Why is Bitcoin still a slave of Fiat?

[nerFohanzo]

Bitcoin is still a slave of fiat because we use fiat to buy bitcoin not use bitcoin to buy fiat
Also, people still think think how much bitcoin worth from its price not total adoption

Very rightly said and I still feel that bitcoin can never replace fiat as there are many things which you cannot buy by using bitcoin like grocery stuff and it would take a very long time when the grocerries and the small shops starts accepting bitcoin as a mode of payment and I dont think in near future that bitcoin can replace fiat.

You are right half a way but I think it can replace fiat no doubt it will take time but it is not impossible as the future is uncertain and you never know what future is waiting for us so it is like 50-50 at a moment but you cannot neglect the fact that the people are getting more technology friendly and will not hesitate in adopting new technology.

[hunnaryb]

Bitcoin is still a slave of fiat because we use fiat to buy bitcoin not use bitcoin to buy fiat
Also, people still think think how much bitcoin worth from its price not total adoption

And the main reason is there are few things that you cannot buy by using bitcoin like say buying daily stuff from grocery, paying to a maid etc. So these things are only possible with the use of fiat and I believe it would take a very long time the grocery and small merchants starts using bitcoin as a mode of payment.

[Dotakels]

Bitcoin is still a slave of fiat because we use fiat to buy bitcoin not use bitcoin to buy fiat
Also, people still think think how much bitcoin worth from its price not total adoption

And the main reason is there are few things that you cannot buy by using bitcoin like say buying daily stuff from grocery, paying to a maid etc. So these things are only possible with the use of fiat and I believe it would take a very long time the grocery and small merchants starts using bitcoin as a mode of payment.

Yeah thats right theres so many things that cannot buy with bitcoin, but people have a solution for that problem , they exchange it into fiat money thats it.

[Malin Keshar]

Very rightly said and I still feel that bitcoin can never replace fiat as there are many things which you cannot buy by using bitcoin like grocery stuff and it would take a very long time when the grocerries and the small shops starts accepting bitcoin as a mode of payment and I dont think in near future that bitcoin can replace fiat.

So do you think bitcoin can never replace fiat, or that it will take a very long time to replace fiat?

Bitcoin can't replace fiat.

No central bank will issue BTC and no gov will obligate all business to accept BTC, so someone will always don't accept btc

[Amph]

Bitcoin is still a slave of fiat because we use fiat to buy bitcoin not use bitcoin to buy fiat
Also, people still think think how much bitcoin worth from its price not total adoption

Very rightly said and I still feel that bitcoin can never replace fiat as there are many things which you cannot buy by using bitcoin like grocery stuff and it would take a very long time when the grocerries and the small shops starts accepting bitcoin as a mode of payment and I dont think in near future that bitcoin can replace fiat.

You are right half a way but I think it can replace fiat no doubt it will take time but it is not impossible as the future is uncertain and you never know what future is waiting for us so it is like 50-50 at a moment but you cannot neglect the fact that the people are getting more technology friendly and will not hesitate in adopting new technology.

there is the possibility to replace fiat one day, but not in real life, not by buying physical stuff and pay with bitcoin in your local zone, there is a much greater possibility for online shop, there i could see bitcoin taking on fiat, if it will be successful

Bitcoin is still a slave of fiat because we use fiat to buy bitcoin not use bitcoin to buy fiat
Also, people still think think how much bitcoin worth from its price not total adoption

And the main reason is there are few things that you cannot buy by using bitcoin like say buying daily stuff from grocery, paying to a maid etc. So these things are only possible with the use of fiat and I believe it would take a very long time the grocery and small merchants starts using bitcoin as a mode of payment.

i would say that it is still more easy to buy those stuff with fiat, espcially cash, then bitcoin, and not that they cannot be bought with bitcoin

[arallmuus]

No central bank will issue BTC and no gov will obligate all business to accept BTC, so someone will always don't accept bt

You are missing the vital point of BTC here, the decentralized system which means that there isnt any need to any central bank or any goverment for BTC . Although at some point if a government do support BTC then it will be in a better case because it will boost an adoption for it but it is not the vital thing for it since BTC is some kinda stand-alone currency that doesnt need government

P.S : true that someone will always not accept BTC. The same thing with the other currency, at some country  , it will not be accepted

[eerygarden]

Very rightly said and I still feel that bitcoin can never replace fiat as there are many things which you cannot buy by using bitcoin like grocery stuff and it would take a very long time when the grocerries and the small shops starts accepting bitcoin as a mode of payment and I dont think in near future that bitcoin can replace fiat.

