Does Bitcoin Has What It Takes To Replace Fiat?

[inBitweTrust]

To answer the Topic, no bitcoin will never replace fiat and anyone suggesting such doesn't understand the role fiat plays and why certain individuals will always use it to leverage control others. Bitcoin will continue to grow as an option for individuals to opt out of coercion and violence intrinsic in the nature of Fiat where they can transfer value voluntarily.

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

Not until the confirmation issue is resolved.  I wouldn't want to buy a chocolate bar and have to wait 10-30 minutes until my payment was confirmed.  I want to pay and go instantly.

Odd statement.. All my bitcoin in person payments are instantly confirmed with payment processors. I suppose you want to get instant confirmations from girl scouts selling chocolate bars without a business ? In that case the lightning network will facilitate this :  https://bitcointalk.org/index.php?topic=970822.0

Yes, once bitcoin payments become reversible.

This is trivial to do and is already being done with mutisig escrow. In the future we will start to see even more automated forms of reversibility with ricardian contracts (I.E.. open bazaar) What we do not want to do is remove the hard coded non -reversibility of transactions at the blockchain level as that is one of bitcoins main advantages that cannot be replicated by fiat ledgers in private databases between banks.

[fox19891989]

No, it is impossible. BTC can be a good way of payment, but impossible to replace it.

First, BTC price is not stable, too volatile, the key feature of fiat should be stable value. And US/EU don't wanna see bitcoin replace fiat.

Second, BTC is used in black markets, drugs, online gamble. Because btc is anonymous, if it is a fiat, government will be miserable on BTC related criminal activities.

Third, bank hates btc, btc transfer is much cheaper and faster than bank, government still won't allow btc to be fiat.

Overall, btc can be a good payment way, faster and cheaper transfer way, but impossible to replace fiat completely, it's an Utopian story and dream.

[BTCevo]

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.

I don't think it will happen because there will always be people who don't want to depend on electronics and have a physical form of currency just in case. And these people won't be that 1% everybody laughs at, there's more of them than you might think.
Bitcoin still requires an investment: you need a phone or a computer with internet access and you just need to have a pocket to hold fiat

Nope, it will change the fiat sooner or later, nowadays people surely need electronics no matter what because in every year our technologies develope in so many variety ways that need electric, electricity can't die. Bitcoin is waiting for coming in a new era and will change the fiat it every aspec

[AtheistAKASaneBrain]

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.

I don't think it will happen because there will always be people who don't want to depend on electronics and have a physical form of currency just in case. And these people won't be that 1% everybody laughs at, there's more of them than you might think.
Bitcoin still requires an investment: you need a phone or a computer with internet access and you just need to have a pocket to hold fiat

Nope, it will change the fiat sooner or later, nowadays people surely need electronics no matter what because in every year our technologies develope in so many variety ways that need electric, electricity can't die. Bitcoin is waiting for coming in a new era and will change the fiat it every aspec

This is not a competition to challenge fiat and destroy it. It's good that the fiat scam exists, so we can get the contrast of how it's correctly done with Bitcoin. Let them run national currencies, who cares as long as we have the BTC alternative.

[BTCevo]

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.

I don't think it will happen because there will always be people who don't want to depend on electronics and have a physical form of currency just in case. And these people won't be that 1% everybody laughs at, there's more of them than you might think.
Bitcoin still requires an investment: you need a phone or a computer with internet access and you just need to have a pocket to hold fiat

Nope, it will change the fiat sooner or later, nowadays people surely need electronics no matter what because in every year our technologies develope in so many variety ways that need electric, electricity can't die. Bitcoin is waiting for coming in a new era and will change the fiat it every aspec

This is not a competition to challenge fiat and destroy it. It's good that the fiat scam exists, so we can get the contrast of how it's correctly done with Bitcoin. Let them run national currencies, who cares as long as we have the BTC alternative.

This is your saying but surely the government will try to destroy it if there is any contra with this bitcoin, altough for now bitcoin is still safe may be one day when bitcoin is trying to change the currency government will try to act what are they suppose to do in other to destroy it. As long as you got btc but your btc value is drop significantly how are you going to face it?

[Anirban Sarkar]

Yes bitcoin has potential to replace fiat and it is going to happen !!!

[Frost]

Nothing will replace fiat ever.

[uininPeter]

I think fiat is already being replaced, but not in a way we think. Think of the prevalence of credit cards. Sure they are still based in usd, but they are nothing more than data on a computer. The idea of cold hard USD and fiat is dying, and I think its a good chance for bitcoin to take.

