Bitcoin Forum

As a farmer, I no longer accept fiat cash for my fruits, veggies, time and my work. I have 300 acres of fiat free land. (I don`t accept bitcoin either but let`s say that I do)

Let`s say all of the other farmers wake up to the slavery they are in and do the same.
Let`s say the electric companies do the same, they stop accepting fiat and only accept bitcoin.
Let`s say the bitcoin mining manufacturers do the same.

Won`t the people with the most miners at that time stay on top forever?
They will be the only people to generate the supply or obtain supply from network fees when there is none left in nature.

Won`t the people with the most miners collect most of the network fees since they have the highest hash rate and push out all the small miners because the smaller miners will actually mine at a loss and go out of business running there machines at a electric power loss? At some point in time they will have to turn off their machines.

It is like my small family farm, I cannot compete with the bigger corporation farms, they have 1000`s of acres and can sell peaches at a much lower price than me, pushing my small family farm out of the game. My cost of operations exceeds my profit intake, especially with the min wage going up. I just can`t afford workers.

So, Won`t 1 miner win in the end, the biggest miner will just keep getting bigger, and everyone else will be left in the dust?
Don`t you think that miner will be a central banker, for they had the most fiat before hand to buy the most miners?
So a central banker still wins.

Mining is a business. Whether miners succeed or fail depends on how well they run their business. Simply being the people that maintain the block chain won't automatically put them "on top forever".


Not all small miners mine at a loss. It depends on costs. As long as it costs you less then 1 BTC to mine 1 BTC, you will make a profit, regardless of your hash rate. Now, like your farm, big miners can lower costs more effectively than small miners, so it is true that small miners will have a more difficult time making a profit.



There isn't 1 farmer in the end, and similarly it is not likely that there will be 1 miner in the end. And while central banks and governments print all the fiat, that doesn't mean they will become miners.

It won't ever replace FIAT.

Fiat can scale infinitely because it is centralized. There are zero bottlenecks with FIAT.

If some magic happens and Bitcoin replaces FIAT however, it would be same as FIAT without any physical bank notes...

Bitcoin supply is limited and it is cornered by a few people. It would be total chaos and the governments would fall and the next world war would begin.

This is definitely right!

Even on my wildest dreams i never think off that bitcoin would able to replace fiat.Do we really think that government would just allow for those things to happen?

Decentralized things cant able to placed on whats had been used for thousand of years which is money, maybe in different forms but government do still handle it out.
What if question? I cant think off because there would be lots of situations will happen along the way.They cant just simply allow for this
thing to happen.

I am not a fan of fiat or regulated currencies but at the same time if Bitcoin replaces fiat which will never happened but just for example if we consider then it would be brutal for normal users like us as miners will just increase transaction fee to an unaffordable limit for their own benefits as most of the mining field are backed by institutions, at the same time the price of bitcoin will be easily manipulated by whales for their benefits and I think it would be absolute chaos.

I’m curious about how you accept money now. Is it purely digital to you now? Maybe it’s time you get fiat because you are losing many customers for you to supply on. You cannot be successful in your business if you keep being negative on the operational expenses.

Anyway, there would never be in our lifetime that it’s priced in BTC. It is always going to be pegged to USD and converted to any other currency there is. The reason why that is because not everyone has BTC, and if ever there would come a time that it’s purely BTC, the price per BTC would be higher than the recent ATH.

I doubt it’s going to happen though. Not that I want that but to make the world change like that, I don’t think so.

Exactly. Most stores don't even accept cash anymore and the pandemic has sped this process up. You show your credit card to the device, pay in seconds and walk away. Why carry cash?

This is how bitcoin would look like in an ideal world after replacing FIAT. The only problem is, it will never as widely adopted as FIAT because of both the technical and fundamental reasons I described above.

At the end.. Capitalism still wins.....

I could see a government holding it in reserve and issuing fiat agents it same as gold or any other reserve.
The advantage is that you can always prove you have the reserve by publishing the public key.

I get the assumption, but I'm afraid it'll never be possible. Fiat cannot be erased completely. I use to be concerned about what could happen to a country's financial system when majority of it's citizens opt into cryptocurrency rather than fiat. But like I said earlier, Fiat cannot be erased.

Basically, crypto activities will increase the number of activities and make more online transactions using crypto, in my opinion all of that will coexist with transactions using fiat, it will not replace but is a complement to life and transaction about the economy's life.

 If BTC was meant to be a currency then what would be its value? the thing is Fiat has a fixed value where as BTC has appropriate value it may go either way. Also no one would want to spent it on their daily needs like if we buy some stuff for some dollar today the same you will get two by the next day.

People are using BTC now as an investment and trading purpose such is gold is being used now, so do not make it complicated and confuse yourself till the world ends Fiat will live in the world.

It can be possible but the problem is people are still putting value in goods and services, if we are able to look past that notion then I think that fiat being eradicated altogether with the banks that benefit from it, I think that it is possible.

To OP, we can replace fiat and in regards to who will get bigger when the changes happen, it will not happen if we were to solve the problem of monopoly as soon as the current system is removed.

Possible that all of his money are in digital already since it is less hassle when it comes to buying things especially online.
On the other hand, I don't believe that he doesn't accept fiat cash at all.