So do you think bitcoin can never replace fiat, or that it will take a very long time to replace fiat?

Bitcoin can't replace fiat.

No central bank will issue BTC and no gov will obligate all business to accept BTC, so someone will always don't accept btc

The government obligating all businesses to accept BTC does seem like an important point. If they do not then businesses could still trade in bitcoin for goods and services, unless it was made illegal. Even if it was made illegal people would ask themselves, "which one benefits me most?" If you are paying someone to fit a new kitchen for example, much like a tradesman might prefer to be paid in cash now, he might opt for bitcoin (I know cash is more anonymous than bitcoin). If however, you wanted to buy a house in order to rent it out to a tenant then people would typically require the "official documentation" that the state currently oversees, which legitimises ownership of a property and provides support from the police and the courts should a tenant stop paying rent.

It seems pretty drastic that a buyer would want to purchase a property in bitcoin to me. It would be far too wild west. The little I have heard about coloured coins sounds interesting but the courts and the police would need to accept this and that order must come from government, otherwise people wont respect it, and I don't see government getting on board to this extent any time soon.

[Dotakels]

Very rightly said and I still feel that bitcoin can never replace fiat as there are many things which you cannot buy by using bitcoin like grocery stuff and it would take a very long time when the grocerries and the small shops starts accepting bitcoin as a mode of payment and I dont think in near future that bitcoin can replace fiat.

So do you think bitcoin can never replace fiat, or that it will take a very long time to replace fiat?

Bitcoin can't replace fiat.

No central bank will issue BTC and no gov will obligate all business to accept BTC, so someone will always don't accept btc

The main reason is they believe on their fiat money and they believe that they can grow their economy without adapting any currency. Or may they just not accepting bitcoin because of their own reason.

[brendasmith982]

Because I can't pay for my rent using Bitcoins.

get your landlord to set up an account with bitpay or coinbase...
tell them it wont cost them anything and if they do, you'll pay them a few months rent upfront, or some other convincer.

after all, just waiting for your landlord to magically come up with the idea themselves without even knowing their tennants even use bitcoin, wont happen anytime soon

Coinbase is good, the question is if you're bitcoin rich to pay rent through bitcoin.

[jayce]

Bitcoin can't replace fiat.

No central bank will issue BTC and no gov will obligate all business to accept BTC, so someone will always don't accept btc

The main reason is they believe on their fiat money and they believe that they can grow their economy without adapting any currency. Or may they just not accepting bitcoin because of their own reason.

Central bank can't accept bitcoin because bitcoin doesn't need that, and if bitcoin need a bank to save it or regulate the system, bitcoin must build the bank itself. We have known central bank was handled by government, and if central bank accept bitcoin, automatically government can control it.

[avatar_kiyoshi]

"A slave of fiat" wow that's rude man
We need more adopter to bring bitcoin to more mainstream.

[rayhan]

Very rightly said and I still feel that bitcoin can never replace fiat as there are many things which you cannot buy by using bitcoin like grocery stuff and it would take a very long time when the grocerries and the small shops starts accepting bitcoin as a mode of payment and I dont think in near future that bitcoin can replace fiat.

So do you think bitcoin can never replace fiat, or that it will take a very long time to replace fiat?

Bitcoin can't replace fiat.

No central bank will issue BTC and no gov will obligate all business to accept BTC, so someone will always don't accept btc

Its not about getting it accepted by everyone. It is about bitcoins getting accepted at least by some. That will carve out the way for getting it accepted by many, And when many start accepting it, then why will remaining few wont do it?

[arallmuus]

and if central bank accept bitcoin

First of all, a central bank is a bank that issued FIAT in a country which means that there is no chance for any central bank to accept BTC as well because it serves no reason for them to accept a currency that they cant control while they have their own currency which they can control

We need more adopter to bring bitcoin to more mainstream.

Its not about more adopter to be honest, in the end most of use who use and accept BTC will still cash it out into FIAT, therefore BTC will still be a slave of FIAT. Another thing would be that, you can buy mostly everything with FIAT but you cant buy mostly everything with BTC (which ofcourse another reason on why BTC is a slave of FIAT)

[torrentheaven]

Very rightly said and I still feel that bitcoin can never replace fiat as there are many things which you cannot buy by using bitcoin like grocery stuff and it would take a very long time when the grocerries and the small shops starts accepting bitcoin as a mode of payment and I dont think in near future that bitcoin can replace fiat.

So do you think bitcoin can never replace fiat, or that it will take a very long time to replace fiat?

