Given an option between Bitcoin and Fiat which do you prefer? - page 4.

Ndabagi01

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Quote from: CryptSafe on March 21, 2023, 04:03:38 AM

As a bitcoin enthusiast having the knowledge of bitcoin and it's potentials compared to the fiat as a local currency and means of exchange or payment for services rendered what is your take and preference on it? And how long do you think it will take for bitcoin to be accepted as a digital legal tender world wide?

You opinions and thoughts are welcomed, let us discuss.

Bitcoin adoption, in my opinion, could take as much time as we can imagine. As long as the blockchain industry is unwilling to compromise with the government and maintain a state of centralization, we can only hope for its adoption. It will happen eventually, but it will take time. Blockchain and cryptocurrency are a new era in this technological age, and their ability to temper with government means of centralization will only lengthen the time it takes for them to fully accept it all over the world.

tbct_mt2

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Quote from: KingsDen on March 21, 2023, 06:35:32 AM

The matter of Bitcoin and Fiat choice is no longer a debate but is a matter of a decision and matter of the level of information that is available to the choice maker.

Because they don't have good comparison. They just heard something like fiat currencies are real, Bitcoin is virtual. Fiat currencies are better than Bitcoin but how it is better, they don't know.

Quote

Someone that is not informed or acquainted with the latest happening in the society would always trust the fiat and would always trust their bank and government to keep his money till 5 to 10 years or 15 years as the case may be.

Seeing two charts and telling what they think is better and don't see those charts and try to imagine differences and say something not true.

With recent bankruptcies of some banks in the US. and Switzerland (Credit Suise), maybe some of bank enthusiasts will change their minds. Hopefully they won't lose all their life savings in those banks. Some people trusted banks and got broken.

With Bitcoin, they don't have to trust any CEO and won't get rekted easily like that.

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Quote from: CryptSafe on March 21, 2023, 04:03:38 AM

As a bitcoin enthusiast having the knowledge of bitcoin and it's potentials compared to the fiat as a local currency and means of exchange or payment for services rendered what is your take and preference on it? And how long do you think it will take for bitcoin to be accepted as a digital legal tender world wide?

You opinions and thoughts are welcomed, let us discuss.

It entirely depends on what choices I will be given. If the choice is given for my salary, I will stick to fiat and not bitcoin. If the choice is given to get a monetary reward, I will choose bitcoin. The reason is quite simple!

Salary is needed for survival but rewards and extras are saved for the future. So for survival I can't afford a volatile currency but for future, I can take the risk if survival is being taken care by something else.

rat03gopoh

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I'dn't object to the use of any currency, they all function as they were created. I use fiat because of my obligations as a citizen, and I use bitcoin to support some of my financial rights.

Quote from: CryptSafe on March 21, 2023, 04:03:38 AM

With bitcoin your privacy is guaranteed compared to the Fiat which you must pass through processes before having access to it.

If bitcoin offered privacy by default, you probably would never promote the service at your current profile attribute.

Edwardard

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Quote from: merekamo on March 21, 2023, 07:47:30 AM

In my opinion, it will take some time for governments all over the world to fully recognize and regulate bitcoin.

The problem here is most of the governments in the world already recognize bitcoin but they are afraid to even talk about it in public since the more they talk the more attention it gets and they dont want this. They will loose control over us then.

Quote from: merekamo on March 21, 2023, 07:47:30 AM

But given the current trends, it's entirely possible that we could see bitcoin becoming more widely accepted in the near future.

I think it is already widely accepted atleast by the institutions Cheesy

This resulted in both a blessing and a curse as we see massive correlation with spx and powell's speech since then.

merekamo

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So, if you're thinking of investing in it, you should be prepared to use your spare cash or funds that you can afford to lose.

That really interesting to see how some people view bitcoin as a store of value, almost like a savings account.

And it's definitely true that bitcoin offers more privacy compared to traditional fiat currency. But then again, fiat is stable enough to sustain its monetary value even though it can't guarantee a stable economy.

In my opinion, it will take some time for governments all over the world to fully recognize and regulate bitcoin. But given the current trends, it's entirely possible that we could see bitcoin becoming more widely accepted in the near future.

I personally find the concept of bitcoin to be fascinating and I think it has a lot of potential as a means of exchange and payment for services rendered.

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Quote from: CryptSafe on March 21, 2023, 04:03:38 AM

With bitcoin your privacy is guaranteed compared to the Fiat which you must pass through processes before having access to it.

Privacy isn't guaranteed when you use BTC, it is the user that has to guarantee their privacy by using decentralized services. Centralized exchanges has the highest trading volume, most people buy and sell BTC through these exchanges, and to do so you must tell the exchange who you are and where you are from; KYC is a must, and even in some of them that don't require KYC for small amounts, you must be ready because they can ask for it anytime. So if most bitcoiners buy and sell from centralized exchanges, they have lost the privacy you are talking about.

