Bitcoin to replace fiat - page 2. | Bitcointalksearch.org

jho0810

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Quote from: Bitinity on February 22, 2019, 04:15:38 PM

Quote from: geminiboy on February 22, 2019, 04:02:43 PM

then what does the block chain have to do with the state what you mean, blokchain is a technology for crypto currency transactions and storage, so it has nothing to do with being able to help resolve state debt

Wondering exactly the same thing, how is it possible to use blockchain to pay huge debt? By converting all fiat money to crypto? Wouldn't be the same value once it is converted? Unless there is a huge pump of the price like what we saw in 2017.
Actually there are bunches topic discussing about this "bitcoin to replace fiat", but I'm still sure that it will never happen because fiat paper money is still the most used money all around this world.

That's true fiat is still the useful thing in this world, we use blockchain because of we use a cryptocurrency. And that s it no explanation because we know the answer that fiat still there even blockchain gone.

Altero

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Quote from: RareFortune on February 28, 2019, 07:33:42 PM

Quote from: L1240erion on February 28, 2019, 04:03:43 PM

I don't agree with that at all. I think that Bitcoin will coincide with it if anyhting.. or take it over compeltely Cheesy

Yes! Bitcoin will likely to coincide with fiat system because there are lot of rural areas around the world who doesn't have a good internet connection or aware about these modern technologies. Fiat will not be replaced by Bitcoin but it might be the second option that can resolve financial issues.

It actually there is no need to replace fiat with bitcoin or any other cryptos. Aside from having issues with internet connection but in a reason that not all of us were holding Bitcoin, in fact, those having limited resources will surely can't afford to have this.
Using bitcoin is just another option of a currency we used as it only designed like that and not intended to replace fiat in the future.

RareFortune

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Quote from: L1240erion on February 28, 2019, 04:03:43 PM

I don't agree with that at all. I think that Bitcoin will coincide with it if anyhting.. or take it over compeltely Cheesy

Yes! Bitcoin will likely to coincide with fiat system because there are lot of rural areas around the world who doesn't have a good internet connection or aware about these modern technologies. Fiat will not be replaced by Bitcoin but it might be the second option that can resolve financial issues.

StephenJH

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Quote from: bestiya on February 28, 2019, 04:15:37 PM

The world is changing before our eyes. The time of the traditional economy and, accordingly, of all traditional ideas about the world ends. We are all present at the birth of completely different economic relations based on cryptoeconomics.

Cryptoerconomics will let us pay in BTC and other cryptocurrencies but I am not sure about big companies that are against a crypto revolution. Payment gateways will think twice about the usefulness of crypto payments but it will be late for haters.

Meysa_richa

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I think this is very good if Bitcoin can one day actually replace Fiat, but I think it is still very difficult to implement at this time because of the constraints of internet networks in certain regions.

Aponkye1

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Technological advancement has always been geared towards improving upon things that were already in place. Bitcoin and cryptocurrencies were actually created to improve upon the payment system and as to what it is going to replace fiat currency i guess that depends on the world to decide. If the mass adoption actually find bitcoin to be very innovative then i guess we might switch totally to the use of bitcoin to make transactions. Other than that it is going to be another payment system like Visa Card, Master Card etc.

bestiya

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The world is changing before our eyes. The time of the traditional economy and, accordingly, of all traditional ideas about the world ends. We are all present at the birth of completely different economic relations based on cryptoeconomics.

L1240erion

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I don't agree with that at all. I think that Bitcoin will coincide with it if anyhting.. or take it over compeltely Cheesy

DeadCoin

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What happened earlier when countries were in debt before bitcoin was invented. They still managed to get back and become a wealthy country. Hence, we can not just degrade fiats replacing with Bitcoin. Bitcoin is another form of currency which has grown up so huge with price based on its fluctuations. If, bitcoin is accepted in America, the dollar value will certainly come down.

gabbie2010

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Quote from: bitcoin_diamond on February 22, 2019, 03:04:07 PM

In this history of mankind any kind of innovation to solve something has always benefited it does however takes its own time to fix things .. look at those trillion dollars of debt in u.s if they don't pay the entire country goes into bankruptcy and this not only affects one country but several others will be down along with it .. we need robust technology to solve such things if humans keep using paper money it will not only cause problems to the country but to its own people. adoption of block chain is very important in near future. lets see how much we care .. if Government really needs to solve their debt issues blockchain is the only way out to convert their useless fiat to valuable blockchain technology it will not only help to crush fiat and pay of trillions it will help to rescue the majority of countries in Asia and worldwide.

Blockchain technology wouldn't solve any government debt issues this technology will cater for transparency, trust and effective management of policies that would warrant smooth running of any government, organisation and corporations, the government should seek ways of settling their debts and resorts to digital currency in a bid to reduce expenses incurred on printing of fiat.

Blockfolioz

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Quote from: Marina5 on February 28, 2019, 02:09:12 PM

It is really hard but if it happens, then it will be great feature for us. We will be able to pay with it securely and fast. It will reduce our time and money also. In this digital world, it is still possible to replace Fiat by Bitcoin.

