Topic: Rookie thing. (Read 727 times)

You ask about things that are unknown. Now the value of things like a machine is measured in Fiat currencies, as is the value of cryptocurrencies.
If all fiat money is transferred to cryptocurrency, then people will evenly measure everything in the equivalent of $ because some kind of reference point is needed.

Wrong!! because Fiat value degraded each time the economy of each country falls down and that happens to US now,because months ago the
 conversion of USD to our local currency is far higher comparing to what is the value these past weeks
and this means the value is lowering since they are into bad economic status now.

Look how much the conversion now from compared to last year when USD is Valuing higher than today?

actually this same reason that's why i am preventing to convert my crypto to fiat now
 (though i don't need the money for now)

I am not even believing it when people say that cryptocurrency is going to be replacing fiat. If you check your environment, you will notice that it's not everybody that is techie, there are people who are not interested in all these and just prefer the normal cash that they are used to. It's just like you have said, there is no growth in adoption in most places, including where I live.

Especially when I go to the local market to buy foodstuffs, which is a very busy place, the sellers expect you to pay them with cash and nothing else; they won't accept any other form of payment from you, not even bank transfer, they just want their cash. I mean it would take more time for most people around the world to start accepting other payments except fiats and we do not have any option other than waiting for them to cope with latest technologies.

Fiat value remains as it is because they are still commonly used on every countries all over the globe and it will not be disregarded to it's value. In my opinion, bitcoin perhaps will not replace fiat for now, but it will be an additional currency to us crypto enthusiast. I earned bitcoin or any crypto currencies online but i still convert it to our monetary bills so that i can use it for buy necessities because our country is still not fully adopting crypto transactions on all common stores and merchandises.

wow awesome answer, thanks for your contribution and i have really learnt alot from your comment over here

You said it right and people would really always end up on using those traditional ways.Even now we do already have electronic payments via fiat and we know or do try to compared among the two in
terms of services offered then we can say that fiat system would really always have the edge.Just like you i dont really believing that much that would go to that certain extent that crypto would be the main
thing on upcoming years but doesnt mean that it wont have the potential.It serves its purpose as an alternative and wont become the main player.As long as government does really exist
they would really still exist and creating their e-fiat if the era would certain change.

Cryptocurrency is not here to replace fiat, but we are going to just have it as another method of transaction which is peer-to-peer. The government will as well create their own cryptocurrency, but it's not going to be a replacement, we are just going to have it and it will only be used by those who want to make use of it. It's just like we have the Credit and Debit Cards (Visa and MasterCard), PayPal, Mobile banking apps, and a lot of other payment methods out there that you can use.

Cryptocurrency is just going to be another option to be added to those, with extra features. Probably it may take decades of time for all people of globe to be thinking about switching over to all electronic money and it may take up to a century of time, even we start about compete eradication of paper money right away. People first adopt e-money of their fiats first and then may adopt cryptos. Long phases to be traveled in-between.

we cant say something 100% about future but bitcoin is here to change payment and system of changing money in world and replace the bank system.it takes time and years to see that happening.maybe we also see people using btc word incited of dollar .

And even Crypto dominates the whole financial system still fiat will remain in some part
 of transacting because Physical money symbolizes each country’s so
i am sure government will put at least utilities for their money.in this effect Fiat will still
help the economy aside from cryptocurrency that will take over the
main financial system.this has been discussed for many times here yet there are still others
that pushes this to become reality but?they will never succeed as this
 is already declared even though not yet happening.

The answer was already given by you, " one of the reasons people began to use fiat currencies instead of gold and silver was because transporting large quantities of money over long distances", this also might be the reason why we are going to have crypto added in our list because it has an advantage. How much do we spend in printing fiat? we all know that it is not only made from a simple paper plus the printing process machines, manpower and the facility on which case cryptocurrency has the edge of doing it so. Same pattern as you said, well I think most of us sees the same pattern that you are talking about, why not use a better mode? right?

Something like that does not happen by decree instead it is a long process, gold and silver became the main forms of money for thousands of years simply because they had the best characteristics to perform that function, people used many different materials as money and gold and silver were the victors of that process, fiat currencies also followed the very same pattern, one of the reasons people began to use fiat currencies instead of gold and silver was because transporting large quantities of money over long distances was very problematic while with fiat this was not really a problem, if cryptocurrencies ever become the main form of money around the world you can be sure that it is not going to be by a decree but simply because they are a better form of money than fiat.

