[2015-10-30] Can Fiat Currency And Bitcoin Co-Exist Peacefully?

[tyz]

There has been a lot of talk regarding the digitization of money in the past few months.  Those plans became even more viable once the announcement was made by Safe.Cash regarding the digital Euro tokens coming our way in 2016.  Bitcoin offers a lot of potential to be used as an activist tool, but will these digital fiat currencies offer the same functionality?

http://digitalmoneytimes.com/can-fiat-currency-bitcoin-co-exist-peacefully/

[Mike Christ]

I don't see why the two couldn't co-exist, it's just that I don't like fiat because its supply is infinitely printable thus rigging the game completely in the favour of the printers.  Imagine playing a game of monopoly with someone who could just write "1,000,000, etc$" on a napkin whenever they wanted and then use it as in-game tender, why would you even bother?  You know you're going to lose in the end.

[RustyNomad]

Most currencies will most probably go digital in the near future in one form or another. This will however not solve the one main problem and that is that they will still be centralised meaning that somebody somewhere will still have full control over them and as such also over your ability to use such a currency so you will always be dependent on them, whether you like it or not.

Money is designed to flow freely within and outside of country borders, yet governments and central banks are doing everything they can to enforce capital controls.

I think the only reason why central banks will be interested in digital currencies is because of the fact that they will have even better control over the currencies than what they have now over fiat currencies. Because of this I can see them fighting any other form of digital currency which interferes with this control so I'm not so sure whether bitcoin will be able to co-exist with other digital currencies (the fiat kind).

There are no real pressure from central banks at this stage to stop the use of bitcoin but I personally believe that we will see this in future as they will try and stamp out the use of bitcoin once they all have their own digital currencies in place. I think that we might see more pressure in the future from the realm of central banks to suppress the use of bitcoin.

[Denker]

I think yes they can.At least for a while. But at some point the central powers I'm pretty sure wanna get rid of decentralized currencies.
I just hope they will fail in any attempt to do so.

[eyeknock]

ofc that they can co.exist, but here must be one of them who predomine the other, my "prediction" ( and my wish ) is that bitcoin will predominate and fiat money will based on bitcoin

in the end fiat money could disappear and bitcoin could be the only one currency around the world.

[Mickeyb]

I think that they can and they will coexist. I am preaching this on this forum in my various posts that Bitcoin doesn't need to replace any Fiat currency in order to be successful. There is enough of the market share for Bitcoin side by side with Fiat currencies in this world.

I am really not one of those anarchist that believe how Bitcoin will replace the current financial system. I honestly believe that no country and no government would ever allow for this to happen.

[PolarPoint]

I think fiat and bitcoin can co-exist but not very peacefully. There are many countries with weak fiat currencies. Bitcoin can replace those fiats and their people will flock to bitcoin whenever they can. It's like a hostile takeover. Stronger currencies do not need to fear butcoin but banks in those countries do. Bitcoin is a competitor with no financial backing, it can be attacked and manipulated and there will be no one to protect the exchange rate. As bitcoin grows it's going to get ugly.

[p3yot33at3r]

"Money" as we know it will become digitalised - it's inevitable. I would rather it be a decentralized system instead of the current setup.

Bitcoin will become the new "money" & the sooner the better.

[1Referee]

I don't see a reason why not. Both currencies can function together to offer us the best possible experience. People must be able to convert both currencies back and forth without issues. We must accept that not everyone is interested in Bitcoin. As long as the majority (by far) of people don't use Bitcoin or don't even know what it is, we can't do much other than collaborating with fiat currencies.

[Sundark]

There can be various kinds of money coexisting. As long as government won't try to destroy the kind of money it have no control over.

[Republic of Coin]

bitcoin and fiat will coexist for very long time. The usage of bitcoin will be more and more and it will have higher proportion of usage gradually.