Topic: Chances of BTC surpassing the value of Fiat Money (Read 968 times)
BTC will still be converted to fiat before it can be sent presently and I don't see everybody adopting digital payment. Some will never be comfortable with it, as long one is going to be converted to another before it can be spent, I don't see it surpassing the Fiat currency
I think both will coexist. One can't exist without the other, there will always be a need for crypto as well as fiat. Yeah, there could be a time when using crypto will become easier and it will become mainstream.
You must mean surpassing the total market value of all fiat money in the world. But that would mean that (I don't have time to do the math here so it's just a random number) 1 Bitcoin would be worth more than 100 million dollars/euro/pounds. I'm sure that if it ever happens the value of fiat money will be the last thing we, early adopters (because that's what we are, believe it or not) will be concerned with. We'll be too busy being flown from one of our islands to the other.
Correct, if at some point bitcoin begins to approach that kind of value then it will become unstoppable, surely a bubble will form once again and will probably be the biggest bubble in the history of the world and governments will try to stop it to avoid the destruction of their fiat currencies, but as we know forbidding something does not work and people will keep investing in bitcoin until it reaches an incredibly high value, also it is fair to wonder if the fall of fiat currencies themselves because of a huge crisis is going to be what will finally convince people of the superiority of bitcoin and it will make people to invest in it. 
It doesn't matter if Bitcoin surpassing the value of fiat, because we can still buy Bitcoin. Even though we can't buy 1 Bitcoin,
but we can buy in satoshi. Because to own Bitcoin we don't have to buy 1 BTC, so the price of Bitcoin, however expensive,
still can be bought. And no need to worry that Bitcoin will replace Fiat money, which the government was afraid of. Because
Fiat money is very much needed, I am sure Bitcoin and Fiat money will co-exist.
but we can buy in satoshi. Because to own Bitcoin we don't have to buy 1 BTC, so the price of Bitcoin, however expensive,
still can be bought. And no need to worry that Bitcoin will replace Fiat money, which the government was afraid of. Because
Fiat money is very much needed, I am sure Bitcoin and Fiat money will co-exist.
I mean imagine, you've Bitcoins but there isn't much cash available in the market to buy your BTC, or simply put people can't afford it? Will bitcoin be of any value then?
Yes, still there will be value. Because many peoples can't afford to buy 1 Bitcoin currently but they have been buying in satoshi. Then the same thing will happen if BTC surpassed fiat value.I don't think the price will go out of reach, but if it does, there would be an upgrade chain with more decimals. So, then everyone would buy that. Also don't think there will not any Bitcoin competitors in the future. Who knows if bitcoin exist or upgrade in new technology after a hundred year? I mean imagine, you've Bitcoins but there isn't much cash available in the market to buy your BTC, or simply put people can't afford it? Will bitcoin be of any value then?
Yes, still there will be value. Because many peoples can't afford to buy 1 Bitcoin currently but they have been buying in satoshi. Then the same thing will happen if BTC surpassed fiat value.I don't think the price will go out of reach, but if it does, there would be an upgrade chain with more decimals. So, then everyone would buy that. Also don't think there will not any Bitcoin competitors in the future. Who knows if bitcoin exist or upgrade in new technology after a hundred year?
Even now the market of bitcoin or the value as a currency exceeds already the other fiat currency and is now landed in the top rank of fiat currency rank base on its value. Yes, bitcoin is huge already and I think it could be even more going to surpass other big currencies. Well, most of the currencies now are in trouble and that subject for inflation rate especially that we are now in pandemic.
I believe that bitcoin so far has little chance of ousting fiat from the market, since fiat holds the entire world economy, and if bitcoin crowds out fiat, then a crisis in the world economy may begin, and we know how regrettable, and even more so we should not forget that there are many people who rely on cash and even in such a situation, if this happens, then there will still be a black turnover of cash
I don't see why bitcoin will become much more valued than fiat, you don't need such fear. Bitcoin is not more than 21 million and some has been lost because access have been lost to them, meaning less than 21,million remaining. For fiat, every country has their fiat and can print more at times they are needed. You see there can't be a time that the world will run at of fiat to go after bitcoin no matter the price for it at that time.
