Bitcoin Forum

I saw a lot of skeptics of BTC and crypto in real life, and lots of enthusiasts who see crypto world through rose-coloured glasses. I must admit personally I am leaning towards skeptics, I surely believe that future economic relations will change thanks to what BTC already did, but all those who say again and again"BTC is future, fiat will die" just do not understand what they are talking about simply misunderstanding what experts want to say.

Here is an article, which I believe provide middle grounds for both sides and would be useful for everyone here, in case you missed.
https://www.nytimes.com/2019/04/23/technology/bitcoin-tulip-mania-internet.html

With a revolutionary payment method which deconstructs third-party trust system, the blockchain technology can arguably be the future of payments. But the implementation would be a challenge especially when considering the economic discrepancies between first and third-world countries.

Implementing cryptocurrencies as a standard medium is highly debatable topic among people since it is multi-factorial. In addition, there things to be considered, accepted, and adapted in order to change our conventional fiat system. But I do not see cryptocurrencies as our standard medium anytime soon. Who knows, maybe in the future we might actually see its full-fledged adoption.

In my opinion:

Bitcoin -> Primarily -> Currency
           -> Secondarily - > Investment asset

Majority of the world have a reverse point of view here which is the main problem which needs to reversed through adoption rates going upwards with time thanks to technological developments(LN fully ready etc).

Regarding how big I thought Bitcoin could get, I began as a skeptic. I remember thinking things like "niche currency" and "internet novelty" back in 2014. At that time, "tulip mania" seemed like a plausible comparison. Not anymore, though. I'm definitely more of a believer now.

I think fiat will eventually be replaced by a return to a fixed exchange rate system with commodities like gold and silver. After enough time, I could maybe see bitcoins being used along gold and silver in the same manner too.

However, I don't believe Bitcoin will "replace fiat" and I don't think government-issued currencies are going away. I think Bitcoin is just gradually joining the ranks of commodities historically seen as "money" and I also think fiat money systems will eventually be replaced.

I my self one of those who do not believe that fiat will die because of the existence of bitcoin and other cryptocuurencies. I also have no ideas why some people believe that bitcoin will replace fiat in the future. Bitcoin is indeed was created as a way of peer to peer transaction but I think it has been changed since many people use it for trading purpose and investment purpose. I still believe that the number of people who use bitcoin as currency is smaller than the number who use it as an investment tool/asset.

Fiat will not die but there will be a transition to digital fiat. Its currently happening in China where people can buy just about anything with their mobile phones. Their old man are complaining about all thee but its the change they undergo right now. The transition in digital world is also happening, look how many stablecoins we have. That's not even enough, there's more coming. Crypto is the future.

Bitcoin won't replace any fiat, fiat is used to control the country's economic and decentralised currency cannot be used to do that, btc main idea is to help people got a better payment system, its not for replacing any fiat, in the article it said that the transaction volume of btc is half from PayPal I think the reason of this is because some countries banning the crypto usage, I think bitcoin got a bright future because it offers something unique, bitcoin can be used as investment and currency at the same time

In his whitepaper satoshi originally wrote that Bitcoin is a peer to peer electronic currency systems, so I guess it should be compared to the same kind and not fiat in general. If we compare it to PayPal or something similar, though the volume of Bitcoin is not that big, but it already provides that alternative.

And yeah a lot of people use Bitcoin more as an investment instead of currency, so that's that. But if the volatility becomes more stable, I think they might start using some of their saving as currency.

there are always parrots that repeat any crap they read online but i believe that others do understand what they are talking about, it is just that their purpose is to hype things up which is why they chose those words otherwise they don't think fiat will die, they just want to say it so that people get hyped up and they can make profit. somewhat similar to those saying "bitcoin is dead" that want to buy it at cheaper prices.

i think everyone starts as a skeptic and for good reasons too. bitcoin is new and different from everything we knew before, so it is only logical to be skeptical about it. but to say it will replace fiat is going too far as i have always said bitcoin has never meant to replace anything. it offered a very needed alternative to the corrupted and centralized monetary system.
anybody who says otherwise is exaggerating things by a lot usually because they are trading bitcoin. you have to realize that bitcoin is tightly connected with its price and many who are talking about it are doing it because they are making profit, they may not even believe in half the things they say themselves.

