Topic: Let`s say bitcoin replaces fiat. What happens? - page 4. (Read 1039 times)
It is still too far beyond and quite impossible to make happen that Bitcoin will be replacing fiat for the fact that many people still relies on the usage of fiat and if you are will no longer accept fiat as a mode of payment or transaction, then how possible you can be able to sell your goods and services if you will be just plain accepting Bitcoin alone for the sake of adoption. Better be two sided upon using both instead of being reliant on only one. Better be that than one.
Firstly, I don't know if it was a typo, but fiat is not centralized.
How the fuck is it not centralized? what planet do you live on?
Lol... That was a typo. I was actually going against what he said about fiat being decentralized. I'd make the edit. Thanks for pointing it out.
Replacing fiat with bitcoin will be difficult, let's just say that it did happen, will bitcoin supply be able to sustain the circulation of an economy that spends a lot of money for every day transactions, and one big blackout/power outage will be enough to cripple the economy if we solely rely on bitcoin for daily transactions.
I think it's hard to imagine if bitcoin replaced fiat. the reason is that bitcoin prices are volatile and can change very quickly depending on the buying and selling power of the bitcoin market itself. This is of course very dangerous if bitcoin is used as a substitute for fiat because the possibility of economic inflation is very large.
Crypto will not replace fiat.
It's free and easy to put $100 in your hand.
It's not free and not easy to put 0.00333 Bitcoin in your wallet. And if you use multiple addresses, you will have to pay additional taxes to 'stack' your money.
It's free and easy to put $100 in your hand.
It's not free and not easy to put 0.00333 Bitcoin in your wallet. And if you use multiple addresses, you will have to pay additional taxes to 'stack' your money.
Firstly, I don't know if it was a typo, but fiat is not centralized.
How the fuck is it not centralized? what planet do you live on?
Bitcoin won't replace fiat currency, it won't happen because fiat is decentralized which is used in the real-life governed by those authorities. Imagine if bitcoin would be the standard currency or replace fiat currency, a lot of small businesses and those unfortunate people without any knowledge about cryptocurrency would make their life so hard because of bitcoin
Firstly, I don't know if it was a typo, but fiat is not decentralized. Also, small businesses and others who don't know about crypto doesn't really sound like a valid reason. The use of cryptocurrency as a currency is not complex. It's something that wouldn't take one's time to learn.
Edit: but fiat is not decentralized*
I believe the government may not allow Bitcoin to replace fiat for whatever reason, because Bitcoin cannot be controlled by the government.
Therefore it is not surprising that some countries legalize Bitcoin but it is only a digital asset, so as not to replace fiat and the government can
still control public finances.
I also agree with the government that now is simply not the right time to replace fiat with Bitcoin. In addition to the many shortcomings of Bitcoin
that must be sought for solutions, there are still many people who do not understand Bitcoin too. So a lot of education is still needed first about
Bitcoin, so that Bitcoin is known first by most of the world community.
Therefore it is not surprising that some countries legalize Bitcoin but it is only a digital asset, so as not to replace fiat and the government can
still control public finances.
I also agree with the government that now is simply not the right time to replace fiat with Bitcoin. In addition to the many shortcomings of Bitcoin
that must be sought for solutions, there are still many people who do not understand Bitcoin too. So a lot of education is still needed first about
Bitcoin, so that Bitcoin is known first by most of the world community.
We can't expect government to replace their fiat by bitcoin but accepting btc in existence. Definitely, yes. For decades, financial system is revolving around fiat currencies, whether in digital form or physical cash. And they have full control of it. With bitcoin, they will have no full control as everyone can just create their own address from their wallets. So definitely big NO, for the government. I don't think bitcoin will ever replace fiat in the future.
I still can't say that bitcoin replaces fiat.
fiat remains fiat with its position, and bitcoin is still Bitcoin, both of which cannot replace their respective roles. here we are talking globally, that every fiat user doesn't like bitcoin, but every bitcoin user likes fiat.
Put simply, Bitcoin will remain a tool for investing, and has more value than fiat.
fiat remains fiat with its position, and bitcoin is still Bitcoin, both of which cannot replace their respective roles. here we are talking globally, that every fiat user doesn't like bitcoin, but every bitcoin user likes fiat.
