Bitcoin can not replace fiat

[bitbob82]

It cannot replace fiat since a lot of people haven't known Bitcoin or basically cryptocurrency. The flawlessness of being transparent of the transactions, the information of the user is not needed, and the decentralized power of Bitcoin makes it great but lay people only see the bad side of it. They don't see the possibility of Bitcoin being used as transactions in our daily lives. I feel a gleaming ray of hope that sometime in the future, we would all be paperless.

fiat is control by government and i think they don't want to replace them.. but if government accept bitcoin i am sure they will ask for large task for bitcoin since the benefits of bitcoin is price increases government are greedy..
For me it is impossible to replace fiat with bitcoin since bitcoin is use for online activities how about the local activities so fiat still be prefer.

There will be a worldwide revolution both online and in the physical world if the Governments deny using Bitcoin as the main currency. Because Bitcoin is not being controlled by the Government, more people will decide to choose Bitcoin instead of Fiat. Bitcoin also gives users a higher opportunity of being protected personal information. And Bitcoin users do not have to pay tax at all

What kind of tax are you talking about? Because when you buy something from an online merchant that accepts Bitcoin, they collect sales tax. It's not like using Bitcoin is a license to avoid taxes.

but i think still there is no tax on bitcoin as bitcoin is still not consider as legal currency, when governments will consider it as legal currency only then  they will impost tax on bitcoin, but i think it is not going to happen in next 5 year.

[manyuta]

If we are going to replace fiat with bitcoin, then we need a way to scale bitcoin into trillion, and the only way we can do this is by Lightning network, so get your ass to work and tell everyone you know to start activating segwit by downloading bitcoin core 0.13.1 and running it all day.

Yet to invest their money in bitcoin profitable business, but once all that is man, I would not advise to do it, to invest every penny. Most assets are those for which it is not necessary to worry about every day.

[kwuccduck]

It cannot replace fiat since a lot of people haven't known Bitcoin or basically cryptocurrency. The flawlessness of being transparent of the transactions, the information of the user is not needed, and the decentralized power of Bitcoin makes it great but lay people only see the bad side of it. They don't see the possibility of Bitcoin being used as transactions in our daily lives. I feel a gleaming ray of hope that sometime in the future, we would all be paperless.

fiat is control by government and i think they don't want to replace them.. but if government accept bitcoin i am sure they will ask for large task for bitcoin since the benefits of bitcoin is price increases government are greedy..
For me it is impossible to replace fiat with bitcoin since bitcoin is use for online activities how about the local activities so fiat still be prefer.

There will be a worldwide revolution both online and in the physical world if the Governments deny using Bitcoin as the main currency. Because Bitcoin is not being controlled by the Government, more people will decide to choose Bitcoin instead of Fiat. Bitcoin also gives users a higher opportunity of being protected personal information. And Bitcoin users do not have to pay tax at all

What kind of tax are you talking about? Because when you buy something from an online merchant that accepts Bitcoin, they collect sales tax. It's not like using Bitcoin is a license to avoid taxes.

but i think still there is no tax on bitcoin as bitcoin is still not consider as legal currency, when governments will consider it as legal currency only then  they will impost tax on bitcoin, but i think it is not going to happen in next 5 year.

Already many countries for their financial systems clearly decided to use blockchain technology and it is obvious that bitcoin will strongly into the global economy. How many years it will take is not known, but it soon.

[AndySt]

Already many countries for their financial systems clearly decided to use blockchain technology and it is obvious that bitcoin will strongly into the global economy. How many years it will take is not known, but it soon.

The blockchain is not confined to the financial sector and instruments although of course it was originally designed for this. And about the time I would not hurry with conclusions.

