one reason why bitcoin will not surpass fiat - page 3.

franky1

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Quote from: ekoice on September 14, 2016, 02:12:50 PM

Bitcoin will not surpass fiat because most people feel insecure about safety of bitcoins.Unless all governments approve bitcoin as a payment option, it will not surpass fiat

but by making bitcoin into the middleman (lightning hubs) so people understand and trust bitcoin, because its managed for them... its no longer the bitcoin that was originally designed. and is just another fiat currency. meaning only fiat has replaced fiat

ekoice

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Bitcoin will not surpass fiat because most people feel insecure about safety of bitcoins.Unless all governments approve bitcoin as a payment option, it will not surpass fiat

franky1

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reasons bitcoin wont replace fiat.

1. devs think an hours wage of 10 developing countries is ok as a transaction fee
think long and hard about that, and how developing countries wont and are starting to realise, dont like bitcoin already.

2. devs think $7 transaction value (a weeks wage in many many more countries) is just spam and should be priced out of being acceptable

3. bitcoins 1mb (~2500tx) block can only cope with 360,000 people using it once a day, or at current metrics about 2million people using it 5 times a month (far less than Visa/mastercards 42 times a month)

4. developers solution to global capacity.. offchain, middlemen involved things called lightning network hubs
in short a hub that sets up lots of multisigs so people can sign transaction with the hub. allowing the hub to then sign with another person(in short making a hub into a bank) that just registers the bank statement back to the public at the end of the month.

Quote from: HabBear on September 14, 2016, 01:05:58 PM

Escrow is used all the time for bitcoin purchases. It doesn't require a coder, only a trust worthy non-involved third party.

your describing 21st century banks..
basically replacing middle men.. with............. middlemen

Quote from: Kprawn on September 14, 2016, 12:34:51 PM

The whole idea is to get more developers to start developing secondary technologies to make things like Smart contracts easier for the
general public to understand. When the internet started, we had very primitive tools to do things, and as time went by, and more people
started to develop Apps, we started to see more user-friendly tools. So just give it some time to mature. Wink

smart contract can be useful.. but smart contracts should NOT be the bases of bitcoin capacity growth, for the reasons i explained above.
smart contracts remove independence and replace it with third parties.. which basically brings back the old world banking concept into bitcoin

HabBear

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Quote from: Senor.Bla on September 14, 2016, 05:48:19 AM

can we solve this problem? should we get used to the losses? or is this one of the reasons bitcoin will never go mainstream?

We don't need to solve this problem. Contracts can be relied upon by one's word, good old fashioned trust of another human being. Escrow is used all the time for bitcoin purchases. It doesn't require a coder, only a trust worthy non-involved third party.

While having confidence in contracts would be ideal, we don't need it. It doesn't kill the integrity of bitcoin.

Further, the real reason bitcoin will not surpass fiat is because the people who have the power are vested in fiat. No country is going to cede it's currency for bitcoin. And that should be fine with all of us, because as soon as it happens the powers of this world will control and pervert bitcoin.

Bitcoinsummoner

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Maintain Social Distance, Stay safe.

Quote from: CraigWrightBTC on September 14, 2016, 12:51:02 PM

For today maybe yes, due to still there are not support and good innovations from developer, enterpreneur and bitcoin is not too famous, but if there are much users who use bitcoin Sooner or later bitcoin will surpass fiat.

I think if we relay in the price of bitcoin its already surpass fiat for the price but in the other thing i couldn't imagine that bitcoin can surpass fiat since bitcoin is just an alternative currency online that you can use online..

