Bitcoin Is A Better Option Than Fiat Money? - page 7.

SFR10

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Crypto Swap Exchange

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

But Bitcoin is not like that and we can freely trade it anywhere in the world without the control of third parties.

That's true, but it's worth noting that in "some countries, governments do their best to take away our freedom.

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

Will governments and important people reach this conclusion this year?

They've already reached that conclusion, but most of them are not willing to publicly admit to something that works against everything that they've been trying to achieve in the past decade.

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

_{(I think these events could cause BTC to cross the 36,000 channel)}

Even though the latter part already happened, I don't think there's a correlation between the two.

avikz

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

Will governments and important people reach this conclusion this year?

Lol! never! Governments will never accept that cryptocurrency is better than fiat money! Because it is not! Bitcoin can create a parallel economy and can become the greatest investment of all time, but it can't become better "medium of exchange" than fiat currency for various reasons. So there's no way the governments and important people will accept that. Bitcoin has survived as an alternative to the mainstream currency, it has shown enormous growth, investors from all around the world had invested money into it including some prominent personalities, but bitcoin can't replace fiat. What El-Salvador has done is an exception and exception can't become rule. Bitcoin can't just scale up to support the need of 7 billion people. Sorry!

Poker Player

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

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

I happened to be listening to an interview with him on Youtube two days ago. Pretty smart guy.

The question as you put it is very broad and may give rise to different interpretations.

If we are talking about storing value, Bitcoin is much better than fiat, as fiat constantly depreciates (it is basically a scam, and is something Salinas insisted on in the interview I saw), while Bitcoin is almost perfect for storing and transferring value.

If we are talking about replacing fiat for day-to-day payments, there are a number of question marks that remain to be seen. If it were to replace all the global transactions that are done with fiat today, all at once, it couldn't because of a scalability issue. It is assumed that little by little improvements will be implemented and with secon layers or other solutions it will be possible to cover more and more payments.

Jawhead999

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

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.

Actually it's true, but most of people hold their Bitcoin on centralized exchanges... then it's no longer 100% control over your coins. Lack of knowledge and doesn't understand what is custodial or non custodial, they thought their asset is 100% safe.

Quote from: ?? on ??

Their will be huge variations in the price of fiat. Even take U.S dollars, their is some high variations as compared to INR. So it's better to inverse on a crypto for the longer period. Keep on addition investment at all the dump in the trusted crypto. When the market up, you can hold for next bull run. It will not same dump for a next dump. Only the profit will get from the nature of curve chat.

Not disagreeing your opinion, but if Bitcoin is treated as investment asset and not a currency, which you used for daily expenses... it wouldn't make Bitcoin will completely replacing Fiat in the future. I'd say Bitcoin isn't a better option than Fiat and Fiat isn't worse than Bitcoin because both of them work on different purposes.

hugeblack

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Cryptocurrencies have proven to governments that printing and distributing money is not a smart behavior and therefore will encourage them to launch central digital money^[1] under the control of the central bank, then the transfer costs will be cheaper, the possibility of tracking currencies easier, the possibility of freezing or printing money easier.

Some governments started digital money such as PBOC announced that a digital renminbi would be released after years of preparation.^[2]

Bitcoin will be for international and interstate trade but I don't expect it to be recognized as an official currency.

[1] https://en.wikipedia.org/wiki/Digital_currency
[2] https://www.nytimes.com/2016/10/12/business/dealbook/central-banks-consider-bitcoins-technology-if-not-bitcoin.html

Daryl_Dixon

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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

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