Bitcoin Forum

Thinking of this, Bitcoin have been around since 2008 which is over a decade now and truly speaking it has changed the way we see money. Since it's not controlled by any government, this makes it borderless as anyone can send and receive value in few minutes and it  tends to give financial freedom to anyone that invest into it reasonably.
But reasoning this carefully is Bitcoin stable enough to replace our everyday money or just a digital assets like gold and others relating to as the price goes up and down on a daily basis. On a second thought is the truth in the middle of being the future of money or a digital asset? Since it can be used to hold and protect wealth against inflation or anything of such.
What about countries with weak money system?
Do you think that Bitcoin will one day replace traditional money, or will it remain mostly an investment like digital gold?

Best case scenario it becomes an alternative to existing form of Fiat.
But I don't see it replacing fiat because unlike Fiat it can be used to control the economy.
Hence why the Gold standard was stopped before. You can't print Gold as easy as Fiat comes.

Bitcoin is money. It doesn't have to replace Fiat for it to be considered as such
It being viewed as an asset doesn't mean it ain't money. It crosses the majors
Medium of exchange
Store of value (something Fiat is failing in)
Unit of account, though limited by adoption.

No to both. As funny as it may be Fiat is needed. It is like a weapon that the government is poorly utilizing.

For the relevant of what Bitcoin stand for which is it's decentralized nature and knowing what this stands for means the government will always hold on to what they can have full control of which is the fiat system hence Bitcoin can never come to this spotlight in other to protect it's relevance as a financial freedom and there is no system that can function without the existence of government, Bitcoin was never created to replace the fiat system and of course that wasn't the reason for it's invention but to work in hand with the fiat system and I don't ever imagine Bitcoin replacing any of the traditional money.

Bitcoin has the characteristics that fiat currency doesn't, it can be applied in som many ways for the benefits of man use, it all depends on what we have seen and how we were able to understand how applicable it is for us to emerge the required success needed from it.


Countries with weak economy have every reason to see to the adoption of bitcoin in other to help them from the incidence of inflation and other possible opportunities the adoption of bitcoin could serve, because they are in use of a decentralized economy, which is ultimately an advantage to them to recover and meet up as well.

You are very correct here buddy and I like the way you took your time to explain things here, because a lot of people out there think that bitcoin has to replace our traditional currency, before it can be considered as money, without knowing that bitcoin is real money, but in digital form. And to answer the OP question, for me I see bitcoin as both money and an asset.

you are also correct here, bitcoin can't replace our normal money, and beside bitcoin is not here to replace our normal money, rather to act as alternative currency to our normal money.  And no matter how weak a country currency is, the government of that country can never see bitcoin as option to replace their country currency why, because bitcoin is decentralized no government or central authority control it, and as we all know anything that can not be controlled by the government of a country they don't like to associate with such thing.

I will say Bitcoin already exists as more than just a digital asset. The way it was designed makes it a whole financial system on its own, it doesn’t need a middleman like banks to function.
That alone already gives it the qualities of money. The difference is that many people still see it as an investment asset because of the price movements, so for now i will say it wears two jackets, one as a store of value and another as a currency that can be used directly in transactions. Over time, as adoption grows and people begin to trust it more for day to day use, I strongly believe the future of money side of it will shine brighter than the digital asset label people often give it..

From my own perspectives, Bitcoin is just a digital asset but it has different categories. You can use it as a source of investment and you can also use it for trading, to purchase things with it if you want. Bitcoin is not like fiat currency that you have to store it on the back to look after it for you. As fiat is a physical money bitcoin is an online money (digital money).
With the Bitcoin technology, many people lives has changed because they told advantage of Bitcoin, they invest on it early and they made profit. Some people used it as a means of payments in their business, if you have Bitcoin and you don't have fiat, you can pay with your Bitcoin.

First Bitcoin has been around since 2009, and don't worry about Bitcoin replacing Fiat I no dey do that.
You have to ask yourself what's you point of interest and what is actually the reality on ground right now.
For me my point of interest is Bitcoin and as I can I keep getting and holding some. Now what is the reality on ground and that is for now you need to have Fiat to make purchase and I that's why I have some Naira to handle that.

Bitcoin wasn't created to replace fiat currency but it was created to give us the freedom we deserve to be in control of our money, Bitcoin will always be a digital investment that has values and it won't go more than that. As a decentralized currency the government have been shut out from interfering with our financial life and they are not happy with it so the government will never allow Bitcoin to dominate and replace our traditional money and also their are oldies that haven't heard about Bitcoin before and they are so use to our traditional money and they can't use Bitcoin for their daily expenses even our local business owners can't use Bitcoin, Bitcoin has gone viral globally but I don't see it replacing Fiat currency.

