Topic: Everybody talking about digital currency like btc will replace fiat but question (Read 283 times)

everyone is talking about bitcoin as a substitute for fiat currency, I think it's just a discourse, but we can't make it happen, because it will definitely have a big impact on the world economy, if that happens we can be sure it is the rich people who save bitcoins who will benefit greatly, the common people will certainly experience difficulties, and for sure poverty will continue to grow.

"Only gold is money, all else is credit" - jp morgan

Today FIAT is GOV force, aka MURDER to back  the currency;

Largely the entire US-MIL, CIA, ... were all designed to enforce world wide exchange of the USD, its why you see panama, Iraq, Libya, columbia all taken out, their crime? Its always because they quit using the US Dollar for exchange.

Bitcoin is backed by nothing but bullshit, its a number, and the number is just like any other number, read the book the 'little prince' there's a whole chapter in there about a guy who sells numbers and is the richest man in the universe.

Now the bad news, BITCOIN is NSA; It's now 10+ years old the world now accepts digital-currency as a given, so yes the UN-NWO will soon release a FED-COIN, to the world for the 'children'.

How they will 'ban' bitcoin, its easy, NSA just publishes the backdoor info, or seeds it to hackers, like a Snowden release and overnight all 10K of the shit-coins evaporate, as they all essentially use the same NSA derived algos as BTC, e.g. SHA256, ... Secp256k1;

Most shit-coins today bend over back wards to WASH-DC to comply with KYC, like coinbase;

U think this wasn't all planned all along? These people MIL-INTEL plan out +40 years to stay in power.

CBDC began in HK in 2019, and its currently used between HK & Thailand. It s a commercial exchange mechanism to bypass swift, the reason of course
'you haven't heard about it', is because its not for you, its for governments like Iran, Russia, China to bypass the USA FIAT system of international exchange.

CBDC stands for "Cross Border Digital Currency", it doesn't mean bitcoin-2.0 get rich quick moron scam

Based on the fact that gold is not easy to carry, gold cannot be cut indefinitely, "Bitcoin" transactions are all carried out online without being carried, and "Bitcoin" can be split indefinitely, the conclusion that "Bitcoin" can be used as a future digital currency is not To change the mechanism of the instability of the intrinsic value of "Bitcoin", it cannot be logically concluded that "Bitcoin" will be a currency or digital currency in the future.

We haven’t seen the CBDC yet, so there is no need talking about how it’s going distributed. And first off it is not going to be a replacement to the fiat we are using now, it’s just going to be the same fiat and nothing is changing about that. What they are creating is like creating a stable coins, just as we have in the cryptocurrency community.

The digital currencies that they are creating is going to be linked to fiat and it will be having the same worth or value as fiat. But it doesn’t stop people from making use of the original fiat, you’re going to make that choice for yourself on what to make use of.

I believe this is the best scenario.

In order for dollars/euros to be completely replaced, they have to fail completely. I don't want that.

They have advantages, namely, ease of taxing for common goods and services, and fast "transaction speeds".

Their primary disadvantages are that they are not always held to a high level of accountability. They create independent silos across the world, alienating cultures and peoples instead of tying them together for a common purpose. The petrodollar has likely contributed to more war, death, and therewith climate change than bitcoin could ever even come close to approaching.

The benefit of bitcoin is that it keeps dollars and euros in check. A government will not hyperinflate (I hope) their currency when a cryptocurrency exists that would usurp it, although tempting it may be. Existing in tandem provides stability by providing a second competitive market. Competition brings out the best, usually.

I think that dreams of completely replacing traditional money with cryptocurrency bitcoin or alternatives in the near future and even in the medium term is just nonsense. I am sure that even there can be no question of the domination of bitcoin over the common currency until the world is faced with a truly serious financial crisis that will require such a reshuffle. And even when it makes sense, it is unlikely that it will save us from dollars or euros. Most likely it will always exist in parallel.

Bitcoin or cryptocurrency is only an optional payment and can never replace Fiat. Bitcoin and Fiat have their respective advantages.
Bitcoin is a revolutionary and more modern payment, but the weaknesses of bitcoin are too volatile and this is very risky. No country has completely used bitcoin and beats Fiat's use, Bitcoin is still side by side with Fiat.

The fiat or the traditional currency won't easily be replaced by bitcoin or any coin at all. There would be a lot of adjustments for bitcoin and for the world before it can ever happen. Why can't we just be happy at how great bitcoin is doing compared to other currencies? In the future, maybe there is a possibility that massive growth of crypto users would take place but still it wouldn't be able to replace fiat. Also considering that the government holds how the world runs, since bitcoin or crypto is not yet recognized as a legal currency, there is really a very small chance of having it declared as the whole world's currency in the making.

