bitcoin vs fiat; why bitcoin will eventually succeed

DarkIT

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Quote from: izanagi narukami on December 31, 2018, 10:59:00 AM

I think they can't be complement each other because they are different things

Fiat is legal currency that regulated by government.
Bitcoin is investment just like gold , diamond,etc but as we all know that bitcoin has specality that act like money/fiat

yes, bitcoin will only be seen as an investment compared to fiat, because basically fiat is legitimate money, and has obtained legality from the government. besides, I am only sure that bitcoin can beat Fiat on the internet, because it has many advantages. well, we can only have a discussion, I think the development of both will be better in the future.

elda34b

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Venezuela is a proof where a country switch to crypto (not Bitcoin) as their medium of payment. I believe the same thing could happens to other countries when their fiat system is in a deep crisis, and they need a sound money in order to make their economy works again. But yeah, a co-existence of fiat & Bitcoin is more possible in the near future.

mashort

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Quote from: Kolikalex55 on December 31, 2018, 10:41:08 AM

Quote from: sixexgames on December 30, 2018, 07:59:52 PM

Fiat will eventually collapse because it's just debt backed by debt. Hopefully when that happens, cryptos will take over.

I absolutely do not agree with you, I do not want to offend you but you should understand that the economy we have been accustomed to has been built for many centuries and I do not think that the crypto currency will replace cash. It's theoretically possible, but I don't think it will be in the 21st century.

I agree with you, they will both co-exist

izanagi narukami

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I think they can't be complement each other because they are different things

Fiat is legal currency that regulated by government.
Bitcoin is investment just like gold , diamond,etc but as we all know that bitcoin has specality that act like money/fiat

Kolikalex55

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Quote from: sixexgames on December 30, 2018, 07:59:52 PM

Fiat will eventually collapse because it's just debt backed by debt. Hopefully when that happens, cryptos will take over.

I absolutely do not agree with you, I do not want to offend you but you should understand that the economy we have been accustomed to has been built for many centuries and I do not think that the crypto currency will replace cash. It's theoretically possible, but I don't think it will be in the 21st century.

mashort

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Quote from: elda34b on December 31, 2018, 08:30:01 AM

Quote from: mashort on December 31, 2018, 07:55:16 AM

3. fiat currencies are increasingly becoming digital but they are not crypto (censorship-free). they could even propel adoption of bitcoin since it will be easier to transfer from one form to another.

Agree with this. I think until people realize the advantage of Bitcoin over fiat (in terms of supply manipulation), we won't see a massive adoption of Bitcoin. Bitcoin will probably stay as a store of value, fiat will be used for daily transactions as usual but their buying power will continue to decrease.

Nevertheless, I choose to believe that if Bitcoin stay for another decade, it will be a very solid store of value for a lot of people.

True, Bitcoin is now 10, each year it stays, it extends its staying power for much longer, if we could use the lindy effect model. but it also plays an important role as a new way of thinking behind money. The idea of decentralized global money will endure, but that does not mean fiat will necessarily end.

arpon11

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Bitcoin has many unique features that distinguish it from fiat currency. Bitcoin is the future of money and we should trying and adopt bitcoin and blockchain technology into the financial system. Bitcoin has proven to be what we can trust and it is transparent and fast in transactions including Low fees. To mine bitcoin is far better than production of fiat money. I seriously believe that in future fiat is going to disappear.

Quote from: Purvik on December 31, 2018, 08:14:32 AM

For me, Bitcoin crypto currency will eventually succeed because of its great capabilities and characteristics as so efficient and much more convenient way of paying as a medium for payment method compared to fiat currencies.

that is the absolute and we are looking into the future for this. I also believe that other coins are going to provide good service for our society and community in future.

elda34b

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Quote from: mashort on December 31, 2018, 07:55:16 AM

3. fiat currencies are increasingly becoming digital but they are not crypto (censorship-free). they could even propel adoption of bitcoin since it will be easier to transfer from one form to another.

Agree with this. I think until people realize the advantage of Bitcoin over fiat (in terms of supply manipulation), we won't see a massive adoption of Bitcoin. Bitcoin will probably stay as a store of value, fiat will be used for daily transactions as usual but their buying power will continue to decrease.

Nevertheless, I choose to believe that if Bitcoin stay for another decade, it will be a very solid store of value for a lot of people.

