Bitcoin Forum

When someone says, "but the performance of gold as an asset lasts 5,000 years"

You might be able to point out: "And then the arrival of the railroad, together with the horseless carriage, rendered the animals as transport obsolete."

Basically, computers, the web, mobile phones, and the internet are all expanded, improved versions of existing technologies. upgrading technology and techniques, actively doing something completely different for thousands of years. So, the future of currency (which is crypto) is here!

Until you can pay your Federal taxes in Bitcoin, fiat can not be behind us.

Bitcoin is impressive technology and I love seeing people use it, but we are very very very far away from it being able to function as a currency in a global capacity, let alone a complete replacement for fiat.

I think it's a bad analogy since fiat has never made gold and silver obsolete. Maybe less used as a currency, but definitely not obsolete. I believe fiat will not be obsolete either, it's just going to turn into a digital version of it instead. Digital fiat will be a thing and will be more used than crypto imo. That's how I see it.

I kinda doubt that fiat money will be totally replaced like with your examples. Fiat and bitcoin can coexist, and it will completely be depending on the person what currency he/she prefers to transact with, and which asset(including other assets outside fiat/crypto) he/she prefers to hold his/her wealth in.

Are you saying GOLD is obsolete? That women no longer want gold? I think you should go to India, and/or China, where most of the world he that have gold is king.

Only in the USA, or the west are people so poor and dumbed down, that they think that paper-money is wealth, or intangible numbers on a computer screen.

Like you said 'transportation' changes, but GOLD is not transportation, it is a store of value.

BITCOIN is not a store of value, in the future, now that CHINA owns BITCOIN, they'll do as they wish, and nobody is going to stay on the train.

FIAT is not new, 2,000 years ago the Chinese dabbled in paper-money and quit, they went back  to gold. In the 1600's the west discovered paper money, and everywhere it was used, the country's were bankrupted, the USA has been bankrupted 3 times since 1776, but they don't teach you this in school.

Yes, today the US-DOLLAR is shit, but gold is not shit. GOLD has never been shit in all human history.

BITCOIN and all crypto are shit, because they are backed by bullshit liars.

The USA-FIAT system the US-DOLLAR is backed by MURDER, refuse to sell Cocaine in dollars, they took out the kingpin, refuse to use US-dollars in Libya, they took out an elected leader, in Iraq Saddam wanted also to sell his oil in Euro's, he was murdered, and his country destroyed. Refuse to sell Opium in US dollars, they destroyed Afghanistan. CIA destroyed IRAN some 50+ years ago over this same topic, they had the gull to not want to sell their oil, for worthless toilet paper ( USD ).

Yes, the USD is shit, because it is backed by assholes and killers, but what is BITCOIN backed by? Criminals, scammers, liars, and fools. This is why USD will continue to beat BITCOIN, because to date nobody in the BITCOIN community has made a 'call to arms'.

For some 100,000 years the "Golden Rule" of the earth has been, "He that have the Gold makes the Rules"; This is why China&Russia  own most of the Gold, and why the USA has gone full-retard.

crypto is here and it is here to stay. I have imagined what the dark ages were when they used those forms of money with little  or not stress just like crypto has made the world becomes in terms of finance. I am most surprised that those forms of fianancial transactions even existed as i am forced to compare them with the crypto era and the difference is much we say a big thank you to the fiat days while they helped us in the past and now we make room to usher in crypto as the new big deal.

I'm not sharing your confidence. Wall Street, S&P, Dow Jones, FTSE 100, DAX 30, Nikkei 225, Hang Seng Index and powerful banking institutes are big enough to influence government policies. If they begin tightening the noose around cryptocurrency by making it illegal it'll go underground to survive. Bitcoin will suffer in China after they introduce a national cryptocurrency others are going to follow and it's going to affect Bitcoin price.

But we need to wait for approvals from the government because they lead the country with their power. Even if there is a good invention for people, the invention will not be used by all people if the government does not agree with that. Only a few people will use it and get the benefits of that, but the other people will not get it.

I hope that fiat and bitcoin can work together and give benefits to them. People will have a new type of investment and have a new payment system while still using fiat to pay something.

gold and any mineral honeslty should just be used for industrial purpose, i don't know why people keep telling as if gold is the most precious thing in the world meanwhile food and other basic needs are definitely more valuable than gold and if people use it for investment just by storing it somewhere else in their warehouse bringing almost no benefit whatsoever but danger then isn't it better to just cryptocurrency instead which has many capability that gold didn't? I mean don't get me wrong, i don't hate gold but it's honestly in my opinion too overvalued and people are worshipping it too much. Just my opinion though, don't take it too seriously.

