Topic: Why is Bitcoin still a slave of Fiat? - page 15. (Read 13984 times)

Quote from: Amph on June 04, 2015, 09:53:03 AM

IF btc becomes a reserve currency with the same status as.fiat currently does, it will take a LONG time. Revolutions don't happen.overnight.

It will not be a currency or as the same of fiat money because bitcoin is all about fiat money. If we replace or take over fiat money bitcoin will be useless.

not if it can detach itself, from that useless crap of printend money everyday, fiat is now needed to point a value for it, but in the future i'm sure bitcoin can work for itself, when the fully stability is achieved

How are they gonna work it in the future? People sure need fiat altough bitcoin is in a stable condition, they need to buy it then convert it to bitcoin too so with the stability of bitcoin, fiat is still needed they can't be detach each other. New people will still need to buy it anyway and sure its hard for use to get it from faucets so bitcoin and fiat must stick together in other to survive

i mean, it will work like any other currency, like you exchange euro with dollars if you need it, but then you don't need to buy back fiat, because bitcoin will be used directly for everything not just buying stuff online(we are talking about a very far away future, probably even beyond fully adoption), so fiat will only be needed to buy it

I think we can't do the same thing to bitcoin. Like you said euro and dollar you just need to exchange it easily because both of it is well known as a currency in this world mean while bitcoin is an unknown method of payment, people wont believe it anyway and they need change it back to fiat too after they lose their hope in bitcoin

yeah they can accept it or not so that its better to exchange your coins into fiat money so that if the time comes that some shopping online wouldn't accept bitcoin, you are lucky because you already exchange it,

BTCevo

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Quote from: zendantom on June 04, 2015, 02:40:07 PM

IF btc becomes a reserve currency with the same status as.fiat currently does, it will take a LONG time. Revolutions don't happen.overnight.

It will not be a currency or as the same of fiat money because bitcoin is all about fiat money. If we replace or take over fiat money bitcoin will be useless.

not if it can detach itself, from that useless crap of printend money everyday, fiat is now needed to point a value for it, but in the future i'm sure bitcoin can work for itself, when the fully stability is achieved

How are they gonna work it in the future? People sure need fiat altough bitcoin is in a stable condition, they need to buy it then convert it to bitcoin too so with the stability of bitcoin, fiat is still needed they can't be detach each other. New people will still need to buy it anyway and sure its hard for use to get it from faucets so bitcoin and fiat must stick together in other to survive

i mean, it will work like any other currency, like you exchange euro with dollars if you need it, but then you don't need to buy back fiat, because bitcoin will be used directly for everything not just buying stuff online(we are talking about a very far away future, probably even beyond fully adoption), so fiat will only be needed to buy it

I think we can't do the same thing to bitcoin. Like you said euro and dollar you just need to exchange it easily because both of it is well known as a currency in this world mean while bitcoin is an unknown method of payment, people wont believe it anyway and they need change it back to fiat too after they lose their hope in bitcoin

eerygarden

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I believe what you say but fiat is fiat and we have experienced it since the we were born and i don't think that any digital currency can replace bitcoin as people have so much faith in fiat and they are not willing to take a risk by going for other digital currency as they feel using fiat is much more safer then anything else.

Well, if we switched today from fiat to bitcoin it would be radical. People aren't ready and the technology probably isn't ready. Plus, I am pretty grateful to fiat. If fiat went away, I imagine chaos. All the people that bring convenience to my life would no longer be motivated to continue. So I'd have to barter and I can't be bothered with that. I just want to roll up, transact and be on my way.

Fiat is pretty special, but my guess is that one day it will be history.

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Quote from: fkvidar on June 05, 2015, 12:21:30 AM

Imagine if your boss paid you in bitcoins and you could buy your food and supplies with bitcoins. Why would you use dollars?
the perfect scenario you could use bitcoins for almost everything and no paying taxes.

Yeah it would be happen if all of stores and grocery have accepted bitcoin payment. But I think Bank won't let it happen easily, because bank need fiat, not crypto currency.

qiwoman2

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Bitcoin is a very new technology and also remember that the big guns in fiat are also heavily investing in bitcoin as well and bitcoin businesses. Unless there is a change in the economic and political climate of this world there will not be much difference in the way bitcoin is being utilized and manipulated. At the moment the only main benefit is that it is decentralized.

Dotakels

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Quote from: fkvidar on June 05, 2015, 12:21:30 AM

Imagine if your boss paid you in bitcoins and you could buy your food and supplies with bitcoins. Why would you use dollars?
the perfect scenario you could use bitcoins for almost everything and no paying taxes.

Its not easy like that. Bitcoin are depending on the fiat money. We can say that bitcoin is money when we can exchange them or to use them as a fiat money. And if they only use bitcoin, and you don't use fiat money. Bitcoin will be useless .

fkvidar

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Imagine if your boss paid you in bitcoins and you could buy your food and supplies with bitcoins. Why would you use dollars?
the perfect scenario you could use bitcoins for almost everything and no paying taxes.

grendel25

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It's only been a few years and fiat has been around for millenniums. Give it some time and I'm certain digital currency will continue to evolve. Who knows, maybe it won't be bitcoin that ends up top dog of new currencies. Who's to say that some other form that is radically different won't step up to dethrone bitcoin?

johnyj

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Beyond Imagination

When you go to a Forex exchange desk, you can see there is a big list of many different currencies, and you do not have a standard unit of value in a sea of different currencies, all is relative. This is very natural for people working with Forex exchange everyday, they don't have any idea about which currency is the standard

But for average Joe, he is only familiar with his own domestic currency, because all his income and spending is measured by domestic currency. So, in order to use bitcoin as a standard unit of value, it must become people's income: If you receive 10 bitcoins every month as salary, then you will naturally measure the price of other things using your income, since that income seldom changes, you also want other thing's price to be stable

But since bitcoin is deflative and employer would like to hoard it and give employee inflative fiat currency instead, bitcoin will never become people's income at large scale, thus always work as an asset

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Becouse bitcoin is not asset with his own value priced in lets sayy US dollar

You can buy bread with fiat you cant buy bread with btc

zendantom

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Quote from: eerygarden on June 04, 2015, 02:05:30 PM

In 2,000 years from now will members of our species still use fiat? Obviously, you have to guess, but as we evolve I tend to think technology will become more and more prominent. I think bitcoin is a major breakthrough for money. It needs to be made more user friendly and scale to adequately service many more than the 7 billion of us that there are now, but that is a challenge I am confident our tech fanatics will complete at some point in time.

