Bitcoin can not replace fiat

[rizkyhiw]

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.

I know it's always hard to believe , but bitcoin always break it out
For example when people have no faith in bitcoin because of the price dropped to the lowest
People think there is no way for bitcoin to bounce back and reach the highest price , but bitcoin always did it bounce back 100%!
So in this case too, people hard to believe if then bitcoin can replace fiat ,i know it harf to accept but i still believe it can happened not now but in the future like 50 or 100 years?

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[iamTom123]

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.

Yes, it can not fully replace the traditional form of money we are using. Bitcoin is technology-reliant...can you imagine if you find yourself having no cellphone and no ATM machine near you? There will always be uses for the fiat money and Bitcoin can proper alongside with it.

Long time ago, when TV was introduced many predicted that radio can be soon non-existing but look at it now many people do own radios and TV at the same time. I think it would be the same with Bitcoin and paper money.

[Xester]

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.

That is very true. The world is not yet ready for cryptocurrency especially bitcoin to be used as a legal tender and replace fiat currency. Internet and computers have not reached all corners of the world and have not convinced the masses to use bitcoin aside from traditional currencies. There is a long way to go for bitcoins, as for now let us enjoy the benefits bitcoin can give us and the price inflation that has occurred many times this year.

[antonioa]

I believe that this is a completely different payment systems, which will never be able to replace each other. Bitcoin alternative coin and use it will not be all.

[bryant.coleman]

If Bitcoin replaces fiat currency completely, then it will be much beneficial to the environment. Tens of thousands hectares of forest land is cleared every year, to manufacture paper and pulp needed to print banknotes. If Bitcoin replaces fiat, then there is no need for this. Some of the countries are now replacing paper banknotes with those made from polymer. But as we know, even polymer is not 100% environmentally friendly.

[CyberKuro]

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.

Yeah, the transaction processing that takes a lot of time while people in hurry, how bitcoin could deal with it for now.
From the first time I thought bitcoin doesn't created to replace fiat money as we bought btc using fiat and it's basically cannot replace by anything due to every nation need their own currency and fiat. Bitcoin is just an alternative money that better than conventional fiat, so people will attracted to use bitcoin.

[Kotone]

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.

I know fiat is created by our goverments and it caan't replace bitcoin since fiat was created by our goverment so it means that fiat is one of the most powerful money so far? we are using fiat in our state to us to use our bitcoin in physical way.

The question should actually be if will they let bitcoin replace fiat? Because bitcoin has got the potential to cross any borders but the problem is that it wont be let remove their control over the people because bitcoin is not controllable at all so how would a government let that happen?

If bitcoin will replace fiat how those people who actually using fiat and exchange there bitcoin into fiat money? I don't get it fiat are using for us to buy physicaly i don't either know why bitcoin hate fiat on this op bitcoin can really control currency for sure and i don't goverments will involved on this.

[Jambolb2]

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.

Exactly.. bitcoin network is not yet strong enough to control all those transaction if it replaces fiat which does not seem to be happening anyway.. because even now when there are just a really smart part of the world is using bitcoin the transactions get stuck most of the time.. and what if a bigger part of the world start using it?

[Bitcoin0916]

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.

Exactly.. bitcoin network is not yet strong enough to control all those transaction if it replaces fiat which does not seem to be happening anyway.. because even now when there are just a really smart part of the world is using bitcoin the transactions get stuck most of the time.. and what if a bigger part of the world start using it?

This is because the government not accepted bitcoin. It's time the country thought to replace the fiat money, it was clear many shortcomings with the use of fiat money. The country should think digital money which can be easy to be controlled, so people do not hold the physical money so that all transactions are known. With the digital money, countries do not have to bother to chase down the taxpayers. What is bitcoin can be used to replace the fiat money, I agree for the moment is not possible.

[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.

I know it's always hard to believe , but bitcoin always break it out
For example when people have no faith in bitcoin because of the price dropped to the lowest
People think there is no way for bitcoin to bounce back and reach the highest price , but bitcoin always did it bounce back 100%!
So in this case too, people hard to believe if then bitcoin can replace fiat ,i know it harf to accept but i still believe it can happened not now but in the future like 50 or 100 years?

Well anything is possible as you said because of those examples that you have given but the fact that it is only possible to be used legally for your country if your government allows to. But replacing it totally and completely is really hard to believe but who knows what is going to happen with that time frame because of technology too there is a small chance.

[Positid]

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.

I know it's always hard to believe , but bitcoin always break it out
For example when people have no faith in bitcoin because of the price dropped to the lowest
People think there is no way for bitcoin to bounce back and reach the highest price , but bitcoin always did it bounce back 100%!
So in this case too, people hard to believe if then bitcoin can replace fiat ,i know it harf to accept but i still believe it can happened not now but in the future like 50 or 100 years?

