Bitcoin Forum

As most of you know in this forum, bitcoin has more advantages over fiat money. fiat money is under the control of governments. With fiat money, we do not have 100% control over our assets. But Bitcoin is not like that and we can freely trade it anywhere in the world without the control of third parties. However, Mexico's third wealthiest man ^{(Ricardo Salinas Pliego)} agrees with us and said in a recent interview:


So as you can see, Ricardo Salinas Pliego has come to the conclusion that bitcoin is a better alternative to fiat money.

Will governments and important people reach this conclusion this year? _{(I think these events could cause BTC to cross the 36,000 channel)}

Source: https://www.btimesonline.com/articles/153553/20220204/ricardo-salinas-pliego-mexican-billionaire-bitcoin-fiat.htm (https://www.btimesonline.com/articles/153553/20220204/ricardo-salinas-pliego-mexican-billionaire-bitcoin-fiat.htm)

Cryptocurrencies have proven to governments that printing and distributing money is not a smart behavior and therefore will encourage them to launch central digital money^[1] under the control of the central bank, then the transfer costs will be cheaper, the possibility of tracking currencies easier, the possibility of freezing or printing money easier.


Some governments started digital money such as PBOC announced that a digital renminbi would be released after years of preparation.^[2]

Bitcoin will be for international and interstate trade but I don't expect it to be recognized as an official currency.

[1] https://en.wikipedia.org/wiki/Digital_currency
[2] https://www.nytimes.com/2016/10/12/business/dealbook/central-banks-consider-bitcoins-technology-if-not-bitcoin.html

Actually it's true, but most of people hold their Bitcoin on centralized exchanges... then it's no longer 100% control over your coins. Lack of knowledge and doesn't understand what is custodial or non custodial, they thought their asset is 100% safe.

Not disagreeing your opinion, but if Bitcoin is treated as investment asset and not a currency, which you used for daily expenses... it wouldn't make Bitcoin will completely replacing Fiat in the future. I'd say Bitcoin isn't a better option than Fiat and Fiat isn't worse than Bitcoin because both of them work on different purposes.

I happened to be listening to an interview with him on Youtube two days ago. Pretty smart guy.

The question as you put it is very broad and may give rise to different interpretations.

If we are talking about storing value, Bitcoin is much better than fiat, as fiat constantly depreciates (it is basically a scam, and is something Salinas insisted on in the interview I saw), while Bitcoin is almost perfect for storing and transferring value.

If we are talking about replacing fiat for day-to-day payments, there are a number of question marks that remain to be seen. If it were to replace all the global transactions that are done with fiat today, all at once, it couldn't because of a scalability issue. It is assumed that little by little improvements will be implemented and with secon layers or other solutions it will be possible to cover more and more payments.

Lol! never! Governments will never accept that cryptocurrency is better than fiat money! Because it is not! Bitcoin can create a parallel economy and can become the greatest investment of all time, but it can't become better "medium of exchange" than fiat currency for various reasons. So there's no way the governments and important people will accept that. Bitcoin has survived as an alternative to the mainstream currency, it has shown enormous growth, investors from all around the world had invested money into it including some prominent personalities, but bitcoin can't replace fiat. What El-Salvador has done is an exception and exception can't become rule. Bitcoin can't just scale up to support the need of 7 billion people. Sorry!

That's true, but it's worth noting that in "some countries (https://tile.loc.gov/storage-services/service/ll/llglrd/2021687419/2021687419.pdf), governments do their best to take away our freedom.

They've already reached that conclusion, but most of them are not willing to publicly admit to something that works against everything that they've been trying to achieve in the past decade.

Even though the latter part already happened, I don't think there's a correlation between the two.

Well in my own opinion is, --I will conclude that bitcoin is better than a fiat currency which I agree with Ricardo Salinas.
^{[ https://bitcoinmagazine.com/culture/mexican-billionaire-says-bitcoin-is-a-better-option-than-fiat-money ]}
Compared to fiat currency, bitcoin is decentralized which makes it harder to manipulate by the government, unlike fiat which can be easily manipulated by central banks around the world. Bitcoin has brought numerous advantages over fiat money, including the fact that transferring value over a network is much more difficult to ban because crypto does not involve an intermediary who could be subpoenaed by the government and bitcoin holders preserving their wealth for a long term in a sovereign manner is very possible. That is why for me, bitcoin is better than fiat currency.

I don't think the government will ever accept cryptocurrency, because the bitcoin system is parallel and cannot be a means of exchange like fiat,
it is true that “Gold is difficult to transport and difficult to store,” and “The price of gold has also been manipulated easily by central banks around the world. Bitcoin comes as a new asset that is harder to manipulate, it is a better asset because you can sell it more easily and you can basically transport and store it for free.”

but the convenience of bitcoin still can't replace fiat in my opinion

See we need fiat ofcourse, we cannot go without fiat, the stability, the money, the society, the government and the people they all depend on fiat. I do think that the government have to understand that wishing for absolute dominance is not the way. Bitcoins is giving people more freedom. Some of them are holding their assets in the bank and are scared that the economy will collapse,the situation is not getting better plus due to the pandemic and recent Russian jokes on fighting the whole NATO which might be the start on world war 3. What do people do? What do they have to loose? They need an asset that will be free from the governments plight. I think in a way bitcoins is better but fiat is necessity as well.

It's the best protection from fiat money issues there is,so maybe yes its better,but i think they go hand in hand,there were many cases across history were peoples funds in official governments banks were all confiscated ! due to financial crisis and stuff like that,not just confiscation due to criminal activity like some think,that's the best in it,protection against confiscation.

Bitcoin is better than fiat because
- It is decentralized
- It allows people to make peer to peer trades
- It has only 21 million in total supply which is unchangeable
However if you extrapolate from Bitcoin to cryptocurrency, it can be inaccurate. Crypto market has inflation with altcoins that in turn have inflationary supply as well.

If you see inflationary specification from fiat, you should choose Bitcoin, not altcoins.

it is good for investing but not for transacting, because the price is not fixed so we as owners can feel a loss if bitcoin is in a period of correction,
and I'm not sure all countries accept the existence of bitcoin cs,  into their government, because fiat is easy to regulate even though it always results in inflation

Bitcoin's scalability, even with Lightning Network, is a major theoretical obstacle for allowing Bitcoin to replace fiat. We witness fees spike to $40 when there's a lot of trading activity, now imagine if every person in the world with a bank account tried to open an LN channel.

