Bitcoin Forum

In this history of mankind any kind of innovation to solve something has always benefited it does however takes its own time to fix things .. look at those trillion dollars of debt in u.s if they don't pay the entire country goes into bankruptcy and this not only affects one country but several others will be down along with it .. we need robust technology to solve such things if humans keep using paper money it will not only cause problems to the country but to its own people. adoption of block chain is very important in near future. lets see how much we care .. if Government really needs to solve their debt issues blockchain is the only way out to convert their useless fiat to valuable blockchain technology it will not only help to crush fiat and pay of trillions it will help to rescue the majority of countries in Asia and worldwide.

then what does the block chain have to do with the state what you mean, blokchain is a technology for crypto currency transactions and storage, so it has nothing to do with being able to help resolve state debt

Wondering exactly the same thing, how is it possible to use blockchain to pay huge debt? By converting all fiat money to crypto? Wouldn't be the same value once it is converted? Unless there is a huge pump of the price like what we saw in 2017.
Actually there are bunches topic discussing about this "bitcoin to replace fiat", but I'm still sure that it will never happen because fiat paper money is still the most used money all around this world.

US's power is USD and I do not guess it wants to give up its power in the near future, also others. Besides, many years are required for crypto's acceptance and if accepted today, debts will not be reduced. There will be more negotiations to take this decision and regulate the economy.

Changing from fiat to cryptocurrencies will really help our society to evolve and solve a lot of problems but but right now it think it's impossible to see that happening. Think that there are countries on the earth that until now don't have internet or even a computer or smartphone so how do you think they could use cryptocurrencies? Even in many countries were internet does exist, there still are a lot of people who do not have a smartphone and I'm talking here especially about old people. So unfortunately we should forget about cryptocurrencies replacing fiat for some time and when we evolve a little more more with the technology then we can talk about it.

I think the op did mean that the value will grow, so investing fiat in Bitcoin is a good start towards paying the debts. If more people choose crypto over fiat, the value will naturally grow due to the limited supply. You are saying that fiat won't be replaced, but the fact that it's very common now does not mean that people will not abandon it eventually. There've been issues with hyperinflation throughout history because of the fiat system. And US dollar became fiat rather recently. Relying on the economists and the authorities keeping everything under control seems really unreliable. It's easy to cross the line, type a bunch of banknotes and lead to serious consequences. The principle that limits the supply without significant human intervention is a great think, and after another global economic crisis or two people will get it.

Bitcoin replacing fiat is not gonna happen, because fiat usage around the world in comparison to cryptocurrencies have at least a 100% difference. In this regard it takes lot time to reach the fiat into circulation. In this way fiat usage won't get replaced by cryptocurrency anytime. Fiat and cryptocurrencies will coexist and gets used.

In my opinion OP is trying to exray the usefulness of the blockchain to state or to the government of the world. Recently I had that the government is seeking bailouts funds from cryptoexchanges which is a respect to the crypto world.

People need to stop spreading this dumb narrative. Bitcoin it's not going to replace fiat money, ever, the banks won't allow it, and the governments around won't allow it. What's going to replace paper money is electronic money, digital transactions, the increase in use of debit cards and other forms for spending electronic funds. If anything Bitcoin will be an alternative for payments so that merchants around the world can also accept btc.

Btw, what you're saying in the OP has nothing to do with the title, but just so you know, the blockchain technology won't help to get rid of all the problems and issues and debt a country has.

I think that is indeed the right way to reduce debt to the state, and using Blockchain technology will be very profitable in the financial system.

So bitcoin will become fiat money too, that is being controlled by the government?
Well, I’m just happy that this two money are not connected to each other because bitcoin is better if its decentralized. Fiat money should stay with the government, let’s not hope for them to combined.

Bitcoin always is referred as a currency. As per your comment, bitcoin is nothing but a payment system like paypal, payoneer, skrill. Don't you think bitcoin is a currency?

I don't see any relevance between fiat and how blockchain is going to solve the debt problem, blockchain technology is going to create a more efficient transaction system, it couldn't help the inflation or create more value to the fiat, and crypto is also not a tool to solve the debt problem, the unbalanced usage of crypto could cause the fiat value to become weaker and it will cause the debt become bigger

Agree  . crypto cant be useful offline because it is only dependent on internet and electricity while fiat can be use anywhere on or anything .

 that is the advantage of fiat , thats why many people will stick using it even if they are already aware that crypto is becoming a trend  .

Other crypto enthusiasts tend to push their vision about crypto replacing fiat in the future . oh well , lets see how this debate can go  .

Why does fiat needs to be replaced? Fiat currency in every country is unique and bitcoin is an open source cryptocurrency , most of the people can buy btc and it doesnt need to replace fiat.
Fiat and bitcoin can go together and should not go against each other

True. Why would blockchain resolve the debt problem?
It is not created to do that kind of aspect in the first place.
But bitcoin replacing fiat is not happening anytime soon.
Many have discussed it already, and the bottomline - we still need fiat for so many valid reasons.
Come to think of it, only a small percentage of people across the globe know how to use crypto.
So how can bitcoin replace fiat in this case?

Yeah, its not good for a government to rely on blockchain technology at all. Debt will never become zero even if the rich country also have their own debt. Bitcoin will not replace fiat money for this reason, bitcoin is created to offer a more efficient services, fiat money will grow over time and stay in the market.

how does that work?
it is like saying "if i want to pay my loan i have to open up another account in the bank"! changing the form of money from fiat/cash into digital/cryptocurrency is not going to make the "debt" vanish. it will still be there and try not to confuse blockchain technology with some cash cow that creates wealth out of thin air, it may look like it but it is not.

