If bitcoin price is $10.000, will fiat be worthless? - page 14.

Fatanut

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Quote from: deisik on June 11, 2017, 11:38:42 PM

....make Bitcoin great (again)....

Such a subtle joke that made me laugh more than I should. Grin

Quote from: Janation on June 11, 2017, 11:48:01 PM

Quote from: malami on June 11, 2017, 04:37:06 PM

Well bitcoin could already hit that price this year but I don't see fiat going anywhere in the short term. In 20 years though who knows, but there would need to be some form of offline payment to replace it too.

There is no way that bitcoin will ever replace fiats or even make them worthless, even in 20 years, this is impossible, the price of bitcoin may rise more than $10000, but it will never replace fiat. And yeah, if fiat will be replaced by another coin, what will it be? There's nothing that can replace money physically.

I guess if fiat is to replaced by something that has a physical form, it would be gold. Back then, people are already using gold and up to date, gold still has actual value. If people knows that fiat money is just paper, then they would start investing all of their fiat money to stocks, precious stones, minerals, etc. Basically things that actually have value and are a good store of value. Unfortunately, people aren't just going to be informed that fiat isn't backed by gold or anything anymore so you're right, fiat is irreplaceable. But, who knows? Grin

Bitcoin might have some spike in its adoption at some point.

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Quote from: Janation on June 11, 2017, 11:48:01 PM

Quote from: malami on June 11, 2017, 04:37:06 PM

Well bitcoin could already hit that price this year but I don't see fiat going anywhere in the short term. In 20 years though who knows, but there would need to be some form of offline payment to replace it too.

There is no way that bitcoin will ever replace fiats or even make them worthless, even in 20 years, this is impossible, the price of bitcoin may rise more than $10000, but it will never replace fiat. And yeah, if fiat will be replaced by another coin, what will it be? There's nothing that can replace money physically.

We can always project and there is not exact limit on how the price will be, it will always depend on the progress of bitcoin, if it continues
the trend then you can expect you can see that price in a short period of time from now, even less than 10 years it's possible.

Janation

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Quote from: malami on June 11, 2017, 04:37:06 PM

Well bitcoin could already hit that price this year but I don't see fiat going anywhere in the short term. In 20 years though who knows, but there would need to be some form of offline payment to replace it too.

There is no way that bitcoin will ever replace fiats or even make them worthless, even in 20 years, this is impossible, the price of bitcoin may rise more than $10000, but it will never replace fiat. And yeah, if fiat will be replaced by another coin, what will it be? There's nothing that can replace money physically.

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Quote from: AdolfinWolf on June 11, 2017, 02:46:32 PM

Quote from: Kray on June 09, 2017, 07:39:51 AM

Quote from: Celsiuss on June 07, 2017, 01:16:57 AM

I don't anything will ever replace fiat ever. Bitcoin is an alternative to currency. Even if Bitcoin becomes normal to use day to day, I still think fiat will still be the main currency in any country.

Yeah sure, because goverment can control fiat. Even bitcoin price is $50.000 it wont replace fiat, sometime we need to think with many traditional people which use fiat, they wont leave fiat

If bitcoin would get that big, governments will just ban bitcoin if it is getting too much influence

That's unlikely to happen

I refer to both Bitcoin going big and governments banning it, though these are not independent events. It is enough for Bitcoin to remain small, and governments wouldn't have to ban it. I likely know what you are going to say, i.e. that Bitcoin price is going to hit 10,000 dollars per coin soon (and then only sky is the limit), and I will as likely agree with you. But can just price alone make Bitcoin great (again)? I guess no, Bitcoin needs real adoption, and genuine adoption means creating an economy based entirely on Bitcoin, while merchants accepting it and then selling for fiat are nowhere near that. That's the idea behind going big

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Quote from: jameshowlett on June 06, 2017, 06:54:11 AM

Quote from: Afnan_faizah on June 06, 2017, 02:40:53 AM

Quote from: kurniawaN on June 05, 2017, 10:01:07 AM

I do not believe fiat can ever be replaced as the government exist.
The government could ban bitcoin so the value of bitcoin could drop to non existent to one's country

I am Sorry but I dissagree with you, there is fiat of some country that being worthless then the people try to buy bitcoin to safe their wealth. I think there is still a chance for bitcoin to replace fiat.

Haha. You need to know that Governments will try their best to stop this from happening. No government wants their people to use other currency except their national currency. Therefore, there is no chance for bitcoin to replace fiat unless the governments collapse

You need to know that what you're saying is false.
For example Ecuador. They are not using their own currency they are using the usd.
And there are a lot more. And a lot more who have pegged the value to either the usd or the euro.

