Does Bitcoin Has What It Takes To Replace Fiat? - page 2.

AtheistAKASaneBrain

hero member

Activity: 770

Merit: 509

Quote from: BTCevo on April 25, 2015, 09:07:46 AM

Quote from: ?? on ??

Quote from: sana54210 on April 25, 2015, 05:30:08 AM

Yes, Bitcoin has the potential to replace fiat and it is going to happen eventually when there is more wide adoption of bitcoin, it will obviously take time, we can expect it to become a reality within a decade which is totally possible. If it happens, it will greatly reduce the bureaucracy of governments as Bitcoin cannot be centralized.

I don't think it will happen because there will always be people who don't want to depend on electronics and have a physical form of currency just in case. And these people won't be that 1% everybody laughs at, there's more of them than you might think.
Bitcoin still requires an investment: you need a phone or a computer with internet access and you just need to have a pocket to hold fiat Wink

Nope, it will change the fiat sooner or later, nowadays people surely need electronics no matter what because in every year our technologies develope in so many variety ways that need electric, electricity can't die. Bitcoin is waiting for coming in a new era and will change the fiat it every aspec

This is not a competition to challenge fiat and destroy it. It's good that the fiat scam exists, so we can get the contrast of how it's correctly done with Bitcoin. Let them run national currencies, who cares as long as we have the BTC alternative.

BTCevo

legendary

Activity: 1834

Merit: 1008

Quote from: ?? on ??

Quote from: sana54210 on April 25, 2015, 05:30:08 AM

Yes, Bitcoin has the potential to replace fiat and it is going to happen eventually when there is more wide adoption of bitcoin, it will obviously take time, we can expect it to become a reality within a decade which is totally possible. If it happens, it will greatly reduce the bureaucracy of governments as Bitcoin cannot be centralized.

I don't think it will happen because there will always be people who don't want to depend on electronics and have a physical form of currency just in case. And these people won't be that 1% everybody laughs at, there's more of them than you might think.
Bitcoin still requires an investment: you need a phone or a computer with internet access and you just need to have a pocket to hold fiat Wink

Nope, it will change the fiat sooner or later, nowadays people surely need electronics no matter what because in every year our technologies develope in so many variety ways that need electric, electricity can't die. Bitcoin is waiting for coming in a new era and will change the fiat it every aspec

fox19891989

hero member

Activity: 840

Merit: 1000

No, it is impossible. BTC can be a good way of payment, but impossible to replace it.

First, BTC price is not stable, too volatile, the key feature of fiat should be stable value. And US/EU don't wanna see bitcoin replace fiat.

Second, BTC is used in black markets, drugs, online gamble. Because btc is anonymous, if it is a fiat, government will be miserable on BTC related criminal activities.

Third, bank hates btc, btc transfer is much cheaper and faster than bank, government still won't allow btc to be fiat.

Overall, btc can be a good payment way, faster and cheaper transfer way, but impossible to replace fiat completely, it's an Utopian story and dream.

inBitweTrust

hero member

Activity: 658

Merit: 501

To answer the Topic, no bitcoin will never replace fiat and anyone suggesting such doesn't understand the role fiat plays and why certain individuals will always use it to leverage control others. Bitcoin will continue to grow as an option for individuals to opt out of coercion and violence intrinsic in the nature of Fiat where they can transfer value voluntarily.

Quote from: Vod on April 21, 2015, 11:23:56 PM

Quote from: magic ice on April 21, 2015, 11:06:55 PM

But the question is, can bitcoin really substitute dollar or other currency sometime soon?

Not until the confirmation issue is resolved. I wouldn't want to buy a chocolate bar and have to wait 10-30 minutes until my payment was confirmed. I want to pay and go instantly.

Odd statement.. All my bitcoin in person payments are instantly confirmed with payment processors. I suppose you want to get instant confirmations from girl scouts selling chocolate bars without a business ? In that case the lightning network will facilitate this : https://bitcointalksearch.org/topic/lightning-network-another-proposal-to-make-bitcoin-scale-970822

Quote from: MicroGuy on April 21, 2015, 11:14:55 PM

Yes, once bitcoin payments become reversible.

This is trivial to do and is already being done with mutisig escrow. In the future we will start to see even more automated forms of reversibility with ricardian contracts (I.E.. open bazaar) What we do not want to do is remove the hard coded non -reversibility of transactions at the blockchain level as that is one of bitcoins main advantages that cannot be replicated by fiat ledgers in private databases between banks.

sana54210

legendary

Activity: 3346

Merit: 1128

Yes, Bitcoin has the potential to replace fiat and it is going to happen eventually when there is more wide adoption of bitcoin, it will obviously take time, we can expect it to become a reality within a decade which is totally possible. If it happens, it will greatly reduce the bureaucracy of governments as Bitcoin cannot be centralized.

tokeweed

legendary

Activity: 3976

Merit: 1421

Life, Love and Laughter...