[jaysabi]

It cannot replace fiat since a lot of people haven't known Bitcoin or basically cryptocurrency. The flawlessness of being transparent of the transactions, the information of the user is not needed, and the decentralized power of Bitcoin makes it great but lay people only see the bad side of it. They don't see the possibility of Bitcoin being used as transactions in our daily lives. I feel a gleaming ray of hope that sometime in the future, we would all be paperless.

fiat is control by government and i think they don't want to replace them.. but if government accept bitcoin i am sure they will ask for large task for bitcoin since the benefits of bitcoin is price increases government are greedy..
For me it is impossible to replace fiat with bitcoin since bitcoin is use for online activities how about the local activities so fiat still be prefer.

There will be a worldwide revolution both online and in the physical world if the Governments deny using Bitcoin as the main currency. Because Bitcoin is not being controlled by the Government, more people will decide to choose Bitcoin instead of Fiat. Bitcoin also gives users a higher opportunity of being protected personal information. And Bitcoin users do not have to pay tax at all

What kind of tax are you talking about? Because when you buy something from an online merchant that accepts Bitcoin, they collect sales tax. It's not like using Bitcoin is a license to avoid taxes.

but i think still there is no tax on bitcoin as bitcoin is still not consider as legal currency, when governments will consider it as legal currency only then  they will impost tax on bitcoin, but i think it is not going to happen in next 5 year.

It doesn't need to be a legal currency to be taxed. In the US, bitcoin is taxed as property despite the fact that it's not a currency. Gold also is not a legal currency, but you still have to pay tax on that as well. So its status as a currency is irrelevant. Anything that has value can (and probably will) be taxed.

[jaysabi]

It cannot replace fiat since a lot of people haven't known Bitcoin or basically cryptocurrency. The flawlessness of being transparent of the transactions, the information of the user is not needed, and the decentralized power of Bitcoin makes it great but lay people only see the bad side of it. They don't see the possibility of Bitcoin being used as transactions in our daily lives. I feel a gleaming ray of hope that sometime in the future, we would all be paperless.

fiat is control by government and i think they don't want to replace them.. but if government accept bitcoin i am sure they will ask for large task for bitcoin since the benefits of bitcoin is price increases government are greedy..
For me it is impossible to replace fiat with bitcoin since bitcoin is use for online activities how about the local activities so fiat still be prefer.

There will be a worldwide revolution both online and in the physical world if the Governments deny using Bitcoin as the main currency. Because Bitcoin is not being controlled by the Government, more people will decide to choose Bitcoin instead of Fiat. Bitcoin also gives users a higher opportunity of being protected personal information. And Bitcoin users do not have to pay tax at all

What kind of tax are you talking about? Because when you buy something from an online merchant that accepts Bitcoin, they collect sales tax. It's not like using Bitcoin is a license to avoid taxes.

but i think still there is no tax on bitcoin as bitcoin is still not consider as legal currency, when governments will consider it as legal currency only then  they will impost tax on bitcoin, but i think it is not going to happen in next 5 year.

Already many countries for their financial systems clearly decided to use blockchain technology and it is obvious that bitcoin will strongly into the global economy. How many years it will take is not known, but it soon.

It is possible (and likely) for many institutions to use blockchain technology and not do a thing with bitcoin. Many major technology and financial institutions in the US are already working along these lines. So the explosion of blockchain proliferation does not necessarily mean anything for the value of bitcoin in the future, as many people interested in blockchain technology are not interested in bitcoin, and will separate the two to use the only part that has value to them.

[lilit]

The main thing is to find opportunities to invest in bitcoin, and bitcoin invest myself in other deals. It is a paradise for business. Cryptocurrency Bitcoin anonimna.Vse that you can see in transactions legitimate method - the address of the Bitcoin wallet. Therefore, your business and all the assets of a greedy inaccessible state.

[just_Alice]

If we are going to replace fiat with bitcoin, then we need a way to scale bitcoin into trillion, and the only way we can do this is by Lightning network, so get your ass to work and tell everyone you know to start activating segwit by downloading bitcoin core 0.13.1 and running it all day.

Why do you think so? Is it because there are more than a trillion dollars in the world? To replace that we have enough satoshis I think. So theoretically Bitcoin can replace all the money in the world but I don't think this will happen. Not in the next 50 years at least.

