and FIAT money are necessary in our daily lives, in very particular cases such as those of countries in crisis with high inflation rates, BTC becomes one of the best options to jump those financial limitations and get out of the internal system and having a better particular economy, however due to the nature of BTC of having a net deflationary economy it has a very clear advantage over the traditional economy, I think that is the greatest advantage that BTC has and that makes it unique over Fiat.

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Quote from: Daryl_Dixon on February 04, 2022, 01:22:50 AM

As most of you know in this forum, bitcoin has more advantages over fiat money. fiat money is under the control of governments. With fiat money, we do not have 100% control over our assets. But Bitcoin is not like that and we can freely trade it anywhere in the world without the control of third parties. However, Mexico's third wealthiest man ^{(Ricardo Salinas Pliego)} agrees with us and said in a recent interview:

Quote

"Government intervention has always been a factor in setting the gold standard," Salinas explained. "And fiat enables infinite financing."

So as you can see, Ricardo Salinas Pliego has come to the conclusion that bitcoin is a better alternative to fiat money.

Will governments and important people reach this conclusion this year? _{(I think these events could cause BTC to cross the 36,000 channel)}

Source: https://www.btimesonline.com/articles/153553/20220204/ricardo-salinas-pliego-mexican-billionaire-bitcoin-fiat.htm

Mr. Ricardo is one of the bitcoin maximalists in this world, i salute his complete belief in Bitcoin, being a wealthy businessman in a country that still uses fiat, it's really not easy for him to talk like that. with his statement it definitely makes him a target for government taxes and the government is eyeing how many crypto assets he owns.

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Quote from: Ararbermas on February 21, 2022, 07:17:08 AM

Quote from: ?? on ??

Bitcoin can never be better than Fiat Money. The price of Bitcoin rises sharply and is suddenly dumped This leads to loss of a lot of people's money.Meanwhile, Fiat Money has always been a trusted person. So people like what Fiat means the most.

And to be honest the word" Volatility " is the main reason why people keep supporting and investing in bitcoin because they all know how to take advantage such manner of an assets.

Definitely true. Volatility is the reason why bitcoin makes so special to people. Thats why they keep on investing in it..It has literally become the best form of investment and yes it is worth investing in.Bitcoin has helped millions of people/investors across the globe.Aside from that bitcoin is the perfect hedge from inflation.Bitcoin is more than like fiat money but fiat is also important for our daily transaction.

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Quote from: ?? on ??

Bitcoin can never be better than Fiat Money. The price of Bitcoin rises sharply and is suddenly dumped This leads to loss of a lot of people's money.Meanwhile, Fiat Money has always been a trusted person. So people like what Fiat means the most.

perhaps we should look as well what are the benefits that what we can get from bitcoin compared to fiats especially when it comes long term investment.

And to be honest the word" Volatility " is the main reason why people keep supporting and investing in bitcoin because they all know how to take advantage such manner of an assets.

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Quote from: Slow death on February 21, 2022, 06:53:22 AM

Quote from: Kasabus on February 13, 2022, 04:02:33 PM

Quote from: Slow death on February 12, 2022, 04:52:43 PM

bitcoin has many advantages

fiat has many advantages

That's why I don't see any reason to make comparisons.

for example:

fiat is recognized by governments which allows it to be used in countries, everything you buy uses fiat, people receive a salary using fiat, but there are maximum values for walking on the street with fiat, something that does not happen with bitcoin where the person can be their own bank

All these advantages will be happening to bitcoin soon if the massive adoption will continue. It may not replace fiat, but its a good alternative for fiat in the future. For now, the best advantage of bitcoin is to have it for financial freedom. And this is rare to happen in fiat, as inflation continue to depreciate the value of fiat. And while fiat is closely monitored by the government, with bitcoin you can have limitless opportunities without the authority monitoring it.

we definitely won't see these advantages anytime soon in bitcoin, to be more precise bitcoin still has a long road to go before catching up to fiat. for example how would people receive salary and pension in bitcoin? even if it is 3 years from now it will still not be possible... bitcoin still needs to be legalized in many countries, currently the number does not even reach more than 10 countries that have made laws about bitcoin.

