Fiat currency VS Bitcoin

[CryptoYar]

[...]

That is powerful case which you explained against Bitcoin ever fully replacing regular money. You pointed out that its technology is too slow and expensive for daily use around world. You are right that however it is comparison to gold standard. World moved away from using fixed resource like gold to allow central banks to better manage economy and promote growth. Currency like Bitcoin would take away this important flexibility which could cause major economic problems. And yes almost everyone agree that Bitcoin is unlikely to ever fully replace fiat currency.

[@nn@_pen9]

We experience and will still experiencing the waves of changes and uncertainty. Will Bitcoin eventually replace Fiat currency? Why or why do you not think so?

I believe it's very difficult for Bitcoin to drive the global economy, let alone completely replace fiat currencies, due to regulatory factors, price volatility, and uneven mass adoption. Bitcoin's highly volatile price makes it less than ideal as a daily medium of exchange or a stable store of value. When prices can fluctuate dramatically in a short period of time, people tend to hesitate to use it for routine transactions.

Additionally, fiat currencies are backed by governments and established financial systems, so a full transition to Bitcoin would require major changes in the global economic infrastructure. Most likely, Bitcoin will continue to develop as a new asset class that complements the traditional financial system, rather than completely replacing it in the near future.

[ThemePen]

I believe it's very difficult for Bitcoin to drive the global economy, let alone completely replace fiat currencies, due to regulatory factors, price volatility, and uneven mass adoption. Bitcoin's highly volatile price makes it less than ideal as a daily medium of exchange or a stable store of value. When prices can fluctuate dramatically in a short period of time, people tend to hesitate to use it for routine transactions.

Additionally, fiat currencies are backed by governments and established financial systems, so a full transition to Bitcoin would require major changes in the global economic infrastructure. Most likely, Bitcoin will continue to develop as a new asset class that complements the traditional financial system, rather than completely replacing it in the near future.

You are right that main reasons it is unlikely to replace traditional money. Government rules and its unstable price and fact is that not everyone uses it. Most important issue you already raised is that currency needs stable value which Bitcoin currently do not have. And yes Bitcoin will likely become helpful asset alongside our current financial system other than taking it over completely and  this is practical conclusion that many financial experts agree with.

[lizarder]

We experience and will still experiencing the waves of changes and uncertainty. Will Bitcoin eventually replace Fiat currency? Why or why do you not think so?

I'd also like to hear your reasons for why Bitcoin will replace fiat. Bitcoin's purpose was not to replace or compete with fiat, but rather to provide an alternative to the problems caused by monetary policy issues with fiat currencies themselves. This then creates unnecessary comparisons, as Bitcoin can coexist with any fiat currency. This is the root cause of people seeing Bitcoin as a rival or even a potential replacement for fiat currencies.

Honestly, I hope Bitcoin can become an alternative that everyone can utilize, so that its presence doesn't disrupt the fiat currency system and instead can coexist, allowing all communities to benefit from its advantages. Thus, we have options if we want to choose one, based on the advantages and strengths of each.

[GigaBit]

We experience and will still experiencing the waves of changes and uncertainty. Will Bitcoin eventually replace Fiat currency? Why or why do you not think so?

There are many reasons why Bitcoin will never replace fiat currency. Bitcoin has not gained the acceptance of fiat, although its acceptance is gradually increasing, but it has not been widely used by ordinary people. That is why it is not possible to replace bitcoin in place of fiat. Bitcoin is a highly volatile currency where the price is unstable, so if it is used for the price of any product, then there will be a difference. Moreover, fiat currency is officially all over the country, but there are certainly limitations in the case of Bitcoin, due to which no matter how much Bitcoin's acceptance increases, it can never replace fiat.

[Mahiyammahi]

We experience and will still experiencing the waves of changes and uncertainty. Will Bitcoin eventually replace Fiat currency? Why or why do you not think so?

According to Robert kiyosaki Gold is gods money, only things in the world can't be replicated. For me Bitcoin is like that. Fiat is being printed each and everyday and this ain't gonna stop. Just a number game. Also paper money can be duplicate as a counterfeit bill. But did you ever heard of counterfeit btc or gold. It's not even possible. So yeah I belive , based on just number game this economy can collapsed.

Although there's a possibility but still it's still a long way to go. So yes btc won't replace fiat in current situation. It has very long journey to accomplish.

[Tungbulu]

I believe it's very difficult for Bitcoin to drive the global economy, let alone completely replace fiat currencies, due to regulatory factors, price volatility, and uneven mass adoption. Bitcoin's highly volatile price makes it less than ideal as a daily medium of exchange or a stable store of value. When prices can fluctuate dramatically in a short period of time, people tend to hesitate to use it for routine transactions.

