Bitcoin can not replace fiat

[deisik]

In the first place, Bitcoin was not designed to be a replacement for the fiat currencies, rather the idea behind it was to address the many anomalies surrounding government issued money and then pointing the way forward for the future of money. In the long run, fiat currencies are likely to get modified but replacement is simply not in the offing, because the governments would never support anything that robs or limit its power, which is one thing Bitcoin has the potential of doing

They may have no other choice

What makes me think so is how governments evolved through history. Emperors, pharaohs, and kings had absolute power in the past claiming that they had been bestowed with it by gods ("all authority comes from God"). Nowadays, we are far away from that in most places of the world, and that seems to have been a natural course of events. In this way, it doesn't particularly matter if they would never support anything which takes financial power from them since if this power is to be taken it will be taken no matter what

[soul-impact]

Someday I'm sure that fiat will replace bitcoin money, it is because of the influence of the global economy, when many people can receive bitcoin, surely it will beat the fiat money.

Yeah I do believe too that someday that fiat will be replaced but I don't think that will be with bitcoin. Because many are very skeptic about adoption of it because its decentralized and big holders can do some manipulation and control to the economy if that happened. But it will be a good tools for doing transaction in the upcoming years, it will be adopted by many users.

Bitcoin is awesome due. It can replace FIAT due to many reasons. As you can see, Bitcoin is very easy to use and everyone who has a computer or a smartphone which has internet connection can use Bitcoin. Moreover, Bitcoin is the key lead us to the equalized world. The security and the anonymity are also very important since they have help many people in various ways

[BeGoods]

Someday I'm sure that fiat will replace bitcoin money, it is because of the influence of the global economy, when many people can receive bitcoin, surely it will beat the fiat money.

Lol I thought it was upside down. bitcoin can replace fiat? but although bitcoin become very famous though. nonetheless fiat users will be larger as they are distributed to the remote corners of the world

[diegz]

-Snip

Lol I thought it was upside down. bitcoin can replace fiat? but although bitcoin become very famous though. nonetheless fiat users will be larger as they are distributed to the remote corners of the world

Not only that, in time when the transaction is not fixed, I am sure, we will be having a problem in the future if bitcoin replaces fiat. Aside from that, why would we use bitcoin in normal transaction if we always have to pay transaction fee each time we buy something, unlike in fiat that you just hand it over to the merchant and you're done.   

[deisik]

-Snip

Lol I thought it was upside down. bitcoin can replace fiat? but although bitcoin become very famous though. nonetheless fiat users will be larger as they are distributed to the remote corners of the world

Not only that, in time when the transaction is not fixed, I am sure, we will be having a problem in the future if bitcoin replaces fiat. Aside from that, why would we use bitcoin in normal transaction if we always have to pay transaction fee each time we buy something, unlike in fiat that you just hand it over to the merchant and you're done.   

Today this is no longer the case

Most real world trades nowadays are mediated by using cashless transactions (i.e. through banks), and these are not particularly different from Bitcoin transactions, at least, as it looks from the outside. In many jurisdictions cash transactions between companies are directly prohibited by the law above given limits which are specifically set for certain fields of economic activity. Even cash transactions between individuals are limited in certain countries. For example, in the US all cash transactions exceeding 10k dollars should be declared to the IRS (to avoid money laundering and prevent tax evasion as I get it)

[cellard]

We need lightning network in order to replace fiat. The volume needed to replace fiat is immense, it could never happen on chain.

As far as I know, lightning network is the only way to achieve that, because onchain scaling will never amount to the transactions per second we would need.

That DAG thing is new and I have no idea how it works.

[Dizaster2015]

Someday I'm sure that fiat will replace bitcoin money, it is because of the influence of the global economy, when many people can receive bitcoin, surely it will beat the fiat money.

Yeah I do believe too that someday that fiat will be replaced but I don't think that will be with bitcoin. Because many are very skeptic about adoption of it because its decentralized and big holders can do some manipulation and control to the economy if that happened. But it will be a good tools for doing transaction in the upcoming years, it will be adopted by many users.

Yes, you are right, Bitcoin currency is very good, but it is unlikely to be able to replace Fiat. This will not allow the government to make

[richardsNY]

Someday I'm sure that fiat will replace bitcoin money, it is because of the influence of the global economy, when many people can receive bitcoin, surely it will beat the fiat money.

Yeah I do believe too that someday that fiat will be replaced but I don't think that will be with bitcoin. Because many are very skeptic about adoption of it because its decentralized and big holders can do some manipulation and control to the economy if that happened. But it will be a good tools for doing transaction in the upcoming years, it will be adopted by many users.

