is bitcoin can be a fiat money? - page 2.

nevi111

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Quote from: bapparabi on July 21, 2016, 01:11:46 PM

Bitcoin can never be fiat no matter how popular bitcoin becomes there will always be a diiference between fiat currency and bitcoins.
Bitcoin was created to challenge and to be better than fiat then why would it want to become fiat currency

Yes totally right.Bitcoin was not created to become a fiat money in the future its made as a rival of fiat money.
It has advantages which fiat doent have and it is a digital currency so never can become fiat.

pvaspecialist

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Quote from: Omegasun on July 21, 2016, 01:42:59 AM

i think bitcoin has a potential to become a fiat money. because a lot of news regarding bitcoin is government will support the bitcoin. and as per description of fiat money. once it legalized by government, theres a possibility to be a fiat money. i cant wait to see using bitcoin coins to buy some goods in stores and market. and also a physical bank of bitcoins that we can withdraw and deposit.

heres the link of btc news according to coindesk: http://www.coindesk.com/presidential-candidate-hillary-clinton-pledges-support-blockchain-tech/

Bitcoin will never become a fiat money and it never has been.If bitcoin become fiat all control going over by a government.I think bitcoin need to be stable like fiat more volatility not good for bitcoin.

shinratensei_

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Quote from: abugseuf on July 21, 2016, 04:11:41 PM

Quote from: GreenBits on July 21, 2016, 01:49:31 PM

You need a government, or at least a corporate entity acting as a government, in order to issue fiat. Bitcoin is a currency, but it is not fiat.

yes every one know that bitcoin is not a fiat currency and it is a crypto currency. but i think in future people will use it as a fiat currency. they will do buying and selling just like as they are dong shopping in their local currency.

in your assuming just about the future, just having a half chance to happened. I not sure about that because in fact the values of bitcoin are stand by fiat currency. bitcoin will always become assistance currency in my opinions.

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Quote from: abugseuf on July 21, 2016, 04:11:41 PM

yes every one know that bitcoin is not a fiat currency and it is a crypto currency. but i think in future people will use it as a fiat currency. they will do buying and selling just like as they are dong shopping in their local currency.

Yeah I agree with you if bitcoin can be regarded as a fiat, but bitcoin itself can not become fiat. Because as I mentioned above if bitcoin became fiat. Then there will be laws and regulations that organize a bitcoin, and we know that it was owned by the government. While we know bitcoin decentralized in other words there is no government interference. I think this time only bitcoin has been used to purchase items such as we buy goods with fiat

abugseuf

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Quote from: GreenBits on July 21, 2016, 01:49:31 PM

You need a government, or at least a corporate entity acting as a government, in order to issue fiat. Bitcoin is a currency, but it is not fiat.

yes every one know that bitcoin is not a fiat currency and it is a crypto currency. but i think in future people will use it as a fiat currency. they will do buying and selling just like as they are dong shopping in their local currency.

GreenBits

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You need a government, or at least a corporate entity acting as a government, in order to issue fiat. Bitcoin is a currency, but it is not fiat.

bapparabi

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Bitcoin can never be fiat no matter how popular bitcoin becomes there will always be a diiference between fiat currency and bitcoins.
Bitcoin was created to challenge and to be better than fiat then why would it want to become fiat currency

Digitalbitcoin

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No there are are certain limitations to make announcement as Bitcoin as a fiat money.

There are many reasons
1) Every country has build strong economy with their own fiat currency, all good as already valued independently.
2) Bitcoin can be accessible with protocol so it need connectivity
3) At certain level bitcoin is good for business purpose but not as fit currency

RoommateAgreement

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Bazinga!

Quote from: dezoel on July 21, 2016, 10:26:55 AM

Quote from: thejaytiesto on July 21, 2016, 10:21:57 AM

I don't think so, we are going to be seeing governments opposing to bitcoin because they cannot control it. So it's either they oppose it or they stay totally neutral to it. But they will not give up to the control of the currency, and they cannot do this with bitcoin.

Yeah bitcoin can never be a fiat money and it can never replace it too, as each and every country have their own currency and they will only support it .

i think OP doesn't know what fiat means and he is using fiat money wrong. and since he posted the link to that US presidential candidate news i think he means becoming more used like fiat.
and in that case i agree with it because bitcoin will grow more and become more popular but government will not support bitcoin ever so it can not replace fiat completely.

serjent05

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Fiat money -
Fiat money is currency that a government has declared to be legal tender, but is not backed by a physical commodity. The value of fiat money is derived from the relationship between supply and demand rather than the value of the material that the money is made of.

