Bitcoin Forum

Twitter 21/Dec/2021 https://twitter.com/jack/status/1473089482576564225 (https://twitter.com/jack/status/1473089482576564225)


Cardi B@iamcardib

jack@jack

I did not pay much attention into that tweets but just know that fiat are centralized and controlled by governments and the governments are not ready to lose, dollar is one of the existing fiat and the strongest of all. Bitcoin is decentralized and totally different from fiat. This type of comparison usually piss me off because both should not be compared as they are not the same. Bitcoin was not created to replace dollar or any other fiat, it is just an alternative.

It won't anyway, both are quite different and there'll likely still be a need for the dollar (and other currencies, even if they're just pegged to an asset).

Even if crypto does become valuable enough to replace state issued currencies, they'll likely offer solutions for people to still carry around paper money or use debit card systems from their own issued currency - it might just end up being backed by crypto but I wouldn't consider that a replacement.

= replaced

Store of value is important.

Anyone who thinks this is possible has a poor grasp of the scale of the US economy and how Bitcoin is simply incapable of handling the volume of US dollar based transactions that take place each day. Repeating the message without any further substance to add kind of makes you look like a fool as well. The US dollar may very well be replaced in future by some other currency, but in the foreseeable future it would only be another fiat currency that a government could control, and that is probably a century away anyway. The US government gets a huge benefit from being the reserve currency of the world, so if this laughable suggestion ever did seem like it would become reality then banning Bitcoin in the worlds most diverse economy would likely make it near worthless anyway.

Bitcoin was not the first appreciative asset, it will not also be the last, but it has been the most successful in the last decade and designed with limited supply which can make its appreciation more possible. But let me iterate this again, bitcoin is not the first appreciative asset and yet fiat was and is successful.

If he's referring collectively to everyone, then I can't tell if he's being ridiculously optimistic or ridiculously hyperbolic.  Then again, I also notice he neglected to specify a timeframe.  

If the last few years have been anything to go by, humanity is still generally far too stupid to cope with that kind of paradigm shift.  The world is a remarkably dumb place, to the point where words can barely do it justice to describe the extent.  I lack sufficient faith in people to believe they could move on, in unison, from their typically blinkered mindset any time soon.  I'm more than a little skeptical that our species is going to achieve that kind of enlightenment within our lifetime.  Even if the Dollar manages to destroy itself, people will still be falling over themselves to repeat the same mistakes all over again.

I suspect, sadly, for many years to come, Bitcoin will only replace the Dollar for a small fraction of people.  If you're reading this, you're probably one of those select few.

... and yet combustion cars were and are successful.

We still have to take what Jack says with a grain of salt.

We don't need another Elon Musk situation where people are idolizing him because he is saying what everyone wants to hear.

The honest truth is governments will fight to ensure their CBDC has a key role in their respective economy. We will see many more countries like India that aim to ban bitcoin as a medium of exchange. It will be okay to hold it as an asset, but many countries will push back on it being used for everyday purchases.

Na, that's sound like a dream, people know the capabilities of bitcoin in terms of being a store of value but to replace the dollar sounds like, I don't know, maybe, but it wont happen in just few decades.

Jack is a known bitcoin bull but I think he's aware of what he's saying. That, dollar won't be replaced and bitcoin would co-exist with any other fiat currencies of each country.
Although it sounds favorable and good for us since we're part of the bitcoin community. But we have to understand what's the reality is and if he believes that it will, that's his opinion.

Bitcoin and fiat is different currency and bitcoin is not created to abolish fiat currency, a dollar is popular fiat currency which every one is aware comparing dollar and bitcoin is the same thing comparing bitcoin with other countries currency that is not popular like dollar fiat currency, bitcoin can be crash and be abandoned the way other countries refused to accept it values but fiat currency can not be abandoned, so the similarities between both are free far

It's impossible.

Bitcoin is decentralized and fiat is centralized and controlled by the banks under-regulated by the government and the government is always concerned about how they will regulate when it comes to monetary matters.  Instead, dollars have been used of Bitcoin to store a value that becomes has an expensive value when it comes to bull season.  

I don't even know that guy and I think he was trying to get attention the same like Elon Musk did since he was idolizing him.

Many currencies have been backed by gold? What happened to those...

It'll probably be the same that happens if anything does get backed by crypto - it'll either drop it or start inflating its value... Governments already don't publish information on how much currency they produce, they'd probably do the same regardless of what it was backed by.

Replace the dollar? Probably not.
Become ubiquitous for payments and commerce? Probably.
Become a much more known thing and traded everywhere? Almost certainly.
The biggest issue with it replacing any major currency is the fact that some countries, for good or bad do need / want to have some form of control over money.

Think of the 2008 financial implosion. Without the ability to bail out some financial institutions it would have been much much worse.

