Will Bitcoin Usage Reduce Demand Of Fiat? - page 4.

damiano

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Quote from: FaucetRank.com on January 04, 2017, 11:25:55 AM

Is it correct if more people start to use Bitcoin than they will use less fiat currency than demand of fiat currency will reduce and at the same time Bitcoin value will be growing?

Not a chance, there will always be a massive demand for the fake paper money with or without BTC.

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Quote from: Rizky Aditya on January 05, 2017, 01:07:33 AM

Quote from: Dmitry.Vastov on January 04, 2017, 03:31:20 PM

I think its not gonna reduce the demand of fiat. Fiat is really important because we can buy things that bitcoin cant buy. Remember, bitcoin can only buy only limited things that fiat can. Fiat is accepted everywhere and bitcoin is not. Fiat also is more than bitcoin. So i think bitcoin may never affect the demand of fiat.

I agree. Even with all the people who have invested in Bitcoin, fiat still has a very high demand. This is because not many stores accept Bitcoin and that is why fiat is necessary to live. Maybe this will change in the future though.

It is right , Bitcoin now is still growing to get bigger and bigger until It can reach fiat demand, Every day bitcoin transaction and bitcoin user is increasing every day. We can wait until bitcoin reaches the demand of fiat in the world .

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Quote from: FaucetRank.com on January 04, 2017, 11:25:55 AM

Is it correct if more people start to use Bitcoin than they will use less fiat currency than demand of fiat currency will reduce and at the same time Bitcoin value will be growing?

Bitcoin is still small and all the bitcoin users use btc and fiat money at the same time.

To reduce the demand of fiat money we need around 500 million people worldwide who use bitcoin and no

other currency.

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Quote from: Dmitry.Vastov on January 04, 2017, 03:31:20 PM

I think its not gonna reduce the demand of fiat. Fiat is really important because we can buy things that bitcoin cant buy. Remember, bitcoin can only buy only limited things that fiat can. Fiat is accepted everywhere and bitcoin is not. Fiat also is more than bitcoin. So i think bitcoin may never affect the demand of fiat.

I agree. Even with all the people who have invested in Bitcoin, fiat still has a very high demand. This is because not many stores accept Bitcoin and that is why fiat is necessary to live. Maybe this will change in the future though.

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Quote from: FaucetRank.com on January 04, 2017, 11:25:55 AM

Is it correct if more people start to use Bitcoin than they will use less fiat currency than demand of fiat currency will reduce and at the same time Bitcoin value will be growing?

this is correct but the important part is that "if" at the beginning and the word "use".
people are not using bitcoin most of the time but instead they are investing in bitcoin as a quick way to make more fiat and spend that fiat. if this changes in the future and they start using bitcoin as payment method at least for online payments and replaces terrible services like paypal, then we can see the real price rise for bitcoin to $5000 and more.

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Quote from: Dmitry.Vastov on January 04, 2017, 03:31:20 PM

I think its not gonna reduce the demand of fiat. Fiat is really important because we can buy things that bitcoin cant buy. Remember, bitcoin can only buy only limited things that fiat can. Fiat is accepted everywhere and bitcoin is not. Fiat also is more than bitcoin. So i think bitcoin may never affect the demand of fiat.

yes that is right to sa that still there is not such a big impact of bitcoin on fiat, because bitcoin is not yet so much introduce every where, and majority of the people are still using fiat currency and not bitcoin and those who use bitcoin the sue it as second option.

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the answer is yes, when a lot of people used bitcoin the demand of the fiat will go down, this is not the situation that the government likes, the slow transaction flow of fiat can cause economic unstable in the country, but for now the bitcoin user is not too many and can't be too many because there are limit in bitcoin

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Quote from: Superzpay on January 04, 2017, 04:31:14 PM

Yes the demand of fiat will reduce and with that an idea came to my mind that if the demand will reduce then maybe the value of fiat will also reduce. At that time there will occur something strange. I think people will like to depend totally on bitcoin at that time.

i think because of this, people will hold their bitcoin until they see the good price for them to sell their bitcoin and yes the fiat is like useless but fiat is still needed by us because we still use fiat in all of real life to buy something. i don't think fiat will reduce maybe a little bit reduce because there are many people still using fiat depend of people using bitcoin.

