Topic: Bitcoin to replace fiat - page 5. (Read 16033 times)
In my opinion nope. bitcoin will never to replace fiat. Yes many people around the world almost know about what is bitcoin and how expensive is bitcoin but to become a fiat, i'm not sure about that because there are still many things to do to make bitcoin to replace fiat or at least to become a fiat.
the initial purpose of bitcoin was created indeed to become the future currency. so in the future it can be ascertained that there will be a change of currency from the traditional one and in the form of paper it will soon be replaced by crypto currency that has implemented a digital system. we are just waiting for the occurrence of a currency revolution, we can enjoy the results of our investment in bitcoin in the future.
In the first place, I don't think Bitcoin was purposely made to replace fiat. Bitcoin was made with the intention of enhancing payment systems with a more fast, secured, owner controlled and low cost per transaction manner. The governments are in full support of the fiat and its value determines the economic status of the country. Both Bitcoin and the fiat will coexist.
I am agree, bitcoin created for peer to peer transaction and i think its happen for online transaction. To replace fiat, many huge challenge for bitcoin because central banks must be wont to lose control on money supply
In the first place, I don't think Bitcoin was purposely made to replace fiat. Bitcoin was made with the intention of enhancing payment systems with a more fast, secured, owner controlled and low cost per transaction manner. The governments are in full support of the fiat and its value determines the economic status of the country. Both Bitcoin and the fiat will coexist.
Bitcoin is a good replacement for Fiat money. I think that in the future bitcoin will compete with them, they will be able to coexist together and perhaps when that, cryptocurrencies replace national currencies.
Though Bitcoin may be the future currency but will not replace fiat. These coins are to complement each other rather than replacement. There are no rooms provided for the digital currency to take the place of the fiat because fiat will be need to trade with. Just my own opinion and not another.In my opinion, the future the fiat will be replaced by cryptocurrency and online purchasing. The cash will not popular in the world in the next 30 years and people will make the transaction in online by using digital currency.
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.
It is not all about of replacement but it is a way to have option of what we wanting to used for our daily activities in our comforts.
Fiat still have its value and considering the fact that crypto isn't accepted in some areas where absolutely crypto won't have such power to defeat fiat. Cryptos are design for online transactions, thus all others transactions will have to used our local currencies.
Fiat still have its value and considering the fact that crypto isn't accepted in some areas where absolutely crypto won't have such power to defeat fiat. Cryptos are design for online transactions, thus all others transactions will have to used our local currencies.
I think that if bitcoin really wants to replace fiat money, it's likely to be quite difficult. because fiat ung certainly cannot be replaced by coins or others.
I don't think Bitcoin to replace fiat money it's just impossible. Even Bitcoin as a digital currency we can't comparison between fiat and btc. Because BTC not a regulated currency in every countries this is a big obstacle i think. First of all need to world wide adoption.
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My friend if you are thinking in those lines then I bet you will be disappointed.This world is all about control of power and money. There will still be cases of fraud, corruption, poverty even if blockchain technology gets massively adopted.
It has already happened here in the forum with our beloved Bitcoin. People are scamming and defrauding others almost every day.
Never ever have very high hopes on humanity
The blockchain technology can only enhance the human way of handling things, like our educational system, our electoral system, our medical system, theses systems can be well enhanced to serve humans better and easier if the blockchain technology is integrated into the system of things. But offsetting debts or debt management via the blockchain technology is not realistic.
Remember those times when FIAT replace the BARTER SYSTEM and gold/silver coins?
It will happen to itself as the cryptocurrency will definitely replace it in the future.
Changes will come and people can't do anything but to adopt and learn!
It will happen to itself as the cryptocurrency will definitely replace it in the future.
Changes will come and people can't do anything but to adopt and learn!
It is the hope we are trying to develop because bitcoin has proving that it can help during inflation and financial crisis than fiat money because of the cost of producing paper money.
I think that if bitcoin really wants to replace fiat money, it's likely to be quite difficult. because fiat ung certainly cannot be replaced by coins or others.
I don't think Bitcoin to replace fiat money it's just impossible. Even Bitcoin as a digital currency we can't comparison between fiat and btc. Because BTC not a regulated currency in every countries this is a big obstacle i think. First of all need to world wide adoption. 
I think bitcoin cannot replace fiat in terms of payment, because bitcoin has a great difference from the fiat. I believe that many more people doesn't know that bitcoin exist and some will never believe it. So I think fiat is really hard to replace specially this is a old way of making payment bitcoin is new to the community and people are mostly using fiat. Maybe bitcoin will replace fiat in the future but not today.
I agree its not so easy that BTC to replace fiat, but in reality the world is going behind technology which means people want to see every needs to be happen in convenient way. examples like paypal and google tez app. what I personally feel is anything can happen after 10years from now yes note my words, some developing nation will announce fait will be replaced as BTC to build their economy of their country.
I don't completely deny the possibility of cryptocurrencies replacing fiat, but I think it just won't happen in the near future unless some kind of huge crysis happens, but if we're just talking about bitcoin I don't think it can replace fiat at all even in the future just because it's kind of slow and has high fees that shows it's not a good option for every day transactions now in 2019 comparing to the newer coins like nano that has almost instant transactions.
I think bitcoin cannot replace fiat in terms of payment, because bitcoin has a great difference from the fiat. I believe that many more people doesn't know that bitcoin exist and some will never believe it. So I think fiat is really hard to replace specially this is a old way of making payment bitcoin is new to the community and people are mostly using fiat. Maybe bitcoin will replace fiat in the future but not today.
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.
Well, everything always has a possibility. However, I foresee, like most people, that instead of "replacing", it's more possible for cryptocurrency to interplay with fiat in the market. That's more feasible because, with all honesty, the status of cryptocurrency is erratic at best, and for a currency, one should be as stable and reliable as possible because it is the blood line of every business sector in a country or local economy. It would surely be disastrous to rely on a currency that falls value at any time.
it is true that you can not rely on the altcoins but the reason for that is because they are mostly scams and poorly projects that were made for monetary reasons (meaning the developer wanted to become rich overnight either through premining or running an ICO).
but we are talking about bitcoin here and it is the most and only reliable currency out there. it is true that its price is volatile but if you look at the bigger picture you can see the price is pretty reliable. you can clearly see that in the past 3 years (long term outlook instead of short term) price has solidly risen from $800 to $3000+ and that shows growth and the strength of that growth.
Personally, I don't see Bitcoin replacing fiat but being used with Fiat in parallel. There are a lot of aged people (over60-70 years old) that will not adopt Bitcoin. However, if big institutional investors will come on board it will be great for Btc.
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.
Well, everything always has a possibility. However, I foresee, like most people, that instead of "replacing", it's more possible for cryptocurrency to interplay with fiat in the market. That's more feasible because, with all honesty, the status of cryptocurrency is erratic at best, and for a currency, one should be as stable and reliable as possible because it is the blood line of every business sector in a country or local economy. It would surely be disastrous to rely on a currency that falls value at any time.
For now, it is impossible for Bitcoin to reolace fiat currencies. But I also do believe that in the future, the Bitcoin will have it, taking over all financial transaction and be the Bitcoin the medium for payment methods.
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