Well anything is possible as you said because of those examples that you have given but the fact that it is only possible to be used legally for your country if your government allows to. But replacing it totally and completely is really hard to believe but who knows what is going to happen with that time frame because of technology too there is a small chance.

Just don't expect the government will allow it to happen, it's a conflict of interest so they will not help us to grow that big that their currency will be at risk.

[sunsilk]

I believe that this is a completely different payment systems, which will never be able to replace each other. Bitcoin alternative coin and use it will not be all.

Yes it may not be able to replace the real money but it can be good as another type of currency and payment system of the government.

And this is possible to happen if a country's population has a majority bitcoin users, the government has no choice for it but to force themselves to create a law and tax bitcoin.

Or else the whole nation will not be obliged to pay taxes with the use of bitcoin.

[X-ray]

I believe that this is a completely different payment systems, which will never be able to replace each other. Bitcoin alternative coin and use it will not be all.

Yes it may not be able to replace the real money but it can be good as another type of currency and payment system of the government.

And this is possible to happen if a country's population has a majority bitcoin users, the government has no choice for it but to force themselves to create a law and tax bitcoin.

Or else the whole nation will not be obliged to pay taxes with the use of bitcoin.

the government had been "taxing" bitcoin but not literally directly taxing. they taxing through some companies which were accepting bitcoin or even based on bitcoin to start its business
maybe you just don't know about it because the taxing were targeted to those companies or even production house and then the seller will burdening this tax to the buyers

[Przemax]

In my opinion if cryptocurrency would be ever to replace fiat transaction, it should not rely on one blockchains but many various kinds to be able not to choke itself to death with the sheer number of transactions.

[danherbias07]

In my opinion if cryptocurrency would be ever to replace fiat transaction, it should not rely on one blockchains but many various kinds to be able not to choke itself to death with the sheer number of transactions.

Could be. But aint there will be problem with too much blockchains? Aint it going to be a lot of cryptos also that are created by people. That means there will be chaos also when that happens if they got confused to where to trust.

[hase0278]

Bitcoin cannot replace fiat truly and I agree with OP. it can't replace fiat even if it is used mainly for transactions in the future because of the following reasons. First is that bitcoin will only be considered as an asset just like gold and silver. It will also be just used as a payment method like what credit card serves to be and finally, bitcoin cannot gain the government's trust since they won't want it because of it being decentralized, something they would not be able to control. That's why it won't replace fiat but it might be used as much as fiat in the future.

[PacePay]

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.

Exactly.. bitcoin network is not yet strong enough to control all those transaction if it replaces fiat which does not seem to be happening anyway.. because even now when there are just a really smart part of the world is using bitcoin the transactions get stuck most of the time.. and what if a bigger part of the world start using it?

It is because not each and every person of the world is working for bitcoin. At the time when everyone will adopt bitcoin and even the governmets and banks also adopt it then they all will work for bitcoin and altcoins developers also work for bitcoin then you will see that the technology of bitcoin will be flourished all over the world.

[millgates]

Bitcoin cannot replace fiat truly and I agree with OP. it can't replace fiat even if it is used mainly for transactions in the future because of the following reasons. First is that bitcoin will only be considered as an asset just like gold and silver. It will also be just used as a payment method like what credit card serves to be and finally, bitcoin cannot gain the government's trust since they won't want it because of it being decentralized, something they would not be able to control. That's why it won't replace fiat but it might be used as much as fiat in the future.

Sorry I dissagree with you, bitcoin is a currency not such thing as gold or silver, people in some country were borred to use fiat becouse government can print it anytime they wants, its make the value is decrease in every printing. People are suffer a financial lost but they don't know about that. So I pretty sure that bitcoin can replace fiat.

[zagarcoin]

I think bitcoin  can not replace fiat,Because still many poor countries and Illiterate people who do not have the ability to use bitcoin,

[Fatanut]

Sorry I dissagree with you, bitcoin is a currency not such thing as gold or silver, people in some country were borred to use fiat becouse government can print it anytime they wants, its make the value is decrease in every printing. People are suffer a financial lost but they don't know about that. So I pretty sure that bitcoin can replace fiat.

I disagree with you as well. The government is not just printing and printing fiat money. If they did, then there will be excess fiat which will just go to waste. That is one of the basic things that's taught in an economy class. The fiat will surely decrease in value if they print more and more so they don't do that. People don't suffer from financial loss by this because it's not happening in real life or maybe in most countries, at least.