Bitcoin can not replace fiat

[carlisle1]

when bitcoin will also acceptable in everywhere for direct shopping

That is not going to happen anytime soon. If you pay directly with Bitcoins, then you may need to wait up to two hours until you get the necessary three confirmations. So IMO, it will be better to use a payment processor such as Bitpay for shopping.

you have a point dude, we still need to wait a few hours before we get the necessary confirmations but I think there will be a solution to make the confirmation faster than ever in the future that it is like a few minutes or instant maybe it will happen before or after the bitcoin reaches the full adoption.

[1715660369]

1715660369

[1715660369]

1715660369

[1715660369]

1715660369

[STT]

Gold is unique as any other hard asset out there and so what?

As a piece of jewelry Bitcoin is utterly irrelevant, it doesn't even have physical existence as such to be used as jewelry, but we are talking about using Bitcoin and gold as money specifically, not as jewelries or something else, for that matter. The primary function of money is to facilitate the exchange of goods, that means being used as a means of payment. I don't really think that there could be any doubts that gold heavily sucks in this department while Bitcoin shines for being both a currency and a payment system

This depends on your point of view.  It is worth looking into why gold in particular is favoured as a monetary asset not just because some like that colour being shiny, there is more to it then that.  Platnium cannot be used for example as it is not distributed around the world especially, the majority of it at least so far in discovery is within Russia.

For the smallest amounts Bitcoin does likely have an advantage in accuracy and handling but for the largest payments I think gold has the advantage in transaction.   If it became that the largest payments and transfers of wealth and trade in an economy was then dicatating what was regarded as money then it gives gold that monetary place in the economy.   Our own view as people on the ground might have us favour bitcoin for ease of use but I think scales of economy means size has a part to play in which asset is viewed as most reliable.  Large companies operating massive production operations might favour a different payment method and to them bitcoin is awkward and not liquid enough in their size of transactions.    If 90% of value is transferred with gold then our own preference for bitcoin will not see it become favoured

[Loepuenkyou]

when bitcoin will also acceptable in everywhere for direct shopping

That is not going to happen anytime soon. If you pay directly with Bitcoins, then you may need to wait up to two hours until you get the necessary three confirmations. So IMO, it will be better to use a payment processor such as Bitpay for shopping.

until now bitcoin only digital curency without physic
if bitcoin can direct shopping, must create bitcoin physic and regulated too

[robelneo]

It need not replace fiat,they can coexist and it will be ok for all of us,we can use fiat to our local stores and bitcoin to all our online transactions and with merchants with online store,I don't want any one of them getting out of existence..

[Maslate]

It need not replace fiat,they can coexist and it will be ok for all of us,we can use fiat to our local stores and bitcoin to all our online transactions and with merchants with online store,I don't want any one of them getting out of existence..

That's great, it can help people with the convenience in spending their money. Fiat is really necessary as we cannot live without it but without bitcoin life can still go on. For now, bitcoin is very popular in the online world as it's fast and cheap in terms of transaction, however fiat is the basis of it's value therefore it cannot replace fiat even in the future.

[Ewinsane]

when bitcoin will also acceptable in everywhere for direct shopping

That is not going to happen anytime soon. If you pay directly with Bitcoins, then you may need to wait up to two hours until you get the necessary three confirmations. So IMO, it will be better to use a payment processor such as Bitpay for shopping.

until now bitcoin only digital curency without physic
if bitcoin can direct shopping, must create bitcoin physic and regulated too

you are right that bitcoin is now digital currency and bitcoin has  not physical shape but i hope bitcoin will be sooner became in physical shape then i hope that bitcoin can be replace fiat in the future.

[shine1123]

when bitcoin will also acceptable in everywhere for direct shopping

That is not going to happen anytime soon. If you pay directly with Bitcoins, then you may need to wait up to two hours until you get the necessary three confirmations. So IMO, it will be better to use a payment processor such as Bitpay for shopping.

until now bitcoin only digital curency without physic
if bitcoin can direct shopping, must create bitcoin physic and regulated too

you are right that bitcoin is now digital currency and bitcoin has  not physical shape but i hope bitcoin will be sooner became in physical shape then i hope that bitcoin can be replace fiat in the future.