CraigWrightBTC

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For today maybe yes, due to still there are not support and good innovations from developer, enterpreneur and bitcoin is not too famous, but if there are much users who use bitcoin Sooner or later bitcoin will surpass fiat.

jak3

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i agree on this people are really dumb and needs paper money to keep a hand track on their money as this will reduce many money lost chances but lets face it we are using it because we make many mistakes so its time to develop our self we should move to bitcoin and should learn from our mistakes and i do not think i have ever send any of my balance to any wrong address maybe that has accidently happen to anyone in the whole world

Kprawn

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The whole idea is to get more developers to start developing secondary technologies to make things like Smart contracts easier for the

general public to understand. When the internet started, we had very primitive tools to do things, and as time went by, and more people

started to develop Apps, we started to see more user-friendly tools. So just give it some time to mature. Wink

Dahhi

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MERCATOX

Using bitcoin can be difficult for a newcomer and people generally do not like difficult things so they tend to stay away. For bitcoin to go mainstream, developers have to somehow make the process of sending and receiving coins less technical.

Digitalbitcoin

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Quote from: vero on September 14, 2016, 07:39:22 AM

Quote from: pereira4 on September 14, 2016, 07:26:21 AM

Quote from: Senor.Bla on September 14, 2016, 05:48:19 AM

we hear about cool and new bitcoin ideas every day and also how these ideas will improve the standing of bitcoin. a cool feature that makes it better than fiat.
i want to talk about one such feature. bitcoin can reduce the trust we need when money is involved. let us say i want to bet a friend of mine and to make sure we pay after the bet is resolved we use a smart contract.
this sounds fine and reduces the trust needed.
but in fact we just shifted the trust to the coder who made the smart contract. sure we could verify the code, but how many people can do this (remember the DAO)? my mother can certainly not.
so in order to make smart contracts a big point for bitcoin we will need generations and maybe even have some sort of basic smart contracts training in schools. so this is not very likely.
even today nobody reads the fine print and just trusts that everything will work out fine (most people think they can sue to get the money back is something fishy happens). but all we need with smart contracts is just one misspelled letter and the money can be lost without recovery.
people are dumb, so fiat works just fine for them. bitcoin might be to advanced for people to really go mainstream without destroying many peoples lives, because they made a small mistake or trusted the wrong code/people.

can we solve this problem? should we get used to the losses? or is this one of the reasons bitcoin will never go mainstream?

Bitcoin will not go fully mainstream in the developed world until governments ban cash, because then and only then people will see the magic and value of bitcoin. Until then, we are the pioneers of this thing. Poor unbanked countries will maybe jump on bitcoin before the developed world does.
It will keep growing as a better gold anyway. Also smart contracts in the bitcoin will be solid and very simple, none of that ETH/DAO bullshit.

Government will never prohibit cash but bitcoin will play an important role in the future although appeared new crypto currencies.

Well Bitcoin is what ?

Nothing but combination of cryptography and blockchain. Bitcoin already have proved its existence. As well in todays world many of thing are going to be decentralized. As already steamit with decentralized social media, Decent with decentralized, content distribution and so many of are going decentralized.

Even governments also testing blockchain technology for better administration and governance.

But most important thing is how blockchain works ?

It works with computing power.

It means it needs energy.

In short overview world is becoming digital.

But at grass root level there is need of fiat currency. And it will be.

Because without Fiat Currency Bitcoin also have no value.

goinmerry

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Quote from: Senor.Bla on September 14, 2016, 05:48:19 AM

we hear about cool and new bitcoin ideas every day and also how these ideas will improve the standing of bitcoin. a cool feature that makes it better than fiat.
i want to talk about one such feature. bitcoin can reduce the trust we need when money is involved. let us say i want to bet a friend of mine and to make sure we pay after the bet is resolved we use a smart contract.
this sounds fine and reduces the trust needed.
but in fact we just shifted the trust to the coder who made the smart contract. sure we could verify the code, but how many people can do this (remember the DAO)? my mother can certainly not.
so in order to make smart contracts a big point for bitcoin we will need generations and maybe even have some sort of basic smart contracts training in schools. so this is not very likely.
even today nobody reads the fine print and just trusts that everything will work out fine (most people think they can sue to get the money back is something fishy happens). but all we need with smart contracts is just one misspelled letter and the money can be lost without recovery.
people are dumb, so fiat works just fine for them. bitcoin might be to advanced for people to really go mainstream without destroying many peoples lives, because they made a small mistake or trusted the wrong code/people.

can we solve this problem? should we get used to the losses? or is this one of the reasons bitcoin will never go mainstream?

