Bitcoin can not replace fiat

[Pythagorass]

Hello everyone! merry christmas! new to the game, looking forward to being a part of this big big world of cryptocurrency! 

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[markyminer]

Since Fiat is a kind of securities issued by the state and bitcoin it is still not routine exchange of recognition of States, neither of which is replaced out of the question.

Apparently the majority of countries will never accept bitcoin fully fledged currency. If this is possible, the authorities will very quickly lose their sources of income and filling byudzhetov.poetomu bitcoin will be outlawed.

in fact not a single country will never reject their fiat for bitcoin even if they consider bitcoin as fiat, therefore i think it is not looking possible in near future that bitcoin will replace fiat currency.

[gabmen]

Since Fiat is a kind of securities issued by the state and bitcoin it is still not routine exchange of recognition of States, neither of which is replaced out of the question.

Apparently the majority of countries will never accept bitcoin fully fledged currency. If this is possible, the authorities will very quickly lose their sources of income and filling byudzhetov.poetomu bitcoin will be outlawed.

in fact not a single country will never reject their fiat for bitcoin even if they consider bitcoin as fiat, therefore i think it is not looking possible in near future that bitcoin will replace fiat currency.

Well it would be very difficult for countries to monitor bitcoin as one of bitcoin's features gives the user anonymity. For now bitcoin has very little chance, or none at all at this moment, to replace fiat. And if ever it does happen in the future, i think a lot of changes would be made so governments would have more hold on it

[Yakamoto]

Since Fiat is a kind of securities issued by the state and bitcoin it is still not routine exchange of recognition of States, neither of which is replaced out of the question.

Apparently the majority of countries will never accept bitcoin fully fledged currency. If this is possible, the authorities will very quickly lose their sources of income and filling byudzhetov.poetomu bitcoin will be outlawed.

in fact not a single country will never reject their fiat for bitcoin even if they consider bitcoin as fiat, therefore i think it is not looking possible in near future that bitcoin will replace fiat currency.

Well it would be very difficult for countries to monitor bitcoin as one of bitcoin's features gives the user anonymity. For now bitcoin has very little chance, or none at all at this moment, to replace fiat. And if ever it does happen in the future, i think a lot of changes would be made so governments would have more hold on it

It wouldn't be too hard, if a country put out some sort of law or bill that required users to register wallets addresses to their name, also assuming that a country was filled with Bitcoin users, then you could expect to see a majority of people complying and there would be no issues coming from a lot of them.

It would be easy to obfuscate the addresses and who owns them relatively easily, but most people wouldn't care.

[GregH37]

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.

I think you have a point , most of the people in the world still don’t even know what bitcoin is and even the ones that have searched the internet or even heard of bitcoin never tried to get into it , so trying to replace fiat that everyone knows and they are used to using it every day with something new and advanced as bitcoin is really hard.

[delliaerd]

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.

I think you have a point , most of the people in the world still don’t even know what bitcoin is and even the ones that have searched the internet or even heard of bitcoin never tried to get into it , so trying to replace fiat that everyone knows and they are used to using it every day with something new and advanced as bitcoin is really hard.

Bitcoin not so popular and easy using as the fiat or real official currency in a country. Moreover target marketing bitcoin is for people who have access internet but when you see the reality in growing country there are so many people more than 40 years old who didn't know how to use internet. So bitcoin still not spread whole of society yet to replace fiat.

[deisik]

Well it would be very difficult for countries to monitor bitcoin as one of bitcoin's features gives the user anonymity. For now bitcoin has very little chance, or none at all at this moment, to replace fiat. And if ever it does happen in the future, i think a lot of changes would be made so governments would have more hold on it

It wouldn't be too hard, if a country put out some sort of law or bill that required users to register wallets addresses to their name, also assuming that a country was filled with Bitcoin users, then you could expect to see a majority of people complying and there would be no issues coming from a lot of them.

It would be easy to obfuscate the addresses and who owns them relatively easily, but most people wouldn't care.

People who are using Bitcoin right now differ significantly from the rest of the population. And while the rest of population might certainly agree to possible government regulations including the requirement to officially register their Bitccoin wallets with some supervising agency, this is certainly not true with people who are actively using Bitcoin at present since they would prefer the government not to interfere with Bitcoin at all...

At least, not in the way you suggest

[DoublerHunter]

Yes, Bitcoin can not replace fiat because fiat is only the thing which we can get our profits from bitcoin by converting it from bitcoin to fiat. If there is a chance of replacing the fiat using bitcoin then it would be a long time to wait because bitcoin is just getting started and it still a young one who needs a lot of development which can help to attract investors and continue to grow its popularity and then after that we can say that there will be a chance of replacing the fiat.