For real? On a daily basis, Bitcoin keeps getting adopted. When talking of value, I'm not looking at the price difference between BTC and fiat money. I'm looking at that which people will want more. Bitcoin's advantages is more than it's disadvantages and this brings in new users. The more new people use Bitcoin, the less they use fiat, and the more stores accept Bitcoin, the more worse it gets for fiat. At a point, people won't want fiat because they can do almost everything with Bitcoin, and like I said earlier, this has the ability to cripple a country's finance.
At the moment, the chances of Bitcoin surpassing the value of the Fiat money is less than 1% in percentage. Even though some institutions had finally recognized Bitcoin as an speculative asset class and some hedge fund managers invested certain percentrage of their portfolio in this asset, it does not give absolute guarantee to say that Bitcoin will surpass FIAT automatically. It will surely take a very lot of time and might take some decades before it will happen. People think that just because a system had some errors, you automatically need another one as replacement. True, banks have problems too, but does not mean it had some issues, you will now say Bitcoin will need to replace them.
Foreign Exchange is one of the biggest market today which are behind it and major players are the banks. Banks plays a very important role in one country. And you cannot just immediately replaced it with Bitcoin (digital cash). FIAT was there ever since human kind understand the market so it is very hard to replace them.
Foreign Exchange is one of the biggest market today which are behind it and major players are the banks. Banks plays a very important role in one country. And you cannot just immediately replaced it with Bitcoin (digital cash). FIAT was there ever since human kind understand the market so it is very hard to replace them.
You must mean surpassing the total market value of all fiat money in the world. But that would mean that (I don't have time to do the math here so it's just a random number) 1 Bitcoin would be worth more than 100 million dollars/euro/pounds. I'm sure that if it ever happens the value of fiat money will be the last thing we, early adopters (because that's what we are, believe it or not) will be concerned with. We'll be too busy being flown from one of our islands to the other.
Currently, payments are slowly being made digitally. In the future, money is no longer cash, all digital, so the process of creating money will change greatly.Bitcoin and fiat are two different things in value, I mean the value of their volatility. And fiat inflation has nothing to do with Bitcoin. The bank will never run out of fiat money, because every withdrawal is limited by the bank. I'm sure people who have lots of Bitcon must have bought it cheaply, not as high as it is now. they should know the risks of buying a lot of Bitcoin now. And I am sure that the government and banks will anticipate this by supporting the integration of the national digital financial economy so that it can guarantee the function of the central bank in the money circulation process, monetary policy and financial system stability, as well as supporting financial inclusion.
Sorry if the topic sounds logically flawed I didn't dig much deeper into the financial fantasies of such.
I'm wondering what if one day Bitcoin goes so high up in value that it causes somewhat a fiat crisis? I mean imagine, you've Bitcoins but there isn't much cash available in the market to buy your BTC, or simply put people can't afford it? Will bitcoin be of any value then?
We are already seeing in a very small scale what you are proposing, bitcoin is almost worth 20k, how many people can afford to buy a single bitcoin? Even people in developed countries do not have any savings so they cannot afford bitcoin at all, however that is not going to be a problem for bitcoin, that is going to be a problem for fiat currencies, because as the value of bitcoin keeps growing governments will begin to see that everyone will try to put their money in bitcoin and I think a day will come in which in many countries bitcoin will be illegal precisely because of this reason, but then the will of the people will force governments to change course and accept bitcoin once again. I'm wondering what if one day Bitcoin goes so high up in value that it causes somewhat a fiat crisis? I mean imagine, you've Bitcoins but there isn't much cash available in the market to buy your BTC, or simply put people can't afford it? Will bitcoin be of any value then?
This is also a concern to me. I've been thinking, what will happen when more than 50% of the world uses a currency that doesn't depend on fiat. I'm afraid it may bring crisis beyond what we think.
How did you know that 50% of the total population uses a currency like what currency are you talking about? How on would it bring crisis just because the price of BTC surpasses the value of fiat, don't you know that Bitcoin uses sats if ever the value increases? Well, luckily we won't be seeing those painstaking days because I'm sure we're all dead by the time it reaches that price.Hold up mate, just imagine 90% of the world using bitcoin and no longer interested in fiat. Fiat has always been a way that the government make money. And now, it becomes a currency no one wants. Firstly, it'll greatly reduce the value of the fiat as not much people care about it any more. And at such extent, there could be a financial crisis in that country. I'm a big supporter of Bitcoin but we need to also look at the disadvantages it brings.