You got some good points specially with the training in schools. This needs some permissions from the government for they cant just disobey to what is written that will be taught to the students.
It can be done if the teacher himself will provide some projects into knowing what bitcoin is. But it could cost his or her job.

VC George

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Quote from: davis196 on September 14, 2016, 07:47:05 AM

Quote from: Senor.Bla on September 14, 2016, 05:48:19 AM

we hear about cool and new bitcoin ideas every day and also how these ideas will improve the standing of bitcoin. a cool feature that makes it better than fiat.
i want to talk about one such feature. bitcoin can reduce the trust we need when money is involved. let us say i want to bet a friend of mine and to make sure we pay after the bet is resolved we use a smart contract.
this sounds fine and reduces the trust needed.
but in fact we just shifted the trust to the coder who made the smart contract. sure we could verify the code, but how many people can do this (remember the DAO)? my mother can certainly not.
so in order to make smart contracts a big point for bitcoin we will need generations and maybe even have some sort of basic smart contracts training in schools. so this is not very likely.
even today nobody reads the fine print and just trusts that everything will work out fine (most people think they can sue to get the money back is something fishy happens). but all we need with smart contracts is just one misspelled letter and the money can be lost without recovery.
people are dumb, so fiat works just fine for them. bitcoin might be to advanced for people to really go mainstream without destroying many peoples lives, because they made a small mistake or trusted the wrong code/people.

can we solve this problem? should we get used to the losses? or is this one of the reasons bitcoin will never go mainstream?

Bitcoin will never become a mainstream currency.This is the sad true.

The lack of trust stops bitcoin growth and mass adoption.

Unfortunately bitcoin is still a "scammer friendly" digital currency.

If it wasn't a "scammer friendly" ~~currency~~ then it wouldn't be bitcoin, and by that am talking about the trustless side of it. Yeah it's boo when stupid people lose their money but that's life. And yeah we are not building something for the snowflake generation but for people that use their minds and pride their freedom. You can just keep cash and wave off if it doesn't fit you.

RodeoX

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The revolution will be monetized!

I can only speak for myself, but bitcoin surpassed fiat seven years ago for me. Using a credit card or fiat system seems ridiculously archaic and dumb now. It's like switching to a smart phone, no one ever goes back to a flip phone.

mobnepal

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Smart contract is not related to bitcoin till now, i think OP misunderstood about ethereum based smart contracts with bitcoin.
The DAO fails was failure for ethereum not for bitcoin as DAO is based on ethereum. Bitcoin have its own uses and already have got adopted by mass as payment method so i don't think bitcoin even require any smart contract like feature.

Jeremycoin

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𝓗𝓞𝓓𝓛

Quote from: Senor.Bla on September 14, 2016, 05:48:19 AM

we hear about cool and new bitcoin ideas every day and also how these ideas will improve the standing of bitcoin. a cool feature that makes it better than fiat.
i want to talk about one such feature. bitcoin can reduce the trust we need when money is involved. let us say i want to bet a friend of mine and to make sure we pay after the bet is resolved we use a smart contract.
this sounds fine and reduces the trust needed.
but in fact we just shifted the trust to the coder who made the smart contract. sure we could verify the code, but how many people can do this (remember the DAO)? my mother can certainly not.
so in order to make smart contracts a big point for bitcoin we will need generations and maybe even have some sort of basic smart contracts training in schools. so this is not very likely.
even today nobody reads the fine print and just trusts that everything will work out fine (most people think they can sue to get the money back is something fishy happens). but all we need with smart contracts is just one misspelled letter and the money can be lost without recovery.
people are dumb, so fiat works just fine for them. bitcoin might be to advanced for people to really go mainstream without destroying many peoples lives, because they made a small mistake or trusted the wrong code/people.

can we solve this problem? should we get used to the losses? or is this one of the reasons bitcoin will never go mainstream?

