Topic: Why do people trust fiat money? - page 5. (Read 7473 times)

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However, they don't understand that fiat currencies are doing the exact thing. But, you can't tell them that no, they can't seem to get their head around it. In fact because of the mass amount of fiat money available, there is more illegal activities being committed with fiat money.

Non believers should tune into YouTube and watch Max Keiser in action.

Most people don't even ask themselfes if they trust the currency they use, they just do it because they are used to it.

Thats another positive aspect of bitcoin, that it make the people think about what money is and whether they can trust the people behind it.

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I trust fiat because my entire life I have been able to spend it almost anywhere.  That's all that matters for currency.  Can you spend it today and in the future?

People have evolutionary reasons to not just randomly try new things with no track record.  That's why gradual changes are so prevalent and it's tough to introduce revolutionary ideas.  Society and people through trial and error find a lot of things that work, and it doesn't matter if they understand why it works or not.  People tend to get angrier around red things, for example.  They don't need to understand it.  It just served us well for a while.  There are societal customs that don't make sense, but people aren't about to change them or even question them.

Now there are times when superior ideas do come about and take a while to catch on.  Usually it takes some set of early adopters to test it out and prove it works, then more get on board.  This is the case with almost any new idea that ever happens.  And a lot of the time, the better ideas win out.

So trusting fiat will work until it doesn't.  No one needs to know why Bitcoin is superior.  Only the early adopters do.  The rest will follow along once they see it works and see some tangible ways.  They don't need to know how it works any different than knowing how an internal combustion engine works when they drive their car or how structural engineering works when they drive across bridges.  They see lots of cars driving down the street and across bridges and figure that's good enough.

There is no bitcoin economy or dollar economy, there is really one world economy which is sometimes divided due to tariffs and monetary controls. The money that is used, is simply the best money available to the traders. We think that bitcoin is the best money ever by traits, except for a few fringe trade scenarios. If you don't see that, it is ok for me, just sit back and let it happen, and start using bitcoin as the last user. The bitcoin enthusiasts here see that, buy into bitcoin before the rest, and take a nice profit.

I think people trust fiat money, as you wrote here already before, only because they are lazy and cushy, convenient and they prefer easy solutions.
Simply because everybody pays with banknotes they pay with them too.
People also dont trust new inventions (in 19 century workmans destroyed steam machines because they were afraid of loosing their jobs and their future etc.)

Maybe we could be lucky because when people dont trust something they could try to destroy and fight against it.
So if we lived in **** (I cannot write where) your neighbour might just kill or hang you only because you deal with mysterious cryptocoin (or only because your neighbour thinks or heard somewhere that you deal)       and every sound man who believe in the only proper God knows that the only legitimate method is fiat money.....
and there would be no discussion.      

If bitcoin was no different from any other currency, we wouldn't be having this discussion, would we?  It's quite different, if only because there is no Foregny that issued it.

It's not *fundamentally* different, of course.  
If a state with no land, no foreign reserve, no economy & no political clout issued a currency, and a bunch of currency traders started using that currency as chips in a game of bluff, you'd have something very similar to bitcoin.

Edit:  Reading your link now.

LOL'ed after looking it up on Google. (I am too old or too sheltered)

But ... No