What if a change in people's views? - page 4.

NdaMk

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Quote from: worldtraveller321 on March 07, 2023, 05:59:26 PM

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?

Crypto currency adoption is fast growing and this already has had some countries government having a rethink about the ban on it, some have begin to lessen the ban and are looking towards regulating it. So yes mass adoption by the people will definitely have an impact on the government decision. But fiat cannot be thrown aside because of crypto. Crypto volatility is one aspect that will make fiat relevant no matter what. Crypto should be seen as an alternative to cryptocurrency

The Cryptovator

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It's difficult to forecast the impossible. Don't believe that everyone will exchange their fiat for cryptocurrency. Just consider how cash would be exchanged for cryptocurrency in the absence of a buyer on the opposite side. Consequently, fiat remains in the end. Whether it is in paper or digital forms makes no difference. Nobody is able to stop Fiat. Due to centralized government, it is genuinely important for daily necessities. People of views is they can earn from crypto investment, they aren't wondering to replace fiat with crypto at all.

nimogsm

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Quote from: worldtraveller321 on March 07, 2023, 05:59:26 PM

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?

I think we witnessed something similar in 2017 when millions of dollars were poured into projects every day and the market grew like a big bubble and eventually it burst,which subsequently caused a protracted fall in the main assets.So I don’t think this is a good idea.

Aanuoluwatofunmi

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Quote from: worldtraveller321 on March 07, 2023, 05:59:26 PM

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?

This already has been happening, but on a gradual process, when something new is coming on board, you don't expect the rush because it will stylishly come onboard as being a surprise for many, bitcoin has been adopted by two countries as a legal tender is a clear indication that more countries are coming in sooner, the whole world us seeking after the use of bitcoin on the internet and many people were already using it for their asset and currency because of its safety and freedom, bitcoin is the most common brand name on the internet today everyone is searching about is also an indication that it's relevance is of great value.

Wind_FURY

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Quote from: worldtraveller321 on March 07, 2023, 05:59:26 PM

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?

I believe we plebs exceedingly zero in on "Bitcoin vs. the U.S. Dollar" narrative. I was guilty of that during the start of my journey and actually thought that the biggest value-proposition that Bitcoin has is scarcity/limited supply. It might be, but my opinion/thoughts about the narrative changed, or perhaps I simply don't care about "Bitcoin vs. the U.S. Dollar" considerably anymore.

From a "disruption" viewpoint, I believe we should look more into Bitcoin as a tool for weakening political strongholds. As an illustration, what if Russia pegged Russian Oil with Bitcoin to go around sanctions and price-caps implemented by the United States?

Charmekkd

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It also makes sense in your opinion, if one day the majority of people invest in bitcoin, because they see that fiat money is always inflation.

but some people will of course also think about the risks of investing in bitcoin,
because investing in bitcoin is not always profitable.
so i think bitcoin and fiat money will always be friends and indeed bitcoin and fiat money are
it fits perfectly hand in hand together.

kryptqnick

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The problem is that inflation isn't widely regarded as a negative thing. Too much inflation is an issue, but a stable inflation rate is considered healthy and stimulating for the economy by many experts, with the argument being that the fact that money is losing some of its value over time motivates people to spend it rather than save up, and spending is crucial for a healthy economy. With Bitcoin, which keeps growing in value over time, there truly seems to be an issue for many to spend it, as people want to hodl and enjoy better profits. At the same time, though, people aren't inclined to spend Bitcoin when it's losing value either, as they believe it's temporary. With fiat, when a currency loses some of its value, it rarely then grows in value later, so the spending motive works. At the same time, it can be argued that people spend money when they need to buy something or feel like they want to buy it, not because of inflation.
But I don't see people turning to cryptos instead of fiat in the near future because people don't want volatile money and largely views cryptos as assets, not as a payment method.

Plaguedeath

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Quote from: MusaMohamed on March 07, 2023, 09:52:15 PM

Quote from: worldtraveller321 on March 07, 2023, 05:59:26 PM

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?

