Topic: lets imagine world without fiat currency - page 6. (Read 2209 times)

So Now you will Stop Imagining the World without Fiat?as What you mentioned on the Title of Your own thread 

Well It is clear that The world now May Need Bitcoin and Cryptocurrencies that is given,But also We Need Fiat as this was our First Payment tools since then.

Never expect that Overnight people will just transfer in using Digital Money when they are still in doubt.

It takes Time ,Bitcoin is running 11 years now so why not wait for another 11 years?but of course this won't take that long Before we finally Get the respect and trust of the world.

Not sentiments but logic and simple intuitive understanding of economic values and norms. There has not been rules set aside buy entrepreneurs, wholesalers, retailers and agreed by consumers on how many Bitcoin is to be charged for an item so, the whole imagination doesn't have a definite direction to ascertain it's reality.

 Let's say  a bottle of milk in Nigeria is ₦326.43 that's approximately $0.86 what is its Bitcoin value? 0.000067 Satoshi. What doest it cost to send the Bitcoin to the retailer? $3-10 worth of Bitcoin depending on the priority used by the sender/consumer. It further cost the buyer extra $ that should have been avoided using fiat currencies. So in this aspect if cryptocurrencies are to be used in replacement of fiat for everyday transactions they should be cryptocurrencies that have little or no transaction fees.

Barter system already exist even before fiat currency were created.  So it is not new even if fiat become obsolete in the future and only BTC is available.  People will then trade goods with goods, that at least neutralize the possibiliy of large BTC holders monopolizing the world economy.  Besides, I am sure smart people will make their work their way around this threat creating another cryptocurrency that is more evenly distributed to each citizen of the world.

This is the reality we need fiat currency and there are other people doesn't know yet Bitcoin and its importance. We cannot deny the fact that bitcoin is limited in use for example in a certain country it cannot be in exchange to goods and services yet or no merchants yet for bitcoin. Actually I can't imagine living without fiat currency from the start we get used to it. However, in Bitcoin a lot of improvement to be happen in this platform and hopefully there would be more acceptance and this can be use globally.

Of course, and we'd be charged a transaction fee to pay for that $ 1 item. Indirectly, people have to bear more money to pay for good if they use bitcoin as a mean of payment. Some people may not really care about transaction fee, but I'm sure not all bitcoin user are the same. So far, fiat is still very helpful for me to pay for good because our country prohibit the use of bitcoin. But it is possible that I will still be able to use bitcoin in the future even if it is still prohibited.

Although bitcoin is not yet up to the standard that can be used as a currency globally, I believe its adoption is increasing and will continue to grow. I can't imagine what it would be like to go through a day without fiat, it's so hard right now. Limited knowledge, regulation, and transaction fee are several factor that cause people to still want to use fiat as a means of payment.

Yes, it is quite hard to imagine something like BTC or ETH completely instead of fiat money. I mean it would be collapse. Something digital but controlled by the governmental institutions is required. For example taxes - to pay taxes in BTC for example is just hardly imaginable thing. Or salaries and lots of alike things. And it should be total digitalization throughout the whole world including those territories where people even do not know what the Internet is, and lots of pensioners should use those digital gadgets easily in order to buy some potatoes or onion on the market.

I think it will be the universal currency that is recognized and used by the world, and it will certainly be paid through Bank or credit card. It's quite similar to fiat but it's non-physical.
how to form it is to create an online payment largest channel can connect to all network operators worldwide.
Especially it is not a form to trade but only to buy and sell according to needs.
The next step will be to choose the world's most prestigious central bank and it is the most important financial institution. To do this monetary revolution will have to go through many stages of politics, I know it is quite difficult but this is the fastest way to develop a new currency. how do you think about this way?

Honestly speaking I can't even imagine living everyday without fiat because it is the traditional way of paying or purchasing something and besides we used to pay or buy something through fiat and for me it is very impossible use bitcoin or any other crypto currencies when paying or buying something because not all of us are techy most especially the old people. Don't know how to use technology so how they can use cryptos currencies for their daily living?.

if Bitcoin is used for everyday life what about the transaction fees?
when buying a box of milk it will be charged a transaction fee whether people want to use it,
they are comfortable with Fiat money without transaction fees

People will say whatever they want and don't be surprised if their words aren't backed by arguments, most of them post nonsense, just to post.
First of all, we define bitcoin's value into USD, right? This means that bitcoin doesn't have independent value, we don't measure USD, EURO or other currencies in Bitcoin, instead, we measure bitcoin in USD, EURO. If snickers cost one dollar, then we will pay bitcoins equal of 1 USD and not opposite, we don't define snickers value as 0.0001 bitcoin for example.
Who roles the world? Those who have a lot of money and such people are smart too, same applies to the situation that you imagined. In any way, current model of bitcoin doesn't meet our standards and I think we wouldn't have such standards because first of all not everyone has access to modern technologies and internet.
And stablecoins wouldn't exist the way they exist right now if we define everything in bitcoin instead of fiat.
Making bitcoin the major currency is a cascading waves of change...

