If Bitcoin is a get rich quick scheme, then fiat is a get poor slow scheme - page 5.

Eugenar

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Quote from: znation on December 24, 2019, 10:25:28 PM

It is difficult to predict when the government's fiat money will collapse and Bitcoin will replace it, when the government that controls Bitcoin can go the other way otherwise Bitcoin will still be rejected by the government. The future is something that people don't know about and change but everyone wants bitcoin to be the future of fiat replacement.

There's no other way around government could accept the fact that cryptocurrency have the potential to make their system lose trust from the people. They will surely make a way to stop it for the sake of prevention and to be able still have the control of the people's taxes.

Regarding the topic "get poor slow scheme", I bet the op means the opposite about the get rich quick scheme but there's no proof about getting poor using fiats. Our financial status depends on our financial literacy, if we are spending way too many and our funds are getting insufficient, it is somehow our selves to be blame with this. We can be rich no matter if we utilize fiats or crypto.

znation

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It is difficult to predict when the government's fiat money will collapse and Bitcoin will replace it, when the government that controls Bitcoin can go the other way otherwise Bitcoin will still be rejected by the government. The future is something that people don't know about and change but everyone wants bitcoin to be the future of fiat replacement.

bitcoindusts

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Quote from: Yourhomeboy on December 06, 2019, 06:11:18 AM

I found this quality topic on twitter and it all caught my attention. I have seen that fiat is the currency of the Government and Bitcoin is the currency of the people, Can the Government Crash? if so the people cannot Crash neither, because so many people are not making good business from the fiat than in bitcoin, which have provided so much job opportunities for users who are online. Fiat will be replaced soon by bitcoin.

Share your thoughts

Honestly I do not get the argument, it seems senseless. Bitcoin is never been a rich quick scheme, its those scam company that promote it that way and at the same time fiat currency maybe depreciating its value due to inflation but I don't think it is a get poor slow scheme because if you are working you have a continues flow of fiat currency to your stash and wages adjust accordingly.

OrangeII

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well, as far as I know, the government is difficult to destroy bitcoin because bitcoin has a decentralized system. besides that, regarding poor and rich, it all depends on how the person uses it. as far as I know, many rich people use fiat and cryptocurrency, especially bitcoin. however, the statement is very difficult to accept, because we know that some people get rich because of fiat.
it's just that, many cons versions regarding the support and rejection of bitcoin as an investment tool, and transaction tool.

alyssa85

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Quote from: Murat on December 24, 2019, 12:33:21 AM

Fiat will be replaced by another currency, not sure that is Bitcoin or Cryptocurrency, I think no government will allow Bitcoin or any other created Cryptocurrency by the people which is uncontrollable, every government have a tendency to dominate and control over any currency, Every government has an agency which is Central Bank, So without approving by themselves, Bitcoin and Cryptocurrency will be in the mainstream ever, So I don't think that Bitcoin or any cryptocurrency will not replace of the Conventional Fiat very soon.

Fiat won't be replaced

The fact of the matter is that the average joe trusts fiat and all the institutions around it more than bitcoin. Because bitcoin is still immature and the eco-system around it is not yet robust. Think how often you hear of an exchange being hacked and people losing their money. And then think of when you last heard this happen to a bank. Till bitcoin solves the vulnerability of the interfaces like exchanges, there will be no adoption.

coolcoinz

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This is an interesting point because holding fiat is really going to lead to poverty due to inflation. The value of US dollar over the course of the 20th century shows the depreciation pretty well. Before WWII workers used to earn just a few dollars a day. Now You're being paid $100 a day. This means that what our grandparents were paying $10 for we now have to pay $100. Using fiat as a store of value makes no sense and is practised only by uneducated people.

Artemis3

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Quote from: Yourhomeboy on December 06, 2019, 06:11:18 AM

I found this quality topic on twitter and it all caught my attention. I have seen that fiat is the currency of the Government and Bitcoin is the currency of the people, Can the Government Crash? if so the people cannot Crash neither, because so many people are not making good business from the fiat than in bitcoin, which have provided so much job opportunities for users who are online. Fiat will be replaced soon by bitcoin.

Share your thoughts

You can no longer "get rich quick" with bitcoin, but you can get poor very quickly with fiat now, either by action, or inaction. The government doesn't need to crash to crash its coin, all they need to do is the wrong move.

And, governments can in fact fall, and countries can get into wars, etc. None of it affects Bitcoin, but can easily kill a fiat.

I wish Bitcoin replaced fiat soon, but it won't be this quickly. The richer nations have little incentive since their fiats lose very little value yearly, and the poor nations don't have the money to buy.