Bitcoin was created as a better alternative to traditional currency and not to replace it. The aim was to give control, address reliances on third party payments and inflation.

If you like decentralization, use Bitcoin, if you're against decentralization use Fiat. Bitcoin gave us an alternative option and that was the purpose of it creation.

Bitcoin is not stable, it is volatile which means it has the ability to fluctuate in it's price. Often times, we have used the word 'financial freedom' to describe bitcoin but i real context, the freedom we should be talking about is the ability to have our own money and keep it in our custody without involvement of a third party but saying 'financial freedom' sounds more like not lacking money again when we invest in bitcoin of which it's not possible, investing in bitcoin doesn't mean that we will have enough money. So the freedom is just the ability to control and secure own own money.

Bitcoin was created because of many financial problems with traditional banking institutions, so Satoshi Nakamoto introduced bitcoin to stand as a second choice to fiat and not to displace the use of fiat currency and since it's not a stable coin, it will be difficult to replace fiats. Bitcoin will remain mostly as an investment even though we can transact with it but due to its potential values, most people will prefer to store it more than use it for transactions.

Big difference dey when you say make bitcoin replace instead the only tin bitcoin fit do na to serve alternatively to the normal traditional money. No think am go far, people see bitcoin as investment pass the way dey want take as a payment options, even government no go fit watch to see decentralized bitcoin currency replace centralized money wey be say dey fit control. 

Bitcoin better pass gold, gold dey more stable with tiny volatility but bitcoin na strong investment wey dey push price both up and down, times like bear season when investors go buy cheap and bull season when investors go begin plan to sell, but our focus make e be within the time we buy and the time we want sell, inside that interval na the holding period and if we want better profits from investment, make e be say we hold for long time.

I think we have touched on this discussion in the general board and a host of members agrees that bitcoin can't replace the traditional money fiat, at least it isn't replacement of the traditional money system they it was created to do but as an alternative to the corrupted centrality of the system, therefore giving people the opp to control their own finance without the third party involvement.  Bitcoin is an asset when you hold it and a currency when you chose to transact.

I agree with you that Bitcoin was originally created to create an alternative financial system. It is not controlled by any center and has blockchain security, and transactions can be made from anywhere. A true symbol of financial freedom. However, whether Bitcoin is stable enough to survive as an everyday currency is a big challenge. Because its price is very volatile. Due to price fluctuations and instability, people may not dare to use it for everyday transactions. Bitcoin is currently working more as digital gold as you said and this has happened through savings rather than transactions. So I think Bitcoin will be established as digital gold because it has gradually become a safe financial haven.

For me, Bitcoin don already prove say e be more than just one digital asset.. Yes, e dey categorized as asset, but the role wey e dey play for global economy dey pass that. Think am, Bitcoin dey function as money because e dey serve the purpose of store of value, e fit act as medium of exchange, and e still dey portable across borders without permission. So in that sense, Bitcoin dey evolve into something wey fit actually challenge traditional money system.

But at the same time, we no fit just close eye say today e still dey treated majorly as an investment asset by most people. That no mean say e go remain like that forever. Just like internet first start as play tool before e become backbone of the world, Bitcoin fit also move from being seen as digital gold to being fully accepted as money. So my take be say, e no be only asset, and e definitely dey shape up as the future of money..

Bitcoin means different things to different holders, the reason why one person holds Bitcoin is same reason why another person can see it as something not worth holding. Some Bitcoin holders likes the fact that it is decentralized, they want an alternative currency that gives them freedom and privacy from government regulated traditional currencies. Some holds Bitcoin because it is a store of value, they want to hodl for a long term for profit, they will do DCA method for years to accumulate enough stash. Whatever reasons that anybody has for holding Bitcoin it doesn't change what it is, a digital currency that has limited supply and it is decentralized. Bitcoin is the future of money to those that knows it's value and holds it, it doesn't need to replace fiat for it's value and adoption to keep increasing.

Exactly what you explain, in my opinion it can be a means of maintaining fiat so that no one can misuse it, Bitcoin will be in a balancing position. Because it is not possible that fiat will go away in the future, and it is also not possible that Bitcoin will only have a cashless world. So Bitcoin and fiat can complement each other. Bitcoin is important as an alternative money or digital gold, but it is not a complete alternative to fiat. The strongest logic is that it is good for economic freedom and value preservation, especially in countries with weak economies. But fiat is still essential for day to day economic control.