If someday bitcoin has physical shape/unit, i'm sure many people will aware and will know about bitcoin and it's not impossible that someday bitcoin can replace the fiat. Because our life always upgrade every year and become more more digital. I'm not surprise when someday people will use digital money and not using paper money again.

[Tanic]

Yes, got you intrigued, didn't it?

Bitcoin is a very good thing to have as an asset. Just like gold. Even better if I may say. It's secure, and unlike fiat money it actually exists and work is put into it to produce it. This makes it great to store value.
However, it cannot and will not replace current fiat money that the entire world it using. It just cannot.
Take paying a cup of coffee for example. To pay your coffee with bitcoins, one must get bitcoins first, either by mining or buying bitcoins with other kinds of money (*cough*fiat*cough). It ends up being a quite complicated process, don't you think?
Until we reach the point where paying for a cup of coffee is as easy with Bitcoin as it is with cash, we will never get mass adoption. And as far as I see it, there is no way of simplifying the acquiring of bitcoins.

Yes I was intrigued with the name of the topic. But your opinion that you have wrote above is totally correct. Bitcoin will not replace fiat. In the case if bitcoin will get adopted as payment instrument many people will prefer to use old payments by fiat, mostly the old generation of people. And who knows what will be when we will get old in 30-40 years? I don't know.

[LovelyPrey]

The BITCOIN cannot ever change or replace the FIAT CURRENCY today because
bitcoin depends on fiat now.
But in the future we do not know how bitcoin cross the economy especially when it goes up rapidly.

[deisik]

Gold is unique as any other hard asset out there and so what?

As a piece of jewelry Bitcoin is utterly irrelevant, it doesn't even have physical existence as such to be used as jewelry, but we are talking about using Bitcoin and gold as money specifically, not as jewelries or something else, for that matter. The primary function of money is to facilitate the exchange of goods, that means being used as a means of payment. I don't really think that there could be any doubts that gold heavily sucks in this department while Bitcoin shines for being both a currency and a payment system

This depends on your point of view.  It is worth looking into why gold in particular is favoured as a monetary asset not just because some like that colour being shiny, there is more to it then that.  Platnium cannot be used for example as it is not distributed around the world especially, the majority of it at least so far in discovery is within Russia

In this respect, I don't see gold evenly distributed across the world at all, apart from jewelries, of course. In fact, all gold in its monetary form (mostly bars) is accumulated in a dozen of places (e.g. New York and London vaults, Fort Knox bullion depository, Central banks repositories, etc)

For the smallest amounts Bitcoin does likely have an advantage in accuracy and handling but for the largest payments I think gold has the advantage in transaction.   If it became that the largest payments and transfers of wealth and trade in an economy was then dicatating what was regarded as money then it gives gold that monetary place in the economy.   Our own view as people on the ground might have us favour bitcoin for ease of use but I think scales of economy means size has a part to play in which asset is viewed as most reliable.  Large companies operating massive production operations might favour a different payment method and to them bitcoin is awkward and not liquid enough in their size of transactions.  If 90% of value is transferred with gold then our own preference for bitcoin will not see it become favoured

To transfer this amount of value through gold is simply impossible today. And not because there is not enough gold (this is irrelevant), but because it is technically impossible to organize the gold circulation of this scale. It was impossible to do even in the 19th century within the borders of just one developed country (say, the US), and people started to use gold certificates instead of real gold (which was later dubbed as the gold bullion standard). But we are talking about using metal gold for making transactions, right?

Since otherwise we would eventually end up with what we already have, i.e. fiat money

[gabmen]

The BITCOIN cannot ever change or replace the FIAT CURRENCY today because
bitcoin depends on fiat now.
But in the future we do not know how bitcoin cross the economy especially when it goes up rapidly.

Yeah it's mainly because at the moment, most financial transactions are generally through fiat. With people being so dependent and used to doing things the conventional way, having other ways to do transactions would have a hard time to match people's use of fiat. Be it bitcoin or gold or any other currency that may come up in the future.

[agamasrori]

The BITCOIN cannot ever change or replace the FIAT CURRENCY today because
bitcoin depends on fiat now.
But in the future we do not know how bitcoin cross the economy especially when it goes up rapidly.