Quote from: peter23 on June 11, 2017, 03:00:05 PM

Ofcourse not fiat will be here in the world except bitcoin just release its own hard money i mean real money in the real life not just in internet bitcoin can do so but if the bitcoin stays in the internet theres no way that bitcoin can replace or remove fiat money in this world.

I'm having trouble picturing or understanding what you're saying here.
Bitcoin releasing it's own money?

What the hell are you thinking.
Go back to the beginner lounge and stay there for a few months and study.

malami

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Well bitcoin could already hit that price this year but I don't see fiat going anywhere in the short term. In 20 years though who knows, but there would need to be some form of offline payment to replace it too.

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Quote from: peter23 on June 11, 2017, 03:00:05 PM

Ofcourse not fiat will be here in the world except bitcoin just release its own hard money i mean real money in the real life not just in internet bitcoin can do so but if the bitcoin stays in the internet theres no way that bitcoin can replace or remove fiat money in this world.

We see today that besides Bitcoin they are starting to create other crypto-currencies. Some countries also go the same way to create something of their own from decentralized currencies. But nevertheless, the Fiat continue to live and will only be the only natural currency for daily use.

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Ofcourse not fiat will be here in the world except bitcoin just release its own hard money i mean real money in the real life not just in internet bitcoin can do so but if the bitcoin stays in the internet theres no way that bitcoin can replace or remove fiat money in this world.

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Quote from: Kray on June 09, 2017, 07:39:51 AM

Quote from: Celsiuss on June 07, 2017, 01:16:57 AM

I don't anything will ever replace fiat ever. Bitcoin is an alternative to currency. Even if Bitcoin becomes normal to use day to day, I still think fiat will still be the main currency in any country.

Yeah sure, because goverment can control fiat. Even bitcoin price is $50.000 it wont replace fiat, sometime we need to think with many traditional people which use fiat, they wont leave fiat

If bitcoin would get that big, governments will just ban bitcoin if it is getting too much influence.

Fiat is already worthless. It is just a number, or a piece of paper. The value is artificial unlike bitcoin, however because of the government it will never useless.

These are two very different things.

Also, look at what happens when you have an unstable government like venezuela. Bitcoin has almost replaced fiat there. So yes, it is very possible with third world countries.

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Quote from: tabas on June 09, 2017, 10:29:43 AM

Quote from: kurniawaN on June 05, 2017, 10:01:07 AM

I do not believe fiat can ever be replaced as the government exist.
The government could ban bitcoin so the value of bitcoin could drop to non existent to one's country

Government will always be there so there's no way for bitcoin to make the fiat worthless. But who doesn't like when the price of bitcoin starts to reach at $10k? No matter what will be the price of bitcoin, decentralize is decentralize and government will not advice people to depend on crypto currency, there will always be fiat.

I think it is all relative. When the bitcoin price break $10,000. It will soon be $100,000.

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Quote from: kurniawaN on June 05, 2017, 10:01:07 AM

I do not believe fiat can ever be replaced as the government exist.
The government could ban bitcoin so the value of bitcoin could drop to non existent to one's country

Government will always be there so there's no way for bitcoin to make the fiat worthless. But who doesn't like when the price of bitcoin starts to reach at $10k? No matter what will be the price of bitcoin, decentralize is decentralize and government will not advice people to depend on crypto currency, there will always be fiat.

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Quote from: Kray on June 09, 2017, 07:39:51 AM

Quote from: Celsiuss on June 07, 2017, 01:16:57 AM

I don't anything will ever replace fiat ever. Bitcoin is an alternative to currency. Even if Bitcoin becomes normal to use day to day, I still think fiat will still be the main currency in any country.

Yeah sure, because goverment can control fiat. Even bitcoin price is $50.000 it wont replace fiat, sometime we need to think with many traditional people which use fiat, they wont leave fiat

Traditional or some special snowflake type of person, both would leave fiat in a heartbeat once they realized how much their money have inflated and how can they prevent it by using bitcoins. Bitcoin only has to go mainstream for people to find out about it. Bitcoin price at $10K is still far from that. The price of bitcoin would blow up even more when bitcoin goes mainstream. Although $10K is already a huge improvement. In your example, you used $50K and that's already a good price to say that bitcoin has finally made it and it has become mainstream.

I see on Youtube that cryptocurrency has finally an advertisement. Little by little, we are increasing in numbers and people are actually finally funding advertisements for us towards mass adoption.

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Quote from: Celsiuss on June 07, 2017, 01:16:57 AM

I don't anything will ever replace fiat ever. Bitcoin is an alternative to currency. Even if Bitcoin becomes normal to use day to day, I still think fiat will still be the main currency in any country.

