Does Bitcoin Has What It Takes To Replace Fiat? - page 4.

Snorek

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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.

Until this problem is resolved. And it can't be solved easily without harming bitcoin security in the process. Confirmation time is security parameter, lowering it makes the system fundamentally less secure for a lot of reasons, including giving an advantage to large, centralised pools and in result they can monopolize bitcoin.

avatar_kiyoshi

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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?

I think not, this coin is limited, and the age is still baby. I don't think will substitute/replaced to fiat, maybe for alternative is yes.

drugs

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Quote from: Elwar on April 22, 2015, 04:43:36 AM

Bitcoin has replaced the dollar for me.

How? Do you not use dollars at all anymore? I don't think its currently easy to exist solely on bitcoins right now.

Quote from: Elwar on April 22, 2015, 04:43:36 AM

Does it matter that idiots will continue to use fiat? Some people still have landline phones.

I don't think it makes people idiots. I would love to use exclusively bitcoin but it's just not possible for me to do so currently, and paper money is still useful for certain transactions. I still have landline as well as a mobile and skype etc mainly because it's cheaper to use than a mobile and costs very little to have with my internet package so I still use that when at home.

Elwar

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Viva Ut Vivas

Bitcoin has replaced the dollar for me.

So, is it possible? Yes.

Is it likely? No.

Does it matter that idiots will continue to use fiat? Some people still have landline phones. Doesn't bother me.

muhrohmat

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well if you wish myopinion the banks pwoer of centralization never let that happen totaly and besides that the securaty of blockchain oits only like 70% it means that the fiat may be like a gathereing fiat like otheres for a zone of countries in internet not replacing a fiat completly only if its like small country

Billy Hlapinnio

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No, I doubt that it will ever be able to replace it.

BitBOOM

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Not yet

Main thing that comes to mind is merchant adoption. Bitcoin infrastructure and merchant adoption are growing all the time. There have been huge moves in that direction over the last couple years and I only see it growing further.

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Quote from: Snail2 on April 22, 2015, 02:28:27 AM

Why a transaction processing system would replace money? IMO bitcoin is too volatile and transactions are slow for a fiat replacement.

Slower than the 2 days it takes credit card payments to go from pre-authorized to cleared? Nope, a TX can be verified to comprise valid UXTOs and not be at risk of double-spending in muuuuuuch less time than 2 days.

Quote from: Oscilson on April 22, 2015, 02:07:48 AM

Quote from: TheButterZone on April 22, 2015, 02:06:09 AM

Quote from: Fernandez on April 22, 2015, 01:52:37 AM

Quote from: TheButterZone on April 21, 2015, 11:18:52 PM

Can bitcoin slap sense into morons who would rather pay thousands of dollars in fiat transfer fees than practically none at all for BTC? No.

The transfer fees is none, but there are conversion fees. Fiat->BTC and then BTC->Fiat. Bitcoin is far from the stage where one can keep and use Bitcoin instead of converting it.

How are you not aware that there are 0 conversion fee BTC->fiat companies?

0 conversion fee is not a long term option for the company offering this service if it cannot get money from other sources.

With the typical millions in seed funding and obligations to bring profit to shareholders, the company offering the conversion service can set a profit threshold so that the business customer is paid the current market rate of fiat, but the BTC is held until a bid arises at a desired percentage above the original market rate. The conversion is then made free for the business customer and profitable for the converter. But the "long term plan" seems to be to dump the BTC instantly, tank the market price constantly. The status quo doesn't make sense.

Snail2

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Why a transaction processing system would replace money? IMO bitcoin is too volatile and transactions are slow for a fiat replacement.

Oscilson

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Quote from: TheButterZone on April 22, 2015, 02:06:09 AM

Quote from: Fernandez on April 22, 2015, 01:52:37 AM

Quote from: TheButterZone on April 21, 2015, 11:18:52 PM

Can bitcoin slap sense into morons who would rather pay thousands of dollars in fiat transfer fees than practically none at all for BTC? No.

The transfer fees is none, but there are conversion fees. Fiat->BTC and then BTC->Fiat. Bitcoin is far from the stage where one can keep and use Bitcoin instead of converting it.

How are you not aware that there are 0 conversion fee BTC->fiat companies?

0 conversion fee is not a long term option for the company offering this service if it cannot get money from other sources.

