Bitcoin Forum

i think bitcoin has a potential to become a fiat money. because a lot of news regarding bitcoin is government will support the bitcoin. and as per description of fiat money. once it legalized by government, theres a possibility to be a fiat money. i cant wait to see using bitcoin coins to buy some goods in stores and market. and also a physical bank of bitcoins that we can withdraw and deposit. :)


heres the link of btc news according to coindesk: http://www.coindesk.com/presidential-candidate-hillary-clinton-pledges-support-blockchain-tech/

Yah know I have been watching you and I really find all your topics as redundant questions. You kept on asking the forum tese questions which has an obvious answer already.
anyway, to answer your question, yes it is. Bitcoins value depends on fiat still so it shoul be obvious to you that you can convert it in fiat.
Btw, there are several similar threads like this already.

Thats not what fiat means. Bitcoin can never become fiat, because it has intrinsic value due its properties.

Bitcoin was created to be something opposite to fiat. Then why should it and how can it ever become a fiat?

I think bitcoin will never be a fiat money according to the following article :
Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems. http://www.coindesk.com/information/what-is-bitcoin/ (http://www.coindesk.com/information/what-is-bitcoin/)

Of pieces of the above paragraph we already know, bitcoin is a digital currency and when bitcoin became fiat, there must be a country that manage them. And it eliminates the bitcoin decentralized nature or without any interference from the government. So bitcoin can't be fiat like dollar.

yeah. thanks for watching my post. that's why i have decided to make my own thread so that i will not post in different thread. is that wrong? your high rank and seems to observant. but you dont realize why i make my own thread. there are all old thread and new users like me will not see that. hahaha there a lot of post bitcointalk. goodluck to you if you saw that in a thousand thread here. and im asking because i dont know the answer. btw peace brother

I dont think that bitcoin can be replaced as fiat money, as fiat money is different and bitcoins is different . Bitcoin is not controlled by any one and more over it is like precious metal like gold, silver and diamond. Bitcoin values and functions are something which cannot be controlled by single or any one. It is a online digital currency. and more over bitcoin is also valued against fiat currency. So you can do what you are thinking of buying, selling online through bitcoin but mostly it will be valued by fiat currency.

it is true. but a lot of article is saying that bitcoin will be supported by the government. for example i heard a news about hillary clinton will support the bitcoin. and if that happens. the government will be legalized the bitcoin by law and it is become a fiat money.

For that to happen, it means a country has so much adopted bitcoins that it doesn't spend physical cash anymore.

I think the world is gradually moving towards that trend a.k.a One World Currency.

before questioning you must read the definition of fiat and cryptocurrency,it's both is different,and bitcoin was made to be digital currency not have any physical form,so this question is useless and the answer is obviously no

Bitcoin is already a currency but it can't be Fiat money, and many stores open now and online stores accepted bitcoin as mode of payment,but of course not all country, because other country don't accept bitcoin as a currency.

i know whats your point. i know whats the difference of that two. but if you read some news and article regarding btc. you will notice that bitcoin draw the attention of the government especially united states because of its popularity and value. so if the government will legalized it can be a fiat money. that is according to the law. just read some article and news and dont just read a thread here in btc. theres a lot of possibility in crypto world and no one will predict it. just like the price of btc now and the the market accept. thats why i came to conclude this question

sorry in my opinion bitcoin can't be a fiat money because bitcoin and fiat These are two different things indeed both are the currency but i think if bitcoin legal and government admit it but there will be no physical form for bitcoin also people could not bring bitcoin on their pocket such as fiat however Bitcoin has very potential to replace fiat someday

I think you should not mix bitcoin with fiat as bitcoin is innovative in the digital world, physical bank of bitcoin means bitcoin ATM which are in some countries, bitcoin being used by government is to early now.

Oh i think theres a good and bad effect this. if bitcoin will be fiat. The good effect of this, many people will know more about bitcoin, second the bitcoin price will rise because for sure the demand of this Bitcoin will rise. So i think the price of it will rise too. The bad effect of this in many bitcoin traders the price of bitcoin will be stable and not too profitable for sure.

I think it is impossible. Because bitcoin dont have physical appearrance not like fiat it has physical appearance,
If bitcoin will fiat all of the users need to buy physical wallet so that they can use it so it is hassle to many people not like in fiat if you dont have or you have wallet you can use your money.