They won't. It will never happen.

Do you see all people on Earth change from paper books to e-books?
Do you see all people on this planet change from paper/ polymer fiat currencies to bank transfer digitally?
Do you see all people change from fiat currency to physical gold bars?

Actually many countries already tried their best to replace paper books to e books because it's more effective, convenient and flexible rather than distributing using paper books.

I think almost all countries do have digital wallet which used to store digital fiat, they also have another way like debit card or credit card, they didn't need to use paper cash.

Gold can't replace fiat because gold itself isn't a currency, while Bitcoin is actually a currency but people tend to use it as a commodities.

Based on my answer, it do show people are prefer with digital form, but they just can't accept the volatility of Bitcoin.

rat03gopoh

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I never thought that far, but maybe something big has happened to disrupt the financial system that is related to trust, for example, global financial institutions that are blatantly showing chaos. The problem is, does everyone have the same solution (in this case bitcoin) at the same time and bitcoin holders are even willing to trade 1 sat for $1m USD (referring to the outright distrust due to sudden inflation)?

As a reminder, a large portion of the human population is still dependent on financial institutions and has never even heard of crypto.

Zorigi

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we won't know in the future whether people will do something like that or not in the future but now it seems that no one is buying crypto or bitcoin in the majority in the world, because of course there are those who view bitcoin positively and there are also those who are negative. but I hope that one day the majority of people will invest in bitcoin, and the price will be very high.

Alpha Marine

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Quote from: Smartvirus on March 07, 2023, 07:15:54 PM

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.

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.

MusaMohamed

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Quote from: worldtraveller321 on March 07, 2023, 05:59:26 PM

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?

They won't. It will never happen.

Do you see all people on Earth change from paper books to e-books?
Do you see all people on this planet change from paper/ polymer fiat currencies to bank transfer digitally?
Do you see all people change from fiat currency to physical gold bars?

If they don't change all like that, they won't change all because of Bitcoin.

Quote

like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?

Bitcoin is only one element in society and it has yet become a part of global financial system. It won't fix anything.

Purchasing power of the US. dollar over time. Fortunately with the decreasing purchasing power of fiat currencies including the US. dollar, people will look for alternatives and Bitcoin would be one of most attractive alternatives.

Macadonian

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Quote from: Darker45 on March 07, 2023, 09:11:40 PM

You don't have to wait for such an extreme event to happen to see some impact or disruption of the status quo. After all, it is simply wishful thinking to consider it possible that the majority of the world's population will suddenly convert all their fiat into Bitcoin. That's not going to happen. But the disruption is there. Remittances in some countries, for example, are done in Bitcoin. Some people have also quit saving in fiat and shifted to Bitcoin instead. I mean, there are small yet significant disruptions happening right now. There's no need to see shocking events just to see the impact of Bitcoin.

You need a big event to happen if you want every person in the world to convert to Bitcoin instantly. We would probably need fiat to collapse and that probably will not happen for a long time. Every country wants to keep fiat alive because they profit huge margins from keeping it alive and Bitcoin is a threat to their profits because they can not control it like they do with fiat. They will try to rescue it if it is at threat of being replaced by Bitcoin and I think it might be bans on Bitcoin if we did come close to threatening them because they want people to think that fiat is the only option for them.

If Bitcoin grows steady and people do not jump ship instantly the government might not ban it or put too many restrictions on it. Then when we have enough passionate users who are willing to fight to keep Bitcoin alive we might be in a good position to challenge the fiat currencies but we are a long way off until we can challenge it.

Darker45

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You don't have to wait for such an extreme event to happen to see some impact or disruption of the status quo. After all, it is simply wishful thinking to consider it possible that the majority of the world's population will suddenly convert all their fiat into Bitcoin. That's not going to happen. But the disruption is there. Remittances in some countries, for example, are done in Bitcoin. Some people have also quit saving in fiat and shifted to Bitcoin instead. I mean, there are small yet significant disruptions happening right now. There's no need to see shocking events just to see the impact of Bitcoin.

