Topic: Bitcoin Is A Better Option Than Fiat Money? - page 6. (Read 1040 times)
Fiat money is something that is valued out of its backing. The backing can be bonds, gold or can be some assets. With bitcoin, it is said that the value is generated out of thin air. This can be kind of mocking, but there is some backing technology that makes it more powerful than the printed money. In every country Black money is a big problem, people accumulate fiat and never spend it. This fiat can't be traced, with bitcoin these issues can be easily solved. If a huge amount has got accumulated taxation can be done accordingly tracing the user. This is little complex, but anything is possible with technology.
it is good for investing but not for transacting, because the price is not fixed so we as owners can feel a loss if bitcoin is in a period of correction,
and I'm not sure all countries accept the existence of bitcoin cs, into their government, because fiat is easy to regulate even though it always results in inflation
Not all the countries accept Bitcoin because some of the country don't trust investment for digital currencies, people that have double minded to invest on cryptocurrency is people that have not known the values, so Base on inflation Bitcoin don't have official regulations like fiat currency, the inflation of fiat currency come from the centralized governance of government why the regulation of bitcoin come from the market situations of demands and I'm not sure all countries accept the existence of bitcoin cs, into their government, because fiat is easy to regulate even though it always results in inflation
Ideally, it should be yes, especially in cryptocurrency we can control it by ourselves, not by big powers like the world bank or the government.
However, in practice, this is not the case.
Because basically this is still considered new technology, there are still many pros and cons, there are still many ordinary people who do not understand about cryptocurrency, even there are many media that spread negative news or FUD about crypto. So, the advantages possessed by crypto seem closed and actually dangerous.
The government is still undeniable of the bitcoin's potentials to be a good currency, so it will never replace the fiat in the long run. However, crypto enthusiasts have always high hopes in bitcoin that it will be considered as a global currency in the future, but in reality the real picture is bitcoin is just starting to prove to the people that it can be better as fiat. And as long as the government will continue to be in its opposition, the people will never start to trust and see it as a currency far better than fiat.However, in practice, this is not the case.
Because basically this is still considered new technology, there are still many pros and cons, there are still many ordinary people who do not understand about cryptocurrency, even there are many media that spread negative news or FUD about crypto. So, the advantages possessed by crypto seem closed and actually dangerous.
Politics and business is one of the reason why government cannot adopt bitcoin fast since if they do that for sure there is a big sector like financing or banking system might get hit on this if government will give good acceptance on bitcoin that's why they didn't give any good impression on it to protect their own interest. So lets just hope that government will find bitcoin really worth to be a good option as currency since it can change some things in economy and lives of the people.
I dare not say bitcoin is better than fiat currency, it is true that bitcoin is not controlled by any party and cannot be controlled by the government even state banks cannot regulate bitcoin, we are also free to invest wherever we want with bitcoin, but.the problem is bitcoin is still banned in many countries, even in the country I live in, we can't use bitcoin as a medium of exchange, in the country I live all shopping must use fiat, we can't go anywhere without holding fiat money...
That is definitely true to majority of the countries. We can only use bitcoin if there is an agreement between the merchant and the bitcoin owner, but beyond that, bitcoin will not be used as a medium of exchange. But if you can go to El Salvador, you can have all the chances to spend your bitcoin there as bitcoin is considered a legal tender there. Hopefully, we can also consider Russia as another country to accept bitcoin too if the said proposal will succeed. 
Ideally, it should be yes, especially in cryptocurrency we can control it by ourselves, not by big powers like the world bank or the government.
However, in practice, this is not the case.
Because basically this is still considered new technology, there are still many pros and cons, there are still many ordinary people who do not understand about cryptocurrency, even there are many media that spread negative news or FUD about crypto. So, the advantages possessed by crypto seem closed and actually dangerous.
The government is still undeniable of the bitcoin's potentials to be a good currency, so it will never replace the fiat in the long run. However, crypto enthusiasts have always high hopes in bitcoin that it will be considered as a global currency in the future, but in reality the real picture is bitcoin is just starting to prove to the people that it can be better as fiat. And as long as the government will continue to be in its opposition, the people will never start to trust and see it as a currency far better than fiat. However, in practice, this is not the case.
Because basically this is still considered new technology, there are still many pros and cons, there are still many ordinary people who do not understand about cryptocurrency, even there are many media that spread negative news or FUD about crypto. So, the advantages possessed by crypto seem closed and actually dangerous.
Ideally, it should be yes, especially in cryptocurrency we can control it by ourselves, not by big powers like the world bank or the government.
However, in practice, this is not the case.
Because basically this is still considered new technology, there are still many pros and cons, there are still many ordinary people who do not understand about cryptocurrency, even there are many media that spread negative news or FUD about crypto. So, the advantages possessed by crypto seem closed and actually dangerous.
However, in practice, this is not the case.
Because basically this is still considered new technology, there are still many pros and cons, there are still many ordinary people who do not understand about cryptocurrency, even there are many media that spread negative news or FUD about crypto. So, the advantages possessed by crypto seem closed and actually dangerous.
