Bitcoin vs Fiat - page 3. | Bitcointalksearch.org

awosesun

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Quote from: Bonpay on August 23, 2018, 02:01:14 AM

Although Bitcoin exists for almost 10 years, its role in our life is still unclear. One of the theories states that Bitcoin was created to solve the problems which fiat money cannot overcome. We can see how so many Governments have huge debts and how some countries cannot support their own currency (Venezuela might be the best example now), so Bitcoin looks like a possible option nowadays. Getting rich was never the goal for Bitcoin. It was meant to become the currency of the digital world and provide an alternative to the dying economy.

So the question is, how do you think, should Bitcoin replace Fiat money, or there are other options of how it could be useful to the society?

Edit: To give you more food for thought, there is a nice article about the history of the creation of both Fiat and Bitcoin and their detailed comparison.

Fiat still far ahead of bitcoin in many ways. Its crystal clear that bitcoin is still behind. If you say many country are in huge debt today, i won't disagree over that but they are in debt not because of fiat but a bad governance like the case of Venezuela. If Venezuela adopted bitcoin today, it won't take them out of recession or make them rich.

CrucialTechnology57

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Right now it is impossible to replace fiat because bitcoin also need the support of fiat currency but literally it will replace and it take time long time.

Bonpay

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Quote from: stiffbud on August 28, 2018, 02:05:43 PM

Bitcoin is simply known as electronic currency which has no physical form where as fiat currency is known as physical currency. Bitcoin is a decentralised nature currency which does not under control of any kind of authority or government where fiat currency are under control of many government. Fiat currency are more stable then that of bitcoin and it is not complex as that of bitcoin. Fiat currency can be duplicate because of their physical form but bitcoin cannot be duplicate because of its digital in nature.

Yes, there are a lot of differences between them and that's why replacing fiat with Bitcoin sounds perspective. The only critical problem most of you admitted is lack of physical form of Bitcoin, but I believe that we can find a solution for this issue.

*kimcil*

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I don't think this can be changed and doesn't need to be changed. If bitcoin becomes a fiat currency, maybe the vision and mission applied by Satoshi will not come true. Bitcoin is better to become a crypto currency. Bitcoin doesn't need to be more fiat. various countries.

stiffbud

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Bitcoin is simply known as electronic currency which has no physical form where as fiat currency is known as physical currency. Bitcoin is a decentralised nature currency which does not under control of any kind of authority or government where fiat currency are under control of many government. Fiat currency are more stable then that of bitcoin and it is not complex as that of bitcoin. Fiat currency can be duplicate because of their physical form but bitcoin cannot be duplicate because of its digital in nature.

HDContent751

newbie

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Fiat is the main currency in all over the world and it is the oldest currency and it will become very difficult to replace it because everyone strongly believe on it on the other hand bitcoin is a new currency.

CryptoGosu

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At this stage of development, Bitcoin is much less popular than Fiat and it's harder to find a place where you can buy products for Bitcoin but Bitcoin is more like it and I would like it to become even more popular.

isllander

newbie

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Some time they will move next. An example of cash is a number of cards. Some countries are already close to getting better with cash. New time is new opportunities.

fargoway

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Quote from: josephdd1 on August 27, 2018, 04:21:08 PM

In the current time Bitcoin can't exist without fiat because bitcoin is relative to USD and at least for the nearest future one can't separate the two as different entities because BTC is very much depended on fiat.

What? Bitcoin was created to exist without fiat. If sellers start accepting Bitcoin as a payment for goods and services, there will be no need in fiat money at all.

Bonpay

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Quote from: C0ld_Zero on August 27, 2018, 09:38:53 PM

I dont think bitcoin can replace fiat money. Fiat monetary standards enable the government to have a lot of control of their economy.
They can choose to print progressively or remove some from the economy through banks. A cryptocurrency would need to be connected to their fiat cash and be absolutely controllable, for a government to permit it instead of their fiat, however that would essentially be a fiat at any rate. So we would require new enactment or new governments.

This is a very rational argument. I would assume that in such case the only possible solution would be both a new financial system and new enactment.

shoreno

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both currency has a pros and cons . bitcoins is more slightly difficult to understand but it is packed by a lot of features that fiats cannot possibly do .

fiat on the other hand is more easy to use and understand because it has its own physical shape which means you can use it straightly anywhere you are .

many people nowadays are going for cryptos because they are also curious on what it is and soon , there might be a probability that cryptos can dominate the entire currency system .

C0ld_Zero

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I dont think bitcoin can replace fiat money. Fiat monetary standards enable the government to have a lot of control of their economy.
They can choose to print progressively or remove some from the economy through banks. A cryptocurrency would need to be connected to their fiat cash and be absolutely controllable, for a government to permit it instead of their fiat, however that would essentially be a fiat at any rate. So we would require new enactment or new governments.

IndoUSminus

newbie

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Bitcoin cannot replace fiat because Btc lacks some important features for that:
- stability;
- paper form for offline transactions;
- is not backed by gold.

Xardasim

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I don't fully believe that we will use digital money which can't be managed in the future.
The first way is that every government creates its own digital money and use it instead of paper money. But it doesn't seem it will be free as Bitcoin does.
The second way is Bitcoin will be used, but the limits will definitely be used. Because, stability will be a necessity, so you can use it for daily shopping.

xWolfx

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Donating 10% to charity

I'm surprised by the amount of knowledge inside this community about what is the best way of doing this in the future.

Of course Bitcoin side by side with fiat will create the necessary ground for everybody to win and be happy, letting people choose what they want to use for payments and transactions instead of pretending to shove it down their throat. This are different times.

It's what the future demands, the ones who try to resist will find themselves wasting time.

josephdd1

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In the current time Bitcoin can't exist without fiat because bitcoin is relative to USD and at least for the nearest future one can't separate the two as different entities because BTC is very much depended on fiat.

rosemary4u

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I think bitcoin and fiat currency should also exist side by side. Bitcoin can be used as a global currency for various business transactions and payment of services just like any other fiat currency.

Criptomen

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If bitcoin once can supersede Fiat, it will not be in the near future, the world is not at that technological level of development. Yes, there are countries where this is partially possible, but most are not ready for this.

ayambawang

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indeed, I know that BTC was created to become a digital currency that can replace the existence of fiat money which is considered a source of misery such as debt, for example, but in reality it is not easy, eliminating fiat currencies is not an option at the moment, it is very impossible to at present, what can happen for now is that btc and fiat money can run together and complement each other's shortcomings, even though that is not the main goal btc was created at least so we will get the benefits of btc in real

Epimetheus

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Bitcoin is digital currency also know as electronic currency where as fiat currency is known as physical currency. Bitcoin is also known as decentralised currency which means it doesn't under control of any kind of government where as fiat currency are under control of government. Fiat currency can be duplicate but bitcoin cannot be duplicate because of its digital nature. Bitcoin is not a global currency because of its decentralised nature it is doesn't accepted everywhere but fiat currency is accepted is everywhere.

Topic: Bitcoin vs Fiat - page 3. (Read 922 times)