Now to answer the question, what will happen if Bitcoin replaces fiat? You need to wake up into the reality that Bitcoin will never replace fiat at all. Bitcoin is just an alternative mode of payment and fiat is the most widely accepted currency worldwide. I see Bitcoin as an investment more than a currency TBH but it will never replaces fiat.

Bitcoin adoption is increasing yes but the fact that not all people have access to it is enough already to prove that the scenario the OP is saying will never happen.

When talk about "IFs" then I'm worrying about those indigenous people who are not that familiar in that way of transactions.

There are some part of every countries who will be left behind due to slow development and those people will surely have a hard time to earn money.

But I know that it is impossible to happen because traditional way of payment method using fiat is the best and suitable for everyone.

Let's just leave bitcoin to become an alternative tool for payment whenever we want it because in bitcoin, we have a financial freedom.

That's the most obvious shortcoming. Imagine receiving your salary in Bitcoin right before it crashes. That's really gotta suck.

There is difference between a miner and a government. There is chance of government to acquire entire miners, but this isn't possible with a single government. Because, the large scale farms are located on different regions around the world. Another thing, miners won't easily get out of the business. Replacement of Banking process through blockchain technology will happen, and central bankers winning through the process of acquiring all mining farms won't happen. If this happens, then I'm sure the cryptocurrency network crashes.

Most times one can say that these big miners are getting their reward for trusting and believing in Bitcoin , many that started very early are the ones topping the charts, that's what comes with believing in Bitcoin, also many people who got to know Bitcoin at an early age and held on are also enjoying it now, thus the reward for believing. Nevertheless, in as much as I believe in Bitcoin and so is everyone, but we need to understand and agree within ourselves that, no matter what, Bitcoin won't replace Fiat, it can never happen because no government will allow another currency to decide some things for them, and no government will be willing to give power to a currency they can't control the way they desire.

your a one smart farmer but if you dont accept fiats and btc , what payments are you accepting ? gold , silver , or something? not all farmers are smart like you that wont accept a fiat but most farmers that i see are matured and like things done in a simple way .

they will prefer fiats mo matter what but i dont know about to those who work in an electric company maybe some of them will try btc because they are more expose in the technology. the last one is btc mining manufacturer , they can surely accept btc because the item that they provide can produce a btc

I would be more concerned about the global economy rather than being concerned about miners "being in power".
I doubt bitcoin is going to replace fiat. Maybe after decades or even centuries, but not now. Think what is going to happen to those countries where access to the internet isn't cheap. Countries that are under developed and lagging behind in technology. They won't be able to trade with anyone outside their country and hence make them suffer more.Wouldn't there be more "competition" as there will be more miners and the difficulty be increased?

I barter, I trade my peaches for pizza when I want a pizza. My neighbor makes pizza and accepts peaches for his jam.
I bought a phone with peaches from another guy.

I also accept gold, as gold is backed by something, metal.

Sure I am at negative income now since I don`t accept fiat. But at least I am not feeding people who don`t deserve it, I rather see the fruit rot rather than feed politicians and banker parasites.

Elon Musk the richest person in the world is a slave to rothschilds. He knows it.
"Bitcoin is almost as bs as fiat" -Elon Musk
https://twitter.com/elonmusk/status/1340588909974200321

The celebrities are just ignorant, They don`t realize they are getting played.

To all of those posting "bitcoin will never replace fiat"

I am well aware of this, It was a hypothetical question. The point is, even if it did, the central bankers still win.

Bitcoin runs off the fumes of fiat.

I don't think Bitcoin will ever replace Fiat, but I do see a future that cryptocurrencies either fully or for the most part replace Fiat and the need for banks.

I never understood why so many people are eager to see Bitcoin to be the only currency that the whole world use to make transactions, since obviously just like Fiat a large portion of Bitcoin are now probably in the hand of few people and that would not have a good result.

Instead of that I prefer to see the future in which we have many different fully decentralized cryptocurrencies as an alternative to Fiat and use them to pay for all purchases or services, as the more time passes and people start to realize how easier and cheaper it is to use crypto instead of bank services and their currencies, they will gradually lean more towards using them and even though worldwide adoption could take years, it definitely will happen.

I know this isn't the main concern at all in this topic but knowing this is kind of confusing, TBH. I don't know.

I kind of want to see how the world will be with just BTC but that's just not possible, or maybe not in our lifetime. Everyone has some kind of money in store, maybe it's not invested or just plain money that is stored away in their homes. I doubt the people who stock it there would want it to have zero value. This applies to HODLers too for sure.

I don`t, come to my farm will trillions of fiat and try and buy a single peach or cherry from me. Bring all your bitcoin to while you are at it.
I will simply laugh at you then tell you to fuck off.

I think with that attitude, that's probably the reason why your profit is negative. :o

I`m up more food than I ever been, Go ahead eat your bitcoin and fiat bud.

profit cannot be negative btw, you oxymoron.

You buy food or ingredients with BTC or Fiat. I cook those ingredients and feed myself.

Lol. If you are talking about Gross profit or Net profit, it's possible. It depends on the context you are trying to check. If you don't know how to compute that, that's sad.

Not from this farmer who is not a idiot.

profit: a financial gain.
How can you profit negatively? that is not a gain, that would be called a net loss or gross loss or loss.

