Does Bitcoin Has What It Takes To Replace Fiat?

[ensurance982]

Last year Bitcoin was labeled as the worst investment of 2014, however, bitcoin believers can topple fiat currencies as the widely used mode of payment all over the world. The technology behind it and bitcoin's scarcity can both pose a threat and bitcoin's selling factor. But the question is, can bitcoin really substitute dollar or other currency sometime soon?

Well, it comes down to whether you believe that it will replace regular money anytime soon. I for one don't expect it to replace money at all. It will find a niche and will always have its unique use cases, but it really doesn't need to replace regular money in order to do that. People who expect it to do that may really end up being disappointed.

[minerpumpkin]

Countries still needs to have an influence on the monetary supply of their country. They need to have this in order to tackle inflation and to counteract economic still stand. You always have to keep in mind that deflation is also very bad thing for country, And it isn't only inflation which is bad for an economy.

[neurotypical]

But the question is, can bitcoin really substitute dollar or other currency sometime soon?

Yes, once bitcoin payments become reversible.

If the Bitcoin Foundation can get the charge-back coding changes implemented, I think this baby is headed to the moon.

Actually nothing needs to be charged at dangerous levels (fork) to address that, as Andreas addressed on the reddit AMA:

[johnyj]

Future citizens will be divided into two categories:

- Those who fully understand how modern money creation works, they use bitcoin
- Those who don't, they use fiat money

Currently the number of the people in the first category is about 1 in a million, hopefully with the help of internet it will increase by 4 times per year

[tescomatty]

Future citizens will be divided into two categories:

- Those who fully understand how modern money creation works, they use bitcoin
- Those who don't, they use fiat money

Currently the number of the people in the first category is about 1 in a million, hopefully with the help of internet it will increase by 4 times per year

I'm not sure I understand your point.

Are you saying that people who understand how bitcoins work will use it because of its potential?

Or are you saying that fiat is corrupt and bitcoin is the better solution?

[ballinismyhobby]

it's up to us whether it's the the default or if it's like the vegetarian option for tech savvy libertarians

Posted From bitcointalk.org Android App

[johnyj]

Future citizens will be divided into two categories:

- Those who fully understand how modern money creation works, they use bitcoin
- Those who don't, they use fiat money

Currently the number of the people in the first category is about 1 in a million, hopefully with the help of internet it will increase by 4 times per year

I'm not sure I understand your point.

Are you saying that people who understand how bitcoins work will use it because of its potential?

Or are you saying that fiat is corrupt and bitcoin is the better solution?

It seems you belong to the second group  

Start with "the biggest scam" serials
https://www.youtube.com/watch?v=iFDe5kUUyT0

[Bralex]

Last year Bitcoin was labeled as the worst investment of 2014, however, bitcoin believers can topple fiat currencies as the widely used mode of payment all over the world. The technology behind it and bitcoin's scarcity can both pose a threat and bitcoin's selling factor. But the question is, can bitcoin really substitute dollar or other currency sometime soon?

Give me some links to bitcoin being the worst investment of 2014 please as i made more bitcoin and money than lost so that is not a bad investment by any stretch.

To answer your question no i do not truly believe that it will take over be a substitute for any main world currency how ever much we would like it to. That does not mean it is not the best way to store your bs fiat easily away from eyes, because i believe it is and will be for a long time to come.

[minerpumpkin]

Future citizens will be divided into two categories:

- Those who fully understand how modern money creation works, they use bitcoin
- Those who don't, they use fiat money

Currently the number of the people in the first category is about 1 in a million, hopefully with the help of internet it will increase by 4 times per year

The thing is, most people won't know how the creation of money works, even today most people don't know that. And if the majority doesn't know how it works, the people who do, can't actually profit from their knowledge because the technology they use remains irrelevant.

[Ingatqhvq]

It's just unlikely, the first stage should eliminate all authoritarian state, in a dictatorships country, you can't expect the bitcoin can replace Fiat.

[Chomsky]

I believe bitcoin certainly has the potential to replace fiat, but I'm not sure it ever will. I think if the people knew what's good for them they would try get away from fiat but bitcoin is currently not a perfect system either unfortunately. I think if the value could become stable then it could be a serious contender at some point but not for a very long time. I think its growth as an alternative currency will continue to grow, though.