There's no way to pay the debt back because the debt has been built upon QE after QE. It is widely understood now that the train only goes further, with no brakes. We are in fact on a constant state of QE now, how does this end?

1) Governments willingly default and something is agreed upon
2) Governments don't willingly default because no one wants to be the one that is holding the exploding hot potato, so it somehow explodes, and we have something like 1929 and maybe worse
3) Other's start decoupling from the dollar, the empire gets mad at this and we have a nasty world war of sorts

In any case, hold gold and Bitcoin, but specially Bitcoin, it's the only 2 bunkers of sanity left. You'll end up richer while the situation is resolved.

idk because thats the mob are saying  .


bitcoin is also unique because it can be used in multipurpose  . if btc is  open source , so is the fiat because anyoone can manipulate its design  and some even fake and clone it  .


how can they buy btc or mining hardware ( to mine btc ) if they dont have a fiat ?   , thats what im talking about .  fiat is too important to be replaced and forgotten by the public .

In my opinion, there is an advantage and disadvantage of bitcoin in replacing the fiat money. Advantages is that it will be supported by many investors and many of us will be grateful when bitcoin replace fiat but the disadvantages are it can be used by the government and the worst is it may become centralized.

In my opinion Bitcoin is very ready to be able to replace the position of fiat in the financial system in the world.
What is needed is infrastructure to be able to fulfill financial transaction facilities with Bitcoin.

With the blockchain technology, the government can actually use this technology to eliminate the cost of printing money which is very expensive, and so the government can allocate these funds for other purposes which are certainly more meaningful than the cost of printing. However, what we want's still fixated on desire, this thing cannot go according to what we want, even to this day we cannot break the government ego that survives on the wrong mindset especially the problem of waste.

Many people still not understand about bitcoin, they are really don't know about what is bitcoin and how bitcoin is working, many people still need educate with bitcoin how to use bitcoin and how to send bitcoin from one wallet to other wallet because always hard to know bitcoin. Need more educate to make people know about bitcoin and could be more profitable at the future and could replace fiat at next time.

@xabre, I agree with you, today there is a lack of financial education in many people, this reason can have a great influence on preferring Fiat money than Bitcoin or any type of currency that uses Blockchain technology.

Recently I read in an article that in Germany they prefer to use Fiat money before any blockchain technology.

For a change of mentality to occur, I would have to agree in many nations of the world to educate through Courses, Trainings, Seminars, the advantages of blockchain and how it can improve our lives.

That would have to be a global agreement, that way we would be in tune with the technology that adopts this type of strategy.

We must take into account that for many the change would be slow and prolonged, especially for people who do not interact much with digital technology, PC management, Smartphones, among others.

And it is important to mention that due to some advice given by recognized authors of Financial Education Books, such as Malkiel Burton, it is always advisable to diversify our money, whether in blockchain, Fiat money, stocks such as Gold, some bond systems, have plans to Savings in banks. that generates money, and maybe, if you feel attracted by some action of the Stock Market, make a small investment there to see how that risk would arise.

I totally agree with this, this is what I tell people on daily basis cryptocurrency will replace Fiat soon or later

As I suppose the cryptocurrency will live together with fiat. Both of them will be used everywhere, and each person will have a free choice of what to use. The crypto is not going to die, at least in 20-50 years.

bitcoin is never going to replace fiat so don't wait for it to happen, you will be wasting your time waiting for no reason.
as for the government, and what you said about them. you seem to be forgetting the main fact that bitcoin and the technology that it introduced is meant to be used in a decentralized way which means no government involvement should ever be necessary for it to grow.
if you want otherwise then you didn't understand bitcoin!

I think the OP does not understand completely what a Crypto currency is and what paper money is, and what are their uses in our society. There will be no such thing or event that will happen in the future called "Bitcoin will replace fiat" because of this to kind of valuable things have different roles in the financial ecosystem. Fiat or paper money is stable and not volatile that is the reason it is used as a currency and Crypto like Bitcoin is not stable and it is extremely volatile by its nature so there will be no chances that it will become a currency used daily rather than an asset that is used right now. And these two kinds of valuable things will never replace each other. 8)

In my opinion it still takes time if you want Bitcoin to replace the Fiat Bitcoin feature must be faster and safer so that everyone believes that Bitcoin can be made into the world currency. if bitcoin is able to provide better features, I'm also sure bitcoin will become the world currency.

It will take more years for us to see that the cryptocurrencies will use by most of the people. We can't even sure if bitcoin can replace fiat currencies in terms of payment because we should be aware that powerful persons and institutions will not let it happen.

I think your position about the benefit of block chain or bitcoin replacing fiat does not represent the truth. We have had some bailouts done with fiat and no further problem was created. For instance, bailouts in Greece, Spain and some other European countries, yet they are find.

Very good arguments for adopting cryptocurrencies and the blockchain technologies, @bitcoin_diamond! Every problem in our world has a solution. But the greed and lack of vision of some people create obstacles in our path to a better world. It is obvious that blockchain will represent a big part of our life very soon, it is surely just a matter of time. ;)

Bitcoin does not need to replace fiat completely because it also has its own weaknesses. Fiat too has many misgivings that only bitcoin can complement which is why they should instead be used alongside each other.

Bitcoin is all about virtual usage, fiat is much used in comparison to bitcoin. To grow similar to fiat it needs more years, and in this regard I don't think in short it is reachable. Bitcoin will not replace fiat in short, it will serve as a alternate to the fiat system that we use.

That assurance is really needed if we wanted bitcoin to replace the current currency, but with those aspect it's still needs some time
to accomplish and make a good use of this crypto money, improvements and more assurance that the volatile market will be much
stable and safer before it can fully replace the service.