-Dave

This has been several times that some people say about Bitcoin that will replace dollars or fiat, or crypto that will replace banks soon.
Well, actually it may be possible, but I am not sure this will be easy and will be done during these 20 years or more.
And maybe, this will not happen.
We know that dollar, other fiat, and banks are centralized, controlled and managed by not only government in each country, but more than it, by a big power behind the world bank.
And , I ma not sure that even this is a digital era, they will let Bitcoin replace fiat. We all know that today, they also crypto develop their services to fit to this digital era, more technology advanced development.

What I think is that Bitcoin will be probably used as one of the global currency, accepted by many more countries and merchants as a currency, less ban and others. But this will not replace.

Jack Dorsey is one of the biggest investors in the cryptocurrency who reportedly spends tens of thousands of dollars a week to buy Bitcoin. It is only logical for him to say something like that since he is a Bitcoin maximalist. He had been doing that for a very long time. The idea that Bitcoin is going to replace the dollar is highly speculative. At best, Bitcoin may become widely accepted method of payment, but there are still obstacles that need to be solved. It is quite unlikely for Bitcoin to gain wide acceptance as a national currency in the US.

It's great to see that a big guy from tech world is superbly bullish on bitcoin. His tweet shows his confidence on bitcoin which matters the most.

Personally I don't think bitcoin will ever be able to replace dollar. The world government will never move to a decentralized monetary system that is not controlled by anyone. So the dollar monopoly will continue to dominate the world trade. Unless we can't replace the usage of dollar in the world trade, there's no way we can replace the dollar itself with anything else.

Bitcoin will be used more on Earth but it won't replace US. dollar or any fiat in any nation. It is over exaggeration only in my opinion. This statement can make newbies feel very excited about future of Bitcoin, makes them fomo but it does not decide what will happen with Bitcoin adoption in future.

Bitcoin, fiat and altcoins will have co-existence in our finance ecosystem. I expect to see more weight of Bitcoin in future transactions but I don't believe it will kill US. dollar.

I too don't think Bitcoin or any other crypto currency in future, will take over or replace any country's fiats. Bitcoin/crypto currencies are now normally welcomed as assets so that they are bought and held for long term to gain huge profits. And as crypto currencies values are based on market fluctuations, it can NOT be considered as normal currency to be used in public as like fiats. Yes I love Bitcoin to be seen all over the world but with its uniqueness and let it not be compared to any other stuffs.

No, it will not, bitcoin is bitcoin it's a valuable asset for investing and holding and suitable for some kind of transactions also useful whenever you need your transactions to be anonymous, but the fiat currencies and dollars are needed for some other kind of transactions dollar and bitcoin both are having their own benefits and suitable for different situations depending on the condition that's why I think bitcoin and crypto will not replace to bitcoin. However, we cannot be sure about how is everything going in the world in a few years.

"You cant compare apple with oranges", same is like comparing bitcoin with fiat. Governments all around the world are not ready to accept bitcoin as a legal payment system. In my country crypto is totally ban and there were few arrests by law enforcement agencies of people who were doing BTC mining, at least in my country crypto wont be legalized in next decade or two. I do agree with you that crypto is just an alternative to fiat not replacement.

I think not, Bitcoin cannot and does have a limited supply, they are on the opposite sides. Bitcoin continues to get scarce, and only a few does have it, and dollar is available to acquire by most people worldwide unlike btc you need an Internet and moat probably a phone.

There will be always idea and opinion about that. But  seeing the condition right now or some years later, maybe 20 years later, this may not happen. I mean that bank systems will never let something pass them, won't they? I agree with some member statement above that bank is complex structures from the world. And everyone or all parties of banks will always make certain development and regulation to make fiat still the first choice of currency. Moreover dollars with its great position. Dollar and other fiats are controlled by world bank and also government. So, they will never let crypto pass or replace them. That is difficult to be done.

I like the optimism about the crypto adoption, but I do agree with you here.
Fiat system will remain to be the main financial system that people will use.
Even if crypto adoption will increase thru the years, the traditional banking system will remain.
They may also go digital as a lot of them are already are, but crypto will only be secondary to fiat system.

They might agree but it doesn't mean crypto will replace dollar.

I don't it will happen even in my dream. Dollar is very huge and the government can do something to ban bitcoin, like China did.
We should only be happy with bitcoin's achievement now, of course, the growth will not stop from here but it's better to stay realistic.

The dollar will just move to a digital based one. Long gone on the days of physical currencies, and while yeah we do still use them currently, the majority of people are now using card payments. I suspect in the next few decades physical money will only be reserved as collectibles.

I'd argue that Bitcoin is already valuable enough. Since, allowing everyone to have control of their own money, while still being secure for a decently knowledgeable person on security, is one of the most valuable things in the world when it comes to freedom, and security.