[Amph]

Future citizens will be divided into two categories:

- Those who fully understand how modern money creation works, they use bitcoin
- Those who don't, they use fiat money

Currently the number of the people in the first category is about 1 in a million, hopefully with the help of internet it will increase by 4 times per year

if this is true, or if it proves as the truth, then we would need a new generation of people, because right now the majority don't know about the first point

we should educate those people about how fraudolent the banks really are

Future citizens will be divided into two categories:

- Those who fully understand how modern money creation works, they use bitcoin
- Those who don't, they use fiat money

Currently the number of the people in the first category is about 1 in a million, hopefully with the help of internet it will increase by 4 times per year

The thing is, most people won't know how the creation of money works, even today most people don't know that. And if the majority doesn't know how it works, the people who do, can't actually profit from their knowledge because the technology they use remains irrelevant.

make it simple, tells to them that banks are evil... spread the truth, it's after all what banks are doing about bitcoin, spreading fud to kill it, we should do the same with banks

[Enfield]

Future citizens will be divided into two categories:

- Those who fully understand how modern money creation works, they use bitcoin
- Those who don't, they use fiat money

Currently the number of the people in the first category is about 1 in a million, hopefully with the help of internet it will increase by 4 times per year

The thing is, most people won't know how the creation of money works, even today most people don't know that. And if the majority doesn't know how it works, the people who do, can't actually profit from their knowledge because the technology they use remains irrelevant.

Most people don't know how anything works and that's the sad thing. Because they don't understand they are not willing to try change it because they don't know how it can be changed and don't want to waste time trying to investigate.

[shulio]

Future citizens will be divided into two categories:

- Those who fully understand how modern money creation works, they use bitcoin
- Those who don't, they use fiat money

Currently the number of the people in the first category is about 1 in a million, hopefully with the help of internet it will increase by 4 times per year

if this is true, or if it proves as the truth, then we would need a new generation of people, because right now the majority don't know about the first point

we should educate those people about how fraudolent the banks really are

It is still too early for people to use bitcoin and leave the "bank" since not all people is smart enough to operate a computer or internet. so most people still are laying around with fiat and the value of bitcoin is fluctuative make it very risky for people to use it as a currency

[johnyj]

Future citizens will be divided into two categories:

- Those who fully understand how modern money creation works, they use bitcoin
- Those who don't, they use fiat money

Currently the number of the people in the first category is about 1 in a million, hopefully with the help of internet it will increase by 4 times per year

The thing is, most people won't know how the creation of money works, even today most people don't know that. And if the majority doesn't know how it works, the people who do, can't actually profit from their knowledge because the technology they use remains irrelevant.

Most people don't know how anything works and that's the sad thing. Because they don't understand they are not willing to try change it because they don't know how it can be changed and don't want to waste time trying to investigate.

Exactly, people are ignorant as long as they are not affected by a Cyprus style hair-cut. However, now they have a choice for alternative monetary system, then the curiosity of human nature will make some of them switch over and start to compare the difference, that is a good start

[Q7]

I don't see bitcoin replacing fiat entirely but most likely what will happen is bitcoin taking a segment of market share mostly likely in the money transfer business and cross border transactions. That is one area that bitcoin really beat fiat hands down due to the speed and fees. In terms of online payments maybe it is there. People could see it as an alternative but apart from that when it comes to retail over-the-counter business, the transaction time needs to be looked into.

[Amph]

Future citizens will be divided into two categories:

- Those who fully understand how modern money creation works, they use bitcoin
- Those who don't, they use fiat money

Currently the number of the people in the first category is about 1 in a million, hopefully with the help of internet it will increase by 4 times per year

if this is true, or if it proves as the truth, then we would need a new generation of people, because right now the majority don't know about the first point

we should educate those people about how fraudolent the banks really are

It is still too early for people to use bitcoin and leave the "bank" since not all people is smart enough to operate a computer or internet. so most people still are laying around with fiat and the value of bitcoin is fluctuative make it very risky for people to use it as a currency

old people generation should not be counted, old man/woman those cannot follow bitcoin, they are out of the game completely and they will stay with fiat until they die, but new generation up to 30-50 years old should embrace easily bitcoin in the future

[LiteCoinGuy]

BTC and fiat will live together for a very long time. it will not replace it in the next 30-40 years or more.

BTC would be a HUGE success if it just take 2-5% of the e-commerce.

[tokeweed]

Last year Bitcoin was labeled as the worst investment of 2014, however, bitcoin believers can topple fiat currencies as the widely used mode of payment all over the world. The technology behind it and bitcoin's scarcity can both pose a threat and bitcoin's selling factor. But the question is, can bitcoin really substitute dollar or other currency sometime soon?

Of course it does.  Is that even a question?  If someone says otherwise just think that we are Bitcoiners and do this

[sana54210]

Yes, Bitcoin has the potential to replace fiat and it is going to happen eventually when there is more wide adoption of bitcoin, it will obviously take time, we can expect it to become a reality within a decade which is totally possible. If it happens, it will greatly reduce the bureaucracy of governments as Bitcoin cannot be centralized.