Bitcoin will conquer fiat the same way fiat conquered trade by barter.

CryptopreneurBrainboss

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Quote from: Marvelockg on February 13, 2024, 11:13:32 AM

currently, bitcoin has proven to be reliable considering the current situation that we are into where our currency has lost it value and saving our money in Naira is no longer reasonable again because price of goods keep increasing while the value of Naira keep dropping and the best option of saving your money in the next ten years is to leave it in bitcoin.

This just contradict what you're trying to prove, here you're explaining how Bitcoin is being used as an asset for investment instead of a currency that's used as a medium for exchange. Bitcoin can replace every investment opportunities out there because it has the potential and very easy to access unlike with other assets wey go take you forever to buy. If you wan buy land now person go dey investigate your matter to make sure you no be criminal to do business with but with Bitcoin you fit just dey your house, use your phone self buy billions worth Naira of Bitcoin yet nobody go reason your matter because Bitcoin dey decentralized and you fit own them anonymously but for other investments dem e go hard small.

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From the recent happening across the globe, it's going to be that The same way people left the bartter system to the fiat currency because of the advantage of fiat over the barter system is the same way they will also leave the fiat to Bitcoin because of the advantage Bitcoin has over fiat.

You no notice say all this medium of exchanges wey you dun mention so are all centralized therefore it was very easily for one to replace the other because na still the same centralized government dey control all but Bitcoin is decentralized wey be say the government dey fight am as dem know say power no dey remain for their hand with Bitcoin but the power is going back to the people. Bitcoin conquering go hard but e no dey impossible, it being an alternative means of exchange which was it intended function from the beginning dey more like wetin go fit happen. If Bitcoin no pose a threat to the governments but work beside fiats, the government no go get problem with am.

Fiasem20

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I don't see bitcoin replacing fiat currency,like the difference is clear.Bitcoin is a decentralized digital currency that has nothing to do with the government and the central bank while fiat currency is being controlled and issued by the government and central bank,so if your saying that bitcoin is replacing fiat currency it simply means that the government would accepted bitcoin as legal means of exchange.Even if the government accepts bitcoin as a legal means of exchange it's still not under their control because of it's decentralized nature.Even the fiat currency you think will be replaced by bitcoin is still useful in our day-to-day activities,and it also used to purchase assets like cryptocurrency,bitcoin precisely.Also trade by barter isn't 100% replaced by fiat currency let's be realistic,trade by barter means of exchange is still practiced in this modern world.

Mr.suevie

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Quote from: teamsherry on February 20, 2024, 03:00:33 PM

I don't see bitcoin entirely replacing fait currency, it's quite too volatile to fit for that purpose, and more over fait has its purpose although its suffering from Inflation due to different reasons such as economic instability and poor government just like in Nigeria, and more over bitcoin right now functions more like an asset than even the original purpose it was created as a p2p medium of exchange and low at the exchange fees, they are quite high and imagine taking about 20 transactions on bitcoin in a day, the gas fees would be too high for an average person to afford or tolerant, master cards and banking system still severs better as a good medium for our daily transactions with little to no charge added.

Well I agree on some of the insights you have given but if we look at it from a general sense Bitcoin is really changing the financial system and I would like to believe that if El Salvador can do it then why wouldn't every other country follow up as well because the benefits are great and widely spread out and again before before now the gas fee was very low and wasn't any issue if you are transferring up to even 30 TRX a day.

teamsherry

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I don't see bitcoin entirely replacing fait currency, it's quite too volatile to fit for that purpose, and more over fait has its purpose although its suffering from Inflation due to different reasons such as economic instability and poor government just like in Nigeria, and more over bitcoin right now functions more like an asset than even the original purpose it was created as a p2p medium of exchange and low at the exchange fees, they are quite high and imagine taking about 20 transactions on bitcoin in a day, the gas fees would be too high for an average person to afford or tolerant, master cards and banking system still severs better as a good medium for our daily transactions with little to no charge added.

