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Cazkys
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May 27, 2017, 01:40:42 PM |
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it would be very ignorant to answer "YES" to that question. Fiat is the most useless useful thing ever invented by man. It has no value until it was given value. It can be faked and be printed over and over again. But it will never be worthless for the reasons that it is UNDERSTANDABLE.
What do I mean by understandable?
It means that it is an easy concept to grasp by the public. You have a physical thing that can be exchanged for goods and services, pronto. While Bitcoin can still be a foreign concept to the public, especially to those who are not computer literate. How can they earn it? How can they be sure that they have money that they can't see or touch?
and even if the governments declare Bitcoin as an official "currency" together with the official currency, they will never get rid of fiat. they're politicians, there's no real appeal in swimming in money if its in crypto form. nothing beats the physical money.
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CrownPolly
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May 27, 2017, 07:10:28 PM |
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it would be very ignorant to answer "YES" to that question. Fiat is the most useless useful thing ever invented by man. It has no value until it was given value. It can be faked and be printed over and over again. But it will never be worthless for the reasons that it is UNDERSTANDABLE.
What do I mean by understandable?
It means that it is an easy concept to grasp by the public. You have a physical thing that can be exchanged for goods and services, pronto. While Bitcoin can still be a foreign concept to the public, especially to those who are not computer literate. How can they earn it? How can they be sure that they have money that they can't see or touch?
and even if the governments declare Bitcoin as an official "currency" together with the official currency, they will never get rid of fiat. they're politicians, there's no real appeal in swimming in money if its in crypto form. nothing beats the physical money.
I believe that every currency has its own advantages and uses. I for one, for example, did not use Bitcoin as a means of payment, and especially after I see that the price goes up sharply. Let the firm be better money that I can use to purchase what I need, and Bitcoin Let it be stored until good time. |
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coinsmanager
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Byteball: highly scalable cryptocurrency platform
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May 27, 2017, 07:17:23 PM |
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In such a scenario, one dollar would be worth 1/10,000 Bitcoin. So the logical answer would be "no".
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deisik
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English ⬄ Russian Translation Services
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May 27, 2017, 07:31:49 PM |
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it would be very ignorant to answer "YES" to that question. Fiat is the most useless useful thing ever invented by man. It has no value until it was given value. It can be faked and be printed over and over again. But it will never be worthless for the reasons that it is UNDERSTANDABLE.
What do I mean by understandable?
It means that it is an easy concept to grasp by the public. You have a physical thing that can be exchanged for goods and services, pronto. While Bitcoin can still be a foreign concept to the public, especially to those who are not computer literate. How can they earn it? How can they be sure that they have money that they can't see or touch?
As to me, that's complete nonsense Nowadays most fiat is in digital form anyway, and understanding it is in no way easier than understanding Bitcoin. If you are using a Bitcoin web wallet sending coins is a trivial thing. You just need to know the receiver's address (and have some bitcoins to send them to him). I guess you have never filled a bank payment order since otherwise you would have known how foreign the concept of digital fiat is to the general public. Digital money is a very complicated thing internally, but to use it people don't need to know all the gory details making it possible (e.g. how money transfers between banks actually happen) |
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ipungadhi
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May 27, 2017, 09:40:02 PM |
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Which fiat is the OP talking about? Since we don't have one acceptable global fiat currency it will be difficult for Bitcoin to render all fiats worthless even if it hits $100k per coin. I think conventional fiat will remain just as Bitcoin and the two will coexist.
