Topic: lets imagine world without fiat currency - page 2. (Read 2210 times)
Your words are not beyond the reach of reason to suggest. Fiat currencies rule. When we talk about price of any crypto we talk about fiat (about dollars). All exchanges shows price like that BTC or alt costs "X" dollars and buy crypto by selling dollars. If we won't have dollars how can we understand the price of crypto? Crypto is inseparably associated with fiat. Think they can't be divided.
If this thing was happened i dont know what about lower level of society such as tribes or rural people they can't use currencies and they could'nt be easy to access in currencies but as i know cryptocurrencies is only alternative way for paying or banking.
I can't imagine it as I know it will not happen.
Fiat = government, you can't take that out from the equation as that is the norms of the world.
Bitcoin was invented not to replace fiat, but to be considered as an alternative, it's just that people are more investing on bitcoin than using it as a payment system that's why we thought it will replace or disrupt the current norms, I'm telling you, it's not gonna happen.
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But if bitcoin was used in all of the transactions, then probably it will become the same as fiat, its volatility will not exist and it will just have a stable value.
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Speaking of value when we comparing Bitcoin and fiat now, I don't think so that the value of Bitcoin will be the same as fiat. Because I believe, fiat is centralized, the government can decide anytime if they want to print for money. But in Bitcoin? They are totally different, that's why as time goes by, Bitcoin is becoming more asset than using it for payment just like our fiat now. But if bitcoin was used in all of the transactions, then probably it will become the same as fiat, its volatility will not exist and it will just have a stable value.
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I think BTC will probably not invented because the main reason why BTC have value I think is thay because of the fiat value currency. Bitcoin is just a strand of fiat but in digital mode and it is very independent because it is volatile, unstable and not regulated by anyone. Based on my understanding. And I believe that if the world doesn't have any fiat, there is no progress and some big income for everyone. Goverment are controlling the fiat production and the economy is the one who controlling its value. This fiat money is one of the most important aspect in life in all over the world and because as I see, many people are making fiat as their daily needs.
(....)
But if bitcoin was used in all of the transactions, then probably it will become the same as fiat, its volatility will not exist and it will just have a stable value.
(....)
Speaking of value when we comparing Bitcoin and fiat now, I don't think so that the value of Bitcoin will be the same as fiat. Because I believe, fiat is centralized, the government can decide anytime if they want to print for money. But in Bitcoin? They are totally different, that's why as time goes by, Bitcoin is becoming more asset than using it for payment just like our fiat now. But if bitcoin was used in all of the transactions, then probably it will become the same as fiat, its volatility will not exist and it will just have a stable value.
(....)
If this thing was happened i dont know what about lower level of society such as tribes or rural people they can't use currencies and they could'nt be easy to access in currencies but as i know cryptocurrencies is only alternative way for paying or banking.
The people who have access to fiat currency now rule the world so I don't think that will be an issue if is to bitcoin because in the world that we are in if you have access to anything you in charge. If the world started without fiat currency by now I think there would have been a way around the volatility issues and all
As much as we enjoy bitcoin, going cashless is going to come with lots of difficulty. Starting from network, not everyone might be technologically inclined or have needed gadget and more of things like that. Fiat really helps. Not having fiat would be more like going to out savage ways of existence. In Africa where I'm from, we were taught of the trade-by-barter system of exchange, where you exchange a commodity for a more pressing commodity like palm oil for yam and stuffs like that.
Yeah, cryptos would be in existence but, in terms where gadgets or network becomes a challenge, then what?
I thought more and more people already moving to the use of digital wallets and digitalized fiat. Apple pay, google pay, venmo those are all commonly used among people nowadays and if there happens an integration of those digital wallets with certain cryptocurrency it will definitely make everything easier. Maybe not in remote place where internet still not covering but switching to digital currency won't be as difficult as you pictured. Yeah, cryptos would be in existence but, in terms where gadgets or network becomes a challenge, then what?
