Topic: Bitcoin vs Fiat - page 6. (Read 876 times)
Bitcoins was created to serve as peer to peer online remittance and it has nothing do with the problems that central banks are facing with their currency. Bitcoins serves a different purpose than the solution of governments debts.
Fiat over btc for now
Fiat currency is far older than bitcoin, and we all know that. Bitcoin in era has come to support fiat currency and also fill its loopholes. with bitcoins online transaction has become easy and reliable. Moreover, it has been an investment avenue for some many people and has given them financial freedom. In a nutshell I can say that bitcoin has been a backup for fiat.
I believe that bitcoin can replace cashless payments, and cash will remain
it is impossible to answer your Poll because they options are the same. for instance my choice is "No" because bitcoin is not supposed to replace fiat and also "They can coexist" because not replacing means they both exist alongside and both work, fiat as the centralized currency that everyone knows and bitcoin as that additional option for decentralization.
Yeah, bitcoin really can't replace fiat at this time but what if the world will change 10 years after, and the usage of paper or manual transactions will be abolish? Then we have no options but to use bitcoin right? So in general we can't prevent the world wide adoption of bitcoin. The possibility is always there actually, and the system can be diverted from cash form to digital form. Although it's hard for the first time to change systems, but eventually people will adopt evenly.
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.
Please stop saying bitcoin can replace fiat. It will never be. Before you say this kind of thing, think first the status of a country. Many country are modernized, wealthy and successful. How about the countries that are not? There are things that fiat can do while bitcoin cannot. Is bitcoin globally accepted as a payment method? I believe not. So please, stop this and I have read many threads like this before. 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.
bitcoin is hard to replace fiat. Bitcoin needs internet to operate. And as I know many places in the world do not have access to the internet, many older people can not use smartphones smoothly (like my dad, my mother and my grandmother). It would be difficult if bitcoin replaced fiat.
In a nearest future seems that bitcoin transactions can be operated via SMS https://cryptocoin.news/videos/bitcoin-this-week-bitmain-collects-18-billion-in-ipo-bitcoin-transactions-by-sms-and-more-19023/
Well for me fiat is still leading but I believe the story will no longer remain the same in few years to come
When you deposit money into your bank account the funds are not your anymore, you lend it to the bank with a promise to get it back when you want (baking rules)
Exactly this.
People seem to have completely forgotten about this.
Most only see bitcoin as toy to get rich quick. But they don't understand the true value.
Look at Greece for example. They restricted the maximum amount of withdrawals to 50€ per day.
They basically held the money of their customers hostage. It didn't matter anymore how much money 'you had'.
In the end the bank had it all. And in the end, they decide how much you are allowed to withdraw at what time. And if they don't like your reasons to withdraw the money, they can easily freeze it.
With bitcoin as a global tool for transfer of value, all of these problems are no longer a problem. I definitely believe bitcoin will become a 'standard' form of payment. At least (or especially) on the internet.
Yep. You can also think about people thinking their funds are safe in a bank account. But what about if the bank fails suddenly? You are fucked like a whore. In my country accounts are insured by the government up to $100k but what about if the government itself doesn't have enough funds, will they ask to the central bank to print a wagon of cash for free? What about people owning over $100k? Nothing. I doubt a lot of countries have such laws.
they are now both side by side.. but in the future strongly i expect that all big countries move slowly toward bitcoin and fiat will be forgotten
in that scenario.. the prices will grow insanely indeed)) will be amazing in that age after many people be involved into the game
in that scenario.. the prices will grow insanely indeed)) will be amazing in that age after many people be involved into the game
they are now both side by side.. but in the future strongly i expect that all big countries move slowly toward bitcoin and fiat will be forgotten
in that scenario.. the prices will grow insanely indeed)) will be amazing in that age after many people be involved into the game
in that scenario.. the prices will grow insanely indeed)) will be amazing in that age after many people be involved into the game
Well not really forgotten. The future may very well be leaning more on the digital aspects when it comes to transactions but physical exchanges will never be without use. Now is fiat's time but as technology progresses, digital currency will have a boom in following and support.
It is still better to have both of this thing in our financial economy. However, the intention of everyone to make bitcoin as the new currency would be difficult to realize since we should have to consider all people in this world including the poor , middle and the elites.
I'd like to think of bitcoin as another option for payment, not a contender of some sort to replace fiat. There are pros and cons to using each one so I'd rather make them co-exist so whenever the time to use bitcoin comes up, I can utilize it and vice-versa.
When you deposit money into your bank account the funds are not your anymore, you lend it to the bank with a promise to get it back when you want (baking rules)
Exactly this.
People seem to have completely forgotten about this.
Most only see bitcoin as toy to get rich quick. But they don't understand the true value.
Look at Greece for example. They restricted the maximum amount of withdrawals to 50€ per day.
They basically held the money of their customers hostage. It didn't matter anymore how much money 'you had'.
In the end the bank had it all. And in the end, they decide how much you are allowed to withdraw at what time. And if they don't like your reasons to withdraw the money, they can easily freeze it.
With bitcoin as a global tool for transfer of value, all of these problems are no longer a problem. I definitely believe bitcoin will become a 'standard' form of payment. At least (or especially) on the internet.
FIAT will always be the number one in currency day-to-day usage. However, Bitcoin has all the opportunity to replace it, but, first of all, it has to be accepted and adopted worldwidely and open doors to use it in main places such as shops, for example
When you deposit money into your bank account the funds are not your anymore, you lend it to the bank with a promise to get it back when you want (baking rules)
Exactly this.
People seem to have completely forgotten about this.
Most only see bitcoin as toy to get rich quick. But they don't understand the true value.
Look at Greece for example. They restricted the maximum amount of withdrawals to 50€ per day.
They basically held the money of their customers hostage. It didn't matter anymore how much money 'you had'.
In the end the bank had it all. And in the end, they decide how much you are allowed to withdraw at what time. And if they don't like your reasons to withdraw the money, they can easily freeze it.
With bitcoin as a global tool for transfer of value, all of these problems are no longer a problem. I definitely believe bitcoin will become a 'standard' form of payment. At least (or especially) on the internet.
Some altcoin will definitely replace fiat currency in the future. It may not be bitcoin but altcoin will certainly do. Cryptocurrencies are just in it's baby stage, and currently starting for mass adoption. Give it more time and it will replace fiat.
Nope I don't consider bitcoin as a fiat and if BTC will be fiat there will many conflicts and its complicated cause btc is volatile and changes of price of btc is fast so I think we should have fiat even in the future.
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.
in my opinion the benefits of bitcoin for real life are very many, for example we can trade freely to gain profits, then send money out of the country using bitcoin. but bitcoin won't be of any use, if it doesn't have an exchange rate with fiat currency. the conclusion is that bitcoin and fiat have an important role in our lives. 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.
In my opinion BTC can take a huge part of FIAT money but won't replace it. The power of banking systems is still huge and governments don't want to lose it .
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