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Yes the demand of fiat will reduce and with that an idea came to my mind that if the demand will reduce then maybe the value of fiat will also reduce. At that time there will occur something strange. I think people will like to depend totally on bitcoin at that time.

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Definitely if Bitcoin Usage become popular, meaning bitcoin holder does not need to convert Bitcoin to fiat money in order to transact or buy any items in the neighborhood, will reduce demand of fiat. The reason is that fiat will more likely to be used less, when the usage of one item is lessen, the demand of it will surely be affected in a negative way.

audaciousbeing

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I dont see that happening until we have stores all over that accepts Bitcoin and that won't happen until government voices its backing because if my Bitcoin cannot be used to buy basis things then I will have no choice than to demand for Fiat which means the more Bitcoin I have the more Fiat I will need for exchange. Its as simple as that.

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Not just BTC but Crypto currencies in general will impact not only Fiat Currencies but Banking System, governments and other organizations as their revenue, tax streams reduce or even dry up.
Eventually they will do everything to kill off crypto currencies but I don't think its possible.

data1

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the usage of faint money sustem is not that simple its demand will not loose if we started using bitcoin because it is not controlled by people insted banks are the one controlling them and you need faint currency people will not accept bicoin

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Quote from: Dmitry.Vastov on January 04, 2017, 03:31:20 PM

Fiat is really important because we can buy things that bitcoin cant buy. Remember, bitcoin can only buy only limited things that fiat can. Fiat is accepted everywhere and bitcoin is not.

For now.

Dmitry.Vastov

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I think its not gonna reduce the demand of fiat. Fiat is really important because we can buy things that bitcoin cant buy. Remember, bitcoin can only buy only limited things that fiat can. Fiat is accepted everywhere and bitcoin is not. Fiat also is more than bitcoin. So i think bitcoin may never affect the demand of fiat.

GMPoison

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Quote from: c789 on January 04, 2017, 03:18:28 PM

I'm in the US and there are a number of politicians who support BTC. Ron Paul (no longer in office but still influential) is probably the most outspoken. His son, Rand Paul (Senator, KY), also supports the use of BTC, and there are others: http://www.coindesk.com/7-politicians-in-support-of-bitcoin-and-blockchain-tech/

Trump may shake things up. He may be pro USA but he's anti government control, so he may be favorable toward BTC. We'll see.

I've heard too that at least one person he's chosen for his cabinet is a supporter of BTC.

c789

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I'm in the US and there are a number of politicians who support BTC. Ron Paul (no longer in office but still influential) is probably the most outspoken. His son, Rand Paul (Senator, KY), also supports the use of BTC, and there are others: http://www.coindesk.com/7-politicians-in-support-of-bitcoin-and-blockchain-tech/

Trump may shake things up. He may be pro USA but he's anti government control, so he may be favorable toward BTC. We'll see.

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Quote from: FaucetRank.com on January 04, 2017, 11:25:55 AM

Is it correct if more people start to use Bitcoin than they will use less fiat currency than demand of fiat currency will reduce and at the same time Bitcoin value will be growing?

I think no , atleast in the current time no chance to down the use of fiat over bitcoin .
Because the user of Bitcoin are not more than in fiat .
But it may be possible that if people will use fiat in less amount ( due to fear of demomentization of fiat e.g in India )
So here the you thinking is also true somewhat .

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Quote from: GMPoison on January 04, 2017, 02:45:35 PM

I didn't suggest not paying taxes on bitcoin transactions, and I didn't say that a revolution would be a happy event. You event admitted yourself - as many people do - that our government can't possibly adopt bitcoin because they cannot control it. Well what happens if america starts using bitcoin? It means fiat crashes. When I say "use bitcoin" I don't mean use bitcoin as we do today. I mean mass adoption. Something that could one day happen. So in that world where there is mass adoption and people simply don't see the need for fiat, what will happen? The government can't adopt bitcoin, so they fight it. This is when said financial revolution comes into play. Of course it's 100% speculation, but that doesn't mean we can't talk about it.

what i think would be more beneficial for bitcoin.. and helpful to the world economy.
stop measuring bitcoin in dollars.

imagine bitcoin being measured in the 'cost of living index' thus making the bitcoin<->goods/services more direct where fiat becomes the side issue sat in the corner where people think of it as an afterthought just to calculate taxes once a year

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