Bitcoin vs Fiat - page 8. | Bitcointalksearch.org

fargoway

newbie

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Quote from: Mary Birkin on August 23, 2018, 02:48:57 AM

Quote from: fargoway on August 23, 2018, 02:15:23 AM

Bitcoin is not able to replace fiat, at least now. I believe that there will be another cryptocurrency which would be able to replace traditional money because Bitcoin has a lot of issues as well. BTC is good, but it is too far from perfect.

Btw, I totally agree that Bitcoin is not an investment. It was created for other goals. Greedy people don't get that Angry

Why do you think that BTC is too far from perfect?

Because Bitcoin cannot complete some essential challenges in order to replace the fiat money. For example:

1) transactions last long (in comparison to Visa/Mastercard transactions)
2) high volatility
3) scaling

The main reason why I think there might be something better than Bitcoin is that cryptocurrencies are developing very fast and every day more and more solutions appear on the market. It is very common when something extremely new was invented which was only a prototype for a better version of it.

Bonpay

full member

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Quote from: Taki on August 23, 2018, 03:29:28 AM

I guess you meant all crypto in general under bitcoin, course only bitcoin doubtly will replace fiat over the world, but crypto may do.
By my opinion bitcoin was made to free people from fiat and government's control. But when bitcoin began to cost over 1000$ everybody became interested in it and now all countries fight to regulate it and turn on all benefits of crypto to work on government and its needs.

Well, you are right. The same way as the dollar is dominating among other fiat currencies, I assumed that Bitcoin will be the main, but other cryptocurrencies could be used too.

Roberttran

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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.

davhek

full member

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There was already a discussion similar to this, and IMO, there is no way BTC or any other crypto can replace FIAT. Not now, not in 10 years. Maybe in some further future but we are far away from it.
We will use cryptos for sure but not as a primary currency.

Taki

hero member

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I guess you meant all crypto in general under bitcoin, course only bitcoin doubtly will replace fiat over the world, but crypto may do.
By my opinion bitcoin was made to free people from fiat and government's control. But when bitcoin began to cost over 1000$ everybody became interested in it and now all countries fight to regulate it and turn on all benefits of crypto to work on government and its needs.

Bonpay

full member

Activity: 448

Merit: 111

Quote from: talkbitcoin on August 23, 2018, 03:23:30 AM

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.

Then I guess the right choice would be: "They can coexist". Anyway, thank you for noticing, I will make the poll more clear.

talkbitcoin

legendary

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All I know is that I know nothing.

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.

Colan Zolo

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https://saturn.black

I think if fiat and bitcoin will continue side by side, for us who have learned technology and know about bitcoin will not refuse if bitcoin becomes a transaction tool other than fiat, but for those who do not understand bitcoin, they will refuse and certainly use fiat for their lives.
Many communities that will be technology but not all know about bitcoin, let alone to learn it is not necessarily want. They believe more in what they see and do not believe in digital technology which really has good benefits for the future.

Sbdip

newbie

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I don't think so. Bitcoin can growmuchday by day for sure. But I don't think it'll be able to replace fiat. Because btc is acting morelike asset than the currency.. So without being fully accepted currency bitcoin won't be able to beat fiat

Mary Birkin

newbie

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Quote from: fargoway on August 23, 2018, 02:15:23 AM

Bitcoin is not able to replace fiat, at least now. I believe that there will be another cryptocurrency which would be able to replace traditional money because Bitcoin has a lot of issues as well. BTC is good, but it is too far from perfect.

Btw, I totally agree that Bitcoin is not an investment. It was created for other goals. Greedy people don't get that Angry

Why do you think that BTC is too far from perfect?

fargoway

newbie

Activity: 164

Merit: 0

Bitcoin is not able to replace fiat, at least now. I believe that there will be another cryptocurrency which would be able to replace traditional money because Bitcoin has a lot of issues as well. BTC is good, but it is too far from perfect.

Btw, I totally agree that Bitcoin is not an investment. It was created for other goals. Greedy people don't get that Angry

Bonpay

full member

Activity: 448

Merit: 111

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.

Topic: Bitcoin vs Fiat - page 8. (Read 922 times)