Yes, Bitcoin cannot become a fiat currency. But there's an interesting aspect of BTC that makes it different is that it is a currency that a government has declared to be legal tender, but is not backed by a physical commodity.

Bitcoin is currently crypto currency , to make this as fiat government first legalize it  completely and also fiat  currency value rise depends on Economy of that country . but in future if popularity increase i may happen that bitcoin becomes fiat :)

Bitcoin can not and never will be fiat money!
I recommend to read the definition of what fiat money actually is!
Bitcoin is the complete opposite of all that.
Just because some countries might support Bitcoin or making it legal tender doesn't mean it's fiat money or controlled by government.
Lot's of things you still have to learn my friend.

someday it might but i think we still got a long way to go before that happends.

No, bitcoin will never be a fiat money, it will be a disaster if bitcoin become fiat, imagine if all user hold the bitcoin, then it will be inflation every where, making bitcoin into fiat money is going to destroy the country economy

Hmzz, I do not think that it would be bad. But it is possible that each country is definitely their currencies decline, but it will not make excessive inflation. And I think the Bank will use the bitcoin to avoid it and make the system more robust and powerful

I hope you are aware of that 95% of global fiat money is held in digital form!!!
Fiat money is centrally issued, with an infinite number in supply as banks can create more of it by printing or giving out credits out of thin air.This are the most important aspects you have to know.If digital or not does not play any role.
For instance when the US FED created FEdcoin it is still fiat money!!

if by becoming fiat money you mean, becoming popular and more used day to day then I agree. but your reasoning is not quite right because there has been no support from the government part towards bitcoin.

although I haven't heard the complete Hilary Clinton's speech about this but from what I have heard so far an based on my experience they are always supporting blockchain technology as the article title is also saying this. which has nothing to do with bitcoin but only with its technology.

Fiat means an official order given by someone who has power : an order that must be followed (Merriam-Webster (http://www.merriam-webster.com/dictionary/fiat)). So in my opinion, if bitcoin will be legalized by the government and enforce the use of bitcoin to people, it might happen. However, as of today, since bitcoin is not that really known by most people, I really think that it would take so much time before it will be close as possible. Yes, maybe there are some countries who are starting to support bitcoin/accept the use of it as "money", but it's just support and acceptance, there is still no enforcement to use it.

No matter how much Bitcoin is legalized by a government it cannot by definition be a fiat currency. Same thing with gold. A government may force it's citizens to transact in gold (valued by weight) and this does not make gold a fiat currency. It gets complicated if the government starts issuing gold coins denominated in values that do not correspond to the value of the weight in gold, but that is a completely different story.

It's totally a different thing, it just like human and animal. Can human be an animal?
But, if what you mean is (can Bitcoin be use just like fiat money?) Then the answer is yes it is, because it is definitely could be done.

how that would be even possible? in my opinion it is definitely impossible and bitcoin will never be fiat because those two are different things that just cannot be the same

I`m not that optimistic.

Bitcoin is strong because it`s an alternative to fiat money.If bitcoins becomes the same as fiat money,

what`s the point?It will lose all the advantages that make this cryptocurrency  valuable .

I get your point. The anonymity feature of bitcoin will be gone. But think of this, imagine if btc become fiat money. You can use it as physical money that can buy a commodity in stores unlike bitcoin now. You can buy commodity in online  only. What do you think will happen if the blockchain down or being hacked? Do you think bitcoin will have a value? Being a fiat money is a stable.

yeah i agree with you and i think its not possible for bitcoin to become fiat as its the crypptocurrency which means digital and how can it be in metal coins as it will be worthless i think ! and if it also become a fiat they with what material will it be made ? metal ? gold ? silver or paper ??  :-\ :-\

It will never happen. Bit doesn't have the characteristics to become a fiat money. No one owns bitcoin. It will be possible only if a country or a regulatory authority like world bank or IMF claims its ownership. The chances are very very very low.

So I see that bitcoin will remain an alternate currency and people will continue using it like that way only, even after 5 years. 

But in my minds your topic it's not sync with your source. looking for the Hilary Clinton's statement.

"We must position American innovators to lead the world in the next generation of technology revolutions – from autonomous vehicles to machine learning to public service blockchain applications – and we must defend universal access to the global, digital marketplace of ideas."