In the olden days people were making use of gold, silver and other precious stones and metals to buy whatever they want, build houses, pay workers and a lot more. But as time goes on, things changed and they started making use of the paper money and we had Dollar, Euro, pounds, Yuan, and the rest of them.

So, if the cryptocurrency you're seeing now is going to become our main currency and replace the first we are using these days, before that happens it will be discussed by the government and they will all decide on what it's going to be. Although the way I see it, cryptocurrencies are going to be assets and won't replace fiat. They will just serve as another means for transaction.

If bitcoin will lose it's value in fiat currency like $ or £, there are still many physical currencues that it can compared and valued with, like gold, silver or anything else, or if not these things like, its value will be worth 1 btc = 1 btc. It would only depend on how people will use it by that time. If you'll use it to buy for example a car, the seller may say that a car is worth 1 btc, or it can be 10 btc or so. People will make btc values for themselves, that's for sure.

I do understand what you are trying to say, imagine a situation when you are living under an oppressive government or a destabilized government where is the economy is spiraling down, what are the options they got earlier, nothing. Now we have bitcoin as a global investment for people who needed it most than a speculative market, to store their value and that is not a small aspect.

The value does not really mean anything if you already invested if you view bitcoin solely as a currency.

I agree that bitcoin is a great mode of payment however it comes with a selected moment only so in my opinion it is not that efficient. Bitcoin is great in peer to peer transaction since you can transfer it seamlessly, things are different when you are sending it internationally and in an exchange coz it will take longer time plus the transaction fee is high. Fiat on the other hand will never get replaced, that is an absolute thing that the government is making to do. What a nation need is a centralized currency, not a decentralized one.

I think that reply to your 2nd questions depends on the current value of crypto. It all depends on rate so that I'd pay according to the financial reality of those future.

Hey people, you forgot that people are the ones who give value to something, anything! Bottom line should be simple if people want something it has value, value will depend on how many people want it and how much they want it (DEMAND), and of course from supply, is there enough for everyone or it's limited! Rough examples are many, ordinary car from factory line can't worth the same as hand build cars (Lamborghini Veneno 3.9 mil).

Now when we established who and what gives a value to things it's time to add stock market in equation! Not all companies are on stock market, that right has to be deserved! But to not get too much in that, crypto opened a way for all who wants to be on the market (exchanges) can do that! Their tokens are their stocks, and all people can trade with their tokens without KYC or any license, all you need is internet, mail account and you are ready to trade. Even a little store in godforsaken place can have their own token and there can be people who trade or hold that token for some reason! It will be our own choice how and what to do, we will not depend from regulations that are in favor of big and rich people/companies.

So what we have, who wish to sell something will create a value for their product based on demand and current supply! That value can be expressed in dollars, their own tokens, or some top coins. You will say crypto has huge volatility, and I will answer that you have volatility on stock market too, less of course, but last two months showed how stock market can crash in couple weeks! We saw crude oil at $-37, how's that even possible? That never happened with crypto!

Fiat system is just a system in the end, and crypto is a better system! If I can compare them it's like fiat is old pistol, and crypto is a modern sniper. Most of us knows that, when all others learn about that we will have a mass adoption! 10 years of crypto and still there are many more who have to learn about crypto!

This is not gonna happen, bitcoin is a good payment system but we have to understand that it will still remain as an alternative, fiat will never replace by anything that is out of control by the government especially bitcoin is even a decentralized form of money.

Government will never want their currency to vanish as that makes them powerful when the world accepts it. So for countries where they are really poor and their currency is devalued and does not value much may accept bitcoin to much greater extent but some big countries may never want their currency to get disappear form the market. Though the use of btc may keep on rising but so will their national currency without it getting obsolete.

Yeah, fiat will never be disappear and it is going to be our medium of exchange no matter what. Bitcoin and other cryptocurrency will be there just to support fiat and there's no way cryptocurrency will replace fiat! As of now, Banks are having their own online platform and they are making apps to make the transaction faster and easier. Honestly, online bank transaction is instant and I will going to use it over bitcoin. bitcoin and other cryptocurrency transaction is slow and for me it's only for investment purposes. Let's see if there will be new coin that will have a instant transaction speed that might replace bitcoin.