Olatundespo

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Bitcoin often exists as an alternative rather than a direct substitute for fiat currencies like the naira. Fiat currencies like the naira remain dominant in everyday transactions due to their widespread acceptance and legal tender status. Bitcoin popularity when rises during times of economic crises or when fiat currencies face depreciation as people search alternative store of value. where both fiat and Bitcoin serve different purposes in the economy could be beneficial for stability and flexibility.

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Quote from: Marvelockg on February 13, 2024, 11:13:32 AM

From the recent happening across the globe, it's going to be that The same way people left the bartter system to the fiat currency because of the advantage of fiat over the barter system is the same way they will also leave the fiat to Bitcoin because of the advantage Bitcoin has over fiat.

There is sense in the things wey you talk but you no go generalized the fall in the value of our Naira to other fiat because you dey use globe for example. Many other countries still get a very strong and comparative and comparable exchange rate unlike wetin we dey see for naija. So to com dey think and say bitcoin fit take advantage over fiat just like e happen during trade by barter, that one fit happen for Nigeria if at all it is possible but other fiat still dey strong like countries wey dey middle east wey dey produce oil and other viable export commodities with good leadership, their currency even get value pass dollar . So such countries self no go even consider bitcoin for now. Na countries wey poverty don chop go dey look for escape route and that is why dem fit dey look bitcoin but bitcoin no be substitute for Naira or any other fiat but alternative.

Forever101

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ThiS is not something that can even happen, no not possible. The ease at which we use paper as purchasing power is much more faster than using crypto. Imaging you are going to buy something with cryptocurrency and you need to pay while others are standing with you on the queue, where wi you hide to carryout your transaction. If you also have authentication code attatched to your wallet as 2FA, you know the time it will take. Also if you made the transaction and it took time for the transaction to be confirmed due to mempool congestion.

Without talking much, I believe I have been able to convince and not confuse you that , fiat will ever be useful even if every single man earth uses bitcoins

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Quote from: Marvelockg on February 13, 2024, 11:13:32 AM

currently, bitcoin has proven to be reliable considering the current situation that we are into where our currency has lost it value and saving our money in Naira is no longer reasonable again because price of goods keep increasing while the value of Naira keep dropping and the best option of saving your money in the next ten years is to leave it in bitcoin.

There is no problem Saying that saving out naira is No longer reasonable is true. Because our Fiat has been lossing it's value due to inflation so there is no need to be frequently keeping our money in a place where it doesn't add any value rather depreciating over time. But the aspect of saying that currently Bitcoin has proven to be reliable due to the situation of the currency, I think you just knew now because Bitcoin has been reliable source of reducing inflation for long not of recent. Using recent implies that bitcoin just started to function as an alternative to fiat where as, it has been there for long during the early days of Bitcoin.

Quote from: Marvelockg on February 13, 2024, 11:13:32 AM

From the recent happening across the globe, it's going to be that The same way people left the bartter system to the fiat currency because of the advantage of fiat over the barter system is the same way they will also leave the fiat to Bitcoin because of the advantage Bitcoin has over fiat.

People will not leave fiat for bitcoin. Bitcoin only stand as an alternative to fiat. It is used to recover lost value of fiat

CryptoHeadlineNews

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Quote from: Marvelockg on February 13, 2024, 11:13:32 AM

From the recent happening across the globe, it's going to be that The same way people left the bartter system to the fiat currency because of the advantage of fiat over the barter system is the same way they will also leave the fiat to Bitcoin because of the advantage Bitcoin has over fiat.

No one is going to dominate any one my friend, because the two will always remain functional, despite the fact that though Bitcoin and fiat are two distinct currencies, people will always prefer fiat as a currency for day to day transaction, whereas when it comes to investment, people will always look up to Bitcoin as the best asset which offers value for long term investment. And that doesn't mean Bitcoin will take the place of fiat other, but rather both are to remain useful in their respective area of need.