I think without a legalization from the government though. Bitcoin can still grow and make the price of bitcoin grow high. As current prices rise very rapidly. I'm sure user and demand growth can make bitcoin prices skyrocket |
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RENATA612
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May 27, 2017, 10:35:31 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 do not agree however we will still need fiat currency, because there are still many people who do not know about bitcoin while they still transact using fiat currency |
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cram03
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May 28, 2017, 05:00:34 AM |
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No a big no. Fiat is the thing that people uses everyday not like bitcoin that not that popular but someday all people around the world will know about bitcoins and they will regret that they didn't buy it in a low price  |
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BitcoinGirl.Club
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May 28, 2017, 05:19:18 AM |
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No a big no. Fiat is the thing that people uses everyday not like bitcoin that not that popular but someday all people around the world will know about bitcoins and they will regret that they didn't buy it in a low price As things stand bitcoin is not the best alternative for everyday transactions because of its slow transfer rate and high tx fees which in a way makes fiat even more valuable to use because there are no transaction congestions and already as demand |
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Sled
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May 28, 2017, 05:55:48 AM |
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No a big no. Fiat is the thing that people uses everyday not like bitcoin that not that popular but someday all people around the world will know about bitcoins and they will regret that they didn't buy it in a low price As things stand bitcoin is not the best alternative for everyday transactions because of its slow transfer rate and high tx fees which in a way makes fiat even more valuable to use because there are no transaction congestions and already as demand That is true. The fees of bitcoin now is very high and it is not that practical to continue use bitcoin for daily transactions, it is more like for just investment as of now. Fiat is the best way to have daily transaction because of its fixed and stable fees and that is the advantage of fiat to bitcoin but in terms of investment, bitcoin is still the best. |
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KnightElite
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May 28, 2017, 06:29:12 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?
No. It is vey impossible that the bitcoin will surpass the fiat currency. The fiat currency will not become worthless . Even now in this world, All of the people wants money and that money is fiat currency. I don't agree to your statement. |
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NatsuDragneel
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May 28, 2017, 06:33:36 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?
No. I don't agree to your statement. Fiat currency will not become worthless in this world and the bitcoin will never surpass the fiat currency. |
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radjie
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May 28, 2017, 08:20:16 AM |
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Of course I do not agree because any amount of fixed bitcoin value will be valuable for everyday life even though its value is more valuable than bitcoin.
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CuriousGeorge
Sr. Member
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KUWA.ai
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May 28, 2017, 08:28:37 AM |
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Which fiat is the OP talking about? Since we don't have one acceptable global fiat currency it will be difficult for Bitcoin to render all fiats worthless even if it hits $100k per coin. I think conventional fiat will remain just as Bitcoin and the two will coexist.
I agree with you. Bitcoin and fiat would work together rather than make the other worthless which is good. Fiats will continue as it was today while Bitcoin would gain its momentum in usage especially in the global market I should say, more like as the main online currency to be used worldwide. Bitcoin will bridge fiat into a faster transaction, we need a good payment system and it is a gift that bitcoin was invented. It is not here to replace anything but to help fast track transactions and make it cheaper. Pay more for fast transaction and less for the slow transaction and are you kidding me with your statement? Bitcoin is not a bridge but it's kind of a digital currency. Bitcoin can be determined as a commodity. The purpose of bitcoin to be a microtransaction payment. |
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choppork
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May 28, 2017, 03:30:43 PM |
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Which fiat is the OP talking about? Since we don't have one acceptable global fiat currency it will be difficult for Bitcoin to render all fiats worthless even if it hits $100k per coin. I think conventional fiat will remain just as Bitcoin and the two will coexist.