If people stuck with fiat, then it's like the ancient human who stuck with the barter system because they don't want to use a better system called currency.
This actually shouldn't be a problem for us (human), because we can always get to used to new things.

jhenfelipe

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Quote from: pereira4 on September 14, 2016, 07:26:21 AM

Quote from: Senor.Bla on September 14, 2016, 05:48:19 AM

we hear about cool and new bitcoin ideas every day and also how these ideas will improve the standing of bitcoin. a cool feature that makes it better than fiat.
i want to talk about one such feature. bitcoin can reduce the trust we need when money is involved. let us say i want to bet a friend of mine and to make sure we pay after the bet is resolved we use a smart contract.
this sounds fine and reduces the trust needed.
but in fact we just shifted the trust to the coder who made the smart contract. sure we could verify the code, but how many people can do this (remember the DAO)? my mother can certainly not.
so in order to make smart contracts a big point for bitcoin we will need generations and maybe even have some sort of basic smart contracts training in schools. so this is not very likely.
even today nobody reads the fine print and just trusts that everything will work out fine (most people think they can sue to get the money back is something fishy happens). but all we need with smart contracts is just one misspelled letter and the money can be lost without recovery.
people are dumb, so fiat works just fine for them. bitcoin might be to advanced for people to really go mainstream without destroying many peoples lives, because they made a small mistake or trusted the wrong code/people.

can we solve this problem? should we get used to the losses? or is this one of the reasons bitcoin will never go mainstream?

Bitcoin will not go fully mainstream in the developed world until governments ban cash, because then and only then people will see the magic and value of bitcoin. Until then, we are the pioneers of this thing. Poor unbanked countries will maybe jump on bitcoin before the developed world does.
It will keep growing as a better gold anyway. Also smart contracts in the bitcoin will be solid and very simple, none of that ETH/DAO bullshit.

And in my opinion, government banning fiat is not as close as possible as of now, or maybe even after several years. Why? Because they regulate it, they have the power to control it unlike with bitcoin. In addition, there will be a big adjustment not only for the government but also for all the people. Bitcoin doesn't need to be the one and only currency. For me, awareness and usage of people (even not all) about bitcoin is just fine, knowing that they can use it anytime and anywhere, accept it on most stores, trade it etc.

davis196

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Quote from: Senor.Bla on September 14, 2016, 05:48:19 AM

we hear about cool and new bitcoin ideas every day and also how these ideas will improve the standing of bitcoin. a cool feature that makes it better than fiat.
i want to talk about one such feature. bitcoin can reduce the trust we need when money is involved. let us say i want to bet a friend of mine and to make sure we pay after the bet is resolved we use a smart contract.
this sounds fine and reduces the trust needed.
but in fact we just shifted the trust to the coder who made the smart contract. sure we could verify the code, but how many people can do this (remember the DAO)? my mother can certainly not.
so in order to make smart contracts a big point for bitcoin we will need generations and maybe even have some sort of basic smart contracts training in schools. so this is not very likely.
even today nobody reads the fine print and just trusts that everything will work out fine (most people think they can sue to get the money back is something fishy happens). but all we need with smart contracts is just one misspelled letter and the money can be lost without recovery.
people are dumb, so fiat works just fine for them. bitcoin might be to advanced for people to really go mainstream without destroying many peoples lives, because they made a small mistake or trusted the wrong code/people.

can we solve this problem? should we get used to the losses? or is this one of the reasons bitcoin will never go mainstream?

Bitcoin will never become a mainstream currency.This is the sad true.