You could accept fiat for your peaches and exchange them for bitcoin. So you could know the real benefit of financial freedom and you could contribute better in your area. Your employees could benefit from better incentives but it will depend on the decisions you make.

Now we have a great call, Bitcoin for institutions that will be a great change, it is clear that the world will be more digital, new technologies will be on the rise.

Let's say if you only accept and give Bitcoin for payment and transaction, and including the fee for your workers. Will your environment and government around you and in your country also support it? Sometimes, we have our ideas about something, but the environment and rules from the government don't allow and not support that. What will you do then? Replacing fiat with Bitcoin is something so difficult and also complicated. It is not only replacing to use BTC instead of fiat, but it also correlates with the law, complicated rules, payment rates, method, technique, and many more terms to be cosnidered. And this is not easy, at least will not be conducted in this era.

 

Well one thing that I'm really looking forward to in terms of bitcoin being accepted is the world bring free from fossil fuel usage which greatly deteriorates our planet's integrity. With bitcoin, a coin that is not backed by oil, gold, or any non-renewable resource being more accepted than dollars, we would be able to take a chance at saving our planst and our children's lives.

Bitcoin was meant to be a currency and it was the first cryptocurrency not the only cryptocurrency so if there is a time comes that bitcoin started to become not usable by everyone then people will adopt to altcoins as well and then it will become multiple cryptocurrency payments system.

So miners which can't be able to mine bitcoins will move to altcoin mining or they simply can keep mining the bitcoins with lesser profits not in a loss because the price of bitcoin is expected to be lot higher when it is adopted by the whole world.

This scenario is pretty similar to older age where people fights for POWER, and pretty much where the scenario will eventually end up.

Other people will try to take that coins from those people on the top, thus the barbarians, or kingdom fights. Or,

People will try to resist this system, and made their own kind of trading transactions, whether will they revive the fiat, or go back to items by items trading.

Nop, it doesn't work like that.
If I have one s19 and a guy has 100 s19 so for each one satoshi I earn he will earn 1000sat, but he will also consume 1000 times more electric energy. Mining bitcoins is not like agriculture or coal mining, what matters here is just the price you pay for electricity, a home miner in some country with 3 cents per kWh is far more profitable than a huge miner who can't get cheaper energy than 5 cents.

Besides, there is also a huge difference.
A home miner doesn't have to pay rent, he doesn't need a special warehouse, he doesn't need employees and security and accountants.
You plug your one or two miners there and you mine by yourself, unlike other business when it comes to home mining small setups are more profitable than large ones IF we assume the same price per kwh.


As I said, it's not like that!
Huge far of a small farm, you will still have the same hash rate per mining gear, there is no advantage in numbers!
And the worker's wage actually plays against the large farms.

I think that now you do not mine as much bitcoins as large investors have who bought bitcoins in 2011-2012. The top 1 will always be a big whale that is multiplying its assets right now on the volatility of bitcoin. Every country in the world builds its economy around its own currency, what is the point of making bitcoin as the # 1 currency? Unclear. I don't see Bitcoin as the first currency in the world. A maximum of 2-3 companies will switch to this, no more

Agreed. Bitcoin is store of value. It will replace gold not fiat in future. Soon we will see digital version of all national currencies. China has already developed it didgiat yuan.
People will no longer use BTC for buying or selling, they will use as storage of value just like people do with gold.

Scary yes, not very likely. Maybe a 10% chance, if that. And btw, no electricity no access to bitcoin. So worst case scenario, BTC could trigger almost a Skynet equivalent type of event?

I do agree to if the Fed money printing stops, there will be a financial meltdown crisis like in 2008, just ten times as bad.

I agree, not matter what country it will adapt it whether it is bitcoin or other crypto made by them still still the use, purposes, and the senses of fiat cannot be replace by bitcoin, fiat is very much in need in each country it cannot be replace by anything, and not all part of the country can use crypto in their daily lives there will be still a limitation in every thing. So country  can adapt bitcoin and other crypto to their monetary system but will not replace it.

Do you understand how impossible it is to overshadow fiat? Fiat is the root! It is what people have forever known and will forever trust. Imagine if you begin to use only Bitcoin (of course you can't get S hair cut with it), and others too. What will happen to the country's fiat? The country's financial system will crash because no one wants dollars anymore? Dude, no matter what, you'd still need fiat. At least for now

To think that the world does have lots of countries and specific government that do control over it and we know that fiat does shows countries as a symbol of power
and if we do really end up on having a single currency like bitcoin then imagine if it really possible to have unity on this world? It would really just create chaos and competition
because each country will really be accumulating btc as much as they can because the more you had the more powerful you are.I cant imagine on how
it would be a mess up for such diversion or total integration.You cant just imagine on how the world would look like or would be.

Bitcoin won't replace fiat currency, it won't happen because fiat is decentralized which is used in the real-life governed by those authorities. Imagine if bitcoin would be the standard currency or replace fiat currency, a lot of small businesses and those unfortunate people without any knowledge about cryptocurrency would make their life so hard because of bitcoin.

I can't imagine how the world would be if bitcoin will replace fiat.