Quote from: CryptSafe on March 21, 2023, 04:03:38 AM

As a bitcoin enthusiast having the knowledge of bitcoin and it's potentials compared to the fiat as a local currency and means of exchange or payment for services rendered what is your take and preference on it? And how long do you think it will take for bitcoin to be accepted as a digital legal tender world wide?

I use the both. If you have a job, you would be paid in fiat. To buy most of the things you need, you have to do so with fiat. You cannot hold all your assets in BTC even if you feel you prefer if to fiat. BTC may never be a legal tender worldwide, especially in the developed countries with currencies that are used as reserves around the world, like the USD for example, why would the USA want to make BTC a legal tender? All we need is for BTC to remain legal in most countries and then mass adoption becomes possible in the future.

DapanasFruit

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As a rationale and practical move, I think the best thing to do is to have both Bitcoin and the usual cash currency. Bitcoin for the future and fiat cash for today. Go for Bitcoin to hopefully combat the ever-increasing inflation affecting many people around the globe and of course cash for daily needs. I am sure that fiat will continue to be here for as long as we have the government still around. I am not wishing for the government to go because I know that there can be chaos once there is that vacuum and who knows who or what will be filling that empty space once it is gone. Investing with Bitcoin does not mean that we have to choose between it and fiat cash.

leonair

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Quote from: CryptSafe on March 21, 2023, 04:03:38 AM

~Snip~

Bitcoin is a popular currency nowadays. So Bitcoin is preferred by many but there is no obligation that everyone will accept it. Since Bitcoin is not a stable coin, there is a possibility to earn a lot of profit by holding Bitcoin but on the other hand Fiat is not a stable currency whose price will never increase. But for some reason, the value of country-based fiat may decrease against the dollar. So many may opt for Bitcoin in hopes of profit. But it will depend on a person's condition. If a person has enough money for daily spending, then he will definitely be interested in accepting Bitcoin. And his thought will be to earn more profit by holding Bitcoin. But if a person does not have enough money to run their daily expenses. But he will definitely choose fiat to run his daily life in the present without thinking about his future

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Would rather prefer to have them since both fiat and Bitcoin have different use.

So would still use fiat for buying my need since there's no merchant on my city yet accepting bitcoin and it so hard for us to use only bitcoin for this matter since for sure we might struggle to get what we need for a day. While for bitcoin I always using this on investment matter or even to transact this online and yet its so useful since this is more convenient and yet profitable in some ways.

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Quote from: tbct_mt2 on March 21, 2023, 05:59:12 AM

You can see how purchasing power of the US. dollar and Bitcoin in following sources and make your decisions.

Purchasing power of the US. dollar over time

Then looking at two charts to see how Bitcoin purchasing power increases since 2009.
satoshi per dollar
Bitcoin vs fiat currencies

Do you have your answer after all by knowing that Bitcoin is upward and fiat currencies are downward in their purchasing powers?

Immediately after reading this thread what came to my mind was actually this picture that you posted.
But I didn't know where exactly to get the picture but when I scrolled down I was happy that I saw the picture already posted.
The matter of Bitcoin and Fiat choice is no longer a debate but is a matter of a decision and matter of the level of information that is available to the choice maker.
Someone that is not informed or acquainted with the latest happening in the society would always trust the fiat and would always trust their bank and government to keep his money till 5 to 10 years or 15 years as the case may be.
But someone who is more exposed and has the idea of Bitcoin and cryptocurrency would say that the other man is just being dumb.

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Quote from: CryptSafe on March 21, 2023, 04:03:38 AM

With bitcoin your privacy is guaranteed compared to the Fiat which you must pass through processes before having access to it.

It's centralization and decentralization matter, privacy has nothing to do about this.

Yeah you can achieve a complete privacy with Bitcoin, but you're forget if we talk in general most people don't care with privacy and they're give someone an access to their coins e.g. store it on a centralized exchange. Almost people are kill the Bitcoin's purpose, but if you're hoping a government to accept Bitcoin as legal tender, you're also kill the Bitcoin's purpose.

hyudien

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When you read deeper, maybe this is no longer a matter of choice. Because what you're looking for is safe, inheritable hedge storage. As we now know, third parties can be regulated in various forms or methods. For example storing the phrase seed in the SDB including fiat account wills at once. So I would choose both to balance ownership while maintaining fiat or Bitcoin value.

tbct_mt2

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You can see how purchasing power of the US. dollar and Bitcoin in following sources and make your decisions.

Purchasing power of the US. dollar over time

Then looking at two charts to see how Bitcoin purchasing power increases since 2009.
satoshi per dollar
Bitcoin vs fiat currencies

Do you have your answer after all by knowing that Bitcoin is upward and fiat currencies are downward in their purchasing powers?