TheButterZone

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Quote from: Fernandez on April 22, 2015, 01:52:37 AM

Quote from: TheButterZone on April 21, 2015, 11:18:52 PM

Can bitcoin slap sense into morons who would rather pay thousands of dollars in fiat transfer fees than practically none at all for BTC? No.

The transfer fees is none, but there are conversion fees. Fiat->BTC and then BTC->Fiat. Bitcoin is far from the stage where one can keep and use Bitcoin instead of converting it.

How are you not aware that there are 0 conversion fee BTC->fiat companies?

Fernandez

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Quote from: TheButterZone on April 21, 2015, 11:18:52 PM

Can bitcoin slap sense into morons who would rather pay thousands of dollars in fiat transfer fees than practically none at all for BTC? No.

The transfer fees is none, but there are conversion fees. Fiat->BTC and then BTC->Fiat. Bitcoin is far from the stage where one can keep and use Bitcoin instead of converting it.

S4VV4S

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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?

No. And if it does it won't be in our lifetime.

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

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.

I am sure you can buy vouchers with BTC, and for quick snacks I am sure that pretty soon a BTC Visa will pop up (if it didn't already).

Quote from: GenTarkin on April 22, 2015, 12:40:59 AM

I dont know, but ask yourself this, would you want a world where everyone is scamming everyone and there is no recourse?
So far, thats what this community has proven unquestionably w/ btc =P

Sure, scams happen now in fiatland but nowhere near the ratio they happen in btcland =P

True and false at the same time.

The scams with BTC are constantly increasing but.... --> https://www.youtube.com/watch?v=iFDe5kUUyT0
Apart from that, in fiat land there is things we don't know because transacting in fiat is TRULY anonymous.
Nobody knows if you got $10Mil in your basement.

btc-facebook

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Quote from: WhatTheGox on April 22, 2015, 01:15:15 AM

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?

Yes it can replace fiat but it wont, its more likely we will see gov replaced by a new type of donation based gov and therefore fiat will just become worthless. This seems like way in the future, gov is very strong atm.

Until now my goverment still not admit bitcoin as legal payment, not illegal either since there's no constitusion or policy to restrict for using it. So at the moment it is impossible things that bitcoin can replace fiat (for my country).
But for future, I think it may possible to being replace as long as the price keep stable and security risk can be handle as soon as the problem occur.

WhatTheGox

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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?

Yes it can replace fiat but it wont, its more likely we will see gov replaced by a new type of donation based gov and therefore fiat will just become worthless. This seems like way in the future, gov is very strong atm.

Amph

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Quote from: josef2000 on April 22, 2015, 12:07:51 AM

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.

Good point! Although in some shops they accept bitcoin, which is provided by BitPay. There is also an ability to chargeback if you think you received the wrong product etc. They dont wait for a confirmation(which I dont really understand)
But replacing the whole fiat money would be sometime possible in some years when everybody in the world starts using bitcoin. Today its just impossible, some people dont even have knowledge on how to handle an electronic device. So lets wait and see

because it depend on the amount, for small amount you must wait for confirmation(otherwise there are better chance for a possible attack...), hence the chocolate example, for big amount you can go with the pending transactions

Kprawn

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

Last year Bitcoin was labeled as the worst investment of 2014

And still huge VC companies are investing close to 1 Billion US $ into it .... What are we missing here? Wink

Bitcoin has what it takes, but people invest in the wrong things. You cannot have 3rd parties constantly converting Bitcoin to fiat for every transaction made in Bitcoin. {That is not true adoption}

Keep Bitcoin in the cycle and keep away from converting back to fiat, and things will change quickly. Also harness it's other strong points {eg. Smart contracts} and it will prosper. Wink

GenTarkin

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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?

I dont know, but ask yourself this, would you want a world where everyone is scamming everyone and there is no recourse?
So far, thats what this community has proven unquestionably w/ btc =P

Sure, scams happen now in fiatland but nowhere near the ratio they happen in btcland =P

gadman2

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Bitcoin wasn't ever meant to replace fiat. A substitute would be a better word.

josef2000

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Bro, you need to try http://dadice.com

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.

Good point! Although in some shops they accept bitcoin, which is provided by BitPay. There is also an ability to chargeback if you think you received the wrong product etc. They dont wait for a confirmation(which I dont really understand)
But replacing the whole fiat money would be sometime possible in some years when everybody in the world starts using bitcoin. Today its just impossible, some people dont even have knowledge on how to handle an electronic device. So lets wait and see

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