Put simply, Bitcoin will remain a tool for investing, and has more value than fiat.
Don`t you think that miner will be a central banker, for they had the most fiat before hand to buy the most miners?
So a central banker still wins.
If you still did not understand the bitcoin market, the principle theory bitcoin is following is capitalism, people having more contribute to the system and thereby winning more money and that is the case with mining, people who have the capital to invest do that and for that you need more money and people with more money to spend can make more money than anyone else. So a central banker still wins.
I believe the government may not allow Bitcoin to replace fiat for whatever reason, because Bitcoin cannot be controlled by the government.
Therefore it is not surprising that some countries legalize Bitcoin but it is only a digital asset, so as not to replace fiat and the government can
still control public finances.
I also agree with the government that now is simply not the right time to replace fiat with Bitcoin. In addition to the many shortcomings of Bitcoin
that must be sought for solutions, there are still many people who do not understand Bitcoin too. So a lot of education is still needed first about
Bitcoin, so that Bitcoin is known first by most of the world community.
Therefore it is not surprising that some countries legalize Bitcoin but it is only a digital asset, so as not to replace fiat and the government can
still control public finances.
I also agree with the government that now is simply not the right time to replace fiat with Bitcoin. In addition to the many shortcomings of Bitcoin
that must be sought for solutions, there are still many people who do not understand Bitcoin too. So a lot of education is still needed first about
Bitcoin, so that Bitcoin is known first by most of the world community.
I can't imagine how the world would be if bitcoin will replace fiat.
What happen to the government then, they will print money which they can control, if bitcoin will replace fiat, then there will be no control, only the big holders can control the market by moving it and I doubt the government would allow that as they always want stability, hence fiat will stay.
What happen to the government then, they will print money which they can control, if bitcoin will replace fiat, then there will be no control, only the big holders can control the market by moving it and I doubt the government would allow that as they always want stability, hence fiat will stay.
Move it against what?
Have you forgotten that in your scenarios there is no more fiat, no more USD no more Euros?
So, against what will the whales move BTC up and down?
Imagine a world with only one currency, how could you manipulate the currency against something that exists no more, exactly what you're talking about happened to Greece when they couldn't devaluate their currency anymore and weren't able to print money to get out of it.
Moving it for the purpose of making profit, that's what I see and when that happen, the price dump, and when there's a hype, the price pump and that is not a good definition of stability. I believe in the potential of bitcoin but if we always see this kind of market movement, I doubt ordinary people would use bitcoin as a currency.
What I'm talking is currency is for payment system, it's suppose to be stable, bitcoin is not stable, hence I believe it's only good for investment now like protecting your money against inflation.
I can't imagine how the world would be if bitcoin will replace fiat.
What happen to the government then, they will print money which they can control, if bitcoin will replace fiat, then there will be no control, only the big holders can control the market by moving it and I doubt the government would allow that as they always want stability, hence fiat will stay.
What happen to the government then, they will print money which they can control, if bitcoin will replace fiat, then there will be no control, only the big holders can control the market by moving it and I doubt the government would allow that as they always want stability, hence fiat will stay.
Move it against what?
Have you forgotten that in your scenarios there is no more fiat, no more USD no more Euros?
So, against what will the whales move BTC up and down?
Imagine a world with only one currency, how could you manipulate the currency against something that exists no more, exactly what you're talking about happened to Greece when they couldn't devaluate their currency anymore and weren't able to print money to get out of it.
Bitcoin will never replace FIAT as a currency because it's been badly broken (no longer a cash payment system) and was converted into a settlement layer by the disgusting neckbeards at blockstream.
Says the disgusting neckbeard who was claiming around here that he knew and was Satoshi's friend.
Bitcoin has no underlying and is not centralized and besides that Bitcoin does not have a deposit and credit mechanism like conventional currencies, and bitcoin only exists as an alternative currency, especially the world's digital currency that can be used as an alternative means of payment.
So I think it is unlikely that bitcoin will actually turn into fiat, and the two will go hand in hand and not eliminate each other and there are still many differences but the goal is the same.