Purvik

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For me, Bitcoin crypto currency will eventually succeed because of its great capabilities and characteristics as so efficient and much more convenient way of paying as a medium for payment method compared to fiat currencies.

mashort

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Very good points and discussion here, did not know it would generate such reaction. i am the one who made it.

I was trying to explain to someone who is no-coiner the differences between bitcoin and current money and i ended up coming up with this.

1. in the short term, ofcouse fiat is going to co-exist with Bitcoin
2. in the long term, bitcoin could prove even more powerful as we are seeing in developing nations. many of them are using it as a means of cross boarder payments because of limiting payment gateways. it is not easy to move money in other countries as it is easier in Europe, USA.
3. fiat currencies are increasingly becoming digital but they are not crypto (censorship-free). they could even propel adoption of bitcoin since it will be easier to transfer from one form to another.
4. for most of developed nations, if it becomes adopted more, Bitcoin will act more as store of their wealth, it could change in the longer term.

coinwizard_

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Store of value is a good way to promote bitcoin. The US dollar loses value over time whereas bitcoin increases. This will help widespread adoption as more people around the globe will try to source and hodl bitcoin

Indrawan77

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Bitcoin will succeed if all of us can have the same goals, the first aim supposed to be mass adoption and legality, when bitcoin already got clear regulation then it will attract more users, all of already tired with the fiat that got decreasing value due to the inflation, bitcoin offered something unique and freedom, but it still need a lot of support to be successful

aoluain

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Firstly i think FIAT is morphing slowly into being a digital currency and it
will always be used differently to bitcoin.

We also have to remember one is controlled the other is not, one is accepted
more than the other for paying bills, taxes, supplies and utilities.

Bitcoin has certainly come a long way in 10 years and has also morphed into
something it was not initially designed for - investment.

It is easy to see one failing and the other rising.

nutildah

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Bitcoin has already succeeded. It hasn't died, has gained tremendous value since its inception, and is being built upon every day. It has inspired an entire industry and a new asset class, been imitated a countless number of times and is the standard for the hundreds or thousands of cryptos trying to rival it.

As a lot of alt cryptos are just trying to establish a niche within the digital economy, bitcoin is establishing a niche among currencies. Its main competitor isn't fiat; its just an alternative to fiat for those looking to use money in ways fiat cannot accomplish. I think any scenario where the dollar is in serious trouble, bitcoin will be in as much or more trouble, as it requires a flourishing economy to sustain its own value.

KingScorpio

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nope it will become again just an attentionhack once fiat is gone

because everybody will have a "global currency" then

dothebeats

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No matter how many things like this are published, if the government has solid control over its people, the effort would always be useless. Bitcoin is better than fiat in so many levels, but it's working great and efficiently for the government and its people for the past four decades, so it's really hard to overhaul the system and use a completely different one from its predecessor. Fiat will have its ups and downs, and the government could always adjust to the situation and revert any catastrophes as they have full control over the said system in which they don't have over bitcoin.

Kakmakr

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The strongest proof we have is the history of previous fiat currencies. The stronger currencies in the third world last the longest, but they governments that are behind these currencies is just a little bit smarter in the manipulation of these currencies than the people in the third world countries.

The debt situation on which these currencies are build, is the foundation of their inevitable collapse. It takes longer for them to collapse, but they will fail sooner or later. Wink

Herbert2020

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Quote from: libert19 on December 30, 2018, 11:12:58 PM

They both have their own use-cases, and can't be compared directly. A regular Joe can't think of spending Bitcoin for everyday things due to its volatile nature. Both will continue to exist.

the volatility won't last forever. i believe that it is only because bitcoin is brand new and is very young in a world that is owned by the centralization of powerful players so it takes time for it to mature and can compete with them.
but you have a good point here too. both fiat and bitcoin will continue to exist, it is not correct to say one will replace the other. and i don't think bitcoin ever had that intention.

Irvinn

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Quote from: sixexgames on December 30, 2018, 07:59:52 PM

Fiat will eventually collapse because it's just debt backed by debt. Hopefully when that happens, cryptos will take over.

No, fiat will never crash. It will exist as long as the state will exist. Own money is a sign of statehood. National money of the state interacts with the economy of this state, and the cryptocurrency is not capable of it by nature. Cryptocurrency can only go along with national money and cannot replace them, otherwise the economy of such a state will be completely unbalanced.

libert19

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They both have their own use-cases, and can't be compared directly. A regular Joe can't think of spending Bitcoin for everyday things due to its volatile nature. Both will continue to exist.

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