Makus

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I don't think this would be possible, though Bitcoin might in so many ways be used as a means of trade but I tell you, in no time Bitcoin would be as scarce as gold and enough the sole purpose of creating Bitcoin would no longer stand. The concept of limited supply and increase in demand will make Bitcoin more scarce and increase its price. So if everyone decided to hold, who will then sell or trade fluently with his or her BTC. And we even see some threads talking about people planing to pass Bitcoin holding to their generations. But if we generalize crypto it might be used more than the hypes currently, but it can't conquer fiats, even if inflation strikes.

Benedictare

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Yes Bitcoin can because it's first and easily used is as a digital store value and it's way of exchange for digital currency and online currency.

The barter way has to do with direct exchange of goods and services among t logowo persons without any form of money coming between them.
Money is a way of exchange that is recognize value which was accepted in other for people to trade their products and services easily with one another .

The barter system in Bitcoin now is the method of buying and selling goods and services in a digital currencies such as Bitcoin or Ethereum . Cryptocurrency is the new money of our time ,that is the new evolution of money .

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rachael9385

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I don't actually understand the contents of this post, maybe I just don't have enough chance to read through the post but with this topic covering the post I can fully flow through this.
However I don't think fiat is here to take over fiat just like the way fiat take over trade by barter. If you are having such in mind I can say that you are getting it wrong because there is not sense in that. How? That's not possible as Bitcoin is an online currency which I already believes that you know from the day you come across the word Bitcoin. One reason why crypto currency can not take over fiat are because fiat currency are physical currency controlled by the CBN government and believe me when I say no body knows the real owner of Bitcoin because the own who created Bitcoin is unknown and that's why Bitcoin can not take over the fiat currency.
These are one of the misconceptions most newbies are having as they don't know what and what is bitcoin and fiat.

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Quote from: Charles-Tim on February 13, 2024, 11:27:27 AM

Bitcoin is existing as an alternative and not as a substitute. You can see how naira is dominating in spending in Nigeria. It would be good if it continues like that. I mean for fiat ro continue to be relevant in the society. Because the fiat is depreciating in value is one of the reasons people are holding bitcoin.

This is something that a lot of people still don't get to understand. The idea that Bitcoin in the future will somehow overcome or take the place of fiat in the future is a fallacy in fact it is almost impossible.
From the idea of the creation of Bitcoin just like Charles-Tim mentioned, it was intended as a better alternative over fiat and not a replacement. Bitcoin was Satoshi's dream of a currency totally controlled by its users and not a single entity ( DECENTRALIZATION) , coupled with the sought for a currency that was inflation free( HALVING) .
Bitcoin will "always" be a better alternative over fiat but will "never" replace Fiat.

Frankolala

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Bitcoin will not be able to conquer fiat anytime in the future and I don't think that will ever happen. Fiat is our local currency and we need them for buying and selling in our everyday lives. Bitcoin is limited in supply, and recently we saw how high the transaction fee was, if this problem is not solved in the nearest future, the transaction fee will be more higher than this, discouraging people to use bitcoin as a currency but rather they will use it as an investment that they will hodli for long to get profit.

All these that I stated above will not make be able to conquer fiat. Satoshi created bitcoin to be an alternative payment method and not to conquer fiat. What make you even feel that bitcoin will conquer fiat, when it is not created by the government, the government can easily print more fiat and they cannot print bitcoin. In no time bitcoin will be very expensive and whoever has bitcoin by then will cherish it more than the way that they cherish gold, which will make them not easily use it for daily transactions, especially the poor and average bitcoin investors.

Jegileman

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This is just a matter of time but I don’t also think that will be possible, so I will stay neutral on this and still see the possibility of it not happening anytime soon in the future. Fiat actually conquered trade by barter and that is because it was the government that introduced fiat and have total control of it till day. As for Bitcoin, it remains decentralised and with that nature, it won’t be that easy to conquer fiat. Satoshi invented it to serve as alternative to fiat and not to replace it but because of the high number of people wanting to remain anonymous, they would want it to be used as replacement to fiat.