Additionally, fiat currencies are backed by governments and established financial systems, so a full transition to Bitcoin would require major changes in the global economic infrastructure. Most likely, Bitcoin will continue to develop as a new asset class that complements the traditional financial system, rather than completely replacing it in the near future.

You are right that main reasons it is unlikely to replace traditional money. Government rules and its unstable price and fact is that not everyone uses it. Most important issue you already raised is that currency needs stable value which Bitcoin currently do not have. And yes Bitcoin will likely become helpful asset alongside our current financial system other than taking it over completely and  this is practical conclusion that many financial experts agree with.

In addition to that, the fact the it virtual also contributes to the reason why it can't completely replace or substitute the traditional fiat currency. not everyone likes the idea of having their money in a virtual form, especially some old folks who are not quite familiar with the dynamics of Bitcoin. most of them are more comfortable having their money in a physical form or stored in the bank where they wouldn't have to do much to get it back in physical form.

[fikrett]

But I can say that there will come a time when Bitcoin will be the most used currency, because as time goes by, fiat money is decreasing. Now people are afraid to carry paper money and go on the streets because there is a high chance of getting robbed, using Bitcoin is the safest because the passenger sitting next to you will never know if you have Bitcoin.
We are moving towards the future and using modern transactions more, it can be Bitcoin or we complete transactions by numbers, so the use of fiat currency is decreasing.

Nothing stops anyone from having Bitcoin and fiat, know this that Bitcoin can't replace fiat no matter our level of adoption.

Paper money isn't only called fiat, the balance in our banks are part of fiat, there are more electronic banks for fast spending and less charges. I don't believe banks and fiats are getting replaced, Bitcoin remains an alternative for fiat but likely to grow wide for investment purpose.

People are going to use Bitcoin for investment more than they will as currency.

Are you sure?
I think that with time, BTC will be seen as the real alternative to fiat, rather than just some kind of asset to hodl and hoard like gold, but in a digital space.

Time will tell.

[Nahl]

I don't think bitcoin will win against native currency in the particular countries that because until now there is no government who can considers bitcoin equal to the national currencies and as far i know to replace fiat bitcoin should be fully supported by the government but i don't think the government is really dare to do that but i think rather than thinking about bitcoin against fiat i will be more prefer if someday my country to considers mass adoption to bitcoin and added more facilities to bitcoin users such as bitcoin ATM or they will starting to encourage the traditional bank to accept bitcoin however if i have to choose i was more like to see the current status of bitcoin which my government considers bitcoin as one of the potential of investment tools equal to gold

[fikrett]

I don't think bitcoin will win against native currency in the particular countries that because until now there is no government who can considers bitcoin equal to the national currencies and as far i know to replace fiat bitcoin should be fully supported by the government but i don't think the government is really dare to do that but i think rather than thinking about bitcoin against fiat i will be more prefer if someday my country to considers mass adoption to bitcoin and added more facilities to bitcoin users such as bitcoin ATM or they will starting to encourage the traditional bank to accept bitcoin however if i have to choose i was more like to see the current status of bitcoin which my government considers bitcoin as one of the potential of investment tools equal to gold

Does BTC need to "win" fiat in any country?

The best it can do is to be there for everyone interested on not be regulated to the brim while being such.

[Marvell1]

In addition to that, the fact the it virtual also contributes to the reason why it can't completely replace or substitute the traditional fiat currency. not everyone likes the idea of having their money in a virtual form, especially some old folks who are not quite familiar with the dynamics of Bitcoin. most of them are more comfortable having their money in a physical form or stored in the bank where they wouldn't have to do much to get it back in physical form.

Our world is becoming more and more digital, many older people used to not know how to use smartphones, online banking but that is slowly changing. Maybe not too soon, but sooner or later, I believe a cashless world is inevitable. But even then, bitcoin still cannot replace fiat because they are completely different.

Simply put, fiat is an essential tool for governments to manage and regulate the economy and manage people. So if there is something that can replace fiat it will be created by the government. They will never let something they cannot control dominate, it is like their power is lost.

[hd49728]

Does BTC need to "win" fiat in any country?

The best it can do is to be there for everyone interested on not be regulated to the brim while being such.

Bitcoin does not need to win against fiat currency in any nation or in all nations globally. It is only an alternative of fiat currencies and can co exist with fiat currencies globally. Bitcoin only need people globally to accept it, use it, and increase demand on bitcoins and it does not need to be legal in all countries or legal tender.