Bitcoin is a fiat currency, to the extent that it’s a currency at all. It has no natural value. The advantage of Bitcoin is preposterous. If the economy went to Bitcoin, it would grind to a halt in a matter of hours as people waited for transactions to clear. Bitcoin has the ability to clear only a tiny fraction of the number of transactions per hour. Imagine you’re in line at the grocery paying with Bitcoin. It takes roughly a half hour to settle a Bitcoin transaction. Compare that to handing over cash or swiping your debit card.
Direct payments with Bitcoin is OK as far as you are purchasing items from online stores. These online shops have no issues in waiting for 20-30 minutes to get a confirmation. However, that is not the case if you are paying with Bitcoin in normal offline shops. Waiting for that much time will be very much impractical. In such cases, a payment processor such as BitPay can be used.
BTC is a fiat currency, to the extent that it’s a currency at all. It has no natural value. The advantage of Bitcoin is preposterous. If the economy moves to Bitcoin, it would grind to a halt in a matter of hours as people waited for transactions to clear. Bitcoin can clear only a tiny fraction of the number of transactions per hour. Imagine you’re in line at the grocery paying with Bitcoin. It takes roughly a half-hour to settle a Bitcoin transaction. Compared that to handing over cash or swiping your bank cards.
It is really hard to imagine given that not all of us had a chance to use computers or mobile phones to access bitcoins plus internet connection as a barrier also. Not all can adapt to using bitcoins when ever a transaction will be made regardless of value most especially on lower social status and those on impoverished areas. For this to happen for almost all of us we need to be taught on how to access bitcoins and provide a medium for it to work.
now lets imagine world without fiat currency.
lets say we use bitcoins.
so milk price how many btc? fuel price? rent ? and how the prices will calculated?
and if there is only limited supply of bitcoins.....then those who who have bitcoins merely will rule over others?
so your skills or value in society dont count only matters who go the most of the bitcoins?
bitcoin halving by the time so less and less btc will be in circleation....so how the world will remain sustaineble then ?
okay if bitcoin is not good to be currency then ethereum ?? well ethereum is centralised as i know ?
stable currenies?? well i dont see point of them they are just the 1:1 of the same fiat currrencies.
so where does the theory come from then we go all in cryptocurrency and fiat currency will disapere?
well this is not possible bitcoin without fiat can not serve all the peoples currecny needs !!
right now we dont have clear answere so fiat currency still rules. how we are going to control the money supply how big quantity of currency is in circelation?
if bitcoin is the future of money without fiat then everybody will have the guns and shoot each other:D just to get other bitcoins becouse btc has limited supply lol
so i want to know if fiat currency will disapere then how the new currency will be issued? and how it will be backed?
and please dont comment something nonsense
lets try to gather here only smart comments as this topic is important topic to know.
Printing of fiat must also be limited by each country, because if it is printed continuously in large numbers, won't that cause inflation? why is fiat so effective than bitcoin? because every country has their own currency, while you force bitcoin to become the currency of all countries in the world? you're kidding lets say we use bitcoins.
so milk price how many btc? fuel price? rent ? and how the prices will calculated?
and if there is only limited supply of bitcoins.....then those who who have bitcoins merely will rule over others?
so your skills or value in society dont count only matters who go the most of the bitcoins?
bitcoin halving by the time so less and less btc will be in circleation....so how the world will remain sustaineble then ?
okay if bitcoin is not good to be currency then ethereum ?? well ethereum is centralised as i know ?
stable currenies?? well i dont see point of them they are just the 1:1 of the same fiat currrencies.
so where does the theory come from then we go all in cryptocurrency and fiat currency will disapere?
well this is not possible bitcoin without fiat can not serve all the peoples currecny needs !!
right now we dont have clear answere so fiat currency still rules. how we are going to control the money supply how big quantity of currency is in circelation?
if bitcoin is the future of money without fiat then everybody will have the guns and shoot each other:D just to get other bitcoins becouse btc has limited supply lol
so i want to know if fiat currency will disapere then how the new currency will be issued? and how it will be backed? and please dont comment something nonsense
lets try to gather here only smart comments as this topic is important topic to know.crypto could be a substitute for fiat, if each country had its own coin. let's say the altcoin market is currently a lot of new coins and tokens, each country legalizes 1 token / coin for their legal transactions and is centered on 1 bitcoin as a price exchange (not that bitcoin is used by all countries) only as a reference for the market and price.
if at this time all people on earth do not use fiat currency then we will have difficulty in buying and selling goods and services transactions. everyone will find it difficult to determine the price of goods to be sold in the form of BTC, and if we are buying and selling with BTC then we will wait for the delivery process which is rather long.