The lack of trust stops bitcoin growth and mass adoption.

Unfortunately bitcoin is still a "scammer friendly" digital currency.

mindrust

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Please do not mention DAO or other piece of shit coin in the same sentence with bitcoin. Bitcoin existed way before those shit coins. The only coin worth mentioning is Litecoin. (and maybe monero for its anonimousity advantages) The others were/are obvious scam.

Bitcoin isn't there to replace FIAT in the first place. It is there to make our lives eaiser.

vero

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Quote from: pereira4 on September 14, 2016, 07:26:21 AM

Quote from: Senor.Bla on September 14, 2016, 05:48:19 AM

we hear about cool and new bitcoin ideas every day and also how these ideas will improve the standing of bitcoin. a cool feature that makes it better than fiat.
i want to talk about one such feature. bitcoin can reduce the trust we need when money is involved. let us say i want to bet a friend of mine and to make sure we pay after the bet is resolved we use a smart contract.
this sounds fine and reduces the trust needed.
but in fact we just shifted the trust to the coder who made the smart contract. sure we could verify the code, but how many people can do this (remember the DAO)? my mother can certainly not.
so in order to make smart contracts a big point for bitcoin we will need generations and maybe even have some sort of basic smart contracts training in schools. so this is not very likely.
even today nobody reads the fine print and just trusts that everything will work out fine (most people think they can sue to get the money back is something fishy happens). but all we need with smart contracts is just one misspelled letter and the money can be lost without recovery.
people are dumb, so fiat works just fine for them. bitcoin might be to advanced for people to really go mainstream without destroying many peoples lives, because they made a small mistake or trusted the wrong code/people.

can we solve this problem? should we get used to the losses? or is this one of the reasons bitcoin will never go mainstream?

Bitcoin will not go fully mainstream in the developed world until governments ban cash, because then and only then people will see the magic and value of bitcoin. Until then, we are the pioneers of this thing. Poor unbanked countries will maybe jump on bitcoin before the developed world does.
It will keep growing as a better gold anyway. Also smart contracts in the bitcoin will be solid and very simple, none of that ETH/DAO bullshit.

Government will never prohibit cash but bitcoin will play an important role in the future although appeared new crypto currencies.

pereira4

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Merit: 1183

Quote from: Senor.Bla on September 14, 2016, 05:48:19 AM

we hear about cool and new bitcoin ideas every day and also how these ideas will improve the standing of bitcoin. a cool feature that makes it better than fiat.
i want to talk about one such feature. bitcoin can reduce the trust we need when money is involved. let us say i want to bet a friend of mine and to make sure we pay after the bet is resolved we use a smart contract.
this sounds fine and reduces the trust needed.
but in fact we just shifted the trust to the coder who made the smart contract. sure we could verify the code, but how many people can do this (remember the DAO)? my mother can certainly not.
so in order to make smart contracts a big point for bitcoin we will need generations and maybe even have some sort of basic smart contracts training in schools. so this is not very likely.
even today nobody reads the fine print and just trusts that everything will work out fine (most people think they can sue to get the money back is something fishy happens). but all we need with smart contracts is just one misspelled letter and the money can be lost without recovery.
people are dumb, so fiat works just fine for them. bitcoin might be to advanced for people to really go mainstream without destroying many peoples lives, because they made a small mistake or trusted the wrong code/people.

can we solve this problem? should we get used to the losses? or is this one of the reasons bitcoin will never go mainstream?

Bitcoin will not go fully mainstream in the developed world until governments ban cash, because then and only then people will see the magic and value of bitcoin. Until then, we are the pioneers of this thing. Poor unbanked countries will maybe jump on bitcoin before the developed world does.
It will keep growing as a better gold anyway. Also smart contracts in the bitcoin will be solid and very simple, none of that ETH/DAO bullshit.

Topic: one reason why bitcoin will not surpass fiat - page 3. (Read 1781 times)