It's just about the technology of blockchain will be applied to the public sector. :o

No.
Look at the definition of fiat for why:

https://en.wikipedia.org/wiki/Fiat_money

I think yes and there is no doubt about this. I think we will be able in future to you bitcoin as a fiat currency. but for this we need a continuous struggle to make it a fiat currency having same value in all over the world.

I don't think so, we are going to be seeing governments opposing to bitcoin because they cannot control it. So it's either they oppose it or they stay totally neutral to it. But they will not give up to the control of the currency, and they cannot do this with bitcoin.

So what government created bitcoin? That is what fiat currency is.  IT CAN NOT BE FIAT for the same reason it can not be a camel. it does not meet the definition of either.

Yeah bitcoin can never be a fiat money and it can never replace it too, as each and every country have their own currency and they will only support it .

Fiat mean paper money and as bitcoin is invented for the use of internet and other digital system etc, so it will be a virtual currency, I hope that government will accept it as to use for their state affairs but still it will be called as virtual currency.

Bitcoin cannot be a fiat partially because it currently isn't fiat for one, and if it was fiat the value would be destroyed because there would be far, far more than just the original 21m Bitcoins that exist and no-one would want to hold Bitcoin anymore. The limited supply is a very big part of the value of Bitcoin, and thus it all matters much more than you'd think.

I don't think that bitcoin can ever gain physical form like fiat as Government will never allow it.

And even there are man people who are not aware about bitcoin yet.

Fiat money -
Fiat money is currency that a government has declared to be legal tender, but is not backed by a physical commodity. The value of fiat money is derived from the relationship between supply and demand rather than the value of the material that the money is made of.

From the definition, there is a possibility if and only if the government declared Bitcoin to be a legal tender.  Bitcoin value has been derived from the relationship between supply and demand it's just the only missing stuff is being declared by the government as legal money.

i think OP doesn't know what fiat means and he is using fiat money wrong. and since he posted the link to that US presidential candidate news i think he means becoming more used like fiat.
and in that case i agree with it because bitcoin will grow more and become more popular but government will not support bitcoin ever so it can not replace fiat completely.

No there are are certain limitations  to make announcement as Bitcoin as a fiat money.

There are many reasons
1) Every country has build strong economy with their own fiat currency, all good as already valued independently.
2) Bitcoin can be accessible with protocol so it need connectivity
3) At certain level bitcoin is good for business purpose but not as fit currency

Bitcoin can never be fiat no matter how popular bitcoin becomes there will always be a diiference between fiat currency and bitcoins.
Bitcoin was created to challenge and to be better than fiat then why would it want to become fiat currency

You need a government, or at least a corporate entity acting as a government, in order to issue fiat. Bitcoin is a currency, but it is not fiat.

yes every one know that bitcoin is not a fiat currency and it is a crypto currency. but i think in future people will use it as a fiat currency. they will do buying and selling just like as they are dong shopping in their local currency.

Yeah I agree with you if bitcoin can be regarded as a fiat, but bitcoin itself can not become fiat. Because as I mentioned above if bitcoin became fiat. Then there will be laws and regulations that organize a bitcoin, and we know that it was owned by the government. While we know bitcoin decentralized in other words there is no government interference. I think this time only bitcoin has been used to purchase items such as we buy goods with fiat :)

in your assuming just about the future, just having a half chance to happened. I not sure about that because in fact the values of bitcoin are stand by fiat currency. bitcoin will always become assistance currency in my opinions.

Bitcoin will never become a fiat money and it never has been.If bitcoin become fiat all control going over by a government.I think bitcoin need to be stable like fiat more volatility not good for bitcoin.

Yes totally right.Bitcoin was not created to become a fiat money in the future its made as a rival of fiat money.
It has advantages which fiat doent have and it is a digital currency so never can become fiat.

yes it will not become a fiat currency but i think people will adope it as fiat currency. people will then use it instead of fiat currency. i think that come is coming soon.

no never. this can not happen again bitcoin has portability but if became a physical space then it will occupt the same reputations which other coins are getting and it will be not protected from theif and all, this is really a bad idea with bitcoin.

I'm assuming that the OP has mistaken "Fiat" for mainstream. Bitcoin just isn't made to be mainstream, but another payment method like PayPal. You can't order some coffee and wait up too an hour for it to confirm... That's just wrong!!!