I honestly have more respect for those who are skeptics with good reasons, compared to those enthusiasts that are enthusiasts in the first place just because they simply bought bitcoin(without knowing anything about it) and shouting "buy bitcoin! price will moon!" to people, without even being able to back up their claims.

About "BTC is future, fiat will die", people in the bitcoin/crypto space has varying opinions on this. Some think fiat will die, some think that fiat can be potentially backed by BTC in the future.

Really though, in my opinion, most of the skeptics are skeptics because of the technological gap(why most skeptics are of the older folks). They mostly have bad arguments against bitcoin like "bitcoin can be hacked because an exchange got hacked", "BTC is not scarce because forks increases BTC's supply", and the like.

technically, fiat money is defined as money that isn't backed at all. it's simply declared as legal tender and can be freely printed. so there is a distinction between state-issued money (which can represent a claim on a commodity, like silver dollars) and fiat money. if governments start backing their money with bitcoin, it'll be similar to the pre-fiat systems where state money was backed by silver or gold.


i think people are also bombarded with misinformation and propaganda about finance and the viability of the banking system because the system depends on the general faith of the population. without it, we see another implosion like 2008 and eventually worse.

eventually, people will realize the importance of alternative forms of money. and bitcoin will be an important option.

The rise of digital fiat has nothing to do with crypto though. They share the same medium is all.

I would argue that this movement is even detrimental to crypto adoption because crypto's biggest selling point to the masses is that it's digital, and most of them couldn't care less about what goes on behind the scenes. They'll be able to send money to friends, family, merchants (which is all most people really care about) just as easily as they can with crypto. It's going to be harder to stand out.

I think I am among those who are skeptical of Bitcoin, but I am open to the possibility that later Bitcoin will be useful for the wider community (A.K.A the one). I have a little bit of BTC and other coins/tokens that I can afford to lose. It is not fun if you do not take the bet when chilling here, right?

The blockchain along with its consensus mechanism is indeed a disruptive technology, but no coins at the moment trigger me to "all in" and become a hardcore believer.

bitcoin's biggest selling point IMO is that it's programmable money and its supply/scarcity is predictable. the truth is that most people don't (and never did) care about the economics underlying their money. they use dollars (whether cash or checks or venmo transfers) because everyone else does.

but there may come a time when bail-ins and bail-outs or outright currency collapses vividly illustrate to people the importance of distinguishing between unbacked dollars and hard money like bitcoin or gold. hedging against those possibilities will become increasingly important in the future, and that alone may keep bitcoin at the forefront of public observation even if fiat money keeps sustaining throughout this transition to digital money.

what you are talking about are the "extremists" and being an extremist has never been a good idea, not in bitcoin and not in anywhere else. it is the extremists who say bitcoin will replace fiat, it is the extremists who say bitcoin is fraud and won't end well,... and all of them are incorrect.


you are forgetting about the more important characteristic which is decentralization. which then brings us things such as a currency that is not controlled by any government or centralized authority so there is nobody who can restrict you on how you use your own money or has his hand in your pocket.

Well there have been more than a couple of those throughout history, but it seems that the greater public still isn't very conscious of the risks associated with putting all their eggs in the fiat basket. It would indeed be pretty huge for Bitcoin if they start to learn though.

The problem is that complete crypto sceptics doesn't need your middle ground.
Most of traditional investors, bankers and enterpreneurs are sceptical to crypto (they have all reasons to think so), they have their opinion and they are not using crypto. Right now cryptocurrencies are not popular and they have almost no influence on anything outside the crypto world so there is no sense for crypto sceptics to seek for any kind of middle ground. They don't need crypto in all cases.

I have come to accept bitcoin/cryptocurrency as a secondary currency in my financial life haven known that bitcoin can not replace the traditional financial system like faint paper money, the blockchain is advance technology in the world financial sector despite the fact that blockchain base currencies are still new and have not been adopted as a legal currencies but with time this is going to be achieve because the blockchain smart contract transactions is what the world is waiting.

Are you in anyway insinuating that the old kind of cowry exchange system will be replicated in this 21st century with gold and silver serving as fiat?

---

Sincerely, I don't harbour any thought of Bitcoin replacing fiat because that's not EVER going to be possible. The reason being that there are countries battling with electricity and Internet connectivity. Again, there going to be illiterate folks who don't know how to access the Internet even in countries where that facility is available.

