Viable Alternative to Fiat Currency | Bitcointalksearch.org

Cryptomultiplier

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Quote from: Iroh on April 12, 2023, 04:35:01 PM

Quote from: KaizenJujustsu on April 12, 2023, 01:10:54 PM

Is Bitcoin BTC viable alternative to fiat currency and traditional banking systems? Examining the advantages and disadvantages of crypto, its adoption rates, and the challenges it faces in achieving widespread use as a medium of exchange and store of value. Huh

I wouldn’t say it’s a viable alternative to the traditional fiat system of payment for the fact that it’s volatile and it’s also presently not globally accepted and used. While it may seem as a good alternative, I don’t think it’s feasible at this point. There is a lot of challenges hindering its widespread adoption and use. Lots of these challenges are brought about by the banks and financial institutions who would lobby the government to back them and be against bitcoin.
Bitcoin wouldn’t become a viable alternative to the fiat currency until it becomes widely accepted and used. Only way that’s happening if the government officially legalizes and includes bitcoin as a means of making and receiving payments.

Bitcoin ain't really a viable alternative, it is still decentralized. I.e, not controlled. We know how people fear what cannot be controlled, mostly as it involves cash flow and finance.
I can consider it optionally as a viable alternative only as regards certain sponsorship programs for matches and sports that require huge financial investments.
Like during boxing tournaments, MMA fight matches and other sports that require huge funds.
Unless the government can keep tab on its operation, it will remain secondary to the traditional fiat currency.

drwhobox

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Bitcoin was created to replace fiat, but we cannot really tell how bitcoin does against fiat if we replace fiat with bitcoin. But with blockchain technology, if bitcoin can replace fiat and traditional banking some of the great financial insecurities we common people have can be solved.
But now bitcoin is a great asset to hold, we can use it alongside fiat and save more bitcoin for the future. In short bitcoin is now the best investment asset than a currency.

mendace

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Quote from: serjent05 on April 12, 2023, 04:27:38 PM

Bitcoin will never replace fiat as a global currency. One of the major reasons is the government's stand. If you want Bitcoin to be the main currency, and remove fiat centralized currency then you must create your own government outpowering the existing global power and force them to accept Bitcoin and denounce the power of their fiat currency.

Bitcoin will never be the currency of a government but it will be that of the people and a government will always have to bend to the will of the people.

sunsilk

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I'm too optimistic before that I've been thinking that bitcoin is going to replace fiat for real. But then, looking at situations and understanding the actuality of these matters and made me realize that we're still far from that happening.

It's a good alternative but it will stay as an alternative and not a main thing for most people to use as a medium of exchange. But it has already set its foundation and even the non-crypto people understands its existence and I guess from there, it's already decent and good enough that it's being recognized.

While being a store of value, that's where bitcoin has been mostly recognized although it was introduced as a medium of exchange.

Iroh

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Quote from: KaizenJujustsu on April 12, 2023, 01:10:54 PM

Is Bitcoin BTC viable alternative to fiat currency and traditional banking systems? Examining the advantages and disadvantages of crypto, its adoption rates, and the challenges it faces in achieving widespread use as a medium of exchange and store of value. Huh

I wouldn’t say it’s a viable alternative to the traditional fiat system of payment for the fact that it’s volatile and it’s also presently not globally accepted and used. While it may seem as a good alternative, I don’t think it’s feasible at this point. There is a lot of challenges hindering its widespread adoption and use. Lots of these challenges are brought about by the banks and financial institutions who would lobby the government to back them and be against bitcoin.
Bitcoin wouldn’t become a viable alternative to the fiat currency until it becomes widely accepted and used. Only way that’s happening if the government officially legalizes and includes bitcoin as a means of making and receiving payments.

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Quote from: KaizenJujustsu on April 12, 2023, 01:10:54 PM

Is Bitcoin BTC viable alternative to fiat currency and traditional banking systems? Examining the advantages and disadvantages of crypto, its adoption rates, and the challenges it faces in achieving widespread use as a medium of exchange and store of value. Huh

Bitcoin can be an alternative to fiat currency and the traditional banking systems. As we know we can use Bitcoin for item purchases, we are able to transact everywhere in the world without any third party company involved. In short, Bitcoin is performing the basic function of a bank. Thus, Bitcoin can be an alternative. It is also one of the major reasons why Bitcoin is created.

Quote from: mendace on April 12, 2023, 04:12:27 PM

Quote from: KaizenJujustsu on April 12, 2023, 01:10:54 PM

Is Bitcoin BTC viable alternative to fiat currency and traditional banking systems? Examining the advantages and disadvantages of crypto, its adoption rates, and the challenges it faces in achieving widespread use as a medium of exchange and store of value. Huh

Bitcoin is not an alternative to Fiat but the only way forward to forget the centralized currency of the rotten and corrupt financial world we are in. I would like to know what are the disadvantages of the encryption you mention?

Bitcoin will never replace fiat as a global currency. One of the major reasons is the government's stand. If you want Bitcoin to be the main currency, and remove fiat centralized currency then you must create your own government outpowering the existing global power and force them to accept Bitcoin and denounce the power of their fiat currency.

