Topic: If Bitcoin is a get rich quick scheme, then fiat is a get poor slow scheme - page 4. (Read 1518 times)

Bitcoin has really helped a lot of people . I can remember that I had no good job and I’ve been going from one job to another, and all these jobs were not paying me enough to take care of myself not to talk of my family. Then I switched to Bitcoin and also started working online and from there I got a job and was getting paid through Bitcoin. And apart from that I also did signature campaigns with the free time I got because the Bitcoin job was remote. I also invest in Bitcoin and I’m learning to trade as well.

There are lots of opportunities here and it’s really changing the world.

Bitcoin is a scheme that can make you rich, but it doesn't mean that fiat will make you poor. The reason why bitcoin can make a person rich because it is good for a long-term investment, unlike fiat it is not an investment it is only a material that we used for us to buy our family goods and pay all of our bills and also taxes.

in my opinion in the future there is indeed a possibility that fiat will be replaced by cryptocurrency. but i think it's not bitcoin. bitcoin has high volatility which is quite difficult to use as a means of payment. and decentralized bitcoin is difficult for the government to control. so I think in 10 years or 20 years when our society is ready to use crypto then I think the government will make crypto itself. so that by making its own crypto the government can still control its value.

That's really good to hear that your wife receives in terms of bitcoin. In my country we haven't got much of stores accepting bitcoin, maybe in the coming days we might experience this. Right now bitcoin is used for transaction, when end user agrees to accept bitcoin. In few countries people have been moving their earnings into bitcoin to overcome the inflation that is happening due to the improper economic structure.

My wife she gets her salary in Bitcoin, so yes, she is one of the new generation of people who cannot get a job earning Fiat but is working and receiving Bitcoin. I believe also Bitcoin will replace mainstream FIAT because traditional jobs are dying out because of automation and other calamities, but internet and blockchain jobs now are coming and people are working now in this niche, instead of being unemployed. I am sure and more confident in Bitcoin than I am of FIAT now, because it is true, inflation has made many people poor over the last fifty years in the West especially and a whole middle class has been wiped out and is living in poverty now. This is a stark reality.

Sovereignty in a centralized economic system is a form of trust of its citizens to adhere to a shared system that can be carried out on an ongoing basis, although there is a dirty intrigue in it in general fiat is still more stable in a sustainable economic wheel. The main concern in bitcoin is that due to fluctuations and manipulation of uses that move too freely, this will cause an increase in negative alignments which can have an impact on macroeconomic devastation.

Poor money management by central banks and government is not a new thing. Every year, there are few countries struggling with hyperinflation.
Hyperinflation or Fiat losing its value is the result of bad monetary policies mainly governed by central banks. On the other side, bitcoin which has limited supply has inbuilt deflationary property.
But a small amount of inflation in Fiat is essential for the businesses and economy to work. Inflation has its own advantages. But controlled level are desired. You definitely can't run an economy on deflationary and decentralized currency like Bitcoin.

Lol. Whenever I hear people calling financial investments and things calling them scams I always laugh. When people say bitcoin is a ponzi I just can't even....
When I think of what things cost 5 years ago compared to now it makes me cringe. in 2009 I was about to get a KYC meal for R27 this price rose up and up all the time R30 R33 then it made massive jumps and right now in 2019 that same meal costs R65+- so that means in 10 years my buying power here halved. If I look at the price of food the same has happened. Perishables become more and more while electronics and stuff stay the same.
Cars and repairs and housing the same thing.

If I think about it... I think since 2009 the buying power has gone down by at least 25%-30% for none perishables and for perishable items its halved.

So fiat is an investment that weakens by 5%-10% each year. People have f it when bitcoin drops in price but fiat does all the time.

Now if you in debt with the bank that is even worse. That means 11%-20% interest a year +5%-10% that is 16%-30% total lose in fiat. How do people not lose their house??

I think fiat money is surely established today and i don't think it is going to be replaced by bitcoin even bitcoin was a completely revolutionary fiat money is already completely adopted and already use by a lot of years and it is regulated by the government in a lot of countries, unlike bitcoin which doesn't have a regulation and completely have a confusing history. It could be a great alternative currency but I don't think it could replace fiat at this point.