Second problem is volatility - it makes Bitcoin impractical for use as medium of exchange, it's too risky. No merchant would want to receive currency that can randomly lose 10% of its value - it means they would need to instantly convert BTC to fiat, which means using proxies and pay fees.

There are also minor problems like high computer literacy requirements (being your own bank is a huge responsibility). Or lack of adoption - it's inconvenient to look for merchants that accept Bitcoin when you can spend less time and effort to pay with fiat.

Bitcoin is good as a store of value, it's also good as a currency when you know exactly what you're doing to avoid mistakes, but it's unsuitable for regular use by the general population, so it's wrong to say that Bitcoin is a better currency.

Bitcoin let it be like a bitcoin and keep it growing.

And let Fiat be a fiat even if it will turn into CBDC or whatever is

I am sure that every time there is a change in decade, all aspects will continue to follow it, with the emergence of an idea or breakthrough.

I really appreciate and agree with your comments.
As said by D ltr, Bitcoin is suitable as an investment instrument not as a transaction because of the problem of price volatility which tends to be a large, also the transaction fees that be expensive (for small transaction activities if it is related to daily needs). For small transactions related to daily needs when compared to Bitcoin as a transaction I would prefer to use Fiat money.

Bitcoin is money that the government cannot issue, inflate or deflate based on their policy considerations or needs. Fiat money itself is dependent a lot on where you live. If you live in a well-managed scandinavian country, I doubt that one needs to be concerned about these differences. Yet, there are 180+ other countries, a lot of which do not have governments responsibly managing the plight of their people. Access to financing can be a big boost to improve situation of those people.

Bitcoin can enable that as it is a truly international currency living on a decentralized network of miners. This is the reason its better than fiat money and a lot of smart people have bet their money and reputation on it. It is better than fiat but far from being a perfect replacement for it.

You concluded it very well that we need fiat for our daily living despite all odds. We must not excited about bitcoin since its not a fundamental technology and not very much are aware of it worldwide. Above all behavior of government towards bitcoin is very strict as they are in no mood of accepting it, something understandable from governments point of view.

Yes, bitcoin could be a better option than fiat but what else can we do if its not also accepted as a legal currency? The government will always stick with fiat and no matter how high the inflation that fiat brings, the government won't settle from a decentralized currency knowing they have less control over it. However, wise investors see the advantage of bitcoin but it will always remain an asset or an investment unless the government decides to accept bitcoin even as an option to fiat, not literally replacing fiat because that will never happen.

Bitcoin will be a better currency than fiat, but as long as volatility exists, the people will always doubt about it knowing it can't even give a fixed value. As long as the government is not seeing its real worth and value, bitcoin will forever be an investment. And i think there's no need to rush in making bitcoin as a currency because once it will be declared as a legal tender, its volatility will be slowly controlled, which will only mean that investors and traders will find less chances to make huge profits in bitcoin.

I dare not say bitcoin is better than fiat currency, it is true that bitcoin is not controlled by any party and cannot be controlled by the government even state banks cannot regulate bitcoin, we are also free to invest wherever we want with bitcoin, but.the problem is bitcoin is still banned in many countries, even in the country I live in, we can't use bitcoin as a medium of exchange, in the country I live all shopping must use fiat, we can't go anywhere without holding fiat money...

It was never been created on the first place to replace fiat and it was just an alternative thing.It is just people or the community are being too optimistic on what they are seeing now on which they do
already presume that it should really replace fiat but to consider out that decentralized thing couldnt make things a lot more better.We do still need that centralization to make things
in order but to think about those flaws and abuse then lets just accept that fact that it was always been a part of that one.Why would be minding about both things if you could
really deal up with both too?

Ideally, it should be yes, especially in cryptocurrency we can control it by ourselves, not by big powers like the world bank or the government.
However, in practice, this is not the case.
Because basically this is still considered new technology, there are still many pros and cons, there are still many ordinary people who do not understand about cryptocurrency, even there are many media that spread negative news or FUD about crypto. So, the advantages possessed by crypto seem closed and actually dangerous.

The government is still undeniable of the bitcoin's potentials to be a good currency, so it will never replace the fiat in the long run. However, crypto enthusiasts have always high hopes in bitcoin that it will be considered as a global currency in the future, but in reality the real picture is bitcoin is just starting to prove to the people that it can be better as fiat. And as long as the government will continue to be in its opposition, the people will never start to trust and see it as a currency far better than fiat.

That is definitely true to majority of the countries. We can only use bitcoin if there is an agreement between the merchant and the bitcoin owner, but beyond that, bitcoin will not be used as a medium of exchange. But if you can go to El Salvador, you can have all the chances to spend your bitcoin there as bitcoin is considered a legal tender there. Hopefully, we can also consider Russia as another country to accept bitcoin too if the said proposal will succeed.

Politics and business is one of the reason why government cannot adopt bitcoin fast since if they do that for sure there is a big sector like financing or banking system might get hit on this if government will give good acceptance on bitcoin that's why they didn't give any good impression on it to protect their own interest. So lets just hope that government will find bitcoin really worth to be a good option as currency since it can change some things in economy and lives of the people.

Not all the countries accept Bitcoin because some of the country don't trust investment for digital currencies, people that have double minded to invest on cryptocurrency is people that have not known the values, so Base on inflation Bitcoin don't have official regulations like fiat currency, the inflation of fiat currency come from the centralized governance of government why the regulation of bitcoin come from the market situations of demands

Fiat money is something that is valued out of its backing. The backing can be bonds, gold or can be some assets. With bitcoin, it is said that the value is generated out of thin air. This can be kind of mocking, but there is some backing technology that makes it more powerful than the printed money. In every country Black money is a big problem, people accumulate fiat and never spend it. This fiat can't be traced, with bitcoin these issues can be easily solved. If a huge amount has got accumulated taxation can be done accordingly tracing the user. This is little complex, but anything is possible with technology.

I'm not going to say it was a better option over fiat as even we go in different places, fiat money is highly acceptable than the use of Bitcoin. Maybe this happen many years from now if major countries and establishments are accepting Bitcoin, not today.

In fact, here in my place, I'd never enjoyed using it, I still converting it to fiat money. Just for now, Bitcoin for me is totally considered as an investment, not a currency to buy things. I'm just looking forward to being accepted in our country like fiat, I'm not hopeless anyway as seeing the adoption is growing.