Zaguru12

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Quote from: The Cryptovator on April 12, 2023, 02:24:13 PM

In my opinion, Bitcoin is unlikely to replace the traditional fiat or banking system due to its inherent volatility as a cryptocurrency. Unlike fiat currencies, Bitcoin's value fluctuates significantly, which goes against the stability provided by fiat rules. However, Central Bank Digital Currencies (CBDCs), despite utilizing cryptography, are expected to replace traditional fiat currencies because they are not volatile and are controlled by central banks. Therefore, while Bitcoin's volatility may prevent it from becoming a mainstream currency, CBDCs have the potential to revolutionize the monetary system.

Bitcoin right from onset wasn’t meant to replace the fiat system but rather an alternative to it in terms of payment options. The regularization of the fiat is one aspect that actually makes it not a perfect solution if at all it is then many wouldn’t move to assets like gold. Although fiat isn’t volatile but it exhibits almost similar characteristics due to its inflation or depreciation.

The continual political battle between nations over a central reserve currency could just be controlled through acceptance of bitcoin. Also should bitcoin gets closer to the maximum supply capacity it is possible that it volatility will reduce.

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Quote from: KaizenJujustsu on April 12, 2023, 01:10:54 PM

Is Bitcoin BTC viable alternative to fiat currency and traditional banking systems? Examining the advantages and disadvantages of crypto, its adoption rates, and the challenges it faces in achieving widespread use as a medium of exchange and store of value. Huh

Bitcoin is a viable alternative to fiat money. One of the key goals for its creation was to be utilized for cashless electronic transactions in a decentralized system. The benefits and drawbacks are plainly outlined in detail to everyone who has done their homework on it. If you weigh it from both sides, you won't have any trouble using it for its intended use or as a store of value.

The obstacles it encounters during the adoption process are expected from the government, not just for any reason, but for the anonymity it can provide and entire control of funds by the owner, making it impossible for the government to regulate and enforce some form of rigorous regulations for its use.

mendace

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Quote from: KaizenJujustsu on April 12, 2023, 01:10:54 PM

Is Bitcoin BTC viable alternative to fiat currency and traditional banking systems? Examining the advantages and disadvantages of crypto, its adoption rates, and the challenges it faces in achieving widespread use as a medium of exchange and store of value. Huh

Bitcoin is not an alternative to Fiat but the only way forward to forget the centralized currency of the rotten and corrupt financial world we are in. I would like to know what are the disadvantages of the encryption you mention?

pixie85

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I think it is and will stay as an alternative.

I've seen this theory repeated by a number of people and in short it described bitcoin as a currency you save in. It doesn't lose value, it's easy to carry with you, fast and cheap to transfer. You won't use it to buy coffee, although you already can do it and will be able to do it even faster, but because it's so valuable and scarce.

You don't roll out your gold investment contracts to buy a burger and in the same way you won't touch bitcoin unless it's time to buy apartment, send kids to school or buy a new car.

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Quote from: KaizenJujustsu on April 12, 2023, 01:10:54 PM

Is Bitcoin BTC viable alternative to fiat currency and traditional banking systems? Examining the advantages and disadvantages of crypto, its adoption rates, and the challenges it faces in achieving widespread use as a medium of exchange and store of value. Huh

In present time it's impossible for Bitcoin to replace fiat and traditional banking systems. If we compare Bitcoin to fait currencies then fait it currently the winner in that domain because fiat is widely accepted, it's currently more secure than Bitcoin, and it's not as volatile as Bitcoin and other cryptocurrencies.

Even stable coins in their current state are not an alternative to fiat and traditional banking systems. If you are a regular crypto news reader then you might have heard about the case of UST and USDC. Those were stable coins and their price was fixed at 1$, but after depegging of UST now it's value is less than a 3 cents. However, USDC was repegged but it's depegging cause a lot to lose in millions.

In few cases Bitcoin is still better than fiat and traditional banking systems. Bitcoin is totally decentralized, and it can be transferred via P2P, no third party is involved in those transactions. Bitcoin's is a good options for long term investment, those traditional bank controlled currencies can't give as much profit to investors as Bitcoin can. Bitcoin is highly secure, but those who aren't good in technology, and aren't aware of hackers can still lose their money.

paid2

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I'm not sure that's the real point of Bitcoin, is it?
For everyday expenses, I like FIAT ou stablecoins. Personally I see Bitcoin more as a form of savings account for the very long term, more as a storage value than a way of spending my "everyday needs".

I think that at the moment Bitcoin is too volatile, and that is a huge brake to make it a realistic alternative to all fiat currencies.
However, it's not so sure, when you look at the case of Turkey or Lebanon for example, their national FIAT is very volatile too, and that in a not so positive way...

For the moment I don't want to spend my BTC for my daily life, it would be a waste in my opinion. We'll see in a few decades, the BTC I have left, I want to keep it for the very long term.