Sometimes any transaction using a digital currency is more practical. Just by bringing an android or handphone, we can already do any transaction.
Even in many countries that have not legalized bitcoin, its citizens want to make various transactions using crypto to be more efficient.
But we also have to think about his weaknesses. That the digital currency bitcoin or other crypto is often the target by hackers.
This incident has happened a lot and harmed many people. Hacking can happen and take all the money that’s in it.
Digital theft is harder to catch than conventional.

what I imagine is like in ancient times when Muslims still use the dinar currency, which is the most stable currency and also has a very valuable value.
That is the time when the economy is most advanced in my opinion and the same thing will happen when bitcoin is an international currency bitcoin will be very stable and it will be great fun traveling anywhere without exchange rates

Bitcoin goes hand in hand with fiat currencies because bitcoin feels valuable because we compare it to fiat currencies. if the fiat currency no longer exists then the economy and trading system will be in chaos, traders will be confused about pricing their merchandise because 1 Bitcoin is too expensive, there will likely be a gap in the price of goods across the country. So, I think fiat currency is really needed in this world.

Well even though there were no fiat currency existed, that does not mean that bitcoin will be the dominant currency in the world.
But of course, there's a big chance that bitcoin will do, however there are still altcoins that beats bitcoin in terms of volume.
If there will be no fiat in time where cryptocurrencies such as bitcoin exist, that would be a huge shift to new monetary era.

As you know it, since bitcoin's value is not fixed, expect that the price of that products you've mentioned will also not be fixed in terms of bitcoin.
There are stablecoin that are existing, they could be the new fiat with other definition that isn't backed up by the government.

Fiat is something where the government's can't keep a full stop for that because the majority across the globe of using digital payment would be nearly 5 - 10%. Also think about those who are uneducated and daily wage labour? That's quite strange to think.

I think it's quite impossible there are lot of challenges for this and I don't think it will work out.

Having a world without fist currency or what we called occurance of mass adoption is a very wonderful thing because we can minimize the currency crime and all the country will be having a good improvement. Those people who doesn't have a job will also be having a chance to have one. Everyone will be having a chance to earn. We can also avoid spreading of different diseases because we don't need to physically contact when we are having a payment transaction. We can also give money our family wherever we are as long as we have internet connection.

i can feel your sentiment here mate because in times like this when the fees are really getting higher as the congestion is in blockchain and the miners are taking advantage of the situation.
I think Fiat will always remain in our living though crypto is surely bring a Big part in future as the transaction will mostly happen online.
and physical payments will be limited and shorten .
Maybe in the next couple of years surely groceries will be paid via online wallet so what is the need of fiat that day.

This can only be achievable in imaginary state, Bitcoin transaction fee is higher than a bottle of milk in my country, how would every goods be measured with respect to Bitcoin when the price isn't stable? What of its deflectionary altitude? In as much as fiat have a lot of flaws they are needed, Bitcoin can't really replace their true purposes. It would be hard to even evaluate and tag prices of goods simultaneously because of different goods have different qualities and their prices vary from locality to locality and location to location.

I can't imagine what would happen if there was no fiat currency...
Long before fiat currency was determined, ancient humans used a barter system between goods in transactions, if bartering between goods was still practiced it would have been difficult. I am very happy to imagine in the future we transact using cryptocurrencies.

so with what you will transact... 

You have your point. It is hard to convert bitcoin into our daily needs. Especially when bitcoin keeps going up and up. When bitcoin reaches $100000, the fee will firmly be higher than a bottle of milk. And we do not want to wait our transaction to be confirmed. And it will be a nightmare if our network gets stuck with numerous transations.

However, it is not necessary for bitcoin to become our currency. People consider bitcoin as something even more value than just a type of payment. Many looks at it as a type of investment which create money over time. Being wealthier is their main target while using bitcoin. Some says that bitcoin is a tool to help them against the inflation and central banks while others try to avoid tax with bitcoin. As bitcoin grows more, it becomes similar to gold which is the most trustful asset in the world. And I believe that soon, bitcoin will become the most valuable asset which competes directly to gold.

But we do not need to worry much about this issue. There are hundred cryptocurrencies awaiting to be adopted and recognized. They have more power, larger supply and you can even split them to much much smaller part. Fees are also lower and the blockchain are much more faster. At the moment, Banks and fiat are controlling the economic system but our world are fast developed. Things change rapidly in just couple of years. Therefore, I believe those coins have the potential to replace fiat at some levels and if we have enough forces and power, crytpo can change our current fiat world