Even though bitcoin isn't widely accepted in most countries and by most sellers, it is still a much superior alternative when compared to fiat.

The fact bitcoin fights back inflation efficiently is already a good reason to consider bitcoin a viable currency for every aspects of daily life or long term goals.

Unfortunatelly most people can't see how they can be benefited by adopting bitcoin, so they don't create demand for it on the market, what doesn't incentivize sellers to also accept btc as payment method on their shops.

And then we have this situation related by many, which doesn't allow them to use bitcoin as currency on their countries.

I think both Bitcoin and fiat have their advantages and I'm not sure if the government will accept Bitcoin or other crypto better than fiat. We know that Fiat becomes the main currency of a country and it will be difficult to shift it. Although Bitcoin is increasingly known by the public but not everyone can accept it compared to Fiat. Personally, I prefer Bitcoin but I can't leave fiat either. I mean both can be used together and Bitcoin will be better for investment not for transactions even though Bitcoin is supported by advanced technology but still it can't displace Fiat in a country.

We can't say this same sentiment for other people. Because the population of crypto users is still very small as compared to global population. In my opinion, a lot of regular individuals still prefer fiat because they are more knowledgeable about it. With crypto, you can't expect everyone that they know how to transact with crypto. For most people, I think, they are still more comfortable dealing with fiat. Crypto has their pros and cons, so for crypto users already, we can always take this opportunity as an advantage to enrich ourselves in this industry.

the pros and cons come from the government which wants to maintain fiat because it can be controlled by the government. maybe at this time crypto is not relevant as a currency, but we don't know later if the situation develops, it could happen that crypto will have a place as a means of payment

In fiat the countries have their own coin which is needed for their transactions and economy still it has an impact if the price or the value of it might go down sees that the government must need to take an action on it. Also the reason too why the government would like to use fiat than cryptocurrency of course they don't have any control over it its decentralized the reason why they need to make a way to be centralised at the same time adopt the innovation. In my country, they created an exchange also a centralized wallet to manage the transaction of each user.

I wouldnt compare fiat money and bitcoin, because both of them are useful in some different ways. Both are essential need to survive during this days..

Bitcoin can be used as an alternative payment (remittance), storage of wealth and gonna also use for investment and trading. While fiat is used to purchased our daily needs or used for day to day transactions, paying bills and etc.

I do agree with you on that and not only during market correction but because of that volatility when you spend Bitcoin on depreciating assets, it seems like you have waisted that amount of Bitcoin cos I remember a post some week ago about some investors buying an iPhone with Bitcoin and even when most think it was good news that Bitcoin was been accepted in many retail shops now but most believed that asset has a depreciating value compared to Bitcoin so, Fiat is still good in terms of daily transactions while I do appreciate my Bitcoin more as an Investment. 

I think I agree with this because some countries will not accept bitcoin as a payment system as they already trust their fiat but can accept bitcoin as an investment instrument. That will help people buy bitcoin, keep it in their wallets, and only sell when they need money. I think it will be better for bitcoin in the country, and I think that will not break some country regulations that there is no other payment system than their fiat. We can not even force the government to accept bitcoin as a payment system, especially if they do not have a plan to add bitcoin shortly. Maybe they will change their minds and accept bitcoin in the future.

it won't be easy bitcoin Replacing Fiat Money.
Fiat money is a legal tender and will always exist and cannot be replaced. Fiat money is easy to regulate and has become a basic thing in the country even though inflation often occurs.
  all countries do not agree with bitcoin only a few countries agree with bitcoin even though a small part is only for investment assets not for legal payments. Bitcoin in my opinion is vulnerable to money laundering and corruption because it is not easy to trace. and this is a fatal thing in the state that must be avoided.

I would say bitcoin is better in some many ways compare to fiat currency. We can use bitcoin as a form of money,purchase goods and services, remittances, basically the same way we use fiat currencies today. And also we can use it as a storage of wealth and investment.
Unlike fiat money, we can only used it to pay our daily needs, bills and taxes. Bitcoin is harder to lose than fiat money because it is digital.

I like this person's thinking, big respect to him...

the controversial line I like about him is when he says "fiat is the biggest scam". it is not easy for a businessman who still relies on a state regulation to say that but he dares to firmly say it, he must be ready with the possible sanctions that will be imposed on him, trully brave man.

For this year, maybe not, especially the government which in many cases is the biggest opponent of bitcoin because of its freedom so maybe the government will lose its power over the people's economy. Maybe one day if the government has found a way to still be able to benefit from the presence of bitcoin from a power point of view they will think the same thing as above.

Yes, that's right, bitcoin always rises in price in the long run, but you need to choose the time to buy it, because if you buy when bitcoin is at its ATH, then you will have to wait for profit much longer than if you bought it at the time of the market subsidence. Buy low - sell high, a simple tip that can help you become wealthy faster. ;)

Well there are different perspective in the word HOLDING.

There are others that wanted their funds to be On hold so they have funds to withdraw everytime they needed , (Without any less, i mean completely) that is why they tend to Hold fiat.

There are people that wanted to Hold their funds to Make a profit and that is why they are putting this in crypto specially in Bitcoin, but the problem is when time of emergency  withdrawal. because they can lose the amount when dumping happens .

Cannot say that btc is always a better option because to me bitcoin still has some flaws as when compared to other fiat options like some of them are stable and no risk that they can lose their value but btc does although btc has an advantage compared to them when it comes to investments because btc can regain what he lost.

It is true that you wont gain anything when you just hold your fiats but you can make something if you use your fiats in different types of investment including investing in cryptos. Btc is volatile so no there is no guarantee that you can earn a profit overnight but the chance is high to earn a profit if you hodl your btc for long term.

Bitcoin is not perfect, it still has some flaws. So Bitcoin is not always better than fiat, so I don't agree with Bitcoin replacing fiat. Since both fiat
and Bitcoin we really need both, it would be ideal if Bitcoin and fiat co-exist, so that Bitcoin and fiat complement each other. If we save money
to shop for daily necessities in the form of Bitcoin, it will make us lose, because the price of Bitcoin is volatile, so it's not every day the price of
Bitcoin goes up. Sometimes the price of Bitcoin goes down and if we sell it for our daily needs we will lose. Bitcoins are great for long-term
investments, and for grocery shopping it's better to store them in fiat. So we use Bitcoin only as needed, because we have to know when to use
Bitcoin and when to use fiat.