I admire your enthusiasm for cryptocurrency, which everyone needs to feel if they are coming to the cryptocurrency space. I hope they understand that everything needs improvement and many people are researching alternatives towards money, and now, here it is. I do hope that there would come a time that it's the other way around, that it's BTC that's dictating the amount, but it's unlikely to happen anytime soon. We are well off anyway from the prices years ago, though.

As long as it's not about discarding the papers or physical currencies. People should still be able to exchange crypto in paper/physical form.

I wouldn't completely discard transportation with horses just incase using machines becomes a problem. It's possible that the horses were specifically made for that purpose, so i think it'd be better to find ways to use them right and achieve similar results found in the man-made alternatives.

I dont suppose any body would dispute that but this will not do away with Fiat as still the main means of any countries money. Bitcoin or cryptocurrencies will play their part in this revolutionary digital era that we are in now as a form of digital currency so is the fiat as it will continue to be the main form of currency the government will largely accept.

Even when technology evolves and becomes more advanced in the future, fiat will still be there and will never be behind us, Fiat currency is really good for having faster transaction compared to cryptocurrency when buying some stuff because you don't need to pay transaction fees and you don't need to wait for a long time before the completion of the transaction.

Cryptocurrency would only take over fiat currency in terms of transferring money, paying bills, and investing as well, both are good and both have a different purposes to the life of every person.

Quite a lot of people believe in the Bitcoin network to change the traditional financial system in the long run, the influx of traditional institutions into the network as well as important individual's endorsing Bitcoin is enough to understand that people believe in the Bitcoin network and it's user-population is sporadically increasing.

But even at that, Fiat is still the first choice of currency for people to use, Bitcoin being a currency of control/freedom, and also a hedge when Fiat currencies are devaluing is as of yet not at mainstream level, nor is it set to replace Fiat currencies, as they both are atm coexisting without any hassles.

I can not agree that times of fiat money we have already passed. Of course there is a really high chances to see someday our world with the usage of contactless way of payments, we have lots of  premises to this. But will it be total absence of fiat money or not it is hard to say nowadays. And in my opinion it hardly will happen. Too many directions where fiat will be still used.

With every day that central banks print new money, they move currencies closer to death. Until recently, the U.S. Federal Reserve flooded the markets with cheap billions, while the ECB continues to print blithely.

The world's oldest currency, the British pound, was introduced in 1694 and still exists today. At that time, one British pound was equivalent to twelve ounces of silver. Today, however, the value is less than 1/200, or 0.5 percent, of its original value. In other words, if you look at monetary history, you will see that most fiat currencies collapse sooner or later.

Actually, gold being a store of value is something that might be changed in the future.  The only benefit they have is that gold has been there since then and the asset is tangible.  But being tangible as a disadvantage as well.  The place where you store it will cost you and possibly Banks are charging a lot to store your gold in their safes.

Comparing it from storing a value to cryptocurrency or digital assets?  It might digital assets are most like to succeed in the future as the convenience and the security is actually more profound and economical.  Not just that, it also has a chance to triple your wealth, the only thing you had to do is to keep it there until the price goes up.

Additionally, how you can compare with the limited supply (Bitcoin) versus the unlimited supply which is gold?

     How I wish that this really was already the case. Sad thing though is that it still isn't. No matrer how much the technological advancements fill this world, as long as the people on top who are in charge of the governments, and banks never accepts it, we will still be stuck with fiat or with technologically advanced payment systems that are still governed and manipulated by these people. Just copying the innovation andaking it suit their own interests rather than the interest of the public as a whole.

In my view, fiat is not going to be an obsolete currency. And crypto won't replace fiat. I agree with @ 20kevin20's opinion

fiat will evolve to go digital. namely digital money issued by the central bank. digital fiat will still be controlled by the government. and bitcoin will only be an asset like gold.

Absolutely, that's what makes our world go round these days and everyone is more fascinated with different aspects in cryptocurrency particular with future projections. Digital era is here and I don't think fiat money will still exist 15 years from now. Once everybody will gain definite awareness on crypto, I guess they'll able to find advantages compared with physical currency which fiat.
Technology evolves, that why we need to adopt in order to make things better in life, as well as financial stability.

I think we are at a turning point in this process. The usual usual money will not go anywhere in the coming years, the cryptocurrency market is still small and the number of people who understand the blockchain, although it is growing from year to year - but not as fast as it might seem. In some places, they have not heard about this at all, and in most countries, the majority of the population will not be able to answer the question of what Bitcoin and decentralized finance are. Education and popularization will do their job over time - but how long will it take?

On one hand you could be right, but saying that Bitcoin will ONLY be an asset is petty much putting it on a pedestal.