Bitcoin will not completely replace fiat I guess. because the legal law is that every currency in the country must have physical and it cannot be replaced by bitcoin. Unless the law is amended. but at least the Blockchain helps in the financial industry to be safer but still transparent.

People are already using fiat monetary system for a long time and so far, there is one record in history that i know it collapses. It is when this type of mickey mouse money produces in Japan with such a huge amount a bucket of it can be exchanged by a biscuit. Im not against blockchain or fiat but yeah, cryptocurrency is a better version of it.

There is no doubt on this thing but not in the near future.
This will take more than 5 years as there are so many people not ready on this.
Before this happen, there will be more school to implement and teach students about this.
There will be more economist in every country to lead the innovation.
if this will happen now! there will be more people to be lost in their life and financial!

Volatility is a difficult step for Bitcoin to replace Fiat, and I think more people like Bitcoin as an investment because it is more profitable.

In addition to the introduction of the blockchain technology, humanity must be given life guidelines.Where is humanity going now? To the abyss. I don’t think that the debt obligations of countries can be somehow excluded with the help of the blockchain.Yes, with the help of this technology, you can change the course of events, but under no circumstances will anyone write off debts.There is of course one option-this war!War will write off everything!

The op has little or no knowledge about how the block chain technology works
Block chain technology has no relevancy in helping a state with its depts

Crypto is a very serious competitor for Fiat money. But so far it is not sufficiently developed to compete with him. But it's just a matter of time.

Bitcoin is a good replacement for Fiat money. I think that in the future bitcoin will compete with them, they will be able to coexist together and perhaps when that, cryptocurrencies replace national currencies.

Will any government will readily agree for this? I do not think any government will scrap their own currency and will gladly start accepting bitcoins.
Both are going to co exist because user will like the "freedom" and  "anonymous" character of BTC and will continue to use it.

I don't think bitcoin is anywhere there to replace fiat. I think both fiat and bitcoin has it's own importance and community support in the financial market.
According to me both should walk side by side eliminating any obstacles that come their way.
I still wonder how would the debt be cleared if bitcoin is adopted worldwide. Can you please elaborate further on this statement.

if this happens, it will not happen soon enough. It will take a huge amount of money. Also, a lot of people will not support this decision. Perhaps in 50-100 years this will be possible.

Yes we should be able to become Bitcoin and Fiat as an adjoining currency. There is no perfect financial system so that each has its advantages and disadvantages. Take advantage of any excess that exists and we can do a good synergy between Bitcoin and fiat as a support in a financial system every day.

yeah bitcoin will definitely replace Fiat, because the future is a digital era where all use of technology. now there are many payments through qr code etc. so bitcoin is a good solution for that

It still takes a long time to realize bitcoin replaces fiat. There are still many things that must be taken into account. One of them is the legality of bitcoin in each country.

Nothings different thing if you've chosen them both instead of selecting just only one currency. Bitcoin currency is a digital form of money you can use this in internet transactions only, while paper/fiat money can use to buy small stuff. They are both useful and have pros and cons and I think as of now bitcoin will remain Bitcoin currency not a fiat.

I think that if bitcoin really wants to replace fiat money, it's likely to be quite difficult. because fiat ung certainly cannot be replaced by coins or others.

As stated there is always good and bad with cryptocurrency as well as with the paper money. For some reason most of the users will be having bitcoin as an added service to the fiat system that we're using it throughout. This lets bitcoin to be an alternate to the fiat system and the same never gives a way to go mainstream.

I think bitcoin is not a way to reduce debt, and how if prices fall low, won't that make the economy more volatile.

Like how can blockchain pay back State debts ? Were you stoned while making the Post xD? And Bitcoin isn't replacing Fiat anytime soon ,sorry not in a very long time. Bitcoin isn't very stable and the prices fluctuate highly and can't be used as Fiat money is used.

Bitcoin can't replace fiat and just because one reason, it is decentralised so the goverment can't control it, that's why it is banned in several countries. But Bitcoin is going good in the path of adoption and it is accepted by more and more companies, local shops, in a few years we will be able to use Bitcoin daily without much problems.

Honestly, most of the community right now here believed that Bitcoin has the capacity to become the word currency, even some of the experts believed on this matter too. And for my opinion, blockchain can give a big help to any country especially to prevent corruption in the government,and for sure the economy of each country will  increase in the near future.

 This time is not so far now because we can see the progress of crypto currency in our life and it is improving now further, people feel safe using bitcoin for online shopping than taking too much money along with them, I personally feel safe using crypto currency specially bitcoin which is now being accept all over the world and it is future global currency I am sure.

I don't think that most of the community believes in the world currency scenario for Bitcoin. It's much more probable that it will coexist with fiat especially when a lot of the world is not tech savvy and has no access to the Internet. Bitcoin will rather become an alternative payment system and a store of value like gold.

Though Bitcoin may be the future currency but will not replace fiat. These coins are to complement each other rather than replacement. There are no rooms provided for the digital currency to take the place of the fiat because fiat will be need to trade with. Just my own opinion and not another.

Yes, the drive seems to be towards it. Number of bitcoin users have increased. Fiats circulation is going to be in Demand. This has become a true coldwar bitween fiats and crypto .

Maybe, other alternative current monetary and fiscal system but i doubt this will start with bitcoin. There are better alternatives that can solve problems created by older generations but crypto payments era will boost this process like fuel in fire. Blockchain solutions will bring alternative ideas and these ideas can be a feasible solutions in case of another upcoming crisis.

Majority of the country nowadays are now improved even the poorest ones like africa . they now have access to advance infrastracture such as internet because internet is verry important and it will be useful in our daily lives  .

But im not saying that bitcoin can surpass the use of fiats .  bitcoin is only an alternative currency next to fiat that is verry useful online  .