We cannot throw away Fiat money now that we found Bitcoin, we all invested the Fiat money into acquiring or Investing in Bitcoin hence it has shown it still have its usefulness however, Bitcoin is definitely a better option when it comes to long term hodl. Holding your fiat in the bank wouldn't give you what you would get from HODLing Bitcoin in your wallet over a long time and for now, we cannot spend Bitcoin everywhere like we can do fiat. I would say both have their good.

Hey, I'm as deep into and enamoured with Bitcoin as the next guy on this forum, and I can certainly agree it is a better option than fiat money, or gold, depending on the solution it provides or proposes. Retaining value, transporting value, especially, as these are cases actually happening now with a lot of people dealing with hyperinflation or dollarisation issues.

But for regular Joe, even here where I live where digital money is more popular than physical cash, Bitcoin is still impractical for every day use.

Sure, I still order food once every week or two, and I mindfully use Bitcoin -- but only because the food app allows for it via Bitpay. I've even ordered travel tickets already more and more with Bitcoin, but Covid gave me quite a bit of refunding headaches there. For example, a credit card payment would have been overturned easily with a call to the bank, no questions asked, had the issuer not honoured refunds quickly. I can tell you it was a horrible process dealing with Bitcoin-paid tickets. I got the refund back in fiat, btw, and no Bitcoin merchant I know of (using a 3rd party processor) would ever refund in Bitcoin itself.

I love Bitcoin but I'm not prepared to spew the untrue mantras.

That seems going to be a problem and that is why we consider Bitcoin as an investment, not fiat that we can use to buy stuff. As the situation remains like this no question that people will choose fiat over Bitcoin as clear to see that the main reason for acquiring Bitcoin is to make a profit, nothing else. Even some merchants and business owners are not supporting Bitcoin to become a currency as they consider the risk of its volatility if that happens which might give them losses. And even seeing for another decade, this will never be changed.

On my end, just be grateful that we have bitcoin today. We can't disregard the use of fiat just because we are a btc user. Majority of the global population are still relying on fiat, and I don't see that changing for the next decade or so. Bitcoin or crypto users may continuously increase in number, but the usage of fiat in our daily life will still be patronized by most. Bitcoin right now, is treated more on investment side as the volatility factor is its main attribute. Whereas, fiat is still the main currency of every country.

 Bitcoin gives you freedom over your finance and financial control over your money.
Bitcoin solves a whole lot of problems fiat hasn't, so I will agree with this in you.
Gradually, government are embracing and accepting Bitcoin, that doesn't mean the use of fiat isn't effective.

Although down my ends, Bitcoin hasn't been used for transportation and other normal services.
Fiats are still in use in my neighborhood, but gradually this will come to full adoption.

Fo me, yes. Bitcoin is a lot more better than fiat, no inflation, no corruption, and you manage your own money. Fiat is too old in this information age, too old that other countries suffer from hyperinflation that leads to poverty because of corruption as well. Most of the government still not allow it on their countries because they can't control it, that's the only reason why, unless a certain country has a very good leader that only think about his people.

If in terms of inflation rate, bitcoin is better than fiat currency and the main reason is bitcoin is not regulated by central bank or even government. Therefore, the inflation rate is not very influential, and on the other hand fiat currency can cause an increase in the inflation rate of a country if it is printed more in that country.
In addition, bitcoin offers features that cannot be offered by current fiat currency systems, bitcoin can be used and received by anyone, anywhere, anytime around the world and without the need for banks or governments and transactions are very fast, secure and very convenient because it makes things easier than fiat.
And this is the most revolutionary aspect of bitcoin or crypto.

You need to understand what purpose you are using bitcoin for and in what qualities you are comparing it to fiat money. It seems to me that bitcoin is now hard to be classified as a means of payment, it is more suitable as a means of accumulation. As long as almost everything in the world is counted in fiat money (dollars, euros), bitcoin is not going to be a convenient means of payment.

I somehow disagree with your statement. While BTC may be considered as a valuable instrument as a means of transacting from one person to another without any third-party intervention, there are certain instances where fiat may be considered more convenient. For example, BTC is considered both as an asset and as an instrument of exchange but it requires a certain wallet that can only be accessed with the power of the internet. While in fiat, there is no need for any such technicality as you can purchase anything as long as you have it.

Yes, Bitcoin has a lot of edge over fiat and I must say that it's more convenient for us to use it as a currency. The government has no control over it compared to fiat so we could transact freely. I just hope that huge businesses would adopt Bitcoin in the future so others would also see its importance and the convenience that it could provide as a currency.

In my opinion, one should not limit oneself to something that the Law has not already limited! If you can do both, why should you choose one? You can compare as two currencies of different countries that are in circulation on the territory of a third country. We are all citizens of the world and bitcoin speaks volumes about this. Now the main thing is that the world community should accept the fact of the existence of cryptocurrency as soon as possible and integrate it into their economy as gently as possible. When the balance is found, everyone will benefit from it.

No, you can't tell this reason to those who don't like the high risk of investing in bitcoin. So far bitcoin is for those of us who believe in its potential and who dare to risk its volatility to invest while for those who don't, fiat investments with low annual interest can still be considered. Bitcoin is too risky for them although it has never been a problem for those of us who know what its potential is in the long term.

Fiat investors may regret ignored bitcoin in their investment portfolio after seeing how the bitcoin price reached ATH. Good returns in the long term make them start to think at least not to ignore it, it has been done by some of the world's rich today.

https://www.digistore24.com/redir/325658/Seanowens/

^That is what they are thinking now for those who have been adopting BTC, it is all about storing value just to make a profit and not just a mode of payment, probably there are some using this as a mode of payment but the majority are using this because of accumulation and while making profit through hoarding it and waiting for a good value comes. But I don't think BTC is a good option than fiat because for me they have pros and cons of each other that we should consider before deciding its functionalities. Both are useful for me.

I heavily agree that most people who are engaging now are ones who do really mind off about on how to make profits and not really minding about total application or real use
case of Bitcoin itself thats why they dont really mind off whether on what would happen as long they could make profits then speaking of options wouldnt really care that much
and the rest are being too optimistic which it did really comes to a point that it wasnt already that realistic anymore.Bitcoin is better that fiat on some terms but we couldnt
really ignore that it is still plays a vital role on economy speaking of fiat itself.