[deadpoolx]

If we are going to replace fiat with bitcoin, then we need a way to scale bitcoin into trillion, and the only way we can do this is by Lightning network, so get your ass to work and tell everyone you know to start activating segwit by downloading bitcoin core 0.13.1 and running it all day.

One of the biggest problems to be solved, in fact, is the problem of scalability. I'm not sure if Bitcoin could handle the traffic with the current network conditions. The number of users grows every day, and I think this rate will only increase over time. That is why solutions that seek to improve scalability and the use of Bitcoin, by making transactions faster, are welcome.

[X-ray]

It cannot replace fiat since a lot of people haven't known Bitcoin or basically cryptocurrency. The flawlessness of being transparent of the transactions, the information of the user is not needed, and the decentralized power of Bitcoin makes it great but lay people only see the bad side of it. They don't see the possibility of Bitcoin being used as transactions in our daily lives. I feel a gleaming ray of hope that sometime in the future, we would all be paperless.

fiat is control by government and i think they don't want to replace them.. but if government accept bitcoin i am sure they will ask for large task for bitcoin since the benefits of bitcoin is price increases government are greedy..
For me it is impossible to replace fiat with bitcoin since bitcoin is use for online activities how about the local activities so fiat still be prefer.

There will be a worldwide revolution both online and in the physical world if the Governments deny using Bitcoin as the main currency. Because Bitcoin is not being controlled by the Government, more people will decide to choose Bitcoin instead of Fiat. Bitcoin also gives users a higher opportunity of being protected personal information. And Bitcoin users do not have to pay tax at all

What kind of tax are you talking about? Because when you buy something from an online merchant that accepts Bitcoin, they collect sales tax. It's not like using Bitcoin is a license to avoid taxes.

but i think still there is no tax on bitcoin as bitcoin is still not consider as legal currency, when governments will consider it as legal currency only then  they will impost tax on bitcoin, but i think it is not going to happen in next 5 year.

It doesn't need to be a legal currency to be taxed. In the US, bitcoin is taxed as property despite the fact that it's not a currency. Gold also is not a legal currency, but you still have to pay tax on that as well. So its status as a currency is irrelevant. Anything that has value can (and probably will) be taxed.

In most of countries bitcoin was considered as a virtual property and not currency. for example as you mentioned in US and China, they don't regocnise it as a currency but a virtual property
and gold is not a currency as well because it's a rare mineral and they prefer to consider it as a precious metal. maybe they're doing this to protect their own local currency

[zincra]

Of course can't fiat money replace bitcoin, because we still use fiat money at the end look how much banks they are in the world they won't just change to go to bitcoin. Bitcoin is just good when you trading or other stuff. Also we need fiat for bitcoin price.

Why you are saying BTC cant replace fiat and you need fiat and you need Fiat to price to BTC. Both arguments are wrong.

Its all about consept and marketing. There is theoretical solution for both of them. First BTC can be Priced in any units. You can say x amount BTC = x g of gold, x Kilogram of Coffe, X squar meter of land. So you dont need fiat currency to find out BTC value. And is all about marketing to convince people to value, something else over fiat currency.

Also BTC can replace Fiat. It again about marketing. different companies for a alliance, First they say, they dont give away their production and services for fiat currency they demand BTC to return, second they they dont pay wages on Fiat currency they bay with BTC. There will be alot of peoples who dont want wages on BTC, but also there are alot people who want it.

Last week i paid car mechanic In BTCs for repairing my car, for him this was way to not pay taxes. So back to marketing. If BTC entusiast form a union and refuse to work, if they wages are not paid in BTCs or, alot of comapanys, refuse to sell their products on fiat currency then it changes.

[Techie5879]

Bitcoin can't replace Fiat at the moment, at least in India. Thousands of people don't even own an electronic device like smartphone or a computer, so how will they receive Bitcoin, let alone transact? Also internet is very insecure and bad in parts of the country and most of the people can't even afford the cheapest internet. And no business here accepts Bitcoins.