If bitcoin wont replace fiat then why call it a future currency ?  Its just wrong  and sounds awful  . we can instead call bitcoin as the internet of money  because that more suites it  .

Absolutely agree with you. Bitcoin, like any decentralized cryptocurrency, can never replace fiat with itself. This is impossible in principle, since a decentralized cryptocurrency is simply not intended for this. It does not have any connection with the economy of a particular state, so no government will ever agree to abandon its national money in favor of decentralized cryptocurrency. A crypto-currency will only go in parallel with the national money of the states, otherwise it will unbalance the economy of any state.

For now, it is impossible for Bitcoin to reolace fiat currencies. But I also do believe that in the future, the Bitcoin will have it, taking over all financial transaction and be the Bitcoin the medium for payment methods.

Well, everything always has a possibility. However, I foresee, like most people, that instead of "replacing", it's more possible for cryptocurrency to interplay with fiat in the market. That's more feasible because, with all honesty, the status of cryptocurrency is erratic at best, and for a currency, one should be as stable and reliable as possible because it is the blood line of every business sector in a country or local economy. It would surely be disastrous to rely on a currency that falls value at any time.

Personally,  I don't see Bitcoin replacing fiat but being used with Fiat in parallel. There are a lot of aged people (over60-70 years old) that will not adopt Bitcoin. However,  if big institutional investors will come on board it will be great for Btc.

it is true that you can not rely on the altcoins but the reason for that is because they are mostly scams and poorly projects that were made for monetary reasons (meaning the developer wanted to become rich overnight either through premining or running an ICO).
but we are talking about bitcoin here and it is the most and only reliable currency out there. it is true that its price is volatile but if you look at the bigger picture you can see the price is pretty reliable. you can clearly see that in the past 3 years (long term outlook instead of short term) price has solidly risen from $800 to $3000+ and that shows growth and the strength of that growth.

I think bitcoin cannot replace fiat in terms of payment, because bitcoin has a great difference from the fiat. I believe that many more people doesn't know that bitcoin exist and some will never believe it. So I think fiat is really hard to replace specially this is a old way of making payment bitcoin is new to the community and people are mostly using fiat. Maybe bitcoin will replace fiat in the future but not today.

I don't completely deny the possibility of cryptocurrencies replacing fiat, but I think it just won't happen in the near future unless some kind of huge crysis happens, but if we're just talking about bitcoin I don't think it can replace fiat at all even in the future just because it's kind of slow and has high fees that shows it's not a good option for every day transactions now in 2019 comparing to the newer coins like nano that has almost instant transactions.

I agree its not so easy that BTC to replace fiat, but in reality the world is going behind technology which means people want to see every needs to be happen in convenient way. examples like paypal and google tez app. what I personally feel is anything can happen after 10years from now yes note my words, some developing nation will announce fait will be replaced as BTC to build their economy of their country.

I don't think Bitcoin to replace fiat money it's just impossible. Even Bitcoin as a digital currency we can't comparison between fiat and btc. Because BTC not a regulated currency in every countries this is a big obstacle i think. First of all need to world wide adoption.

It is the hope we are trying to develop because bitcoin has proving that it can help during inflation and financial crisis than fiat money because of the cost of producing paper money.

Remember those times when FIAT replace the BARTER SYSTEM and gold/silver coins?
It will happen to itself as the cryptocurrency will definitely replace it in the future.
Changes will come and people can't do anything but to adopt and learn!

The blockchain technology can only enhance the human way of handling things, like our educational system, our electoral system, our medical system, theses systems can be well enhanced to serve humans better and easier if the blockchain technology is integrated into the system of things. But offsetting debts or debt management via the blockchain technology is not realistic.

My friend if you are thinking in those lines then I bet you will be disappointed.
This world is all about control of power and money. There will still be cases of fraud, corruption, poverty even if blockchain technology gets massively adopted.
It has already happened here in the forum with our beloved Bitcoin. People are scamming and defrauding others almost every day.
Never ever have very high hopes on humanity

Right.It's really hard to replace fiat for bitcoin.Even if mass adoption for bitcoin will happen,i still think that the use for fiat will still be here.Knowing people are already used to paper money and that bitcoin is still new for them so they would really find it hard how to use blockchain technology especially for the stone age people.

It is not all about of replacement but it is a way to have option of what we wanting to used for our daily activities in our comforts.
Fiat still have its value and considering the fact that crypto isn't accepted in some areas where absolutely crypto won't have such power to defeat fiat. Cryptos are design for online transactions, thus all others transactions will have to used our local currencies.

Yeah. Governments will never allow Bitcoin to replace fiat money and we all know that already. Bitcoin has decentralized feature which the government don't like as they cannot control the said asset. Digital currency is different from paper money so I think they will always have boundaries though they are both can be used as payment method but they have advantages and disadvantages on their own.

In my opinion, the future the fiat will be replaced by cryptocurrency and online purchasing. The cash will not popular in the world in the next 30 years and people will make the transaction in online by using digital currency.

In the first place, I don't think Bitcoin was purposely made to replace fiat. Bitcoin was made with the intention of enhancing payment systems with a more fast, secured, owner controlled and low cost per transaction manner. The governments are in full support of the fiat and its value determines the economic status of the country. Both Bitcoin and the fiat will coexist.

I am agree, bitcoin created for peer to peer transaction and i think its happen for online transaction. To replace fiat, many huge challenge for bitcoin because central banks must be wont to lose control on money supply

the initial purpose of bitcoin was created indeed to become the future currency. so in the future it can be ascertained that there will be a change of currency from the traditional one and in the form of paper it will soon be replaced by crypto currency that has implemented a digital system. we are just waiting for the occurrence of a currency revolution, we can enjoy the results of our investment in bitcoin in the future.