There are two fundamental differences. Fiat money is always inflationary, while bitcoin is deflationary. That is why its value in fiat is always going up. But if you look at it as a means of payment, it is more convenient to use fiat, because, for example, in a year your purchase could be several times more expensive or cheaper than your current purchase. In general, bitcoin has to become a world currency, so that it is easy to use.

Bitcoin having advantage over Fiat is like blowing a trumpet that has been blown several times here, and it's focal advantage point has always been out of the control of government, but is this fact, take for example in my country government are clamping down on crypto-currency users and it's getting really bad, the true essence of the decentralized advantage point over Fiat only occurs when you operate on it, I don't think your privacy is safe when you join an exchange that requires your KYC.

This has been proven already when bitcoin made a quite number of millionaires particularly those early adopters, and most often those who take risk in long term hodling gained huge returns in life. So if fiat investors will be more open and accept the risk investing in crypto, they will also experience the massive profits that only crypto investors were able to experienced. Although there is no late in crypto, but if they keep missing chances, they will never be seeing huge returns from their investments.

bitcoin has many advantages

fiat has many advantages

That's why I don't see any reason to make comparisons.

for example:

fiat is recognized by governments which allows it to be used in countries, everything you buy uses fiat, people receive a salary using fiat, but there are maximum values ​​for walking on the street with fiat, something that does not happen with bitcoin where the person can be their own bank

There is advantages and disadvantages in both BTCitcoin and fiat currency, we need to balance them out and use accordingly and it a fact that there is no point in comparison. If mainstream payment mechanism does not work in certain aspects BTCitcoin is the only way you can conduct transactions and do business and there is nothing better than BTCitcoin to make online purchase when you are purchasing from a global marketplace.

Fiat is not serving the same purpose as Bitcoin, which is more of a store of value, a kind of easily accessible investment, one of its kind. It's like gold, but gold you can actually take with you wherever you go and pay with it in case of emergency when you have to access your savings.
If you want examples of how it's better than fiat just read what happened to the money raised for protesters in Canada. The site stole them because it was centralized, so they begun raising money using bitcoin, because that can't be stolen by authorities.

The fiat currency is a currency that is accepted as a legal tender by government regulators and the role of central banks in the economy has increased with the introduction of fiat money as it controls the printing of the currency controls the financing of the economy. Is printed, but it can cause hyperinflation. But for bitcoin it is completely different. There is no government control here everyone can work independently so bitcoin is definitely a good alternative to fiat easy to do illegal activity of fiat currency bitcoin's it is not possible.

Fiat is easy to trade as it's the legal currency and accepted by all from a long time and it's value will remain the same for its whole life and the only thing that makes it inflationary is the rising inflation and government printing more similar notes to counterbalance it but in the turn making it worthless.But for Bitcoin to become world currency there needs to wide adoption and it still will not replace fiat completely and work as alternative to it.But for those who knows about btc it's best option to use as store of value and as payment processing also.

That's why I said it's not really correct to compare bitcoin to fiat money. The original idea was for people to use bitcoin instead of fiat money. But now things have changed and bitcoin has become a kind of digital gold after funds and big players entered the market. But bitcoin can save your money from inflation.

All these advantages will be happening to bitcoin soon if the massive adoption will continue. It may not replace fiat, but its a good alternative for fiat in the future. For now, the best advantage of bitcoin is to have it for financial freedom. And this is rare to happen in fiat, as inflation continue to depreciate the value of fiat. And while fiat is closely monitored by the government, with bitcoin you can have limitless opportunities without the authority monitoring it.

I will further tell in this case that it was also a time when gold was also a currency being used by all over the world and then with the introduction of fiat many people found it strange to use and some opposed it but then a time came when fiat was the only currency of the world. Now another transition may occur between fiat and bitcoin. We will enter in another time when people all over the world will use bitcoin as their currency.

Many seemed to compare these two since both can be associated and used as payment for services. There is this comparison which is also similar to gold, where people would debate on which is better. The difference is, BTC is relatively easier to earn compared to owning gold.
Personally, fiat will always be the better option compared to BTC. Like what you have mentioned, the recognition and utilization of BTC is yet to be globally accepted, given that most countries still prohibit the transaction of such due to the risks involved on their part (e.g. anonymity on transactions, etc.).

Since fiat can easily be regulated and controlled by the government institutions, BTC on the other hand, cannot be regulated without losing its function and essence.

With the existence of bitcoin it has proven to the monetary system that infinite finance is a failure model. We people have been used to it, and it has provided users with the best service features.

The infinite printing of currency with gold backing makes the centralised system trustworthy against the technology backed cryptocurrency. Cryptocurrency and fiat have got advantages over the other, but with time the adoption only will give the answer whether bitcoin is a better option or the fiat will fulfill people with the features of cryptocurrency.

I don't think we can give an absolute answer to that question. Both crypto currencies and fiat money offer advantages that we as consumers and investors should take into consideration. It also depends on our general financial situation if crypto currencies or fiat money are better. For example, the average person receives his monthly salary in fiat money. The loan for his car or house is usually also in fiat, same goes for paying taxes and other bills. In such a case I would argue that fiat money is the better option for him. He can invest some of his money into cryptos but since his obligations are mostly in fiat he should stay like that. However, if most of our income comes from crypto currencies than it's a much better option for us. If income and expenses are in different currencies, we face the risk of getting hurt during bear markets. As long as inflation is so high, the risk is small and crypto seems like the better option. But who knows what crisis we will face in 2022.

I agree with your arguments. It is impossible to directly say which is better, fiat or cryptocurrency. These are completely different financial assets, and each of them performs its useful role for society. At the same time, they cannot replace each other either.
Nor can it be argued that the national currency of states is an unsuccessful attempt at the existence of means of payment. With the correct and skillful work of the Central Bank and government agencies, cash and non-cash currency is an effective means of managing the economy and increasing the well-being of people.