[jaysabi]

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.

Not the number of bitcoins, but he ability for the network to handle trillions of dollars worth of transactions daily. You can't have commerce if people can't transfer money effectively, and you can't do that with Bitcoin on a large scale presently. At least, not nearly as large as it needs to be.

[MMA]

Well it would be very difficult for countries to monitor bitcoin as one of bitcoin's features gives the user anonymity. For now bitcoin has very little chance, or none at all at this moment, to replace fiat. And if ever it does happen in the future, i think a lot of changes would be made so governments would have more hold on it

It wouldn't be too hard, if a country put out some sort of law or bill that required users to register wallets addresses to their name, also assuming that a country was filled with Bitcoin users, then you could expect to see a majority of people complying and there would be no issues coming from a lot of them.

It would be easy to obfuscate the addresses and who owns them relatively easily, but most people wouldn't care.

People who are using Bitcoin right now differ significantly from the rest of the population. And while the rest of population might certainly agree to possible government regulations including the requirement to officially register their Bitccoin wallets with some supervising agency, this is certainly not true with people who are actively using Bitcoin at present since they would prefer the government not to interfere with Bitcoin at all...

At least, not in the way you suggest

and i think the rest of the people are actually do not know about bitcoin, if once they know about it they will certainly start using it and will become a part of bitcoin community. they just need some good information about bitcoin.

[achow102]

Well it would be very difficult for countries to monitor bitcoin as one of bitcoin's features gives the user anonymity. For now bitcoin has very little chance, or none at all at this moment, to replace fiat. And if ever it does happen in the future, i think a lot of changes would be made so governments would have more hold on it

It wouldn't be too hard, if a country put out some sort of law or bill that required users to register wallets addresses to their name, also assuming that a country was filled with Bitcoin users, then you could expect to see a majority of people complying and there would be no issues coming from a lot of them.

It would be easy to obfuscate the addresses and who owns them relatively easily, but most people wouldn't care.

People who are using Bitcoin right now differ significantly from the rest of the population. And while the rest of population might certainly agree to possible government regulations including the requirement to officially register their Bitccoin wallets with some supervising agency, this is certainly not true with people who are actively using Bitcoin at present since they would prefer the government not to interfere with Bitcoin at all...

At least, not in the way you suggest

and i think the rest of the people are actually do not know about bitcoin, if once they know about it they will certainly start using it and will become a part of bitcoin community. they just need some good information about bitcoin.

Not all people who know about Bitcoin can use it. Many countries have so far not developed infrastructure. That is why the inhabitants of these countries can not use Bitcoins to buy some goods.

[ironm@n]

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.

I think you have a point , most of the people in the world still don’t even know what bitcoin is and even the ones that have searched the internet or even heard of bitcoin never tried to get into it , so trying to replace fiat that everyone knows and they are used to using it every day with something new and advanced as bitcoin is really hard.

There is a number of obstacles... there are problems related to knowledge, because in fact many people do not know Bitcoin, and there are technical problems... maybe the biggest one is the problem of scalability, because it will take a long time for the network to have enough capacity to support such a large number of users. But many obstacles have already been overcome, and nothing prevents the network from continuing to increase capacity and stability over the years. The developers are there doing the best job for this.

[Positid]

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.

I think you have a point , most of the people in the world still don’t even know what bitcoin is and even the ones that have searched the internet or even heard of bitcoin never tried to get into it , so trying to replace fiat that everyone knows and they are used to using it every day with something new and advanced as bitcoin is really hard.

There is a number of obstacles... there are problems related to knowledge, because in fact many people do not know Bitcoin, and there are technical problems... maybe the biggest one is the problem of scalability, because it will take a long time for the network to have enough capacity to support such a large number of users. But many obstacles have already been overcome, and nothing prevents the network from continuing to increase capacity and stability over the years. The developers are there doing the best job for this.

In overall, the system is really great but that does not mean people can easily adopt with, they still prefer fiat to use that bitcoin as that is very simple and they have been using it for a long time already and they are comfortable using it, if they do not get any benefits with bitcoin, they will not adopt with it.

[mrcash02]

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.

I think you have a point , most of the people in the world still don’t even know what bitcoin is and even the ones that have searched the internet or even heard of bitcoin never tried to get into it , so trying to replace fiat that everyone knows and they are used to using it every day with something new and advanced as bitcoin is really hard.