Its the fact that we have a government that uses fiat currencies, that's really the only reason that fiat currencies are the primary currency. They only have limited usages when compared to Cryptocurrencies.

The dollar will be replaced by the dollar but in the future. As we see that the spread of bitcoin is increasing very fast. The number of persons doing the bitcoin business is also increasing. The popularity of bitcoin is also continuously rising. The persons may be young, old, teenagers, men or women all are doing this business frequently. So it seems that in the future bitcoin will replace the dollar for international trade and for other major tasks.

No. The Government will not allow it to happen because Bitcoin is decentralized and cant be controlled and its just one of the few reasons.

However even its not possible to happen (atleast for now) I think the fact that most countries are not banning Bitcoin is already enough to be at ease that we can use it for our own benefits. Its an alternative and can co-exist together with fiat anyway so it doesnt necessary to compare the two because both are different in their own ways.

It does not because of government only but also because of people. There are different people with different preference and they will decide to use fiat, Bitcoin, altcoins or gold. None of us, no government can force them to use any asset they don't like.

With hyper inflation of fiats, people will lose faith in fiat and interests from bank savings. They will switch to other assets that can bring better ROI for them in long run. Like Bitcoin and Gold and in reality, Bitcoin has better use cases than Gold. It has better growth than gold since 2009 and even since 2020 when we have a big bull market which last for 2 years so far.

Yeah, I agree with your last line. This is correct; it is not intended to replace the dollar as a payment method; however, I have a different opinion on how to accomplish this.If I take this tweet in a different way, For example, if we say bitcoin can replace the dollar as a payment method, it can do so in a variety of ways.Even though we know the dollar is an investment asset too for other countries, every year it increases a little percantage, so if we see bitcoin, we know how much more powerful an investment asset it is. and it proves that it is more powerful than the dollar. So dollar investors might love to invest in crypto. That's it.

I'm still confused when I say bitcoin can replace dollars. from which side it can be said to replace because not all transactions can be applied to be able to transact and waste dollars. Of course, it seems that only certain companies accept bitcoin as a medium of exchange for transactions and not small transactions that can pay with bitcoin.

I don't think that's possible I don't think Bitcoin can every replace dollar I believe the United state of America will do everything possible to avoid that so I don't think it will ever happen.

This isn't gonna happen at the shortest, and for some reason there is more chance of adoption to take place from countries like Ecuador that are using dollar as the primary currency. Already El Salvador have adopted bitcoin as it hasn't got its own currency. Countries that have its own currency will not its sovereignty down through cryptocurrency adoption.

Countries that are against cryptocurrency were now into regulation process. This means there is more chance of regulated usage to take place as an alternate to the fiat than replacing of dollar.

^ That is impossible to my side, BTC will not replace the dollar.
They could be working together as BTC has a price because of the dollar and people cash out their BTC in the value of the dollar.
This will make any sense as we all know the dollar is centralized and BTC is decentralized which is a very conflict if banks adopt BTC as their main currency.
Probably there are too many processes before this will happen and at that time probably BTC code will change.

Jack is not a fortune teller and he never knows what really happens in the future that is why I don't go to believe it.
Fiat money, the US dollar will stay as the major used currency globally, nothing could stop it. He is just becoming delusional saying that as we are observing the market adoption and as to how people use it, they consider most as an investment, not a curreny. And I did that.
The government won't stop printing paper money because of crypto, that never happens.

There has been so kind fight between Jack and web3 guys on twitter. Jack is looking into the far future for answering in the affirmative that bitcoin was going to replace the USD, it's not going to be an overnight affair, it's a gradual process. So he is currently working on a bitcoin project.

I would prefer crypto is not to replace the dollar but work together with the dollar and have another option to people to use crypto as their investment. If people can do that, I am sure they will have more options to make money in the future as now, many of them have gold for their investment while they can add bitcoin as their new investment. While they still work to make money, they also prepare their lives by having two types of investments that can give them more money in the future.

I don't know if bitcoin is ready for this kind of change already, pretty sure that things are going to change drastically when that happens. Also, dollars is hard to replace as you have to convince every country and International Finance institutions to convert to bitcoin and make it a reserve currency and so far, we are far from ever happening.

Seeing is behaviour of governments towards bitcoin I don't think they will allow usd to be replaced with decentralized bitcoin. I agree that majority of people these days are investing in Gold and other commodities, investors are not fully aware of % gain in btc is way above gold and other commodities.

As much as I respect their opinion, I don’t think it would because of the price volatility unlike fiat which is stable. The fiat will never go away, as it can co-exist with Bitcoin. The world is not ready to make BTC replace the dollar. 