[Sheldor333]

Not right away, but one day sure. I mean becoming dominant, not just mainstream.

[tescomatty]

Unlikely. Until we get a united country of earth and there is a big movement toward unity, I think fiat will remain a strong entity and also symbol of each individual country. Fiat is simply too entrenched.

[johnyj]

If fiat money failed, then bitcoin will go mainstream, but what could cause the fiat money system to fail?

Please share your thoughts at this thread
https://bitcointalk.org/index.php?topic=1038189.0

[Beliathon]

Nothing will replace (____) ever.

Famous last words homeslice. Ever is a word representing a span of time apparently beyond your comprehension.

Until we get a united country of earth and there is a big movement toward unity, I think fiat will remain a strong entity and also symbol of each individual country.

I agree. Feudal society took about a thousand years to coalesce into the modern nation state. We've been doing that for about 300 years or so, and we're getting close to the next rapid transformation. Advances in communications technology are shaking things up once again.

[shulio]

If fiat money failed, then bitcoin will go mainstream, but what could cause the fiat money system to fail?

Please share your thoughts at this thread
https://bitcointalk.org/index.php?topic=1038189.0

If fiat failed then bitcoin is also a failure since there isnt anymore value to it because bitcoin is always tagged with the fiat value. This is what still give bitcoins its name. Since people will left bitcoin if the value drop to zero USD, So both of them needs to stay up together but bitcoin will be the one taking over online payment system

[Amph]

Nothing will replace fiat ever.

everything has a lifespan, and fiat is not excluded, will be replaced some day, maybe not from bitcoin, but from something that share similarity, also why you think that some bank acquired the blochchain technology? they are preparing to the death of fiat while they are fearing the bitcoin tech...

[Troonetpt]

Nothing will replace fiat ever.

I will not say forever, but I agree I didn't see the potential.
Only if the nation disappear, there will have the potential to replace the fiat.

[BTCevo]

Nothing will replace fiat ever.

I will not say forever, but I agree I didn't see the potential.

For now of course bitcoin still doesnt have any potential but in a next few years or decade it must show the potential to change fiat money but all is depends on the market out there to make this possible

[LFC_Bitcoin]

It does but certainly not in our lifetimes.

I think the price of one bitcoin can become 100,000 dollars in my lifetime but to replace fiat will take many decades.

[deluxeCITY]

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?

Who and where was bitcoin labled as the worst investment of 2014 you have got me curious to say the least?

Not every bitcoin believer believes it can topple fiat currencies just a few of the extremists but they also believe bitcoin will reach 1,000,000 a coin so you should not really read to much into what they are saying.

imo no bitcoin will not substitute and fiat currency any time soon and the country which it did would be in very bad trouble not sure bitcoin will pull them out of that  

[johnyj]

If fiat money failed, then bitcoin will go mainstream, but what could cause the fiat money system to fail?

Please share your thoughts at this thread
https://bitcointalk.org/index.php?topic=1038189.0

If fiat failed then bitcoin is also a failure since there isnt anymore value to it because bitcoin is always tagged with the fiat value. This is what still give bitcoins its name. Since people will left bitcoin if the value drop to zero USD, So both of them needs to stay up together but bitcoin will be the one taking over online payment system

You can tag bitcoin with fiat money or tag fiat money with bitcoin, just like the exchange rate of any two currencies. I don't see why the method of tagging matters. 1 Euro is 1.1 Dollar, 1 dollar is 0.9 euro, 1 bitcoin is 220 dollar, and 1 dollar is 0.0045 bitcoin

If fiat failed, its value will drop against everything else, like we see in Zimbabwe. So far hyper inflation is the major cause of a fiat money failure, but there were also other causes, for example in a war when the government was going to lose, the currency backed by that government would start to lose value quickly

Money's value barely hangs on confidence, and since the removal of gold standard, the confidence of fiat currency is only backed by merchant acceptance. Imagine that one day those merchant wakes up and want to get rid of bank's robbery, they start to refuse fiat money payment, then who knows what will happen to fiat money. Notice that there is no law that says people must accept fiat money (unless they are in debt). You can not point guns at people to force them to accept fiat money, since by then the weapon manufacturer also do not accept fiat money  

[Beliathon]

Does Bitcoin Has What It Takes To Replace Fiat?

Does fiat have what it takes to survive the information age?