The only benefit what people may possibly look at for now is the potential to gain more value over the years but even if that's the case we still have downsides which caught up many newbies. Maybe those other technicalities is not so appealing with big companies to use for means of payments as well as for normal workers to receive it due to hassle it may bring but maybe in future once government settled up and successfully regulate it maybe we can see this one get a good global adoption and can be declared as legally alternative to fiat.

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Quote from: Kasabus on February 13, 2022, 04:02:33 PM

Quote from: Slow death on February 12, 2022, 04:52:43 PM

bitcoin has many advantages

fiat has many advantages

That's why I don't see any reason to make comparisons.

for example:

fiat is recognized by governments which allows it to be used in countries, everything you buy uses fiat, people receive a salary using fiat, but there are maximum values for walking on the street with fiat, something that does not happen with bitcoin where the person can be their own bank

All these advantages will be happening to bitcoin soon if the massive adoption will continue. It may not replace fiat, but its a good alternative for fiat in the future. For now, the best advantage of bitcoin is to have it for financial freedom. And this is rare to happen in fiat, as inflation continue to depreciate the value of fiat. And while fiat is closely monitored by the government, with bitcoin you can have limitless opportunities without the authority monitoring it.

we definitely won't see these advantages anytime soon in bitcoin, to be more precise bitcoin still has a long road to go before catching up to fiat. for example how would people receive salary and pension in bitcoin? even if it is 3 years from now it will still not be possible... bitcoin still needs to be legalized in many countries, currently the number does not even reach more than 10 countries that have made laws about bitcoin.

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Fiat currency is becoming worthless, your purchasing power is diminishing every single year. The intrinsic value of fiat money is basically 0. It is an inflationary asset, it’s being made a joke by crippling inflation & money printing.
Bitcoin is digital property, hard money, it’s deflationary. You must own as much as you can & be on the right side of history.

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Quote from: Yamifoud on February 18, 2022, 12:10:26 PM

The only thing that challenges us in using Bitcoin is its transactions delays. We would like an instant which is supposed to happen but it wasn't happening in real. As more users come, heavy network traffic will show that could even slow the process which is a need to address first prior to encouraging people to use Bitcoin over fiat.

Why use a slow settlement layer for day-to-day transactions when you can use second-layer solutions like Lightning Network that are more suitable and designed specifically for small payments and where transactions are almost instant? When you compare fiat payments with bitcoin, you should take into account that in the case of debit/credit cards payments aren't instant, they take weeks or even months to settle, whereas in bitcoin even on a basic level payments are settled relatively quickly (it takes 10 to 60 minutes for payment to take place, after that it will be immutably written in the history of transactions). Please note, in the case of small payments like coffee or similar, merchants usually accept transactions with zero confirmations, which means it is sometimes even unnecessary to use second-layer solutions. It is even less risky for them to accept bitcoin because that protects them from malicious chargebacks and similar counterparty risks.

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Quote

"Government intervention has always been a factor in setting the gold standard," Salinas explained. "And fiat enables infinite financing."

What?
From the quote that you are citing I didn't came to the conclusion that Salinas prefers Bitcoin over fiat.
Bitcoin is a better option than fiat money,if you are talking about store of value.
Bitcoin isn't any better than fiat money,when it comes to daily retail purchases.
Bitcoin isn't better than fiat,if you are going to use some centralized custodial entity to store your BTC.
Spending paper cash can be as anonymous as than spending Bitcoin(spending BTC isn't anonymous,unless you are using a good BTC mixer).
I think that you are oversimplifying everything.Perhaps you should learn more about Bitcoin and fiat.

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Quote from: ?? on ??

i agree with you bitcoin is better if stored because every year bitcoin continues to grow rapidly and we will get big profits and if we save it compared to paper money if we save it in the bank we will not get big profits like btc that's my opinion but if I use it for everyday use I choose paper money because in my country btc is not legal yet and can't use btc for payments.

As we already know that the government has the authority to freeze our bank account when there is some anomaly they see in our transaction records, storing bitcoins is the thing to do here when you think you are about to lose all of your money. You can just convert it to fiat whenever you like at least right now you have all the freedom you need and have full control of your money. Most people ignore this golden opportunity and sometimes you are lucky that you gonna increase your assets because while holding BTC, the price sometimes increases.