What happen to the government then, they will print money which they can control, if bitcoin will replace fiat, then there will be no control, only the big holders can control the market by moving it and I doubt the government would allow that as they always want stability, hence fiat will stay.

We always want bitcoin to succeed, but not to the point that we will be unrealistic, bitcoin is good only as a substitute or alternative but not as a main currency.

Bitcoin has no underlying and is not centralized and besides that Bitcoin does not have a deposit and credit mechanism like conventional currencies, and bitcoin only exists as an alternative currency, especially the world's digital currency that can be used as an alternative means of payment.
So I think it is unlikely that bitcoin will actually turn into fiat, and the two will go hand in hand and not eliminate each other and there are still many differences but the goal is the same.

Move it against what?
Have you forgotten that in your scenarios there is no more fiat, no more USD no more Euros?
So, against what will the whales move BTC up and down?

Imagine a world with only one currency, how could you manipulate the currency against something that exists no more, exactly what you're talking about happened to Greece when they couldn't devaluate their currency anymore and weren't able to print money to get out of it.


Says the disgusting neckbeard who was claiming around here that he knew and was Satoshi's friend.

Moving it for the purpose of making profit, that's what I see and when that happen, the price dump, and when there's a hype, the price pump and that is not a good definition of stability. I believe in the potential of bitcoin but if we always see this kind of market movement, I doubt ordinary people would use bitcoin as a currency.

What I'm talking is currency is for payment system, it's suppose to be stable, bitcoin is not stable, hence I believe it's only good for investment now like protecting your money against inflation.

I believe the government may not allow Bitcoin to replace fiat for whatever reason, because Bitcoin cannot be controlled by the government.
Therefore it is not surprising that some countries legalize Bitcoin but it is only a digital asset, so as not to replace fiat and the government can
still control public finances.

I also agree with the government that now is simply not the right time to replace fiat with Bitcoin. In addition to the many shortcomings of Bitcoin
that must be sought for solutions, there are still many people who do not understand Bitcoin too. So a lot of education is still needed first about
Bitcoin, so that Bitcoin is known first by most of the world community.

If you still did not understand the bitcoin market, the principle theory bitcoin is following is capitalism, people having more contribute to the system and thereby winning more money and that is the case with mining, people who have the capital to invest do that and for that you need more money and people with more money to spend can make more money than anyone else. ;)

I still can't say that bitcoin replaces fiat.
  fiat remains fiat with its position, and bitcoin is still Bitcoin, both of which cannot replace their respective roles. here we are talking globally, that every fiat user doesn't like bitcoin, but every bitcoin user likes fiat.
Put simply, Bitcoin will remain a tool for investing, and has more value than fiat.

We can't expect government to replace their fiat by bitcoin but accepting btc in existence. Definitely, yes. For decades, financial system is revolving around fiat currencies, whether in digital form or physical cash. And they have full control of it. With bitcoin, they will have no full control as everyone can just create their own address from their wallets. So definitely big NO, for the government. I don't think bitcoin will ever replace fiat in the future.

Firstly, I don't know if it was a typo, but fiat is not decentralized. Also, small businesses and others who don't know about crypto doesn't really sound like a valid reason. The use of cryptocurrency as a currency is not complex. It's something that wouldn't take one's time to learn.


Edit: but fiat is not decentralized*

How the fuck is it not centralized? what planet do you live on?

Crypto will not replace fiat.

It's free and easy to put $100 in your hand.

It's not free and not easy to put 0.00333 Bitcoin in your wallet. And if you use multiple addresses, you will have to pay additional taxes to 'stack' your money.

I think it's hard to imagine if bitcoin replaced fiat. the reason is that bitcoin prices are volatile and can change very quickly depending on the buying and selling power of the bitcoin market itself. This is of course very dangerous if bitcoin is used as a substitute for fiat because the possibility of economic inflation is very large.

Replacing fiat with bitcoin will be difficult, let's just say that it did happen, will bitcoin supply be able to sustain the circulation of an economy that spends a lot of money for every day transactions, and one big blackout/power outage will be enough to cripple the economy if we solely rely on bitcoin for daily transactions.

Lol... That was a typo. I was actually going against what he said about fiat being decentralized. I'd make the edit. Thanks for pointing it out.

It is still too far beyond and quite impossible to make happen that Bitcoin will be replacing fiat for the fact that many people still relies on the usage of fiat and if you are will no longer accept fiat as a mode of payment or transaction, then how possible you can be able to sell your goods and services if you will be just plain accepting Bitcoin alone for the sake of adoption. Better be two sided upon using both instead of being reliant on only one. Better be that than one.

In my opinion, in a "perfect" world only you can use bitcoin as a currency. As the world will become fully digital, there will be no paper money and people earn satoshis from doing different jobs. Then use bitcoins in transactions but of course the pricing of goods would depend on how the market would react to the prices put by the businessmen. Higher prices will be shunned to prefer those who sell their wares cheaply. But again, that will happen in a perfect world. Ours is way far from being perfect.

How Lovely is the Morning if we wake up with all this happening , Farmers that Feeds us will Only accept Bitcoin ?

Electric Company the Give us Light and easy living will only accept Bitcoin.

Mining will Only accept Bitcoin
Well i am not sure if the miners will be on top Forever but what i'm sure is ? all Bitcoin Lovers and users will be rich by then.