I think I had answered this one already and being burried deep already.
Anyway, the world without fiat in my opinion is a chaos. The world now is organized due to a system like fiat currency. It may not be perfect but at least it works. However, it creates division among others like the rich and less fortunate people. This becomes the unlikely result of the system. The communist had tried to avoid this one but even in the communist country there are still caste system where rich people are on top and some that are poor considered as slaves.
Anyway, the world without fiat in my opinion is a chaos. The world now is organized due to a system like fiat currency. It may not be perfect but at least it works. However, it creates division among others like the rich and less fortunate people. This becomes the unlikely result of the system. The communist had tried to avoid this one but even in the communist country there are still caste system where rich people are on top and some that are poor considered as slaves.
previously, fiat currency is popular when Bitcoin wasn't familiarized with people, Right now it is equally useful to convert to any transaction anytime. I think almost all countries using this except in areas where gold is more priority, although fiat is very risky from where it is used for the short term. as long as you have more, instantly, through these sources, you can buy Bitcoin for trading, and it is valuable towards the good profit within this year.
But the fact that Bitcoin is not ready to be used by the government will make it impossible for a world without a fiat currency. We all know that most of the infrastructures and projects are made because of the taxes from the people, and without fiat, it is really hard to regulate the economy of the country, right now, a lot of government are making own way to still adopt cryptocurrency while their fiat is still strong and worthy. Anytime soon, countries might transition to cryptocurrency but still, it will be classified as fiat as it will be regulated. I think that is much better since it will provide transparency for every transaction as well as improve the speed and efficiency it.
Why You are worry about government Control?
I worried about the government control cause it does more harm to the people/economy than providing solution and this is the impression Satoshi had when he created Bitcoin cause what we need is a true democracy system.Just think how to save Yourself don't Think about slaves save yoursit's now it's your time to do so.
Thinking about saving myself will only make a bad person or make their accomplice cause this is what some government officials that knew the right does when they are in the office and later support decentralization after they leave the office.With that been said, if I save myself about the future of cryptocurrency doesn't it worth saving?
For essential supplies, Bitcoin can still be used to pay for the products and services. The good thing about Bitcoin is that you don't really need to buy or own 1 or more bitcoins in order to take advantage of the benefits it offers. People easily get carried away from they hear the price of bitcoin forgetting you can get started already with smaller quantities. Once that mindset is removed, we can start pegging the price of these commodities to denominations in BTC. No matter how high Bitcoin's price get, it would still be possible to get small denominations.
You're actually very correct. The price of 1btc is what makes many of us believe buying and selling of goods and services with bitcoin cannot be possible. But it is only funny that we choose not to remember that the unit of bitcoin is 'Satoshi' and there is even 1 Satoshi. This means that one can buy anything with bitcoin as long as it is possible to convert its equivalence in fiat to bitcoin. That's very simple. No matter the price of bitcoin, if a bottle of milk costs $10, what is needed is to find the equivalent of $10 in bitcoin.
It'll as it were happen if the individuals in several social orders will take the modern alter and adjust by and by, I can't still envision that all of the individuals will switch to advanced monetary standards and forsake the fiat cash since it is still impossible in this current circumstance. Fiat cash have critical part in numerous economies so for beyond any doubt that the government will make a way wherein individuals will patronize the fiat cash that computerized monetary standards. According to me only few percent of individuals in my nation that are mindful on computerized monetary standards.
A world without fiat currency is possible because before the existence of fiat currency the executed their daily activities through the use of precious metal and trade by barter but if we are talking about the world where crypto replace fiat then i dont see happen now.
1) Alot of facilities still need to be put in place especially in the rural area.
2) Crypto was created as an alternative currency while fiat currency is see as a national symbol of every countries.
