Bitcoin can not replace fiat

[deisik]

If the government will ban the usage of bitcoin then probably it will ban all the crypto currencies, however I guess they will not do that as it is our freedom which are not respected here. They can limit the usage of bitcoin by imposing strict rules and regulations as they want to keep monitoring bitcoin to be use for legitimate transactions only

They don't necessarily need to outright ban it

They can just as easily regulate it up to a point where Bitcoin will not be usable for anything but keeping it in a personal wallet. They could levy heavy taxes on exchanges as well as make banks freeze or lock accounts that get connected with fiat transfers involving buying and selling bitcoins (e.g. transfers to and from exchanges or web wallets). In fact, there are a lot of ways to make life of ordinary bitcoiners completely unbearable where they will be happy to get rid of their coins at any cost

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[sunsilk]

actually i think that bitcoins will replace fiat in like a few decades hopefully because in my opinion bitcoin is stronger than fiat

I'm sorry but I don't think that bitcoin is not going to replace fiat. Fiat are stronger than bitcoin as a matter of fact, it depends its price with fiat.

So I'm sure that even bitcoin is going to be popular and widely accepted, people's choice will always be fiat.

And the state is the only one to decide if they are going to replace their current money.

[acroman08]

It seems like Bitcoin can't survive without Fiat, rather than the other way around. I visited a number of Bitcoin-based sites such as Bitify and Bitpremier. Although the merchandise is listed in BTC, their prices are based on USD. When the exchange rate fluctuates, the price in Bitcoin also changes accordingly. If this is the case, then how can Bitcoin become independent from fiat?

It can't unless if bitcoin is backed up by one country which means bitcoin will become centralized
and will lose its features and will become a digital currency that is run by a government and will
be just like fiat.

please comment if you have any other idea as to what will happen to bitcoin if its price
is not based on any fiat. as I understand fiat has its value because of the government controlling
it, but bitcoin is not run by any government then its value will be non-existent if it's not based
on any fiat.

[MFahad]

How can this happen if the government will not allow it? More and more countries are adopting laws that make use of cryptocurrency uninteresting. That is why Bitcoin can not replace fiat currency

One of the most interesting aspects about Bitcoin is that it can't be banned. The governments may succeed in banning the conversion of fiat to Bitcoin (and vice versa), but they can't stop the transmission of Bitcoins from one user to another. And they can't prevent someone selling merchandise for Bitcoin. The anonymity of Bitcoin offers protection from governmental harassment.

Bitcoin transaction work on Blockchain technology so if some how governments ban the block chain aspect from the internet so bitcoin transactions cant be performed. I dont know if its technically possible to ban this but just my two cents that is the only way to stop bitcoin from growing.

[deisik]

It can't unless if bitcoin is backed up by one country which means bitcoin will become centralized
and will lose its features and will become a digital currency that is run by a government and will
be just like fiat.

please comment if you have any other idea as to what will happen to bitcoin if its price
is not based on any fiat. as I understand fiat has its value because of the government controlling
it, but bitcoin is not run by any government then its value will be non-existent.

Any fiat has value only as long as people are willing to exchange their goods and services for it. Governments can force people to use their national currencies by making them pay taxes in these currencies and by paying themselves salaries to public sector employees. But that's pretty much all how a government can support their money, and the extent of this support is rather limited at that. In other words, if a government goes totally off the reel and starts massively printing money, this won't help and people will soon lose their trust, so the currency in question will quickly hit the floor...

Just like it happened to the Zimbabwean dollar

[markyminer]

How can this happen if the government will not allow it? More and more countries are adopting laws that make use of cryptocurrency uninteresting. That is why Bitcoin can not replace fiat currency

One of the most interesting aspects about Bitcoin is that it can't be banned. The governments may succeed in banning the conversion of fiat to Bitcoin (and vice versa), but they can't stop the transmission of Bitcoins from one user to another. And they can't prevent someone selling merchandise for Bitcoin. The anonymity of Bitcoin offers protection from governmental harassment.

Bitcoin transaction work on Blockchain technology so if some how governments ban the block chain aspect from the internet so bitcoin transactions cant be performed. I dont know if its technically possible to ban this but just my two cents that is the only way to stop bitcoin from growing.

may be it possible for the governments to ban the blockchain but i think it is not possible to continue the banned for a long time. because people will find out way to use the technology, we have some good examples from our daily life, in my country Yotube was banned by the government, and still all the porn sites are officially banned but still people use different software to get access to these site, so i can say that it will not be such a big problem for the people to access to blockchain.

[danherbias07]

Yeah and if they ban one at the time then another pops out it will be an endless fight as long as there is internet there will be ways on how to create one. Plus many people already knew it and how to create one. They will just get tired if they keep hunting again and again.

