Topic: Will Bitcoin finally impact the Fiat currency values across the Globe ? (Read 375 times)
October 22, 2017, 11:03:10 PM
Bitcoin and other crypto currency, especially in recent years, strongly affects the national currencies of almost all states. The volume of trading on the crypto-exchange markets is measured in billions of dollars. Such amounts that are pumped from one region and one state to another unequivocally affect both the national currencies of specific states and their economies.
October 22, 2017, 10:50:06 PM
It slowly impacts the value of currency for the other countries, we can't feel and see it right now because it is too early to assume that the bitcoin will be dominance over the currency as it is still premature and experimental coin to begin with. Some countries will more likely ban this coin as it possess the potential that the government cannot control nor rule over it. The best thing to do now is to support and invest to this currency as the future will be innovate and adapt this kind of digital monetary.
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October 22, 2017, 10:42:28 PM
Not yet, Bitcoin is not even globally accepted and doesn't have yet a global merchants, even Governments of different country having a hard time to give a regulatory law or policies on cryptocurrencies. Bitcoin will impact Fiat Currency values across the globe when bitcoin is globally accepted.
October 22, 2017, 10:22:30 PM
I'm not too sure if Bitcoin can affect the fiat currency. Bitcoin has its own system that makes it often fluctuate and will not affect the fiat currency. Fiat currency is also a currency defined as money by government regulations or laws and bitcoin is not like that.
October 22, 2017, 10:06:20 PM
I’ll be honest on my opinion, I’m doubtful really. It is more of does the government will allowed it or the financial institutions of each country permit this to happened. We can’t affect fiat currency without the support even one of them, bitcoin can’t make any difference if it is still look as illegal by some.
In the contrary, I’m hopeful that it will happen but assuming it is. Are we ready to be taxed by the government, that’s what the problem with centralisation.
In the contrary, I’m hopeful that it will happen but assuming it is. Are we ready to be taxed by the government, that’s what the problem with centralisation.
October 22, 2017, 09:57:23 PM
I think it in different way, I mean your points are valid but not all of them can be reality. The cheapness of services doesn’t come by cutting the traditional process. The value of fiat notes or coins are made such that a national economy never gets disturbed due to its production cost! It’s not big thing for the government to produce them. What really affects is the international market and trade relations of one country to another. The tourism industry, stocks, and much more. It’s not just about three to four good points about bitcoin that can make it capable of replacing the fiat.
October 22, 2017, 09:54:18 PM
BTC Blockchain and digital currencies make now the right time for the different countries around the world to adopt its own digital currency.
This is where bitcoin got it both right and wrong. The 'wrong' is its followers' aim for it to be a new global currency.
But bitcoin’s methodologies can be implemented as for a new currency to be adopted quickly it needs the following characteristics:
Cheap: - fiat currency in note and coin form is expensive to produce, manage and distribute. A digital currency removes all those costs and can easily be distributed )
Secure: - given that it is digital, cryptographic and based on pure mathematics, the chance of forgery or distrust is eliminated.
Safe: - a digital currency can be backed by external assets like gold, treasury bills, foreign exchange or equities, just like current money assets are
Usable: as many places are going purely digital, such as Dubai, a digital city currency could be massively adopted.
So, Do you think this could affect all fiat currency regulations and values in near future globally ?
This is where bitcoin got it both right and wrong. The 'wrong' is its followers' aim for it to be a new global currency.
But bitcoin’s methodologies can be implemented as for a new currency to be adopted quickly it needs the following characteristics:
Cheap: - fiat currency in note and coin form is expensive to produce, manage and distribute. A digital currency removes all those costs and can easily be distributed )
Secure: - given that it is digital, cryptographic and based on pure mathematics, the chance of forgery or distrust is eliminated.
Safe: - a digital currency can be backed by external assets like gold, treasury bills, foreign exchange or equities, just like current money assets are
Usable: as many places are going purely digital, such as Dubai, a digital city currency could be massively adopted.
So, Do you think this could affect all fiat currency regulations and values in near future globally ?
I don't think so. Realistically, I think Bitcoin will only coexist with fiat, not outright replace it. Your advantages, for the most part I agree with, but I don't see how Bitcoin can be backed by external assets when there is no central issuing authority. Even with all these advantages, digital currencies, as they currently exist, is not better than fiat in every aspect. Your last point, for one, requires global modernization to be true. As things stand, there are areas in even the most developed countries which are far behind in technology. There's little doubt that Bitcoin or any other digital currency will boom in major cities, but these aforementioned areas will still have to rely on fiat thanks to the lack of proper infrastructure. Bitcoin can also be paralyzed by calamities which cuts off electricity and internet connections.
There will surely come a time when the world will be ready for a truly global adoption, but I don't think it will happen in our lifetime. Far too many countries have far too many problems that must be prioritized. Until that time comes, fiat cannot be replaced.
October 22, 2017, 09:41:02 PM
The impact depends the demand. If there are few people using Bitcoin like now it won't generate a big impact over fiat, at same time it won't bring nasty attention from countries regulators. But on long term, Bitcoin will start affecting fiat as people will want to use the digital currency for many things they use fiat for now. What we can't predict is how governments will deal with this situation, I think it depends the personality of each one of them.