Bitcoin can't replace fiat.

No central bank will issue BTC and no gov will obligate all business to accept BTC, so someone will always don't accept btc

Its not about getting it accepted by everyone. It is about bitcoins getting accepted at least by some. That will carve out the way for getting it accepted by many, And when many start accepting it, then why will remaining few wont do it?

And if someone or everyone starts accepting bitcoin as a currency there is no guarantee that it can replace fiat by any means because the government and banking system will never allow it to do as they don't have control over it.

[Amph]

First of all, a central bank is a bank that issued FIAT in a country which means that there is no chance for any central bank to accept BTC as well because it serves no reason for them to accept a currency that they cant control while they have their own currency which they can control

not sure about this, this is one of those things that may change in the future, if the banks see that the majority of all their citizens, begining to use more bitcoin than fiat, they could also begin to take deposit in bitcoin and offering interest upon it

and we know people feel more secure to deposit money in a bank

also...many always think that the banks are not interested in bitcoin because they cannot control it, the point is that they don't need to, they just need to control your money, not bitcoin itself...

[jayce]

and if central bank accept bitcoin

First of all, a central bank is a bank that issued FIAT in a country which means that there is no chance for any central bank to accept BTC as well because it serves no reason for them to accept a currency that they cant control while they have their own currency which they can control

Okay, it's my fault. I mean "if central bank recognize bitcoin".  If the central bank recognize bitcoin, so in other word government recognize it too, I think government will build a "central bank" for bitcoin to control it.

[arallmuus]

and if central bank accept bitcoin

First of all, a central bank is a bank that issued FIAT in a country which means that there is no chance for any central bank to accept BTC as well because it serves no reason for them to accept a currency that they cant control while they have their own currency which they can control

Okay, it's my fault. I mean "if central bank recognize bitcoin".  If the central bank recognize bitcoin, so in other word government recognize it too, I think government will build a "central bank" for bitcoin to control it.

About central bank for BTC. I doubt that there will be any of it because BTC is decentralized to begin with but if it is about BTC bank then there is a tiny chance that it might happen (would be great if all goverment support BTC ). Actually there is one BTC bank in Switzerland which you can read the discussions here https://bitcointalk.org/index.php?topic=1074760.0

P.S : dont worry it is not your fault at all, I was just countering your argument about it  it happened alot in discussion and none statement is in fault for this

First of all, a central bank is a bank that issued FIAT in a country which means that there is no chance for any central bank to accept BTC as well because it serves no reason for them to accept a currency that they cant control while they have their own currency which they can control

not sure about this, this is one of those things that may change in the future, if the banks see that the majority of all their citizens, begining to use more bitcoin than fiat, they could also begin to take deposit in bitcoin and offering interest upon it

and we know people feel more secure to deposit money in a bank

Well, that would not happen because the sole reason most of us choose BTC will be because of its unique "feature" that allows you to keep your money safe ( I highly doubt that a BTC user will keep his BTC in a BTC bank if he can keep and secure it by himself ).

About the interest, where would the bank get this interest for their saver? From lending it to another guy which that serve as another reason that BTC was created is to ditch banking system that take out your money to lend it to another guy and keep the interest for themselves.

P.S : Also If you are interested in bitcoin bank then heads here for discussions https://bitcointalk.org/index.php?topic=1074760.0

[johnyj]

For safe storage, bank still seems to be a good place. But lending is unlikely to be popular with bitcoin, so a bitcoin bank most likely will provide the safe storage service against a fee

If you really have the necessary skill, that fee can be avoid, so does many IT experts. But it takes some effort to build a safe storage solution for non-IT people

[Dotakels]

For safe storage, bank still seems to be a good place. But lending is unlikely to be popular with bitcoin, so a bitcoin bank most likely will provide the safe storage service against a fee

If you really have the necessary skill, that fee can be avoid, so does many IT experts. But it takes some effort to build a safe storage solution for non-IT people

I think the best way to keep your coin in safe storage is keeping your coins into your wallet and make an back up data of it so that it can avoid losing your coins.

[Amph]

Well, that would not happen because the sole reason most of us choose BTC will be because of its unique "feature" that allows you to keep your money safe ( I highly doubt that a BTC user will keep his BTC in a BTC bank if he can keep and secure it by himself ).

that's the problem, you hit the nail on the head, he can't secure his bitcoin byitself, look how many lose their bitcoin every day due to thieves, or because of their low competency with bitcoin security, for sure another way for them to store safely their coins, would be to entrust them to their banks