At this stage, most opinions are negative on the question of whether Bitcoin can replace fiat currency. Bitcoin has value, but the instability of its currency value determines that it cannot perform the function of value scale like other currencies. , Let alone set prices for others as a token of value, let alone become legal tender. The development of digital currency is certainly the general trend, but Bitcoin still has a long way to go on the issue of whether it can replace legal tender.

As long as there are nation states, Fiat currencies will continue to dominate and governments are powerful enough to enforce their legislation. There are fiat currencies because the alternatives, such as gold, ultimately failed to meet the modern world's demands. Bitcoin is similar to gold, but the supply is actually even more restricted and worse.

Bitcoin is not what it is being promoted to be. Transmitting is not cheaper. It is not straightforward to use. Boosters of bitcoin say things will improve over time, but that is also true for alternative payment and transaction systems based on fiat. Governments are actively looking at ways to create blockchain versions of their own currencies that will have bitcoin's best characteristics but not its flaws.

What you're talking about is a situation that cannot happen in real life. In time, the dollar also replaced gold. But this does not mean that the entire world economy will depend only on one currency. Bitcoin is a digital currency. It is so valued now that it has been turned into an asset as reliable as gold. If this continues, people may be more willing to do digital transactions with bitcoin, spend bitcoin, or earn. But this does not mean that in this case other digital currencies will be completely erased from the economy. If bitcoin is a global currency, fiats will keep their strength depending on the economies of the countries.

I can't imagine when bitcoin replaces fiat, and never in history will do this kind of thing. Replacing fiat with bitcoin is very impossible because if this happens many people will not be able to adapt to this kind of situation especially elders who don't understand what cryptocurrency nor bitcoin is. That would really become a disaster when that happens. Bitcoin was just supported by the dollars and will never be an main currency and also bitcoin will be ever as an alternative or 2nd currency until the next generation.

You don't understand!
In this scenario, we have no more fiat!
There is no more USD, no more EURO, o yeh no yuan no bolivar no nothing.
So, what market will those whales manipulate to make a profit if we have no longer a btc<>usd pair or anything else?
You will dump your coins...where?  ;D

At this moment? I guess there will be difficulties to be realistic. The market price is changing from time to time which I think will be the downside of doing so, especially to those people who are not into investments. Fiat promotes balance in the world market. Just think of how stable the values are of the currencies compared to Bitcoin. Ofcourse such thing is having purpose. If the market value of the medium is volatile, there will be difficulties with daily transactions, not concerning convenience which could be enhanced by cryptos. It is just that decentralisation and volatility which could be a problem if cryptos will be used as the main medium of payment.

Great observation. I agree that it will be impossible to manipulate the price if there is no market for it.
You can not buy Bitcoin if there is no currency exchange where you can exchange money for it. You can not sell Bitcoin if there is no market for it.

I absolutely agree with you about this. Fiat can't be totally eradicated by bitcoin. This can't happen for several reasons. I'd try to list some here.
Bitcoin can only totally eradicate the use of fiat if only everyone and every businesses in all the seven continents is educated about the use and benefits of bitcoin, uses it and accepts it as a payment option.
Secondly, the governments of countries won't just sit by and allow bitcoin take over. Trust me, they wouldn't subscribe to that. The best that can happen is that bitcoin and fiat currencies exist simultaneously just as they are now.

Sounds like a whole lot of fun. The elderly and many of the disabled people would starve to death, as there would be no more pensions or welfare money.

When you have spent your last Bitcoin, if you get sick or unemployed, prepare to die. Say hello to 80+% unemployment in society. Most common sight would be poor people begging in the streets, homeless.

How the hell would the government collect taxes to fund the state if there was only Bitcoin. Guess the government with the police and everything else just went out the window too. Good luck making it to old age in this fun new world. Looting, robbery, murder and extortion would be a daily occurrence.

Replacing fiat with Bitcoin would destroy society as we know it.

Sure, you don’t accept fiat for your fruit, I have no idea what’s fiat did to you, and you want to go against it like a plague, anyway, you can always exchange fiat to the thing you want to keep as soon as you receive the fiat and swap it before the value depreciated, however, it would be time consuming and go around and swap your fiat during lock down, with bitcoin, the swapping will be quick and effortless, you can swap from tether to whatever you want, I think you want to swap all fiat into gold to preserve value? That’s very possible with bitcoin, you can swap bitcoin to gold without any custodial entity, and the swap will be completely conduct on the network, hence it will be an instant.

Bitcoin won’t replace fiat, that’s not possible, there is roughly 30m non zero bitcoin wallet to date, which translate to how obscure bitcoin is accepted world wide, but it does complimenting each other.

fun ? lol .
pension are going to stay , btc didnt kill all the necesities that people need and we dont even know if its possible to replace fiats because if that is possible we dont have our fiats now but if let say it happens , pension are going to be payed by btc and btc would be more super easy to use for elders and youngsters .
 unempleyment has nothing to do with the fiat and btc but if you are wise and you invest , save and have an education .
 you can secure your life in the future .

No, pensions are not going to stay if bitcoin replaces fiat, because the government wouldn't have any btc to give out for pensions or for anything else for that matter. What, do you think they can just print BTC like they print fiat?