Bitcoin may eventually replace the U.S. dollar as a global reserve currency, but this is not going to happen any time soon, especially without a more robust layer 2 solution. Eventually the Lightning Network will be robust enough for more developed countries than El Salvador to embrace it.

Indeed. That is because they can not control bitcoin, which makes them not want to replace it with their fiat money. But they can give the option for people who want to use bitcoin for another investment besides gold. I think some investors are fully aware of bitcoin and some of them are trying to have more bitcoin because they see the chance to make more money. But we know that the government can change their policy in the future, so we can see what will happen.

Decentralized cryptocurrencies, including bitcoin, will never replace the dollar or other national currency of a developed country or replace their banking system. For something like that in El Salvador to happen, it is necessary for the state authorities to make such a decision themselves. But it should be borne in mind that El Salvador is a backward developing country that did not have its own national currency. Therefore, there bitcoin was recognized as the national currency, but did not replace the currency of the state.

Just like it is impossible for any country to make Bitcoin as legal tender?  And is the lightning network not evolving year after year?

If a company that uses the USD start accepting Bitcoin only... and pay its employees and its providers in Bitcoin, it effectively replaced the dollar as far as it is concerned.  It becomes about how much and how fast that happens.

So it will probably remain impossible until it happens.  If it never happens, it's very likely because Bitcoin will have failed, and it is likely that the US dollar will disappear well before that.  The value of the dollar almost completely disappeared already anyway.  It may not happen in 2022 though.

The universe will die, and so will Bitcoin and the USD, but it will not happen in that order.  I think that Bitcoin is set to survive the USD.

And the governments will never let that happen.  It will just happen is spite of them.

BTC cannot replace the value of the US dollar, and if it does, then BTC will remain a constant value, not a market fluctuation as it is now, and if it does, then those who hold BTC will lose a lot of profit.

Well, many people like to use the actions of EI Salvador as a picture of the ability to displace the dollar or many other national currencies, force these currencies to be degraded and have to cede its place to modern electronic products but in small countries with low savings and allocation, the quantity can meet the need but for large countries, it is a hundred times more than that. In particular, bitcoin does not have a print core to print more and can only be purchased from investors and holders, currency that is not printed more will degrade a developing country and cannot open a budget to cover losses or create more value to balance the market

I respect Jack and his opinions, but it's worth to note that he is very pro-Bitcoin, and I disagree on the matter of Bitcoin replacing the USD. The USA is very proud of the USD, so it's highly unlikely that this country would abandon it unless absolutely necessary. Even if they did, I don't think Bitcoin, a volatile decentralized digital currency, would be their first choice. After all, it's not a currency they can control, and not really a currency that requires banks, so it won't stand well with the financial institutions of the US. Moreover, countries all over the world trust in the USD because they trust in the USA as a strong economy. There's no similar reason to trust in Bitcoin.

The truth of that question is that the replacement is on the way, in process and cryptocurrencies are a good alternative but perhaps not definitive, with that I just want to say that regardless of who the replacement is, the dollar will cease to be the main currency then could so other even traditional alternatives emerge, cryptocurrencies and an alternative that may be developing in the coming years and will emerge unexpectedly as did bitcoin.

It's divisible, so the quantity is irrelevant.  The lightning network already divide it a thousand times more.  There are 2.1 quintillion millisatoshi already, which can be divided more in the future.  Some notes of "100 trillion Zimbabwe dollar" have been printed.  That's a very large number, but what is it good for?

Scarcity is not a bug, it is one of the very very few main and most crucial feature of Bitcoin, decentralization being another.  And until now and for decades to come, it can be mined.  And outside the cartel printing money for itself devaluing every other dollar in the process, how do people acquire dollars anyway if not from other people who already have some?

I'm not sure what how you think that happens.  Printing money doesn't create value, it dilutes (steals aka "redistributes") the value.  And how do you "open a budget", what losses are you trying to "cover"?

Removing items with high inflation from the "basket of good" and putting items with low inflation instead gives a lower official inflation number.  It doesn't reduce it, it just pretends it isn't there.  Balancing the sheets by writing numbers down creates illusions, not value.

And this is also my take on this, why not used bitcoin as a alternative currency or payment system instead of pushing it as a replacement to USD?

And we have to understand where Jack is coming from, I mean he is a proponent of bitcoin in any angle that why he is pushing for this agenda. However, this is far fetch in my opinion, bitcoin can't replace any from of currency as it was not designed to be.

maybe he did not mean the fiat currency "dollar". (bank accounts of hundreds of millions of citizens)


but what if he meant the world bank reserve "petro dollar". the one thats just got reserves/accounts of 200 countries that only do funds movements of $Xbill when countries are sanctioned or doing international aid donations, or buying oil buy the cargo ship/oil tanker load.