In my opinion nope. bitcoin will never to replace fiat. Yes many people around the world almost know about what is bitcoin and how expensive is bitcoin but to become a fiat, i'm not sure about that because there are still many things to do to make bitcoin to replace fiat or at least to become a fiat.

There's no chance for bitcoin to replace fiat because fiat money is being supported by every country and for sure they don't want to fully decentralized their own market. So bitcoin will stand together with fiat money, people have to choose this time and for me Bitcoin is the best of all but we still need fiat money.

You need to look at the bigger picture to realize that it takes more than just proposing "Bitcoin to replace fiat" to pay off debts! Say the US converts all its fiat money to Bitcoin. If the countries the US is indebted to would like the payment to be in fiat money (because needless to say their people still largely depend on fiat money to live day by day), then the US will be the dumbest nation for having decided to let go of its fiat in exchange for bitcoins.

No matter how positively game-changing Bitcoin is in different aspects, it will never eliminate the world's need for fiat-money transactions, at least not any time soon.

Sort of digital currency will replace fiat and we're going to see that in the future. It may not be bitcoin but bitcoin shall be there and will witness that innovation, actually we're already in the process and governments are aware of this. They aren't ready for that massive change that the world should come but time will tell on how the world will soon replace to this kind of currency.

Bitcoin will be there but there will be another medium of payment that the govt will prefer and for us, who does love decentralization will stay.

I think bitcoin will never be able to replace fiat because fiat and bitcoin have different platforms and bitcoin also still has pros and cons in every other country still doesn't have legality and doesn't fully support bitcoin so I think bitcoin will never be able to replace fiat.

There is no need to argue of replacing fiat by bitcoin or any cryptocurrencies. Yes, they are in different platforms and applicable transactions for its used. Digital currencies now where making our life easier than with the used fiat but we eventually facing high risk with the used of it. But since it is not accepted in local and offline transactions, thus fiat currency still be very important.

Actually you can't compare these two because they have their own advantage on each other like crypto could be better use in virtual world while fiat is on physical world. Crypto would never replace fiat, not in a hundred years, it could be only other option for our  daily transaction like fiat were used to be.

Bitcoin still use by few people in some country and many country still do not know about what is bitcoin, needed more promotion to make bitcoin become famous digital e currency before replace fiat at the future.

Blockchain can be use by any government to improve the services of their various departments, agencies and many government-owned corporations. But it will be impossible to replace the fiat or the national currency with the cryptocurrency which is decentralized and more volatile than the ordinary currency. In order to preserve the national currency, the government may, instead, issue a virtualized or digitized form of fiat instead of adopting a cryptocurrency.

How you are sure that block chain technology is going to help clear the big debt. Converting fiats into bitcoin and having transaction would at a sudden may not support clearing the debt, rather the country has to wait investing the bitcoins as long as they see a good profit. Instead what can be done is, legalize usage of bitcoin and other crypto currencies in the country. Once the users start gaining profits, you can either charge the citizens. This may support on country clear the debt as they move on.  

I think fiat money can never replace by bitcoin even we reach the time where technology is very developed because there are still place in the world that cannot be reach by this technology and they use fiat as a payment for their purchased goods. Also, blockchain has nothing to do with the debt you are talking about.

A huge percentage of people in the world are still into fiat, this has had been the form of exchange and a store of value for thousands of years. Fiat money is currency that a government has declared to be legal tender, while cryptocurrency has no legal tender and not backed by a government. Otherwise, each serves with a unique purpose, both can be used to purchase goods and services, both have their value governed by supply, demand, work, scarcity, and other economic factors, both have their value affected by the quality of the system surrounding it.

- Of course, the answer will always be no because although bitcoin is very popular and there are many signs it will be more popular in the future but understanding from people with bitcoin is just a place to invest, a valuable cryptocurrency and market leader. The problem is that bitcoin will become currency and replace fiat, it is still very vague and there is nothing to concretize that problem because the government will not support, and bitcoin tends to be a place to invest, rather than a currency that people can use, people are still loyal to fiat

This is like saying exchanging dollars for yens would suddenly make the debt go away. You are just exchanging an amount of currency for another with the same value.

Sure fiat have its problems (like how central banks can just pump them out) but nist of the problem we are seeing now is due to how the banking sector operates.

Also "crush"? I don't think any gov't would just allow that. They are backing their fiat and even if they get rid of paper bills, they'd just move on to digital fiat, like how almost everything in China now is paid for virtually.

As stated there isn't any possibility for bitcoin to replace the fiat. Though they're in different platforms the usage is much important. If bitcoin has the usage similar to fiat it'll soon replace fiat. Now with bitcoin we don't have a big user base. Even though it is developed for the usage of every level of people it is used little by common people. When this increases we can make this discussion more powerful.

People will patronize cryptocurrencies in the future, I am sure with that! The people will still prefer to use fiat currencies than cryptocurrencies because they got to used it. They will also have hard time to adopt it due to the lack of education in our society nowadays. Most of the cryptocurrencies users are self taught users.

Indeed there are good impression coming from Bitcoin which is the mainstream manifestation of the Blockchain Technology, this technology has brought transparency and freedom for it users. For Bitcoin to possess these features will likely replace the fiat but will take sometime to dethrone FIAT.

Mmmm , I dont think that will happen before we die. Haha , i mean some people still dont accept the idea behind the blockchain/bitcoin or any other cryptocurrency. And about paying state debt with blockchain , as said by the previous replies the value might go down once you convert and go deeper into debt. So yeah nah , not a good idea.

I can say it's difficult to happen because they are completely different things
Yes, bitcoin has advantage has fiat but their normal state for me , they are still ordinary investment like gold
Eventhough government want to legalize it, they require some time to do it !