[anavuajna]

fiat currency - is a product of the state. It ensures the normal functioning of the economy. Bitcoin can not perform such a function. It can not control the government. That is why no country can make its currency Bitcoin

[d@nte]

How can this happen if the government will not allow it? More and more countries are adopting laws that make use of cryptocurrency uninteresting. That is why Bitcoin can not replace fiat currency

One of the most interesting aspects about Bitcoin is that it can't be banned. The governments may succeed in banning the conversion of fiat to Bitcoin (and vice versa), but they can't stop the transmission of Bitcoins from one user to another. And they can't prevent someone selling merchandise for Bitcoin. The anonymity of Bitcoin offers protection from governmental harassment.

In fact, this is an aspect that gives strength to Bitcoin, and allows it to be used in different countries, even in countries that have more authoritarian political models. The fact that there is not a single entity controlling this eliminates the possibility of someone shutting down the system, because as we all know, the network is supported by thousands and thousands of support points around the globe.

[achow102]

How can this happen if the government will not allow it? More and more countries are adopting laws that make use of cryptocurrency uninteresting. That is why Bitcoin can not replace fiat currency

One of the most interesting aspects about Bitcoin is that it can't be banned. The governments may succeed in banning the conversion of fiat to Bitcoin (and vice versa), but they can't stop the transmission of Bitcoins from one user to another. And they can't prevent someone selling merchandise for Bitcoin. The anonymity of Bitcoin offers protection from governmental harassment.

In fact, this is an aspect that gives strength to Bitcoin, and allows it to be used in different countries, even in countries that have more authoritarian political models. The fact that there is not a single entity controlling this eliminates the possibility of someone shutting down the system, because as we all know, the network is supported by thousands and thousands of support points around the globe.

maybe ever Bitcoin will become very popular among the population. But this does not mean that he will be able to replace fiat currency. It will continue to exist regardless of the popularity of Bitcoin

[BingoDog]

How can this happen if the government will not allow it? More and more countries are adopting laws that make use of cryptocurrency uninteresting. That is why Bitcoin can not replace fiat currency

One of the most interesting aspects about Bitcoin is that it can't be banned. The governments may succeed in banning the conversion of fiat to Bitcoin (and vice versa), but they can't stop the transmission of Bitcoins from one user to another. And they can't prevent someone selling merchandise for Bitcoin. The anonymity of Bitcoin offers protection from governmental harassment.

In fact, this is an aspect that gives strength to Bitcoin, and allows it to be used in different countries, even in countries that have more authoritarian political models. The fact that there is not a single entity controlling this eliminates the possibility of someone shutting down the system, because as we all know, the network is supported by thousands and thousands of support points around the globe.

maybe ever Bitcoin will become very popular among the population. But this does not mean that he will be able to replace fiat currency. It will continue to exist regardless of the popularity of Bitcoin

I have to agree. The whole world depends on fiat money and will continue this way for a long time. Bitcoin will probably become even more addopted with more users around the world but I honestly doubt that it will manage to become dominant currency without fiat. Actualy I think this is impossibe.

[Mario274]

How can this happen if the government will not allow it? More and more countries are adopting laws that make use of cryptocurrency uninteresting. That is why Bitcoin can not replace fiat currency

One of the most interesting aspects about Bitcoin is that it can't be banned. The governments may succeed in banning the conversion of fiat to Bitcoin (and vice versa), but they can't stop the transmission of Bitcoins from one user to another. And they can't prevent someone selling merchandise for Bitcoin. The anonymity of Bitcoin offers protection from governmental harassment.

In fact, this is an aspect that gives strength to Bitcoin, and allows it to be used in different countries, even in countries that have more authoritarian political models. The fact that there is not a single entity controlling this eliminates the possibility of someone shutting down the system, because as we all know, the network is supported by thousands and thousands of support points around the globe.

maybe ever Bitcoin will become very popular among the population. But this does not mean that he will be able to replace fiat currency. It will continue to exist regardless of the popularity of Bitcoin

I have to agree. The whole world depends on fiat money and will continue this way for a long time. Bitcoin will probably become even more addopted with more users around the world but I honestly doubt that it will manage to become dominant currency without fiat. Actualy I think this is impossibe.

Yes, though we have to admit the fact that Bitcoin will not be able to replace fiat currency. The world has developed certain rules that are hard to break. Economics are structured on Fiat and it does not change

[izanagi narukami]

....


Yes, though we have to admit the fact that Bitcoin will not be able to replace fiat currency. The world has developed certain rules that are hard to break. Economics are structured on Fiat and it does not change

Especially when goverment still not legalize bitcoin usage for example : mine
Althought they not legalize, bitcoin still can be use for transaction but it's not against law !