I don't think the finite number of Bitcoin is its shortcoming, on the contrary I think it also has its advantages. In the history of China, the government once issued a large amount of RMB, which caused severe inflation. At that time, China's economy was severely collapsed, the RMB became worthless, workers' wages were even packed in sacks, and a large number of people starved to death because they could not eat. The total amount of Bitcoin is constant, which means that no government of any country can destabilize the economic system by issuing additional currencies at will. I think this will make the entire world's economic system more stable.

You mean it will be better for bitcoin supply to be unlimited? This will only result to bitcoin not to have any value, it will be the reason for the single point of failure for bitcoin. Just use the law of economics for this, the higher the supply the low the price, but the lower thae supply the higher the price. The higher the pric, the more people will demand for it, as people demand more for it, the price increase the more. It is just as simple as that.

Maybe some small countries will try to use cryptocurrency to replace their own country's currency to replace the U.S. dollar.

Thanks for Danny Hamilton answering all those question  im just giving my opinion for this. honestly personally i dont think its gonna replace fiat because we already had few coin like that like usdt and usdc or many other stable coin backed up with huge money for helping crypto community but i do had strong believe crypto will replace as most used digital payment currencies in the future.

It is strange that some still believe that bitcoin or another decentralized cryptocurrency can replace the currency of states. They probably think that states and their governments will just look at it and do nothing, even if it were possible. First of all, cryptocurrency is not capable of doing this. And secondly, the states will not allow it. Therefore, the cryptocurrency has absolutely no chance of crowding out the regular currency.

"If It's highly deflationary it will create poverty and not good for Economic growth" I don't know what will generate this with the deflation that will get to the extent of creating poverty. I don't see bitcoin replacing bitcoin but standing on its own as a coin.

How can a unsustainable currency be more sustainable?  The fact of the matter, credit based currencies as you put it, aren't going to be sustainable, regardless of whether you believe they will outlast Bitcoin or any other cryptocurrency. In theory, as long as people still want Bitcoin, and there's Bitcoin still being circulated, i.e trading among people then it should be far more sustainable than any other currency out there. The mining process has been created in such a way that sustainability is kept in mind, and doesn't hit the hard limit until there's been enough people who are using it both a currency, and investment.

If you give your reasons why you think its sustainable, other than what DannyHamilton has already replied too, I would be more than willing to refute them or admit that you're right.

Block rewards.


Why do you say this?  Inflationary fiat currency has lots of poverty and many instances of bad economic growth.  Why are you so sure that deflationary would be worse?


Fortunately right now, it is less inflationary than the U.S. dollar.  Over time, it will become less and less inflationary until eventually it will be deflationary.


I disagree.  Bitcoin's limited supply is a VERY good option as a currency.


Again, Block rewards.


Loans are not part of Bitcoin distribution.  Perhaps you misunderstood?


They can try, but they aren't likely to be very successful. Why are we talking about XRP? I thought you were asking about Bitcoin?


It's not.


Economic growth happens due to increased productivity and the development of new products and services.  Credit is not a necessary component, but is certainly available. Again I thought we were talking about Bitcoin as a currency, why are we now talking about creditors and debtors?


That's Fiat.  How about this:

Step 1. Create an open source decentralized international system of recording the exchange of value.
Step 2. People voluntarily choose to adopt this system because of the benefits it provides.


It is not.


Why are we talking about XRP again? I thought you wanted to know about Bitcoin?


Ok. Block rewards.


Blockchain and block rewards.


It isn't.


Poverty is not caused by a currency being of limited supply.  Fiat has effectively unlimited supply and it has lots of poverty. You can not solve poverty by changing your system of currency.


You can not solve issues of distribution of wealth by changing your system of currency.


Thank you for your opinion. I disagree.

Even Central banks talking.
But one important thing....
How It's the issuence of currency and distribution will be?
If It's highy delfationary it will create the povertry and not good for Economic grouwth.
If It's highghly inflationary then it will end up as old fiat currency.

Bitcoin Limited supply not good option as currency.

But again how the currency will be distrubuted?
I see that the Way is loans credit
You borrow little and If You do pay back You can get more credit and more.  
If You Don't pay back it will affecting your credit history.

If That's the Case anyone can create coin or token with huge supply like XRP and start giving out as credit

And If It's not credit based then It's not working the idea of credit is to boost up Economic grouwth and development in scales that It's not possible without credit based currency system.

To do that You need army.
Step one invade some country
Step 2 create token or coin... Make sure it has big enough supply so all Economy can relie on your currency.
Create the laws to force people to pay back.

If It's centralized currency like the xrp I guess You as the currency provider and lender You could just detuct the ammount of the person account on the paying date.

Right You guys Don't like that idea but tell me other ways?  


Even with cbdc  the question is how the supply of currency will be organised?
You cant just give out as a air drop it has no value.
If you provide Limited supply currency like btc it will create the massive povertry and world will be owned and ruled by those who got most of the btc.
It will be feodalism the nobility order like it was kings and queens...but this will create the Equality problem and will lead sooner or later to revolutionary movement.

The credit based currency option is much more sustainable and likely it will happening.