I agree , that both have their own benefits and it is very hard to replace anyone as both can function simultaneously, like what you said bitcoin is used just like investing in gold, silver as they all are good for investment. Legalising cryptocurrency cannot be done fully but they can restrict the users to use it under legal control.

I think it is impossible for bitcoin to replace fiat currency, even bitcoin is becoming more popular today it does not mean that it has a chance to replace fiat currency so easily because the government will still choose to support fiat over bitcoin and both of it has a lot of differences.

i think before changing fiat to bitcoin, i think we should know that we need the stable currency before somebody makes the it to daily currency, and bitcoin right now can't reach that goal, because the price of bitcoin is changing everytime, its not a stable currency

It will be difficult for bitcoin to replace fiat because there are still countries who do not like bitcoin and a lot of counntries are still banned bitcoin. There are chance for bitcoin to be use as a currency because there are already few stores in every country who accept it as a payment, but no chance to replace fiat currency.

Bitcoin will replace fist currency? I think that will happen for now because bitcoin's current price in the market is low but I can say that there are possibilities that fiat will be replaced by it. Because technigy is advanced now snd therr will be the time in the future that people will prefer using cashless transactions.

CRYPTO and FIAT are both means of payment and cannot completely replace FIAT though it might take a larger part in the near future. Bitcoin will be so easy enough to use in the future which virtually everyone will start trading with it and also use it as store of value but FIAT will never fade away, don’t forget that crypto is technology base why fiat does not strictly depend on technology.

Till the world ends, I don’t think technology can reach all parts of the world and as far as crypto is tech base, it is impossible to replace a paper currency except it will operate of both tech base and paper base which will then be same as fiat but can be the most used method of payment.

Agree... Maybe it will take more time for bitcoin to totally replace fiat money...still a lot of countries didnt accept bitcoin... Because their government are against on it.. Thinking that in blockchain transactions evrything is hidden especially the identity of the users.. It will be very hard for them to identify people who commit crimes when using blockchain.. And one more thing they cant put taxes for every transactions that are using blockchains...

Cryptocurrency and fiat currency, are two distinct currencies with different mode of operations. Bitcoin might dominate fiat currency, but i believe fiat currency will still be in existence as a back up currency used in making smaller day to day transactions, and also serve as an alternative means of making transaction whenever there is a failure in the operation of the digital currency.

Maybe if bitcoin is pumping high then it can happen, but I think it won't last long at high prices. Fiat still needs to be used and cannot be easily removed.

You are right, its not so easy to replace fiat straight away and even the public will not support to this unless it gains the trust about this technology and yes it has given freedom which was not expected by anyone. hopefully after 20 to 25 years it may happen until then paper currencies will work on the entire globe.

It isn't about of substitution however it is an approach to have choice of what we needing to utilized for our day by day exercises in our solaces. Fiat still have its esteem and considering the way that crypto isn't acknowledged in a few regions where completely crypto won't have such capacity to overcome fiat. Cryptos are structure for online exchanges, in this manner all others exchanges should utilized our neighborhood monetary standards.

I know that there are many people holding Bitcoin because of the belief that in the future it will replace FIAT as the most popular currency. But I know that this is one of the difficult things to achieve success. But I am a Bitcoiner, so I hope that it will try to replace FIAT in the future.

For me your discussion does not make any sense as an investors I know people are now much involve in bitcoin than fiat because fiat is now only an old age currency but digital currency like bitcoin is changing lives and it is improving our economical state as well, bitcoin gives money earning facility that makes our life better and secures our future but having lots of money will only get rusted.

I think the better statement is crypto to replace fiat. There will be more than just Bitcoin imo

Yeah, bitcoin is still the most reliable crypto currency out there in which other altcoins even depends on and the bitcoin fluctuating is because of the coin still being introduce and gradually being accepted, when bitcoin becomes widely accepted, it will become stable like the FIAT and the price less volatile.

Once become becomes widely accepted and stable, most of these altcoin will definitely be off market, thereby eliminating any project that scam people inform of altcoin, infact I see most altcoins as scams and will not stand the test of time other than bitcoin.

New ecosystem will let society to manage their assets without the help of middleman. It is not only about making money and there are other things that we should take it seriously. Investors are smart and they know how to control the situation and their financial portfolio.

Is it?
Debts will be paid by how much growth their economy will have.
Even if you change to another type of currency then pay it with that, the result will just be the same.

Also, dont worry about that. Their debt will just keep on increasing and somehow that Wold Bank will just keep on loaning them that money and it will just go on and on until the end of the world.  ;D

If you have some wise ideas, please do share. I dont think there is a solution to that. Good economy only and good governance.
But with pollution!? Nah!.

Just live the remaining years of your life then let them do the next.  ;D

One thing some people in the crypto space do not understand is that Bitcoin can never replace fiat. Fiat is the representation of the value of Bitcoin and it has been in used for thousands of years. The use of fiat does not require any technology to make transactions. Not every part of the world is technology inclined and to even think of using blockchain wallets or make transactions using computers. We just need to accept fiat as the backing of Bitcoin and other cryptocurrencies.

  Bitcoin is now a days a prominent  medium of exchange so experts think that Bitcoin will replace fiat money .Most of the Bitcoin investors believe that Bitcoin will replace fiat or traditional money and they says that we can wait and see that happens in the future .Since Bitcoin is accepted as an international electronic currency that is operated digitally and the concept of fiat currency has changed to network transactions . Even though China says they have banned the use of Bitcoin they use Bitcoin in their own unique way and the effect of Bitcoin is different in different parts of the world if Bitcoin is used in terms of money then fiat money will lose its value.

