Cryptocurrency will not replace fiat currency - page 11.

Obito

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Quote from: Pffrt on January 15, 2020, 02:08:00 PM

Look at what happening around. The first cryptocurrency bitcoin was invented to reduce the hassle of third party and have borderless transaction. Isn't it true? Now, look at what happening. People are more into investing it than using it as currency.
Most interesting is people are most interested in coin which give more ROI, they are not interested in the currency-ish of a currency.
For example, some people are talking a lot about BSV, but if they have some research, they will never take it as currency, but as this is giving a good return now, it's best for them. Why man? Why don't we look into a decentralized coin? Why do we only take it as investment? Did Satoshi ever take it as investment? Or he invented Bitcoin for borderless payment and solution to the intermediaries problem?

I agree, as bitcoin market started to drive crazy compared to what it was back then, people started to take it as an investment although the purpose of it at some point is a cashless living, that in my opinion it become a norm up to this day. Besides no matter what crypto or the bitcoin itself would not still be in government taste thus having it as a currency is close to being impossible.

Pffrt

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Quote from: tomahawk9 on January 15, 2020, 03:32:24 PM

Anyone who entered the cryptosphere expecting to see cryptos replacing fiat in the future is a plain fool...As if the govt around the world would let their fiat ponzi scheme die when it's literally what keeps the top 1%, politicians, the banking system, etc, as filthy rich as they are.

My deal is very simple. I want bitcoin to be replacing fiat. Bitcoin to be taken as currency. People enter in the cryptosphere from the interest of the technology, not impressed by having good ROI. I am here because I enjoy using bitcoin when I pay my employees. I use writting service regularly and I pay with bitcoin. I am a fan of bitcoin because I have no fear of getting my account locked unlike other payment method.

joseyphil82

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Even if crypto is going to replace fiat it's not going to happen that very fast, not until all the people in the world start using digital currencies more than fiat and gradually fiat are getting abandoned or neglected but belief me it's going to take a every long time

TWW

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for the time being, crypto cannot replace fiat currency. but in the future when banks around the world agree and legalize the use of crypto I think all countries will make and manage their crypto for money circulation in their countries. this is not impossible because the world financial system must develop following the wishes of its users.

do you know people used to only use gold to interact with each other and then the bank provided a solution by using fiat money as a substitute for gold which is very difficult to carry anywhere? and when civilization develops, certainly bringing fiat money will make people think it is not important anymore because there is something simpler by using a payment platform that is already widely used.

Wysi

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Quote from: Adriano2010 on January 16, 2020, 11:10:29 AM

I also think it might not happen and the main problem is that governments will want to still have a control on the money issued and other people not use crypto, but crypto is a way to fast send money to someone when need and is much way faster than bank transfer.

Yes there is no way that a crypto can replace fiat but still crypto can work in parallel with fiat and nowadays there are lot of stable coins which will be handy for us to make transactions with lightening speed without bothering about fluctuations. Already government and agencies will be losing on their tax and commissions they used to receive while transferring money across borders.

duuuuude

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For example darknet very efficiently uses bitcoin as a currency. In everyday life at the moment, it is much more convenient for people to use fiat and this is obvious. We do not know who is behind the name of Satoshi, for this reason it does not make sense to discuss who and why invented Bitcoin, let us leave it to the conspiracy theorists.

tsaroz

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Quote from: Pffrt on January 15, 2020, 02:08:00 PM

Look at what happening around. The first cryptocurrency bitcoin was invented to reduce the hassle of third party and have borderless transaction. Isn't it true? Now, look at what happening. People are more into investing it than using it as currency.
Most interesting is people are most interested in coin which give more ROI, they are not interested in the currency-ish of a currency.
For example, some people are talking a lot about BSV, but if they have some research, they will never take it as currency, but as this is giving a good return now, it's best for them. Why man? Why don't we look into a decentralized coin? Why do we only take it as investment? Did Satoshi ever take it as investment? Or he invented Bitcoin for borderless payment and solution to the intermediaries problem?

Blockchain based fiat are fiat cryptocurrencies. And they are coming real. Many countries have already started studying about it and many are thinking about it.
Soon every of the fiat would be on blockchain and people may argue it should not be called a crypto but they would be much more crypto than many of the coins circulating now.

Adriano2010

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I also think it might not happen and the main problem is that governments will want to still have a control on the money issued and other people not use crypto, but crypto is a way to fast send money to someone when need and is much way faster than bank transfer.

cryp24x

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You are definitely right. As I am always saying with all my previous comments, we should be using part of our coins or tokens so the market will have a movement. That will result to a healthier Crypto market which will help the crypto community grow. I am not saying that It is bad to have an investment but rather we must have both.

Jpt

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How cryptocurrency is operating is not what it was invented for. Ever since bitcoin was invented in 2008, it is being used more in something like money laundering, rather than benefiting the people through its technology. I suspect this trend of making cryptocurrency just a platform for investment will harm itself. So authorities should think about it.