Quote from: magic ice on April 21, 2015, 11:06:55 PM

Last year Bitcoin was labeled as the worst investment of 2014, however, bitcoin believers can topple fiat currencies as the widely used mode of payment all over the world. The technology behind it and bitcoin's scarcity can both pose a threat and bitcoin's selling factor. But the question is, can bitcoin really substitute dollar or other currency sometime soon?

Of course it does. Is that even a question? If someone says otherwise just think that we are Bitcoiners and do this

LiteCoinGuy

legendary

Activity: 1148

Merit: 1014

In Satoshi I Trust

BTC and fiat will live together for a very long time. it will not replace it in the next 30-40 years or more.

BTC would be a HUGE success if it just take 2-5% of the e-commerce.

Amph

legendary

Activity: 3248

Merit: 1070

Quote from: shulio on April 24, 2015, 07:35:51 AM

Quote from: Amph on April 24, 2015, 07:04:45 AM

Quote from: johnyj on April 23, 2015, 07:05:25 PM

Future citizens will be divided into two categories:

- Those who fully understand how modern money creation works, they use bitcoin
- Those who don't, they use fiat money

Currently the number of the people in the first category is about 1 in a million, hopefully with the help of internet it will increase by 4 times per year

if this is true, or if it proves as the truth, then we would need a new generation of people, because right now the majority don't know about the first point

we should educate those people about how fraudolent the banks really are

It is still too early for people to use bitcoin and leave the "bank" since not all people is smart enough to operate a computer or internet. so most people still are laying around with fiat and the value of bitcoin is fluctuative make it very risky for people to use it as a currency

old people generation should not be counted, old man/woman those cannot follow bitcoin, they are out of the game completely and they will stay with fiat until they die, but new generation up to 30-50 years old should embrace easily bitcoin in the future

Q7

sr. member

Activity: 448

Merit: 250

I don't see bitcoin replacing fiat entirely but most likely what will happen is bitcoin taking a segment of market share mostly likely in the money transfer business and cross border transactions. That is one area that bitcoin really beat fiat hands down due to the speed and fees. In terms of online payments maybe it is there. People could see it as an alternative but apart from that when it comes to retail over-the-counter business, the transaction time needs to be looked into.

johnyj

legendary

Activity: 1988

Merit: 1012

Beyond Imagination

Quote from: Enfield on April 24, 2015, 07:34:01 AM

Quote from: minerpumpkin on April 24, 2015, 06:11:35 AM

Quote from: johnyj on April 23, 2015, 07:05:25 PM

Future citizens will be divided into two categories:

- Those who fully understand how modern money creation works, they use bitcoin
- Those who don't, they use fiat money

Currently the number of the people in the first category is about 1 in a million, hopefully with the help of internet it will increase by 4 times per year

The thing is, most people won't know how the creation of money works, even today most people don't know that. And if the majority doesn't know how it works, the people who do, can't actually profit from their knowledge because the technology they use remains irrelevant.

Most people don't know how anything works and that's the sad thing. Because they don't understand they are not willing to try change it because they don't know how it can be changed and don't want to waste time trying to investigate.

Exactly, people are ignorant as long as they are not affected by a Cyprus style hair-cut. However, now they have a choice for alternative monetary system, then the curiosity of human nature will make some of them switch over and start to compare the difference, that is a good start

shulio

legendary

Activity: 1540

Merit: 1016

Quote from: Amph on April 24, 2015, 07:04:45 AM

Quote from: johnyj on April 23, 2015, 07:05:25 PM

Future citizens will be divided into two categories:

- Those who fully understand how modern money creation works, they use bitcoin
- Those who don't, they use fiat money

Currently the number of the people in the first category is about 1 in a million, hopefully with the help of internet it will increase by 4 times per year

if this is true, or if it proves as the truth, then we would need a new generation of people, because right now the majority don't know about the first point

we should educate those people about how fraudolent the banks really are

It is still too early for people to use bitcoin and leave the "bank" since not all people is smart enough to operate a computer or internet. so most people still are laying around with fiat and the value of bitcoin is fluctuative make it very risky for people to use it as a currency

Enfield

jr. member

Activity: 58

Merit: 10

Quote from: minerpumpkin on April 24, 2015, 06:11:35 AM

Quote from: johnyj on April 23, 2015, 07:05:25 PM

Future citizens will be divided into two categories:

- Those who fully understand how modern money creation works, they use bitcoin
- Those who don't, they use fiat money

Currently the number of the people in the first category is about 1 in a million, hopefully with the help of internet it will increase by 4 times per year

The thing is, most people won't know how the creation of money works, even today most people don't know that. And if the majority doesn't know how it works, the people who do, can't actually profit from their knowledge because the technology they use remains irrelevant.

Most people don't know how anything works and that's the sad thing. Because they don't understand they are not willing to try change it because they don't know how it can be changed and don't want to waste time trying to investigate.