Bitcoin can enable that as it is a truly international currency living on a decentralized network of miners. This is the reason its better than fiat money and a lot of smart people have bet their money and reputation on it. It is better than fiat but far from being a perfect replacement for it.
You concluded it very well that we need fiat for our daily living despite all odds. We must not excited about bitcoin since its not a fundamental technology and not very much are aware of it worldwide. Above all behavior of government towards bitcoin is very strict as they are in no mood of accepting it, something understandable from governments point of view.
already presume that it should really replace fiat but to consider out that decentralized thing couldnt make things a lot more better.We do still need that centralization to make things
in order but to think about those flaws and abuse then lets just accept that fact that it was always been a part of that one.Why would be minding about both things if you could
really deal up with both too?
I dare not say bitcoin is better than fiat currency, it is true that bitcoin is not controlled by any party and cannot be controlled by the government even state banks cannot regulate bitcoin, we are also free to invest wherever we want with bitcoin, but.the problem is bitcoin is still banned in many countries, even in the country I live in, we can't use bitcoin as a medium of exchange, in the country I live all shopping must use fiat, we can't go anywhere without holding fiat money...
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:
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)
Bitcoin let it be like a bitcoin and keep it growing.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)
And let Fiat be a fiat even if it will turn into CBDC or whatever is
I am sure that every time there is a change in decade, all aspects will continue to follow it, with the emergence of an idea or breakthrough.
it is good for investing but not for transacting, because the price is not fixed so we as owners can feel a loss if bitcoin is in a period of correction,
and I'm not sure all countries accept the existence of bitcoin cs, into their government, because fiat is easy to regulate even though it always results in inflation
I really appreciate and agree with your comments.and I'm not sure all countries accept the existence of bitcoin cs, into their government, because fiat is easy to regulate even though it always results in inflation
As said by D ltr, Bitcoin is suitable as an investment instrument not as a transaction because of the problem of price volatility which tends to be a large, also the transaction fees that be expensive (for small transaction activities if it is related to daily needs). For small transactions related to daily needs when compared to Bitcoin as a transaction I would prefer to use Fiat money.
Bitcoin can enable that as it is a truly international currency living on a decentralized network of miners. This is the reason its better than fiat money and a lot of smart people have bet their money and reputation on it. It is better than fiat but far from being a perfect replacement for it.
You concluded it very well that we need fiat for our daily living despite all odds. We must not excited about bitcoin since its not a fundamental technology and not very much are aware of it worldwide. Above all behavior of government towards bitcoin is very strict as they are in no mood of accepting it, something understandable from governments point of view.
Bitcoin can enable that as it is a truly international currency living on a decentralized network of miners. This is the reason its better than fiat money and a lot of smart people have bet their money and reputation on it. It is better than fiat but far from being a perfect replacement for it.
You concluded it very well that we need fiat for our daily living despite all odds. We must not excited about bitcoin since its not a fundamental technology and not very much are aware of it worldwide. Above all behavior of government towards bitcoin is very strict as they are in no mood of accepting it, something understandable from governments point of view.
Bitcoin is money that the government cannot issue, inflate or deflate based on their policy considerations or needs. Fiat money itself is dependent a lot on where you live. If you live in a well-managed scandinavian country, I doubt that one needs to be concerned about these differences. Yet, there are 180+ other countries, a lot of which do not have governments responsibly managing the plight of their people. Access to financing can be a big boost to improve situation of those people.
Bitcoin can enable that as it is a truly international currency living on a decentralized network of miners. This is the reason its better than fiat money and a lot of smart people have bet their money and reputation on it. It is better than fiat but far from being a perfect replacement for it.
Bitcoin can enable that as it is a truly international currency living on a decentralized network of miners. This is the reason its better than fiat money and a lot of smart people have bet their money and reputation on it. It is better than fiat but far from being a perfect replacement for it.
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:
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)
Bitcoin let it be like a bitcoin and keep it growing.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)
And let Fiat be a fiat even if it will turn into CBDC or whatever is
I am sure that every time there is a change in decade, all aspects will continue to follow it, with the emergence of an idea or breakthrough.
it is good for investing but not for transacting, because the price is not fixed so we as owners can feel a loss if bitcoin is in a period of correction,
and I'm not sure all countries accept the existence of bitcoin cs, into their government, because fiat is easy to regulate even though it always results in inflation
I really appreciate and agree with your comments.and I'm not sure all countries accept the existence of bitcoin cs, into their government, because fiat is easy to regulate even though it always results in inflation
As said by D ltr, Bitcoin is suitable as an investment instrument not as a transaction because of the problem of price volatility which tends to be a large, also the transaction fees that be expensive (for small transaction activities if it is related to daily needs). For small transactions related to daily needs when compared to Bitcoin as a transaction I would prefer to use Fiat money.
Bitcoin's scalability, even with Lightning Network, is a major theoretical obstacle for allowing Bitcoin to replace fiat. We witness fees spike to $40 when there's a lot of trading activity, now imagine if every person in the world with a bank account tried to open an LN channel.
