Topic: Bitcoin will conquer fiat the same way fiat conquered trade by barter. - page 2. (Read 215 times)

With time, bitcoin is going to be the mainstream for making payment, but not by continuous struggle or fight against fiat to achieve that, bitcoin is going to be a currency that is entirely different from each other form of currencies, it does not have to contend with the other currencies that exist before it, but this is what the people want to see come through in their lives with the adoption of a new and alternative means of currencies, It may be later that we may see the more adoption with bitcoin and they may both exist together with fiat till the people decided on what they will use as their mainstream when the time comes.

Your post actually not too clear because you started with how fiat was able to eliminate the use of trade by barter but in relation to bitcoin you clearly mention only about the investment and not the trade option. Bitcoin is a very good alternative to fiat but actually crumbling fiat like latter did to trade by bater i don't see that happening. for investment purpose bitcoin remains the best against this two because it is a store of value but for payment purposes which trade by barter was used for i don't see bitcoin overtaking fiat like that.

Bitcoin scalability is still an issue to actually help it overtake fiat in terms of been used for payment method most especially for small scale transactions. the transaction fees are sometimes high to use it, not to talk of confirmation time and that's why even Satoshi viewed bitcoin as an alternative

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.

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.