For me, bitcoin still a great investment but if replacing fiat, I think it's impossible to happen

[digaran]

Bitcoin shouldn't be seen as an alternative currency but rather the digital currency that has the potential of being decentralized.
Can you obtain fiat without working for it first? no, can you obtain bitcoin without proving that you worked for it? no. you might be able to gift them to someone but the origin of each bitcoin is stamped with the proof of work, in fact no other currencies are as legit as bitcoin.

Saying bitcoin can not replace fiat is like saying X currency can not replace Y currency, of course that's impossible every currency has it's own users and in this case everyone has the potential of becoming one, most important part is the community believing in BTC.

[rainingbitcoins]

....


Yes, though we have to admit the fact that Bitcoin will not be able to replace fiat currency. The world has developed certain rules that are hard to break. Economics are structured on Fiat and it does not change

Especially when goverment still not legalize bitcoin usage for example : mine
Althought they not legalize, bitcoin still can be use for transaction but it's not against law !

For me, bitcoin still a great investment but if replacing fiat, I think it's impossible to happen

I don't think that Governments will give legal certificate to bitcoins especially the corrupted Governments as they are well aware that if bitcoins gets on the mainstream then it will be an end of their corrupted activities and they will never prefer that their national currency would get replaced by any digital currency.

[ikydesu]

Bitcoin shouldn't be seen as an alternative currency but rather the digital currency that has the potential of being decentralized.
Can you obtain fiat without working for it first? no, can you obtain bitcoin without proving that you worked for it? no. you might be able to gift them to someone but the origin of each bitcoin is stamped with the proof of work, in fact no other currencies are as legit as bitcoin.

Saying bitcoin can not replace fiat is like saying X currency can not replace Y currency, of course that's impossible every currency has it's own users and in this case everyone has the potential of becoming one, most important part is the community believing in BTC.

But in fact at some case, bitcoin is always be an alternative currency, yes obviously it's digital currency. If you see how Greece and Venezuela economic problem, bitcoin exist to replace and become a solution, but in the end it's not longer use, like Greece case.

Strong community is the important thing for such bitcoin, every word, act and implementation it's effect to bitcoin system and market of course.

[jaysabi]

Bitcoin shouldn't be seen as an alternative currency but rather the digital currency that has the potential of being decentralized.
Can you obtain fiat without working for it first? no, can you obtain bitcoin without proving that you worked for it? no. you might be able to gift them to someone but the origin of each bitcoin is stamped with the proof of work, in fact no other currencies are as legit as bitcoin.

Saying bitcoin can not replace fiat is like saying X currency can not replace Y currency, of course that's impossible every currency has it's own users and in this case everyone has the potential of becoming one, most important part is the community believing in BTC.

The "work" done to create bitcoin is completely without value outside of the bitcoin ecosystem though. It's not serving any utility except self-propagation. Work done to earn money is done out of economic necessity, or because the market demands it. The market doesn't demand an invented algorithm be solved in order to create bitcoins, absent actual value assigned to those bitcoins in the first place. In other words, in the real world, work needing to be done gives money value, since the money is traded for the work. In bitcoin, the value of bitcoin creates demand for work. The relationship is reversed.

[emezh10]

I agree. Bitcoin can't replace Fiat because we users of bitcoin is still using fiat for our daily lives. And the people who are using fiat don't use bitcoin so replacing fiat as a bitcoin is beyond impossible. So for know we can focus in growing our bitcoins together. Maybe in future that will happen but the most important for know is we need to focus in our earnings.

[Theb]

I agree. Bitcoin can't replace Fiat because we users of bitcoin is still using fiat for our daily lives. And the people who are using fiat don't use bitcoin so replacing fiat as a bitcoin is beyond impossible. So for know we can focus in growing our bitcoins together. Maybe in future that will happen but the most important for know is we need to focus in our earnings.

Also to add to what you just said Bitcoin as a currency cannot be supported to all the humans in the Earth because it is a limited currency, it is limited to only 21,000,000 and many of it is not yet mined. What do you think will happen if Bitcoin is being hoarded by rich people? Of course there will be an imbalance in the economy the rich will become richer and the poor will become poorer.

[gabmen]

I agree. Bitcoin can't replace Fiat because we users of bitcoin is still using fiat for our daily lives. And the people who are using fiat don't use bitcoin so replacing fiat as a bitcoin is beyond impossible. So for know we can focus in growing our bitcoins together. Maybe in future that will happen but the most important for know is we need to focus in our earnings.

Also to add to what you just said Bitcoin as a currency cannot be supported to all the humans in the Earth because it is a limited currency, it is limited to only 21,000,000 and many of it is not yet mined. What do you think will happen if Bitcoin is being hoarded by rich people? Of course there will be an imbalance in the economy the rich will become richer and the poor will become poorer.

i agree as most poor people wouldn't even have access to digital currencies and the market would only be available to those who have access to cryptos. I think the main reason any bitcoin can' t replace any major currency is it's availability to everyone. This goes in general for any digital currency thats why fiat cannot be replaced by any of them