If Bitcoin usage is not prohibited by governments, Bitcoin will be well and it's helpful for its adoption growth. You can imagine if Bitcoin mission is to beat fiat currencies, what will happen?
Governments will ban Bitcoin and prohibit bitcoin usage, consider it as illegal which is not good adoption for Bitcoin.

Some people can think Bitcoin must beat fiat currencies and think it is Bitcoin mission but in fact, it is not!
A mission like this only causes many governments more hate Bitcoin and do more regulations against it to kill it or to constrain its adoption as much as possible.

[Fiasem20]

Bitcoin serves as a digitalized decentralized currency created and it is clearly stated on it's whitepaper that it's creation is to eliminate the involvement of a third party in a transaction and to prevent double spending in a transaction.If it was stated on it's whitepaper that the primary goal of Bitcoin was to replace the traditional currency there would have been an endless war between the government and Bitcoin in terms of accepting the new monetary policy.Even amongst bitcoin enthusiasts they're lot of people who don't use Bitcoin for their daily transactions,to me Bitcoin is more of an investment vehicle than a payment option because it's hasn't been widely accepted in some countries.

[Mekie21]

You asking if bitcoin is going to take the place of fiat is as if you’re assuming if the government will give up one of it’s major means of power and leave the management of economy to the people which is quite impossible. Beside bitcoin is popular but the volatility and technicalities associated with it makes people look for an easier way of investment and transaction.

[Frankolala]

[...]

That is powerful case which you explained against Bitcoin ever fully replacing regular money. You pointed out that its technology is too slow and expensive for daily use around world. You are right that however it is comparison to gold standard. World moved away from using fixed resource like gold to allow central banks to better manage economy and promote growth. Currency like Bitcoin would take away this important flexibility which could cause major economic problems. And yes almost everyone agree that Bitcoin is unlikely to ever fully replace fiat currency.

The world is a centralized place and the government loves to be in full control of the citizens and monitor their financial life. Bitcoin wouldn't give them that chance to do so because of her decentralized nature. However, fiat is best used for daily transactions since it's easier and faster for making payments for small stuffs. Fiat and bitcoin goes hand in hand.

[Franctoshi]

We experience and will still experiencing the waves of changes and uncertainty. Will Bitcoin eventually replace Fiat currency? Why or why do you not think so?

I doubt if there's a time we will totally do away with cash or fiat currency, maybe not in this generation but next generation because most of us( the old guys are tied to fiat system) and will hardly do away with it. From my perspective fiat and Bitcoin will exist independently, because Bitcoin is digital, and fiat is physical, and can be used without internet to purchase something even if the internet is off so you have cash in hand to purchase something, whereas Bitcoin hugely relies on availability of internet to work.

[finaleshot2016]

I miss topics like this when I'm starting here.

Ofc not, BTC right now is acting like a gold, a reserve, an investment asset by many people. Like for example, a gold can't replace Fiat even it's already proven its rarity and value so the same thing to BTC. Bitcoin is flexible, there are countless of opportunities waiting for us and it's just the beginning and I can say that it's not for a fiat function, it's for every utility you can imagine.

To stabilize the economy of each country, they need a stable asset that can be controlled by the government.

[laspol65]

We experience and will still experiencing the waves of changes and uncertainty. Will Bitcoin eventually replace Fiat currency? Why or why do you not think so?

Bitcoin was originally created as an alternative to fiat currency, where it is difficult to carry that currency, it is very easy to use Bitcoin and transact with Bitcoin. Bitcoin is known to people due to the many better features of fiat currency, due to which the use of Bitcoin and Bitcoin holding have become the most popular among people in different countries day by day.
You can transact crores of rupees in Bitcoin within a moment, but in reality, if you go to transact with fiat, then you will definitely need extensive security. So it is very easy and safe to use and carry Bitcoin and hold it for a long time.

[john_egbert]

I miss topics like this when I'm starting here.

Ofc not, BTC right now is acting like a gold, a reserve, an investment asset by many people. Like for example, a gold can't replace Fiat even it's already proven its rarity and value so the same thing to BTC. Bitcoin is flexible, there are countless of opportunities waiting for us and it's just the beginning and I can say that it's not for a fiat function, it's for every utility you can imagine.

To stabilize the economy of each country, they need a stable asset that can be controlled by the government.

And that's why they won't consider BTC a good choice for that

They would rather pump lots of their own coins / something centralized to make everything under their control, if possible.