no fiat currency has ever survived.
it will die with or without bitcoin, because human nature is such that if someone has the capability to print money eventually they will, and they will hyperinflate it.
Topic: Is bitcoins ever going to get rid of fiat? (Read 1740 times)
When the time comes, everything's value, including fiat money, will be measured by bitcoin. People will talk about how much Satoshi a house worth, how much Satoshi a dinner cost etc... And Satoshi will be the universal scientific standard of value, just like meter and kilogram, it is mathematically complete 
What is the standard unit of value, this purely depends on the majority of people's consensus. When that consensus is reached among billions of people, then the standard is established. But other standard could also co-exist, just like foot and pound were also used widely
What is the standard unit of value, this purely depends on the majority of people's consensus. When that consensus is reached among billions of people, then the standard is established. But other standard could also co-exist, just like foot and pound were also used widely
Bitcoin is actually independent of fiat. It doesn't need fiat to survive nor it is reliant in any way to fiat or any currency for that matter. It is us, the user, who have been all these while trying to associate fiat to bitcoin as a means to gauge the value and performance of bitcoin. And definitely we do not need in any way to take over fiat. If you get what I'm trying to say over here.
True, we want it currently as we need to have a value for it to value it.
The smarter ones will get what I meant.
The users are the ones who give value to the coin itself. It is also the same thing for fiat, almost all of the people in the world agree that this papers do have a value that they can use to exchange for goods and services. Why not do the same for bitcoin? After all, 1BTC = 1BTC
Bitcoin is actually independent of fiat. It doesn't need fiat to survive nor it is reliant in any way to fiat or any currency for that matter. It is us, the user, who have been all these while trying to associate fiat to bitcoin as a means to gauge the value and performance of bitcoin. And definitely we do not need in any way to take over fiat. If you get what I'm trying to say over here.
True, we want it currently as we need to have a value for it to value it.
The smarter ones will get what I meant.
Bitcoin is actually independent of fiat. It doesn't need fiat to survive nor it is reliant in any way to fiat or any currency for that matter. It is us, the user, who have been all these while trying to associate fiat to bitcoin as a means to gauge the value and performance of bitcoin. And definitely we do not need in any way to take over fiat. If you get what I'm trying to say over here.
To be honest I'm a fiat hater. I would really like to see something like bitcoin, a new idea to take over the current IOU system. So what do you guys think about this, will bitcoins ever take over fiat currency? 
Probable if bitcoin is widely adopted by the masses all over the world. The current system also took time before it was widely used, and up to this day, it is very evident that it is still the most widely used system in the world. The hardest question that bitcoin could ever face is when will mass adoption happen. It is safe to say that we can go there, but there would be hardships and whatnot along the way, so we'll probably get there after ages. Still possible though.
Nothing will replace fiat. Current world economy is build on fiat currency.
If you still think this will happen then you should wake up and stop dreaming.
Bitcoin is good without replacing fiat, they can work together where needed. It's not a battle.
If you still think this will happen then you should wake up and stop dreaming.
Bitcoin is good without replacing fiat, they can work together where needed. It's not a battle.
Yeah, I also think that governments need some sort of power and means to help an economy to tackle recessions or alike. People always complain about the ECB for example, but they're effectively only trying to fix things.
Nothing will replace fiat. Current world economy is build on fiat currency.
If you still think this will happen then you should wake up and stop dreaming.
Bitcoin is good without replacing fiat, they can work together where needed. It's not a battle.
If you still think this will happen then you should wake up and stop dreaming.
Bitcoin is good without replacing fiat, they can work together where needed. It's not a battle.
I think that unless people recognize Bitcoins over a wider pace, we need FIAT to be there in order for everyone to be able to see there's a value for it currently. Later might there be stand a chance but will still need to have value, which is why it is known as the most volatile currency.
Replace FIAT??? Nah, don't think so. It will serve other purposes. There are always cases where Bitcoin can do things, FIAT can't do, may it just be representing money without any political power backing it.
There'll be plenty of closed loop BTC economies run by people who want them, but there'll always have to be some interaction with regular currencies. As long as governments pay and ask for tax in fiat then it's not going anywhere.
there is a chance, that crypto currency may take on fiat, so not only bitcoin itself, but the probability is against it of course, it will end up with both working side by side
Well we've still got gold, as well. I think that Bitcoin will find its niche - maybe 'just' as a store of value - alongsine fiat. It has other capabilities, they will complement one another!
there is a chance, that crypto currency may take on fiat, so not only bitcoin itself, but the probability is against it of course, it will end up with both working side by side
I don't think that Bitcoin will make FIAT obsolete. Countries will, in the foreseeable future, still need to have ways of influencing the economy and step in in times of recession. Deflation isn't a good thing, either...
It surely has the possibility but I very much doubt it. Fiat will likely always exist in some form, but bitcoins can exist equally alongside it. Bitcoin could also truly be the first world currency and it is attractive to people in that respect alone.
I don't think so because in my opinion fiat dictates the value of bitcoin, without fiat bitcoin has no worth.
That's a ridiculous argument and totally not true. Bitcoin would take on its own wealth and value if fiat goes. We may even peg fiat to bitcoin and not the over way round.
To be honest I'm a fiat hater. I would really like to see something like bitcoin, a new idea to take over the current IOU system. So what do you guys think about this, will bitcoins ever take over fiat currency?
I don't think so because in my opinion fiat dictates the value of bitcoin, without fiat bitcoin has no worth.
That's a ridiculous argument and totally not true. Bitcoin would take on its own wealth and value if fiat goes. We may even peg fiat to bitcoin and not the over way round.
To be honest I'm a fiat hater. I would really like to see something like bitcoin, a new idea to take over the current IOU system. So what do you guys think about this, will bitcoins ever take over fiat currency?
In short no, I think the next set of currencies (after the current fiat ones fail) will be backed by a basket of commodities, such as gold, silver, oil, copper etc.Bitcoin isn't really made to be used by everyone for everything in the entire world, it is a trading currency, or will be when it develops. Local currencies should also continue to exist too, whether they are crypto or now, I don't know.
It will NEVER happen. It could happen, but the chances are slim due to how complex the security over the currency will have to be. You can't let anyone try to duplicate this process and create their own money.
If it does happen and you thought the NSA was bad, you would see how bad it would truly get.
If it does happen and you thought the NSA was bad, you would see how bad it would truly get.
I doubt that it will ever happen. The current financial system we have in place is too large and widespread for that to happen.
It would be impossibly complicated to switch everything over to bitcoin.
It would be impossibly complicated to switch everything over to bitcoin.
wish it, but can't
I doubt it will ever happen. For the first reason, never ever will we have people who will all be able to have a mobile phone or other tech that they will be able to carry around. So they will stil be using fiat almost forever.
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