[diegz]

Bitcoin can't replace Fiat at the moment, at least in India. Thousands of people don't even own an electronic device like smartphone or a computer, so how will they receive Bitcoin, let alone transact? Also internet is very insecure and bad in parts of the country and most of the people can't even afford the cheapest internet. And no business here accepts Bitcoins.

Those situation is present anywhere, not all place has a good internet connection, not only in where you live. Other places also suffer such problem but it doesn't prevent those bitcoin user from using it. Anyway, as what you've mention, that is one obstacle that bitcoin needs to surpass, and maybe it is not bitcoin that will do it, it will happen in time. Technology gets better and better and so as the status of living in places.

But even with that said, I think it is not enough yet to make bitcoin replace fiat in real life, but for sure, in the internet/web, bitcoin will play and important role and would compete with fiat.

[boyptc]

Bitcoin can't replace Fiat at the moment, at least in India. Thousands of people don't even own an electronic device like smartphone or a computer, so how will they receive Bitcoin, let alone transact? Also internet is very insecure and bad in parts of the country and most of the people can't even afford the cheapest internet. And no business here accepts Bitcoins.

That's one of the risk that will all be facing if the government are going to allow this to happen. But it seems they need to focus more with poverty and other problem that their people are facing. But I can see that bitcoin replacement of fiat will be another problem for those people who are truly lack of knowledge with the technology trend.

[danherbias07]

Bitcoin can't replace Fiat at the moment, at least in India. Thousands of people don't even own an electronic device like smartphone or a computer, so how will they receive Bitcoin, let alone transact? Also internet is very insecure and bad in parts of the country and most of the people can't even afford the cheapest internet. And no business here accepts Bitcoins.

That's one of the risk that will all be facing if the government are going to allow this to happen. But it seems they need to focus more with poverty and other problem that their people are facing. But I can see that bitcoin replacement of fiat will be another problem for those people who are truly lack of knowledge with the technology trend.

The problem is they dont look at it that way. That poverty thing will be set aside and creating more money will be the priority. If replacing fiat will give them more opportunity to corrupt the system then it could lead to a change. But the problem is that doesnt work just like that. It needs some studies before it can be fully change.

[Wowcoin]

Yes bitcoin can not replace fiat because many people have no knowledge about bitcoin also in new technology like our gadgets. More peole dont have smartphone or even a computer so its getting to hard that bitcoin replace fiat.

[Tukang Becak]

Some day I sure bitcoin can replace fiat, we know fiat is is not relevant to the economy and free trade.

[molsewid]

fiat system has been implemented for a long time and we're still using it on our everyday life. bitcoin has been invented for many purposes and i love the feature about the anonimity when sending and receiving money. bitcoin has been a big part of our economy but still bitcoin doesnt very known well on our society thats why when im talking about bitcoin my friends are like " what is bitcoin?" that's what they always say. and im saying that bitcoin is a crypto currency which has a very good features. but i can say that one day bitcoin will be our primary digital currency which we can use on our everyday life too.

[millgates]

fiat system has been implemented for a long time and we're still using it on our everyday life. bitcoin has been invented for many purposes and i love the feature about the anonimity when sending and receiving money. bitcoin has been a big part of our economy but still bitcoin doesnt very known well on our society thats why when im talking about bitcoin my friends are like " what is bitcoin?" that's what they always say. and im saying that bitcoin is a crypto currency which has a very good features. but i can say that one day bitcoin will be our primary digital currency which we can use on our everyday life too.

People of some country were change their fiat into bitcoin becouse their fiat price is drop against USD. So they choose bitcoin. I think its proof that bitcoin can replace fiat. You are right not all people in the world that already knew about bitcoin. But I think what we only need is wait until see all people know about bitcoin.

[iamTom123]

I am predicting that Bitcoin can be playing a big role in the global economic infrastructure especially in the coming years. However, I don't believe that it will totally replace fiat money as we still need the traditional means of exchange as many people and institutions would still be using them side by side with Bitcoin.