When your country is good, you don't see the point. But when your country's economy collapses, it is too late since your money has already become worthless, and you might stop loss at best. See Argentina, if they had moved into Bitcoin last year, today they wouldn't be fighting for scraps. Of course, they can stop loss before it gets worse, and it WILL get worse. Never let the State intervene the economy...

beej

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I think both can exist quite well, debating on which is better and which is gonna replace
each other is somewhat straining. I think the best thing we have today is the options on
having both fiat and cryptocurrency. I mean it's so clear fiat is the majority party but that
doesn't mean bitcoin and other altcoins out there are bound to be left behind. They have
potential for growth, development and innovation.

darkangel11

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Fiat is making you poor but most people have to live with it and struggle all their lives. Earning in fiat is like trying to fill a transport truck with sand, but without any tools just your hands. You work and the truck gets filled bit by bit but very slowly and you lose some of the sand on your way to the truck. So you earn money and are able to buy things with it but in the process you lose a lot on inflation and taxation.

sovie

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Quote from: Murat on December 24, 2019, 12:33:21 AM

Fiat will be replaced by another currency, not sure that is Bitcoin or Cryptocurrency, I think no government will allow Bitcoin or any other created Cryptocurrency by the people which is uncontrollable, every government have a tendency to dominate and control over any currency, Every government has an agency which is Central Bank, So without approving by themselves, Bitcoin and Cryptocurrency will be in the mainstream ever, So I don't think that Bitcoin or any cryptocurrency will not replace of the Conventional Fiat very soon.

Surrendering to bitcoin will be the last thing any government will do. Crypto is no doubt a great innovation but it doesn't mean we should start saying that fiat is totally bad and will be replaced by bitcoin. Fiat is the one we have been using all our lives and I don't think there is any danger to fiat that is backed by governments.

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Quote from: makishart on December 23, 2019, 11:40:03 PM

I doubt it because government will feel threatened considering allowing two currency to coexist and one which is not in control and decentralized could potentially hurt their economy. the uncontrollable currency is a huge disadvantage for the government considering that they need control over everything to let things run as they were planned and crypto will become a hindrance.

But it could be possible to use both fiats and cryptocurrency hand in hand, there's no pure reason why we need to transition and to convert fiats to cryptocurrency completely, as long as we all find benefits to what currency we want, it is already a good thing for us. The advantage is, we have our freedom to choose between decentralized and centralized. Both offers an effective way to transact with people, both with practical purpose and both are needed to make our economy better.

Murat

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Fiat will be replaced by another currency, not sure that is Bitcoin or Cryptocurrency, I think no government will allow Bitcoin or any other created Cryptocurrency by the people which is uncontrollable, every government have a tendency to dominate and control over any currency, Every government has an agency which is Central Bank, So without approving by themselves, Bitcoin and Cryptocurrency will be in the mainstream ever, So I don't think that Bitcoin or any cryptocurrency will not replace of the Conventional Fiat very soon.

makishart

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Quote from: Cacingkemi on December 23, 2019, 07:55:45 PM

the government will not fully control cryptocurrency, but both in the future will co-exist, in other words, most governments in the future will be able to accept digital currencies to be used as alternatives for various transactions without having to eliminate the fiat function itself

I doubt it because government will feel threatened considering allowing two currency to coexist and one which is not in control and decentralized could potentially hurt their economy. the uncontrollable currency is a huge disadvantage for the government considering that they need control over everything to let things run as they were planned and crypto will become a hindrance.

CryptoBry

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Quote from: Kupid002 on December 06, 2019, 07:09:13 AM

Fiat will be replaced by crypto currency but i dont think it will be bitcoin. Government want to control everything and even fiat money , bitcoin cant control by the governement so they will create thier own and will use blockchain technology to make a new way of payment before fiat currency fall.

Yes, this is quite a possibility. We see right now that some governments are already planning to launch their own versions of a cryptocurrency although there are now some precedents like the failing Petro of Venezuela, yet we have not seen a big country taking cryptocurrency with full force, maybe what China is cooking can be the litmus test on the probability and viability of a state-sponsored and run cryptocurrency. Once China can be successful with its cryptocurrency we might be seeing other big governments like Russia, EU and even the USA taking notice. However, I also don't think that Bitcoin will die because of this as the opposite can even be happening.

Getmon

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Quote from: nydiacaskey01 on December 23, 2019, 08:36:57 PM

Quote from: Kupid002 on December 06, 2019, 07:09:13 AM

Fiat will be replaced by crypto currency but i dont think it will be bitcoin. Government want to control everything and even fiat money , bitcoin cant control by the governement so they will create thier own and will use blockchain technology to make a new way of payment before fiat currency fall.

How can cryptocurrency replace fiat if cryptocurrency is not fully controlled by the Government? I don’t think there will be a Government that will allow their current currency to be totally replaced by cryptocurrency.

The government's fiat could be totally replaced by cryptocurrency only if the cryptocurrency replacing it is of their own making and full control. Other than that, any other cryptocurrency will remain an alternative currency which will be allowed to be of use by the citizens depending on the decision of the powerful government.

Quote from: Yourhomeboy on December 06, 2019, 07:14:26 AM

Sure the government cannot control Cryptocurrency but the Government is likely to Crash too

Can you elaborate more on how the Government can crash? Maybe it depends on the power of their currency, if its US, they have a strong currency unlike other currency.

Some governments are crashing. The middle east, Latin America, and the African continent have examples. But there will always be another government that replaces the one which crashed.

Topic: If Bitcoin is a get rich quick scheme, then fiat is a get poor slow scheme - page 5. (Read 1518 times)