.
even though the petro dollar movements of countries reserves are then manageable on a blockchain. what people still miss is the control aspect of the 'world bank'

it certainly wont use bitcoin as a reserve. they would however invent their own crypto so that they are in full control of the 200 nodes of their 'world bank network' to then set or agree on new rules as it develops.

after all the bitcoin market cap is not a meaningful number that represents actually having $0.95trillion in reserves stored in some vault somewhere.. the market cap is just the current price of say a sale of 0.01btc being sold right now for $500. which just calculates as being $50k a coin(by just doing math) which then calculates as $0.95trill.

market cap is just a math multiplication. not a vault audit result

I do not get why people want the dollar or fiat to be replaced.... But truth is fiat is still with us for quite a long time and digital currencies still have a long way to go before the masses buy into this idea of going digital. The best this that can ever happen is have dual currencies around the world without restrictions but then again this would mean that the central government will lose control of its monetary duties which our governments will not signup for!!

While possibilities are there yet i don't wanna give a full trust and waiting for this one , because for me it is not the replacing is what important but instead the use of both currencies .
either Physical money or online money what we need to understand is the help of this for us to survive and make a living.
so let us not compare both because they have their own use for all of us.

I have not following twitter this past few months so I am not updated of the latest but seeing this? it brings relief to  us who believes that more chances of crypto in the following years.
replacing Fiat might not happen in the near future but at least we will believe that one day there are crypto replacement in some countries (specially EL Salvador who is adopted bitcoin first hand) and this will generate in long term.
Maybe it is their desperation to See the Highrise of Bitcoin very near but we also knew that even if this happens yet adoption of Bitcoin must be for the growth in huge movement .

But the real question is, when will it happen? Yes, there is a good chance that bitcoin will replace fiat currency in the future, but not in the next ten years because there are still a lot of countries that prohibit it, even though a few countries have accepted it. I also believe that bitcoin is not yet well-established enough to be used as a payment method throughout the world. There are also issues with the internet, as not everyone has access to it or the devices that will be used for bitcoin. If they ever truly replace Fiat, I believe it will happen in a first-world country because most of them are technologically literate, but in the third world, it will be more difficult.

It is because we have gotten so accustomed to the existence of fiat and the fact that governments have long managed to overtake control of the world economy that nowadays it is almost impossible to imagine such a miraculous event where Bitcoin completely replaces government-issued money. If you created such a thread a hundred years ago, you would have gotten exactly the same answers - there is no way that paper money will ever replace precious metals. Still, they did, which resulted in the unprecedented growth of the US economy. In my opinion, Bitcoin does have the potential to overperform fiat currency in perspective, but I am personally fine with the idea of peaceful coexistence between Bitcoin and fiat because this way is less painful for a global economy.

Maybe, Jack met Billionaire Ricardo Salinas?  :)

Fiat Money Is Fake, Invest in Bitcoin
https://cryptoadventure.com/mexican-billionaire-fiat-money-is-fake-invest-in-bitcoin/ (https://cryptoadventure.com/mexican-billionaire-fiat-money-is-fake-invest-in-bitcoin/)

Billionaire Ricardo Salinas: Forget Fiat, Buy Bitcoin Bitcoin Instead
https://www.newsbtc.com/news/bitcoin/billionaire-ricardo-salinas-forget-fiat-buy-bitcoin-bitcoin-instead/ (https://www.newsbtc.com/news/bitcoin/billionaire-ricardo-salinas-forget-fiat-buy-bitcoin-bitcoin-instead/)

Ricardo Salinas Pliego Recommends Investing in Bitcoin, Says Avoid Fiat Money
https://news.bitcoin.com/mexico-third-richest-billionaire-advice-invest-bitcoin-stay-away-from-dollars-euros/ (https://news.bitcoin.com/mexico-third-richest-billionaire-advice-invest-bitcoin-stay-away-from-dollars-euros/)

Mexican Billionaire Ricardo Salinas Pliego Urges People to Buy Bitcoin
https://finance.yahoo.com/news/mexican-billionaire-ricardo-salinas-pliego-160605253.html (https://finance.yahoo.com/news/mexican-billionaire-ricardo-salinas-pliego-160605253.html)

Ricardo Salinas Pliego: ‘Stay Away From Fiat Money… Invest in Bitcoin’
https://www.cryptoglobe.com/latest/2021/12/mexican-billionaire-stay-away-from-fiat-money-invest-in-bitcoin/ (https://www.cryptoglobe.com/latest/2021/12/mexican-billionaire-stay-away-from-fiat-money-invest-in-bitcoin/)

Hi all,

I am new here so please don't flame me. :P


I personally don't think it could replace the fiat system but it could complement it. Currently in my opinion BTC is a store of value; though it was supposed to be an peer to peer electronic payment system. I ain't complaining but you know..