Yes, you are right, Bitcoin currency is very good, but it is unlikely to be able to replace Fiat. This will not allow the government to make

Not only will the government prevent that from happening, but it offers people no advantage when it comes to ditching fiat for Bitcoin as local currency solution. Just think about it, would you ditch something that is working well and in an instant manner for something that doesn't offer that? I don't think so. That's why you can't expect Bitcoin to come even close to how people use fiat currencies. It gives people zero incentive to switch.

[Alfa123]

Someday I'm sure that fiat will replace bitcoin money, it is because of the influence of the global economy, when many people can receive bitcoin, surely it will beat the fiat money.

Yeah I do believe too that someday that fiat will be replaced but I don't think that will be with bitcoin. Because many are very skeptic about adoption of it because its decentralized and big holders can do some manipulation and control to the economy if that happened. But it will be a good tools for doing transaction in the upcoming years, it will be adopted by many users.

Yes, you are right, Bitcoin currency is very good, but it is unlikely to be able to replace Fiat. This will not allow the government to make

Not only will the government prevent that from happening, but it offers people no advantage when it comes to ditching fiat for Bitcoin as local currency solution. Just think about it, would you ditch something that is working well and in an instant manner for something that doesn't offer that? I don't think so. That's why you can't expect Bitcoin to come even close to how people use fiat currencies. It gives people zero incentive to switch.

I am confident that the popularity of Bitcoin will never be the same as the dollar's popularity. Therefore, we can not say that Bitcoin could replace Fiat

[richardsNY]

Someday I'm sure that fiat will replace bitcoin money, it is because of the influence of the global economy, when many people can receive bitcoin, surely it will beat the fiat money.

Yeah I do believe too that someday that fiat will be replaced but I don't think that will be with bitcoin. Because many are very skeptic about adoption of it because its decentralized and big holders can do some manipulation and control to the economy if that happened. But it will be a good tools for doing transaction in the upcoming years, it will be adopted by many users.

Yes, you are right, Bitcoin currency is very good, but it is unlikely to be able to replace Fiat. This will not allow the government to make

Not only will the government prevent that from happening, but it offers people no advantage when it comes to ditching fiat for Bitcoin as local currency solution. Just think about it, would you ditch something that is working well and in an instant manner for something that doesn't offer that? I don't think so. That's why you can't expect Bitcoin to come even close to how people use fiat currencies. It gives people zero incentive to switch.

I am confident that the popularity of Bitcoin will never be the same as the dollar's popularity. Therefore, we can not say that Bitcoin could replace Fiat

Of course it won't be on the same level as the dollar. It's not realistic for an alternative currency solution to replace or surpass something that is basically a superior form of payment on local level. It's all about usefulness that will make people use something. If Bitcoin doesn't offer anything significantly better than what fiat offers as form of payment and usability, then what's the point for an average joe to adopt Bitcoin? But still, there are enough dreamers believing it is possible.

[DRaGoN RaNTaRo]

Someday I'm sure that fiat will replace bitcoin money, it is because of the influence of the global economy, when many people can receive bitcoin, surely it will beat the fiat money.

Yeah I do believe too that someday that fiat will be replaced but I don't think that will be with bitcoin. Because many are very skeptic about adoption of it because its decentralized and big holders can do some manipulation and control to the economy if that happened. But it will be a good tools for doing transaction in the upcoming years, it will be adopted by many users.

Yes, you are right, Bitcoin currency is very good, but it is unlikely to be able to replace Fiat. This will not allow the government to make

Bitcoin might not necessarily replace fiat currency but then it can be transferred quite easily from one part of the world to the other in a short notice and without much fees and then you could convert it into your local currency. I think they can be linked together when it comes to trade.

[NEWGOODOUBLE]

Someday I'm sure that fiat will replace bitcoin money, it is because of the influence of the global economy, when many people can receive bitcoin, surely it will beat the fiat money.

Yeah I do believe too that someday that fiat will be replaced but I don't think that will be with bitcoin. Because many are very skeptic about adoption of it because its decentralized and big holders can do some manipulation and control to the economy if that happened. But it will be a good tools for doing transaction in the upcoming years, it will be adopted by many users.

Yes, you are right, Bitcoin currency is very good, but it is unlikely to be able to replace Fiat. This will not allow the government to make

to be able to replace fiat. bitcoin user should have include all human beings on earth. because the fiat itself also includes all mankind. but for bitcoin can have users include all human beings is a very difficult thing

[agamasrori]

We need lightning network in order to replace fiat. The volume needed to replace fiat is immense, it could never happen on chain.

As far as I know, lightning network is the only way to achieve that, because onchain scaling will never amount to the transactions per second we would need.

That DAG thing is new and I have no idea how it works.

any hurdles faced bitcoin will be conquered with the development of technology. There are countries that have been developing technologies that speed internet 1 terabite per second. so bitcoin still have the possibility to replace fiat.

[asriloni]

Someday I'm sure that fiat will replace bitcoin money, it is because of the influence of the global economy, when many people can receive bitcoin, surely it will beat the fiat money.