As the price of Bitcoin swings a lot for it to be use on a daily basis, this made it quite uneasy for it to take over the everyday money. Though it has proved itself to be digital gold, storage of worth and hedge against low value currencies. Areas where money is not stable, people bend toward Bitcoin like money, yet international it remains realistic that Bitcoin will continue to support traditional money instead of replacement.

Bitcoin is decentralized and works through digital transactions. If one day people don't want to carry paper money, then Bitcoin could be the future of money.

Currently, the importance of fiat money is essential to meet our daily needs. However, if Bitcoin is accepted as the norm in the future, it will be established as not only an investment, but also a real asset and the future of money.

I see Bitcoin as more than just a digital asset, it is also shaping the future of money in its own way. It does not have to fully replace fiat before people see its value, the fact that it is decentralized, limited in supply, and keeps gaining adoption already proves its strength.
For some, it is simply an investment, but for others it is freedom from traditional systems, and that is what makes it powerful..

Absolutely right, Bitcoin was not created to be an alternative to fiat currency. The main purpose of creating bitcoin is to easily solve the complexities of the individual freedom banking system so that customers can make transactions very easily without having to depend on third parties and to protect themselves from inflation. Bitcoin's price fluctuates rapidly and it will never be as stable as fiat currency because bitcoin is a digital decentralized asset that no country or government can control. Bitcoin is challenging to use as a daily currency because its price fluctuates rapidly. Ordinary people are more motivated to hold bitcoin for the long term than for daily use because by holding it for the long term, they can expect to profit in the future.

Most people no even sabi why dem create bitcoin, make I no lie u bitcoin wasn’t created to replace any traditional money, because that’s one go Dey difficult to happen, I no Dey sure say any country go even allow that even if they get weak money system. Bitcoin was created to serve as alternative currency, and not to fight any other currency.

Na just alternative currency we want make bitcoin be, and dem no even wan  allow self, just imagine say na make bitcoin replace their traditional currency na him we come Dey fight for, u know say e no go possible now. Wetin government Dey do with traditional money, dem no fit run am with bitcoin na why dem no go allow be that. Make we just continue to Dey spread bitcoin awareness, and make bitcoin be alternative currency.

Yes the fiat currency would continue to exist except maybe in future, different government decided to embrace Bitcoin as their legal currency but I doubt if it would be possible cause of how volatile it is and won't be suitable for carrying out transactions by market sellers and business owners anyways Bitcoin was to serve as an alternative to fiat against third party but currently it's more like a store of value and people would rather hold it for years to be more valuable than use it for carrying out daily transactions like the fiat currency.

Dude even in the future, fiat system will never go into extinction, that's traditional money we are taking about although I understand why you said in the future, may be you said that because we don't know what the future will be like but I believe that Bitcoin and fiat will continue to exist separately because both currency serves different purposea, people will continue to invest in Bitcoin, they'll take it for what it is but as for fiat itself, it has its own importance, let's also know that Bitcoin is not handy yet and we don't know if such will be possible in the future, Bitcoin is a store of wealth and value for the future, there many reasons why hodlers wouldn't want to transact with their Bitcoin on daily bases just as you said.

It's even delusional for anyone to think that Bitcoin is going to replace the fiat system, when the purpose was not that from the onset; rather, Bitcoin was created to give people a choice not to depend only on the fiat system. You can't completely survive in a country as a citizen without using fiat unless you don't want to deal with tax, and the government can't even permit such to happen.

It's very ridiculous to think that Bitcoin is going to replace fiat, Bitcoin is a digital asset and nothing more, nothing less. Bitcoin wasn't created to be compared to our traditional money and it's doing its job perfectly in regards to why it was created so let's not complicate the digital space, fiat currency will continue to be around for a long time and Bitcoin will be around too doing their different jobs, it's not everyone that like Bitcoin in this generation and so even in the near or far generation not everyone will like Bitcoin and therefore fiat currency will continue to be in existence.

Exactly, that's why I said maybe since we don't know what the future would look like or if the evolution of money would change from fiat into digital currency with Bitcoin as the legal tender globally since it's more popular and better than other coins, but since we're not there yet we can't stop using the flat currency, I'll only advise people to invest their discretionary into Bitcoin but transact daily with fiat since Bitcoin would give more value to their money in years to come whereas ssving their money in banks would even attract debit for charges and so sort.

bitcoin has proven to be a good store of value and can act as a hedge against inflation with this  I think bitcoin can actually replace fiat and also we can see that some countries do used bitcoin for transactions. With time other countries will follow suit , some countries presently have bitcoin reserves. Bitcoin may like replace fiat in some countries but there are countries that won't accept bitcoin as means of exchange especially in under developed countries that are not technically inclined.