The trend of using crypto or bitcoin has experienced a fairly rapid increase in the world, but even so the use of bitcoin is still limited as an investment and has not been fully accepted as a currency at this time, in my opinion, both fiat money and bitcoin have different functions as one of the valuable assets, but the existing regulations of course require us to continue to use fiat money as a transaction tool, but the need to store assets when inflation occurs may be more inclined to make bitcoin the prima donna at this time compared to fiat money, so I think it's better we no longer compare the two, because indeed both can be said to be important but clearly have different functions at this time.

however, the use of fiat is still very strong for now everywhere. Bitcoin's mere existence as an investment asset in most countries cannot possibly beat the popularity of fiat adoption.
Indeed, we know that currently there is news of several countries using bitcoin as a legal transaction tool. but I believe, fiat turnover is still very important in the country. we have not been able to escape from this ancient technology.

For me yes it is better when you are just going to keep it,
But in terms of payment I still think that Fiat is still better than Bitcoin,
Most of us see Bitcoin as an investment tool not as a payment option.

I dont consider this advantages for the fiat money. Fiat money is controlled by the governments and they can print as money currecny as they want. They do provide the security and take responisbily of the currecny, but they never promise you for inflation free economy.  Bitcoin is volatile and have some little issues but these can be easily resolved once it is adopted by everyone. Government dont reconzinge bitcoins but who cares. They always want to make us slaves by controlling us and not providing the public with finicial freedom.

In terms of investment, I'm choosing bitcoin, but for the regular transaction, we cannot deny that fiat is more widely accepted compared to bitcoin, so we cannot just ditch fiat for bitcoin because it will not happen. The majority are still using fiat, and I don't see any possibility that bitcoin will surpass the popularity of fiat in the future unless we will shift into a decentralized world or government.

People are paying widely in fiat for their local purchases but many people like others to accept bitcoin for their purchases but they cannot because the retailers are not aware from this much and they do not accept right now. For international purchases crypto is used by people on all those platforms where it is accepted and people are happy with it.

Not as soon as you think. Don't get me wrong I am all for Bitcoin as well, but fiat currency cannot be phased out. No matter how high the inflation rate are because there are still those who choose to use fiat currency as a means to access everything. Currently, we do not want to pay for a cup of coffee or a quick fastfood launch break using Bitcoin, because of the transaction fees and some people is too afraid that they might going to regret spending Btc at this current timeline.

I definitely would agree that Bitcoin and fiat currency could both co-exist for the longest period if time.

I think that's the final goal of bitcoin, to be accepted as a currency and to be a good alternative for fiat, knowing for sure that bitcoin won't replace fiat in the long run. Although there are a lot more advantage using bitcoin, but its undeniable that the majority are still trusting fiat because its the only legit currency approved by the government. And as long as the government continue to backed fiat, the use of bitcoin will never become mainstream. Bitcoin as an investment may be massive, but having it as a currency will always be limited in scope.

Wrong. bitcoin never increase in value every year instead mostly happens every 4 years and that is when Halving of Miner happens.
While i respect your position in that Big profit thing , but this will only happen if your fund  invested are the amount that you can afford to wait for long time.

That is the sad thing , hope it will be legalize in future.

I agree with what the OP said above, and I've been thinking that way ever since I understand Bitcoin. But what we understand is contrary to what the government wants, they want restrictions on what we do with regard to the economy of an area, this is actually colonialism, but this is also one of the government's protections against us as the most basic economic driving asset. So in my opinion, Bitcoin does beat Fiat by a landslide, but the government won't let it kill us and them because of its infinity.

Bitcoin is now increasingly popular and even all people are familiar with bitcoin, maybe in certain countries they have provided a special store that accepts bitcoin as a transaction, but I agree more with your opinion, bitcoin is better used as an asset and as an investment, because the price of bitcoin is definitely an increase every year, in my country the government has not legalized bitcoin as a legal tender,

No doubt, Bitcoin gives you benefit if you hold it. I am saying in sense that if you buy one bitcoin at a price of 40000$ and after two months its price pumps and reach upto 50,000$. It means you have 10,000$ profit. But you can also got loss. It means if you buy it at a price of 40,000$ and after holding of two months it price dumps and reach upto 30,000$. It means your investment is -10,000$. It better to hold in this condition then to book loss. Its all upto to you.
But in fiat your investment becomes stable. It always becomes stable  until you change it on another currency.

Cyptocurrency (Bitcoin, Eth etc.) is better than Fiat in many areas (decentralize, immutability, Scalability etc.). But the greatest challenge of Blockchain Technology is Volatility. Buying BTC at #60,000 today waking up tomorrow to see it at $45,000 coupled with some scam projects that are now common in the space. The above are nightmare to the industry.

If that is what you think, you'd rather choose fiat instead.
I'm in doubt of that nightmare coming to me as the volatility of the market making no deal for me as I was able to adjust to the situation but if you are not, that can be terrible.
The only thing that challenges us in using Bitcoin is its transactions delays. We would like an instant which is supposed to happen but it wasn't happening in real. As more users come, heavy network traffic will show that could even slow the process which is a need to address first prior to encouraging people to use Bitcoin over fiat.

You are right, for now just in the consultation with the pediatrician of my 4-month-old daughter, the doctor recommended that I buy vaccines such as pneumococcus and rotavirus, which are essential so that the baby does not suffer from respiratory diseases and so on, so what I proposed to him was not what I expected, I told him that if the payment could be made in crypto, it does not matter through BNB, BTC as he thought best and he said yes, that the laboratory where he works if they can make payments with crypto, which I did not expect but I totally liked it, this means that BTC is on the right track.

This shows how the day to day usage of cryptocurrency is making changes in the payment system. In some countries it is common and more services have begun to accept cryptocurrency into their businesses. Apart from those countries, there're countries that are economically down. People from such countries find cryptocurrencies as a better way to keep their earnings safe against the inflation. Once after the pandemic situations were even worse and the same has made all levels of people know and make use of cryptocurrencies.

It is not blockchain that has the volatility but it is bitcoin and other cryptocurrencies alone. Well, this isn't the greatest challenge. It's part of its character.
We have already embraced that and we find it not as a challenge but as a character for which giving us the idea on why we should hold bitcoin as an asset.

As we already know that the government has the authority to freeze our bank account when there is some anomaly they see in our transaction records, storing bitcoins is the thing to do here when you think you are about to lose all of your money. You can just convert it to fiat whenever you like at least right now you have all the freedom you need and have full control of your money. Most people ignore this golden opportunity and sometimes you are lucky that you gonna increase your assets because while holding BTC, the price sometimes increases.

