Topic: The old fiat days are behind us! (Read 399 times)

OP shouldn't get carried away in his gladness for the way Bitcoin is turning and begin to think it could completely displace fiat. I don't think this happening with humans on earth, at least not in the next 2 decades if we are still here then. May be with aliens that could be possible with their alleged incredible sophistication but not with us. My reason is based on the fact that most countries don't even have electricity supply and Internet. Knowing that Bitcoin depends on these two, so how is it going to be possible to completely eliminate fiat?

Fees on every transaction, i mean if we can do send money all over the world in any amounts without worry about to pay high fees, i think if that time already come, crypto still need a lot of time and effort to make people start use it as payment. Like e-money in app for now which allow us to pay merchant without need to worry about fees, with that time crypto will replace fiat. If for now, maybe still to far fot it to happen.

It is the future so predicting that kind of situation is possible since so many of communications around the revolves around the web and it is only a matter of time that the physical currency might dwindle of it's usefulness if the age of advanced banking or systems come.

It's unwise to start believing fiat days are behind us. What's going to happen is national currencies are going to replace notes and coins one day but it's not happening soon.

No Fiat or cash isn't behind us crypto hasn't step forward on taking the lead at all it just gain a spot light because of the price pump.
AFAIK investor or crypto holders wouldn't use crypto as a payment option they would rather hold it than spend it.
How could crypto take over Fiat when the transaction is too slow and we have to pay extra for our transaction fee.

Are you seriously asking what Bitcoin is solving, despite the information about what you're asking being available for years and years now, while stating non-factual information?

"100% scammer, criminals, and con-artists" lmao.

Name one problem that BITCOIN has solved?

BITCOIN is 100% scammer, criminals, and con-artists

Sure 2010 there were some programmers with good hearts, but todays BTC is 100% ponzi

for short fiat is more reliable than crypto currency in my opinion , Perhaps if crypto don't have such bad issues around the internet,  its now the most priority when it comes for our daily use indeed . It has big advantage actually if we will make a comparison and more ppl can tell what are the advantages. But sad to say there are some factors that are unacceptable for the government.

Totally agree with you. The national money of states will exist as long as the states themselves exist. It’s not even about the form of money, or even about their functional qualities or usability. States will only allow the circulation of money that they fully control. A striking example of this is the recent ban on the use of cryptocurrency as a means of payment by the Turkish government. Similar decisions can be repeated. It is better for a cryptocurrency not to conflict with the currency of states.

in this scenario its not comparable. bitcoin at this stage is still very limited and majority of the things we do is still in fiat so fiat is not behind us. fiat will always be needed any day anytime, bitcoin is simply at the exposure stage and still gaining momentum. currently bitcoin is good in terms of asset but still has some flaws in terms of spending ability.

At current time its not possible yet because there are many countries which are under devolpment level and its needed new and modern technologies . in well devolpment countries it may be possible.

Hard to say that we are there yet especially with countries that don't have the latest technologies, I think that we will be on fiat for another 200 years if we are lucky not to fuck this planet or start a nuclear holocaust. I for one, live in a country that is behind in technology so I have to disagree that fiat is behind us not to mention that fiat has been here for thousands of years so it will be hard to remove that idea.

FIAT was never a store of value. It has been what it is since the beginning. An asset that loses its value over time. If FIAT dare behind us, then it means there is something better. Is that something better bitcoin? I don't think so. I mean it is not better at losing its value like FIAT. If you want bitcoin to replace FIAT then bitcoin should be going down, not up.

And when you compare it to gold... Well I don't know. I guess I'll leave it here.

I think you are almost right. But we aren't there yet. It's a hard process that will take time. maybe couple of decades but we're getting there.

I'm not sure where Bitcoin fits in a future when cryptocurrencies in the ecosystem get dominated by national fiat replacements. I don't think it's going to be like gold because whales and institutes wield too much influence over decisions which could affect Bitcoin value.

