I never imagined that would happen because until now, many people still don't believe in bitcoin and still hold their fiat in banks or hold it as cash.
But if that happens, it will disrupt the traditional financial system because there will be a scarcity of circulating fiat on the market, even though they can use digital money from each country.
This can happen if people in many countries can no longer trust their government because they can not solve many cases properly so they decide to use crypto.
But whether that will happen or not, people still use fiat for all sorts of things.
Topic: What if a change in people's views? - page 3. (Read 627 times)
there will always have some sort of inflation
the push pull for sure
but that is dependent on many variables etc, at least it is possible to get rid of one form of\ inflation if the entire market place was based on a money system that had a limited supply
what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?
the push pull for sure
but that is dependent on many variables etc, at least it is possible to get rid of one form of\ inflation if the entire market place was based on a money system that had a limited supply
what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?
To whom they want to sold their fiat for crypto? coz this sounds like eradicating the use of fiat in the society, which will not going to happen. I mean who want's to have that fiat when everyone wants to have crypto based on your scenario? Well, we can only have a clear answer to questions which is at least realistic in our current timeline. We can't even have a decent discussions about the things that could happen in the next 100 years, because all we can say it's just another speculations as nobody really knows what would happen in that far ahead years.
what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?
If they are selling the fiat, it means someone is buying. If everyone sold all their fiat like you have imagined, it will lead to scarcity and lowered circulation of fiat that will make it more valuable. People are bound to experience some form of difficulties because no matter how we see it, bitcoins cannot be used in the purchase of everything. There are some things that are really cheap and it will be senseless paying with cryptocurrency, so it will really disrupt the way things are, and also because you have described this move in your imagination to be very sudden. Sudden changes always have effects.and to look at this situation, this won't be realistic in the first place. as you said, if someone is selling, there is someone buying as well. scarcity means the currency can possibly be valuable. not thinking about this theoretical situation because it won't happen. a large percentage of population will still use the traditional fiat system no matter what. even crypto users have their accounts in traditional banking system. i don't think we will see this in our lifetime as even most governments will stick to their currency for so many reasons.
what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?
If they are selling the fiat, it means someone is buying. If everyone sold all their fiat like you have imagined, it will lead to scarcity and lowered circulation of fiat that will make it more valuable. People are bound to experience some form of difficulties because no matter how we see it, bitcoins cannot be used in the purchase of everything. There are some things that are really cheap and it will be senseless paying with cryptocurrency, so it will really disrupt the way things are, and also because you have described this move in your imagination to be very sudden. Sudden changes always have effects. 
what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?
Obviously Bitcoin price will surge if majority of the population exhange their fiat into cryptocurrency like Bitcoin. Automatically the traditional finance system will be disrupted because all of a sudden the financial institution's influence become weak. Majority of merchants will accept Bitcoin to cater people who uses Bitcoin and will also make the government to implement regulatory law and even ban cryptocurrency to shift the financial authority back to financial institution.
I believe it will be economic chaos since there will be a war in the financial sector between Bitcoin and centralized financial authority. Mostly many people will lose money in this event once' the government banned Bitcoin.
there will always have some sort of inflation
the push pull for sure
but that is dependent on many variables etc, at least it is possible to get rid of one form of\ inflation if the entire market place was based on a money system that had a limited supply
what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?
the push pull for sure
but that is dependent on many variables etc, at least it is possible to get rid of one form of\ inflation if the entire market place was based on a money system that had a limited supply
what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?
But I want to ask you one question, who would be willing to sell all their fiat to buy bitcoins? I'm a bitcoin investor but still I wouldn't do that stupid thing. As long as fiat remains the world's primary currency, there's no reason for us to exchange all of our money for bitcoin. Too risky for us and our family.
Its true that fiat would really be staying as long there would be government would really be the top of the chain.We might really be able to see some other options but we know that fiat would still remain.
At least we do really have some other options for us to deal with but dont make yourself believe into something which cant really be that possible.
Yes, we could really be having the freedom but its better to be having always that realistic approach.
It's true that there will always be some form of inflation, but a limited supply money system can certainly help to reduce one form of inflation. As for the impact of a sudden shift from fiat to crypto, it could potentially have a significant impact on the traditional finance system. It could lead to a loss of faith in fiat currencies, and traditional financial institutions could suffer if they do not adapt to the changing landscape. However, it's also important to note that such a shift is unlikely to happen overnight and would likely take time to play out.
there will always have some sort of inflation
the push pull for sure
but that is dependent on many variables etc, at least it is possible to get rid of one form of\ inflation if the entire market place was based on a money system that had a limited supply
what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?
the push pull for sure
but that is dependent on many variables etc, at least it is possible to get rid of one form of\ inflation if the entire market place was based on a money system that had a limited supply
what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?