There is a number of obstacles... there are problems related to knowledge, because in fact many people do not know Bitcoin, and there are technical problems... maybe the biggest one is the problem of scalability, because it will take a long time for the network to have enough capacity to support such a large number of users. But many obstacles have already been overcome, and nothing prevents the network from continuing to increase capacity and stability over the years. The developers are there doing the best job for this.

In overall, the system is really great but that does not mean people can easily adopt with, they still prefer fiat to use that bitcoin as that is very simple and they have been using it for a long time already and they are comfortable using it, if they do not get any benefits with bitcoin, they will not adopt with it.

Currently, Bitcoin isn't a currency for many people, it's an investment. People use fiat to buy BTCs, hold it for a good time, sell it and make profit next. That is what many people do. When more stores start accepting BTC as payment method this reality can change.

And there is another issue. The Blockchain doesn't support many users making transactions at same time, as you said. If BTC wants to be a global currency, with many users, it must change.

[deisik]

And there is another issue. The Blockchain doesn't support many users making transactions at same time, as you said. If BTC wants to be a global currency, with many users, it must change.

And it can change either the hard way or the soft way (that shouldn't be confused with hard or soft forks, though there are some similarities). The soft way is a path of an evolutionary change, i.e. a change associated with gradual development either quickly following the rising requirements or even preceding them (which would be an ideal solution). The hard way is more about making revolutionary changes which have been long due and overdue, the lack of which resulting in Bitcoin losing its market share to competing currencies...

I think that right now we are on the verge of failing to follow the first path of changing Bitcoin

[genos]

Currently, Bitcoin isn't a currency for many people, it's an investment. People use fiat to buy BTCs, hold it for a good time, sell it and make profit next. That is what many people do. When more stores start accepting BTC as payment method this reality can change.

And there is another issue. The Blockchain doesn't support many users making transactions at same time, as you said. If BTC wants to be a global currency, with many users, it must change.

The most of bitcoin user treat bitcoin as investment like hold and sell, trading, or other investment in any business also developing new altcoin.
They keep use bitcoin besides their local currency, before use this money, the profit from any investment changed to local currency. Maybe fiat still have a special place in most bitcoin's user mind

[artep]

I am new here on bitcointalk ... but I "play" with bitcoins about 3 years now .... not gambling, only a tiny experiment, with a tiny amount of money

I startet with buying some mBTC ... I tried several wallets, I tried some trading .... overall, no win, but also no lost .... But I think things change now rapidely. In the last years the number of services available in BTC increased .... BUT the number of services to use BTC is increasing much faster.

If you want to use BTC for selling or buying goods ... you do not need to learn about all the stuff any more

for Example:

• If you are a Telegram User .... there is a bot who sells, buys or stores your bitcoin ... even a fiat-storage-system (kinda) is available .... with only a view very simple comands
  
  If you want to use BTC in your daily live, there ist wirex (or other programs with similar possibiltys) ... you download it, register (even fake), fund your wallet with several posibilitys .... purchase a debit-card (VISA / Mastercard) - virtual or in plastic .... and then you can go shopping in nearly every shop around you ...

of course, every 3rd party gets its part of your purchase, but I don not think that it will be necessary for BTC to replace fiat .... BTC finds it's way in the "normal" economy through 3rd party services

[Omega Weapon]

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

But it is a basic true that bitcoin cannot replace fiat, fiat has been and will forever be the way to exchange money between people directly, bitcoin appeared first to make exchanging money over the internet much easier so it has always been related to the internet but if the internet goes down so is the bitcoin and then what is the thing that is goanna run the economy for sure it is the fiat money.

i agree. physical money is still the way most transactions are normally done every single day. it's government ran. it's accessible to most people. it doesn't need online connection. bitcoin is good for transferring money and doing online transactions but it still is dependent on whether there is online access. compared to fiat, which as you've said is how most transactions were done, bitcoin would require a lot more to be fully accepted and i think with how things are going now, fiat would still be the major form of currency that we will all have even in the future

Not really cash is being displaced very fast in the developed countries like Sweden where most of the transactions are electronic and not with cash, cash is still prevalent in places where you may not have a strong banking sector.

[King Sastro]

Yes, of course, as long as the country's central bank still had of course not possible fiat money may be replace. of course the country is very necessary to regulate and control the finances of the State in full.

[passwordnow]

Yes, of course, as long as the country's central bank still had of course not possible fiat money may be replace. of course the country is very necessary to regulate and control the finances of the State in full.

And the only possible way that bitcoin will ever replace fiat is only when the government of a certain country is going to implement bitcoin as their total currency. But that is hard to believe that it will happen because of bitcoins decentralization, it may not happen now but still there are a lot of things that we need to wait and so we just need to stay tune.