I think bitcoin will not replace fiat money, but side by side as a currency, where one is physically the other digitally. But both are equally easy to use.
Based on this fact, the government need not fear the increasing use of bitcoin in many countries, because as a digital currency the government only needs to make regulations in its country in order to be able to withdraw profits.

you're right, even when bitcoin replaces fiat, it will create instability, and cause the economic system to change, because there will be very many people who will try to take over the position of bitcoin. however, fiat cannot be replaced by bitcoin, because it has become a fundamental thing in a country.

in reality, microeconomics can also help improve the economy of the people and the country. but it must be managed properly.
I admit and believe, that BTC will replace fiat in the future, the positive value of BTC is decentralized which cannot be influenced by the global economic crisis and geopolitics.

BTC will survive the effects of it all, so that BTC will be the main alternative to maintain economic value. and fiat will experience a global crisis.

I dont know how many topics like this or something related that i have read for my years here in cryptocurrency and most specially this bitcointalk.org

But yet same discussion,and my answer is still the same that cryptocurrency not only bitcoin but in general will may replace fiat but will never make physical money gone since they are both different one is virtual and the others is physical

I do hope that BTC survives, yet I don't know if BTC will be at its continuous pace, I do think that it will survive all of its challenges in the future, though it will be a slow process before this happens because a lot of people have stuck towards  the major use of fiat, and it will take a lot of guts convincing the others to full understand what BTC is.

Well changing fiat to cryptocurrency would definitely be difficult since money is controlled and cryptocurrency isn't. Stability is important for money to exist without causing so much trouble storing it. Imagine a world where your money being stored loses its value more often or so quickly that it is volatile, how do you think will people admit the fact that there millions are now worth thousands?. But changing cryptocurrency is not really that difficult to deal with if the government will be making their own cryptocurrency separate from the commom cryptocurrency. It is more of a storage cryptocurrency that we can use to connect to the current digital coins that we have now. I think this is more plausible.

Why these people want to replace fiat by Bitcoin?? Why don't we just say "Bitcoin as an alternative payment system aside from fiat". There is no need to replace fiat by Bitcoin. Lets just accept Bitcoin as an "alternative" to paying things. Replacing world currency by another currency will take a long time to happen and there is no need to replace it to be honest.

This is an incorrect idea to think that it could be deposed by FIAT. Blockchain or Bitcoin technology cannot help a country get richer or reduce public debt. Blockchain and Bitcoin technologies are tools for wealthy people to become richer.

This topic and discussion of Bitcoin replacing fiat have been always a reoccurring thing . Think about this, Bitcoin requires a certain level of technology to be in place before use, and this is not readily available to every place. Bitcoin is highly volatile, it would be difficult for people to accept it over cash. Bitcoin and fist will forever exist side-by-side, Bitcoin ain't toppling fiat.

This will going to be a big step not for the Unionbank itself but also to the Philippines. Adopting Bitcoin is surely a serious matter from the economy of a community. I heard that there are a lot of Bitcoin users and earners came from Philippines and this percent of cryptocommunity helps not only Bitcoin but cryptocurrency to grow more. I am just afraid because of it was said that Bitcoin was already regulated by Bangko Sentral ng Pilipinas then I think it will definitely have tax in the future. Am I right guys? I want to hear your answers too. :)

In my own opinion, bitcoin cannot replace fiat because more people used fiat currency than bitcoin for example, we mostly use fiat currency to pay bills and buy the things that we need, unlike bitcoin we cannot use it to as a payment. So there are less chance for bitcoin to replace fiat.

It is really hard but if it happens, then it will be great feature for us. We will be able to pay with it securely and fast. It will reduce our time and money also. In this digital world, it is still possible to replace Fiat by Bitcoin.

If this happens surely it is a big change in the world. To this just ten years of growth is not enough, it needs to travel for a much longer time period. Particularly fiat is all about the trust through the continued usage, physical appearance, backing asset and the years of history. To attain the same it is not that easy with bitcoin in short time period.

Blockchain technology wouldn't solve any government debt issues this technology will cater for transparency, trust and effective management of policies that would warrant smooth running of any government, organisation and corporations, the government should seek ways of settling their debts and resorts to digital currency in a bid to reduce expenses incurred on printing of fiat.

What happened earlier when countries were in debt before bitcoin was invented. They still managed to get back and become a wealthy country. Hence, we can not just degrade fiats replacing with Bitcoin. Bitcoin is another form of currency which has grown up so huge with price based on its fluctuations. If, bitcoin is accepted in America, the dollar value will certainly come down.

I don't agree with that at all. I think that Bitcoin will coincide with it if anyhting.. or take it over compeltely  :D

The world is changing before our eyes. The time of the traditional economy and, accordingly, of all traditional ideas about the world ends. We are all present at the birth of completely different economic relations based on cryptoeconomics.

Technological advancement has always been geared towards improving upon things that were already in place. Bitcoin and cryptocurrencies were actually created to improve upon the payment system and as to what it is going to replace fiat currency i guess that depends on the world to decide. If the mass adoption actually find bitcoin to be very innovative then i guess we might switch totally to the use of bitcoin to make transactions. Other than that it is going to be another payment system like Visa Card, Master Card etc.

I think this is very good if Bitcoin can one day actually replace Fiat, but I think it is still very difficult to implement at this time because of the constraints of internet networks in certain regions.

Cryptoerconomics will let us pay in BTC and other cryptocurrencies but I am not sure about big companies that are against a crypto revolution. Payment gateways will think twice about the usefulness of crypto payments but it will be late for haters.

Yes! Bitcoin will likely to coincide with fiat system because there are lot of rural areas around the world who doesn't have a good internet connection or aware about these modern technologies. Fiat will not be replaced by Bitcoin but it might be the second option that can resolve financial issues.