You say that crypto is the future of currency,but what do you mean by "crypto"?
Do you mean Bitcoin,or some altcoin,or maybe CBDCs(which aren't cryptocurrencies,but some people put them in the list)?Perhaps most governments and banks will adopt blockchain technology without adopting cryptocurrencies.
I wonder how Bitcoin can replace gold,since a bunch of coal mine accidents in China can cause a hash rate drop,that causes a BTC price crash and panic across the markets?Great store of value,isn't it?
New technology is great,but do you realize how fast a new technology can become obsolete?

Those stuff didn't solve problems; they're just hype.

It will not end, and it doesn't matter. You could also create thousands and thousands of versions of your local currency and it wouldn't matter because no-one would want them.

Lightning and other layer-2 solutions.

If you're so smart, I'd like to see a better product from you.

The "gov crypto" thing is nothing but fiat just with a different back-end.

They can release as much versions of their fiat money as much as they want. Bitcoiners wouldn't care.

How can BTC be fiat in the first place? Both are 2 very different things. Not that anyone wants it in the first place.

If people want to use CBDCs, then let them. What's your point?

Refused to embrace privacy? There are literally projects right now trying to improve privacy on Bitcoin.

It's not behind us. We're getting there but there's still a lot things that need to be done.
But i can see the progress and that's great.

Don't be so sure. I can remember when cabbage-patch dolls and pet-rocks were the rage, and made people rich. Now the subject is mute.

The cost of entry in CRYPTO is zero. Bitcoin open source means there will be more than 21M clones, some say we now have 9,000 clones, where will this end?

What is known is that at 7 transactions/second approval btc can never be used for business, how about store of value, nada also because gov's intend to black-list high-value addresses that don't have KYC association. Today's fee's of $30, to send $1, means that BTC will never be used for small transaction.

IMHO as a math-physics person, who has written math-crypto software since the 1970's, our present day crypto will be looked back in the future as bullshit insanity era. Sure we know why it took-off in 2010+ because the USD coming out of 2007 was shit. We know why the IMF-BIS created BTC&Satoshi, because they didn't want USD to flow to gold.

Now the reset is here. The GOV crypto will not be 'crypto' that can be mined by the public, it will be just like we have now digits on a computer.

The OP says 'fiat is behind' us, FIAT means wealth pulled out of your ass, and people are forced to use by the power of murder (gun/nuke); The new post-reset digital currency China/IMF will still be FIAT, pulled out off the IMF-BIS arse.

I think at best 'bitcoin' and clones go the worlds morons on the digital-asset train, and now the world-government can be the conductor and take you places.

Sure paper-cash is behind us, the new CBDC coming out of the reset is designed to become worthless if its not spent in a short time-frame. IMHO the OP doesn't know what FIAT means.

The originals BITCOIN community understood 'scarcity', they understood the Gold-Standard, but our world-gov, and politicians want & need FIAT-2-Infinity to run their toy democracy's. They have the gun's.

I don't see any of the worlds dictators stepping forward and offering MAFIA style 'protection' for bitcoin. Until then btc cannot be FIAT.

On the other hand in the future all trade on earth will be done with IMF-BIS digital-cash, and if you want to eat, you will play along.

WRT bitcoin, the future of BITCOIN is no future, because BTC has refused to embrace privacy, and it got in bed with COINBASE it means that future exit of wealth from BITCOIN to real privacy coins is impossible, or even gold for that matter, as with COINBASE(IRS) all is tracked.

In the future we will look back at USD cash in hand as "The good old days".

Give credit to where it is due. Being still around after thousands of years is really something. Since time immemorial, and through the rise and fall of civilizations all over the world, gold remains significant, precious, coveted, utilized, and so on.

Highly advanced technologies have sprouted everywhere but they all didn't render gold worthless. It remains very much relevant until today.

All kinds of asset and financial instruments were created through all these years and still gold remains a sound option among seasoned investors.

Bitcoin is an amazing technology but it is not as time-tested as gold. We can't be sure if Bitcoin would still be here after a hundred years. As to gold, no doubt it will stay.