October 22, 2017, 09:36:02 PM
it's highly volatile in value, although seems like bitcoin or some upcoming cryptocurrency will replace fiat currency.
October 22, 2017, 09:25:22 PM
That looks amazing invention. Why before no one realised this?
Do you know who is Satoshi? he already did, invented and realized this amazing invention, you chose a wrong topic for your grand opening post.OP, Bitcoin is here to replace dollar, some day it will, has more to offer and not even a powerful country could change it's blockchain history.
October 22, 2017, 07:51:58 PM
I think it will not affect because fiat currency already has its own price and will not change with bitcoin which have different price every second. the effects of bitcoins with fiat currencies are within the government alone because they manage them all, but I do not think that will matter much because bitcoins are not real
October 22, 2017, 07:18:18 PM
I think that Bitcoin will impact the Fiat currency in the near future but not as of now. We will have to wait a few years in my opinion to see a real impact and once bitcoin gets more exposure then it will be seen as a real threat across the Globe, only after it is acknowledge.
October 22, 2017, 07:13:56 PM
Bitcoin and other crypto currencies already now strongly influence the world financial market and the national money of various states. And the state bodies remained, as it were, aloof from the process of introducing the crypto currency into the economy of each state. This worried greatly those states where the money supply began to leave the country via the crypto currency. This is especially evident in the example of China, where the official authorities said that the crypto currency in this regard poses a threat to the existence of the Chinese economy. Therefore, almost all states are now developing rules for the circulation of crypto currency in the country, since they can not prohibit its circulation as a civilized country.
October 22, 2017, 06:56:42 PM
Bitcoin is actually making a noise in the monetary system aroud the world. The Central Bank of the Philippines or also knows as Bangko Sentral ng Pilipinas made some good feedbacks about Bitcoin. It only shows that their eyes are all in Bitcoin. It is definitely making an impact on them. Some of them are against it and some are agree with it.
October 22, 2017, 06:37:38 PM
Bitcoin is already impacting the fiat value across the globe. The currencies are slowly crashing and decreasing and the value of BTC is just getting better and better and this wont change.
October 22, 2017, 01:59:51 PM
There is not nearly enough money in Bitcoin right now to affect these values at all. There would need to be something comparable to the amount of gold, and if the market cap were over a trillion dollars then we would see an effect for sure.
October 22, 2017, 01:37:43 PM
Bitcoin exist because people ask for it, it doesn't have any real propose as a digital service. Its price is because of the difficulty of the calculation of a sha256. Bitcoin can't be the real altfiat, NEO is a good solution that can have real impact to fiat currency and the world.
I hold NEO but bitcoin is still more realistic cryptocurrency as of today. Remember without bitcoin, NEO would never appear as a cryptocurrency. You also need to consider the competition. Ethereum is just behind bitcoin and ripple is also there with the banks affiliates. 
October 22, 2017, 01:32:03 PM
I don't agree with you. Bitcoin is way more popular than NEO, ethereum etc and its popularity is the primary reason people are embracing it from around the world. There is a chance it might disrupt the values of the Fiat currencies according to me.
October 22, 2017, 01:20:08 PM
Bitcoin exist because people ask for it, it doesn't have any real propose as a digital service. Its price is because of the difficulty of the calculation of a sha256. Bitcoin can't be the real altfiat, NEO is a good solution that can have real impact to fiat currency and the world.
October 16, 2017, 11:26:01 AM
BTC Blockchain and digital currencies make now the right time for the different countries around the world to adopt its own digital currency.
This is where bitcoin got it both right and wrong. The 'wrong' is its followers' aim for it to be a new global currency.
But bitcoin’s methodologies can be implemented as for a new currency to be adopted quickly it needs the following characteristics:
Cheap: - fiat currency in note and coin form is expensive to produce, manage and distribute. A digital currency removes all those costs and can easily be distributed )
Secure: - given that it is digital, cryptographic and based on pure mathematics, the chance of forgery or distrust is eliminated.
Safe: - a digital currency can be backed by external assets like gold, treasury bills, foreign exchange or equities, just like current money assets are
Usable: as many places are going purely digital, such as Dubai, a digital city currency could be massively adopted.
So, Do you think this could affect all fiat currency regulations and values in near future globally ?
This is where bitcoin got it both right and wrong. The 'wrong' is its followers' aim for it to be a new global currency.
But bitcoin’s methodologies can be implemented as for a new currency to be adopted quickly it needs the following characteristics:
Cheap: - fiat currency in note and coin form is expensive to produce, manage and distribute. A digital currency removes all those costs and can easily be distributed )
Secure: - given that it is digital, cryptographic and based on pure mathematics, the chance of forgery or distrust is eliminated.
Safe: - a digital currency can be backed by external assets like gold, treasury bills, foreign exchange or equities, just like current money assets are
Usable: as many places are going purely digital, such as Dubai, a digital city currency could be massively adopted.
So, Do you think this could affect all fiat currency regulations and values in near future globally ?
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