Of course there will still be rich and poor and conflicts will not become a thing of the past. I don't think a deflationary currency is going to solve that. But maybe it's like 2001: Space Odyssey and we are here as servants to technology.

Far out!

I believe what you say but fiat is fiat and we have experienced it since the we were born and i don't think that any digital currency can replace bitcoin as people have so much faith in fiat and they are not willing to take a risk by going for other digital currency as they feel using fiat is much more safer then anything else.

eerygarden

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In 2,000 years from now will members of our species still use fiat? Obviously, you have to guess, but as we evolve I tend to think technology will become more and more prominent. I think bitcoin is a major breakthrough for money. It needs to be made more user friendly and scale to adequately service many more than the 7 billion of us that there are now, but that is a challenge I am confident our tech fanatics will complete at some point in time.

Of course there will still be rich and poor and conflicts will not become a thing of the past. I don't think a deflationary currency is going to solve that. But maybe it's like 2001: Space Odyssey and we are here as servants to technology.

Far out!

zeraTunerse

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Quote from: Amph on June 04, 2015, 09:53:03 AM

IF btc becomes a reserve currency with the same status as.fiat currently does, it will take a LONG time. Revolutions don't happen.overnight.

It will not be a currency or as the same of fiat money because bitcoin is all about fiat money. If we replace or take over fiat money bitcoin will be useless.

not if it can detach itself, from that useless crap of printend money everyday, fiat is now needed to point a value for it, but in the future i'm sure bitcoin can work for itself, when the fully stability is achieved

How are they gonna work it in the future? People sure need fiat altough bitcoin is in a stable condition, they need to buy it then convert it to bitcoin too so with the stability of bitcoin, fiat is still needed they can't be detach each other. New people will still need to buy it anyway and sure its hard for use to get it from faucets so bitcoin and fiat must stick together in other to survive

i mean, it will work like any other currency, like you exchange euro with dollars if you need it, but then you don't need to buy back fiat, because bitcoin will be used directly for everything not just buying stuff online(we are talking about a very far away future, probably even beyond fully adoption), so fiat will only be needed to buy it

Exactly bitcoin can never replace fiat as even if you want to buy bitcoin you need to support from fiat to buy it and i dont think in coming future that bitcoin can ever replace fiat ya people will start using bitcoin as a mode of payment but it is really hard to believe that it can replace fiat currency.

Amph

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IF btc becomes a reserve currency with the same status as.fiat currently does, it will take a LONG time. Revolutions don't happen.overnight.

It will not be a currency or as the same of fiat money because bitcoin is all about fiat money. If we replace or take over fiat money bitcoin will be useless.

not if it can detach itself, from that useless crap of printend money everyday, fiat is now needed to point a value for it, but in the future i'm sure bitcoin can work for itself, when the fully stability is achieved

How are they gonna work it in the future? People sure need fiat altough bitcoin is in a stable condition, they need to buy it then convert it to bitcoin too so with the stability of bitcoin, fiat is still needed they can't be detach each other. New people will still need to buy it anyway and sure its hard for use to get it from faucets so bitcoin and fiat must stick together in other to survive

i mean, it will work like any other currency, like you exchange euro with dollars if you need it, but then you don't need to buy back fiat, because bitcoin will be used directly for everything not just buying stuff online(we are talking about a very far away future, probably even beyond fully adoption), so fiat will only be needed to buy it

BTCevo

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IF btc becomes a reserve currency with the same status as.fiat currently does, it will take a LONG time. Revolutions don't happen.overnight.

It will not be a currency or as the same of fiat money because bitcoin is all about fiat money. If we replace or take over fiat money bitcoin will be useless.

not if it can detach itself, from that useless crap of printend money everyday, fiat is now needed to point a value for it, but in the future i'm sure bitcoin can work for itself, when the fully stability is achieved

How are they gonna work it in the future? People sure need fiat altough bitcoin is in a stable condition, they need to buy it then convert it to bitcoin too so with the stability of bitcoin, fiat is still needed they can't be detach each other. New people will still need to buy it anyway and sure its hard for use to get it from faucets so bitcoin and fiat must stick together in other to survive

TheGame

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You just lost

IF btc becomes a reserve currency with the same status as.fiat currently does, it will take a LONG time. Revolutions don't happen.overnight.

Bitcoin isn't going to become a reserve currency. Bitcoin will always be tied to fiat because it's pegged to it. It would need to break free of it but the only way I can see that happening is if major currencies collapse themselves and bitcoin becomes a dominant currency in its own right which I don't think will happen.

Amph

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IF btc becomes a reserve currency with the same status as.fiat currently does, it will take a LONG time. Revolutions don't happen.overnight.

It will not be a currency or as the same of fiat money because bitcoin is all about fiat money. If we replace or take over fiat money bitcoin will be useless.

not if it can detach itself, from that useless crap of printend money everyday, fiat is now needed to point a value for it, but in the future i'm sure bitcoin can work for itself, when the fully stability is achieved

Dotakels

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