Macadonian

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People will not just change their mind like this there would need to be a big event that caused doubt in the banks and fiat if every one changed their view on Bitcoin and converted all of their money to Bitcoin. I do not think Bitcoin is stable enough to have this many people convert to Bitcoin all at once and I think it would cause big swings in the btc price. It is better if we have a steady increase of people using Bitcoin.

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Quote from: worldtraveller321 on March 07, 2023, 05:59:26 PM

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?

When we talk about imagining and delusion, the answer is always imagining and delusion also. we don't know about future and what happen next, if fiat system dead, the strong goverment will try another ways to replace it by the time. One of very potential is gold, because gold is tested about many years ago and strong. but if crypto, I am not sure will replace it when gold is more stable than it. I just thingkin it by your imagine.

sheenshane

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Quote from: worldtraveller321 on March 07, 2023, 05:59:26 PM

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 the majority of the population suddenly sold all their fiat and invested it in cryptocurrency like Bitcoin, it would have a significant impact on the traditional finance system. The sudden outflow of fiat currency would cause a drop in its value, leading to inflation, and might this would cause economic instability, leading to a loss of confidence in the financial system.

IMO, if a large amount of money is invested in crypto, it can lead to a massive increase in its value, causing a bubble that could burst at any time, leading to massive losses for investors and the sudden shift of investment from fiat currency to crypto would cause significant disruption and volatility in the financial system.

blockman

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Quote from: worldtraveller321 on March 07, 2023, 05:59:26 PM

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

Then that will reflect on the price as the demand will increase drastically if that happens. We always see that during the bull run and everyone's feeling and sentiment is happy to see that its price increases.

Quote from: worldtraveller321 on March 07, 2023, 05:59:26 PM

do u think the system or part of the traditional finance system see some type of impact/disruption?

There are always the two thoughts about it from them, some do like it and many don't like it because it goes against the usual system that they've been used to. It doesn't really matter if those things happen again as we always see those changes from time to time. Not just it, we also see changes in market trends that's why all of us are just adapting to whatever changes are.

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Quote from: worldtraveller321 on March 07, 2023, 05:59:26 PM

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?

That is never possible, if that is what would likely happen, the government would have felt the pressure and ban bitcoin and other cryptocurrencies if that would be the only way that they can protect their fiat. But people do not have that kind of mindset, cryptocurrencies are not having stable price and they are volatile, stable coins that are most reliable depend on fiat while many people will always have a reason to have fiat. Most businesses in the world are using fiat and they are growing, but I understand that keeping fiat in bank or holding it is just a way to make your wealth to be deplete in value.

Quote from: PX-Z on March 07, 2023, 07:34:14 PM

That's a dream that can only done in a dream. Why would you thought something like that when bitcoin cannot replace fiat in any aspect of monetary system and matter of fact. Yeah, we are so called "bitcoiner" here, but don't be so delusional. Such thing wont come true.

You are very correct, bitcoin was not created to replace fiat but rather to serve as an alternative. Bitcoin to most people today is for investment purposes.

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Quote from: worldtraveller321 on March 07, 2023, 05:59:26 PM

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?

It's not just about everyone "putting their money into btc". It is also about the acceptance of it in regards to goods and services. All businesses would need a gateway implemented at this sudden moment as well. If (for arguments sake) all businesses instantly implemented this gateway with no hiccups, everyone knew how to use BTC appropriately and this event happened, without a doubt the fiat system would crumble and positive change would quickly follow. It would take a lot of work for the people to quickly facilitate this change though...as I am sure that if something like this were to happen then the community involved would need to be governed by a new fair and non-corrupt body of people rather than existing government bodies.

Topic: What if a change in people's views? - page 4. (Read 546 times)