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Quote from: CryptSafe on March 21, 2023, 04:03:38 AM

As a bitcoin enthusiast having the knowledge of bitcoin and it's potentials compared to the fiat as a local currency and means of exchange or payment for services rendered what is your take and preference on it? And how long do you think it will take for bitcoin to be accepted as a digital legal tender world wide?

You opinions and thoughts are welcomed, let us discuss.

Bitcoin being a legal tender is just a matter of time but the driving tool will be the government. Once the government starts to see bitcoin as an alternative to fiat and not a currency that is here to bundle fiat away then we could see bitcoin being legal tender fast. But as it is the government want to control everything monetary and their constant threat to once privacy will take bitcoin longer years to being legal tender globally. Personally I still both bitcoin and fiat been used together because most people in rural areas still can’t have access to bitcoin because of lack of internet and its knowledge.

I should I offered to take any of the two I will just take any because no matter how I see bitcoin as a store of value I feel one needs to hold on to fiat for daily expenses rather than selling of one’s coins whenever there is emergency. Moreover one could easily convert any of the two to the preferred one, so it isn’t a big issue having to accept any of them

Cryptoababe

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No matter what fiat does, I prefer Bitcoin. Since ive known bitcoin, Ive been able to do a lot financially by my self. Bitcoin serve as a source of income for me in several ways. I thanks to the developer of Bitcoin and the ones who generated another kind of asset via bitcoin code.
So, to cut the story short, its Bitcoin

woez

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Quote from: CryptSafe on March 21, 2023, 04:03:38 AM

As bitcoin is, it has the tendencies to appreciate high in price compared to fiat which is stable, bitcoin has no third party custody unless you have it stored in exchange if not you are solely incharge of it which means you have your private keys and phrase under your custody compared to the fiat which is been held by banks and other financial institutions.

As a bitcoin enthusiast having the knowledge of bitcoin and it's potentials compared to the fiat as a local currency and means of exchange or payment for services rendered what is your take and preference on it? And how long do you think it will take for bitcoin to be accepted as a digital legal tender world wide?

You opinions and thoughts are welcomed, let us discuss.

Bitcoin is often seen as a decentralized and secure digital currency that has the potential to provide financial freedom and protection from government control. On the other hand, fiat currency is controlled by central banks and is subject to inflation and other economic fluctuations.

As for the question of how long it will take for Bitcoin to be accepted as legal tender worldwide, it is difficult to give a concrete answer as it depends on various factors such as government regulation, adoption rates and technological advances. However, it should be noted that Bitcoin and other cryptocurrencies are gaining more general acceptance and use, with some countries even considering their own digital currencies.

In terms of preference, I think it depends on individual goals and circumstances. If someone values privacy and sovereignty over their finances, then Bitcoin may be the preferred choice. However, if one values stability and predictability then fiat may be a better choice.

CryptoHeadlineNews

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If I'm given an option between Bitcoin and fiat, I will rather go for Bitcoin, reason being that it gives me the opportunity to be in charge of my fund, volatile and has the potential to increase in value as time goes by.

Quote from: CryptSafe on March 21, 2023, 04:03:38 AM

As a bitcoin enthusiast having the knowledge of bitcoin and it's potentials compared to the fiat as a local currency and means of exchange or payment for services rendered what is your take and preference on it? And how long do you think it will take for bitcoin to be accepted as a digital legal tender world wide?

You opinions and thoughts are welcomed, let us discuss.

So in regards to your question about, my take about Bitcoin is that Bitcoin has come to stay and not going anywhere anytime some, and the earlier you invest in it today, the better for you and your future.

However, 2 countries have already legalized Bitcoin as a legal tender (I.e El Salvador & Centre African Republic), and Bitcoin start increasing in price, I'm sure to have more countries adopt it as legal tender any time soon

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Quote from: CryptSafe on March 21, 2023, 04:03:38 AM

As a bitcoin enthusiast having the knowledge of bitcoin and it's potentials compared to the fiat as a local currency and means of exchange or payment for services rendered what is your take and preference on it?

I wouldn't go that far, I prefer to have both of them. While I use fiat for spending it for our daily needs, I've got bitcoin for the sole purpose of being an asset and investment of mine that shall be held for a long time until I decide to start selling it.

Quote from: CryptSafe on March 21, 2023, 04:03:38 AM

And how long do you think it will take for bitcoin to be accepted as a digital legal tender world wide?

You opinions and thoughts are welcomed, let us discuss.

I'm not thinking about that anymore. What's good with the situation right now about bitcoin is that, there are more people that do like and know it unlike years ago when it's being feared upon of related to illegal activities and dark marketplaces. But today, it's all good and way different and likable by many.

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Topic: Given an option between Bitcoin and Fiat which do you prefer? - page 4. (Read 573 times)