From the definition, there is a possibility if and only if the government declared Bitcoin to be a legal tender. Bitcoin value has been derived from the relationship between supply and demand it's just the only missing stuff is being declared by the government as legal money.

stromma44

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I don't think that bitcoin can ever gain physical form like fiat as Government will never allow it.

And even there are man people who are not aware about bitcoin yet.

MingLee

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Bitcoin cannot be a fiat partially because it currently isn't fiat for one, and if it was fiat the value would be destroyed because there would be far, far more than just the original 21m Bitcoins that exist and no-one would want to hold Bitcoin anymore. The limited supply is a very big part of the value of Bitcoin, and thus it all matters much more than you'd think.

Superways

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Fiat mean paper money and as bitcoin is invented for the use of internet and other digital system etc, so it will be a virtual currency, I hope that government will accept it as to use for their state affairs but still it will be called as virtual currency.

dezoel

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Quote from: thejaytiesto on July 21, 2016, 10:21:57 AM

I don't think so, we are going to be seeing governments opposing to bitcoin because they cannot control it. So it's either they oppose it or they stay totally neutral to it. But they will not give up to the control of the currency, and they cannot do this with bitcoin.

Yeah bitcoin can never be a fiat money and it can never replace it too, as each and every country have their own currency and they will only support it .

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Quote from: PsursV on July 21, 2016, 10:20:35 AM

I think yes and there is no doubt about this. I think we will be able in future to you bitcoin as a fiat currency. but for this we need a continuous struggle to make it a fiat currency having same value in all over the world.

So what government created bitcoin? That is what fiat currency is. IT CAN NOT BE FIAT for the same reason it can not be a camel. it does not meet the definition of either.

thejaytiesto

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I don't think so, we are going to be seeing governments opposing to bitcoin because they cannot control it. So it's either they oppose it or they stay totally neutral to it. But they will not give up to the control of the currency, and they cannot do this with bitcoin.

PsursV

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I think yes and there is no doubt about this. I think we will be able in future to you bitcoin as a fiat currency. but for this we need a continuous struggle to make it a fiat currency having same value in all over the world.

RodeoX

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The revolution will be monetized!

No.
Look at the definition of fiat for why:

Quote from: wikipedia

Fiat money is a currency established as money by government regulation or law.

https://en.wikipedia.org/wiki/Fiat_money

ABCbits

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Quote from: Omegasun on July 21, 2016, 01:42:59 AM

i think bitcoin has a potential to become a fiat money. because a lot of news regarding bitcoin is government will support the bitcoin. and as per description of fiat money. once it legalized by government, theres a possibility to be a fiat money. i cant wait to see using bitcoin coins to buy some goods in stores and market. and also a physical bank of bitcoins that we can withdraw and deposit.

heres the link of btc news according to coindesk: http://www.coindesk.com/presidential-candidate-hillary-clinton-pledges-support-blockchain-tech/

Even government support/legalize/accept bitcoin, bitcoin is still cryptocurrency but government will try to make bitcoin users isn't anonymous.
Also, we can use bitcoin to buy goods in stores and market even without government interfere/help at all & bitcoin bank idea is pretty stupid because there's no reason to use bitcoin if you still need bank.

Oh, don't forget than blockchain and bitcoin are 2 different things. If government support/adopt blockchain usage, it doesn't mean that government will also accept/legalize bitcoin as well. Maybe they only use blockchain technology for banking.

JeffBrad12

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Quote from: Omegasun on July 21, 2016, 01:42:59 AM

i think bitcoin has a potential to become a fiat money. because a lot of news regarding bitcoin is government will support the bitcoin. and as per description of fiat money. once it legalized by government, theres a possibility to be a fiat money. i cant wait to see using bitcoin coins to buy some goods in stores and market. and also a physical bank of bitcoins that we can withdraw and deposit.

heres the link of btc news according to coindesk: http://www.coindesk.com/presidential-candidate-hillary-clinton-pledges-support-blockchain-tech/

But in my minds your topic it's not sync with your source. looking for the Hilary Clinton's statement.

"We must position American innovators to lead the world in the next generation of technology revolutions – from autonomous vehicles to machine learning to public service blockchain applications – and we must defend universal access to the global, digital marketplace of ideas."

It's just about the technology of blockchain will be applied to the public sector. Shocked

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