Furryball

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Quote from: Pffrt on January 15, 2020, 02:08:00 PM

Look at what happening around. The first cryptocurrency bitcoin was invented to reduce the hassle of third party and have borderless transaction. Isn't it true? Now, look at what happening. People are more into investing it than using it as currency.
Most interesting is people are most interested in coin which give more ROI, they are not interested in the currency-ish of a currency.
For example, some people are talking a lot about BSV, but if they have some research, they will never take it as currency, but as this is giving a good return now, it's best for them. Why man? Why don't we look into a decentralized coin? Why do we only take it as investment? Did Satoshi ever take it as investment? Or he invented Bitcoin for borderless payment and solution to the intermediaries problem?

Bitcoin was created to be like gold which means it's good for investment and yes anything that has value can be used as means of payment, bitcoin is meant to change people's life because of its scarcity feature too, moreover many merchants are accepting bitcoin as means of payments, the merchants are over 10,000 already

biddicoin

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IMO no matter how you use crypto, it still helps crypto becoming big
In other meaning, you still helps crypto becoming big although you just use them as a speculation place

When you buy Bitcoin, then Bitcoin marketcap increase. It makes developer spirit to develop Bitcoin
Bcz you know that Bitcoin is on early stage. Need more improvement to be good as currency

So, there is such as "cooperation" between speculation and dedeveloping Bitcoin itself. Which both are important no matter they are

Febo

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Quote from: Pffrt on January 15, 2020, 02:08:00 PM

Cryptocurrency will not replace fiat currency

Yes it will. Biggest block chain use case is money. Why? Because it is digital. And is worth something so can pay fees and that makes it secure. Many specially in last years believe blockhain killerap is in something else.

BlackFor3st

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Quote from: Pffrt on January 15, 2020, 02:08:00 PM

Look at what happening around. The first cryptocurrency bitcoin was invented to reduce the hassle of third party and have borderless transaction. Isn't it true? Now, look at what happening. People are more into investing it than using it as currency.
Most interesting is people are most interested in coin which give more ROI, they are not interested in the currency-ish of a currency.
For example, some people are talking a lot about BSV, but if they have some research, they will never take it as currency, but as this is giving a good return now, it's best for them. Why man? Why don't we look into a decentralized coin? Why do we only take it as investment? Did Satoshi ever take it as investment? Or he invented Bitcoin for borderless payment and solution to the intermediaries problem?

People are using it as of now as an investment because most of the governments are not yet aware about crypto currencies. Once the awareness will spread all over the world together with the acceptance then bitcoin and other currencies will make another step and that is to replace fiat someday.

Our technology is keep on advancing therefore time will surely come that people will forget fiat and the era of digital payment will commence.

naikturun

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how could it become a stable currency only the concept that will be taken in the future that is digital and I am a little doubtful about whether decentralization will be applied by banks and governments.
so crypto will remain and fiat will also coexist, so I agree with you that bitcoin and ALT are considered commodities.
maybe you will be interested in seeing this Grin

https://cointelegraph.com/news/bitcoin-and-eth-are-commodities-while-xrps-status-is-unclear-cftc-says

vintages

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That's because humans are more profit oriented than purpose oriented. Many Bitcoin investors don't care about it been a payment system. Some don't even know that was the sole purpose.
Many got to know about Bitcoin from friends or family as some 'stock' or assets you buy hold for sometimes when the price increase, you sell to make money. If we keep going like this, I don't think high authorities will be serious about it. It's kinda Sad.

hahay

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Yes, that's what happened because they only chose cryptoassets and not about cryptocurrency, when more people and investors only made crypto an asset then of course the use of crypto was no longer something that was the main focus that had to be developed and we did not know about Satoshi goals actually, because basically crypto can be used in many aspects which of course it will become a broader commodity.

shinratensei_

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Quote from: TheICE007 on January 15, 2020, 04:05:41 PM

You are right with what you said about the purpose of bitcoin especially as a way to cut of intermediary but then people have benefited a lot from it during trades, yet it's purpose as a payment asset can't be over ruled for people who trade online, but can't just replace fiat as more offline people would still go for fiat.

Almost all the people are arguing as a payment system and bitcoin has a chance to replace it but when we are seeing it from the scalability and bitcoin will never try to replace fiat. I m saying that crypto will never try to replace fiat as the regulator itself that can replace the fiat system. Even the digital fiat can't even replace 100% of fiat currency with the digital currency that already issued by the government.
What makes fiat valuable consider it has backed by the economic of the country and regulators.

samcrypto

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Quote from: TheICE007 on January 15, 2020, 04:05:41 PM

You are right with what you said about the purpose of bitcoin especially as a way to cut of intermediary but then people have benefited a lot from it during trades, yet it's purpose as a payment asset can't be over ruled for people who trade online, but can't just replace fiat as more offline people would still go for fiat.

The purpose of bitcoin is great and its working good now but I doubt about replacing fiat money because the government wont let that to happen especially the Dollar. Bitcoin invented to get away from the banks, and since blockchain technology is really good, a lot of services are being made under this technology and hoping to see more in the future.

huu78

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All assume it's indeed a currency, but they're on one side of her also looking for the advantage of such, is it possible only as a means of reducing the complexity of transactions? They also need profit to meet the needs of his life. No need to be selfish, they also need money to eat and survive. Created ICO and its kind also for investment means and long term so that the ROI is beneficial for the investors themselves not merely to hold it for transactions. And Crypto does not replace the original currency for payment for now, only as a substitute means if you want to use a faster and anonymous cryptocurrency

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