But I am happy my value in BTC appreciates over the years though.  :P

everyone here is entitled to His own opinion , views and beliefs .. we will respect yours as how you respects others .

so Welcome tot he Forum and hope to see more exchanging of opinions.

and i see no reason for replacement here, Fiat will complement Bitcoin as bitcoin complementing fiat, this will be the scenario in the future.

and lets accept that both will exist lifetime .

Fiat is Bitcoin's layer2.  :)

I did not care about it, I think every country accept bitcoin as a crypto asset and legalize it with some regulation would be great.

I would say that it depends on what we are really talking about here. If they mean Bitcoin replacing the dollar and being accepted by the government as a main legal tender, I can’t really see the possibility of that happening. But as for the adoption, I believe that there will be a huge adoption for Bitcoin and a lot of people are going to start making use of it to store their wealth.

I just don’t think that the government would leave the US dollar to adopt Bitcoin, because they already know very well that it is something that they don’t control, and since they don’t control it, the only thing they would do is just let people make use of it, but it wouldn’t be replacing dollar as conventional currency.

Well it is only his opinion, it does not mean that this is what will happen, however there are many things that have happened lately, it is said that the biggest bubble is the FIAT money and that the whole crash has been delayed so that China becomes the strongest economy in the world and everyone is at the mercy, those are the things that are most seen on social networks, for now it is just speculation, but I think that BTC will not replace FIAT for the simple fact that Anything like BTC, GOLD, and others represent is money, after all it is a store of value to exchange for goods and services.

jack handing over the CEO role to someone else to focus on developing the Lighting network has already shown that he is a true advocate of bitcoin. bitcoin will definitely be adopted but for bitcoin replace dollars, it definitely takes time and extra hard work.

It is not possible for bitcoin to replace the dollar when there is more than 80% of the world population that has no idea about bitcoin. It will take decades for all people to know about bitcoin and believing in it is a far away thing.

What we should be asking is that can Bitcoin be equivalent to dollars, we are aware that dollars is a fiat currency and fiat currency have a lot of users before now, and is well known that each country has it own currency, all the fiat currencies using for all the nations is as ancient like century, so Bitcoin is a newborn currency that have not gotten up to fifty years of adoption, but we are comparing it with dollars that has been in existence before so many of us, Bitcoin has occupy some space before it will use to compare to dollars and replacement of dollars, even till this length Bitcoin has not been accepted with all the transactions of exchange of goods and services, some companies like Amazon rejects payment with bitcoin but accepts dollar fiat currency, so the difference is there between dollars and Bitcoin.

Thank you. This has always been my argument and will remain so. I don't understand why people will continue to think that Bitcoin will replace the Fait currency. Frankly, I don't see this happening even though Bitcoin and other cryptos are been accepted for payments doesn't mean it will totally replace Fiat even if most of us would have wanted this. What is the value of Bitcoin? if Bitcoin from the get-go had a different valuation different from the Fiat we so want it to replace these days then this might also be a plus but it is valued in the Fiat $  and even if the Government supports bitcoin I am also sure they still won't give up their currency for Bitcoin, Do you think the US, British or any other major world power Government would?   

Of course, the cryptocurrency will never be able to replace the dollar or other currencies of developed countries. These are completely different financial assets with a completely opposite nature of functioning. Besides, states and their governments will not allow it. As long as states exist, their currencies will also exist. Cryptocurrency can only be in circulation along with the currencies of states. But it should be borne in mind that their relationship is still poorly understood, because humanity has not yet known such a practice.

There is no need for replacing and i feel stupid to those who are putting this into topic , each countries has their Own existing currency and why need for replacement? what they need is adoption of crypto so they can have both.
the use of Fiat and the Use of crypto that will help their people to have better usage but to the extent of replacing? i don't see this coming at any point.
so No never that there will be such this but we will only have both crypto and fiat in the future.

Although bitcoin can be used to buy goods and services. I dont think that it could replace the dollar. As it is decentralized virtual currency.It has no physical existence like banks.It also needs to be regulate like any other currency or fiat money.

On the other hand ,I believe that it is good to use an investment and a store of value.Crypto increases in value when held and used while the dollar cannot.

Gold didnt replace dollar so why bitcoin would?

Since the beginning of Bitcoin was created not to replace any currency, Bitcoin was created as an alternative payment. So humans are given the choice
to be able to carry out financial transactions without going through third parties, in order to make human life easier. Besides the government will not
allow this to happen, fiat is still needed in human life. Because there are still areas that have not been covered by an internet connection, after all,
some transactions are better using fiat. I think fiat and Bitcoin co-exist is much better, so they can complement each other's shortcomings.
Since Bitcoin also has drawbacks, so it's not a good idea if Bitcoin replaces fiat.