I just consider some problems in bitcoin such as the limit of the bitcoin network to validating a lot of the transaction in once time. It's not ready for that.

[bettercrypto]

Someday I'm sure that fiat will replace bitcoin money, it is because of the influence of the global economy, when many people can receive bitcoin, surely it will beat the fiat money.

I just consider some problems in bitcoin such as the limit of the bitcoin network to validating a lot of the transaction in once time. It's not ready for that.

It is true, I agree with you.  I have my transaction still pending for confirmation and it is almost two days.  So how would this kind of service compete with fiat transfer?  At least in fiat transfer there is an indication and details how long it will take for the money to be transferred unlike in Bitcoin where a non techy guy can just wait until his transaction confirmed without knowing when it will confirm.

[hardtime]

Personally don't think Bitcoin will ever be ALLOWED to replace Fiat in countries, the biggest thing at the moment that is holding bitcoin back right now from people buying it is regulations from government entities that don't want bitcoin to enter their monopoly of being a currency (Example - Us Dollars dominant in the US)

Don't get me wrong, Bitcoin has many other issues that are holding it back such as confirmation times being disgustingly high for small transactions, fees being too high for small transactions making it worthless to use bitcoin for a cheap transcation UNLESS you'd like to wait days waiting for a confirmation.

There are tons of other reasons why Bitcoin hasn't hit the mainstream but I feel government will always hold it back as they need to and want to so they don't lose the grasp they have.

[Sanekavg13]

Someday I'm sure that fiat will replace bitcoin money, it is because of the influence of the global economy, when many people can receive bitcoin, surely it will beat the fiat money.

I just consider some problems in bitcoin such as the limit of the bitcoin network to validating a lot of the transaction in once time. It's not ready for that.

It is true, I agree with you.  I have my transaction still pending for confirmation and it is almost two days.  So how would this kind of service compete with fiat transfer?  At least in fiat transfer there is an indication and details how long it will take for the money to be transferred unlike in Bitcoin where a non techy guy can just wait until his transaction confirmed without knowing when it will confirm.

yes, I agree with you. My unacknowledged transaction was about two days. If this problem is not solved, it will be impossible to pay for everyday goods Bitcoins. We need to improve the technology

[deisik]

Someday I'm sure that fiat will replace bitcoin money, it is because of the influence of the global economy, when many people can receive bitcoin, surely it will beat the fiat money.

I just consider some problems in bitcoin such as the limit of the bitcoin network to validating a lot of the transaction in once time. It's not ready for that.

It is true, I agree with you.  I have my transaction still pending for confirmation and it is almost two days.  So how would this kind of service compete with fiat transfer?  At least in fiat transfer there is an indication and details how long it will take for the money to be transferred unlike in Bitcoin where a non techy guy can just wait until his transaction confirmed without knowing when it will confirm

Right now it is not possible to compete with fast fiat transfers (e.g. card-to-card payments)

At least, on a consistent basis. But Bitcoin is very robust in this respect. There are ways which could be implemented to make transactions as fast as the network itself is (basically at speed of light plus communication devices delays), and that would beat the fastest fiat transfers hands down, which are still heavily centralized and require a few days for final settlements. Apart from that, with fiat transfers you don't know it either how long a transfer would take, e.g. international wire transfers may take up to a few days. I don't really know where you got this idea about indication and details you mention

[1Referee]

Right now it is not possible to compete with fast fiat transfers (e.g. card-to-card payments)

At least, on a consistent basis. But Bitcoin is very robust in this respect. There are ways which could be implemented to make transactions as fast as the network itself is (basically at speed of light plus communication devices delays), and that would beat the fastest fiat transfers hands down, which are still heavily centralized and require a few days for final settlements. Apart from that, with fiat transfers you don't know it either how long a transfer would take, e.g. international wire transfers may take up to a few days.

If you're purely focusing on IWT then it's obvious that they will fail to compete with Bitcoin, but that's not really the case with (yup, centralized) payment services that allow you to instantly transact with each other within their eco system. PayPal for example is doing quite a decent job in that regard. If you are looking to transact with your relatives or when you buy/sell something, where you use your PayPal balance as starting point, then it basically delivers you exactly everything you want (e.g. instant payments, security, etc).

[BitcoinPC]

Someday I'm sure that fiat will replace bitcoin money, it is because of the influence of the global economy, when many people can receive bitcoin, surely it will beat the fiat money.

Not at all, bitcoin has no comparison with fiat, and fiat don't need bitcoin, don't be think to wrong me, i want to tell, a huge number of the people don't accept the bitcoin instead of fiat. Because fiat currency too much strong and every country have their own national currency, So how could it possible that fiat replace into bitcoin? No one government will allow to replace their national fiat currency into bitcoin.