If this happens surely it is a big change in the world. To this just ten years of growth is not enough, it needs to travel for a much longer time period. Particularly fiat is all about the trust through the continued usage, physical appearance, backing asset and the years of history. To attain the same it is not that easy with bitcoin in short time period.

Marina5

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It is really hard but if it happens, then it will be great feature for us. We will be able to pay with it securely and fast. It will reduce our time and money also. In this digital world, it is still possible to replace Fiat by Bitcoin.

Haxor321

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Quote from: bitcoin_diamond on February 22, 2019, 03:04:07 PM

In this history of mankind any kind of innovation to solve something has always benefited it does however takes its own time to fix things .. look at those trillion dollars of debt in u.s if they don't pay the entire country goes into bankruptcy and this not only affects one country but several others will be down along with it .. we need robust technology to solve such things if humans keep using paper money it will not only cause problems to the country but to its own people. adoption of block chain is very important in near future. lets see how much we care .. if Government really needs to solve their debt issues blockchain is the only way out to convert their useless fiat to valuable blockchain technology it will not only help to crush fiat and pay of trillions it will help to rescue the majority of countries in Asia and worldwide.

In my own opinion, bitcoin cannot replace fiat because more people used fiat currency than bitcoin for example, we mostly use fiat currency to pay bills and buy the things that we need, unlike bitcoin we cannot use it to as a payment. So there are less chance for bitcoin to replace fiat.

purple.thoughts

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This will going to be a big step not for the Unionbank itself but also to the Philippines. Adopting Bitcoin is surely a serious matter from the economy of a community. I heard that there are a lot of Bitcoin users and earners came from Philippines and this percent of cryptocommunity helps not only Bitcoin but cryptocurrency to grow more. I am just afraid because of it was said that Bitcoin was already regulated by Bangko Sentral ng Pilipinas then I think it will definitely have tax in the future. Am I right guys? I want to hear your answers too.

Willitivity

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This topic and discussion of Bitcoin replacing fiat have been always a reoccurring thing . Think about this, Bitcoin requires a certain level of technology to be in place before use, and this is not readily available to every place. Bitcoin is highly volatile, it would be difficult for people to accept it over cash. Bitcoin and fist will forever exist side-by-side, Bitcoin ain't toppling fiat.

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Quote from: proTECH77 on February 26, 2019, 08:13:57 AM

Quote from: Meysa_richa on February 22, 2019, 06:38:02 PM

I think that is indeed the right way to reduce debt to the state, and using Blockchain technology will be very profitable in the financial system.

Indeed there are good impression coming from Bitcoin which is the mainstream manifestation of the Blockchain Technology, this technology has brought transparency and freedom for it users. For Bitcoin to possess these features will likely replace the fiat but will take sometime to dethrone FIAT.

This is an incorrect idea to think that it could be deposed by FIAT. Blockchain or Bitcoin technology cannot help a country get richer or reduce public debt. Blockchain and Bitcoin technologies are tools for wealthy people to become richer.

LogitechMouse

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Why these people want to replace fiat by Bitcoin?? Why don't we just say "Bitcoin as an alternative payment system aside from fiat". There is no need to replace fiat by Bitcoin. Lets just accept Bitcoin as an "alternative" to paying things. Replacing world currency by another currency will take a long time to happen and there is no need to replace it to be honest.

PlusOne88

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Well changing fiat to cryptocurrency would definitely be difficult since money is controlled and cryptocurrency isn't. Stability is important for money to exist without causing so much trouble storing it. Imagine a world where your money being stored loses its value more often or so quickly that it is volatile, how do you think will people admit the fact that there millions are now worth thousands?. But changing cryptocurrency is not really that difficult to deal with if the government will be making their own cryptocurrency separate from the commom cryptocurrency. It is more of a storage cryptocurrency that we can use to connect to the current digital coins that we have now. I think this is more plausible.

dupee419

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Quote from: muratsink on February 28, 2019, 06:59:31 AM

in reality, microeconomics can also help improve the economy of the people and the country. but it must be managed properly.
I admit and believe, that BTC will replace fiat in the future, the positive value of BTC is decentralized which cannot be influenced by the global economic crisis and geopolitics.

BTC will survive the effects of it all, so that BTC will be the main alternative to maintain economic value. and fiat will experience a global crisis.

I do hope that BTC survives, yet I don't know if BTC will be at its continuous pace, I do think that it will survive all of its challenges in the future, though it will be a slow process before this happens because a lot of people have stuck towards the major use of fiat, and it will take a lot of guts convincing the others to full understand what BTC is.

Johnzky

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I dont know how many topics like this or something related that i have read for my years here in cryptocurrency and most specially this bitcointalk.org

But yet same discussion,and my answer is still the same that cryptocurrency not only bitcoin but in general will may replace fiat but will never make physical money gone since they are both different one is virtual and the others is physical

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