Yes, with a gradual process, Bitcoin will be accepted by every single American rating the dollar over bitcoin, whatever that will be great has challenges to it,a big setback to this is the government and their policies.
Bitcoin has also solved some of the cases fiat hasn't, amongst the cryptocurrency sphere Bitcoin is worth spending your billion's, are the point in time, the price seems bearish but it's worth holding for life.
Bitcoin will replace the dollar I'm proud to say so, they're just scared and ignorant about it.

Nope and it will never .

Fiat will remain active all our lives.

Crypto will increase the use and the demand .

This means both will be in our circulation forever .

Lol if this is true then after 13 years why still americans mostly has no idea or support for Bitcoin?

you have a wild imagination  ;D

That's a short and precise answer, a quick YES. Unfortunately there is no real time period to it, that could mean it happens in 100 years when no-one of us is around anymore. I don't think it's very realistic that bitcoins is going to replace the US Dollar any time soon. We still don't have a full international framework of how to deal with crypto currencies. As long as some countries are banning cryptos we can't have bitcoins as the world currency. It is still going to take some years until we can pay with bitcoins all around the world. Bitcoins could be the comprise then that all the big economies accept. It doesn't seem like that the currency war between US and China is going to end any time soon.

I am tired of hearing this for a long time now that dollar and fiat currencies will be replaced by bitcoin. Alright, it may happen someday but will it be really bitcoin that will be replaced or shall we have a digital dollar or something like that.

The problem with bitcoin adoption is it is the currency for the people and the government least cares for the people. They won't let their control give away by making bitcoin the legal currency on which they have no control.

Currently, there is a lot of pressure by the public that they want to use digital currency instead of fiat and i won't be surprised if sooner or later each countries government comes out with its own digital coin.

I also think that both fiat and bitcoin will co-exists. It will not be easy that the whole fiat system is replaced by bitcoin or cryto currecny. There are amny challeges for bitcoin to be adopted every where. The biggest challenege is the adoption of technology itself because there are many places where we do not have 24/7 interent and bitcoin transcations need interent to be processed.
It may take another 20 years where we see full transformation from fiat paper money to digitial currency bitcoin.

I don't think bitcoin will replace the dollar or become the currency for domestic payments in any major country with a functioning government, and even if it did, it would be because every government wants to control money spending, as it allows easy waiting to stimulate economic growth.
Bicoins can only be an alternative or substitute for very fast internal and external transfers or payments and other alternatives such as fiat or dollars, and the two will remain side by side and not replace each other and only able to compete.

Same here. I do not also think that will happen because if we can see the bitcoin value right now is based on the dollar's value so what would happen when the dollar is gone? How will they measure the btc's value but other than that I do not think governments will accept that but governments are allergic to btc or even on other digital currencies because they retain the dollar up until now.

Governments to control money spending? I am not sure with that but governments were known to always print money. I do not think they have concerns for that matter. It is already fine to us that btc have existed as a dollar alternative and we should not expect more than that.

Maybe now there are some people who say that bitcoin will replace fiat currency in the future, but I never thought it would actually happen because I know that the nature of bitcoin is very different from the nature of fiat currencies in general so it is very unlikely bitcoin can replace fiat money, I think in the future bitcoin and fiat currency will continue to go hand in hand because both of them have received high trust from the public.

For me it already replaced it. I lived for a few years in a developing country where the local fiat money was for the day to day stuff but anything serious like big contract and stuff where done in USD.

Now I see bitcoin and my local fiat currency as the same. My small day to day expanses, groceries, etc are in my local fiat currency but when I think long term I think in BTC or sats.

I could see this becoming more and more common as we move along. I could also see a country backing their fiat by bitcoin. Although it would still allow the printing to go on it would be akin to a "bretton wood agreement" but with bitcoin. It would allow for banknotes, offline transactions etc and because its much easier to transfer bitcoin, it would be easy for people to go back to btc if the printing start to go brrrrrrr and to use the underlying BTC as a way to keep everything in check.

You are right, but it may be replaced by digital dollar or the so called CBDC, I know some country like China are now in development of this digital yuan or currently testing now into the public. If they become successful in the future more countries will follow using it until paper money will become obsolete.   

And yet, it can be possible but not that close to reality. People will just love to use fiat money, not cryptocurrency. Although many were in the interest of having Bitcoin in their life but just only for investment, not a currency to use. That means that they will still stick to fiat rather than spending their Bitcoin to buy stuff.
Even me, I'd never use it as it wasn't yet accepted to our place. This is a common reason why that was too hard to think that Bitcoin will replace fiat.

It won't be able unless only one crypto is used to replace the dollar though, pretty sure that running crypto nodes right now is already requiring a lot of energy so I really don't know how it's going to be able to go beyond what it has right now when it's already feeling like it's at it's limit. Coexistence is probably the best case scenario here although US would be the one that's losing in this deal because without that monopoly, they have less power.