Second problem is volatility - it makes Bitcoin impractical for use as medium of exchange, it's too risky. No merchant would want to receive currency that can randomly lose 10% of its value - it means they would need to instantly convert BTC to fiat, which means using proxies and pay fees.
There are also minor problems like high computer literacy requirements (being your own bank is a huge responsibility). Or lack of adoption - it's inconvenient to look for merchants that accept Bitcoin when you can spend less time and effort to pay with fiat.
Bitcoin is good as a store of value, it's also good as a currency when you know exactly what you're doing to avoid mistakes, but it's unsuitable for regular use by the general population, so it's wrong to say that Bitcoin is a better currency.
Second problem is volatility - it makes Bitcoin impractical for use as medium of exchange, it's too risky. No merchant would want to receive currency that can randomly lose 10% of its value - it means they would need to instantly convert BTC to fiat, which means using proxies and pay fees.
There are also minor problems like high computer literacy requirements (being your own bank is a huge responsibility). Or lack of adoption - it's inconvenient to look for merchants that accept Bitcoin when you can spend less time and effort to pay with fiat.
Bitcoin is good as a store of value, it's also good as a currency when you know exactly what you're doing to avoid mistakes, but it's unsuitable for regular use by the general population, so it's wrong to say that Bitcoin is a better currency.
it is good for investing but not for transacting, because the price is not fixed so we as owners can feel a loss if bitcoin is in a period of correction,
and I'm not sure all countries accept the existence of bitcoin cs, into their government, because fiat is easy to regulate even though it always results in inflation
and I'm not sure all countries accept the existence of bitcoin cs, into their government, because fiat is easy to regulate even though it always results in inflation
Bitcoin is better than fiat because
- It is decentralized
- It allows people to make peer to peer trades
- It has only 21 million in total supply which is unchangeable
However if you extrapolate from Bitcoin to cryptocurrency, it can be inaccurate. Crypto market has inflation with altcoins that in turn have inflationary supply as well.
If you see inflationary specification from fiat, you should choose Bitcoin, not altcoins.
- It is decentralized
- It allows people to make peer to peer trades
- It has only 21 million in total supply which is unchangeable
However if you extrapolate from Bitcoin to cryptocurrency, it can be inaccurate. Crypto market has inflation with altcoins that in turn have inflationary supply as well.
If you see inflationary specification from fiat, you should choose Bitcoin, not altcoins.
It's the best protection from fiat money issues there is,so maybe yes its better,but i think they go hand in hand,there were many cases across history were peoples funds in official governments banks were all confiscated ! due to financial crisis and stuff like that,not just confiscation due to criminal activity like some think,that's the best in it,protection against confiscation.
See we need fiat ofcourse, we cannot go without fiat, the stability, the money, the society, the government and the people they all depend on fiat. I do think that the government have to understand that wishing for absolute dominance is not the way. Bitcoins is giving people more freedom. Some of them are holding their assets in the bank and are scared that the economy will collapse,the situation is not getting better plus due to the pandemic and recent Russian jokes on fighting the whole NATO which might be the start on world war 3. What do people do? What do they have to loose? They need an asset that will be free from the governments plight. I think in a way bitcoins is better but fiat is necessity as well.
I don't think the government will ever accept cryptocurrency, because the bitcoin system is parallel and cannot be a means of exchange like fiat,
it is true that “Gold is difficult to transport and difficult to store,” and “The price of gold has also been manipulated easily by central banks around the world. Bitcoin comes as a new asset that is harder to manipulate, it is a better asset because you can sell it more easily and you can basically transport and store it for free.”
but the convenience of bitcoin still can't replace fiat in my opinion
it is true that “Gold is difficult to transport and difficult to store,” and “The price of gold has also been manipulated easily by central banks around the world. Bitcoin comes as a new asset that is harder to manipulate, it is a better asset because you can sell it more easily and you can basically transport and store it for free.”
but the convenience of bitcoin still can't replace fiat in my opinion
Well in my own opinion is, --I will conclude that bitcoin is better than a fiat currency which I agree with Ricardo Salinas.
[ https://bitcoinmagazine.com/culture/mexican-billionaire-says-bitcoin-is-a-better-option-than-fiat-money ]
Compared to fiat currency, bitcoin is decentralized which makes it harder to manipulate by the government, unlike fiat which can be easily manipulated by central banks around the world. Bitcoin has brought numerous advantages over fiat money, including the fact that transferring value over a network is much more difficult to ban because crypto does not involve an intermediary who could be subpoenaed by the government and bitcoin holders preserving their wealth for a long term in a sovereign manner is very possible. That is why for me, bitcoin is better than fiat currency.
[ https://bitcoinmagazine.com/culture/mexican-billionaire-says-bitcoin-is-a-better-option-than-fiat-money ]
Compared to fiat currency, bitcoin is decentralized which makes it harder to manipulate by the government, unlike fiat which can be easily manipulated by central banks around the world. Bitcoin has brought numerous advantages over fiat money, including the fact that transferring value over a network is much more difficult to ban because crypto does not involve an intermediary who could be subpoenaed by the government and bitcoin holders preserving their wealth for a long term in a sovereign manner is very possible. That is why for me, bitcoin is better than fiat currency.
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