So I think it is unlikely that bitcoin will actually turn into fiat, and the two will go hand in hand and not eliminate each other and there are still many differences but the goal is the same.
I can't imagine how the world would be if bitcoin will replace fiat.
What happen to the government then, they will print money which they can control, if bitcoin will replace fiat, then there will be no control, only the big holders can control the market by moving it and I doubt the government would allow that as they always want stability, hence fiat will stay.
We always want bitcoin to succeed, but not to the point that we will be unrealistic, bitcoin is good only as a substitute or alternative but not as a main currency.
What happen to the government then, they will print money which they can control, if bitcoin will replace fiat, then there will be no control, only the big holders can control the market by moving it and I doubt the government would allow that as they always want stability, hence fiat will stay.
We always want bitcoin to succeed, but not to the point that we will be unrealistic, bitcoin is good only as a substitute or alternative but not as a main currency.
Bitcoin will never replace FIAT as a currency because it's been badly broken (no longer a cash payment system) and was converted into a settlement layer by the disgusting neckbeards at blockstream.
Bitcoin won't replace fiat currency, it won't happen because fiat is decentralized which is used in the real-life governed by those authorities. Imagine if bitcoin would be the standard currency or replace fiat currency, a lot of small businesses and those unfortunate people without any knowledge about cryptocurrency would make their life so hard because of bitcoin.
I get the assumption, but I'm afraid it'll never be possible. Fiat cannot be erased completely. I use to be concerned about what could happen to a country's financial system when majority of it's citizens opt into cryptocurrency rather than fiat. But like I said earlier, Fiat cannot be erased.
It can be possible but the problem is people are still putting value in goods and services, if we are able to look past that notion then I think that fiat being eradicated altogether with the banks that benefit from it, I think that it is possible. To OP, we can replace fiat and in regards to who will get bigger when the changes happen, it will not happen if we were to solve the problem of monopoly as soon as the current system is removed.
Do you understand how impossible it is to overshadow fiat? Fiat is the root! It is what people have forever known and will forever trust. Imagine if you begin to use only Bitcoin (of course you can't get S hair cut with it), and others too. What will happen to the country's fiat? The country's financial system will crash because no one wants dollars anymore? Dude, no matter what, you'd still need fiat. At least for now
and if we do really end up on having a single currency like bitcoin then imagine if it really possible to have unity on this world? It would really just create chaos and competition
because each country will really be accumulating btc as much as they can because the more you had the more powerful you are.I cant imagine on how
it would be a mess up for such diversion or total integration.You cant just imagine on how the world would look like or would be.
I get the assumption, but I'm afraid it'll never be possible. Fiat cannot be erased completely. I use to be concerned about what could happen to a country's financial system when majority of it's citizens opt into cryptocurrency rather than fiat. But like I said earlier, Fiat cannot be erased.
It can be possible but the problem is people are still putting value in goods and services, if we are able to look past that notion then I think that fiat being eradicated altogether with the banks that benefit from it, I think that it is possible. To OP, we can replace fiat and in regards to who will get bigger when the changes happen, it will not happen if we were to solve the problem of monopoly as soon as the current system is removed.
Do you understand how impossible it is to overshadow fiat? Fiat is the root! It is what people have forever known and will forever trust. Imagine if you begin to use only Bitcoin (of course you can't get S hair cut with it), and others too. What will happen to the country's fiat? The country's financial system will crash because no one wants dollars anymore? Dude, no matter what, you'd still need fiat. At least for now
Agreed. Bitcoin is store of value. It will replace gold not fiat in future. Soon we will see digital version of all national currencies. China has already developed it didgiat yuan.
People will no longer use BTC for buying or selling, they will use as storage of value just like people do with gold.
I agree, not matter what country it will adapt it whether it is bitcoin or other crypto made by them still still the use, purposes, and the senses of fiat cannot be replace by bitcoin, fiat is very much in need in each country it cannot be replace by anything, and not all part of the country can use crypto in their daily lives there will be still a limitation in every thing. So country can adapt bitcoin and other crypto to their monetary system but will not replace it. People will no longer use BTC for buying or selling, they will use as storage of value just like people do with gold.
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