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dimonstration
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October 21, 2016, 12:31:27 PM |
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In one of the topics I read "If bitcoin will reach $10.000, fiat currency has become worthless"
Do you agree with this statement?
I think no , Fiat already use daily every where in the world and it will hard to change it to btc and the transaction of it you need to wait too long before the payment recieve so it will hard to change Fiat. |
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jondeen707
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October 21, 2016, 12:55:23 PM |
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To be honest, when it happens, there will be no FIAT money anymore. The government currency system will totally collapse and there will be a revolution of Cryptocurrency which is leaded by Bitcoin users. There will be no tax in the world and it will be much better when there is only one currency in the world: Bitcoin
That will never happen fiat will always show its presence even in future and till the time Government will have their control on a country fiat will always exist as Government will never allow any digital currency to replace their national currency. Yes, fiat will not be rendered worthless as long as we have governments that collect taxes and print money at the very least. No government would allow bitcoin to become a full-scale replacement to their national currencies. To that end, some of them take a somewhat short-sighted approach and go as far putting a lid on its use within their jurisdictions. And even if bitcoin gains more popularity and gets on the mainstream even though there would be many people who will prefer to use fiat as they find it easy and convenient to use. Right, the whole idea of pitting bitcoin against fiat as a payment method is wrong. Ideally, they will co-exist and complement each other, with bitcoin filling in some of the niches where fiat is either inconvenient or just too expensive to us. |
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jondeen707
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October 21, 2016, 01:05:24 PM |
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To be honest, when it happens, there will be no FIAT money anymore. The government currency system will totally collapse and there will be a revolution of Cryptocurrency which is leaded by Bitcoin users. There will be no tax in the world and it will be much better when there is only one currency in the world: Bitcoin
That will never happen fiat will always show its presence even in future and till the time Government will have their control on a country fiat will always exist as Government will never allow any digital currency to replace their national currency. Yes, fiat will not be rendered worthless as long as we have governments that collect taxes and print money at the very least. No government would allow bitcoin to become a full-scale replacement to their national currencies. To that end, some of them take a somewhat short-sighted approach and go as far putting a lid on its use within their jurisdictions. And even if bitcoin gains more popularity and gets on the mainstream even though there would be many people who will prefer to use fiat as they find it easy and convenient to use. Fiat is easy to use as it has the form of cash. You do not need a computer or electrical device to send momeny. The use of cash as such is already very limited without electronic communication. Without the latter it's like the Middle Ages actually. |
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ekoice
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October 21, 2016, 01:43:27 PM |
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No, even if Bitcoin price reaches $10000, Stiill fiat will be alive in the market.Even now in some countries, fiat price is very less but still it is used and it will be used for buying goods.
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agustina2
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October 21, 2016, 02:29:58 PM |
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I don't think that fiat will ever become worthless even price of bitcoin reaches to the moon as everyone is dependent on it for living and even if we have to use bitcoins we need to convert them to fiat first to spend them.
If bitcoin price reached $10,000 then definitely we can see a massive conversion of bitcoin into fiat. Now if fiat is worthless when that day comes, then no one will convert and it's useless now for a dream price since all in all 1btc=1btc. |
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AdolfinWolf
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October 21, 2016, 02:39:28 PM |
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I don't think that fiat will ever become worthless even price of bitcoin reaches to the moon as everyone is dependent on it for living and even if we have to use bitcoins we need to convert them to fiat first to spend them.
If bitcoin price reached $10,000 then definitely we can see a massive conversion of bitcoin into fiat. Now if fiat is worthless when that day comes, then no one will convert and it's useless now for a dream price since all in all 1btc=1btc. Bitcoin is all digital, Exactly. That is why Fiat is never going to be worthless, It is really hard to buy food with bitcoin, especially if there is going to be a crisis etc. Also fiat is controlled by the government, while bitcoin isn't. |
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agustina2
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October 21, 2016, 04:54:35 PM |
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I don't think that fiat will ever become worthless even price of bitcoin reaches to the moon as everyone is dependent on it for living and even if we have to use bitcoins we need to convert them to fiat first to spend them.
If bitcoin price reached $10,000 then definitely we can see a massive conversion of bitcoin into fiat. Now if fiat is worthless when that day comes, then no one will convert and it's useless now for a dream price since all in all 1btc=1btc. Bitcoin is all digital, Exactly. That is why Fiat is never going to be worthless, It is really hard to buy food with bitcoin, especially if there is going to be a crisis etc. Also fiat is controlled by the government, while bitcoin isn't. And fiat can take care of physical transactions which is not present and never will be present in most of the places in the world. Bitcoin needs internet to be used so what if in some cases, there is electricity problem in a certain place? How come they can do offline transaction in bitcoin if in the first place bitcoin is only meant for online transactions. |
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Dannison
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October 25, 2016, 06:08:03 PM |
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I don't think that fiat will ever become worthless even price of bitcoin reaches to the moon as everyone is dependent on it for living and even if we have to use bitcoins we need to convert them to fiat first to spend them.