As for the unemployment, it has almost everything to do with it in todays modern society. Fiat is the bloodstream of the economy that keeps it all running as it should.

Well, they could hold you up at gunpoint and force YOU to give your BTC to some old woman so she doesn't starve to death. But then again, what about all the other elderly that would starve to death.

I can't imagine even if this is just pretending.
While bitcoin can solve problems that fiat can't, it won't work if there's no internet network. how can solve that? however, we really need fiat
Unless development is evenly distributed around the world, facilities and infrastructure allow for BTC transactions in all regions, and the important thing is that all human resources must be ready and able to use bitcoin, we know that this is not easy enough right?

As far as I know, the market doesn't consist of only currency.  There are markets for trades like wheat against BTC, name any existing materials and commodities out there and you got your market.  Aside from that, there will be also this Altcoin, BTC pair.  The scenario only stated that Bitcoin replaces fiat, but there is no way it states that the altcoin market stops.  So yeah whales will always manipulate, the same thing with materials hoarders and alike.

The amount of stupidity and ignorance on this forum is only exceeded by their massive greed, and that says something  ;D ;D ;D

Its simply astonishing how little most of these morons know of the economy in general. Thankfully there are at least some who have at least half a brain that knows how the real world works, so kudos to you few people.

I think it is impossible for Bitcoin to replace fiat currency. Bitcoin has not been recognized and familiarized by anyone.

It is possible that the legal currency of individual countries will be replaced, but it does not mean that it will replace the legal currency of all countries. Because of the limitation of the number of bitcoins, there may be other encrypted digital currencies serving bitcoins, carrying more functionality

You already explained but if the society demands to use Bitcoin then the whole scenario can be changed. Because everything is dependent on people's behavior and mind set. If we want to established it we must create a cashless society before. Then it is possible. Otherwise, it may take a long time to become habituated by generation to generation.

Some people think that mining cryptocurrency more specifically bitcoin will have some kind of consistent profit and if the scenario you mentioned really happens they gonna rule the world but truth is many people gonna try mining aswell which in return increases difficulty and decreases the profit. It's gonna be a hell of competition and there's chance of switching from PoW to another method to avoid waste of energy altogether when miners becoming too much and energy consumed becoming unbearable, it's not that simple.

bitcoin can be unstable later. We never know what will happen in the future. Bitcoin is lucrative and promising currently, but who knows!

Having that kind of business is a great source of income and having to use another type of payment transaction which you can decide for yourself like Bitcoin is another kind of investment involve but Bitcoin replacing fiat will mean that most of our systems and platforms will be digitized and I can imagine farms within buildings because some people are already recreating those kinds of environments.

(I fixed it for you)

Bitcoin at the current protocol is limited yes, but it is wrong to say that it cannot be changed by anyone since Bitcoin had been modified for improvement several times.  Remember it is only a code that is programmed by humans and the program can be altered same goes with Bitcoin but of course, it needs consensus to apply any changes.

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If Bitcoin replaces fiat, I can say it is a disaster since the world economy will fall under the hand of very few people (whales).  Early adopters will rise in power, more powerful and influential than a president because they holds a huge percentage of the world's wealth.

"If Bitcoin replaces fiat, I can say it is a disaster since the world economy will fall under the hand of very few people (whales).  Early adopters will rise in power, more powerful and influential than a president because they holds a huge percentage of the world's wealth."

It would be the equivalent of SKYNET, not in tech terms of course, but the end result would be the same, nuclear war and the end of modern society.

I want to correct your impression about popularity as regards crypto currency. Bitcoin and crypto currency are very popular in the world; and the blockchain space; that it is not legally accepted by some countries does not make it not popular. In response to OP, i say that bitcoin cannot replace fiat at all because it would disrupt the banking system; instead bitcoin would co exist as a payment alternative, just as  we are seeing in few websites, domains asking for payment in bitcoin for services rendered.

Good point in here mate , I would support the Replacement of Bitcoin to Fiat once the proof of the bitcoin amount will be spreads into individual and not just from those whales and yeah Miners as well.
That's too far and Please stop talking about war, you are getting too far from the topic , we are talking living here and not human ending.

Thats kind of hard, because the topic we are discussing could very easily destabilize the financial world to the point that we could face the end of human existence.

If you look at the history of world war II, that was brought on by financial chaos in the 1930's and the following regimes that came out of that mess, led to the 2'nd world war. Can you imagine what that would have looked like if they had nukes from the start.

Don't mess with the financial system, we might not even survive that as a species.


I know its not a very pleasant topic to discuss. But what would be more unpleasant, talking about it, or war actually happening at some point in the future. If we talk about it, at least we can try to stop it from ever happening.

It will not happen, bitcoin cannot use in other transaction. Even the government legalize it, people are not comfortable to use crypto-currency because of familiarity of using fiat. Also, the unfamiliar in crypto-currency like the poor people who have no idea, they don't know how to use it.Just like what I am said, the familiarity of bitcoin is the one reason why fiat cannot replace by bitcoin. Some other reason is bitcoin can be use in illegal payment without tracing the identity of user in long distance transaction. So the government will not allow to replace the fiat.

