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Topic: The middle ground for all skeptics and enthusiasts (Read 367 times)
In this forum, I meet more thoughtless optimists who repeat words after others that Bitcoin and another cryptocurrency will be able to completely replace paper money, banks and other financial institutions without even understanding the essence of what was said. This will never happen because the cryptocurrency is simply not capable of it. Cryptocurrency, of course, will greatly change the financial relations in society, however, in my opinion, it will be mainly a means of payment for citizens and part of the trade market. What will happen to the cryptocurrency further is difficult to predict.
Before I was fully sure that the crypto will replace fiat money. But now I understand that this is unlikely to happen, because it is not feasible. I believe that digital money will be actively used together with fiat.
In my opinion:
Bitcoin -> Primarily -> Currency
-> Secondarily - > Investment asset
Majority of the world have a reverse point of view here which is the main problem which needs to reversed through adoption rates going upwards with time thanks to technological developments(LN fully ready etc).
That's right, Bitcoin might only be for investment and I also don't expect that in the future fiat will die (or maybe it will never happen) because fiat is already known and will also be very difficult if there is no fiat between countries countries in the world because each currency will have a different value. Bitcoin -> Primarily -> Currency
-> Secondarily - > Investment asset
Majority of the world have a reverse point of view here which is the main problem which needs to reversed through adoption rates going upwards with time thanks to technological developments(LN fully ready etc).
-snip-
After the stock market crashed in 1929 and subsequent bank failures, we saw a big inflow into gold. People started hoarding it because they distrusted financial institutions so much. They didn't have bitcoins back then, and we're already seeing the seeds of that distrust of banks today. Imagine what would happen if we started seeing crises in the major reserve currencies.Lol yeah you'd think what's currently happening in Venezuela would spook a few people. I suppose it still boils down to risk management for most, but you can never be too safe. It's crazy how a big part of Bitcoin's success hinges on the failure of traditional finance though. I mean, I don't want that to happen, but I guess being resistant to that inevitability is the whole point.
I never think about people who are a skeptic with bitcoin because if they don't want to open mind for a new change, they will not take a benefit from that.
I don't think fiat will die but I hope that fiat and bitcoin can work together to fills our needs and can help us to make a better life.
I don't think fiat will die but I hope that fiat and bitcoin can work together to fills our needs and can help us to make a better life.
I saw a lot of skeptics of BTC and crypto in real life, and lots of enthusiasts who see crypto world through rose-coloured glasses. I must admit personally I am leaning towards skeptics, I surely believe that future economic relations will change thanks to what BTC already did, but all those who say again and again"BTC is future, fiat will die" just do not understand what they are talking about simply misunderstanding what experts want to say.
Here is an article, which I believe provide middle grounds for both sides and would be useful for everyone here, in case you missed.
https://www.nytimes.com/2019/04/23/technology/bitcoin-tulip-mania-internet.html
Here is an article, which I believe provide middle grounds for both sides and would be useful for everyone here, in case you missed.
https://www.nytimes.com/2019/04/23/technology/bitcoin-tulip-mania-internet.html
It's sort of the old narrative of the gold bug versus people who blindly believe in fiat.
The situation is somewhat similar when it comes to bitcoin. There are certain people that are going to be permabulls no matter what happens, and I think that is completely irresponsible given their complete lack of acknowledgement for obvious market trends and cycles.
But then there are also people who discredit bitcoin based off solely a bear market, or a crash - which is sort of the opposite end of the spectrum here.
The important concept to understand is that price =/= value/utility of the bitcoin network. A crash in value of bitcoin due to swinging market sentiments doesn't mean that all of a sudden, the utility of bitcoin drops significantly.
In my opinion:
Bitcoin -> Primarily -> Currency
-> Secondarily - > Investment asset
I'm not sure if that's going to work, especially with this high volatility that bitcoin is showing. Some currencies like USG or GBP are also used as an investment asset by some people but if you check it their prices never fluctuate so much during a year as bitcoin price does. And I don't know if there is anything we can do to resolve this issue because most people involved in cryptocurrencies right now are aiming for profits not mass adoption. Bitcoin -> Primarily -> Currency
-> Secondarily - > Investment asset
With more knowledge we are able to determine and free think on what goes ahead of our futures.
We understand more and more about the current situation thus make ourselves pleasent in observing those skeptics and enthusiasts.
We understand more and more about the current situation thus make ourselves pleasent in observing those skeptics and enthusiasts.
bail-ins and bail-outs or outright currency collapses
Well there have been more than a couple of those throughout history, but it seems that the greater public still isn't very conscious of the risks associated with putting all their eggs in the fiat basket. It would indeed be pretty huge for Bitcoin if they start to learn though.
People tend not to learn from history. If it didn't happen to them in their lifetime, they don't see it as a threat. Since the post-Bretton Woods (modern fiat) system came to be, we've only seen minor, localized currency failures.
After the stock market crashed in 1929 and subsequent bank failures, we saw a big inflow into gold. People started hoarding it because they distrusted financial institutions so much. They didn't have bitcoins back then, and we're already seeing the seeds of that distrust of banks today. Imagine what would happen if we started seeing crises in the major reserve currencies.
BTC indeed the future but FIAT will not die that's what I believe it, naturally people are skeptics cause maybe they see prices is fluctuate. I read articles about BTC used by cyber crime and I apologize that the article is not useful for me 
crime can occur anywhere I think that fiat and gold can also be associated with it.