I couldn't imagine how the world would be without fiat currency because the economic of a country wouldn't worked without it. 1) Alot of facilities still need to be put in place especially in the rural area.
2) Crypto was created as an alternative currency while fiat currency is see as a national symbol of every countries.
it will upset the public authority. It is better to have both Crypto and fiat.
Aside, from something that will upset the public authorities we both fiat and crypto.Fiat currency serve as one of the identity of the nation and also the way people could buy their needs.
The digital currency which each country will create will also have national identity and this is the reason why global currency may not work.Which i guess if it weren't on the picture life wouldn't be easy to exchange services and goods.
Yes and that's because the current crypto payment system needs to be upgraded to the level that it will be easy to make a physical transaction which why i said a lot of things still need to be put in place before we can achieve a world without fiat currency.A world without fiat currency is possible because before the existence of fiat currency the executed their daily activities through the use of precious metal and trade by barter but if we are talking about the world where crypto replace fiat then i dont see happen now.
1) Alot of facilities still need to be put in place especially in the rural area.
2) Crypto was created as an alternative currency while fiat currency is see as a national symbol of every countries.
1) Alot of facilities still need to be put in place especially in the rural area.
2) Crypto was created as an alternative currency while fiat currency is see as a national symbol of every countries.
it will upset the public authority. It is better to have both Crypto and fiat.
Aside, from something that will upset the public authorities we both fiat and crypto.I couldn't imagine how the world would be without fiat currency because the economic of a country wouldn't worked without it. Fiat currency serve as one of the identity of the nation and also the way people could buy their needs. Which i guess if it weren't on the picture life wouldn't be easy to exchange services and goods. But it is good to know that cryptocurrency existed today which we can used it in exchanging goods
Why You are worry about government Control?
Just think how to save Yourself don't Think about slaves save yourself now its your time to do so.
A world without fiat currency is possible because before the existence of fiat currency the executed their daily activities through the use of precious metal and trade by barter but if we are talking about the world where crypto replace fiat then i dont see happen now.
1) Alot of facilities still need to be put in place especially in the rural area.
2) Crypto was created as an alternative currency while fiat currency is see as a national symbol of every countries.
I couldn't imagine how the world would be without fiat currency because the economic of a country wouldn't worked without it. 1) Alot of facilities still need to be put in place especially in the rural area.
2) Crypto was created as an alternative currency while fiat currency is see as a national symbol of every countries.
it will upset the public authority. It is better to have both Crypto and fiat.
Aside, from something that will upset the public authorities we both fiat and crypto.Fiat currency serve as one of the identity of the nation and also the way people could buy their needs.
The digital currency which each country will create will also have national identity and this is the reason why global currency may not work.Which i guess if it weren't on the picture life wouldn't be easy to exchange services and goods.
Yes and that's because the current crypto payment system needs to be upgraded to the level that it will be easy to make a physical transaction which why i said a lot of things still need to be put in place before we can achieve a world without fiat currency.A world without fiat currency is possible because before the existence of fiat currency the executed their daily activities through the use of precious metal and trade by barter but if we are talking about the world where crypto replace fiat then i dont see happen now.
1) Alot of facilities still need to be put in place especially in the rural area.
2) Crypto was created as an alternative currency while fiat currency is see as a national symbol of every countries.
1) Alot of facilities still need to be put in place especially in the rural area.
2) Crypto was created as an alternative currency while fiat currency is see as a national symbol of every countries.
it will upset the public authority. It is better to have both Crypto and fiat.
Aside, from something that will upset the public authorities we both fiat and crypto.I couldn't imagine how the world would be without fiat currency because the economic of a country wouldn't worked without it. Fiat currency serve as one of the identity of the nation and also the way people could buy their needs. Which i guess if it weren't on the picture life wouldn't be easy to exchange services and goods. But it is good to know that cryptocurrency existed today which we can used it in exchanging goods
You can pay in BTC its not a big deal but I can't imagine the world without fiat currency in the present scenario. I believe if the only cryptocurrency will be there all countries will also develop their stable cryptocurrencies rather than using only BTC or other altcoins because the common man will not take the risk to buy highly fluctuating cryptocurrencies they will trust only stable cryptocurrencies.
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