It actually there is no need to replace fiat with bitcoin or any other cryptos. Aside from having issues with internet connection but in a reason that not all of us were holding Bitcoin, in fact, those having limited resources will surely can't afford to have this.
Using bitcoin is just another option of a currency we used as it only designed like that and not intended to replace fiat in the future.

That's true fiat is still the useful thing in this world, we use blockchain because of we use a cryptocurrency. And that s it no explanation because we know the answer that fiat still there even blockchain gone.

Fiat cannot be replace by bitcoin as easy as you think. Fiat is a traditional currency in each every country, so that is is very hard to replace it by bitcoin, but as time goes by and we people continue to use crypto in the future, it has a possibility to be, but not 100% guaranted.

It's impossible for Bitcoin to replace fiat as not all people know how its work specially in the 3rd world countries in which most of the people are poor. Bitcoin can be use as optional currency for direct spending but still fiat is the most convenient to use that even the children can use it instantly.

For now, this is not easy to happen. but in the future we will need this, with all the benefits that exist then bitcoin and digital currencies are a necessity in the future. fiat is indeed a major financial commodity, but the longer the bitcoin will be needed. this is an unavoidable need, advances in technology make digital currency the most needed.

Indeed, bitcoin's demand for the future technology advancement will always be in demand soon as long as people eventually recognizing it globally. The volatile character of bitcoin hinders the development on the plans for fiat replacement, that's why it became so hard to do certain improvements in order to start the process of fiat to digital and cashless society. If that will become successful, I guess everyone will benefit with bitcoin's hassle free transactions which can be done worldwide without any strict regulations.

Blockchain can solve Global Economic Issues at current state? I don't think so. Even if it does, it cannot eradicate the debts itself out of the country but can only help manage them over the chain. I don't think there is a need to replace fiat because it is what allows us to get our Bitcoins stronger against it. Just think, if fiat is removed out of the game, what will Bitcoins compete with and what will BTC win over?

i don't think so because flat is using by worldwide and mamy people still don't know about bitcoin.So, I guess  It's impossible for bitcoin to replace flat.Flat can't be replaced because It's complex.     

The fiat currency is very difficult to be replace by Bitcoin because the fiat has got the support of the governments around the world. The value of a particular fiat has become the standard for measuring the economic status of a particular country. Bitcoin has a bright future in terms of payment in most businesses, companies, shops etc yet it will only coexists with fiat instead of replacing it.

I don't see bitcoin totally replacing fiat currencies because the central banks of the world want to have the monetary tools that fiat currencies allow. Instead, bitcoin and other cryptocurrencies will take on a complimentary role similar to gold for central banks and other parties to diversify their assets.

Well i think it is really hard for bitcoin to replace fiat, because fiat is really the main ways to make a payment today, bitcoin is really new and many people really didnt know about it. Bitcoin is a good ways to earn a huge amount of profit but if we speak about payment system I think fiat is still the number one.

Is this really possible if the bitcoin will replace Fiat? obviously not as easy as thought and wanted, because obviously it is necessary to unite the first fission because everything is different about bitcoin itself.
many countries still cannot legalize and accept, not yet with the internet network itself.
still need time to be able to realize this, actually what is now running is better.

Fiat money system is the worst, if you know about roschild then I think you will be understand. Don't let some grup control our economy, we have our freedom to chose which is valuable and which is not. The world wealth is mostly controlled by some group, this time for us to free from that control, by use money which there is no central authority which control it then the freedom is for everyone. Bitcoin can replace fiat in the future when people realize that it is better than fiat money.

That's not really an easy thing to do especially when governments see bitcoins as a threat for their currencies.
Bitcoin has many benefits when it comes to profits but most of the world money system still works through fiat.
People in third world counties don't even know about blockchain so when it comes to payments, fiat is the only option trusted by people.

well, we know that this is something very common, and it is difficult to happen. many even oppose regulation like this. some countries prohibit using bitcoin as an online exchange tool, but some countries support bitcoin in technological developments. however, this is still very difficult to occur this year.

For now, I can see that the Bitcoin only have a little chance for that matter. I am not saying that it will remain like that, but Bitcoin can still have a large possibilities that it will happen.

at the moment it seems impossible, fiat is still the main tool for fulfilling daily needs.
unless crypto is completely accepted by everyone and the government ratifies this rule.

Yes its very impossible for cryptocurrency to replace the use of fiat. First things first, cryptocurrencies contains high volatility rate that depends on its supply and demand unlike the fiat that is well regulated by the government and is backed by gold deposits that each country has.

Is it possible that Bitcoin will be able to replace paper money, the answer is possible and impossible, only the time will answer it later. but if a country changes fiat with Cryptocurrency by creating a blockchain, can this be used to pay off debts ??? of course the answer is that it won't work, because Fiat's debt must be with Fiat.

Well for me this is best things ever and if people are rich in my place it is all only because of bitcoins I am very sure very soon there will be not need to use fiat as everything is already becoming with bitcoin instead of bitcoin, people are investing with bitcoin, they are buying options and investing as well so I am happy to sue bitcoin only all times without any problem.

I don't think that bitcoin can replace fiat.
We still don't live in digital society and need paper money.
Also, we need banks because of mortgage and other things.
Also, who will be legally responsible for bitcoin?
Who have right to make laws about bitcoin?
 

Bitcoin is not the solution to those issues you highlighted. Many government have been in debt for a long time and have been managing it for quite a while even before the emergence of bitcoin . So it’s not a new thing to them and won’t even move them to adopt bitcoin and blockchain because of that . I will prefer they adopt bitcoin because of it’s freedom and transparency and the importance of the blockchain technology to enhance human life.