If bitcoin really becomes recognized all around the world as digital gold we are all going to be rich beyond our wildest dreams. Want to know why? Because if faced with physical gold and something that has the same value and holds price the same way but is much easier to transport and hide and you can stop people from stealing it for cheap, they will always choose bitcoin. 

Not seeing in our lifetime for bitcoin to replace fiat.
Fiat may go digital but still large percentage of population will still depend on fiat.
Bitcoin will just co-exist with fiat but fiat will remain the main means of financial transactions.
Yes, let us just appreciate the fact that crypto is getting noticed by the public and acknowledge its benefits.
But I don't think fiat will be replaced by bitcoin or crypto anytime soon.

OP, I would have to tell you that for my Fiat it represents at least 20% of my equity, which is summarized in expenses for goods and services and that 80% is supposed to be equity in cryptocurrencies.
Bitcoin and cryptocurrencies is my present and future just like most of the members, IMO.
Without a doubt, bitcoin allowed the disruption of money and is now unstoppable.

To put the fiat days behind us we basically need to rewrite the current economy, because it can't function without fiat. And crypto can't be a substitute for fiat either, it's not controlled, no one pays taxes, right? So either there should be a totally new system, where no one controls the money flow and everyone is free to do with their assets whatever they want (sounds like anarchy at this point), or crypto should co-exist with fiat.
I think, for now, crypto is best for public use, for private companies, but when it comes to some serious global financing problems - for now until anyone figures out how to make this work with crypto (to keep everything stable, avoid any untaxed and shady transactions), fiat remains a better solution.

Give credit to where it is due. Being still around after thousands of years is really something. Since time immemorial, and through the rise and fall of civilizations all over the world, gold remains significant, precious, coveted, utilized, and so on.

Highly advanced technologies have sprouted everywhere but they all didn't render gold worthless. It remains very much relevant until today.

All kinds of asset and financial instruments were created through all these years and still gold remains a sound option among seasoned investors.

Bitcoin is an amazing technology but it is not as time-tested as gold. We can't be sure if Bitcoin would still be here after a hundred years. As to gold, no doubt it will stay.

Don't be so sure. I can remember when cabbage-patch dolls and pet-rocks were the rage, and made people rich. Now the subject is mute.

The cost of entry in CRYPTO is zero. Bitcoin open source means there will be more than 21M clones, some say we now have 9,000 clones, where will this end?

What is known is that at 7 transactions/second approval btc can never be used for business, how about store of value, nada also because gov's intend to black-list high-value addresses that don't have KYC association. Today's fee's of $30, to send $1, means that BTC will never be used for small transaction.

IMHO as a math-physics person, who has written math-crypto software since the 1970's, our present day crypto will be looked back in the future as bullshit insanity era. Sure we know why it took-off in 2010+ because the USD coming out of 2007 was shit. We know why the IMF-BIS created BTC&Satoshi, because they didn't want USD to flow to gold.

Now the reset is here. The GOV crypto will not be 'crypto' that can be mined by the public, it will be just like we have now digits on a computer.

The OP says 'fiat is behind' us, FIAT means wealth pulled out of your ass, and people are forced to use by the power of murder (gun/nuke); The new post-reset digital currency China/IMF will still be FIAT, pulled out off the IMF-BIS arse.

I think at best 'bitcoin' and clones go the worlds morons on the digital-asset train, and now the world-government can be the conductor and take you places.

Sure paper-cash is behind us, the new CBDC coming out of the reset is designed to become worthless if its not spent in a short time-frame. IMHO the OP doesn't know what FIAT means.

The originals BITCOIN community understood 'scarcity', they understood the Gold-Standard, but our world-gov, and politicians want & need FIAT-2-Infinity to run their toy democracy's. They have the gun's.

I don't see any of the worlds dictators stepping forward and offering MAFIA style 'protection' for bitcoin. Until then btc cannot be FIAT.

On the other hand in the future all trade on earth will be done with IMF-BIS digital-cash, and if you want to eat, you will play along.

WRT bitcoin, the future of BITCOIN is no future, because BTC has refused to embrace privacy, and it got in bed with COINBASE it means that future exit of wealth from BITCOIN to real privacy coins is impossible, or even gold for that matter, as with COINBASE(IRS) all is tracked.

In the future we will look back at USD cash in hand as "The good old days".

It's not behind us. We're getting there but there's still a lot things that need to be done.
But i can see the progress and that's great.

Those stuff didn't solve problems; they're just hype.

It will not end, and it doesn't matter. You could also create thousands and thousands of versions of your local currency and it wouldn't matter because no-one would want them.

Lightning and other layer-2 solutions.

If you're so smart, I'd like to see a better product from you.

The "gov crypto" thing is nothing but fiat just with a different back-end.