Amph

legendary

Activity: 3248

Merit: 1070

Quote from: johnyj on April 23, 2015, 07:05:25 PM

Future citizens will be divided into two categories:

- Those who fully understand how modern money creation works, they use bitcoin
- Those who don't, they use fiat money

Currently the number of the people in the first category is about 1 in a million, hopefully with the help of internet it will increase by 4 times per year

if this is true, or if it proves as the truth, then we would need a new generation of people, because right now the majority don't know about the first point

we should educate those people about how fraudolent the banks really are

Quote from: minerpumpkin on April 24, 2015, 06:11:35 AM

Quote from: johnyj on April 23, 2015, 07:05:25 PM

Future citizens will be divided into two categories:

- Those who fully understand how modern money creation works, they use bitcoin
- Those who don't, they use fiat money

Currently the number of the people in the first category is about 1 in a million, hopefully with the help of internet it will increase by 4 times per year

The thing is, most people won't know how the creation of money works, even today most people don't know that. And if the majority doesn't know how it works, the people who do, can't actually profit from their knowledge because the technology they use remains irrelevant.

make it simple, tells to them that banks are evil... spread the truth, it's after all what banks are doing about bitcoin, spreading fud to kill it, we should do the same with banks

Chomsky

newbie

Activity: 23

Merit: 0

I believe bitcoin certainly has the potential to replace fiat, but I'm not sure it ever will. I think if the people knew what's good for them they would try get away from fiat but bitcoin is currently not a perfect system either unfortunately. I think if the value could become stable then it could be a serious contender at some point but not for a very long time. I think its growth as an alternative currency will continue to grow, though.

Ingatqhvq

hero member

Activity: 532

Merit: 500

It's just unlikely, the first stage should eliminate all authoritarian state, in a dictatorships country, you can't expect the bitcoin can replace Fiat.

minerpumpkin

hero member

Activity: 686

Merit: 500

A pumpkin mines 27 hours a night

Quote from: johnyj on April 23, 2015, 07:05:25 PM

Future citizens will be divided into two categories:

- Those who fully understand how modern money creation works, they use bitcoin
- Those who don't, they use fiat money

Currently the number of the people in the first category is about 1 in a million, hopefully with the help of internet it will increase by 4 times per year

The thing is, most people won't know how the creation of money works, even today most people don't know that. And if the majority doesn't know how it works, the people who do, can't actually profit from their knowledge because the technology they use remains irrelevant.

Bralex

sr. member

Activity: 308

Merit: 250

Quote from: magic ice on April 21, 2015, 11:06:55 PM

Last year Bitcoin was labeled as the worst investment of 2014, however, bitcoin believers can topple fiat currencies as the widely used mode of payment all over the world. The technology behind it and bitcoin's scarcity can both pose a threat and bitcoin's selling factor. But the question is, can bitcoin really substitute dollar or other currency sometime soon?

Give me some links to bitcoin being the worst investment of 2014 please as i made more bitcoin and money than lost so that is not a bad investment by any stretch.

To answer your question no i do not truly believe that it will take over be a substitute for any main world currency how ever much we would like it to. That does not mean it is not the best way to store your bs fiat easily away from eyes, because i believe it is and will be for a long time to come.

johnyj

legendary

Activity: 1988

Merit: 1012

Beyond Imagination

Quote from: tescomatty on April 23, 2015, 08:42:41 PM

Quote from: johnyj on April 23, 2015, 07:05:25 PM

Future citizens will be divided into two categories:

- Those who fully understand how modern money creation works, they use bitcoin
- Those who don't, they use fiat money

Currently the number of the people in the first category is about 1 in a million, hopefully with the help of internet it will increase by 4 times per year

I'm not sure I understand your point.

Are you saying that people who understand how bitcoins work will use it because of its potential?

Or are you saying that fiat is corrupt and bitcoin is the better solution?

It seems you belong to the second group Wink

Start with "the biggest scam" serials
https://www.youtube.com/watch?v=iFDe5kUUyT0

ballinismyhobby

newbie

Activity: 1

Merit: 0

it's up to us whether it's the the default or if it's like the vegetarian option for tech savvy libertarians

Posted From bitcointalk.org Android App

tescomatty

full member

Activity: 143

Merit: 100

Quote from: johnyj on April 23, 2015, 07:05:25 PM

Future citizens will be divided into two categories:

- Those who fully understand how modern money creation works, they use bitcoin
- Those who don't, they use fiat money

Currently the number of the people in the first category is about 1 in a million, hopefully with the help of internet it will increase by 4 times per year

I'm not sure I understand your point.

Are you saying that people who understand how bitcoins work will use it because of its potential?

Or are you saying that fiat is corrupt and bitcoin is the better solution?

Topic: Does Bitcoin Has What It Takes To Replace Fiat? - page 2. (Read 3408 times)