Topic: Bitcoin vs Fiat - page 7. (Read 876 times)

If Bitcoin fully replaces fiat then you won't need to exchange it. You simply can buy goods and services with it, so no intermediaries needed.

I thought bitcoin will win rise more and more but now days bitcoin is price reducing so fast that people again going towards Fiat rather than bitcoin investment and transaction

Actually bitcoin was not created to replace fiat and it was created only to provide a P2P platform for sending money instead of banks.But now,almost its traveling in a new track and has become the highest ROI giving asset.

of course bitcoin will not be able to replace fiat money. this is a fact, and until now we still carry out traditional transactions using paper currency. there is another possibility in the future, if crypto becomes pepolor in the future, it means that each country will have its own crypto currency. this is the most logical reason.

Well, I'd rather put some other decentralized currency instead of bitcoin. For example, the ethereum, which is much steeper in terms of coin technology. And in this case, Fiat has no chance, decentralized crypto currency will be much more convenient. But certainly not bitcoin, because it is not consistent as a crypto currency in general ...

Bitcoin composed as crytocurrency in terms of digital money, it used by transacting payment who undergo with internet function there are lots of difference than fiat, fiat is directly use as payment our daily needs without using internet transaction cos this is money..

Yes, I believe on it it’s only need time to be done I believe in the power of bitcoin and I think in the next years as we experience more modern technology we also need modern currency and bitcoin fits on it.

One of the theories is also to give a full control over our money and it's maybe the most important. To be free from the banking system and the governments. Unbanking all of us...

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 whenever  you want (banking rules)
Nowadays we have more and more restrictions on how to use our own money. Try to go your bank and ask for $5000 cash, it's not possible or you have to call two or three days in advance. Try to withdraw $1000 using the ATM, this is not possible most visa cards have a maximum of $300 per day. So if an urgency comes up and you need money, you're fucked. More and more banks don't have cash money in the office anymore, only in the ATM.
Sometimes you even need to justify why you need to withdraw $1500, over $5000 transactions in the same month and your account details and history is sent to the financial police for an audit, for the sake of the AML.
There are also millions of citizens who don't have access to a simple banking service. No account, etc. And when I say millions I am not exaggerating.

When you say the role of Bitcoin is still unclear, is not totally the truth. It was clear but the community changed its role (aka using Bitcoin as an investment) yeah some guys will say "here we go again!"...

The ideal for purists would be to see Bitcoin totally replacing fiat but this will remain a utopia I think. The community killed this dream, with the lack of consensus, internal conflicts, and so on.
"They should both exist side by side": It could be possible of course. You can think about the unbanked people, or for the countries where they don't have many options to send cross-border payments. For example, Paypal is not available in all countries.
There is not any cryptocurrency which has to replace fiat other than Bitcoin. The reason is most of them are not designed to be able to totally replace fiat.

Most likely bitcoin was created as an alternative to the banking system. That it was all transparent and did not have intermediaries in its structure

No matter how much we want this to happen, I think that bitcoin and cryptocurrency should not replace fiat at all. I believe that the crypto world and the government/banking system can and will find a way for both to co-exist with each other. We do not know for sure if this will stay for a long time, but for now at least it has better chance of existing together.

In my opinion at least for few decades each should exist.Since there exist countries without internet access, accepting crypto currencies as global is still not possible. However in future but soon I believe fiat currencies will completely evolve into crypto currencies.

I'm often baffled as to why do people think bitcoins should replace fiat? whenever we trade bitcoins we trade it for fiat, so if bitcoins replaced fiat what would we trade it for? I do hope all remember bitcoins is limited fiat isn't. Bitcoins was formed to create a decentralised currency, so people would be free of government regulation, also so people could create it as a store value, never was it intented to replace fiat.

I believe the best option is all governments should allow the usage of bitcoins they can tax it, all sellers should accept it this would save loads of fees on cross border transaction. Even post taxes Bitcoins users shall earn more than their fiat peers.

Bitcoins should be given in tandem with fiat for salaried people, so they can choose it, and when it's prices increase they can benefit from it. (I can't reveal the name but one firm actually did it, and 9 out of 10 employees opted for bitcoins, this was when bitcoins prices were at 1k, all the employees made serious profits).

As if we did not want Bitcoin to replace Fiat's unfortunately the next few years, and perhaps even a decade, it would not be possible. Too firm dollar keeps its positions, at the legislative level bitcoin is not approved. Banks simply do not give up their domination.

Bitcoin transactions are final. Visa's are not.
If used in daily purchases (and proper implemented), accepting 0-conf payments is absolutely fine.
They are marginal slower than visa payments.




Volatility will decrease with adoption.
The more people adopt bitcoin as a payment system, the lower the volatility will be which then again attract new user.




Scaling is taken off-chain.
With the LN all of these scaling-debates finally should have an end.

When LN is ready to be released and people are starting to use it, the average fee for your transactions will decrease.
And so will the confirmation time. You'll have instantly confirmed (not yet settled on the blockchain) transactions happening.

Fiat money will not leave our usual life but cryptocurrency will help to use them at a more modern level !

Nobody believed in the Internet as well, but it spread very fast. Today you can hardly find a place without free wi-fi

I think that we are already to strongly stuck in the system that is present and it means that we need to change some things, bitcoin is a great alternative to existing systems.

The progress is moving faster and faster every year, who knows, maybe in a few years you will fly on your car to a nice restaurant where you can pay with BTC.

No chance for bitcoin to replace fiat currencies and become an instrument for payments all over the world,at least nowdays. So many problems yet to be solved and people to get used to crypto and particularly to IT technologies to make bitcoin a primal currency. In a far,far future when people replace classic cars with cars which can fly

Yeah, I agree this is a major problem. Maybe the solution will be found in the future.