They can release as much versions of their fiat money as much as they want. Bitcoiners wouldn't care.

How can BTC be fiat in the first place? Both are 2 very different things. Not that anyone wants it in the first place.

If people want to use CBDCs, then let them. What's your point?

Refused to embrace privacy? There are literally projects right now trying to improve privacy on Bitcoin.

You say that crypto is the future of currency,but what do you mean by "crypto"?
Do you mean Bitcoin,or some altcoin,or maybe CBDCs(which aren't cryptocurrencies,but some people put them in the list)?Perhaps most governments and banks will adopt blockchain technology without adopting cryptocurrencies.
I wonder how Bitcoin can replace gold,since a bunch of coal mine accidents in China can cause a hash rate drop,that causes a BTC price crash and panic across the markets?Great store of value,isn't it? ;D
New technology is great,but do you realize how fast a new technology can become obsolete?

I'm not sure where Bitcoin fits in a future when cryptocurrencies in the ecosystem get dominated by national fiat replacements. I don't think it's going to be like gold because whales and institutes wield too much influence over decisions which could affect Bitcoin value.

I think you are almost right. But we aren't there yet. It's a hard process that will take time. maybe couple of decades but we're getting there.

FIAT was never a store of value. It has been what it is since the beginning. An asset that loses its value over time. If FIAT dare behind us, then it means there is something better. Is that something better bitcoin? I don't think so. I mean it is not better at losing its value like FIAT. If you want bitcoin to replace FIAT then bitcoin should be going down, not up.

And when you compare it to gold... Well I don't know. I guess I'll leave it here.

Hard to say that we are there yet especially with countries that don't have the latest technologies, I think that we will be on fiat for another 200 years if we are lucky not to fuck this planet or start a nuclear holocaust. I for one, live in a country that is behind in technology so I have to disagree that fiat is behind us not to mention that fiat has been here for thousands of years so it will be hard to remove that idea.

At current time its not possible yet because there are many countries which are under devolpment level and its needed new and modern technologies . in well devolpment countries it may be possible.

in this scenario its not comparable. bitcoin at this stage is still very limited and majority of the things we do is still in fiat so fiat is not behind us. fiat will always be needed any day anytime, bitcoin is simply at the exposure stage and still gaining momentum. currently bitcoin is good in terms of asset but still has some flaws in terms of spending ability.

Totally agree with you. The national money of states will exist as long as the states themselves exist. It’s not even about the form of money, or even about their functional qualities or usability. States will only allow the circulation of money that they fully control. A striking example of this is the recent ban on the use of cryptocurrency as a means of payment by the Turkish government. Similar decisions can be repeated. It is better for a cryptocurrency not to conflict with the currency of states.

for short fiat is more reliable than crypto currency in my opinion , Perhaps if crypto don't have such bad issues around the internet,  its now the most priority when it comes for our daily use indeed . It has big advantage actually if we will make a comparison and more ppl can tell what are the advantages. But sad to say there are some factors that are unacceptable for the government.

Name one problem that BITCOIN has solved?

BITCOIN is 100% scammer, criminals, and con-artists

Sure 2010 there were some programmers with good hearts, but todays BTC is 100% ponzi

Are you seriously asking what Bitcoin is solving, despite the information about what you're asking being available for years and years now, while stating non-factual information?

"100% scammer, criminals, and con-artists" lmao.

No Fiat or cash isn't behind us crypto hasn't step forward on taking the lead at all it just gain a spot light because of the price pump.
AFAIK investor or crypto holders wouldn't use crypto as a payment option they would rather hold it than spend it.
How could crypto take over Fiat when the transaction is too slow and we have to pay extra for our transaction fee.

It's unwise to start believing fiat days are behind us. What's going to happen is national currencies are going to replace notes and coins one day but it's not happening soon.

It is the future so predicting that kind of situation is possible since so many of communications around the revolves around the web and it is only a matter of time that the physical currency might dwindle of it's usefulness if the age of advanced banking or systems come.

Fees on every transaction, i mean if we can do send money all over the world in any amounts without worry about to pay high fees, i think if that time already come, crypto still need a lot of time and effort to make people start use it as payment. Like e-money in app for now which allow us to pay merchant without need to worry about fees, with that time crypto will replace fiat. If for now, maybe still to far fot it to happen.

OP shouldn't get carried away in his gladness for the way Bitcoin is turning and begin to think it could completely displace fiat. I don't think this happening with humans on earth, at least not in the next 2 decades if we are still here then. May be with aliens that could be possible with their alleged incredible sophistication but not with us. My reason is based on the fact that most countries don't even have electricity supply and Internet. Knowing that Bitcoin depends on these two, so how is it going to be possible to completely eliminate fiat?