Bitcoin no really need to replace any government money before e go matter, the real power dey for the fact say e give us option. If your national money dey weak, you fit still protect your value with Bitcoin, and nobody fit control am or stop your transaction. That one alone don already make am strong pass many traditional currencies.

Even if government no gree make am official money, e don already become global alternative for people wey sabi use am. The way I see am, whether dem allow or not, Bitcoin go still dey grow because na people wey dey adopt am, dey push the future, no be government..

Bitcoin gives an individual freedom in financial transactions and also gives us the maximum benefit of being decentralized. But it never opposes fiat. An individual can use whatever he feels comfortable with according to his convenience. Since the birth of the world, people have been transacting, but there was no opportunity to do so anonymously, but since the emergence of Bitcoin, it has become possible. Moreover, when there are various types of currencies in the whole world, Bitcoin can be used as a single decentralized digital currency. It can be considered as an alternative to fiat.

Bitcoin was originally introduced as a means of transaction alongside fiat. Because Bitcoin does not require any intermediary. No country or government can take control over it. Bitcoin was not mentioned as a replacement for fiat.

On the other hand, the government gives priority only to those currencies over which the government has control. That is, the government has priority over fiat currencies, the government can print this currency if it wants. But the government has no control over Bitcoin, it cannot produce it if it wants.

Although Bitcoin was created for transactions, Bitcoin has now become a valuable asset. People have long been investing in gold, real estate and various businesses, and now people have chosen Bitcoin as a means of digital transactions.

Gold has passed through many stages to get to where it is today. There were times when it was used mainly as a currency, and today it's used mainly as an asset, store of value and even as a federal reserve. Bitcoin, too, will pass through those stages as well. And you can see gold didn't replace the traditional currency, even though it was a traditional currency long ago, the same way bitcoin won't replace the traditional currency. Bitcoin is not here to replace, it's here as an alternative.

Even if a particular government decides to accept or adopt Bitcoin as their country’s currency, it’s still not guaranteed that they’ll completely get rid of their local fiat currency, because that’s exactly what they rely on to control their economy. Plus, Bitcoin isn’t really a great choice for everyday use due to its volatile nature, it’ll only make it difficult for market seller and business when it comes to pricing since the value can move from this to that in seconds. Yes  Bitcoin was initially designed to be an alternative to the traditional fiat system, since it has completely eradicated the need for third party involvement, but presently the asset has grown to become more of a store of value.

Those are the people that consume much of John McAfee content who is so vocal about the death of the US dollar and the supremacy of bitcoin, something he does to keep himself happy and relevant. It is good to be so hyped about bitcoin but giving bitcoin unrealistic attributes will not in anyway make it to become or do what it is not meant to do. Bitcoin was created to exist alongside the other fiats, there is no way nations will jettison their currencies for bitcoin.

Bitcoin  is actually of a decentralised and volatile nature, which allows users to make transactions without interference from government or any other authority, which builds a strong freedom for users and also provides financial independence to users. However, the question of whether Bitcoin can replace traditional currency or if it just serves as a digital asset like gold is very clear and simple. When we talk of a digital asset, Bitcoin serves as a store of value and also an alternative, especially in an economically volatile environment. Particularly, our government didn't support cryptocurrency users at any point; with this, it's going to take a lot of time to achieve stability sufficient for day-to-day uses over traditional currency. Bitcoin is decentralised, while fiat is centralised.

It’s both digital asset and the future of money.

In today, Bitcoin has been known to serve more as an asset given its volatility which remains one of the main reason why people are very conscious of the ways they spend Bitcoin. This doesn’t neglect the fact that, there are those that want to be more ceremonial about it, spending just to keep a memory of haven’t used it as a currency but, it’s got a future about it in both aspects to serve as money and an asset.

Bitcoin is a digital asset while money is material you offer in return for a good/service.
For me and speaking based on the acceptance of Bitcoin as form of payment in some places I believe it is already the future of money

It is just a matter of how long it might take, Bitcoin has the full capacity to become the future of trade

Also, considering the rapid growth and influence Bitcoin has over the years one can not be wrong to say that it has probability to take over the form of payment on the business/market space.