What?
From the quote that you are citing I didn't came to the conclusion that Salinas prefers Bitcoin over fiat.
Bitcoin is a better option than fiat money,if you are talking about store of value.
Bitcoin isn't any better than fiat money,when it comes to daily retail purchases.
Bitcoin isn't better than fiat,if you are going to use some centralized custodial entity to store your BTC.
Spending paper cash can be as anonymous as than spending Bitcoin(spending BTC isn't anonymous,unless you are using a good BTC mixer).
I think that you are oversimplifying everything.Perhaps you should learn more about Bitcoin and fiat.

Why use a slow settlement layer for day-to-day transactions when you can use second-layer solutions like Lightning Network that are more suitable and designed specifically for small payments and where transactions are almost instant? When you compare fiat payments with bitcoin, you should take into account that in the case of debit/credit cards payments aren't instant, they take weeks or even months to settle, whereas in bitcoin even on a basic level payments are settled relatively quickly (it takes 10 to 60 minutes for payment to take place, after that it will be immutably written in the history of transactions). Please note, in the case of small payments like coffee or similar, merchants usually accept transactions with zero confirmations, which means it is sometimes even unnecessary to use second-layer solutions. It is even less risky for them to accept bitcoin because that protects them from malicious chargebacks and similar counterparty risks.

Fiat currency is becoming worthless, your purchasing power is diminishing every single year. The intrinsic value of fiat money is basically 0. It is an inflationary asset, it’s being made a joke by crippling inflation & money printing.
Bitcoin is digital property, hard money, it’s deflationary. You must own as much as you can & be on the right side of history.

we definitely won't see these advantages anytime soon in bitcoin, to be more precise bitcoin still has a long road to go before catching up to fiat. for example how would people receive salary and pension in bitcoin? even if it is 3 years from now it will still not be possible... bitcoin still needs to be legalized in many countries, currently the number does not even reach more than 10 countries that have made laws about bitcoin.

The only benefit what people may possibly look at for now is the potential to gain more value over the years but even if that's the case we still have downsides which caught up many newbies. Maybe those other technicalities is not so appealing with big companies to use for means of payments as well as for normal workers to receive it due to hassle it may bring but maybe in future once government settled up and successfully regulate it maybe we can see this one get a good global adoption and can be declared as legally alternative to fiat.

perhaps we should look as well what are the benefits that what we can get from bitcoin compared to fiats especially when it comes long term investment.

And to be honest the word" Volatility " is the main reason why people keep supporting and investing in bitcoin because they all know how to take advantage such manner of an assets.

Definitely true. Volatility is the reason why bitcoin makes so special to people. Thats why they keep on investing in it..It has literally become the best form of investment and yes it is worth investing in.Bitcoin has helped millions of people/investors across the globe.Aside from that bitcoin is the perfect hedge from inflation.Bitcoin is more than like fiat money but fiat is also important for our daily transaction.

Mr. Ricardo is one of the bitcoin maximalists in this world, i salute his complete belief in Bitcoin, being a wealthy businessman in a country that still uses fiat, it's really not easy for him to talk like that.  with his statement it definitely makes him a target for government taxes and the government is eyeing how many crypto assets he owns.

I think that both, both BTC and FIAT money are necessary in our daily lives, in very particular cases such as those of countries in crisis with high inflation rates, BTC becomes one of the best options to jump those financial limitations and get out of the internal system and having a better particular economy, however due to the nature of BTC of having a net deflationary economy it has a very clear advantage over the traditional economy, I think that is the greatest advantage that BTC has and that makes it unique over Fiat.

We can see the situation that you're explaining.

Especially in times that there's a war or economic sanction or the status of a country isn't good, bitcoin is a key getaway and helpful in those bad times.

Whether it will be a personal struggle or an economic struggle. Bitcoin surely is helping everyone who holds it.

It’ll definitely will be the best alternative at least and not totally going to replace fiat. It was proven time and time again that it can bypass restrictions of the government, banks, etc.

If you look at the protests in Canada, centralized fundraising platforms are blocking them from raising funds. Instead, they turn in to Bitcoin and have raised a lot of money. The same thing goes to the Ukraine-Russia crisis where the government of Ukraine have received donations in BTC. Binance also donated $10 million to them.

A true game changer for us in the financial sector where we fully own it rather than storing it to a platform with a 3rd party control.

Bitcoin and Fiat has its own advantage and disadvantage. At this stage now, I assume that almost everyone of us here knows about that already. We must ready to accept the fact that there are certain individuals that are pro-bitcoin and there are ones who aren't, it's also the same with the fiat.


Nope, the main and usual reasons why people supports or into bitcoin is that it can be a hedge against inflation and it's a decentralized currency. Volatility isn't the reason, it's the risk that people willing to take.

That's the advantage because no one could control bitcoin, once it's in your wallet it's easy to transfer it to any address you like.
Unlike fiat, when you store it in the bank, the central bank or the bank itself with whom you opened an account could freeze it based on the order of the authority. Bitcoin and crypto are decentralized, no authority at all so no one could freeze our transactions.

That's the real purpose of bitcoin, decentralization will eliminate 3rd party, the only 3rd party we have are the exchanges if we decide to convert our crypto to fiat.

There's no doubt that when it comes to that aspect, bitcoin has edge over fiat.
We can be our own bank as we have the full control of our funds.
However, many people still prefer to trust their funds to the banks because they want this institution to secure their assets and be responsible about it.
They have others taking the responsibility of securing their assets to safety. And a lot of people don't know yet how to manage crypto.
Also, other financial transactions like housing mortgage requires to have an account from the bank. Which is why in some cases, having bank account is necessary.
Moreover, the volatility factor is one major factor why people are hesitant especially those who are not really knowledgeable with crypto market.

We are actually seeing its relevance on times like this specially now on a war.We've seen on how it do really acts as a medium which could really make things easily accessible which is the true beauty of it.

Not to be able to replace on Fiat money overall usage or application but there are some limitations and now we do have options we could take and choose up according on various situations or conditions.

Although bitcoin has its advantages, it certainly has its drawbacks as well. until now the government still considers that fiat is the most relevant to use. indeed because we are struggling in the crypto world, of course we want bitcoin to be usable immediately, but the government is certainly looking at it from many directions to legalize it, hopefully with this conflict paving the way for bitcoin to be adopted

I think so, bitcoin is better than fiat money because with bitcoin we don't depend on anyone including the central bank and the most important thing is the presence of bitcoin can reduce inflation because the value of bitcoin will continue to rise, this is what makes me not hesitate to invest and hold for long term my bitcoin.