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Quote from: dlightag on February 18, 2022, 12:03:04 PM

Cyptocurrency (Bitcoin, Eth etc.) is better than Fiat in many areas (decentralize, immutability, Scalability etc.). But the greatest challenge of Blockchain Technology is Volatility. Buying BTC at #60,000 today waking up tomorrow to see it at $45,000 coupled with some scam projects that are now common in the space. The above are nightmare to the industry.

It is not blockchain that has the volatility but it is bitcoin and other cryptocurrencies alone. Well, this isn't the greatest challenge. It's part of its character.
We have already embraced that and we find it not as a challenge but as a character for which giving us the idea on why we should hold bitcoin as an asset.

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Quote from: LUCKMCFLY on February 20, 2022, 01:53:55 PM

Quote from: Westant on February 15, 2022, 06:31:56 PM

Quote from: Questat on February 15, 2022, 11:08:43 AM

In terms of investment, I'm choosing bitcoin, but for the regular transaction, we cannot deny that fiat is more widely accepted compared to bitcoin, so we cannot just ditch fiat for bitcoin because it will not happen. The majority are still using fiat, and I don't see any possibility that bitcoin will surpass the popularity of fiat in the future unless we will shift into a decentralized world or government.

People are paying widely in fiat for their local purchases but many people like others to accept bitcoin for their purchases but they cannot because the retailers are not aware from this much and they do not accept right now. For international purchases crypto is used by people on all those platforms where it is accepted and people are happy with it.

You are right, for now just in the consultation with the pediatrician of my 4-month-old daughter, the doctor recommended that I buy vaccines such as pneumococcus and rotavirus, which are essential so that the baby does not suffer from respiratory diseases and so on, so what I proposed to him was not what I expected, I told him that if the payment could be made in crypto, it does not matter through BNB, BTC as he thought best and he said yes, that the laboratory where he works if they can make payments with crypto, which I did not expect but I totally liked it, this means that BTC is on the right track.

This shows how the day to day usage of cryptocurrency is making changes in the payment system. In some countries it is common and more services have begun to accept cryptocurrency into their businesses. Apart from those countries, there're countries that are economically down. People from such countries find cryptocurrencies as a better way to keep their earnings safe against the inflation. Once after the pandemic situations were even worse and the same has made all levels of people know and make use of cryptocurrencies.

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Quote from: Westant on February 15, 2022, 06:31:56 PM

Quote from: Questat on February 15, 2022, 11:08:43 AM

In terms of investment, I'm choosing bitcoin, but for the regular transaction, we cannot deny that fiat is more widely accepted compared to bitcoin, so we cannot just ditch fiat for bitcoin because it will not happen. The majority are still using fiat, and I don't see any possibility that bitcoin will surpass the popularity of fiat in the future unless we will shift into a decentralized world or government.

People are paying widely in fiat for their local purchases but many people like others to accept bitcoin for their purchases but they cannot because the retailers are not aware from this much and they do not accept right now. For international purchases crypto is used by people on all those platforms where it is accepted and people are happy with it.

You are right, for now just in the consultation with the pediatrician of my 4-month-old daughter, the doctor recommended that I buy vaccines such as pneumococcus and rotavirus, which are essential so that the baby does not suffer from respiratory diseases and so on, so what I proposed to him was not what I expected, I told him that if the payment could be made in crypto, it does not matter through BNB, BTC as he thought best and he said yes, that the laboratory where he works if they can make payments with crypto, which I did not expect but I totally liked it, this means that BTC is on the right track.

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Quote from: dlightag on February 18, 2022, 12:03:04 PM

Cyptocurrency (Bitcoin, Eth etc.) is better than Fiat in many areas (decentralize, immutability, Scalability etc.). But the greatest challenge of Blockchain Technology is Volatility. Buying BTC at #60,000 today waking up tomorrow to see it at $45,000 coupled with some scam projects that are now common in the space. The above are nightmare to the industry.

If that is what you think, you'd rather choose fiat instead.
I'm in doubt of that nightmare coming to me as the volatility of the market making no deal for me as I was able to adjust to the situation but if you are not, that can be terrible.
The only thing that challenges us in using Bitcoin is its transactions delays. We would like an instant which is supposed to happen but it wasn't happening in real. As more users come, heavy network traffic will show that could even slow the process which is a need to address first prior to encouraging people to use Bitcoin over fiat.

Topic: Bitcoin Is A Better Option Than Fiat Money? - page 2. (Read 1040 times)