But I want to ask you one question, who would be willing to sell all their fiat to buy bitcoins? I'm a bitcoin investor but still I wouldn't do that stupid thing. As long as fiat remains the world's primary currency, there's no reason for us to exchange all of our money for bitcoin. Too risky for us and our family.
there will always have some sort of inflation
the push pull for sure
but that is dependent on many variables etc, at least it is possible to get rid of one form of\ inflation if the entire market place was based on a money system that had a limited supply
what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?
the push pull for sure
but that is dependent on many variables etc, at least it is possible to get rid of one form of\ inflation if the entire market place was based on a money system that had a limited supply
what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?
Inflation is part of the fiat system that is not going to disappear, people are losing money or money is getting destroyed by accident. That's why there is a natural form inflation that is always going to occur. Also most savers only set money aside because they are getting interest and hope they get more for their money in the future. Without any inflation the interest rates would be much lower and there would be less incentive to save money. I don't think a country could survive if all people would switch to crypto currencies at the same time. The government would like intervene and stop the capital outflow.
what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?
All that could not happen suddenly. To adopt bitcoin like that certainly requires a lot of planning and preparation. Including the readiness of all goods and services providers related to the use of Bitcoin.Maybe it could be done in one city first to eliminate Fiat and change it to Bitcoin's ownership. After the control within a good city, it might be developed for a country, which eliminates Fiat.
But this is difficult. Because of every relationship with an outside institution, of course, they need Fiat for transactions.
If what is done is for a certain scope, I think the impact on the traditional financial system will also affect the particular scope. For now, it is very difficult to see those who will release Fiat for the use of Bitcoin when everything does not happen thoroughly.
there will always have some sort of inflation
the push pull for sure
but that is dependent on many variables etc, at least it is possible to get rid of one form of\ inflation if the entire market place was based on a money system that had a limited supply
what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?
the push pull for sure
but that is dependent on many variables etc, at least it is possible to get rid of one form of\ inflation if the entire market place was based on a money system that had a limited supply
what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?
It is going to be difficult for many people to even convince them to invest in cryptocurrency and bitcoin because a lot of people just don't trust cryptocurrency or do not even know what cryptocurrency is. Bitcoin is a great investment to be with and you could easily earn a profit on investing in it but at the same time, there was also a risk in investing because of the volatile market price of the cryptocurrency. You could earn easily but at the same time, you could lose your investment easily. It would be great if all people use bitcoin instead of fiat since it has a different supply and demand but I guess there will be problems if that happened because of the small supply of bitcoin market price of bitcoin is going to increase to the point where people cannot even afford to buy or invest on it.
This will not happen unless a real problem such as a world war occurs, and then what people will buy will not be stocks, real estate and Bitcoin, but rather they will return to the basic need, which is food and purchase.
50% of the world's population can be convinced of the importance of investing in Bitcoin, and 20% may do so at best, so the future is still promising before us.
Bitcoin use globally has not reached 1% yet.
50% of the world's population can be convinced of the importance of investing in Bitcoin, and 20% may do so at best, so the future is still promising before us.
Bitcoin use globally has not reached 1% yet.
I don't think such a thing is possible, although it is possible. But the government won't let it because they know it could disrupt the economy. After all, the amount of money in circulation will decrease. Inflation can happen anytime, but people will still hold fiat and try to earn more.
And if they are not allowed to use crypto freely, they will still use fiat as usual. But maybe some people will invest their fiat into other things like investing in crypto or gold or something. So obviously, it could disrupt the traditional financial system.
And if they are not allowed to use crypto freely, they will still use fiat as usual. But maybe some people will invest their fiat into other things like investing in crypto or gold or something. So obviously, it could disrupt the traditional financial system.
Let's just put it on a scenario that they will "actually" sell it. Do you think most parts or countries on this world can support that sudden change? I think nope, it's because not everyone has the ability to adapt into modern technologies and use it for their daily means. There are also several factors to consider before jumping into crypto industry:
1. Internet Accessibility
2. Gadgets
3. Financial Literacy (including education regarding crypto)
There're more factors that can be added on this list but these alone proves that it is impossible to change the way how the world works. For us who grew up adopting crypto it is easier for us to adjust in this modern and technical problems, but how about those who are inclined to traditional methods? How about those 60 years or 70 years old people from low income economy? As far as I am concern there're lots of people with the age 50+ and above from 3rd world countries who relies on fiat and are still working to sustain themselves on day to day basis.
So thinking about this scenario actually happening is clearly impossible.
1. Internet Accessibility
2. Gadgets
3. Financial Literacy (including education regarding crypto)
There're more factors that can be added on this list but these alone proves that it is impossible to change the way how the world works. For us who grew up adopting crypto it is easier for us to adjust in this modern and technical problems, but how about those who are inclined to traditional methods? How about those 60 years or 70 years old people from low income economy? As far as I am concern there're lots of people with the age 50+ and above from 3rd world countries who relies on fiat and are still working to sustain themselves on day to day basis.