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Quote from: KaizenJujustsu on April 12, 2023, 01:10:54 PM

Is Bitcoin BTC viable alternative to fiat currency and traditional banking systems? Examining the advantages and disadvantages of crypto, its adoption rates, and the challenges it faces in achieving widespread use as a medium of exchange and store of value. Huh

Unfortunately, so far bitcoin cannot easily compete with fiat, swift, visa, etc.
The speed is too low, and transactions that are transparent to the whole public are not needed by the banking system, and many users too.

Yes, there are cryptocurrencies that are already approaching the speed of swift, but their legalization is a matter of the interests of each state...

The Cryptovator

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In my opinion, Bitcoin is unlikely to replace the traditional fiat or banking system due to its inherent volatility as a cryptocurrency. Unlike fiat currencies, Bitcoin's value fluctuates significantly, which goes against the stability provided by fiat rules. However, Central Bank Digital Currencies (CBDCs), despite utilizing cryptography, are expected to replace traditional fiat currencies because they are not volatile and are controlled by central banks. Therefore, while Bitcoin's volatility may prevent it from becoming a mainstream currency, CBDCs have the potential to revolutionize the monetary system.

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Quote from: KaizenJujustsu on April 12, 2023, 01:10:54 PM

Is Bitcoin BTC viable alternative to fiat currency and traditional banking systems?

In examining the advantages and the disadvantages of bitcoin against the traditional banking system is to take a proper look at the areas where Bitcoin serve as best alternatives to the fiat and we can say in the area of transaction coverage and third-party involvement, since with Bitcoinyou can send and receive money from anywhere in the world and without any third-party bank or individual institutional involvement

The only disadvantages of Bitcoin are that, its transaction are irreversible so one needs to be careful while sending.

Quote from: KaizenJujustsu on April 12, 2023, 01:10:54 PM

Examining the advantages and disadvantages of crypto, its adoption rates, and the challenges it faces in achieving widespread use as a medium of exchange and store of value. Huh

Well, I will go ahead to examine the adoption rate of cryptocurrency which is relatively on high rate right now and that is evident in the level of government adoption such as El Salvador and the Central African Republic both made Bitcoin a legal tender.

I won't want to stress myself into looking at it disadvantages of cryptocurrency and I can see none aside from the one I mentioned above.

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Quote from: KaizenJujustsu on April 12, 2023, 01:10:54 PM

Is Bitcoin BTC viable alternative to fiat currency and traditional banking systems? Examining the advantages and disadvantages of crypto, its adoption rates, and the challenges it faces in achieving widespread use as a medium of exchange and store of value. Huh

It could be viable if a considerable portion of world's population were willing to replace fiat, however that is not the case. Theoretically it could work, but in practice things are a lot more complicated and doesn't happen as expected.

Bitcoin will remain as an asset and side currency, that is my guess. At same time that isn't a bad thing since the demands keeps high and increasing cycle after cycle. We can't be greedy to hope Bitcoin has to rule the world to consider mission accomplished.

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I don’t see bitcoin or crypto-currency as an alternative to Fiat neither do I see it as an alternative to the traditional financial system. That context in my opinion is very incorrect.

I rather see bitcoin and crypto-currency as an option for individuals who are tried of all the let down the face day in day out from the traditional financial system like the banking hassles, slow transactions, centralization and so many others.

un_rank

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Bitcoin functions well as an alternative to fiat, not so much as a replacement. As an alternative, I switch between bitcoin transactions and fiat using Bitcoin more for savings, investments as well as international transactions and fiat for cash payment.

As a stand alone currency, Bitcoin is hugely limited by scalability issues, if this is solved it could start to become more popular for regular transactions.

- Jay -

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Bitcoin is a viable alternative, we should not rush anything, bitcoin will progress to more adoption. Is it already a means of payment without the need of any government, you can exchange it to fiat too. What then remains that humans themselves are not having enough technical knowledge to know if is how bitcoin is working. I am always not feeling happy that people can spend bitcoin in my country but people are just not spending it, what they do most is that they hold it which is good too because demand is its strength in value and increasing price.

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Quote from: KaizenJujustsu on April 12, 2023, 01:10:54 PM

Is Bitcoin BTC viable alternative to fiat currency and traditional banking systems? Examining the advantages and disadvantages of crypto, its adoption rates, and the challenges it faces in achieving widespread use as a medium of exchange and store of value. Huh

Honestly, I'm not sure if Bitcoin is ever gonna be the go-to for money and banking. There are definitely some things it's got going for it, like being all about privacy and not being controlled by any one person or group. But there are also some serious hurdles it's gonna have to clear. For starters, it can be way too unpredictable and dangerous to use for some people. And not enough folks are hopping on the crypto bandwagon, so it's not like you can just spend Bitcoin everywhere you go.

Personally, I think it's gonna take a long while and a whole lot of work for Bitcoin to surmount these challenges and actually be a genuine alternative to fiat currency and traditional banking systems. But, I do believe that Bitcoin and other cryptocurrencies could totally change the game when it comes to money and finance, and I'm pretty psyched to see where this tech goes in the future!

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