Bitcoin has already been built on this consensus which it is currently operating on, any change on the manner it is been used can cause some problems to the bitcoin ecosystem. Satoshi knew why he built it like this and want it to serve as alternative to fiat, if that is achieved globally, I think we can still say the goals of Satoshi have been achieved or conquered.

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Quote from: Marvelockg on February 13, 2024, 11:13:32 AM

Although bitcoin use has spread across the globe, it's no doubt that it has faced a lot of resistance and criticism from so many persons and nations that has reduced it use and popularity to the level it is now. This resistance isn't just peculiar to Bitcoin alone but from my research, banks and fiat currency also had their fair share of criticism and lack of acceptance at the outset until people finally saw the advantage of using the fiat over the use of the trade by barter system of exchange.

Bring it forward to this current moment, most young people don't even know how the trade by barter system worked and can't even believe that people actually celebrated and accepted making trading through the trade by barter system of exchange.

Mobile banking came in and most people prefers it to going to the banks unless they have any serious issues to rectify. And the trend continues to relying more on microfinance banks than the regular commercial banks but yet, the regulation and limitations of this institutions is still felt evidently.

currently, bitcoin has proven to be reliable considering the current situation that we are into where our currency has lost it value and saving our money in Naira is no longer reasonable again because price of goods keep increasing while the value of Naira keep dropping and the best option of saving your money in the next ten years is to leave it in bitcoin.

From the recent happening across the globe, it's going to be that The same way people left the bartter system to the fiat currency because of the advantage of fiat over the barter system is the same way they will also leave the fiat to Bitcoin because of the advantage Bitcoin has over fiat.

Bitcoin is can not be compared with fiat they both have their similarities and differences. Bitcoin distinguishes itself from fiat currencies through mechanisms like the Bitcoin halving that controls its inflation. This event, occurring approximately every four years, halves the reward for mining new Bitcoin blocks so bitcoin and fiat are not the same and since they are not the same it can not replace fiat they will be in use simultaneously. Bitcoin is an alternative to fiat.

sokani

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Bitcoin no go fit take the place of bank the same way bank been replace trade by barter many years ago. As you can see banks don also evolve over the years, dem don add many introductions like mobile banking, ATM, etc, to spice up the industry but Bitcoin no go fit replace am. In time the adoption rate go increase and people go use Bitcoin more than they way dem dey use am today but I think dem go coexist together because the government no go wan make bank just disappear like that because na their precious tool wey dem dey take control the masses.

Berry2d

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Bitcoin is Bitcoin fiat is Fiat and there can never be a comparison. When we were in school they thought us about trade by batter, how people exchange goods for goods and goods for services,and the cause of it was because there where no currency then. and nobody brought an idea of the existence of money. but later they did find a means of buying and selling of goods and services without the batter system which was money. So since then no other things has replace money rather money was upgraded to different stages of cowries to coin, from coin to paper note that has been in existence for decades. What is only affecting money is inflation and not Bitcoin. Bitcoin can not be a physical money but and alternative to physical money. Meaning it can only be used online to replace some online transaction and also for investment porpos.

7juju

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Bitcoin and fiat are never in any form of competition. You also have to understand that the trade by barter system was not just peculiar to the Nigerian economy it was a global something. As our naira is losing value everyday other nations currencies are gaining value, so are you saying that those nations that their currencies are gaining value will abandon their fiat? It's always advisable not just to use what's happening in our locality to cloud our judgement. You are free to store your money in bitcoin as individual, but mind you that also comes with it challenges. But I don't see bitcoin eradicating fiat from the system.

Alphakilo

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Anyone who has bitcoin stored in somewhere safe and the person do not need it now and the person is a young Nigerian, there is no need to jump from pillar to post trying to double it through trading or whatever other means that they are not well versed it. Because they may lose it. 10 years, 20 years, and 50 years from now bitcoin is still going to be very relevant and may weaker fiat may be consumed by it. Not like being destroyed or substituted, but it is not the strongest currency/ alternative that will survive.

Topic: Bitcoin will conquer fiat the same way fiat conquered trade by barter. (Read 278 times)