Topic: Do you Still believe in Fiat? - page 23. (Read 75164 times)

Guys the only way that a money/fiat will lose its value is when the government of that country has fallen or the economy of it goes to zero. Either of the 2 and nothing else. Having the outside factor like Bitcoin won't be an issue for the Fiat currency because they are backed up by their own government that has full control over it.

Bitcoin can be used everywhere as fiat yet. I also use bitcoin, but today for me it's mostly the instrument of money making, I live on those money that I earn with bitcoin. But in daily life I still use fiat, cause there is no place here hat would accept bitcoin as payment directly.

I still believe fiat even i use bitcoin.

What about people who dont accept bitcoin or countries that are banning bitcoin. In many places bitcoin is used to mobilize large volumes of black money and this is one of the biggest issues of the world economies. Since there is not centralized bank operating for bitcoin no one can count for these black money transactions.

In another way, bitcoin may just help these black marketers. So for them fiat is not useless.

Again where bitcoin is not popular fiat still reigns at large.

I am quite sure that the majority of the people here wouldn't mind such a thing since they see government involvement as a good thing.

It gives them the feeling of trust which for more experienced Bitcoiners is something they won't even consider for a second.

That's why I am happy that fiat and Bitcoin are two separate things where people have the option to choose both instead of forcing themselves to choose one.

Because the choice of bitcoin is not that guaranteed at all and if the government will declare mass adoption to it, as most of the countries have their people who are not into technology.

You are right with it, fiat will never be replaced by any other currency and regarding those faces that you are thinking.

It is just a commemorative and appreciation of those faces that did good contribution to a country.

No, they are not stupid. In fact, I consider them as wise. They are earning and really benefit from what cryptos could give them. Unlike others who are only earning a few and yet has the guts to keep it. But those who has large stash and sell it all and never came back are the stupid. Lets be practical, we can't live with crypto alone at this time. When everything else in the world can be paid with crypto then that's the only time that we could say what you are saying.

 I do not believe and will never believe in fiat ever again and I consider people who go from cryptocurrencies to fiat out of their minds.

We have to use fiat for at least 10 years since it is still the most popular type of currency at the moment. You can not go around and buy something with Bitcoin because the number of shops or stores which accept Bitcoin is still very small. The world will be much better if all transactions are created digitally because you can not fake the information. Everything will be check carefully by the computer system

Yes though crypto currencies have made transactions effortlessly simple and easy still because of the fact that in each and every country there is a government and hence we cannot stop using fiat just yet.
I wonder how awesome it would be if all transactions are digitally made.

Most people underestimate the complexity of a monetary system.

"Fiat" currencies are currencies that are not "backed" by a simple asset like gold. In this sense, even Bitcoin is a "fiat" currency. Now, I know, most of the members of this forum consider only state-issued currencies "fiat" currencies.

Such "state-fiat-currencies" are extremely complex systems, because money is a very complex system itself. But state-fiat-currencies are even more complex, because there are more actors to take into account (the Central Bank, external trade, capital flight, external speculators, etc.).

We, the Bitcoin users, can see that money is complex because of the simple fact that it's impossible to predict the Bitcoin price in a safe way. Why is this so? Because there is no universally accepted definition for "a bitcoin" aside from the mathematical one that it's equivalent to 100.000.000 satoshis. So it could be worth 1000 kg of, let's say, bread today and 500 kg tomorrow.

Well, with "state-fiat-currencies" it's the same. It's not guaranteed that you, today, will get the same amount of bread than tomorrow. But there is a complex system trying to guarantee that, taking into account not the price of a single (and simple) asset like gold but multiple indicators of the economy. It worked well for most of the time now.

I think "fiat" will continue working, in most of the cases. Bitcoin must gain traction on its own merit, not because of a "collapse" of the fiat system. It has multiple advantages for freedom-seeking people, so we can be bold about BTC's advantages without having to wait for a "fiat crash".

Well, of course I still believe in fiat. I use it because I believe it. but, I just use it as a means of transaction. I have more confidence in the bitcoin might make me get more profit from the use of fiat in the business world.

Besides what else could we use when we are out on the street and got nowhere to exchange our Bitcoins. It will still end with fiat that we should always have specially when still a lot of stores are not accepting this kind of currency. First thing is if the government can afford to teach everyone if ever they would start using bitcoin as if it is a physical currency.

true, although I use bitcoin today, does not mean I will leave fiat, I think we will not be able to leave the fiat, because of our dependence
that everything will be easier to use fiat

The government has all the resources to make their own digital system and cope the system of bitcoin and give people the comfort of fast online transaction. However, since it's government created, we cannot erase the nature that it will always be centralized and we have to comply whatever the law would be to enjoy using the service.

No matter how weak the fiat currency from a certain country is, or whatever other problems they have, there will never be a country that replaces it's own currency with Bitcoin.

If they ever going to replace their fiat system, then it will be something that is being issued by the government itself, and not a decentralized incentive as Bitcoin.

It doesn't take much effort for governments to create their own digital currency where they remain the central authority of every aspect of their system/economy. That's the most likely scenario.

Bitcoin will never become fiat, fiat means  a decree of the government or authority so fiat money is money authorized by the government that has value because the government says it does, even if a government decided to adopt bitcoin, that government will never own bitcoin or could give it the same functions as fiat.

It is not about fiat getting weaker, it is that bitcoin is finally getting some attention and some country with high inflation might be thinking of choosing it to replace their currency however that chance is very low atleast for now, in atleast ten more year more country will finally aware of its existence and people will start to consider it more

If a person is satisfied with their choice, it means that it is satisfied with the policy of this government. More If the prize is bitcoin quite officially, the user is the supreme grace.

I'm used to bitcoin, and do not even think of throwing. I do not think that the prospects for real currency weak. Fiat will not fall ever.