I don't think so. Bitcoin is purely virtual and digital. In short, it doesn't actually exist. Bitcoin is basically a data on the Internet, although it's used as an online currency. Bitcoin can only be fiat when they start making another fiat currency dedicated solely for Bitcoins. But I don't think they would do that because the essence of bitcoin will be gone if that happens.

I thought that maybe if the world's governments to accept bitcoin as a currency. or a country adopt a system of bitcoin, and bitcoin as a currency to make their country

It's just become assisting currency for the main currency, I called it fiat money. the people is just using the bitcoin become their alternative to spent all of their real money into complex form.

If we consider story behind bitcoins, we must have to agree that Bitcoin is just made for asset exchange value, that can be easily evaluate or even trade with Bitcoins.

Bitcoin itself have the highest amount of exchange with fiat currency globally, that not means that bitcoin can be fiat money. But bitcoin itself have advantage that it can be define in to small units and that units are quite lowers than our fiat currencies unit values.

Most important things is bitcoin is just a altcoin in future there may be any other possibility of altcoin having higher exchange value of current bitcoin value. That is different part. But Bitcoin is combination of cryptography and blockchain.

Any government can use blockchain technology but already cryptography embed with blockchain and bitcoin is example of it. Already for better administration  advanced countries are testing blockchain technology, for better governance.

Hope one day bitcoin will be a fiat money.  Hope that there will be an atm for bitcoin which already have in other country, but it would be nice if it will be available just like the regular atms. 

It would be possible if we will continue to support bitcoin and if many people will know what is bitcoin, its value, and what it is capable of.  Surely, ten years from now or sooner it will become a fiat money.

I don't think that is ever possible in future as bitcoin will never gain physical form in future, its a digital currency and same will be the scenario in future too.

yes hopefully, and that is what we are all struggling and wishing for, in present time it is very difficult because bitcoin is not using and accepting in most of the stores for shopping but we can hope that a time will come when people will be using bitcoin as fiat currency and then about all stores will be using bitcoin for buying and selling..

Yes Bro I agree and I also Want to See that Bitcoin Will Become a Fiat Currency and but It Needs a Lot of years for Bitcoin to Become a Fiat Currency Because now Bitcoin is Not Used By Everyone........

Bitcoins are not printed like fiat money, but instead are “mined” using computing power in a distributed global network of volunteer software developers. They are limited and only low percentage of people use bitcoin whereas fiat is used by everyone.

No, Never. Fundamentally bitcoin is a crypto currency and it won’t become fiat currency. If you are asking in terms of user base and number of transactions then it might be somewhere near to fiat but it won’t replace fiat. There are plenty of people unaware of bitcoin (rather advanced technology) and they are using fiat since long time (in fact they never used anything other than fiat). No matter how much we emphasize, these people who love fiat will always stick to it and unfortunately the number is large.

as you know, no countries in the world give an official regulation for bitcoin.
all the risk of taking bitcoin as transaction is personal risk to bitcoin user.
but it is a good future for us, to make a digital money for all payment and transaction.

It could but not so soon.  The government would be needing to conduct many reviews and studies with this matter as to its safety and capability to reach its service to people.  I just thinking that maybe if that will happen, the government will require everyone to gain record of our btc addresses to identify every transactions.  And might as well the government will give so many rules in using bitcoins as fiat money.  Best thing is, we could pinpoint the government if there is an alteration or discrepancy with our bitcoins. ;)  They would pay us!

I think its impossible to happen because you cant compare  a digital currency into a physical currency  even bitcoin has a value its impossible to be implemented as a  normal currency it would  be a long process because  there would be a lot of  screening or question if  its trying to be implemented especially to government.

It is not possible if you are talking about gaining stable value just like fiat currency but if government start to support bitcoin than price may get pumped as it will increase demand. But mostly what we heard is government/banks researching on blockchain tech rather than supporting bitcoin as currency.

it can be possible if bitcoin technology get more advance and each country government adopt the bitcoin in their banks and then i am sure bitcoin will be get more popular and more stronger and then bitcoin can be a fiat money i hope so .

Bitcoin can be just an asset like gold, and silver, bitcoin can be the digital currencie were all people trade and use it over the next years, but countries adopt it or allow it its very hard to believe.

Well it can never actually be fiat money, can it since it is electronic? There are physical bitcoins, but they are only symbolic and correspond to a bitcoin address that holds the real bitcoins.