Fiat is backed up by commodity money, it's neither just a paper nor have it's own physical value. It is the legal tender backed up by GOV itself. Where bitcoin is totally virtual, it does not have any physical relation with anything. But for the last decade bitcoin has a significant effect on global economy and will continue to become a stronger part of it. That does not mean bitcoin is going to replace the fiat better they both coexist.

Bitcoin cannot "solve exchanges", exchanges are beyond Bitcoin. It is not Bitcoin's business what people are willing to exchange it with.

If you earn Bitcoin, and spend Bitcoin, you are not using exchanges. That is what Bitcoin covers, its own network and only that.

As for fiat being replaced, give it a century or so. I predict by then the crypto algorithm would have been replaced by a quantum one, but other than that, it will probably be used.

Governments can do whatever, that won't stop Bitcoin. My government forbade forex for nearly two decades, before finally giving up. A Central Bank is useless in a post Chicago, Austrian economy where banks don't do fractional reserve anymore. Deflationary money doesn't need banks in the first place. Bitcoin doesn't lose its value over time like fiat does, therefore you don't need a bank to gain interest (which is always lower than inflation anyway).

There is also the generational transition, the older people opposed to Bitcoin will go, and the younger ones more willing to accept it, replace them in seats of power. The genie is outside of the bottle the mere Bitcoin idea and its working implementation serve to prove it.

Yes, time is in favor of Bitcoin. Out with the past, in with the future. Its already accepted worldwide today, underground in some places, openly in others. It can only improve from now. Thankfully the opposition is authoritarian and few, and old, they cannot escape time.

Bitcoin has been on this market for 10 years. Bitcoin proved itself. I think he'il keep improving. We are now in an irreversible way for Bitcoin. Bitcoin use is increasing day by day. People will want to have more bitcoins.

bitcoin grow into hundreds billions in ten years. I’m watching the fiat money loosing 90% of its value in the course of ten years too. Is the fiat getting poor slow? I think the people who work for the minimum wages are in the worst position to get poor, they’re working for lesser life support unit at the same efforts that many farmers did, albeit they may have plenty of cash on hand but which can only be traded for smaller big Mac now.

I'm not saying that we should stop using fiat or that it's bad at everything. It's bad as a store of value. You simply cannot hold fiat and should not hold fiat.
To give you an example, in the 70s you could buy a brand new sports car for 5k USD. Try to buy any new car for 5000 today, good luck with that. A cheap micro town car will cost you 8k. A cheap sports car at least 15k.

The government will just end up adopting cryptocurrency in the future but instead of adopting existing decentralized crypto like bitcoin who is really dominating the crypto market, they'll just create their own. That's a very obvious move by the government. They won't allow decentralized to dominate on their country so they will just make their own cryptocurrency where they can still control it

So far I have not thought that in the future paper currencies will fall even though bitcoin will be the main means of payment for the public, and now if we look at some governments have planned to make their own coins like the government in China but I think they did not do it to avoid fall of paper currency but only to facilitate the public when making transactions.

Bankers for sure will not let it happen. Fiat money will stay in our world forever and the cryptocurrencies cannot take its current place. But the mass adoption will occur. The mass adoption that I am talking is not about replacing the fiat money, it is the usage of both fiat money and cryptocurrencies. Merchants and business will accept the 2 both cryptocurrencies and fiat money as a mode of payment soon.

Today crypto is available to very few people and that too in very few countries. While almost everyone in this world is linked with fiat for his living and this is going on for centuries. I would say both crypto and fiat have there own advantages and disadvantages. We are not in a position to completely rule out the usage of fiat.

I don't think it will be bitcoin either because it will be impossible to control since it's decentralized, government will be able to control coins that are centralized only e.g XRP

Very interesting title, honestly it's true, I'm one of its examples, I have a hard time getting out of the 8 to 5 work scheme and it's a rat race making a living out of fiat, I only got out of it, when I got involved in Cryptocurrency, and it only took me 3 years investing in Cryptocurrency to realize my dream where I am trying in fiat for the last twenty years.