Adding to that, I think that it is best if everyone is allowed to bitcoin on a condition that they do not totally abandon fiat. Because if they abandon fiat, like I said, it can bring financial crises to that country.
Sorry if the topic sounds logically flawed I didn't dig much deeper into the financial fantasies of such.
I'm wondering what if one day Bitcoin goes so high up in value that it causes somewhat a fiat crisis? I mean imagine, you've Bitcoins but there isn't much cash available in the market to buy your BTC, or simply put people can't afford it? Will bitcoin be of any value then?
I'm wondering what if one day Bitcoin goes so high up in value that it causes somewhat a fiat crisis? I mean imagine, you've Bitcoins but there isn't much cash available in the market to buy your BTC, or simply put people can't afford it? Will bitcoin be of any value then?
Bitcoin undoubtedly has a very high market price in the market and high value than fiat money. But fiat money is just the main currency that can be used in a country.
It might not cause any impact since the market price could always continue to increase, and if you want to spend it the best thing to do is convert it first to a fiat since bitcoin was not yet accepted in some countries or stores. So the value of the fiat would just depend on the country that is why different fiat currency has a different value.
In the future, it might be a digital transaction that could be our future or could even be crypto but I guess it was just an improved version of fiat money.
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No I don't think this could cause some serious impacts on Fiat money like you said, also the government is on the top to rule their country they will not say no to Fiat so easily. I agree BTC has surpassed many assets like gold etc but there is a logic behind Fiat currency which can't be changed in future also I believe the government's will not accept such instance to happen.
According to the vision of some in our crypto space, it is that we will one day stop using fiat for crypto.
Everything will undoubtedly take time. If there is a shortage of cash we will always look for the best alternative that works for everyone.
An example in Venezuela there is a shortage of its local currency (bolívar). Citizens turn to the dollar to buy goods and services and those who do not have a bolivar or dollar can buy their goods and services through electronic banking.
Recently, payment with bitcoin and crypto is being introduced in some stores such as pizzerias, pharmacies and supermarkets.
By this example I mean that all parts should work. If there is a shortage of cash there should be a ready population using bitcoin to replace fiat.
Everything will undoubtedly take time. If there is a shortage of cash we will always look for the best alternative that works for everyone.
An example in Venezuela there is a shortage of its local currency (bolívar). Citizens turn to the dollar to buy goods and services and those who do not have a bolivar or dollar can buy their goods and services through electronic banking.
Recently, payment with bitcoin and crypto is being introduced in some stores such as pizzerias, pharmacies and supermarkets.
By this example I mean that all parts should work. If there is a shortage of cash there should be a ready population using bitcoin to replace fiat.
I'm wondering what if one day Bitcoin goes so high up in value that it causes somewhat a fiat crisis? I mean imagine, you've Bitcoins but there isn't much cash available in the market to buy your BTC, or simply put people can't afford it? Will bitcoin be of any value then?
That's not an impossible scenario but it's a bit unlikely to happen that soon because governments are going to intervene and remove the extra cash that is floating around to keep the current value around the same.
If cryptocurrencies or bitcoin gains a huge popularity, like a time comes than 90% of the population of world are using crypto instead of Fiat then it really could lead to a crysis for Fiat but not price wise though but it just devalues the use cases of Fiat and eventually in next 50-60 years they have to remove Fiat completely, but you can be sure that before it gets to that point governments make their own crypto and with new tax laws and coming up with new restrictions will make sure everyone use their own crypto, so they will try really hard to delay the removal of Fiat which would eventually be replaced by one or multiple true decentralized cryptocurrencies.
This is also a concern to me. I've been thinking, what will happen when more than 50% of the world uses a currency that doesn't depend on fiat. I'm afraid it may bring crisis beyond what we think.
I don't see why bitcoin will become much more valued than fiat, you don't need such fear. Bitcoin is not more than 21 million and some has been lost because access have been lost to them, meaning less than 21,million remaining. For fiat, every country has their fiat and can print more at times they are needed. You see there can't be a time that the world will run at of fiat to go after bitcoin no matter the price for it at that time.
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