That won't happen. Bitcoin and many other cryptocurrencies are digital versions of money, but their birth and development were not aimed at creating a cashless society(fiat).
But with the assumption that it is possible, it can be seen that everyone is at home safe, and only needs the internet, purchases and payments in bitcoin. LoL

Even lets say that this do talks on that "what if" situation then i cant really put up into my own brain or even on my dreams that this thing will eventually happen.
There's no way that this could happen.It would really be just remaining as an alternative and to say that digital money had been existing for long now.
Crypto might exist but this would be on different manner or characteristic but wont really be ending up on being a mainstream or would be primarily used.
Government do exist and as long theyre here then it wont really change a thing when it comes to monetary sector.

Going along with that 'what if', and if changes will not be seen with regards to the concept of cryptos compared to fiat, I guess there will be a problem. Fiat or regular physical currencies are regulated by the authority of many governments. Decentralization, volatility, freedom of use are the things which are different in this technology. I am more concerned with regulation. If cryptos won't still be regulated, even if it will be perhaps the main currency to be used all over the world, what will happen? The problem I'm referring to is risk from transferring the savings of an individual to a volatile currency which may yield to partial loss. Transaction taxes won't also be occurring which is a bit of a problem for an economy, since there is is a chance that system of the economy will be affected.

Become easy for bitcoin replace fiat as digital currency transaction but how respond from government does allow for using bitcoin as legal currency transaction payment or not, looking with almost country respond with bitcoin still not have any country wanna adopt bitcoin as legal for payment transaction, maybe right now still have chance and way for bitcoin could replace fiat transaction.

Even though it is far from happening, if we would take a look at it, there a lot of adjustments that's needed to be done before the government allows it. There's a possibility that they would take over the control of bitcoin to maintain order and peace and we all know that ain't gonna happen ever. Another thing is, not everyone are knowledgeable at the existence of bitcoin so everyone needs to be informed first beforehand. There will also a be a possibility that many will get confused as its value changes over time and is different from every country. I don't think such scenario would be feasible right now and even in the future.

Well, people wouldn't be instantly or forced to use a currency that they don't know to use, "If ever" that bitcoin replaces fiat and every country in the world agrees to do it, People in that time is surely known and capable of using bitcoin. I agree that it bitcoin can't replace fiat. Blockchain network will have too much traffic and transactions will be extremely slow so I think it is one of the reason why it can't replace fiat in terms of daily transactions.

If it happens would be a fun scenario because the transaction will get stuck in long periods to get a confirmation, currently, we have blocks every 10 minutes, and each block contains 2500 transactions approx, so imagine all the people sending 1,000,000 transactions each minute, that would stuck the network.

Are you all idiots? This wont ever happen, it is not possible. Would be like asking if Sweden could be the most powerful nation in the world. The answer is no.

Exactly, But in case we think on reality premise Bitcoin will able to replace fiat but Bitcoin isn't for crisis stores till 7billion individuals access it effectively and utilize it as medium of exchanged we truly think that government would fair permit for those things to happen? Decentralized things cant able to set on what’s had been utilized for thousand of a long time which is money, perhaps in numerous shapes but government can manage it well or not it’s another story.

For the time being, no cryptocurrency has effectively overtaken fiat in any part of the world. In the end, it may be payment apps like SPEDN which most dramatically open up cryptocurrency payments to real-world applications.

Bigger risk when bitcoin could replace with fiat because every time have cases with bitcoin stolen and reality is not good how to adopt as legal digital currency payment, I think looking with how much fees transaction needed when sending bitcoin with small amount maybe many people will think again could effective using bitcoin as payment transaction or not. Better using fiat is transaction small and when you use bigger transaction amount the best way with bitcoin or altcoin.

Bitcoin should not replace legal tender, it is not yet suitable for all countries, and it is not yet familiar with its use.

It can't and it never will.

It's just a what-if, and the OP even give a scenario where it is replaced.

I would reply to this, but same to others who aggressively post reply about it being stupid. When it is just a what-if.

This is the same as with, "What if earth is flat, what will happen to gravity,etc."

Assuming that it would replace fiat (with the exception of stablecoins), the government, SEC and banks are gonna find it very hard to regulate them (especially if P2P transactions are performed in cold wallets for physical goods and services). It may happen, but it may take decades or centuries to happen.

For the time being, no cryptocurrency has effectively overtaken fiat in any part of the world. Bitcoin could potentially replace the U.S. dollar as the world's reserve currency, but for this to happen, the digital currency would need to make progress in several important areas. Currencies serve as a medium of exchange, a store of value and a unit of account.

In my opinion, Bitcoin can become a competitive asset and replace gold in the future. But there is no substitute for fiat per country. It also goes against the roots of bitcoin.
Bitcoin's supply will not be sufficient for conventional demand, and bitcoin's volatility will be the biggest hurdle.
It was an assumption, but it never really happened.

And come to think of it....
If Bitcoin gets adopted so much it replaces fiat.... The price of it will shoot up as well right??
As per the laws of supply and demand, and it reaches 1million dollars for 1BTC....
Then as we know well enough, there are people with a huge enough amount of BTC who will now become the elites....
the 0.01% of the pyramid....
That would upset the whole economy, the gap of the have and have nots will widened 10x more....
Well anyways its a what if situation .... I love the imagination...