I am still undecided myself on this. On one hand I realize how much more efficient bitcoin / cryptocurrency and the blockchain are to fiat currency but on the other hand people are creatures of habit and many people simply don’t like the technology that bitcoin offers because it’s not what they are used to. I think if we do get to that point is going to take quite a few years. Older people are going to have to likely die off first before this ever comes to fruition.

As for me, it could only happen once the government, as well as the people, would adopt cryptocurrency as the main currency. That's possible but it would still take a lot of time to happen since crypto couldn't put the dollar down because of its importance as a currency. However, I don't think crypto must replace dollar because they could actually work together.

Bitcoin will never replace the dollar, but it can become a real currency with at least something secured, unlike all other currencies. After all, they (currencies) are issued by central banks and even private banks (as in the USA) for their national purposes. Bitcoin is untied from national borders, so in the future it will keep the dollar company on the financial "Olympus" - this is obvious to many today.

I don't think btc will replace the dollar in our lifetime. As it is decentralized, the government can't have the full control of its circulation. And most governments prefer to have control with their financial system. Some may adopt it as legal tender like El Salvador but I don't think we will come to the point that btc or crypto will replace the dollar in the international market. I like the optimistic view here but we need to be realistic with our outlook on this matter.

I don't think bitcoin will ever replace fiat money around the world. because every country has its own currency, if bitcoin is a complement I think it will

Bitcoin is not designed to replace the dollar or any other currency. Theoretically, dollar is backed by gold , it means it represents a value.
El Salvador recently announced the recognition for bitcoin as official currency. The crypto community is actually waiting for the next countries who follow it. The president of El Salvador said that 2 countries will adopt bitcoin during 2022 , while other hope for more countries. This brought more hope for many of us that dollar can fully replace dollar. I think it's not just a matter of large adoption as there still other obstacles that need to be solved .

When i want to believe this to happen, but do you really believe that the american government will allow this to happen? it is stupid idea that they will just let their dollars being replaced as we are not talking about EL Salvador nor other countries here but USA , so definitely this will never happen.

but in other countries maybe their fiat can be replaced.

The majority had never thought it will replace and I think that was right.
Jack could be a known person in the community but he is not known as a fortune-teller. What he does is just his own market insights and like based on his imagination where is going fan of it but that never comes to reality.

Well, I just thinking what gonna happen to the third-world countries that have no internet connection and those people who don't have the capacity to buy gadgets?

We do have our own market insights and own views in everything and it just turn out that this guy is just known and popular where those words could be a bit getting some attention but in overall then it is always

been ended up on being speculative as it should always be because we couldnt know on where it would be heading and speaking of replacing dollar is just really a dream because we know that no matter how bitcoin

would grow up but it wouldnt really come into a point on which it could replace fiat and people shouldnt really come to a point on being optimistic like this one.

Some of the chains aren't very efficient but it is more advantageous than the fiat currency. People don't need to like or understand the technology to use crypto currencies. All they need to know is how to send, receive and keep their wallet safe. Just like the way they need to learn how to send, receive and keep their paypal account safe. And those that are reluctant to use crypto currencies are the ones that read and follows those media that spreads FUDs about crypto currencies. I doubt bitcoin will replace fiat currency anytime soon. Maybe after few decades, but not now.

To replace FIAT is still not possible and it is becoming very unlikely for now. Crypto still has many pros and cons and has a greater risk. ordinary people will not understand the condition of crypto. They will just spread FUD about using crypto. Early education about crypto is very much needed so that crypto is not seen as only a speculative asset, there are many benefits that can be obtained and applied to the current payment system. Crypto and Fiat will still be able to coexist.

 ;D So you really believe that there will be a day when the US Government will dispose off their Currency, the Dollar $ and adopt Bitcoin BTC as the main currency? I think even Jack knows the true answer about that but I personally do not see that happening even though I am for bitcoin.

Where did you hear that talks and who were the guys that said that. Are they noobs or what? ah, I know maybe they are a haters of bitcoin. Crypto is just getting started and how is something that is only starting will then immediately disappear? Not bitcoin probably but they can be a new project which concept is not really needed anymore.

We already have a lot of cryptos which can be used as a dollar alternative and they are working very well but it only depends on the user if which coin will he chose. Each of us has their own favourite and not all will agree that bitcoin is good to use for buying but they more into altcoins.

I definitely say no, it's not going to replace the dollar or any other fiat currency.Cryptocurrencies like bitcoin is appropriate for holding as a store of value.And because bitcoin is a decentralized digital currency, it wil be difficult to regulate because no one owns and control the currency like banks. Its requires time to be fully accepted by the government.