Yeah it's mainly because at the moment, most financial transactions are generally through fiat. With people being so dependent and used to doing things the conventional way, having other ways to do transactions would have a hard time to match people's use of fiat. Be it bitcoin or gold or any other currency that may come up in the future.

Yes people are get saturated of using fiat, some country were looking for an alternative and some of people choose bitcoin. I agree that fiat will repllaced by bitcoin or gold becouse both value are not decrease.

[Omega Weapon]

Personally I don't think bitcoin was ever devised to replace fiat at all, it is going to become a currency that despite not being backed by any government it is going be valuable and useful for a significant amount of the world population, but fiat will continue to exist.

[Positid]

Personally I don't think bitcoin was ever devised to replace fiat at all, it is going to become a currency that despite not being backed by any government it is going be valuable and useful for a significant amount of the world population, but fiat will continue to exist.

It's not because it has not capacity to do it, pretty simple to understand for us, bitcoin users are not even 1/3 of the total users of fiat so we know the answer.

[Kisanaq]

Yes of course, it is impossible to let the country's currency in the absence of full control. except for one world one currency, fiat will be lost and the market that will decide.

[shintosai]

Personally I don't think bitcoin was ever devised to replace fiat at all, it is going to become a currency that despite not being backed by any government it is going be valuable and useful for a significant amount of the world population, but fiat will continue to exist.

It's not because it has not capacity to do it, pretty simple to understand for us, bitcoin users are not even 1/3 of the total users of fiat so we know the answer.

that's logical its not intended to replace current fiat with any country or nation even if they will adopt bitcoin usage it is still their current currency will be use to represent their nation and for sure politician wont allow this because they can't control btc.

[Bitcoin0916]

Personally I don't think bitcoin was ever devised to replace fiat at all, it is going to become a currency that despite not being backed by any government it is going be valuable and useful for a significant amount of the world population, but fiat will continue to exist.

It's not because it has not capacity to do it, pretty simple to understand for us, bitcoin users are not even 1/3 of the total users of fiat so we know the answer.

that's logical its not intended to replace current fiat with any country or nation even if they will adopt bitcoin usage it is still their current currency will be use to represent their nation and for sure politician wont allow this because they can't control btc.

Nowadays we think that cannot control the bitcoin, but I believe one day there will be a way to be able to control the bitcoin. If this is the case of course many countries who will adopt the bitcoin system to replace the fiat money.

[boyptc]

Personally I don't think bitcoin was ever devised to replace fiat at all, it is going to become a currency that despite not being backed by any government it is going be valuable and useful for a significant amount of the world population, but fiat will continue to exist.

It's not because it has not capacity to do it, pretty simple to understand for us, bitcoin users are not even 1/3 of the total users of fiat so we know the answer.

that's logical its not intended to replace current fiat with any country or nation even if they will adopt bitcoin usage it is still their current currency will be use to represent their nation and for sure politician wont allow this because they can't control btc.

Nowadays we think that cannot control the bitcoin, but I believe one day there will be a way to be able to control the bitcoin. If this is the case of course many countries who will adopt the bitcoin system to replace the fiat money.

No there is no way to control bitcoin, the word decentralized itself will explain everything about its uncontrollable system. I can't see that it is going to be possible that bitcoin will replace fiat even though it has value. The government will still rely on the things that they can control that's why fiat will become stronger than bitcoin.

[danherbias07]

I think it should not replace it. It would be for the best for still many people are leaning to the fiat system. If ever it would be changed it will be the government who will act first by giving some knowledge to those who dont have time or cant afford to get it.

[STT]

No there is no way to control bitcoin, the word decentralized itself will explain everything about its uncontrollable system. I can't see that it is going to be possible that bitcoin will replace fiat even though it has value. The government will still rely on the things that they can control that's why fiat will become stronger than bitcoin.

Bitcoin could be controlled via the major pools, too much of the power got centralised in more recent years.    Its still not that likely but if you could get to the pool owner then the miners are proxy voting through him and some big changes to bitcoin could occur.   I imagine people could get paid off or compromised in their actions to subvert the network, people do kick up a fuss usually but still the miners and hash power is too focused in too few hands imo