Many feature by using bitcoin when make transaction but I think not all transaction could get benefit using bitcoin than fiat, although later bitcoin raise to higher price fiat keep get position for many people have believe and use fiat for transaction digital currency. Still not have allow for using bitcoin as legal currency payment make Fiat position most stronger than bitcoin so not have any chance to replace fiat by bitcoin.

Bitcoin is better as a store of wealth, not cash. I think we need something "faster" and with lower fees to replace fiat.

Fiat usage will exist forever. Right now direct fiat usage has diminished, but through some means fiat is connected with each and every form of payment system. Bitcoin too isn't an exception, from the systematic value of bitcoin and its backing system has the ability to go mainstream. To experience the same governments needs to be supportive. Few countries provide the support for bitcoin whereas the majority encourage digital growth, but stand against bitcoins.

Only way that bitcoin will replace fiat is if each decimal is worth the equivalent of fiat because a lot of people will be sharing the 21 million and right now, not all the bitcoin has been mined yet so we have to make do with what is currently in supply. Another problem is that people will have a difficult time adjusting when the status quo is changed. 1 bitcoin should be enough to buy someone a mansion if bitcoin were to ever replace fiat.

I believe this scenario is only one that can exist in the mind. I don't mean to sound like a non believer, but i can't picture a future where fiat is totally replaced by bitcoin. I think what we are striving for is widespread acceptance and not complete replacement of fiat.

Now bitcoin have higher price what will you say with bitcoin, keep believe when bitcoin success break out to higher price can replace for fiat position as transaction payment. Will government change their opinion and wanna adopt bitcoin as legal payment currency or not. Still waiting for when bitcoin could be place the same like fiat.

If bitcoin replaced fiat nothing will happen if government did not kicked against, but massive adoption in replacement of fiat will really generate issues in societies, because they are well convinced and well familiar with fiat, most especially the young adults who don't really know what's cryptocurrency is all about will condemn crypto, because fiat has been in existence for century which bitcoin will find it very difficult to be taking in place of fiat despite that actually bitcoin does some elements fiat does.

Bitcoin replaces fiat will be the next best thing besides sliced bread I'm telling you. Why, you ask? Just look at all these benefits
-Environment Friendly as you wouldn't need to cut down trees and plants to use for paper bills, and mining precious metals for the purpose of creating metal coins is going to be halted too, which I know you all know is good for the planet.
-Seamless International Transactions can be achieved and without many restrictions unlike what fiat currently has.
-Anonymity, dare I say this is good for those people who wanted tp regain their privacy in more ways than one but can obviously be abused by criminals

All in all, we can see a very bright future ahead of us should bitcoin replace fiat, we're getting there, and that's the best thing about it.

You never gonna expect that the Government won't make a touch on crypto, definitely, they should. If that so happens, crypto will become centralized and no longer become anonymous. Massive adoption is close to reality but I don't think we have to replace fiat, nor to have this possibility in the future. There is only market sharing which people have their option to use either fiat or Bitcoin.

In as much as we somewhat dislike fiat because it is controlling, Bitcoin can NEVER replace it simply because fiat is important for each country. If not for anything, it serves as an identity for countries.
Bitcoin wasn't created to push fiat away but to make payment easier, let's not forget that.
What we should be aiming for is a future where these two will work together.

I don't understand one thing: Why do you think that bitcoin was created in order to conquer the world? It can't replace fiat, it wasn't meant for that massive usage. Even if we ignore that fact, I want to remind you that the highest percentage of people don't have access to the internet, a lot of people still prefer cash but in this case, we have "let's say" situation, so:
Then, miners won't be in hand of average people like it happens with money: You can't print money at home and even if you do, it will be illegal (+ some countries depend on another countries to print money, they can't do it on their wish).
The government wins again.

You are giving too much credit to the miners but they are not running the show. Miners are an integral part of the Bitcoin community which also contains the developers and the users. Also perhaps the exchanges and wallets are part of this equation. Being a successful miner today doesn't mean they will be able to cope with future requirements, regulations, or trends.

However, I think that the argument of Bitcoin replacing fiat is a mistake and not going to happen. Bitcoin isn't the kind of money that helps development. As it stands today it isn't even used as a currency so it will not be able to replace fiat. Money has to be inflating to keep the machine running. Having as a currency an asset that we accumulate and store hoping that the price will keep rising means we don't need to invest this kind of money and take risks, but we just hodl and shit back, sell a few on each bull cycle and not produce anything.

This kind of money is not going to help an economy where fiat hasn't been completely devastated. Although, in the case of a few countries that have destroyed fiat currencies like the Bolivar or the Lebanese and Turkish lira, it would be welcome by the financial authorities to have a way to stabilize the collapse and maybe with the help of a strong asset like Bitcoin, these economies and the fiat currencies could revive. We could see this as a countermeasure to combat hyperinflation. Bitcoin could work on these occasions in a parallel system of payments and stabilize the fiat economy.

United State government have not allow using bitcoin to replace fiat exactly with USDT, so this news make bitcoin and altcoin dump last day, I think many countries not agree if bitcoin become legal payment transaction although many advantage when using bitcoin as digital payment currency, many people will get much profit when adopting bitcoin.