I agree with you. Bitcoin and fiat would work together rather than make the other worthless which is good. Fiats will continue as it was today while Bitcoin would gain its momentum in usage especially in the global market I should say, more like as the main online currency to be used worldwide. Bitcoin will bridge fiat into a faster transaction, we need a good payment system and it is a gift that bitcoin was invented. It is not here to replace anything but to help fast track transactions and make it cheaper. Pay more for fast transaction and less for the slow transaction and are you kidding me with your statement? Bitcoin is not a bridge but it's kind of a digital currency. Bitcoin can be determined as a commodity. The purpose of bitcoin to be a microtransaction payment. Not sure if you're trolling or you simply don't know anything about bitcoins at all. You have to pay more transaction fees to have your transaction prioritized. Do you really expect someone who paid less fees to have a faster transaction? Bitcoin can be determined as a lot of things, just like everything else. It can be determined as a currency, as a commodity, or anything you like, there's no limit as long as you can imagine it. Bitcoin is definitely not for microtransactions. As a matter of fact, it's one of bitcoin's problems. It can never be used for microtransactions since the fee is already high. The fee is more than one dollar now, so doing microtransactions would be unwise. On the other hand, transacting millions of dollars through bitcoins can have this amount of fee as well. More than one dollar is enough for your transaction to go in smoothly. |
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AjithBtc
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Vave.com - Crypto Casino
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May 28, 2017, 03:37:45 PM |
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No a big no. Fiat is the thing that people uses everyday not like bitcoin that not that popular but someday all people around the world will know about bitcoins and they will regret that they didn't buy it in a low price As things stand bitcoin is not the best alternative for everyday transactions because of its slow transfer rate and high tx fees which in a way makes fiat even more valuable to use because there are no transaction congestions and already as demand That is true. The fees of bitcoin now is very high and it is not that practical to continue use bitcoin for daily transactions, it is more like for just investment as of now. Fiat is the best way to have daily transaction because of its fixed and stable fees and that is the advantage of fiat to bitcoin but in terms of investment, bitcoin is still the best. For regular transactions bitcoin is not the perfect one at present due to the increased transaction fee. Most of the time bitcoin transaction benefit the large volume transactions, which is done by the whales. Because compared to the number of bitcoin transacted in a transaction the fee seems to be low. |
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Janation
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May 28, 2017, 03:41:56 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?
No. I don't agree to your statement. Fiat currency will not become worthless in this world and the bitcoin will never surpass the fiat currency. Bitcoin surpassed fiat, the thing is, bitcoin will not make fiat worthless, the topic answered the question itself, if bitcoin is $10000, with that, why would fiat be worthless? without fiat, there will be no bitcoin because it will have no price. And bitcoin is not accepted by many stores, so we still need to convert our bitcoins to fiats and use that fiats to buy what we need. |
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choppork
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May 28, 2017, 04:49:23 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?
No. I don't agree to your statement. Fiat currency will not become worthless in this world and the bitcoin will never surpass the fiat currency. Bitcoin surpassed fiat, the thing is, bitcoin will not make fiat worthless, the topic answered the question itself, if bitcoin is $10000, with that, why would fiat be worthless? without fiat, there will be no bitcoin because it will have no price. And bitcoin is not accepted by many stores, so we still need to convert our bitcoins to fiats and use that fiats to buy what we need. Try again. Without fiat, the scenario will be either the prices are going to be based on a different currency (probably bitcoins) or we will go back to barter system where people trade commodities in exchange for another commodity. It's also possible that the price of bitcoin has increased this high because the dollars have hyper-inflated. Bitcoin can stand by itself. Without fiat, then things will be based on the price of bitcoin (supposed that bitcoin is the number one cryptocurrency). Everything else will follow through. The merchants will start accepting the new coin. |
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ecnalubma
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May 28, 2017, 05:57:11 PM |
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Fiat will still have worth but inflation hike is still unstoppable, leterally the government will create and print higher notes just to continue the flow of the monetary system.
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MikeWIN
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May 28, 2017, 06:12:14 PM |
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Love the topic and replies! My 2 cents - probably no unless infrastructure/ecosystem is built (or lets say available for regular people) for btc payments so anyone easily can pay with btc instead using visa, master etc.
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cryp24x
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May 28, 2017, 08:57:23 PM |
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Love the topic and replies! My 2 cents - probably no unless infrastructure/ecosystem is built (or lets say available for regular people) for btc payments so anyone easily can pay with btc instead using visa, master etc.
You got a point here, unless the system change, fiat will never be worthless. It requires changes in financial structure to make fiat worthless and not just the price of bitcoin. Even if bitcoin reaches trillion dollar price as long as the finance system does not change, it will never make fiat worthless. |
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