More importantly, I am a Bitcoin enthusiast. My curiosity and excitement drove me to google and invariably here at BTT. But I know the crypto industry can't replace fiat.

in life. we need an innovation. included in the transaction. 60% of the public has a large demand for crypto and BTC, and 40% are primitive people. fiat makes us saturated. fiat always get a bad influence from inflation and the global crisis. gold is increasing slowly. I think gold is not efficient as a transaction tool. but BTC and crypto have great hopes of taking control of it all in the future.

I never believed that claims which about FIAT will die soon. It will continue to be used for many years. But, it is highly possible to use cryptocurrencies mostly. Because globalization needs that.

BTC indeed the future but FIAT will not die that's what I believe it, naturally people are skeptics cause maybe they see prices is fluctuate. I read articles about BTC used by cyber crime and I apologize that the article is not useful for me ;D crime can occur anywhere I think that fiat and  gold can also be associated with it.

I also think that Fiat will continue to work in ordinary society.  Yes, some majors will move over time to Bitcoin.  But the bulk will remain.

Yes, but transferring BTC is much simpler the moving around a pile of cash or bits of gold, don't even mentioning doing it internationally. It is not about what "could" be associated with it but "is" associated already. And we can not really move forward with the adoption of crypto while it is associated with out of sight money transfers and simply scam projects.

People tend not to learn from history. If it didn't happen to them in their lifetime, they don't see it as a threat. Since the post-Bretton Woods (modern fiat) system came to be, we've only seen minor, localized currency failures.

After the stock market crashed in 1929 and subsequent bank failures, we saw a big inflow into gold. People started hoarding it because they distrusted financial institutions so much. They didn't have bitcoins back then, and we're already seeing the seeds of that distrust of banks today. Imagine what would happen if we started seeing crises in the major reserve currencies.

With more knowledge we are able to determine and free think on what goes ahead of our futures.
We understand more and more about the current situation thus make ourselves pleasent in observing those skeptics and enthusiasts.

I'm not sure if that's going to work, especially with this high volatility that bitcoin is showing. Some currencies like USG or GBP are also used as an investment asset by some people but if you check it their prices never fluctuate so much during a year as bitcoin price does. And I don't know if there is anything we can do to resolve this issue because most people involved in cryptocurrencies right now are aiming for profits not mass adoption.

It's sort of the old narrative of the gold bug versus people who blindly believe in fiat.

The situation is somewhat similar when it comes to bitcoin. There are certain people that are going to be permabulls no matter what happens, and I think that is completely irresponsible given their complete lack of acknowledgement for obvious market trends and cycles.

But then there are also people who discredit bitcoin based off solely a bear market, or a crash - which is sort of the opposite end of the spectrum here.

The important concept to understand is that price =/= value/utility of the bitcoin network. A crash in value of bitcoin due to swinging market sentiments doesn't mean that all of a sudden, the utility of bitcoin drops significantly.

I never think about people who are a skeptic with bitcoin because if they don't want to open mind for a new change, they will not take a benefit from that.
I don't think fiat will die but I hope that fiat and bitcoin can work together to fills our needs and can help us to make a better life.

Lol yeah you'd think what's currently happening in Venezuela would spook a few people. I suppose it still boils down to risk management for most, but you can never be too safe. It's crazy how a big part of Bitcoin's success hinges on the failure of traditional finance though. I mean, I don't want that to happen, but I guess being resistant to that inevitability is the whole point.

That's right, Bitcoin might only be for investment and I also don't expect that in the future fiat will die (or maybe it will never happen) because fiat is already known and will also be very difficult if there is no fiat between countries countries in the world because each currency will have a different value.

Before I was fully sure that the crypto will replace fiat money. But now I understand that this is unlikely to happen, because it is not feasible. I believe that digital money will be actively used together with fiat.

In this forum, I meet more thoughtless optimists who repeat words after others that Bitcoin and another cryptocurrency will be able to completely replace paper money, banks and other financial institutions without even understanding the essence of what was said. This will never happen because the cryptocurrency is simply not capable of it. Cryptocurrency, of course, will greatly change the financial relations in society, however, in my opinion, it will be mainly a means of payment for citizens and part of the trade market. What will happen to the cryptocurrency further is difficult to predict.