Yes, but transferring BTC is much simpler the moving around a pile of cash or bits of gold, don't even mentioning doing it internationally. It is not about what "could" be associated with it but "is" associated already. And we can not really move forward with the adoption of crypto while it is associated with out of sight money transfers and simply scam projects. crime can occur anywhere I think that fiat and gold can also be associated with it.
I also think that Fiat will continue to work in ordinary society. Yes, some majors will move over time to Bitcoin. But the bulk will remain.
BTC indeed the future but FIAT will not die that's what I believe it, naturally people are skeptics cause maybe they see prices is fluctuate. I read articles about BTC used by cyber crime and I apologize that the article is not useful for me crime can occur anywhere I think that fiat and gold can also be associated with it.
crime can occur anywhere I think that fiat and gold can also be associated with it. 
I saw a lot of skeptics of BTC and crypto in real life, and lots of enthusiasts who see crypto world through rose-coloured glasses. I must admit personally I am leaning towards skeptics, I surely believe that future economic relations will change thanks to what BTC already did, but all those who say again and again"BTC is future, fiat will die" just do not understand what they are talking about simply misunderstanding what experts want to say.
Here is an article, which I believe provide middle grounds for both sides and would be useful for everyone here, in case you missed.
https://www.nytimes.com/2019/04/23/technology/bitcoin-tulip-mania-internet.html
Here is an article, which I believe provide middle grounds for both sides and would be useful for everyone here, in case you missed.
https://www.nytimes.com/2019/04/23/technology/bitcoin-tulip-mania-internet.html
I never believed that claims which about FIAT will die soon. It will continue to be used for many years. But, it is highly possible to use cryptocurrencies mostly. Because globalization needs that.
in life. we need an innovation. included in the transaction. 60% of the public has a large demand for crypto and BTC, and 40% are primitive people. fiat makes us saturated. fiat always get a bad influence from inflation and the global crisis. gold is increasing slowly. I think gold is not efficient as a transaction tool. but BTC and crypto have great hopes of taking control of it all in the future.
I think fiat will eventually be replaced by a return to a fixed exchange rate system with commodities like gold and silver. After enough time, I could maybe see bitcoins being used along gold and silver in the same manner too.
Are you in anyway insinuating that the old kind of cowry exchange system will be replicated in this 21st century with gold and silver serving as fiat?Sincerely, I don't harbour any thought of Bitcoin replacing fiat because that's not EVER going to be possible. The reason being that there are countries battling with electricity and Internet connectivity. Again, there going to be illiterate folks who don't know how to access the Internet even in countries where that facility is available.
More importantly, I am a Bitcoin enthusiast. My curiosity and excitement drove me to google and invariably here at BTT. But I know the crypto industry can't replace fiat.
I have come to accept bitcoin/cryptocurrency as a secondary currency in my financial life haven known that bitcoin can not replace the traditional financial system like faint paper money, the blockchain is advance technology in the world financial sector despite the fact that blockchain base currencies are still new and have not been adopted as a legal currencies but with time this is going to be achieve because the blockchain smart contract transactions is what the world is waiting.
The problem is that complete crypto sceptics doesn't need your middle ground.
Most of traditional investors, bankers and enterpreneurs are sceptical to crypto (they have all reasons to think so), they have their opinion and they are not using crypto. Right now cryptocurrencies are not popular and they have almost no influence on anything outside the crypto world so there is no sense for crypto sceptics to seek for any kind of middle ground. They don't need crypto in all cases.
Most of traditional investors, bankers and enterpreneurs are sceptical to crypto (they have all reasons to think so), they have their opinion and they are not using crypto. Right now cryptocurrencies are not popular and they have almost no influence on anything outside the crypto world so there is no sense for crypto sceptics to seek for any kind of middle ground. They don't need crypto in all cases.
-snip-
but there may come a time when bail-ins and bail-outs or outright currency collapses vividly illustrate to people the importance of distinguishing between unbacked dollars and hard money like bitcoin or gold. hedging against those possibilities will become increasingly important in the future, and that alone may keep bitcoin at the forefront of public observation even if fiat money keeps sustaining throughout this transition to digital money. Well there have been more than a couple of those throughout history, but it seems that the greater public still isn't very conscious of the risks associated with putting all their eggs in the fiat basket. It would indeed be pretty huge for Bitcoin if they start to learn though.
what you are talking about are the "extremists" and being an extremist has never been a good idea, not in bitcoin and not in anywhere else. it is the extremists who say bitcoin will replace fiat, it is the extremists who say bitcoin is fraud and won't end well,... and all of them are incorrect.
you are forgetting about the more important characteristic which is decentralization. which then brings us things such as a currency that is not controlled by any government or centralized authority so there is nobody who can restrict you on how you use your own money or has his hand in your pocket.
bitcoin's biggest selling point IMO is that it's programmable money and its supply/scarcity is predictable. the truth is that most people don't (and never did) care about the economics underlying their money. they use dollars (whether cash or checks or venmo transfers) because everyone else does.
you are forgetting about the more important characteristic which is decentralization. which then brings us things such as a currency that is not controlled by any government or centralized authority so there is nobody who can restrict you on how you use your own money or has his hand in your pocket.
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