So thinking about this scenario actually happening is clearly impossible.
there will always have some sort of inflation
the push pull for sure
but that is dependent on many variables etc, at least it is possible to get rid of one form of\ inflation if the entire market place was based on a money system that had a limited supply
what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?
Inflation is a natural occurrence in the economy that can be limited to some extent by a limited supply money system such as cryptocurrencies such as Bitcoin. If the majority of the population suddenly sold all of their fiat currency and invested it in cryptocurrencies, the traditional finance system, which is based on fiat currency, could be jeopardized. The shift could cause financial markets to panic and cause traditional assets to crash, or it could promote widespread adoption of cryptocurrencies and the development of new financial systems. The outcome would be difficult to predict because it would be dependent on a variety of economic and social factors. the push pull for sure
but that is dependent on many variables etc, at least it is possible to get rid of one form of\ inflation if the entire market place was based on a money system that had a limited supply
what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?
what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?
Never gonna happen. I think crypto being as good as it is, won't win over fiat as a traditional way to make payments. To change from fiat to crypto you need to rebuild the entire economic system and it would be very hard to control because you can't print new bitcoins (which is good for inflation) but at the same time you can't print bitcoin even to boost the economy or resupply lost bitcoins.
So I think there are really no point to make bitcoin a new fiat. I think they should just coexist.
The government remains the ultimate authority, and fiat represents their power, so even if people do something harmful to the fiat system, they will stop it immediately. Bitcoin or any altcoins will never have a chance to replace fiat money, if one day, fiat collapses, a new monetary system will be created. It will also be a product created by the government, they will never accept something they do not create and have no control over. I believe we are all aware of it, we are just delusional, stubborn, and do not want to believe the truth.
what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?
If all people start buying the bitcoins, then definitely it will increase the demand for the coin. And as we know, Bitcoins are limited in number, so yes, for that reason, in order to meet demand, the price will go up. Bitcoins follow the principle of supply and demand, and for that reason, the price will go insanely up. The traditional system will definitely get a large impact due to this; the transactions that are currently being done through fiat currency will now have to be replaced with other alternatives, for now let’s say bitcoins, and hence bitcoins won’t be treated as an asset anymore.
what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?
Never gonna happen. I think crypto being as good as it is, won't win over fiat as a traditional way to make payments. To change from fiat to crypto you need to rebuild the entire economic system and it would be very hard to control because you can't print new bitcoins (which is good for inflation) but at the same time you can't print bitcoin even to boost the economy or resupply lost bitcoins.
So I think there are really no point to make bitcoin a new fiat. I think they should just coexist.
It is a what if that cannot happen. You can't expect fiat to be out of existence, we arrnt ready for that just yet and not sure we would be in the next decade or even a century. Where would that keep the physically challenged like disables, those with the difficulty to read and write or compute? Definitely there won't be a world for them no more and you can't say the path to literacy would be easy for everyone. That as much as many other factors such as, networks and what it takes to afford devices that can be used in having access to the crypto space.
There isn't a what if in this and I don't see it being some permanent solution to inflation even. Scarcity has its on effects on a commodity.
There isn't a what if in this and I don't see it being some permanent solution to inflation even. Scarcity has its on effects on a commodity.
I think people that believe bitcoin will replace fiat any moment soon are kind of delusional. I've said it a lot of times, maybe sometime in the future as you said, some 100 years later, bitcoin may replace fiat but even that looks highly unlikely. looking at the history of man and money, there have been different forms of money over time before paper money so I believe the world might get to a stage where people no longer need fiat but from my estimation that can happen in at least 200 years later and it's not still guaranteed that it would be bitcoin that would replace fiat.
Even if the fiat system dies, the government will never choose something they cannot control to replace fiat, that will never happen. As long as governments control the world, bitcoin will never be able to replace fiat unless they figure out how to control and manage bitcoin their way. Bitcoin was created not to replace the fiat money system, but only as an alternative to fiat money.
I guess, it is because of these thoughts of some people that have made the government hostile to bitcoin, don't try to propagate that bitcoin will replace fiat.
Quote from: worldtraveller321
there will always have some sort of inflation
the push pull for sure
but that is dependent on many variables etc, at least it is possible to get rid of one form of\ inflation if the entire market place was based on a money system that had a limited supply
what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?
the push pull for sure
but that is dependent on many variables etc, at least it is possible to get rid of one form of\ inflation if the entire market place was based on a money system that had a limited supply
what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?
I think, it will be difficult for the majority of people to use all their fiat money to purchase crypto or Bitcoin, because anything can happen that will make you to go back to your fiat money to solve the problems immediately but if all your money are in the crypto and Bitcoin investment, it will hard you to get the money when the price of Bitcoin and crypto is low in the market. No matter how strong the inflation may be in the community, people will still stand on their ground never to invest all their money in decentralized currency because decentralized currency is not control by the government.
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