I think the very fast development of bitcoin makes many countries worried, but we have to admit that bitcoin is getting better and the support of a very large community makes bitcoin's position even stronger, even for transactions between nations, the presence of bitcoin is the best solution than fiat which of course can only be used for 1 country.

Yes.

Let's just settle that replacement of fiat.

The time has come that the world is seeing how good and helpful bitcoin is. Look at the banks, the central banks that have been controlling the flow of money and withdrawals.

While bitcoin, it's been there for them anytime they wish to receive or send money.

Of course, the recent war time is enough to show that Bitcoin is the most secure asset, and it is in line with the ideal of human development. Bitcoin is irreplaceable and irresistible.

At present, we have equipped ourselves with the knowledge to know what is right. So, IMO it will be impossible to judge one as better than the other completely, and there will always be a different view of them. It's not exactly good for me, but it's generating a satisfying income for me, so I care about it. It doesn't make any difference, as they are all representations of a tool of exchange in life. Just keep it simple about its existence, and don't force it to be like this.

I mean yes and no when it comes to this. Bitcoin certainly has aspects to it like decentralization ,limited supply, borderless, works 24/7 etc. I’m not sure that bitcoin could ever necessarily overtake any counted fiat currency system anytime soon or ever. Bitcoin is just too slow right now. Now we’re seeing the US gov is wanting to creat their own coin. Crazy times.

I dare not say bitcoin is better than fiat currency, it is true that bitcoin is not controlled by any party and cannot be controlled by the government even state banks cannot regulate bitcoin, we are also free to invest wherever we want with bitcoin, but.the problem is bitcoin is still banned in many countries, even in the country I live in, we can't use bitcoin as a medium of exchange, in the country I live all shopping must use fiat, we can't go anywhere without holding fiat money...

Most people do not understand either banks or cryptocurrencies, but at the same time they want security for themselves and their finances. There are cases when even experienced people lose money due to various circumstances, so there will always be risks, you just need to decide for yourself whether you are ready to be responsible for managing your capital. At the moment, bitcoin is better than fiat, but you need to spread the risks and never put all your eggs in one basket.

it is not something new that Bitcoin is a better option than fiat currency and even the government understands this but they don't like no censorship and decentralization of Bitcoin. Besides, if someone like Kiyosaki and the institutional investor sees Bitcoin as the next bigger what proof do we need to show again.

Overall, Bitcoin is definitely better than Fiat Money. But not each other's substitute but complement each other.

The advantage of Bitcoin is that it does not carry any risk of embezzlement by 3rd parties. And it's a very fast medium of exchange. Charge-back is not possible without Fiat Money on the other hand, so Fiat Money is more important in banking transactions. I think Fiat and Bitcoin both are functional at the same time, it is not possible to take over one another.

For me, a great advantage of bitcoin over cash is that you do not have to carry it with you at all. You can send and receive money from anywhere in the world with an internet connection. You can have a nice balance in your bitcoin wallet, but you do not have to carry it with you. A hardware wallet or a piece of paper is all you need to write down the private key of your wallet. Furthermore, with bitcoin you do not need any centralized control or third-party involvement in the payment process, which is a major advantage that no fiat currency has, which makes bitcoins a better alternative to traditional currencies.

This assurance is what most wanted to hear and have but the problem is that most of the people knows nothing about this till now .
that bitcoin can lead them to most probably better use of their funds instead of Having Money in pocket or in banks.
so in time realization will come and that is when the world will finally accept that fact that bitcoin is needed for the world to progress.

We have seen in the recent war situation that Russian Ruble has gone done considerably and we never know how much more downside can we see in this currency. People are selling this currency and buying bitcoin which shows that bitcoin is the best investment. Bitcoin will not lose its value in situations like war etc because it is not a specific region currency but a global blockchain currency.

I believe with time those countries that banned bitcoin because is a decentralized currency that is not control by the government or manage by the government officials will soon unbanned bitcoin because of the good news they are hearing about bitcoin from other countries that adopted it into their country. Some countries are about to legalized bitcoin for their citizens to start having knowledge about bitcoin and start earning something good from bitcoin investment in the country.
The moment those countries that banned bitcoin later accept it, it will be a great joy into the Life of those citizens that want to purchase their goods and services and pay with bitcoin without involve fiat money.

But is there any source mate ? a clear source that Russians are Buying Bitcoin and Rubbles are being taken away or thrown ? i am not sure if there are even shared here but this was just speculative , look at the market then when was that comes ?
because up to now market is still dumping and the price of Bitcoin does not even climbed 45k again, is this the truth about the dumping of Rubbles?
maybe it is the other way around that is happening?
but of course Bitcoin is still going to increase in the coming days,weeks,months,years .

What do you mean by using BTC as the medium of exchange? Using it as a payment tool?
Even if you cannot use BTC as a payment tool, you are free to invest in Bitcoin, right? If your main purpose is for investment, it shouldn't be a serious problem. You can sell your BTC or convert it to fiats whenever you want to pay for goods or services. Don't make it too be very complicated! As long as BTC isn't fully banned in your country, don't think too much that it is a big problem.

The number of wallets with at least 1k bitcoins in it skyrocketed the day sanctions were put. This made people think that it must be Russian oligarchs that did it. I mean it is not a bad idea, it actually has a logic behind it, can't be just coincidence.

I am not saying that all of them were Russian oligarchs, but they obviously saw bitcoin as a way of avoiding that even before the war started because they know Putin and what he can cause them. So that is why when the wallet numbers went up that much, everyone assumed it was Russians. Which caused this speculation that Russians are using crypto to avoid sanctions. Not 100% legit info we have, but logical arguments that makes sense.

Bitcoin can be likened to digital gold which however is a store of value. Bitcoin can serve you better if you understand the principles on which it operates compared to fiat. Fiat is controlled by government which however tells you that you have no 100% control over your assets. In the other hand, exchange too act under government regulations so therefore, anything can happen at anytime but you holding your assets in your own custodial wallet gives you a clean and unhindered 100% access to your assets.

El Salvador was one of the highlight news about this though I know it was long time ago already. From the current war happening right now, I doubt that any countries are going to think about it for now. Donations to Ukraine could lead other people to use Bitcoin to donate as well, but that's it.
The adoption for buying physical goods using Bitcoin is quite slow here in my country though.