If bitcoin price reached $10,000 then definitely we can see a massive conversion of bitcoin into fiat. Now if fiat is worthless when that day comes, then no one will convert and it's useless now for a dream price since all in all 1btc=1btc. Bitcoin is all digital, Exactly. That is why Fiat is never going to be worthless, It is really hard to buy food with bitcoin, especially if there is going to be a crisis etc. Also fiat is controlled by the government, while bitcoin isn't. And fiat can take care of physical transactions which is not present and never will be present in most of the places in the world. Bitcoin needs internet to be used so what if in some cases, there is electricity problem in a certain place? How come they can do offline transaction in bitcoin if in the first place bitcoin is only meant for online transactions. You are right. The fiat can survive a long time in places where there is no electricity and the internet. |
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Barbut
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October 25, 2016, 06:27:36 PM |
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Bitcoin price has nothing with value of the fiat. Fiat can become worthless, but that will not happen cause of bitcoin. Fiat economy is full with nonsense, and that economy is doomed, it's just question when will explode and make big crisis in the world.
Bitcoin can make a lot for itself in that times, if people jump from fiat to btc, but that is also one of big questions.
Anyway we will not see fiat worthless any time soon, maybe in 10 20 years.
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hakanbalta577
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October 25, 2016, 06:52:10 PM |
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I am not agree with you, because you know if bitcoin would be increased more than it $10000, than fiat currency has no problem from bitcoin, Worthless how can it would be possible?
If bitcoin might be reached at $10.000, than its mean bitcoin too expensive and majority of the people have no range to buy the bitcoins, but it give us great profit from us, who are already using the bitcoin.
I also agree that even if bitcoin reaches that price of 10.000(which isnt possible realistically) but still i will not make fiat worth less.But fiat has no connection with that,fiat will always be used in the real world,may be less for online activities,but it wont make much difference. |
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Coinopoly
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October 25, 2016, 07:18:09 PM |
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The day Bitcoin replaces the petrodollar is the day fiat becomes useless.
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chesatochi
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October 25, 2016, 08:23:23 PM |
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Bitcoin price has nothing with value of the fiat. Fiat can become worthless, but that will not happen cause of bitcoin. Fiat economy is full with nonsense, and that economy is doomed, it's just question when will explode and make big crisis in the world.
Bitcoin can make a lot for itself in that times, if people jump from fiat to btc, but that is also one of big questions.
Anyway we will not see fiat worthless any time soon, maybe in 10 20 years.
I think the fiat will stay for a long time, when you travel you always need the local fiat currency in order to buy the stuff you need. For example, I can't pay my water bottle with bitcoin, hopefully in a near future  |
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chesatochi
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October 25, 2016, 08:24:43 PM |
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The day Bitcoin replaces the petrodollar is the day fiat becomes useless.
What do you mean about the petrodollar? |
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Superways
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October 25, 2016, 08:43:06 PM |
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None of the currency is dependable on any other currency because of their price value so if one currency will increase in value then it will not destroy any other currency. But it is the opportunities with a currency and the interest of people in a currency that establish a currency and dominate it on others. So the price alone cannot make fiat worthless.
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N-rG
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October 25, 2016, 08:46:01 PM |
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BTC will never rise that high. Too much problems.
I send today 80 BTC with 0.002 transaction fee. I'm waiting now for ridiculous 8 hours an still no arrival.
Imagine now 10x transactions or even 100 (what is still nothing compared to regular financials), how long we have to wait then? And how expensive would be the fee then?
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rizkyhiw
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October 25, 2016, 10:39:54 PM |
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BTC will never rise that high. Too much problems.
I send today 80 BTC with 0.002 transaction fee. I'm waiting now for ridiculous 8 hours an still no arrival.
Imagine now 10x transactions or even 100 (what is still nothing compared to regular financials), how long we have to wait then? And how expensive would be the fee then?
sorry to hear that , never do send like that high amount 80 btc it must make you worry to wait up to 8 hours , when so many people think bitcoin is the fastest transaction  and lowest fee ever ... but considering to your case it seems bitcoin not work like that yeah i feel the same too recently the transaction feel like always delayed and the fee also required higher than usual , i can not imagine then if the price of bitcoin reached $10,000. |
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N-rG
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October 25, 2016, 11:03:23 PM |
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I'm not afraid since i checked if it is logged in blockchain.info  But it makes me angry because I wanted to trade and I lost 8-10% profit to that delay  But anyway that showed me clearly what one major problem BTC has to deal with in the future. I think ill switch to bitsquare because then i dont have to worry for a hack and can trade/move $ much faster. |
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Pattberry
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October 25, 2016, 11:51:54 PM |
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bitcoin and fiat will co exist and nothing can be taken away from the fact that a countries economy depends on the currency it holds and all the trade will occur in fiat and it will continue to be like this
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Finestream
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October 26, 2016, 02:49:51 AM |
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bitcoin and fiat will co exist and nothing can be taken away from the fact that a countries economy depends on the currency it holds and all the trade will occur in fiat and it will continue to be like this
That's more realistic to say, fiat will always be here even in the future as that is created by the government and we people live by the rules of the government, bitcoin is great but look how many people are using this (only few). Fiat has been widely used as it is simple and no restrictions in using it, |
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coynedterm
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October 26, 2016, 03:10:54 AM |
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In one of the topics I read "If bitcoin will reach $10.000, fiat currency has become worthless"
Do you agree with this statement?
if bitcoin price even cross $20.000 but fiat can't be worthless because the reason behind this is that everyone here only earning btc for fiat ( bank money) . so it can be happening that at a small time interval people buy bitcoin for fiat but they can't leave fiat in the present time . |
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