Yeah sure, because goverment can control fiat. Even bitcoin price is $50.000 it wont replace fiat, sometime we need to think with many traditional people which use fiat, they wont leave fiat

Celsiuss

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I don't anything will ever replace fiat ever. Bitcoin is an alternative to currency. Even if Bitcoin becomes normal to use day to day, I still think fiat will still be the main currency in any country.

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Quote from: kurniawaN on June 05, 2017, 10:01:07 AM

I do not believe fiat can ever be replaced as the government exist.
The government could ban bitcoin so the value of bitcoin could drop to non existent to one's country

How can any government ban bitcoin,if they can they could ban any exchanges running from any particular country other than that it is impossible for any government to cap these things,but another hurdle is that you need fiat currency to invest in bitcoin,so it is a complicated issue and people will find ways to invest in it and fiat and bitcoin will co exists.

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Quote from: Afnan_faizah on June 06, 2017, 02:40:53 AM

Quote from: kurniawaN on June 05, 2017, 10:01:07 AM

I do not believe fiat can ever be replaced as the government exist.
The government could ban bitcoin so the value of bitcoin could drop to non existent to one's country

I am Sorry but I dissagree with you, there is fiat of some country that being worthless then the people try to buy bitcoin to safe their wealth. I think there is still a chance for bitcoin to replace fiat.

Haha. You need to know that Governments will try their best to stop this from happening. No government wants their people to use other currency except their national currency. Therefore, there is no chance for bitcoin to replace fiat unless the governments collapse

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Quote from: kurniawaN on June 05, 2017, 10:01:07 AM

I do not believe fiat can ever be replaced as the government exist.
The government could ban bitcoin so the value of bitcoin could drop to non existent to one's country

I am Sorry but I dissagree with you, there is fiat of some country that being worthless then the people try to buy bitcoin to safe their wealth. I think there is still a chance for bitcoin to replace fiat.

Janation

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Quote from: kurniawaN on June 05, 2017, 10:01:07 AM

I do not believe fiat can ever be replaced as the government exist.
The government could ban bitcoin so the value of bitcoin could drop to non existent to one's country

That is right, bitcoin will never be replacing fiats, even at the price of $10,000. We all know that government will never make bitcoin their own currency because I think they would rather make their own digital currency than make bitcoin their currency. And I think even the government ban bitcoin, they will still use bitcoin, no one will never know that.

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Quote from: stompix on June 05, 2017, 07:46:51 AM

Quote from: JL421 on June 01, 2017, 06:45:34 PM

Quote from: ecnalubma on May 28, 2017, 12:57:11 PM

Fiat will still have worth but inflation hike is still unstoppable, leterally the government will create and print higher notes just to continue the flow of the monetary system.

No matter what happens , if there is a crypto which has unlimited supply , which is secure like fiat , works offline and legit has all the features of price no government is going to replace it with their currency as crypto means price can fluctuate a bit and government would surely not want to lose the control of controlling it's currency

Really? No matter what happens?
Why do you have also the impression the value of a crypto can't be controlled?
It can be done so easily that would put the usual poloniex dpump and dumpers to shame.

Also, even government controlled currencies fluctuate. not like btc right now but they do swing.
Check the pound for instance

And what does crypto have to do with government issued currencies?

Governments have power over fiat simply because they happen to print this fiat, and they can print as much as required (if it ever comes to that at all). This is outragingly not so in respect to cryptocurrencies. Basically, to control any cryptocoin, a government would either have to stick to severe administrative measures (like bans, penalties, and similar things) without a guaranteed result or blankly buy up that coin in massive amounts, with no more conclusive result either

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Quote from: Yutikas_11920 on June 05, 2017, 08:20:47 AM

Quote from: radamiel on May 30, 2017, 10:03:23 PM

That will never happen fiat will dependably demonstrate its nearness even in future and till the time Government will have their control on a nation fiat will dependably exist as Government will never enable any computerized money to supplant their national cash.

Precisely, bitcoin definitely will not give effect on the use of money in the system of Government, because if that happens the system definitely exist in the Government will be crushed. For if bitcoin is used as financial fundamentals of a country, most likely a growing number of officials committing corruption and it will surely give a negative impact to the economic survival of the country. And also those who use bitcoin is very difficult to know in simple terms.

I Totally agree, Bitcoin is independent of governmental influenced fiats and so I doubt if it skyrocket to great values it will have any direct influence on the normal fiat currencies besides even in our he fiat world there are currencies that are miles away from others but the team they are being used and not rendered worthless.

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